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☆ Mississippi's sole Tesla store plays by different rules than traditional car dealers in the state. A new state law is changing that
▼ + stars: | 2023-03-15 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +3 min

But Tesla has skirted those regulations by calling its lone location in the state a "store" instead of a "dealership." Tate Reeves Tuesday. But a new state law is set to level the playing field. Tesla currently has one store operating in the state, which has skirted regulations that face traditional car manufacturers by classifying itself as a "store" and not a "dealership," the AP reported. "Almost 200 small businesses in communities across our state are seeking assurances that big manufacturers can't just destroy their businesses.

☆ States are banning an energy pill dubbed 'gas station heroin' after people suffer opioid-like withdrawals, paranoia, and hallucinations
▼ + stars: | 2023-03-08 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Known as "gas station heroin," tianeptine is sold under names like Za Za Red and Tianna. Users often buy tianeptine, sold under brand names including Za Za Red, Tianna, and TD Red, hoping for a boost of energy and better focus. Tianeptine's withdrawal symptoms mirror those of opioidsQuitting the drug requires an approach similar to quitting opioids, according to the FDA. In Wetumpka, Alabama, the local hospital's detox unit has attracted attention for helping people get off the drug, local television station WSFA reported in February. "People with a history of opioid use disorder or dependence may be at particular risk of abusing tianeptine," according to the FDA's guidance.

☆ How an ETF with an 11% yield shows a growing use case for active strategies
▼ + stars: | 2023-03-08 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

The JPMorgan Premium Equity ETF (JEPI) has a 12-month rolling dividend yield over 11%, and its 30-day SEC yield was just under that mark as of the end of February. The biggest funds in the market track indexes, like the S & P 500, and give investors market returns minus fees. But 2022 was a surprisingly good year for active managers , and active ETFs gained some share against their passive counterparts. The JPMorgan Ultra-Short Income ETF (JPST) has also been popular this year, with $1 billion of inflows and a 30-day SEC yield above 4%. Among the firm's smaller active fixed income funds, the Core Plus Bond ETF (JCPB) has a roughly similar yield, while the Income ETF (JPIE) yields above 6%.

☆ Bank of America's stock chief warns the S&P 500 could fall another 26% as valuations remain too elevated and decades of market history show half of the criteria for a bottom still aren't being met
▼ + stars: | 2023-03-04 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The S&P 500 could fall to as low as 3,000, they said. In a note this week, Wilson said that the S&P 500 remains overvalued relative to history by price-to-earnings and price-to-sales metrics. S&P 500 P/E multiples are 9% above their median while P/Sales multiples are 23% above median," Wilson said. "History implies that for the current level of real rates the S&P 500 multiple is ~2.5x overvalued," the chief market strategist said. Wilson's end-of-year target for the S&P 500 is 3,900, while Krishna and Kolanovic have targets of 3,725 and 4,200, respectively.

☆ Mississippi's sole Tesla store plays by different rules than traditional car dealers in the state. A new law aims to change that.
▼ + stars: | 2023-03-03 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +3 min

But Tesla has skirted those regulations by calling its lone location in the state a "store" instead of a "dealership." A new law that would close the loophole passed in the State Senate and now sits before Mississippi's governor. But a new state law could level the playing field. Tesla currently has one store operating in the state, which has skirted regulations that face traditional car manufacturers by classifying itself as a "store" and not a "dealership," the AP reported. Instead, lawmakers like Sparks argue the bill would create an more even playing field for all car manufacturers.

☆ Some companies have used a legal loophole to avoid paying overtime by giving workers exaggerated job titles
▼ + stars: | 2023-02-23 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

Companies are getting away with not paying their workers for overtime, a new NBER paper shows. That's because of a loophole in federal law where employers don't have to pay managers overtime. Companies have also been cutting pay for other workers by classifying them as contractors. That loophole involves misclassifying workers as managers, even if they don't have actual managerial duties. They weren't getting paid for overtime, and an Atlanta court awarded them $35 million in addition to unpaid overtime.

