Tennessee CEO fled Helene while some workers who were ordered to stay later drowned, lawsuit alleges
The family of a man killed as a result of Hurricane Helene floodwaters in Tennessee has filed a wrongful death lawsuit, alleging his employer “chose greed over the safety of its workers.”
Johnny Peterson, 55, was among the Impact Plastics employees who died on Sept. 27 after Helene’s flooding hit the small, rural town of Erwin in eastern Tennessee.
Surviving employees said they were not told they could leave until the factory lost power, and their cars had already been overtaken by water.
“They had no emergency action plan, despite the factory being located in a federally-designated flood plan,” the 28-page lawsuit filed on behalf of Peterson’s next of kin, Alexa Peterson, by attorney Alex Little in Unicoi County states.
The court-filed documents also allege Impact Plastics CEO Gerald O’Connor Jr. “and other senior management had stealthily exited the building out of the back door after securing some business documents from their own private offices.”
The suit states Peterson was the father of four children, with Alexa being the oldest, and that he had climbed into the bed of a semi-trailer in an attempt to escape.
Helene Devastation Hurts Western North Carolina’s Tourism Economy, Airbnb Owner Says
“He texted his daughter for the last time at 1:17 p.m. ‘I love you allllll,’ he managed to type out. This was the last text Alexa Peterson received from her father,” the suit states.
Peterson is one of five Impact Plastic employees who died as a result of Helene floodwaters, Knox News reports.
Peterson is described as a loving father whose “passing is an immense loss to his family and the community,” a statement from Litson PLLC states.
“Impact Plastics was aware of the flood risks, and while employees requested permission to leave, the company failed to act. We will hold them accountable,” the statement reads.
Click Here To Read More On Fox Business
The attorney FOX Business was referred to for comment about the lawsuit said he had “no additional information at this time,” but a previously shared statement to Fox News Digital quoted O’Connor stating, “We are devastated by the tragic loss of great employees.”
Original article source: Tennessee CEO fled Helene while some workers who were ordered to stay later drowned, lawsuit alleges
Zuckerberg sacks staff on six-figure salaries for abusing office’s food delivery scheme
Mark Zuckerberg’s Meta has sacked a number of staff after they abused the company’s $25 (£19) meal scheme to order household goods such as toothpaste and washing powder.
Almost 30 staff in the company’s Los Angeles office were dismissed after they were found to be routinely using takeaway credits to order groceries and cosmetics, employees said.
The sackings included high-paid engineers earning six-figure salaries, according to posts on the anonymous chat app Blind.
Meta, which is currently worth $1.5 trillion, provides staff with free breakfast, lunch and dinner at its larger offices.
Those in smaller offices without staff canteens instead receive vouchers for delivery apps such as Grubhub, which they can use to order food when working at the office.
However, Meta recently discovered that some employees were using the $25 vouchers to order household items from stores that feature on the apps.
In some cases, staff were using the scheme to buy wine glasses and laundry detergent, according to the Financial Times.
Meta and other Silicon Valley companies have long offered free food in their offices, which are seen as an incentive to come into the office instead of working from home, or in the case of breakfast and dinner, to encourage longer working hours.
Staff initially received warnings about abusing the meal voucher scheme but those who continued to do so were sacked last week.
The news came as Meta also laid off a larger number of staff across WhatsApp, Instagram and its virtual reality unit on Wednesday.
The company said it was restructuring certain departments, and moving some staff to other areas.
The redundancies are not believed to be as widespread as the mass layoffs in 2022 and 2023, when Meta cut tens of thousands of staff in what Mr Zuckerberg called a driver for “efficiency”.
A Meta spokesman said: “Today, a few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy.
“This includes moving some teams to different locations, and moving some employees to different roles. In situations like this when a role is eliminated, we work hard to find other opportunities for impacted employees.”
Meta has cut down on perks introduced to encourage staff into the office in recent years, scrapping “to-go” boxes that allowed employees to take food home, as well as benefits such as laundry services.
Nvidia Stock vs. Arm Stock: Wall Street Says Buy One and Sell the Other
Grand View Research forecasts artificial intelligence (AI) chip sales will grow at 29% annually through 2030. Semiconductor companies Nvidia (NASDAQ: NVDA) and Arm Holdings (NASDAQ: ARM) are major players in that market, and shares have rocketed 166% and 100%, respectivley, year to date. But most Wall Street analysts expect the stocks to move in opposite directions over the next year.
