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Ed Sheeran, arriving to a federal court in New York City, later sparred from the witness stand with the plaintiffs’ lawyers in his trial over alleged copyright-infringement. Photo: Stephanie Keith/Bloomberg NewsDid British pop star Ed Sheeran rip off Marvin Gaye’s classic song “Let’s Get It On” when he wrote a Grammy-winning love ballad? A federal jury in New York began considering that question Tuesday in a copyright-infringement trial that could have implications for how songwriters arrange chords to make music.
But that unusual calm in markets may be masking serious concerns about economic growth, according to David Kostin, the chief US equity strategist at Goldman Sachs. Goldman Sachs"Mixed economic data and uncertainty around banking stress have led the equity market to downgrade its pricing of the US economic growth outlook in recent weeks," Kostin wrote. Goldman Sachs' GDP estimate (the blue-gray columns) is higher than that of the consensus (the black dots). Another sector Goldman Sachs is bullish on is energy, even though it's economically sensitive. Goldman Sachs is also neutral on the following sectors and industries: software & services, financials, consumer discretionary (excluding autos & durables), utilities, real estate, and consumer durables & apparel.
The sale effort comes as Millennium Trust's business is buoyed by higher interest rates adopted by the U.S. Federal Reserve to fight inflation. Credit ratings agency S&P Global Inc said last month the higher rates boost the revenue Millennium Trust receives from allowing customers to borrow against their retirement accounts. Millennium Trust will also entertain the sale of a minority stake to a private equity firm, should an outright sale not be feasible, the sources said. Millennium Trust generates north of $500 million in 12-month earnings before interest, taxes, depreciation and amortization (EBITDA), according to the sources. Raymond James, Parthenon and Millennium Trust did not immediately respond to requests for comment.
First-Ever NFT Insider-Trading Case Heads to Trial
  + stars: | 2023-04-24 | by ( James Fanelli | ) www.wsj.com   time to read: 1 min
OpenSea is the largest online marketplace of nonfungible tokens. Photo: Ariel Zambelich/The Wall Street JournalThe first-ever trial involving alleged insider trading of digital tokens kicks off in a New York federal court Monday, a test of how the Justice Department applies age-old laws to a new and lightly regulated industry. The defendant, Nathaniel Chastain , is a former employee of OpenSea, the largest online marketplace of nonfungible tokens, and his case turns on whether he used confidential information to purchase NFTs ahead of the company featuring them on its home page.
WASHINGTON, DC - APRIL 19: The Supreme Court of the United States, on Wednesday, April 19, 2023 in Washington, DC. But the legal dispute is the same: Can blocking someone on social media give rise to a free speech violation under the Constitution's First Amendment? It's a recurring question that has arisen at all levels of government as elected officials increasingly use social media to interact with voters. The appeals court concluded that the elected officials were acting in their official capacities and that social media accounts are akin to a public forum. The court also rejected the officials' argument that their social media pages were not official channels for members of the public to communicate with the government.
At issue is whether a public official's social media activity can amount to governmental action bound by First Amendment limits on government regulation of speech. The Garniers sued O'Connor-Ratcliff and Zane in federal court, claiming their free speech rights under the First Amendment were violated. Zane and O'Connor-Ratcliff each had public Facebook pages identifying them as government officials, according to the Garniers' court filing. O'Connor-Ratcliff also had a public Twitter profile. Circuit Court of Appeals last July agreed, finding that the school board members had presented their social media accounts as "channels of communication with the public" about school board business.
