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Donald Trump and the Trump Organization suffered a big legal setback in Manhattan on Thursday. In arguments before the judge hours before the ruling, Trump attorney Christopher Kise called the idea of monitoring "drastic" and likened it to "nationalizing" the company. In Thursday's 11-page ruling, Engoron credited the attorney general's lawsuit with having made a "compelling" case for fraud. In one, Engoron cited Trump's triplex penthouse at Trump Tower on Manhattan's Fifth Avenue. Trump claimed on 2011 financial documents that the triplex was worth $80 million, the judge noted, referring to the attorney general's evidence.
Republican John James is running against Democrat Carl Marlinga in Michigan's 10th Congressional District. The 10th District is centered around southern Macomb County. Michigan's 10th Congressional District candidatesJames is a businessman who graduated from West Point and served eight years in the Army, participating in multiple tours in Operation Iraqi Freedom. Marlinga, James' opponent, is a former judge on Michigan's 16th Judicial Circuit Court and Probate Court. Voting history for Michigan's 10th Congressional DistrictMichigan's 10th Congressional District is centered around southern Macomb County, long been considered as the state's bellwether, and home to the state's third and fourth largest cities, Warren and Sterling Heights.
Stocks' strong gains are just a bear market rally that will soon fade, according to Truist. Keith Lerner, the firm's top market strategist, made the case for bonds over stocks. Higher rates will keep hurting stocks — even if the Fed pivotsAt first glance, stocks have gotten cheaper this year. Tighter financial conditions have pushed the US economy toward a recession, and a slowdown in spending has been a drag on corporate earnings, Lerner wrote. Truist Bank"Even if the Fed does pivot or inflation softens, it wouldn't be a cure-all over the intermediate term," Lerner wrote.
James said she referred the matter to the California Attorney General's office. The investigation found text messages between the LAPD captain, top-ranking CBS executives and Moonves that revealed the allegations. The captain also worked with executives for several months to prevent the complaint from becoming public, according to the attorney general's release on Wednesday. Moonves left CBS in 2018 after allegations of sexual misconduct and cultural problems in the company. "As a publicly traded company, CBS failed its most basic duty to be honest and transparent with the public and investors."
Here are 20 stocks that are aggressively buying back shares and returning value to shareholders. US stocks have marched higher during the earnings season, despite consensus Q3 earnings per share growth clocking in at 2% year-over-year instead of 3%. Buyback growth is down dramatically year-over-year and quarter-by-quarter. Note that buyback data is as of the second quarter and that not every stock listed has meaningful buyback growth. Stocks that reported negative year-over-year buyback growth in Q3 or are expected to see buybacks drop over 50% next year were excluded from the analysis.
New RSV vaccines may soon put an end to rough seasons
  + stars: | 2022-10-31 | by ( Brenda Goodman | ) edition.cnn.com   time to read: +15 min
The monoclonal antibody, Synagis, is given monthly during RSV season to protect preemies and other high-risk babies. In the failed RSV vaccine trial, the chemical the researchers used to deactivate the virus denatured its proteins – essentially flattening them. Four companies have RSV vaccines for adults in the final phases of human trials: Pfizer and GSK are testing vaccines for pregnant women as well as seniors. Janssen, Pfizer and GSK each appear effective at preventing infections in adults for the first RSV season after the vaccine. The vaccines for pregnant women are meant to get newborns through their first RSV season.
And with more women entering the male-dominated venture industry, firms are being forced to craft maternity leave policies on the fly to accommodate new mothers. Forty years ago, the clubby male world of venture capital admitted so few women that maternity leave as a benefit was effectively nonexistent. "There is no playbook about how to take maternity leave or raise a family while also accelerating your career as an investor." Lux CapitalLike in many male-dominated industries, maternity leave as a benefit for investors doesn't come up in conversation until someone needs it. Though, the best policies, investors said, give women choices about how they operate on leave, rather than prescribing a one-size-fits-all leave.
The F-150 Lightning has had 200,000 orders and helped create a new generation of truckers. The woman rising to that challenge for Ford is Linda Zhang, the chief engineer of Ford's electric version of the F-150 called the Lightning. The electric F-150 Lightning can also be used as a power source. Towing was the other major barrier, as many potential customers feared the electric version would not have the same power as the petrol-fueled equivalent. "The significance of the F-150 Lightning in modern automotive manufacturing cannot be overstated," said the AAA's Brannon.
Vanguard's Sharon Hill has overseen a fantastic performance for her $48 billion income-focused fund. She targets stocks with promising dividend growth, valuations, fundamentals, and sentiment. This market environment may be choppy, but her view is that investing in the right stocks with proven dividend growth is better than letting idle money erode under high inflation. "Dividend growth is one of the few things that has kept up with inflation as you go back and look over the decades," Hill said. "So when you go back and you look at the '70s, '80s — which is the last time you can actually find any notable inflation — what you see is dividend growth pretty much kept pace with it."
