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Not Guilty Plea From Ex-Abercrombie CEO Jeffries – Faces $10M Bond And House Arrest

26.10.2024 by admin

Former Abercrombie & Fitch Company ANF CEO Mike Jeffries has entered a plea of not guilty to allegations of sex trafficking and interstate prostitution.

Attorneys submitted the plea on Jeffries’ behalf in a New York federal court located on Long Island, reported BBC. He sat alongside them, clad in a sharp navy blue suit, his face revealing no emotion.

Jeffries faced indictment on Wednesday for 16 federal charges involving sex trafficking and international prostitution, with allegations suggesting he utilized a network of employees, contractors, and security personnel, while leading the retailer, reported CNN.

Jeffries, who joined Abercrombie & Fitch in 1992 and led the company to its dramatic rise, stepped down in 2014 after declining performance, including 11 consecutive quarters of negative comparable-store sales.

According to Benzinga Pro, ANF stock has gained over 15% in the past six months. Investors can gain exposure to the stock via Two Roads Shared Trust Conductor Global Equity Value ETF CGV and Alpha Architect U.S. Quantitative Value ETF QVAL.

According to a report from ABC News, Jeffries’ partner Matthew Smith and a third man, Jim Jacobson, were also arrested in the investigation into possible sexual exploitation and abuse of young men.

Jacobson also entered a not guilty plea immediately after the former CEO. Meanwhile, Smith is set to make his courtroom debut in New York at a later date, BBC added.

The FBI opened an investigation into the former A&F CEO last year after a BBC report uncovered multiple men alleging that Jeffries and Smith sexually abused them at events hosted in their New York homes and hotels worldwide.

However, Jeffries will be placed under house arrest, permitted to leave his residences in New York and Florida only for medical appointments, meetings with his lawyers, and religious gatherings.

Meanwhile, the company will report its third quarter results on Tuesday, November 26, 2024. The street view for adjusted earnings per share is pegged at $2.36, while the analyst consensus estimate for quarterly revenues stands at $1.18 billion.

Finance News

2 High-Yield Dividend Stocks (and 1 ETF) You Can Buy and Hold for a Decade

26.10.2024 by admin

You can build a portfolio one stock at a time, which is a great way to invest. Or you can save time and effort and use exchange-traded funds (ETFs) to quickly build a portfolio. A well-structured high-yield dividend ETF you should consider is the Schwab U.S. Dividend Equity ETF (NYSEMKT: SCHD). But there are some noticeable missing pieces in the ETF, which is why you might want to buy both it and high-yield stocks Realty Income (NYSE: O) and W.P. Carey (NYSE: WPC). Here’s a look at all three.

The Schwab U.S. Dividend Equity ETF is a passively managed exchange-traded fund (ETF) that uses a unique screening approach to build its portfolio. It starts by screening for companies that have increased their dividend for 10 or more consecutive years, eliminating real estate investment trusts (REITs) from consideration (more on this in a second). Then a composite score is created for all the remaining stocks. The score includes cash flow to total debt, return on equity, dividend yield, and five-year dividend growth rate. The 100 highest-rated stocks get into the ETF.

Four hands holding puzzle pieces together. — Image source: Getty Images.

What is basically going on here is that the Schwab U.S. Dividend Equity ETF is trying to create a portfolio that balances company quality, company growth, and dividend yield. You get all this for a fairly tiny expense ratio of 0.06%. While the close to 3.5% dividend yield may not sound huge, it is nearly three times higher than what you’d get from an S&P 500 index (SNPINDEX: ^GSPC) tracking ETF.

The Schwab U.S. Dividend Equity ETF is a fairly compelling core holding for dividend investors. Since the portfolio gets updated annually, you can also rest assured that you’re always going to own the kind of stocks you expect. Yet there are some glaring holes in the ETF’s portfolio.

For example, since it focuses on companies with more rapid dividend growth, the utility sector isn’t well represented in the Schwab U.S. Dividend Equity ETF. Utilities, which are a common holding for income investors, make up less than 1% of the portfolio. But, more importantly, REITs, a sector known for offering high yields, are excluded. So you can easily cherry-pick high-yield utility and REIT stocks to complement this ETF. To fill in the most obvious blank spot, two solid REIT options are Realty Income and W.P. Carey, which yield 5% and 6%, respectively.

Both of these companies are large net lease REITs, which means that their tenants are responsible for most of the operating costs of the properties they occupy. Although any single property is high-risk, across a large portfolio, the risks are fairly low. Realty Income is the largest net lease REIT, followed by W.P. Carey. Portfolio size isn’t an issue for either of them.

In addition, they both have diversified portfolios that include retail and industrial assets. Realty Income is heavy on retail and W.P. Carey is heavy on industrial, so they are actually fairly complementary holdings. Both these REITs have portfolios that span North America and Europe, offering geographic diversification to investors.