Guo Wengui Denied Bail While Awaiting Trial in New York
  + stars: | 2023-04-20 | by ( James Fanelli | ) www.wsj.com   time to read: 1 min
A courtroom sketch shows Guo Wengui at a courthouse in New York. Photo: JANE ROSENBERG/REUTERSA New York federal judge on Thursday ordered wealthy Chinese businessman Guo Wengui jailed while he awaits trial on fraud and money-laundering charges, calling him a flight risk and saying the Justice Department’s evidence against him was strong. Mr. Guo, who garnered attention by accusing Beijing of corruption from his Manhattan penthouse, was arrested and charged last month with a $1 billion fraud scheme. Federal prosecutors in the Manhattan U.S. attorney’s office alleged he took advantage of the hundreds of thousands of followers he amassed online by soliciting investments in a cryptocurrency he developed, a media company and other ventures. He spent some of the proceeds on lavish purchases, including a $26 million home in New Jersey, a yacht and a Ferrari, prosecutors allege.
“I don’t care, he’s old,” Brooks, who finished the game with 12 points on 5-of-14 shooting during his 23 minutes on the court, told reporters. I know my guys know that.”Four-time NBA MVP James finished Wednesday’s game with 28 points and 10 rebounds. According to ESPN, the only player to score 40 against the Grizzlies in a game Brooks played this season was the Portland Trail Blazers’ Damian Lillard. He’s LeBron James. He’s shining.’“I can’t be looking at [him] that he’s LeBron James.
Breen died after fence post penetrated car window, Hyundai say
  + stars: | 2023-04-19 | by ( ) www.reuters.com   time to read: +2 min
[1/2] FIA World Rally Championship - Rally Sweden - Stage 3 of Second Round - Torsby, Sweden - February 14, 2020 Craig Breen of Ireland reacts. TT News Agency/Micke Fransson via REUTERS/File PhotoApril 19 (Reuters) - Irish rally driver Craig Breen was killed instantly in a crash in Croatia last week after a fence post penetrated the car's side window, his Hyundai team revealed on Wednesday. Hyundai are competing in Croatia this weekend with a reduced two car entry and a special livery as a tribute to Breen. The 33-year-old would have been competing in his second rally of the season after finishing runner-up in Sweden in February. The world rally championship has retired Breen's competition number 42 for the remainder of the season.
Nazem Ahmad in an image from social media, according to an indictment unsealed by federal prosecutors. An alleged financier of U.S.-designated terrorist group Hezbollah was charged with a scheme to evade American sanctions and illegally import and export hundreds of millions of dollars worth of fine art and diamonds. Nazem Ahmad , a Lebanese-Belgian dual citizen who has been banned since 2019 from doing business with U.S. individuals and entities over his association with high-ranking Hezbollah members, was charged with nine counts of fraud, money laundering and evading sanctions, in an indictment unsealed on Tuesday by the U.S. attorney’s office in Brooklyn.
Rodrygo double eases Real Madrid into semi-finals
  + stars: | 2023-04-18 | by ( Martyn Herman | ) www.reuters.com   time to read: +4 min
Real looked capable of killing the tie whenever they moved forward and Rodrygo, who scored a vital goal against Chelsea at the same stage last year, smashed a shot against the post. Home keeper Kepa Arrizabalaga then beat away a Vinicius Junior effort before Real's master craftsman Luka Modric forced another save from Arrizabalaga. "It was a second yellow card, which means a red, which means 30 minutes with us a man up," Lampard said. Real then switched gears and Rodrygo skipped past Chalobah's wild slide on the right and his cross was eventually played back to him by fellow Brazilian Vinicius Jr to calmly slot home. ($1 = 0.8048 pounds)Writing by Martyn Herman in London Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.
Markets are preparing for a second straight quarter of negative earnings growth. Credit SuisseMarkets are bracing for weaker profits in seven of the 11 S&P 500 sectors, Golub wrote. Q1 earnings revisions are more negative than usual, according to Credit Suisse. Weaker bottom-lines are also masking anticipated strength in sales growth, Credit Suisse found. Those 15 stocks are below, along with the ticker, weight of S&P 500 profits, expected earnings growth, and expected contribution to earnings growth for each.