The Justice Department is investigating Sen. Bob Menendez , according to a representative for the New Jersey Democrat, five years after federal public-corruption charges against him fell apart. “Senator Menendez is aware of an investigation,” said Michael Soliman , a political consultant and adviser to Mr. Menendez, adding that he didn’t know the scope of the probe. “As always, should any official inquiries be made, the senator is available to provide any assistance that is requested of him or his office.”
Analysts expect that this week's biggest winners will cool off from here, with the notable exception of just two stocks: Centene and IQVIA. However, the majority of those names are set for single-digit gains, according to consensus estimates on FactSet. What's more, the health care stock has a buy rating from a majority of analysts, and is forecasted to advance nearly 20%. Another health care stock, IQVIA , jumped 14% this week. Enphase surpassed profit and sales expectations this week, according to consensus estimates from FactSet.
Insider trading typically evokes the idea of a well-connected investor using secret information to profit from stock trades. Now, a federal judge has allowed the Justice Department to use the same kind of narrative in a first-ever case about the trading of digital tokens—even though prosecutors didn’t bring traditional insider-trading charges. The use of insider-trading language emerged as a flashpoint in the New York case, which the Justice Department says is its maiden prosecution for insider trading of NFTs, or nonfungible tokens, which are digital proofs of purchase for goods such as art. Prosecutors allege a former employee of NFT marketplace OpenSea profited from nonpublic information by purchasing tokens that he knew would soon be featured on OpenSea’s home page. The defendant, Nathaniel Chastain, knew the tokens would rise in value after being showcased, prosecutors say.
The star forward shot 16 of 25, grabbed 14 rebounds, added five assists and also hit 10 of 14 free throws. Bruce Brown scored 18 points, Jamal Murray scored 13 points and Jeff Green scored 10 for the Nuggets. Kentavious Caldwell-Pope also had 13 points before spraining his left ankle on a drive late in the third quarter. John Collins supplied 19 points and 11 rebounds for the Hawks while De'Andre Hunter tossed in 17 points before fouling out. Washington, Kelly Oubre Jr. and reserve Jalen McDaniels all added 17 for the Hornets.
While it's unclear if there will be a severe recession, there is one outcome that investors can bank on, Parker wrote: stagflation. The market is implying a nearly 100% chance of weak economic growth paired with rampant inflation, which is a nightmarish economic scenario. UBSHowever, Parker wrote that the market selloff still has room to go as tighter financial conditions hurt estimates for earnings and economic growth. Besides interest rates, economic activity is the biggest driver of stocks right now, Parker wrote. More broadly, sectors for quality growth include consumer discretionary, healthcare, and technology, Parker wrote.
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But Jim Nelson's EuroPac International Value Fund has continued its dominant stretch. Last decade was a disappointing one for international stocks relative to their US peers, and the 2020s haven't been much better so far. But investors would only have half the losses if they instead got global equity exposure through the EuroPac International Value Fund (EPIVX). His responsibility is to give investors diversification away from US assets and exposure to foreign stocks in case they rally. For the EuroPac International Value Fund, he focuses on high-quality businesses that are trading below fair value.
Morning Bid: Consumer drain as banks gain
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +5 min
Google's results in particular bode ill for Facebook parent Meta Platforms (META.O), especially reliant on advertising and reporting its results late on Wednesday. Consumer blues contrasted with bumper earnings from banks who are raking in huge windfalls from rising interest rates - direct cash injections from reserves they hold at central banks along with higher net interest margins and trading revenues flattered by volatile markets. read more read more read more read moreEuropean banks reporting this week matched Wall St counterparts on that score, raising conundrums for the European Central Bank meeting this week and Bank of England and U.S. Federal Reserve gatherings next week. They all plan further policy rate rises to rein in inflation - but this also involves direct transfers to their banks and potentially a drain on government finances. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Vice President Biden’s Greatest Blunder
  + stars: | 2022-10-25 | by ( James Freeman | ) www.wsj.com   time to read: 1 min
Americans hoping that President Joe Biden won’t blunder his way into war with Russia can hardly take comfort from his history of poor judgment in matters of foreign policy. The latest news from China underscores how badly Mr. Biden misjudged the tyrant who has now consolidated power in Beijing. The Journal’s Rebecca Feng reports that on Monday foreign investors were fleeing Chinese stocks and it’s easy to see why. The Journal’s Chun Han Wong and Keith Zhai report:The old-fashioned communist thug’s determination to reassert state control of the economy threatens all of the progress the Chinese people have enjoyed since the late 1970s.
