35,000 Mozambican homes destroyed, thousands feared dead in Mayotte, following Cyclone Chido
Nvidia Slips Again On Post-Earnings Blues, New China Trade War - Investor's Business Daily
Certain have extremely impressive business models and could grow their profits substantially in the coming years. I think investors should want to own the best companies on the ASX, but the main issue is the valuation of these amazing stocks. The market is fully aware of how good these businesses are and how strongly their profit could climb in the coming years. That's why I think it's worthwhile putting them on our watchlist so that we can pounce when we think it's time. For some people, the time to buy may be today. But we've also seen times (such as 2022 and 2023) when share prices and reduce. Don't get me wrong, I don't mind paying a higher P/E ratio for some companies. I bought one of the below stocks for my own portfolio when the share price dipped amid its attempt to buy a UK competitor, but it still had a high valuation at the time. It has risen more than 20% since my investment. REA Group Ltd ( ) I was referring to REA Group's attempted takeover of , which ultimately rejected the by the ASX share. I decided to buy shares because of the company's extremely strong business model with its realestate.com.au website. It's the clear real estate portal in Australia, which attracts the most vendors and the most interested buyers. It's a very strong cycle. Having that position allows the business to charge a sizeable amount for property advertisement listings and implement price increases. Having a digital model means the ASX tech share can deliver operating leverage. It has already built its portal and just needs to benefit from growing revenue and ensure expenses don't grow as fast. I'm also very excited by the company's potential to succeed in India, which has a huge population and is rapidly adopting digital tools. In the , REA Group reported its Indian revenue grew 42% year over year, and total revenue increased 21% to $413 million. According to the forecast on Commsec, it's trading at 66x FY25's estimated earnings and 60x FY26's estimated earnings. TechnologyOne Ltd ( ) TechnologyOne describes itself as Australia's largest enterprise software company. It provides enterprise resource planning (ERP) software for more than 1,300 corporations, government agencies, local councils, and universities. It's the sort of ASX tech share that can keep growing profit year after year because its software is integral to those businesses and organisations. Customers are very willing to continue paying for their subscriptions and pay more as TechnologyOne invests in improving its offering to customers. The company is doing to have at least $1 billion of ARR by FY30. TechnologyOne's profit before tax increased 18% in FY24, beating guidance and reaching a profit before tax margin of 30%, up from 29% in FY23. The ASX tech share is aiming to reach a profit before tax margin of at least 35% in the coming years "driven by the significant economies of scale" thanks to the scalability of its software offering. According to the forecasts on Commsec, the TechnologyOne share price is valued at 57x FY26's estimated earnings and 48x FY27's estimated earnings.Drexel defeats Howard 68-65
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NEW YORK (AP) — U.S. stocks climbed Thursday after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 pulled 0.5% higher after flipping between gains and losses several times during the day. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. The Dow Jones Industrial Average jumped 461 points, or 1.1%, and the Nasdaq composite edged up by less than 0.1%. Nvidia rose just 0.5% after beating analysts’ estimates for profit and revenue yet again, but it was still the strongest force pulling the S&P 500 upward. It also gave a forecast for revenue in the current quarter that topped most analysts’ expectations due to voracious demand for its chips used in artificial-intelligence technology. Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia’s revenue forecast to surpass expectations by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.” The stock meandered through Thursday as well, dragging the S&P 500 and other indexes back and forth. How Nvidia’s stock performs has more impact than any other because it’s grown into Wall Street’s most valuable company at roughly $3.6 trillion. The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.7% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected. BJ’S Wholesale Club rose 8.3% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Nearly 90% of the stocks in the S&P 500 ended up rising Thursday, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.7%. Google’s parent company, Alphabet, helped keep indexes in check. It fell 4.7% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser. In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct. All told, the S&P 500 rose 31.60 points to 5,948.71. The Dow jumped 461.88 to 43,870.35, and the Nasdaq composite added 6.28 to 18,972.42. In the crypto market, bitcoin eclipsed $99,000 for the first time before pulling back toward $98,000, according to CoinDesk. It’s more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Bitcoin got a further boost after Gary Gensler, the chair of the Securities and Exchange Commission, said Thursday he would step down in January . Gensler has pushed for more protections for crypto investors. Bitcoin and related investment have a notorious history of big price swings in both directions. MicroStrategy, a company that’s been raising cash expressly to buy bitcoin, saw an early Thursday gain of 14.6% for its stock quickly disappear. It finished the day with a loss of 16.2%. In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid escalations in the Russia-Ukraine war. In stock markets abroad, shares of India’s Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world’s richest people is accused of concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme. Stock indexes elsewhere in Asia and Europe were mixed. In the bond market, the yield on the 10-year Treasury inched up to 4.43% from 4.41% late Wednesday following some mixed reports on the U.S. economy. One said fewer U.S. workers applied for unemployment benefits last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, strengthened last month by more than expected. AP Business Writers Matt Ott and Yuri Kageyama contributed.