☆ Two investment strategists discuss CPI's impact on the markets
▼ + stars: | 2023-02-15 | 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 EmailTwo investment strategists discuss CPI's impact on the marketsHorizon Investments' Zachary Hill and Baird's Ross Mayfield discuss the markets' reaction to the January CPI report.

☆ Fed still has work to do on inflation but it doesn't derail our view we're in a bull market
▼ + stars: | 2023-02-14 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

We think the market is looking past these readings to what Federal Reserve Chairman Jerome Powell recently highlighted as the central bank's main focus, core services excluding housing or so-called super core. Super core inflation Keying in on this sub-index is going to be crucial if we are going to try and think about additional rate hikes from here from the perspective of a Fed official. Here are the top services components in the CPI data outside of food, energy, and housing and how they're trending. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Traders work on the floor of the New York Stock Exchange (NYSE) on February 14, 2023 in New York City.

Medication abortion has drawn increasing attention since the U.S. Supreme Court last year reversed its landmark 1973 Roe v. Wade ruling, which had guaranteed abortion rights nationwide. President Joe Biden, a Democrat, directed federal agencies to expand access to medication abortion in response to the decision. Mifepristone is used in combination with another drug, misoprostol, for medication abortion, which accounts for more than half of U.S. abortions. They said ending access to the drug would force patients to have unnecessary surgical abortions or prevent them from accessing abortion altogether. The Texas lawsuit could move quickly, as the plaintiffs in a filing on Friday asked Kacsmaryk to skip a hearing on a preliminary order and instead go straight to trial.

The company offered a positive outlook in the North American market, where it sees a growing number of customers requesting made-in-USA batteries to be qualified for federal EV subsidies. The company had secured additional orders worth about 20 trillion won in the fourth quarter, Chief Financial Officer Lee Chang-sil added. LGES reported operating profit of 237 billion won ($193 million) for the October-December period, versus 76 billion won a year earlier. That compared with an average analyst forecast of 256 billion won compiled by Refinitiv SmartEstimate. Revenue for the quarter rose 92% to 8.5 trillion won, LG Energy said in a regulatory filing.

☆ If you're a gig worker, your boss might be using a technicality to underpay you
▼ + stars: | 2023-01-26 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +4 min

Many workers are classified by employers as independent contractors, rather than employees. The Biden administration has proposed a rule making it easier for gig workers to be counted as employees. NELP finds that 10% to 30% of employers — and potentially more — misclassify workers as independent contractors, "which indicates that several million workers nationally may be misclassified." Truck drivers misclassified as independent contractors may lose between $11,076 and $18,053, according to EPI's estimates. The Biden administration is taking aim at misclassification, hoping to crack down on it and offer an easier pathway for independent contractors to be considered employees.

☆ The US Army has been dredging the Mississippi River 24/7 for 6 months. The drought crisis that grounded barges and unearthed fossils may finally be over.
▼ + stars: | 2023-01-25 | by ( Morgan Mcfall-Johnsen | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

The US Army Corps of Engineers has been dredging the Mississippi River 24/7 since July. USACE maintains a nine-foot-deep channel down the Mississippi River, so that ships and barges can travel freely. A barge tows cargo down the Mississippi River, in Vicksburg, Mississippi during a historic drought. The National Weather Service predicts the likely removal of drought in much of the Mississippi River basin in February. The National Weather Service's outlook forecasts a likelihood of no drought in most of the Mississippi River basin into spring.

They said they plan to share the footage with the Justice Department. The main entrance to the Mississippi State Penitentiary at Parchman. Mississippi Department of CorrectionsThe crisis in state prisons had become so acute that Gov. Some changes were already in the works under new leadership, the Justice Department said at the time, with cooperation coming from state officials. The Justice Department did not immediately return a request for further comment.