There is one notable difference that may worry some investors, but it probably isn’t as big an issue as it seems. Realty Income has increased its dividend annually for 29 consecutive years (no problems here). W.P. Carey cut its dividend at the start of 2024 after a string of 24 annual increases. It only has an increase streak a few quarters long at this point (a potential problem).

But that dividend cut came about because W.P. Carey decided to exit the troubled office sector, a move that strengthened its portfolio and left it with cash to invest, but also reduced earnings. That dividend blemish has left W.P. Carey with an elevated yield, despite what is really a fairly strong record of returning value to investors via dividends. As W.P. Carey regains dividend investor trust (specifically by getting back onto its schedule of quarterly increases), and puts its cash to work in new growth investments, the yield gap here could close.

You could obviously add some utility stocks to this list, such as Dividend King Black Hills (NYSE: BKH), which has a 4.3% yield. But the real takeaway is that the Schwab U.S. Dividend Equity ETF could be a solid core holding for a dividend investor, if it’s augmented with attractive, cherry-picked dividend stocks that aren’t in the ETF. That list should probably include high-yield REITs like Realty Income and W.P. Carey. You could easily build out a small portfolio in this way and hold it for a decade or more without losing a minute of sleep along the way.

Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.

On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:

Amazon: if you invested $1,000 when we doubled down in 2010, you’d have $20,991!*
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Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.

See 3 “Double Down” stocks »

*Stock Advisor returns as of October 21, 2024

Reuben Gregg Brewer has positions in Black Hills, Realty Income, and W.P. Carey. The Motley Fool has positions in and recommends Realty Income. The Motley Fool has a disclosure policy.

2 High-Yield Dividend Stocks (and 1 ETF) You Can Buy and Hold for a Decade was originally published by The Motley Fool

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Markets News

This Is What Whales Are Betting On Texas Instruments

26.10.2024 by admin

Investors with a lot of money to spend have taken a bearish stance on Texas Instruments TXN.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don’t know. But when something this big happens with TXN, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga‘s options scanner spotted 22 uncommon options trades for Texas Instruments.

This isn’t normal.

The overall sentiment of these big-money traders is split between 40% bullish and 50%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $487,536, and 16 are calls, for a total amount of $655,379.

What’s The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $195.0 to $230.0 for Texas Instruments over the last 3 months.

Volume & Open Interest Trends

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Texas Instruments’s options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Texas Instruments’s whale trades within a strike price range from $195.0 to $230.0 in the last 30 days.

Texas Instruments 30-Day Option Volume & Interest Snapshot

Options Call Chart

Largest Options Trades Observed:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
TXN	PUT	SWEEP	BULLISH	10/17/25	$33.8	$33.65	$33.65	$230.00	$296.1K	0	204
TXN	CALL	SWEEP	BULLISH	10/25/24	$4.0	$3.85	$4.0	$205.00	$82.8K	3.0K	603
TXN	PUT	TRADE	BEARISH	10/17/25	$34.1	$32.65	$33.8	$230.00	$67.6K	0	204
TXN	CALL	SWEEP	BULLISH	10/25/24	$5.15	$4.95	$5.15	$205.00	$59.2K	3.0K	121
TXN	CALL	SWEEP	BULLISH	10/25/24	$3.85	$3.6	$3.65	$205.00	$58.4K	3.0K	905

About Texas Instruments

Dallas-based Texas Instruments generates over 95% of its revenue from semiconductors and the remainder from its well-known calculators. Texas Instruments is the world’s largest maker of analog chips, which are used to process real-world signals such as sound and power. Texas Instruments also has a leading market share position in processors and microcontrollers used in a wide variety of electronics applications.

Current Position of Texas Instruments

Currently trading with a volume of 5,099,021, the TXN’s price is up by 0.15%, now at $206.93.
RSI readings suggest the stock is currently may be approaching overbought.
Anticipated earnings release is in 88 days.

What Analysts Are Saying About Texas Instruments

In the last month, 5 experts released ratings on this stock with an average target price of $233.6.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge’s Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.
* Maintaining their stance, an analyst from Rosenblatt continues to hold a Buy rating for Texas Instruments, targeting a price of $250.
* Consistent in their evaluation, an analyst from Barclays keeps a Equal-Weight rating on Texas Instruments with a target price of $200.
* Maintaining their stance, an analyst from Truist Securities continues to hold a Hold rating for Texas Instruments, targeting a price of $190.
* Maintaining their stance, an analyst from Evercore ISI Group continues to hold a Outperform rating for Texas Instruments, targeting a price of $298.
* Reflecting concerns, an analyst from Benchmark lowers its rating to Buy with a new price target of $230.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Texas Instruments, Benzinga Pro gives you real-time options trades alerts.

