Morgan Stanley drops Echostar share price target, eyes capital strategy amid industry challenges
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Morgan Stanley has adjusted its outlook on Echostar Holdings, reducing the share price target to $14.00 from $14.25. The firm retained its Equalweight rating on the stock. The revision reflects concerns about Echostar's focus on capital raising and cash preservation in 2024. Echostar's efforts to decrease operational expenditure are being closely monitored as the company faces tough revenue trends in its Pay-TV and Wireless segments. The Pay-TV and Wireless sectors of Echostar's business are currently experiencing challenging conditions. Morgan Stanley's commentary highlights the importance of Echostar's strategy in effectively managing its capital and reducing expenses without negatively impacting revenue. Echostar's market capitalization stands at $3.54 billion, and its financial health is under scrutiny with a negative P/E ratio and concerns about profitability. The company's Price/Book multiple is notably low at 0.18, potentially indicating undervaluation. However, Echostar's short-term obligations exceed its liquid assets, and it is burning through cash quickly. Morgan Stanley's adjustment of the share price target reflects broader evaluation of Echostar's financial strategies and market challenges.
Roth/MKM raises Virtra share price target on strong Q4 revenue and AEBITDA growth
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Roth/MKM has increased Virtra's price target to $19.00, up from $14.50, while maintaining a Buy rating. Virtra's Q4 2023 results showed a modest revenue surplus and satisfactory Adjusted EBITDA (AEBITDA) performance. The company's bookings more than doubled year-over-year, contributing to a growing backlog. Virtra's financial growth in 2023 included a 34% revenue increase and a more than threefold rise in AEBITDA. Roth/MKM's positive outlook reflects confidence in Virtra's operational progress and financial trajectory.
Guggenheim downgrades Endeavor Group stock following Silver Lake's take-private deal
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Guggenheim downgraded Endeavor Group Holdings Inc (NYSE:EDR) stock from Buy to Neutral and revised the price target to $27.50 from $36.00. The downgrade comes after Silver Lake, Endeavor's largest shareholder, reached an agreement to take the company private at $27.50 per share, representing a 55% premium over the unaffected share price. The acquisition has been recommended by a Special Committee of Endeavor's Independent Directors and approved by majority stockholders. The deal is expected to be finalized by the end of Q1 2025. The analyst noted that the one-year timeline for the deal's closure is likely linked to the gaming licenses held by Endeavor's subsidiary, OpenBet. TKO, which is not involved in the transaction, stands to benefit as it remains a publicly traded company. The analyst also mentioned that concerns about TKO's balance sheet being used for Endeavor's privatization were unfounded, and a capital return program for TKO could now be more probable.
Primo Water stock downgraded by Raymond James amid strong year-to-date gains
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Raymond James downgraded Primo Water stock from Strong Buy to Outperform, with a price target of $21.00. The company's shares have seen a 19% increase since the beginning of the year. Positive developments for Primo Water include the sale of its European operations to Culligan, a reduction in debt, an expanded share buyback program, and a third consecutive annual dividend increase. However, Raymond James believes that most of the "easy money" has been made with Primo Water's stock and that the company lacks operational catalysts under the new CEO. The potential for mergers and acquisitions is noted as the only significant catalyst on the horizon. Raymond James suggests that an increase in M&A activities would be needed to revise its target price for Primo Water.
US Dollar Uptrend Under Threat as Rate Cut Bets Rise; EUR/USD in a Prize Squeeze
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Speculation surrounding a potential Fed interest rate cut in June gained traction, fueled by expectations of up to three rate reductions this year. The upcoming NFP data, due at the end of the week, will be closely monitored as it could significantly impact the dollar index. EUR/USD is experiencing a price squeeze, with expectations that the Fed may cut rates in June while the ECB may cut rates in May. The euro's performance against the dollar will depend on the dynamics between the Fed and the ECB.
#UsDollar #Eur/usd #InterestRateCuts #Fed #Ecb
Austria's RHI Magnesita to buy US-based alumina producer Resco
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Austria's RHI Magnesita plans to acquire Resco Group, a US-based producer of alumina and refractories, for an enterprise value of up to $430 million. The acquisition will support RHI Magnesita's growth in alumina-based refractories and improve its product range for US customers. The cash consideration for the acquisition is expected to be around $324 million, funded by RHI Magnesita's existing liquidity and a new committed facility of 200 million euros. The acquisition is subject to customary closing conditions and is expected to be completed in the second half of this year.
US futures rise at start of Q2, fresh record for gold- what's moving markets
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US stock futures traded higher as Q2 begins, following a market holiday on Friday. Gold prices surged to a fresh record on bets for rate cuts from the Federal Reserve. The second quarter is expected to continue the strong start to the year for the US stock market. Gold prices rose to a record high on Monday, as a softer US inflation reading cemented bets that the Fed would deliver its first interest rate cut of the year in June. Microsoft will sell its chat and video app Teams separately from its Office product globally. Oil prices ticked higher on Monday, building on recent gains as upbeat factory data out of China supported the demand outlook while concerns over tight supplies also underpinned prices.