The Fidelity Puritan Fund has dominated in the past five years under Dan Kelley. Here's how the portfolio manager finds underpriced growth stocks that are still high quality. Meanwhile, about half of the fund's bonds are US Treasuries, and just 11.5% are high-yield. How to find mispriced growth in marketsWhen looking for stocks, Kelley said his focus is on finding "mispriced growth" companies, which is similar to what many fund managers call "growth at a reasonable price," or GARP. That's the same mindset that's kept the Fidelity Puritan Fund going for nearly eight decades.
Investors have mostly yawned at lower inflation data this week, keeping stocks range-bound. Strategists at the asset management arms of Goldman Sachs and UBS are signaling caution. The message from markets is clear: lower inflation isn't necessarily a green light for stocks. Strategists at UBS Global Wealth Management (GWM) and Goldman Sachs Asset Management issued even sterner warnings, with neither seeing much upside for stocks in the foreseeable future. Goldman Sachs Asset Management is also bullish on long-duration assets while the economy weakens, especially compared to riskier high-yield bonds.
Irish driver Breen dies after testing crash in Croatia
  + stars: | 2023-04-13 | by ( ) www.reuters.com   time to read: +1 min
April 13 (Reuters) - Ireland's top rally driver Craig Breen has died after an accident in a pre-event test for the Croatian round of the world championship, his Hyundai team said in a statement on Thursday. The team gave no details of the accident just after midday local time but said co-driver James Fulton was unharmed. He was a world championship regular over the years, although rarely for a full season, and while not a winner he finished second in six rallies. Craig was a world class driver and a world class person," said Motorsport Ireland president Aiden Harper in a statement of condolences. Breen is the first fatality in the world championship since German junior co-driver Joerg Bastuck in the 2006 Rally of Catalunya.
Former US president Donald Trump arrives at Trump Tower in New York on April 12, 2023. Donald Trump said he is being deposed Thursday in New York City as part of the state attorney general's $250 million civil lawsuit alleging widespread fraud by the former president and his company. Trump announced on social media overnight that he had "just arrived in Manhattan for a deposition in front of" New York Attorney General Letitia James as part of the sweeping lawsuit. Trump is "not only willing but also eager to testify before the Attorney General today," his attorney, Alina Habba, told CNBC in a statement. James filed the civil fraud lawsuit last September against Trump, three of his adult children, the Trump Organization and others.
Another Reason for CNN to Avoid San Francisco
  + stars: | 2023-04-12 | by ( James Freeman | ) www.wsj.com   time to read: 1 min
James Freeman is assistant editor of The Wall Street Journal's editorial page and author of the weekday Best of the Web column. He is the co-author of "Borrowed Time: Two Centuries of Booms, Busts and Bailouts at Citi," recognized as a New York Times Editors' Choice and a Financial Times Business Book of the Month. He is a contributor to the Fox News Channel and a host of "Deep Dive" on Fox Nation. Before joining the Journal in September 2007, James served as investor advocate at the U.S. Securities and Exchange Commission, where he encouraged the transformation of financial reporting technology to benefit individual investors. Follow James on Twitter @FreemanWSJ
Here are six banks that should fare well in the Q1 earnings season despite the sector's challenges. A series of bank failures in early March sent shares of financial institutions plunging, and while bank stocks have stabilized in recent weeks, they haven't yet been able to mount a comeback. But when they kick off the Q1 earnings season in mid-April, banks can change the negative narrative — or reinforce existing concerns about the sector. "Banks may see higher revenue year-over-year and may surprise to the upside, beating consensus earnings estimates," Leon wrote. Below are the six bank stocks that CFRA expects to fare well in the first quarter earnings season, along with the ticker, market capitalization, and investment thesis for each.