Market News and Data brought to you by Benzinga APIs

Finance News

Ask an Advisor: With $218k in My IRA at 67, Should I Start Withdrawals to Avoid Bigger RMDs?

26.10.2024 by admin

SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below.

I’m turning 68 shortly and plan to wait to claim my Social Security at age 70 to maximize the monthly benefit. I also plan to retire at the end of the year, if not sooner (so in three months or less). Does withdrawing from my traditional IRAs (current balance is $215,000) to reduce the income tax on my RMDs outweigh the benefit of keeping those withdrawals invested and growing tax-deferred? My understanding is that if I withdraw amounts up to my standard deduction, then those amounts would be tax-free.

– Austen

Retirement withdrawals, Social Security benefits, required minimum distribution (RMDs), taxes … there are a lot of moving parts when it comes to making decisions about your retirement income. Reducing the amount of money that’s subject to RMDs can help minimize your taxes once they kick in. This may also help avoid taxes on your Social Security benefits.

If you don’t need the money now, but want to reduce RMDs later, one of the best moves might be converting a portion of your IRA to a Roth IRA each year. That can help reduce future required withdrawals and allow your money to grow tax-free, though there can be tax consequences for certain withdrawals. (A financial advisor can help guide you through the Roth conversion process and potentially avoid unwanted tax consequences.)

Delaying Social Security benefits until age 70 makes sense for certain people. That’s when you can receive the largest possible monthly payment. You can start collecting Social Security retirement benefits at age 62, but the monthly amount will be reduced by 30%.

For example, if your full retirement benefit would be $2,000, your payment at age 62 would be only $1,400. However, waiting until age 70 would give you a maximum monthly benefit of $2,480.

Still, there are some circumstances in which starting sooner can be more beneficial, such as:

• You need the money to make ends meet
• You’re in poor health or have a shorter life expectancy
• You’re completely done working
• Your spouse has been a higher earner and will delay their benefits

Remember, there’s no right answer that works for everyone, and you should do what makes the most sense for your family. (And if you need help planning for Social Security, consider working with a financial advisor.)

Required minimum distributions (RMDs) trigger income taxes and can potentially propel you into a higher tax bracket.

Once you turn age 73, you have to start taking required minimum distributions – known as “RMDs” – from all of your traditional retirement accounts, including IRAs and 401(k)s. Your RMD is calculated based on your age, life expectancy and account balance according to IRS Uniform Lifetime Table. If you have multiple IRAs, you’ll need to figure out the RMDs for each separately.

What happens if you don’t take an RMD? The IRS charges you a penalty tax of 50% of the amount you were supposed to take. If you correct it and take the RMD within two years, the tax rate can drop to 25% or 10% depending on the circumstances. (If you need help calculating your RMDs, consider matching with a financial advisor.)

Any time you withdraw money from a pre-tax retirement account like a traditional IRA, you’ll pay income taxes on that withdrawal at your tax rate. Once you’re past age 59.5 you won’t be hit with the 10% early withdrawal penalty, but the money will become part of your taxable income.

In theory, if your total taxable income including the IRA withdrawal doesn’t exceed your standard deduction, you wouldn’t owe income taxes. The actual answer depends on your complete tax situation, which may change from year to year.

There are a few things you can do now to minimize future RMDs and future tax bills.

One option is to take withdrawals from your IRA now to lower the balance and reduce your future RMDs. That can also make it easier to wait until age 70 to start receiving Social Security, maximizing those benefits. On the downside, you’ll lose out on additional tax-deferred growth in your IRA and have a smaller nest egg to pull from later.

You can also convert some or all of your IRA to a Roth IRA. You’ll pay taxes on the amount that’s converted, just like you would if you withdrew the money. But your money will continue to grow tax-free in the Roth account, which isn’t subject to RMDs. For an added bonus, Roth withdrawals won’t count as taxable income, so they won’t impact taxes on your Social Security benefits. One caveat: Roth IRA conversions come with a strict five-year rule. To preserve complete tax-free status, you can’t generally make withdrawals for at least five years from the time of conversion.

Finally, if you don’t need the money from your IRA, you can directly donate your RMD to a qualified charity – a strategy called qualified charitable distributions (QCDs). This direct donation bypasses taxable income completely. If you were going to make donations, this is the way to do it. (If you have more questions about your future tax liability, consider speaking with a financial advisor.)

A man calculates how much his RMDs will be for the current tax year.

There are things you can do now to minimize your future RMDs, but each strategy will have a different effect on your overall financial picture. You may consider making withdrawals from your IRA, converting your IRA into a Roth account or even donating your RMD to charity, eliminating your tax bill on the money in the process. Just keep in mind that the option you choose may affect taxes on your Social Security benefits.