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Nvidia has a median 12-month price target of $150 per share. That implies 15% upside from its current share price of $131.
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Arm has a median 12-month price target of $144 per share. That implies 5% downside from its current share price of $151.
Going forward, Nvidia and Arm should benefit as businesses continue to build out their AI infrastructure, but that does not necessarily make them good investments. Here are the important details.
1. Nvidia
Nvidia holds 98% market share in data center graphics processing units (GPU), chips used to accelerate computationally demanding workloads like training machine learning models and running artificial intelligence (AI) applications. That dominance is more than a decade in the making. In 2006, Nvidia introduced its CUDA programming model, which has evolved into an unmatched ecosystem of software development tools for GPU programmers.
More recently, Nvidia has added networking gear and central processing units (CPUs) to its hardware portfolio, and debuted software and cloud services that simplify AI application development. In that context, while many investors view Nvidia as a chipmaker, it is more accurately an accelerated computing company. And its ability to innovate across the entire data center computing stack — from hardware to software to services — affords Nvidia a competitive moat.
Nvidia beat estimates with its financial results in the second quarter of fiscal 2025 (ended July 2024). Revenue increased 122% to $30 billion due to strong demand for AI chips, networking, and enterprise software. And non-GAAP net income increased 152% to $0.68 per diluted share. Management also gave stronger guidance than Wall Street anticipated, such that revenue is forecast to jump 80% in the third quarter.
It goes without saying that Nvidia has a tremendous opportunity where AI is concerned, but the broader data center accelerator market is equally momentous. “We are at the beginning of our journey to modernize $1 trillion worth of data centers from general-purpose computing to accelerated computing,” CEO Jensen Huang recently told analysts. He expects that transition to play out over the next four to five years.
Wall Street expects Nvidia’s adjusted earnings to increase at 35% annually through fiscal 2027 (ends January 2027). That makes current valuation of 59 times adjusted earnings look fair. Personally, I think Nvidia is a must-own stock given its level of participation in the AI economy, not to mention its leadership in the data center accelerator market. The current price is a reasonable entry point for patient investors.
2. Arm Holdings
Arm develops central processing unit architectures and licenses the intellectual property (IP) to clients, who use the IP to build custom chips for a wide range of end markets, from mobile devices and industrial sensors to data center infrastructure. Arm also provides development tools that simplify the of writing and debugging of applications.
Arm CPUs are known for their energy efficient architecture, which has helped the company secure a leadership position in mobile devices. Most importantly, Arm has more than 99% market share in smartphone processors. However, the company is also gaining share in data centers and personal computers (PCs) because its chip are becoming increasingly powerful.
Arm is well positioned to benefit as the artificial intelligence boom progresses. Its CPUs are the foundation of Apple Intelligence; they handle simple AI tasks on devices like iPhones and more complex AI tasks on private data center servers. The major public clouds (Amazon Web Services, Microsoft Azure, and Alphabet‘s Google Cloud Platform) have designed Arm-based server CPUs. And several computer manufacturers have introduced AI PCs powered by Arm processors.
Arm reported solid financial results in the first quarter of fiscal 2025 (ended June 2024), beating estimates on the top and bottom lines. Revenue increased 39% to $939 million due to momentum in the smartphone and cloud computing markets, which itself was driven by strong adoption of Arm’s latest architecture (Armv9). Meanwhile, non-GAAP net income increased 67% to $0.40 per diluted share.
Wall Street expects Arm’s adjusted earnings to grow at 27% annually through fiscal 2027 (ends March 2027). That estimate makes the current valuation of 107 times adjusted earnings look outrageously expensive. So, I think prospective investors should stay on the sidelines right now, and present shareholders should consider trimming their positions, especially if those positions comprise a substantial portion of their portfolios.
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Nvidia Stock vs. Arm Stock: Wall Street Says Buy One and Sell the Other was originally published by The Motley Fool
Netflix beats earnings targets with 5 million new customers
By Lisa Richwine and Dawn Chmielewski
LOS ANGELES (Reuters) -Netflix picked up 5.1 million streaming subscribers in the third quarter, topping Wall Street estimates by more than 1 million users, and said it expected higher customer growth around the holidays when Korean drama “Squid Game” returns.