New Complaint Contends 'Vaporware' Strategy and Systematic Anti-Competitive Practices Destroyed Competition for Internet Connectivity in Business Aviation CHARLOTTE, N.C. , Dec. 17, 2024 /PRNewswire/ -- SmartSky Networks, LLC today filed a comprehensive antitrust lawsuit against Gogo, Inc. and Gogo Business Aviation, LLC ($GOGO) in the U.S. District Court for the Western District of North Carolina (Case 3:24-cv-01087), alleging illegal monopolistic practices in the air-to-ground (ATG) broadband inflight connectivity market for business aviation. The lawsuit alleges multiple violations of federal antitrust laws, including the Sherman Act and Clayton Act, as well as North Carolina state tort laws and the Unfair and Deceptive Trade Practices Act, claiming that Gogo engaged in predatory pricing, misleading advertising, and exclusive dealing agreements to maintain its monopoly position in the ATG market. SmartSky is pursuing this case to protect innovation as well as to seek justice for unfair business practices. The company's complaint contends that a systematic campaign of misinformation and exclusive dealing arrangements effectively blocked SmartSky's access to critical distribution channels and created insurmountable barriers to market entry, stifling the innovation and competition customers depend on. The lawsuit seeks substantial damages potentially exceeding $1 billion . The legal action aims to address the alleged harm to competition and consumers in the aviation connectivity market. This new Complaint is separate and apart from the Intellectual Property case (Case 1:22-cv-00266-JLH) SmartSky previously filed against Gogo in Delaware . The trial of that case is scheduled to begin in April, 2025. SmartSky is represented by Rik Tozzi , of Burr & Forman, LLP. About SmartSky Until ceasing business operations in August, 2024, SmartSky Networks, LLC was an aviation technology company that developed and launched an innovative air-to-ground network for business aviation, offering superior connectivity solutions through advanced telecommunications technology and infrastructure. View original content: https://www.prnewswire.com/news-releases/smartsky-files-1b-antitrust-lawsuit-alleging-gogo-business-aviation-acted-as-an-abusive-monopolist-302334142.html SOURCE SmartSky NetworksSouth Korean men under the age of 30 must perform around two years of military service. —Agence France-Presse SEOUL, South Korea — A South Korean man was handed a suspended prison sentence for intentionally gaining weight in a bid to avoid bootcamp and other strenuous activities in military service, a Seoul court told Agence France-Presse (AFP) on Tuesday. All South Korean men under the age of 30 must perform around two years of military service, mainly because the country remains technically at war with nuclear-armed North Korea. While all able-bodied men must serve in the military, people with health issues may be assigned alternative duties, which can include working in an office for a municipal government. READ: Navigating your K-pop boy’s military enlistment A 26-year-old man was sentenced earlier this month to one year in prison—suspended for two years—for violating the Military Service Act after deliberately binge-eating to gain weight and be classified as unfit for active duty. After learning that a body mass index (BMI) of over 35 could exempt him from standard military assignments, the man started trying to put on weight by following a special regime designed by an acquaintance. The plan involved doubling his food intake and consuming large amounts of water before medical evaluations. In 2017, the man was measured at 169 centimeters (5 feet 6 inches) tall and weighing 83 kilograms (183 pounds). By 2022, “he weighed 105 kilograms, and in 2023 he weighed 102 kilograms,” the Seoul Eastern District Court told AFP. The acquaintance who encouraged him was also convicted of aiding the legal violation and received a six-month prison term, suspended for one year. The court noted that the “defendant has admitted his wrongdoing and expressed willingness to fulfill his military duty sincerely”. The Military Manpower Administration maintains a public list of evaders, displaying their names, ages, registered addresses, and reasons for avoidance. In 2023, 355 people evaded mandatory military service illegally, the highest since the public listing began in 2015. Famous figures have been caught faking illnesses to evade or to be exempted completely from military service, including a high-profile celebrity who was accused of pulling his teeth out. Last year, Ravi, a rapper of the K-pop group VIXX, received a suspended sentence after falsifying medical documents that he suffered from epilepsy. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . He apologized on social media, saying he had made a “foolish decision” because he was “desperate to delay” his military service.
Jurors will likely never decide whether the president-elect is criminally responsible for his attempts to cling to power after losing the 2020 campaign.