#UsFutures #GoldPrices #FederalReserve #Q2 #Microsoft #OilPrices
Tesla lifts US prices of Model Y vehicles by $1,000
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Tesla has increased the prices of its Model Y vehicles in the United States by $1,000. The starting price of the base variant is now $44,990, while the long-range and performance variants are priced at $49,990 and $53,490, respectively. This price hike aligns with Tesla's previous announcement in March. Analysts have revised their delivery forecasts for Tesla downwards for the first quarter, citing concerns over electric vehicle demand and the competitive landscape in China. Tesla is set to release its first-quarter production and delivery figures later this week.
#Tesla #ModelY #ElectricVehicles #PriceIncrease
Morning Bid: China's positive PMIs set bullish tone
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Asian markets are expected to start the new quarter on a positive note following evidence of a 'soft landing' in the US and positive manufacturing and service sector activity in China. The trading volume on Monday will be lighter than usual due to the Easter holiday in Europe, but US stock and bond markets are open. Key indicators to watch in Asia include manufacturing purchasing managers index reports from several countries, South Korean trade data, Indonesian inflation figures, and Japan's tankan business conditions surveys. The exchange rates of Japan's yen and China's yuan will also be under scrutiny. China's unofficial Caixin manufacturing PMI figures will be released on Monday. Investors will also be looking for evidence of economic momentum and recovery in domestic demand in Japan's tankan survey. Indonesian consumer inflation is expected to rise due to higher meat and food prices. Other highlights include more PMIs, inflation data from South Korea and the Philippines, and the latest monetary policy decision and guidance from the Reserve Bank of India.
#AsianMarkets #China #Us #Manufacturing #ServiceSector #TradingVolume #EconomicIndicators #ExchangeRates #CaixinManufacturingPmi #TankanSurvey #Inflation #Pmis #ReserveBankOfIndia
https://www.investing.com/news/economy/morning-bid-chinas-positive-pmis-set-bullish-tone-3358686
Mexican authorities investigate death of eight Chinese migrants
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Mexican authorities are investigating the death of eight Chinese migrants who died when their boat capsized off the coast of the Mexican state of Oaxaca. The incident occurred on Friday, and the only survivor, a man, stated that the boat was steered by a Mexican and that they had departed from Tapachula in Chiapas state on Thursday. Tapachula is a border city with Guatemala and a common departure point for migrants hoping to reach the United States. The other migrants on the boat, seven women and one man from China, all died. The Mexican authorities have not officially identified the victims. The incident is being investigated as part of the increasing number of Chinese migrants attempting to reach the United States due to difficulties in obtaining visas and the economic impact of COVID-19 lockdowns.
#MexicanAuthorities #ChineseMigrants #BoatCapsized #Investigation #Tapachula #UnitedStates #Visas #Covid19Lockdowns
Texas federal judge blocks updated fair lending rules
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A federal judge in Texas has blocked the enforcement of new regulations adopted during the Biden administration that sought to overhaul how lenders extend loans and other services to low- and moderate-income Americans. U.S. District Judge Matthew Kacsmaryk sided with banking and business groups, finding that the new rules ran afoul of the Community Reinvestment Act of 1977. The judge issued a preliminary injunction blocking their enforcement before they could take effect on Monday. The Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency updated their rules last year to enforce the fair lending law, which seeks to ensure banks lend in their local communities. The new rules broadened the geographies in which lenders were required to extend loans and other services to low-income Americans, but the judge agreed with the business and banking groups that the regulations went beyond what the 1977 law authorized.
#FairLendingRules #Texas #CommunityReinvestmentAct #Banking #BusinessGroups
US pension fund CalPERS votes for Peltz, Rasulo in Disney boardroom fight
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The California Public Employees Retirement System (CalPERS) has voted to elect activist investment firm Trian Fund Management's two director candidates, Nelson Peltz and Jay Rasulo, to the board of Walt Disney Co. CalPERS, which owned 6.65 million shares in Disney at the end of December, believes the company will benefit from fresh eyes on its board of directors.
#Calpers #TrianFundManagement #NelsonPeltz #JayRasulo #WaltDisneyCo #BoardOfDirectors
Texas appeals court blocks state from probing transgender kids' parents
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A Texas appeals court has upheld a lower court's injunction blocking the state from investigating parents who provide their transgender children with gender-affirming medical treatments. Governor Greg Abbott had ordered the state Department of Family Protective Services (DFPS) to carry out child abuse investigations into families whose children were receiving puberty-blocking treatments in February 2022. The appeals court's ruling is a victory for LGBTQ groups, medical professionals, and civil liberties advocates opposing moves by conservative politicians in dozens of states to criminalize gender-transitioning treatments for trans youth.
#Texas #TransgenderRights #CourtRuling #ChildAbuseInvestigations #Lgbtq #MedicalTreatments
U.S. Commerce updates export curbs on AI chips to China
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The Biden administration has revised rules aimed at making it harder for China to access U.S. artificial intelligence chips. The rules, released in October 2023, seek to halt shipments of advanced AI chips designed by Nvidia and others to China. The Commerce Department is making clarifications and corrections effective April 4.