Shares of Netflix rose 3.5% to $711.98 in after-hours trading following the earnings report on Thursday.
Investors had expected Netflix to bring in 4 million subscribers from July through September, according to analysts’ estimates compiled by LSEG. New programming during the period included murder mystery “The Perfect Couple” and romantic comedy “Nobody Wants This.”
Diluted earnings per share landed at $5.40, above the consensus forecast of $5.12. Revenue hit $9.825 billion, just ahead of the $9.769 billion consensus forecast.
The company projected its customer additions for the last three months of the year, traditionally a strong period around the Christmas holiday, would outpace the September quarter, though it did not provide a number.
Netflix has been trying to shift investor attention away from subscriber sign-ups to other metrics, including revenue growth and profit margins. The company said its operating margin hit 30% in the quarter, compared with 22% a year earlier.
“We’ve delivered on our plan to reaccelerate our business, and we’re excited to finish the year strong with a great Q4 slate,” the company said in a letter to shareholders. New programming will include the second season of Korean drama “Squid Game.”
The company said its programming volume had picked up following disruptions from last year’s Hollywood strikes. Engagement, the time spent watching Netflix, averaged two hours per day per member.
Nearly two years into its advertising business, Netflix is working to increase revenue from ad-supported plans but has said it does not expect advertising to become a primary growth driver until 2026.
In the September quarter, Netflix’s ad-supported service accounted for more than 50% of signups in countries where it was available.
Part of the plan centers around live events including sports, a big draw for advertisers. In November, Netflix will stream a fight between YouTube star Jake Paul and Mike Tyson, followed by its first NFL games in December.
“Advertisers want to be part of big cultural moments. Compelling live programming will always amass and unite people for a snapshot in time,” said Forrester’s research director, Mike Proulx. “For brands, that’s a captive audience who’s ripe for advertising messages.”
(Reporting by Lisa Richwine and Dawn Chmielewski in Los AngelesAdditional reporting by Harshita Mary Varghese in BengaluruEditing by Matthew Lewis)
Fannie Mae CEO says she has never seen a housing market like this before
After two decades working in housing policy, Priscilla Almodovar is intimately familiar with the challenges the U.S. faces when it comes to housing.
The Brooklyn native took the reins of the New York State Housing Finance Agency in 2007 amid a financial crisis that was fueled by a crash in subprime mortgages. Today, buyers are facing the opposite problem: Demand for homes is so insatiable that even as mortgage rates remain elevated and home-insurance costs soar, home prices keep inching up to new record highs.
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As the chief executive of Fannie Mae FNMA, a government-sponsored enterprise that backs one in four residential mortgages in the U.S., Almodovar, 57, has a front-row seat to it all. That lands her on the MarketWatch 50 list of the most influential people in markets.
“It’s a highly unaffordable market right now. We are monitoring and following all these trends, things that we’ve never seen before,” Almodovar told MarketWatch in an interview.
“You have home prices the highest we’ve seen in two decades,” she said.
Home sales on track for worst year since 1995
Home buyers and renters are facing record-high housing costs. The issue has become such a big priority for average Americans that the presidential candidates are proposing various solutions to make homeownership more affordable.
Meanwhile, some renters are taking matters into their own hands with rent strikes, while some aspiring homeowners have abandoned the idea and decided to rent indefinitely, finding it far cheaper than owning.
Even though mortgage rates have come down after the 30-year rate posted a big jump to 8% in October 2023, the average mortgage payment — which includes principal and interest, as well as property taxes and homeowners insurance — hit a new record high of $2,070 in August, according to Intercontinental Exchange. That’s up 24% from before the pandemic.
Mortgage rates are unlikely to drop back down to prepandemic levels anytime soon, Almodovar said. Regarding the 3% rate seen during the pandemic, she said, “we probably will never see that again in our lifetime.”
Even if buyers can afford the price of a home, there aren’t many options to choose from. The market is still enduring the lock-in effect, with current homeowners seeing little benefit in selling their current property and buying a more expensive one at higher interest rates.
The lock-in effect in particular is an unusual phenomenon that has stalled the housing market. Homeowners’ unwillingness to sell resulted in home sales that were 57% lower in the fourth quarter of 2023 than in the same quarter the previous year, the Federal Housing Finance Agency estimated in March.
Put another way, the lock-in effect “prevented” the sale of 1.33 million homes, the agency said.