A financial advisor can help you plan for RMDs and make other important decisions for retirement. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Consider a few advisors before settling on one. It’s important to make sure you find someone you trust to manage your money. As you consider your options, these are the questions you should ask an advisor to ensure you make the right choice.
Get retirement planning and investing tips with the SmartMoney Minute newsletter. It’s 100% free and you can unsubscribe at any time. Sign up today.
Keep an emergency fund on hand in case you run into unexpected expenses. An emergency fund should be liquid — in an account that isn’t at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation. But a high-interest account allows you to earn compound interest. Compare savings accounts from these banks.
Are you a financial advisor looking to grow your business? SmartAsset AMP helps advisors connect with leads and offers marketing automation solutions so you can spend more time making conversions. Learn more about SmartAsset AMP.

Michele Cagan, CPA, is a SmartAsset financial planning columnist and answers reader questions on personal finance and tax topics. Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column.

Please note that Michele is not a participant in the SmartAsset AMP platform, nor is she an employee of SmartAsset, and she has been compensated for this article.

Photo credits: ©iStock.com/Andrii Dodonov, ©iStock.com/mixetto

The post Ask an Advisor: I’m 67 With $218k in an IRA. Should I Start My Withdrawals Now to Reduce Future RMD Taxes? appeared first on SmartReads by SmartAsset.

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Finance News

48-Year-Old Earning $2,200 Per Month in Dividends With $378,000 Portfolio Reveals His Portfolio: Top 9 Stocks and ETFs

26.10.2024 by admin

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Should you invest in growth stocks for capital gains through stock price appreciation or in dividend stocks for steady, reliable income? There’s no one-size-fits-all answer, but patient investors are crushing it with income strategies, earning substantial returns through regular dividends.

About two months ago, a dividend investor shared his success story and income report on r/Dividends – a community of over 600,000 members on Reddit. The investor, 48, said he was collecting about $2,200 per month in dividend income with a portfolio worth $378,351. This gives the portfolio a strong dividend yield of over 7%.

Don’t Miss Out:

The investor was asked about his expectations of capital growth from his portfolio. Here was his response:

“I expect it to grow between 5-7% annually without reinvesting dividends. Yes, I am reinvesting dividends. With dividends reinvested, I expect it to grow 8-10% annually.”

Based on the screenshots shared by the investor publicly, let’s examine some of the biggest holdings of this high-yield dividend portfolio.

Vanguard 500 Index Fund Admiral Shares

Vanguard 500 Index Fund Admiral Shares (MUTF: VFIAX) was one of the Redditor’s biggest positions, earning $2,200 per month in dividends. His portfolio screenshots showed that VFIAX accounted for about 34.5% of the entire portfolio. This fund tracks the S&P 500 Index, with about 79% of the portfolio comprising large-cap stocks. The fund yields 1.3% and pays quarterly dividends.

Fidelity Total Bond K6 Fund

Fidelity Total Bond K6 Fund (FTKFX) invests in U.S. government securities, investment-grade corporate bonds, mortgage-backed securities and other debt instruments. The fund suits investors looking for safer, fixed-income investments rather than stocks. FTKFX has a dividend yield of about 4.5% and pays monthly. About 32% of the investor’s total portfolio making $2,200 per month was invested in FTKFX.

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JPMorgan Nasdaq Equity Premium Income ETF

The Redditor, who earns about $2,200 in monthly dividend income on a $378,000 portfolio, had about 7.2% of his total investments in the JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). This covered call ETF distributes monthly dividend income. It invests in Nasdaq companies and generates extra income by selling call options. The fund has a dividend yield of more than 9%.

NEOS S&P 500 High Income ETF

According to the portfolio screenshots shared publicly by the investor, about 6.7% of the $378,000 portfolio generating $2,200 in dividend income per month was allocated to the NEOS S&P 500 High Income ETF (BATS:SPYI). SPYI is a high-yield covered call ETF that pays monthly dividend income. It invests in some of the top S&P 500 companies and generates extra income by selling call options on stocks, generating extra premium income for shareholders. SPYI has a distribution rate of more than 12%.

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs Nasdaq-100 Core Premium Income ETF (NASDAQ:GPIQ) generates income by selling call options on stocks comprising the Nasdaq-100 Index. Apple, Nvidia, Microsoft, Broadcom and Meta Platforms, among many top tech companies, form the fund’s biggest holdings. The Redditor making $2,200 monthly had 6.2% of his total portfolio allocated to the fund.

Capital Group Dividend Value ETF

Capital Group Dividend Value ETF (NYSE:CGDV) is another dividend-focused ETF in the portfolio of the Redditor, who makes $2,200 a month. The fund mostly invests in large-cap dividend-paying stocks. It pays quarterly dividends and is up 37% so far this year.