☆ Supreme Court probe fails to find who leaked abortion ruling
▼ + stars: | 2023-01-19 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Abortion rights demonstrators protest outside the United States Supreme Court as the court rules in the Dobbs v Women's Health Organization abortion case, overturning the landmark Roe v Wade abortion decision in Washington, U.S., June 24, 2022. An investigation into the leak of a bombshell Supreme Court ruling overturning the federal constitutional right to abortion — weeks before it was officially released — failed to identify the culprit, the court said Thursday. Investigators had interviewed nearly 100 Supreme Court employees in the probe, 82 of whom had access to electronic or hard copies of the draft opinion by conservative Justice Samuel Alito. In June, just as the leak report suggested, the Supreme Court in a majority opinion penned by Alito said there was no federal right to abortion. The opinion came in a case known as Dobbs v. Jackson Women's Health Organization, which challenged Mississippi's restrictive abortion law.

☆ Wholesale prices fell 0.5% in December, much more than expected
▼ + stars: | 2023-01-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Prices for wholesale goods and services fell sharply in December, providing another sign that inflation, while still high, is beginning to ease. The producer price index, which measures final demand prices across hundreds of categories, declined 0.5% for the month, the Labor Department reported Wednesday. A sharp drop in energy prices helped bring the headline inflation reading down for the month. Within that category, wholesale gasoline prices fell 13.4%. The final demand food index also fell, declining 1.2%.

☆ Morning Bid: Knocking on CPI's door
▼ + stars: | 2023-01-09 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Jan 10 (Reuters) - A look at the day ahead in Asian markets from Stephen Culp. Economists at many big banks are revising up their GDP growth forecasts for the second half of this year. Further signs of cooling inflation could raise the possibility of a pause in monetary policy. On Monday, Atlanta Fed President Raphael Bostic provided assurances that it will be "appropriate and important" for the Fed to exercise caution as it calibrates its war on inflation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Cramer’s week ahead: Corporate earnings will set the tone for the market
▼ + stars: | 2023-01-06 | by ( Krystal Hur | ) www.cnbc.com time to read: +3 min

Wednesday: KB HomeQ4 2022 earnings release between 4:10 p.m. and 4:20 p.m. Friday: Wells Fargo, Bank of America, JPMorgan Chase, BlackRock, UnitedHealthWells FargoQ4 2022 earnings release at 7 a.m. Bank of AmericaQ4 2022 earnings release at 6:45 a.m. ETProjected EPS: 78 centsProjected revenue: $24.3 billionJPMorgan ChaseQ4 2022 earnings release at 6:45 a.m. BlackRockQ4 2022 earnings release at 6:15 a.m.

☆ Running water scarce in Jackson, Mississippi, after frigid weather
▼ + stars: | 2022-12-29 | by ( Jonathan Allen | ) www.reuters.com time to read: +3 min

Other Southern cities unaccustomed to freezing weather were grappling with similar water issues, including Atlanta; Shreveport, Louisiana; and Selma, Alabama. Homes in some parts of the city had no water at all, and officials have set up distribution points for bottled drinking water each day. The U.S. Justice Department in November reached an agreement with Mississippi and the city of Jackson to appoint an interim third-party manager to stabilize the city's drinking water supply. The mayor says fixing the water system will take billions of dollars. The U.S. Congress included $600 million to repair Jackson's water system in a spending bill signed into law last week.

Residents of Mississippi's largest city are "tired of apologies" but have no choice but to endure ongoing water stoppages in the wake of extreme weather, officials said Tuesday. "I have spoken to residents who are tired of apologies," Mayor Antar Lumumba told reporters Tuesday, saying there's no telling when this current stoppage will end. This past weekend's winter freeze led to broken pipes, leaving thousands of residents of Mississippi's biggest city and state capital without safe, running water. “There is no way to prevent what is happening to our water treatment facility. "They continue to work at the water treatment facility, they continue to be a part of the coordinated effort to repair breaks where they have taken place," the mayor said.