Addressing the nation’s housing challenges will likely take more than initiatives from whoever wins the presidential election. Bringing the cost of housing down will also require policy makers at the federal, state and local levels to get involved, Almodovar said.
“There’s a consensus today that part of the solution is more supply,” she said. That means preserving the nation’s old existing homes and also building new units, she added.
Many of the obstacles to increasing housing supply are controlled at the local level, she noted.
“It’s zoning. It’s not-in-my-backyard NIMBY-ism,” Almodovar said. “The No. 1 issue is the local. That’s where decisions really get made.”
Homeownership is still part of the American dream
The pressure brought on by high rates and high prices has stalled the housing market. Fannie Mae’s economists expect only 4 million existing homes to be sold in the U.S. through 2024, the lowest number since 1995.
Nonetheless, most Americans aspire to own a home. About 84% of respondents in a 2023 survey by LendingTree said that homeownership is part of their American dream.
Almodovar grew up in New York City, and her parents bought their first home when she was 5 years old. In reaching that milestone, they felt like they had achieved the American dream, she recalled, noting that the idea is still “very much ingrained in what we think, and the mindset of our country.”
For that reason, the current environment has made housing “one of the most important domestic policy issues that we have to tackle,” Almodovar said.
Housing costs pushed up by unstable variables
It’s not just the challenges of saving for a down payment and of navigating elevated mortgage rates that are making homeownership unaffordable for many Americans. Rising insurance costs also mean homeowners are struggling more to fit their monthly payments into their budget.
Unlike a monthly mortgage payment, which remains the same throughout the life of a fixed-rate loan, insurance costs have surged over the last few years, adding instability to an otherwise stable 30-year loan.
Recent natural disasters — including hurricanes Milton and Helene, which caused significant damage in parts of the southeastern U.S. — illustrate the challenges climate change is posing to homeowners and to the housing industry.
Climate risk is something Fannie Mae is monitoring closely, Almodovar said.
As real-estate companies race to bring climate-risk information to prospective home buyers and homeowners, government agencies are revving up not only to offer assistance to affected homeowners but also to impose a moratorium on foreclosures of mortgages insured by the Federal Housing Administration.
They are also trying to stay ahead of the risk by encouraging people to make their homes more resilient to climate disasters.
Because it guarantees one in four mortgages in the U.S., Fannie Mae has skin in the game — and officials there are worried.
There is a gap between how much risk is understood by homeowners and what private-sector companies know, Almodovar said.
The federal government publishes maps of places that are expected to flood, but Hurricane Helene demonstrated how locales that are further inland and have historically not been prone to flooding can end up inundated. “So it is something that concerns us,” Almodovar said.
Ultimately, “climate is one of those areas where there’s no one silver bullet,” she said. Instead, “it’s really all sectors working together, and all industries working together.”
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'I'm In A Pickle' – 53-Year-Old Broke Truck Driver With No Retirement Savings, Owes The IRS And Wants A Divorce Asks Ramsey For Advice
Donnie’s “pickle” is more like a jar of problems – financial chaos, a struggling marriage and some serious tax issues.
The 53-year-old truck driver, who called into The Ramsey Show, painted a picture of financial highs and lows. At one point, things were great: debt-free, savings stacked up and no need for credit cards. But then, things took a sharp turn when his wife, who had been managing the money, started racking up credit card debt, drained their savings and let the IRS bills pile up, resulting in a whopping $30,000 tax bill. To top it off, Donnie wants a divorce and has nothing saved for retirement. His total debt is $50,000.
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“I’m in a pickle,” Donnie says, to which Dave Ramsey’s co-host John Delony adds, “Sounds like you’re in a jar of pickles.” The three men chuckle, but the situation is far from amusing.
According to the hosts, the core of the issue isn’t just the taxes or the debt. It’s the fact that Donnie and his wife have been dancing around their problems, communicating poorly and working at cross purposes. Sure, they got debt-free at one point, but as Ramsey pointed out, “You didn’t achieve y’all’s goal, you achieved your goal.” Ouch. The cracks in their financial plan reflect deeper issues in their relationship. While they once found common ground on their finances, their marriage was clearly unraveling in the background.