Trending: The Ascent Income Fund from EquityMultiple targets stable income from senior commercial real estate debt positions and has a historical distribution yield of 12.1% backed by real assets. Earn a 1% return boost on your first EquityMultiple investment when you sign up here (accredited investors only).

The Simplify Volatility Premium ETF

The Simplify Volatility Premium ETF (NYSE:SVOL) accounted for about 3% of the Redditor’s total portfolio, generating $2,200 in income per month. SVOL, which has a yield of about 16%, generates income by shorting the CBOE Volatility Index (VIX) and betting that volatility will remain stable or decrease. Since the broader market tends to go higher in the long term, investing in this ETF suits those looking for stable income checks.

Roundhill S&P 500 0DTE Covered Call Strategy ETF

Roundhill S&P 500 0DTE Covered Call Strategy ETF (BATS:XDTE) generates income by selling call options on the S&P 500 Index that expire on the same day, known as 0DTE options. The ETF is suitable for those looking to generate short-term income by focusing on daily market movements.

iShares 1-3 Year Treasury Bond ETF

iShares 1-3 Year Treasury Bond ETF (NASDAQ:SHY) tracks the performance of Treasury bonds with maturities between one and three years. Short-term bond ETFs like SHY are less vulnerable to interest rate fluctuations, providing stability to investors.

The current interest rate environment has created an incredible opportunity for income-seeking investors to earn massive yields, but not through publicly-traded REITs.

Arrived Homes, the Jeff Bezos-backed investment platform, has launched its Private Credit Fund, which provides access to a pool of short-term loans backed by residential real estate with a target 7% to 9% net annual yield paid to investors monthly. It paid 8.1% in July. The best part? Unlike other private credit funds, this one has a minimum investment of only $100.

Looking for fractional real estate investment opportunities? The Benzinga Real Estate Screener features the latest offerings.

Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

This article 48-Year-Old Earning $2,200 Per Month in Dividends With $378,000 Portfolio Reveals His Portfolio: Top 9 Stocks and ETFs originally appeared on Benzinga.com

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Finance News

Billionaires Are Buying This Cryptocurrency That Could Soar 200% Over the Next 12 Months, According to an Investment Firm

26.10.2024 by admin

After trading down or sideways for much of the past seven months, Bitcoin (CRYPTO: BTC) may finally be ready for a major breakout. The investment firm Bernstein has just released a report detailing all the reasons it thinks Bitcoin could hit a new all-time high of $200,000 by the end of 2025.

Based on Bitcoin’s current price of about $68,000, that would represent nearly a 200% gain. As a result, billionaire investors appear to be rushing to buy the cryptocurrency right now. The most notable of these include hedge fund managers and tech entrepreneurs, and all seem to believe that Bitcoin is poised for a major rally after the 2024 presidential election. So, could they be right?

Michael Saylor, executive chairman of MicroStrategy (NASDAQ: MSTR), is arguably the most prominent of the billionaire bulls. At a Bitcoin conference in Nashville, Tennessee, this past summer, he predicted that the digital coin could hit a price of $13 million by the year 2045. And he continues to buy aggressively for MicroStrategy, to the point where the company now holds more than 1% of all Bitcoin in the world.

Other tech billionaires are also jumping into Bitcoin, including Mark Cuban and Jack Dorsey, head of Block. So are top Silicon Valley venture capitalists, some of whom are now getting involved in the 2024 presidential election. As a sign of their bullish outlook for crypto, Dorsey recently predicted that the crypto could hit a price of $1 million by 2030.

Lastly, there are the billionaire hedge fund managers who are loading up on the new spot Bitcoin exchange-traded funds (ETFs). Based on 13F data from the Securities and Exchange Commission, it’s possible to piece together which funds are buying it, as well as how much they own.

One of the biggest names to watch is Millennium Management, led by the billionaire Israel Englander, who loaded up on $2 billion worth of Bitcoin ETFs at the start of the year. All told, there are now more than 600 investment firms that have significant holdings of the Bitcoin ETFs.

Based on the above, it might be easy to conclude that these billionaires are primarily buying Bitcoin because they expect its price to increase significantly over the short run. In the crypto industry, this is known as “Number Go Up.” You buy Bitcoin because you hope that its price will go up, and you don’t worry about why.

But that is likely painting too simplistic a picture of billionaire buying activity. As part of its $200,000 price prediction for Bitcoin, Bernstein laid out a number of compelling reasons to buy it.

Bitcoin symbol on Wall Street. — Image source: Getty Images.

The first is what Bernstein refers to as “a new institutional era” for Bitcoin. This includes wide-scale buy-in from institutional investors, which now view the crypto as a stand-alone asset class. And it also includes the launch of the new spot Bitcoin ETFs.

