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☆ Lumber soars 13% as the housing market shows signs of a rebound for the first time in a year
▼ + stars: | 2023-01-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Lumber futures soared 13% on Friday as the housing market finally shows some signs of life. The essential building commodity is up 21% since encouraging housing market data was released earlier this week, and is up 37% year-to-date. Lumber had been pummeled throughout 2022, falling 67% as soaring mortgage rates weighed on the housing market considerably. And that decline in mortgage rates has helped breathe some life into the housing market, with mortgage application volume jumping 7% last week. While we do expect a near-term slowdown in housing (a primary driver of lumber demand), in our opinion long-term fundamentals remain strong for housing demand," Domain's Scott Reaves told Insider in an email.

☆ You Call That Snow?! See How This Winter Stacks Up.
▼ + stars: | 2023-01-26 | by ( Francesca Paris | ) www.nytimes.com time to read: +7 min

If so, you’re not alone: It has been a dreary winter for children hoping for snow days and grown-up snow enthusiasts alike on the East Coast. More than 50 years of snowfall in … Interactive line chart showing cumulative snowfall for each winter season over 50 years, as well as the median snowfall for all seasons. Line chart showing Philadelphia’s cumulative snowfall for each winter season over 50 years. Loading dataLine chart showing Boston’s cumulative snowfall for each winter season over 50 years. Milwaukee Pittsburgh Providence, R.I. Pueblo, Colo. Richmond, Va. Rockford, Ill. St. Louis Topeka, Kan. About normal snow Anchorage Boise, Idaho Colorado Springs Columbia, Mo.

☆ Watch: New Zealand’s Jacinda Ardern Says She’ll Step Down
▼ + stars: | 2023-01-19 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Watch: California Floods Leave Behind Washed Away Houses, Submerged Cars Homes were destroyed by mudslides and cars were trapped by floods as heavy rains pummeled California on Monday. Forecasters say it would be the end of a series of storms that have hit the state since Christmas. Photo: Caroline Brehman/Shutterstock

☆ Ukrainian Interior Minister Dies in Kyiv Helicopter Crash
▼ + stars: | 2023-01-19 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

☆ Nepalese Authorities Locate Black Box, Search for Missing at Crash Site
▼ + stars: | 2023-01-17 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

☆ Matt Schlapp slapped with a lawsuit after an allegation of fondling a GOP operative
▼ + stars: | 2023-01-17 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Jonathan-Allen-Circle-Byline-Template.Jpg | Jonathan Allen | ) www.nbcnews.com time to read: +5 min

In an interview with NBC News earlier this month, the operative said Schlapp invited him to meet at an Atlanta bar. As the operative drove Schlapp to a hotel near the Atlanta airport at the end of the night, Schlapp put his hand on operative's leg, the operative said. Eventually, the operative said in a video he recorded later that night, Schlapp "grabbed my junk and pummeled it at length." When Schlapp texted to say he was in the lobby ready to be driven, the operative replied with language suggested by campaign officials. I would appreciate it,” Schlapp texted, according to the suit.

☆ California is emerging from a 'parade of storms' with recovery efforts across a ravaged state
▼ + stars: | 2023-01-16 | by ( Evan Bush | Evan Bush Is A Science Reporter For Nbc News. He Can Be Reached At Evan.Bush Nbcuni.Com. | ) www.nbcnews.com time to read: +4 min

California's snowpack is on pace for a remarkable season after nearly three weeks of atmospheric river storms pummeled California with heavy precipitation. California has had nine atmospheric river storms since Christmas, Anderson said. "We're finally getting through the parade of storms," Anderson said. Meantime, a mudslide closed part of State Route 13 in the Oakland area, the state Transportation Department said. It expected it could take as long as three weeks to clear the road and up to six months for repairs.

☆ Tackling the threat of mudslides in soaked California
▼ + stars: | 2023-01-16 | by ( The Associated Press | ) www.nbcnews.com time to read: +7 min

Matt Udkow / Santa Barbara County Fire Department via AP fileWhy is California prone to mudslides? Since New Year’s Eve, the California Department of Conservation’s landslide mapping team has documented more than 300 landslides. Lancaster said California has dramatically increased its efforts to identify hotspots since the Montecito mudslides. After the 2018 mudslides hit Montecito, the Los Angeles Times reported that debris basins above the community were undersized and hadn’t been sufficiently emptied. The organization hired an engineering company to map the canyons and installed debris nets.

☆ Explainer: Flooding in California: What are 'atmospheric rivers?'
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

Rain and snow fed by an atmospheric river pummeled California for days, causing severe flooding and killing at least 19 people across the state. HOW COMMON ARE ATMOSPHERIC RIVERS? Most atmospheric rivers are weak and do not cause damage. Atmospheric rivers can carry up to 15 times the volume of the Mississippi River, according to the National Oceanic and Atmospheric Administration. Atmospheric rivers of the kind that drenched California and flooded British Columbia in recent years will become larger -- and possibly more destructive -- because of climate change, scientists have said.