It would assign over $17.6 billion in Medicaid funds to Puerto Rico over the next five years. That temporarily changed after the pandemic, when Congress passed legislation increasing Medicaid funding by 6% to states and U.S. territories. The current bill seeks to increase the federal government’s share of Medicaid costs paid to Puerto Rico to 76 cents. The bill's failure would also trigger a significant decrease in the allotment Puerto Rico gets to fund its Medicaid program. Since the start of the pandemic, Puerto Rico has received roughly $3 billion annually for its Medicaid program based on an interpretation of the Medicaid funding cap provision from Centers for Medicare and Medicaid Services.

☆ 23 major brands suspected of illegally sourcing products made by forced labor in China
▼ + stars: | 2022-12-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

And more ...Mary Meisenzahl/InsiderThese companies have also been suspected of having direct or indirect ties to Chinese forced labor in the aforementioned reports. Bosch"Bosch is committed to ensuring that its products are not produced wholly or in part by forced labor. "Compliance with human rights, labor rights and environmental standards is a top priority at PUMA and has been specified in our Codes of Conduct for over 20 years." As stated in our Business Conduct Guidelines, we reject all forms of oppression, forced labor and participation in human rights violations. We will continue to respect human rights and take a strong stand against forced labor."

☆ Stocks are set to fall further in 2023, and investors haven't priced in a growth slowdown with inflation set to hammer corporate profits, Morgan Stanley CIO says
▼ + stars: | 2022-12-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

"The growth slowdown is not yet priced," Morgan Stanley CIO Mike Wilson told CNBC on Thursday about the potentially rough ride lower for the S&P 500 next year. Wilson has been warning of a potential drop in the S&P 500 to 3,000 in the first half of 2023. And the real question is, 'What does that mean about growth?,'" Mike Wilson, Morgan Stanley's chief US equity strategist, said on CNBC. And that's what's going to determine the winners — it's a stock-picking game." Wilson has projected a potential drop in the S&P 500 to 3,000 in the first half of 2023.

☆ Health insurance is helping cool inflation. But 'it's not a very good reflection' of what people pay, cautions economist
▼ + stars: | 2022-12-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Health insurance prices fell by 4% in October and 4.3% in November, according to the consumer price index, a key measure of inflation. Health insurance costs had been rising steadily, within a band of roughly 1.5% to 3% a month since October 2021, according to CPI data. That decline in prices on paper is due to the unique way in which the BLS calculates health insurance inflation, economists said. "It's not a very good reflection of prices consumers are going to be seeing," said Andrew Hunter, senior U.S. economist at Capital Economics. Consumers who get health insurance through the workplace paid $1,327 in health premiums for single coverage in 2022 and $6,106 for family coverage, KFF said.

☆ Signals from Costco on inflation are keeping us from overreacting to hotter producer prices
▼ + stars: | 2022-12-09 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +4 min

Ultimately, we think the November consumer price index (CPI) holds more weight with the market and the Fed than Friday's wholesale figures, known officially as the producer price index (PPI). "Recall last quarter and fourth quarter, we estimated year-over-year price inflation was about 8%. At the headline level, what the retail giant is seeing seems directionally in line with what Friday's wholesale price report indicated. While Costco spoke to some food pressures — similar to what Friday's PPI showed — we feel good about the fact Costco management did not warn of a serious reversal in inflation trends. Friday's PPI did not materially change expectations on what the Fed might do Wednesday at the conclusion of its two-day December policy meeting.

☆ Exclusive: Canada's biggest pension plan, CPPI, ends crypto investment pursuit -sources
▼ + stars: | 2022-12-07 | by ( Divya Rajagopal | ) www.reuters.com time to read: +2 min

CPPI declined to comment but said it has made no direct investments in crypto. But CPPI abandoned the pursuit this year and redeployed the team to other areas, the sources said. CPPI's move also comes as two of Canada's largest pension funds have written off their investments after the collapse of crypto exchange FTX and crypto lender Celsius this year. Canadian pension funds' exposure to crypto sector has come under scrutiny following the FTX debacle. While Canadian pension funds are not prohibited from buying cryptocurrencies, they are known for their risk-averse investing strategies to generate steady returns for pensioners.

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