As Bernstein sees it, this new institutional era means that Wall Street institutions and billionaire investors are going to become the largest holders of Bitcoin. With all of that new money pouring into Bitcoin, the price is likely to soar.

A second factor is the growing realization that Bitcoin can serve as a hedge against uncertainty. If you are concerned about hyperinflation, you buy Bitcoin. If you are concerned about the U.S. government’s $35 trillion debt load, you buy Bitcoin. If you are concerned about geopolitical tension in the Middle East, you buy Bitcoin.

So, for example, JPMorgan Chase (NYSE: JPM) has been talking up something that it refers to as the “debasement trade.” This refers primarily to the debasement of the U.S. dollar, as well as growing instability in the world. To hedge your risk, you move your money into Bitcoin and other assets perceived to be more stable. In a recent report, JPMorgan Chase suggests that this debasement trade will continue into 2025, pushing up the price of both gold and Bitcoin.

Of course, you shouldn’t buy Bitcoin just because wealthy billionaires are doing so. But you should certainly learn to think like a billionaire. Instead of relying on the simplistic “Number Go Up” argument, you can build out a much more sophisticated case for why you should be buying the crypto.

From my perspective, the appealing thing about Bitcoin is that it can function as both a “risk on” and a “risk off” asset. In other words, Bitcoin can flourish when bull-market sentiment prevails, but also offer protection in down markets. For that reason, I’m bullish on Bitcoin heading into 2025. By the end of next year, we might be talking about a digital asset that is trading near the $200,000 level.

Before you buy stock in Bitcoin, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitcoin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $860,447!*

Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.

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*Stock Advisor returns as of October 21, 2024

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and JPMorgan Chase. The Motley Fool has a disclosure policy.

Billionaires Are Buying This Cryptocurrency That Could Soar 200% Over the Next 12 Months, According to an Investment Firm was originally published by The Motley Fool

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MDJM LTD Received Nasdaq Notification Letter Regarding Bid Price Deficiency

26.10.2024 by admin

LETHAM, Scotland, Oct. 25, 2024 /PRNewswire/ — MDJM LTD MDJH (the “Company” or “MDJM”), an integrated global culture-driven asset management company, today announced that the Company received a letter (the “Notification Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) on October 23, 2024, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq.

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s ordinary shares for the 30 consecutive business days from September 11, 2024 to October 22, 2024, the Company no longer meets the minimum bid price requirement.

The Notification Letter does not impact the Company’s listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until April 21, 2025, to regain compliance with Nasdaq Listing Rule 5550(a)(2). If at any time during such 180-day period the closing bid price of the Company’s ordinary shares is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance.

If the Company does not regain compliance during such 180-day period, the Company may be eligible for an additional 180 calendar days, provided that the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq except for Nasdaq Listing Rule 5550(a)(2), and provides Nasdaq with a written notice of its intention to cure this deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

About MDJM LTD

MDJM LTD is a global culture-driven asset management company focused on transforming historical properties into cultural hubs that blend modern digital technology with rich historical value. The Company is actively expanding its operations in the UK, where it is developing projects such as Fernie Castle in Scotland and the Robin Hill Property in England. These properties are being remodeled into multi-functional cultural venues that will feature fine dining, hospitality services, art exhibitions, and cultural exchange events. As part of its broader strategy, MDJM is positioning itself as a hub for artisan exchanges, art shows, and sales, leveraging its historical properties as platforms for promoting Eastern and Western cultural exchanges. This initiative reflects the Company’s commitment to furthering its global market expansion and enhancing its cultural business footprint. For more information regarding the Company, please visit http://ir.mdjmjh.com.

Forward-Looking Statements

This announcement may contain forward-looking statements. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission.

Investor Contact:

Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386

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SOURCE MDJM LTD

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Earnings News

Canfor Pulp reports results for the third quarter of 2024

26.10.2024 by admin

VANCOUVER, BC, Oct. 25, 2024 /CNW/ – Canfor Pulp Products Inc. (“The Company” or “CPPI”) CFX today reported its third quarter of 2024 results:

Overview.

Q3 2024 operating loss of $209 million, includes a $211 million asset write-down and impairment charge in the pulp segment resulting from further deterioration in economic fibre availability following recent British Columbia Interior sawmill closure announcements.
After taking into consideration one-time items, Q3 2024 operating income of $2 million compared to similarly adjusted operating loss of $6 million in Q2 2024.
Modest improvement in NBSK pulp unit sales realizations driven by steady North American pulp pricing through most of the third quarter and favourable timing lag in shipments, despite weak demand in China and notable increase in pulp producer inventory levels.
Orderly wind down of one production line at Northwood NBSK pulp mill completed in August.