#UsCommerceDepartment #ExportCurbs #AiChips #China #Nvidia
US Congress bans staff use of Microsoft's AI Copilot, Axios reports
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The U.S. House has set a strict ban on congressional staffers' use of Microsoft's Copilot, the company's generative AI assistant, Axios reported on Friday.
New US inflation data 'along the lines' of what Fed wants, Powell says
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Federal Reserve Chair Jerome Powell stated that the latest US inflation data is 'along the lines' of what the Fed wants. The personal consumption expenditures (PCE) price index data for February, released on Friday, showed an increase at a 2.5% annual rate, slightly higher than expected. Powell stated that the data is in line with the Fed's baseline outlook and does not warrant an overreaction. He also emphasized that the economy is strong and there is no need to rush into interest rate cuts. Powell will have another opportunity to discuss the monetary policy outlook in a public appearance next week.
#UsInflation #FederalReserve #JeromePowell
Haley voters, Trump doesn't want you, new Biden ad says
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President Joe Biden's reelection campaign is appealing directly to supporters of former Republican presidential candidate Nikki Haley, who was the last major opponent to Donald Trump before she withdrew from the race earlier this month. Biden released a new ad stating that Trump doesn't want the votes of Haley voters and that there is a place for them in his campaign. The ad includes video clips of Trump criticizing Haley. Almost 570,000 voters in three key battleground states - Nevada, North Carolina, and Michigan - voted for Haley in the Republican nominating contest. Many Haley voters have questioned if they still have a place in the Republican Party, which has rallied around Trump despite his false claims about the 2020 election and the January 6th Capitol riot. Biden, who is 81 years old, will need as much support as possible for his reelection campaign, as recent polls show his approval rating at 40% and a tight race with Trump, who is 77 years old.
#UsPresidentialElection #NikkiHaley #DonaldTrump #JoeBiden
Automakers urge White House to oppose US Steel sale to Cleveland-Cliffs
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A group representing major automakers has urged the White House to oppose any effort by steelmaker Cleveland-Cliffs to buy rival U.S. Steel, warning that a deal could result in anti-competitive pricing for vehicles. The group, which includes General Motors, Volkswagen, and Hyundai, stated that a consolidation of the two companies would place 65 to 90% of steel used in vehicles under the control of a single company. President Joe Biden has previously stated that U.S. Steel must remain a domestically-owned U.S. firm. The automaker group also warned that a deal could drive up the cost of steel and electric vehicle (EV) production, ultimately increasing the cost of finished vehicles for American consumers. Cleveland-Cliffs has said it would consider another bid for U.S. Steel if the deal with Japan's Nippon Steel falls apart.
#Automakers #WhiteHouse #UsSteel #Clevelandcliffs #VehiclePricing
Judge orders scrapping New Jersey controversial ballot design for Senate primary
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A federal judge has ordered the scrapping of New Jersey's controversial ballot design for the June Senate primary. The design, which gave party-backed candidates an advantage, will be replaced with office block ballots where candidates are placed together by the office they seek. The preliminary injunction was sought by Democratic U.S. Representative Andy Kim and two congressional candidates. New Jersey's primaries will be held on June 4. The decision aims to eliminate the so-called county line, which gives local party leaders excessive influence over elections. Democrats are strongly favored to hold the Senate seat in November, as New Jersey has not elected a Republican to the Senate since 1972. Senator Bob Menendez's seat is up for reelection in November and more than a dozen people have filed to run. Menendez has faced charges of taking bribes and obstruction of justice, but has pleaded not guilty to all charges. The judge's decision comes as Democrats and independents currently hold a narrow 51-49 majority in the Senate.
#NewJersey #SenatePrimary #BallotDesign #DemocraticParty #Elections
US finalizes tougher new tailpipe emissions limits for heavy duty vehicles
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The U.S. Environmental Protection Agency (EPA) has finalized stringent new tailpipe emissions standards for heavy-duty vehicles, including semi-trucks and buses. The new rules, which apply to the 2027 through 2032 model years, are expected to avoid 1 billion tons of greenhouse gas emissions and provide $13 billion in annualized net benefits to society. Heavy-duty vehicles account for 25% of all greenhouse gas emissions from the transportation sector in the U.S. The EPA stated that the standards are technology-neutral and performance-based, allowing manufacturers to choose the emissions control technologies that best suit their needs. The new standards apply to various types of vehicles, including delivery trucks, garbage trucks, public utility trucks, transit, shuttle, and school buses, and tractor-trailer trucks. The EPA also mentioned that the final rule provides more time in the early model years for the development of vehicle technologies and the deployment of charging and refueling infrastructure, as well as flexibilities to assist manufacturers in meeting the standards in the early years. Last week, the EPA also finalized emissions rules for light and medium-duty vehicles through 2032, reducing its target for U.S. electric vehicle adoption from 67% to as little as 35% by 2032.
#UsEnvironmentalProtectionAgency #TailpipeEmissions #HeavydutyVehicles #GreenhouseGasEmissions #TransportationSector #EmissionsStandards