Thomas Barrack said he didn’t do the bidding of United Arab Emirates officials and was acting on his own business and political interests. Thomas Barrack , a close Donald Trump ally accused of illegally lobbying on behalf of the United Arab Emirates, testified at his own trial Monday, telling a federal jury in Brooklyn that his association with the former president proved disastrous for his investment business. Mr. Barrack, former chairman of investment firm Colony Capital Inc., is accused of using his ties to push Mr. Trump’s campaign and administration toward policies that benefited the U.A.E.
Goldman Sachs shared the investing playbook it recommends following right now. Since 1974, those three groups have had the best relative performance to the S&P 500 during periods of weak economic growth, Kostin wrote. "Our economists expect GDP to decelerate further, and risks to their forecast are tilted downward," Kostin wrote in the note. Goldman SachsFinally, Goldman Sachs recommends that investors avoid the following sectors and industries: technology hardware, industrials, media & entertainment, semiconductors, automobiles & components, and materials. Those parts of the market are economically sensitive and will be disproportionately hurt if the economic slowdown worsens, Kostin wrote.
Trump company set for criminal trial in an off-books pay scheme
  + stars: | 2022-10-23 | by ( ) www.cnbc.com   time to read: +6 min
If convicted, the Trump Organization could be fined more than $1 million — but that's not the only potential fallout. The Trump Organization has said it did nothing wrong and that it looks forward "to having our day in court." The former Trump Organization chief financial officer must also pay nearly $2 million in taxes, penalties and interest and complete five years of probation. When the Trump Organization and Weisselberg were indicted in 2021, prosecutors called the tax scheme "sweeping and audacious" and said it was "orchestrated by the most senior executives." "The purpose of the scheme was to compensate Weisselberg and other Trump Organization executives in a manner that was 'off the books,'" the indictment said.
The One Little Problem With a Washington Post Story
  + stars: | 2022-10-22 | by ( James Freeman | ) www.wsj.com   time to read: 1 min
Regular news consumers are familiar with the endless media effort to tie adverse events to businesspeople and right-of-center politicians. This column’s most celebrated alumnus entertained readers by satirically blaming all manner of random misfortunes on either climate change or George W. Bush. More recently this column noted how various outlets got carried away last month trying to claim that the intensity of Florida hurricane activity is man-made. One outlet in particular, the Washington Post, doesn’t seem especially eager to learn from its mistakes.
John Linehan of T. Rowe Price shared how he manages over $16 billion in assets. John Linehan, the chief investment officer for equities at T. Rowe Price, has encountered plenty of different investing landscapes in his 33-year career. Linehan, who manages over $16 billion in assets in the T. Rowe Price Equity Income Fund (PRFDX), is currently attempting to thread the needle between playing offense and defense. High, reliable dividend yields are vital to the T. Rowe Price Equity Income Fund, Linehan said, but the size of the quarterly payment is far from his only consideration on that front. "We're looking for companies that have both an attractive yield but also attractive attributes beyond the yield," Linehan said.
Former Treasury Secretary Steven Mnuchin testified Thursday in support of a Donald Trump ally on trial for alleged illegal lobbying on behalf of the United Arab Emirates, telling jurors that defendant Thomas Barrack at one point pushed a policy stance contrary to the interests of the small Gulf state. Mr. Mnuchin, who was treasury secretary during President Trump’s term in office, appeared in a Brooklyn federal court as a defense witness for Mr. Barrack, former chairman of investment firm Colony Capital Inc. who served as an informal adviser to Mr. Trump’s campaign. Federal prosecutors allege Mr. Barrack secretly worked to steer Mr. Trump’s presidential campaign and administration toward policies that U.A.E. officials favored.
A federal judge on Wednesday said former President Donald Trump knowingly made false claims of election fraud in court, in a ruling that required former Trump attorney John Eastman to turn over certain communications to the House committee investigating the Jan. 6, 2021, attack on the Capitol. Mr. Eastman, a former law school dean at Chapman University who had advanced fringe legal theories to challenge the certification of the 2020 presidential-election results, filed a lawsuit last year seeking to stop the school from complying with a subpoena to hand over months of his emails and records to the Jan. 6 committee. Mr. Eastman said the communications were protected by attorney-client privilege.
Matthias Holzhey of UBS shared his outlook for the US housing market in 2023. The sky might not be falling yet in the US real estate market, but home values will soon start to, warns a new report from UBS. "Prices look overvalued," said Matthias Holzhey, the head of Swiss real estate at UBS Global Wealth Management, in a recent interview with Insider. How to navigate the housing market in 2023There are four more key drivers of demand in the housing market, Holzhey said: income growth, risk asset returns, interest rates, and psychology. However, today's real estate market bears little resemblance to past markets.
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