☆ Health insurance upstarts that grew fast while bleeding money now say they want to turn a profit. They're raising premiums, exiting markets, and leveraging their size to get there.
▼ + stars: | 2023-01-13 | by ( ) www.businessinsider.com time to read: +6 min

Newly public health insurers Bright, Clover, and Oscar historically have prioritized fast growth. Now that it's become harder to raise capital from investors, the insurers Bright Health, Clover Health, and Oscar Health have shifted their strategies toward making money. Bright Health, in particular, was forced to take extreme measures that will see it cover members in just one state this year, after serving people in 17 states in 2022. Here's what Bright, Clover, and Oscar said they're doing to reach a profit, from raising the premiums of their health plans to exiting the markets they once bet big on. Clover slashed its participation in a federal programClover Health CEO Andrew Toy Clover HealthClover also slashed its footprint in a major program to bring down costs.

☆ Police investigate New York hit-and-run that left Jewish man injured as possible hate crime
▼ + stars: | 2023-01-12 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +1 min

A Hasidic Jewish man in New York City was left with a broken leg after a car crashed into him in a hit-and-run, as police say the incident is being investigated as a possible hate crime. The vehicle, a 2017 Mercedes Benz, was traveling southbound on Albany Avenue and was making a left turn when it collided with the victim. Surveillance video footage shows the vehicle turn and slam into the man without stopping, throwing the victim onto the ground, and continue driving on. Police said the NYPD’s Hate Crime Task Force has been notified. Got to be safe,” Usher Berkovich, who lives nearby, said to NBC New York.

☆ Los Angeles at Greater Flood Risk Than Government Estimates, Study Shows
▼ + stars: | 2023-01-12 | by ( Taylor Umlauf | Emma Brown | ) www.wsj.com time to read: 1 min

Heavy rain triggered widespread flooding and road closures across Los Angeles on Tuesday, as the state’s latest storm pummeled Southern California. Officials issued flash-flood warnings across much of the county, as more than 6 inches of rain fell in under 24 hours in some areas before easing in the afternoon. The string of recent storms that has hit California since Christmas has caused flooding, power outages and 17 deaths statewide, according to the governor. But the flood risk in Los Angeles is much greater than what the latest storm delivered, according to a study published in October. Hundreds of thousands of residents and billions of dollars in property are exposed to widespread flood risk in Los Angeles, a greater impact than federal flood zones suggest.

It would turn into a nightmare as their 5-year-old son, Kyle, got swept away in raging flood waters while his mom drove him to school. San Luis Obispo Sheriff's Office via TwitterKyle was lost to a succession of unrelenting rainstorms that have pummeled California over the last two weeks and contributed to 17 deaths. As water poured into her car, Lindsy told Kyle to unbuckle his car seat so they could escape. Nearby homeowners fetched rope and managed to rescue Lindsy, who was closer to the bank. “We continue to hope for the best,” said Grace Norris, a San Luis Obispo sheriff’s spokesperson.

☆ Analysis: With banks' results on tap, options traders prepare for volatility
▼ + stars: | 2023-01-10 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

REUTERS/Brian SnyderNEW YORK, Jan 10 (Reuters) - Options traders are bracing for volatility in U.S. bank shares days ahead of an earnings season many believe will bring lower profits and reflect worries over an expected recession. The trade would be profitable if the ETF’s shares slipped below $33 by mid-February, a 6% decline from current levels. The S&P 500 bank index (.SPXBK) fell 21.6% last year, compared to a compared to a 19.4% decline for the S&P 500 as a whole. Options on big bank stocks, on average, are pricing the largest post-earnings moves in the last two years, an analysis by Susquehanna International Group showed. "The trading bias in the options heading into big bank earnings has been buying volatility and protecting positions," said Chris Murphy, co-head of derivatives strategy at Susquehanna International Group.

☆ A 'parade of cyclones' batters California
▼ + stars: | 2023-01-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA 'parade of cyclones' batters CaliforniaCyclone-level rains have pummeled the state of California. The onslaught of extreme weather has put millions of residents at risk as flash flooding and mudslides have triggered evacuation orders and utility outages across the state.

☆ Conservative leader Matt Schlapp is accused of fondling a male campaign staffer in Georgia
▼ + stars: | 2023-01-06 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Jonathan-Allen-Circle-Byline-Template.Jpg | Jonathan Allen | ) www.nbcnews.com time to read: +6 min

"He reached in between my legs and fondled me," the former Walker staffer told NBC News in a telephone interview Thursday night. Schlapp, the chairman of the American Conservative Union, is married to former Trump White House aide Mercedes Schlapp. A senior official on the Walker campaign confirmed that the aide shared the allegation with his supervisors at the time. "The whole thing makes me physically ill," said the senior Walker campaign official. Both the staffer and the senior campaign official said the Walker campaign made legal counsel available to the staffer to discuss his legal options and indicated the campaign would support whatever decision he made.