Biden administration to loan $6.6B to EV maker Rivian to build Georgia factory that automaker pausedSCOTTSDALE, AZ — Former Arizona Coyotes left winger Paul Bissonnette was allegedly assaulted outside a Scottsdale restaurant Sunday night. Scottsdale police say it happened around 7:30 p.m. at the Houston's restaurant near McDonald Drive and Scottsdale Road. According to police, there was an altercation inside the restaurant involving six men and management. Police say Bissonnette tried to help management calm the men and get them to leave, the situation then "escalated to the men assaulting Paul Bissonnette both inside and outside the restaurant." The six men involved were arrested, police say. Bissonnette was taken to a hospital for evaluation for minor injuries. Bissonnette posted on social media saying that the men appeared to be drunk and disorderly, so he approached them to protect restaurant staff members who were allegedly being harassed. He said the incident escalated to a physical fight between the six men and him. The six suspects face charges ranging from misdemeanor assault and disorderly conduct to felony aggravated assault. The investigation remains ongoing.Dell Technologies Shares Fall on Lower-Than-Expected 4Q Outlook
ATLANTA (AP) — President Joe Biden's administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable. It's unclear whether the administration can complete the loan before Donald Trump becomes president again in less than two months, or whether the Trump administration might try to claw the money back. Trump previously vowed to end federal electric vehicle tax credits , which are worth up to $7,500 for new zero-emission vehicles and $4,000 for used ones. Rivian made a splash when it went public and began producing large electric R1 SUVs, pickup trucks and delivery vans at a former Mitsubishi factory in Normal, Illinois, in 2021. Months later, the California-based company announced it would build a second, larger, $5 billion plant about 40 miles (64 kilometers) east of Atlanta, near the town of Social Circle. The R1 vehicles cost $70,000 or more. The company plans to produce R2 vehicles, a smaller SUV, in Georgia with lower price tags aimed at a mass market. The first phase of Rivian’s Georgia factory is projected to make 200,000 vehicles a year, with a second phase capable of another 200,000 a year. Eventually, the plant is projected to employ 7,500 workers. But Rivian was unable to meet production and sales targets and rapidly burned through cash. In March, the company said it would pause construction of the Georgia plant. The company said it would begin assembling its R2 SUV in Illinois instead. CEO RJ Scaringe said the move would allow Rivian to start selling the R2 sooner and save $2.25 billion in capital spending. Since then, German automaker Volkswagen AG said in June it would invest $5 billion in Rivian in a joint venture in which Rivian would share software and electrical technology with Volkswagen. The money eased Rivian's cash crunch. Tuesday's announcement throws a lifeline to Rivian's grander plans. The company said its plans to make the R2 and the smaller R3 in Georgia are back on and that production will begin in 2028. “This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,” Scaringe said in a statement. The Energy Department said the loan would substantially boost electric vehicles made in the United States and support Biden’s goal of having zero-emission vehicles make up half of all new U.S. sales by 2030. “As one of a few American EV startups with light duty vehicles already on the road, Rivian’s Georgia facility will allow the company to reach production volumes that make its products more cost competitive and accelerate access to international markets,” the department said in a statement. The loan includes $6 billion, plus $600 million in interest that will be rolled into the principal. The money would come from the Advanced Technology Vehicles Manufacturing Loan Program, which provides low-interest loans to make fuel-efficient vehicles and components. The program has focused mostly on loans to new battery factories for electric vehicles under Biden, but earlier helped finance initial production of the Tesla Model S and Nissan Leaf, two pioneering electric vehicles. The loan program, created in 2007, requires a "reasonable prospect of repayment" of the loan. Under Biden, the program has announced deals totaling $33.3 billion, including $9.2 billion for massive battery plants in Tennessee and Kentucky for Ford’s electric vehicles. Democratic U.S. Sen. Jon Ossoff , who has been a vocal supporter of electric vehicle and solar manufacturing in Georgia, hailed Tuesday's announcement as “yet another historic federal investment in Georgia electric vehicle manufacturing.” Ossoff had asked Energy Secretary Jennifer Granholm to support the loan in July. “Our federal manufacturing incentives are driving economic development across the state of Georgia,” Ossoff said in a statement. Georgia Gov. Brian Kemp says his goal is to make Georgia a center of the electric vehicle industry. But the Republican has had a strained relationship with the Biden administration over its industrial policy, even as some studies have found Georgia has netted more electric vehicle investment than any other state. Kemp has long claimed that manufacturers were picking Georgia before Biden's signature climate law, the Inflation Reduction Act, was passed. Efforts to bring Rivian to Georgia predated the Biden administration and "our shared vision to bring opportunity to Georgia will remain no matter who resides in the White House or what party controls Congress,” Kemp spokesperson Garrison Douglas said Tuesday. The loan to Rivian could rescue one of the Kemp administration's signature economic development projects even as Biden leaves office. That could put Rivian and Kemp in the position of defending the loan if Trump tries to quash it. State and local governments offered Rivian an incentive package worth an estimated $1.5 billion in 2022. Neighbors opposed to development of the Georgia site mounted legal challenges. State and local governments spent around $125 million to buy and prepare the nearly 2,000-acre (810-hectare) site. The state also has completed most of $50 million in roadwork that it pledged. The pause at Rivian contrasts with rapid construction at Hyundai Motor Group’s $7.6 billion electric vehicle and battery complex near Savannah. The Korean automaker said in October that it had begun production in Ellabell, where it plans to eventually employ 8,500. Associated Press writer Matthew Daly in Washington contributed to this story.Rudy Giuliani in a courtroom outburst accuses judge in assets case of being unfair, drawing a rebuke
Former Scheels leader honored with North Dakota Rough Rider Award