Financial results.

The following table summarizes select financial information for CPPI for the comparative periods:

(millions of Canadian dollars, except per share amounts)		Q3 2024		Q2 2024		YTD 2024		Q3 2023		YTD 2023
Sales	$	193.2	$	220.0	$	635.5	$	188.8	$	681.6
Reported operating income (loss) before amortization, asset write-down and impairment	$	18.8	$	11.0	$	31.0	$	(27.7)	$	(43.6)
Reported operating loss	$	(209.3)	$	(5.6)	$	(230.6)	$	(49.3)	$	(112.4)
Adjusted operating income (loss) before amortization, asset write-down and impairment¹	$	18.8	$	11.0	$	31.0	$	(29.7)	$	(35.1)
Adjusted operating income (loss)¹	$	1.7	$	(5.6)	$	(19.6)	$	(51.3)	$	(103.9)
Net loss	$	(156.1)	$	(6.3)	$	(164.8)	$	(35.7)	$	(82.9)
Net loss per share, basic and diluted	$	(2.39)	$	(0.10)	$	(2.53)	$	(0.55)	$	(1.27)
Adjusted net loss¹	$	(2.1)	$	(6.3)	$	(10.8)	$	(35.7)	$	(82.9)
Adjusted net loss per share, basic and diluted¹	$	(0.03)	$	(0.10)	$	(0.17)	$	(0.55)	$	(1.27)

1. Adjusted results referenced throughout this news release are defined as non-IFRS financial measures. For further details, refer to the “Non-IFRS financial measures” section of this document.

For the third quarter of 2024, the Company reported an operating loss of $209.3 million, including an asset write-down and impairment charge totaling $211.0 million within its pulp segment.

In recent years, the Company, like other pulp producers in central and northern British Columbia (“BC”), has experienced a significant reduction in the supply of sawmill residual chips driven by extensive temporary and permanent sawmill curtailments and closures in the region. In response to these fibre constraints, the Company has taken several actions including securing additional fibre supply, prioritizing discretionary capital spending to maximize fibre utilization and recovery, as well as making rationalization decisions with respect to the Company’s operating footprint. Notably, the Company permanently closed the pulp line at its Prince George pulp and paper mill in early 2023, and more recently, completed the wind down of one production line at the Company’s Northwood Northern Bleached Softwood Kraft (“NBSK”) pulp mill (“Northwood”) in August. Collectively, these curtailments reduce the Company’s annual market kraft pulp production by approximately 580,000 tonnes.

During the third quarter of 2024, these fibre challenges were further exacerbated by additional sawmill closure announcements in the BC Interior, which were in response to weak lumber market conditions, upcoming increases in US tariffs on lumber exports and various regulatory complexities. As a result, the reduction in fibre supply as well as the ongoing uncertainty surrounding economic fibre availability continue to impact the Company and consequently, an asset write-down and impairment charge of $211.0 million was recognized in the third quarter of 2024, as a reduction to the carrying value of the Company’s pulp segment assets.

After adjusting for the asset write-down and impairment charge, the Company’s operating income for the third quarter of 2024 was $1.7 million, a $7.3 million improvement compared to the second quarter of 2024. Despite some moderation in US-dollar pulp list prices to China during the current quarter, the Company’s results largely reflected modestly higher NBSK pulp unit sales realizations, offset in part by reduced pulp production and shipment volumes in the period following the successful wind down of one production line at Northwood in August 2024.

Commenting on the Company’s third quarter of 2024 results, CPPI’s President and Chief Executive Officer, Kevin Edgson, said, “The Company continues to face persistent challenges accessing economic fibre, the results of which led to another curtailment of our operations this quarter. These decisions weigh heavily on our results, as well as our employees, their families and the local communities. Despite these challenges, our business realized improved adjusted operating earnings this quarter, and we executed a safe, smooth and efficient wind down of one line at Northwood.”

Third quarter highlights.

Global softwood pulp market fundamentals experienced downward pressure throughout the third quarter of 2024 primarily driven by weak demand from China, as well as the introduction of additional global hardwood capacity. These factors, when combined with the traditional seasonal summer slowdown in global demand, led to a moderation in purchasing activity and prices during the current period. As a result, NBSK US-dollar pulp list prices to China, the world’s largest consumer of pulp, declined in the quarter to a low of US$750 per tonne in August, before stabilizing through the balance of the period, ending September at US$754 per tonne. For the current quarter overall, US-dollar NBSK pulp list prices to China averaged US$771 per tonne, down US$40 per tonne, or 5%, from the prior quarter. Other global regions, including North America, experienced a delayed impact on price moderation, as prices remained steady for most of the third quarter, with slight declines seen towards the end of the period. As a result of these market conditions, particularly in China, global softwood pulp producer inventories experienced a notable increase in the current period to well above the balanced range, ending August at 50 days of supply, an increase of 12 days compared to June 2024.