☆ Storms in California have led to high snowpack and great skiing conditions — but the deluge still may not be enough to fill the state's empty reservoirs after years of drought
▼ + stars: | 2023-01-06 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

California has faced heavy precipitation in recent weeks, leading to a high snowpack. The snowpack provides a third of California's water needs, but it's too soon to assess the impact on the drought. The snowpack in the Sierra Nevada, the mountain range that runs along the eastern part of the state, is often called California's "frozen reservoirs." Though the high snowpack this early in the season is promising, if the precipitation doesn't continue, it may not be enough to significantly address the drought. "It's great for the state of California to get out of this drought, and it's great for skiing."

☆ Herschel Walker staffer accuses CPAC head Matt Schlapp of 'groping' and 'fondling' him without consent
▼ + stars: | 2023-01-06 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

A staffer for Herschel Walker's Senate campaign has accused CPAC head Matt Schlapp of groping him, per NBC and the Daily Beast. "Matt Schlapp of the CPAC grabbed my junk and pummeled it at length." The next morning, Schlapp texted the staffer, who was set to also drive him that following day. "I did want to say I was uncomfortable with what happened last night," the staffer texted Schlapp. "If he had made a polite pass at me and left it that," the staffer told NBC News.

☆ Massive waves, power outages plague California coastal community amid storms
▼ + stars: | 2023-01-06 | by ( Kate Fishman | ) www.reuters.com time to read: +3 min

[1/6] A member of a Pacific Gas & Electric crew works to repair a power line, following storms in Mendocino, California, U.S. January 5, 2023. At the southern end of Mendocino county, the small towns of Point Arena and Gualala have been largely without power for around 24 hours. About 2,500 households and businesses were without power in the county, which is home to about 91,000 people. California's storied coast road, Highway 1, is closed in four places in Mendocino County because of fallen trees, the California Department of Transportation said. The high tide brought swells that washed debris across the beach and its parking lot, the high waves crashing into the mouth of the Noyo River.

☆ Premarket stocks: These three big unknowns will drive markets in 2023
▼ + stars: | 2023-01-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

And there are three big “ifs” that will determine the health of the economy: The strength of the labor market, the American consumer and the Federal Reserve. Will the labor market cool off? This is all happening as the Fed tries to actively cool the labor market. Policymakers fear that persistent wage growth in a tight labor market will keep already sky-high inflation levels elevated. Mortgage rates continue to soarMortgage rates rose again last week, beginning 2023 twice as high as they were a year ago.

On the benchmark S&P 500 index, rate-sensitive real estate stocks (.SPLRCR) led the losses with a 2.2% drop, while financials (.SPSY) slipped 1%. The ADP National Employment report showed a much greater-than-expected rise in private employment in December, while another report showed weekly jobless claims fell last week. The reports came a day after data showed a moderate fall in U.S. job openings, in growing evidence that the labor market remains tight. A strong labor market has been a concern for markets pummeled by rising borrowing costs as it gives the Federal Reserve a reason to raise rates for longer than expected this year. The more comprehensive nonfarm payrolls report is due on Friday, which would provide further clues on labor demand and the rate hike trajectory.

☆ Salesforce to cut about 10% of staff
▼ + stars: | 2023-01-04 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +3 min

CNN —Salesforce said Wednesday that it will cut approximately 10% of its workforce and reduce its real estate footprint, making it the latest tech company to slash expenses as broader economic uncertainty continues to hit Silicon Valley particularly hard. “I’ve been thinking a lot about how we came to this moment,” Benioff wrote. Like Benioff, a number of other tech founders and CEOs have since admitted they failed to accurately gauge pandemic demand. As a result, tech firms including Amazon and Meta have announced company-wide layoffs. And most of all, please lean on your leadership, including me, as we work through this difficult time together.”

A survey from the Labor Department showed job openings fell 54,000 to 10.458 million on the last day of November, compared with expectations of 10 million job openings. The data indicated a still tight labor market that could give the Fed cover to keep rates higher for longer. Market participants see a 68% chance of a 25-basis point rate hike from the Fed in February, and see rates peaking at 4.99% by June. Advancing issues outnumbered decliners by a 3.53-to-1 ratio on the NYSE and by a 2.18-to-1 ratio on the Nasdaq. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Aerospace and defense stocks took flight in 2022. What analysts expect for the sector in 2023
▼ + stars: | 2023-01-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Aerospace and defense stocks took off in 2022, outperforming the S & P 500 as a selloff trend pummeled growth and technology names. Through 2022, the aerospace and defense sub-industry within the S & P 500 rose 15.5%, while the broader index tumbled 19.4%. Here are some of the best-performing aerospace and defense stocks of 2022 and what the outlook looks like in the new year. The top-performing defense stock in the fourth quarter was Boeing , with shares up more than 57%. Raytheon Technologies rose more than 17% in 2022, and analysts are optimistic about the stock in 2023.

Most rate-sensitive technology and growth stocks such as Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O) and Meta Platforms Inc (META.O) fell between 0.7% and 1.4% on Friday, as U.S. Treasury yields rose. The losses made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) among the top decliners on the S&P 500, with the three sectors shedding between 0.9% and 1.2%. The S&P 500 growth index (.IGX) is down about 30.5% this year, while the value index (.IVX) has fallen just 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Declining issues outnumbered advancers for a 2.51-to-1 ratio on the NYSE and for a 1.73-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 45 new highs and 79 new lows.

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