Ambassador to the United Kingdom Jane Hartley greet U.S. President Joe Biden next to Joe Kennedy upon Biden's arrival at RAF Aldergrove airbase in County Antrim, Northern Ireland April 11, 2023. Ahern said he knew from experience that "knocking heads together" did not usually work in Northern Ireland and that Biden should point out the obvious case that, in any democracy, institutions of parliament were essential. Biden will travel later on Wednesday to County Louth - midway between Belfast and Dublin - where his great-grandfather was born. Biden will meet relatives from another side of his family in the western county of Mayo on Friday. Writing by Padraic Halpin; Additional reporting by Conor Humphries; Editing by Peter Graff and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.
Wedbush analyst Dan Ives shared three reasons why tech stocks will continue to push higher. Here are 13 top tech stocks to buy heading into the Q1 earnings season. Yet the S&P 500 tech sector has risen an impressive 20.10% year-to-date. 13 tech stocks to buy nowAfter making the case for tech stocks broadly, Ives zeroed in on 13 of his favorite picks to buy right now. The list includes a quartet of mega-caps, six cybersecurity names, and a trio of other software stocks that have an outperform rating from Wedbush Securities.
Mohawk Industries — Shares of the flooring manufacturer gained 5% after Loop Capital upgraded the company to buy from its previous hold rating. WisdomTree — Shares of the financial firm gained 3% after the company said it had $1.9 billion of net flows in March. New York Community Bancorp — Shares of the regional bank gained 2.7% after Jefferies upgraded the stock to buy from hold. LendingClub — The lending stock gained 5% after JPMorgan initiated coverage of the stock at overweight. Murphy Oil — The natural gas company's shares gained 2.6% after Truist upgraded shares to buy from hold.
Paul Singer, the Man Who Saw the Economic Crises Coming
  + stars: | 2023-04-08 | by ( James Freeman | ) www.wsj.com   time to read: 1 min
New York“Men and nations behave wisely,” the Israeli statesman Abba Eban observed, “when they have exhausted all other resources.” Imagine if our economic policy makers listened to Paul Singer instead. Mr. Singer, 78, is founder of Elliott Management and one of the world’s most successful hedge-fund proprietors. Before the financial crisis of 2008, he tried to alert investors and public officials about the dangers of subprime mortgages. In the 15 years since, he’s repeatedly warned that the landmark Dodd-Frank Act of 2010, and the expansive monetary policies along the way, were inviting disaster.
Goldman Sachs shared 29 stocks that it believes will see higher earnings than the market expects. Goldman Sachs29 stocks to buy for better-than-expected earningsBesides underestimating giant growth stocks, Goldman Sachs thinks investors are misjudging corporate profits. Kostin and his colleagues made a list of stocks that have above-consensus earnings estimates from analysts at Goldman Sachs. Below are 29 stocks with earnings estimates from Goldman Sachs that are at least 5% higher than estimates from the rest of Wall Street. Along with each name is its ticker, consensus earnings estimates, earnings estimates from Goldman Sachs, and the difference between the two.
But strategists at BMO Capital Markets think the selling has gone too far. And while some economists are warning that storms are still on the horizon for the sector, that gloomy sentiment is nothing more than fear-mongering, according to BMO Capital Markets. BMO Capital MarketsThat weakness opens the door for traders to get deals in the beaten-down sector, Belski wrote. BMO Capital MarketsFinancials broadly are also historically cheap by any measure compared to the market, according to BMO, even though valuations aren't as heavily discounted as they were last fall. BMO Capital MarketsAnother sign of the sector's financial health is that the growth outlooks for both dividends and earnings look rosy.
Goldman Sachs is calling for flat earnings growth in 2023 and is warning of a possible selloff. Here are 36 stocks that will grow earnings by at least 10% this year, according to Goldman Sachs. "Flat earnings will support a roughly flat S&P 500 index return in 2023," Kostin wrote in the note. S&P 500 earnings growth is projected to be 0% in 2023 and 12% in 2024, according to Goldman Sachs. Below are those names highlighted by Goldman Sachs, along with the ticker and expected earnings growth in 2023 and in 2024 for each.
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