Pulp production was 125,000 tonnes for the third quarter of 2024, down 5,000 tonnes, or 4%, from the second quarter of 2024, principally reflecting the wind down of one pulp line at the Company’s Northwood pulp mill, which was completed safely and efficiently in August 2024 (approximately 50,000 tonnes).

The Company’s paper segment experienced an operating loss of $0.8 million in the current quarter, compared to operating income of $1.9 million in the previous quarter. This decline was largely driven by reduced paper production and shipments in the current period, primarily as a result of minor mechanical failures at the paper machine.

Outlook.

Looking forward, global softwood pulp market conditions are anticipated to experience a slight improvement through the fourth quarter of 2024, as demand from the Chinese market is forecast to gradually recover and as elevated inventory levels slowly begin to normalize following the end of the seasonally slower summer months.

Results in the fourth quarter of 2024 will reflect the full wind down of one production line at the Company’s Northwood pulp mill, including the impact on pulp production (a reduction of approximately 300,000 tonnes of market kraft pulp annually), shipments and costs. Looking forward, the Company remains focused on optimizing its operating footprint, enhancing operational reliability and closely managing manufacturing and fibre costs.

In addition, the Company will continue to evaluate operating conditions and adjust operating rates at its pulp mills to align with economically viable fibre supply. These factors could also affect the Company’s operating plan, liquidity, cash flows and the valuation of long-lived assets.

Demand for bleached kraft paper is projected to weaken somewhat through the fourth quarter of 2024 with a modest slowdown in kraft paper demand anticipated.

No major maintenance outages are planned for the fourth quarter of 2024.

Additional information and conference call.

A conference call to discuss the third quarter’s financial and operating results will be held on Monday, October 28, 2024, at 8:00 AM Pacific time. To participate in the call, please dial Toll-Free 1-888-510-2154. For instant replay access until November 11, 2024, please dial Toll-Free 1-888-660-6345 and enter participant pass code 89443#.

The conference call will be webcast live and will be available at www.canfor.com. This news release, the attached financial statements and a presentation used during the conference call can be accessed via the Company’s website at www.canfor.com/investor-relations/webcasts.

Non-IFRS financial measures.

Throughout this press release, reference is made to certain non-IFRS financial measures which are used to evaluate the Company’s performance but are not generally accepted under IFRS and may not be directly comparable with similarly titled measures used by other companies. The following table provides a reconciliation of these non-IFRS financial measures to figures reported in the Company’s condensed consolidated interim financial statements:

(millions of Canadian dollars)	Q3 2024		Q2 2024		YTD 2024			Q3 2023	YTD 2023
Reported operating loss	$	(209.3)	$	(5.6)	$	(230.6)	$	(49.3)	$	(112.4)
Asset write-down and impairment	$	211.0	$	–	$	211.0	$	–	$	–
Inventory write-down (recovery)	$	–	$	–	$	–	$	(2.0)	$	8.5
Adjusted operating income (loss)	$	1.7	$	(5.6)	$	(19.6)	$	(51.3)	$	(103.9)
Amortization	$	17.1	$	16.6	$	50.6	$	21.6	$	68.8
Adjusted operating income (loss) before amortization, asset write-down and impairment	$	18.8	$	11.0	$	31.0	$	(29.7)	$	(35.1)

(millions of Canadian dollars)	Q3 2024		Q2 2024		YTD 2024			Q3 2023	YTD 2023
Net loss	$	(156.1)	$	(6.3)	$	(164.8)	$	(35.7)	$	(82.9)
Asset write-down and impairment, net of tax	$	154.0	$	–	$	154.0	$	–	$	–
Adjusted net loss	$	(2.1)	$	(6.3)	$	(10.8)	$	(35.7)	$	(82.9)

Forward-looking statements.

Certain statements in this press release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as “expects”, “anticipates”, “projects”, “intends”, “plans”, “will”, “believes”, “seeks”, “estimates”, “should”, “may”, “could”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on Management’s current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law.

About Canfor Pulp Products Inc.

Canfor Pulp Products Inc. (“Canfor Pulp” or “CPPI”) is a leading global supplier of pulp and paper products with operations in the northern interior of British Columbia (“BC”). Canfor Pulp operates two mills in Prince George, BC with a total capacity of 780,000 tonnes of Premium Reinforcing Northern Bleached Softwood Kraft (“NBSK”) pulp and 140,000 tonnes of kraft paper. CPPI shares are traded on the Toronto Stock Exchange under the symbol CFX. For more information visit canfor.com.

SOURCE Canfor Pulp Products Inc.

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