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“You guys suck at communication in your marriage beyond belief.” He explains that unless they find alignment – agreeing on both their financial and marital goals – the money issues will continue to pile up, whether or not they stay married. And as harsh as it sounds, if they can’t get on the same page, the only thing left to do will be to fix the money mess after the inevitable divorce.
In terms of the IRS debt, Ramsey tells Donnie to sit down with one of his Ramsey Solutions tax pros and negotiate a payment plan to pay off the debt. But that only solves the debt issue.
Donnie’s struggle is relatable for many. While things may seem financially smooth at one point, underlying problems – whether in communication, trust or joint goals – can bring everything down.
Trending: Many are using this retirement income calculator to check if they’re on pace — here’s a breakdown on how on what’s behind this formula.
The bottom line here is that no amount of financial planning can fix a falling-apart marriage if both partners aren’t truly aligned. It’s a pickle that requires more than just crunching numbers; it needs real communication, a shared vision and a hefty dose of honesty.
Whether navigating life solo or teaming up as a couple, consulting a financial advisor can make a difference in situations like Donnie’s. Getting an expert to help untangle financial messes can save you from future headaches. Don’t let your “pickle” become a whole jar – talk to a financial advisor and get on the path to stability, one step at a time.
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This article ‘I’m In A Pickle’ – 53-Year-Old Broke Truck Driver With No Retirement Savings, Owes The IRS And Wants A Divorce Asks Ramsey For Advice originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
El Pollo Loco Holdings, Inc. to Announce Third Quarter 2024 Results on Thursday, October 31, 2024
COSTA MESA, Calif., Oct. 17, 2024 (GLOBE NEWSWIRE) — El Pollo Loco Holdings, Inc. (“El Pollo Loco”) LOCO today announced that it will host a conference call to discuss its third quarter 2024 financial results on Thursday, October 31, 2024 at 4:30 PM Eastern Time. Hosting the call will be Liz Williams, Chief Executive Officer, and Ira Fils, Chief Financial Officer. A press release with third quarter 2024 financial results will be issued that same day, shortly after the market close.
The conference call can be accessed live over the phone by dialing 201-493-6780. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 13748557. The replay will be available until Thursday, November 14, 2024.
The conference call will also be webcast live from the Company’s corporate website at investor.elpolloloco.com under the “Events & Presentations” page. An archive of the webcast will be available at the same location on the corporate website shortly after the call has concluded.
About El Pollo Loco
El Pollo Loco LOCO is the nation’s leading fire-grilled chicken restaurant known for its craveable, flavorful, and better-for-you offerings. Our menu features innovative meals with Mexican flavors all made in our restaurants daily using quality ingredients. At El Pollo Loco, inclusivity is at the heart of our culture. Our community of over 4,000 employees reflects our commitment to creating a workplace where everyone has a seat at our table. Since 1980, El Pollo Loco has successfully expanded its presence, operating more than 495 company-owned and franchised restaurants across seven U.S. states: Arizona, California, Colorado, Nevada, Texas, Utah and Louisiana. The Company has also extended its footprint internationally, with ten licensed restaurant locations in the Philippines. For more information or to place an order, visit the Loco Rewards APP or ElPolloLoco.com. Follow us on Instagram, TikTok, Facebook, or X.
Investor Contact:
Jeff Priester
ICR
Investors@elpolloloco.com
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Manhattan Associates to Report Q3 Earnings: What's in Store?
Manhattan Associates MANH is set to report its third-quarter 2024 results on Oct. 22.
It expects third-quarter 2024 earnings to be $1.06 per share. Revenues are anticipated between $261 million to $265 million.
The Zacks Consensus Estimate for third-quarter earnings has been steady at $1.06 per share over the past 30 days, suggesting 0.95% growth from the figure reported in the year-ago quarter.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $263.36 million, indicating an increase of 10.45% from the figure reported in the year-ago quarter.
Manhattan Associates’ earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 26.61%.
Let’s see how things have shaped up for the upcoming announcement:
Manhattan Associates, Inc. Price and EPS Surprise
Manhattan Associates, Inc. price-eps-surprise | Manhattan Associates, Inc. Quote
Factors to Consider
Manhattan Associates’ to-be-reported quarter is expected to have benefited from strong demand for its mission-critical cloud solutions in verticals including retail, manufacturing and wholesale. These three verticals drive more than 80% of MANH’s bookings.
Higher competitive win rates are expected to have expanded Manhattan’s clientele to new logos resulting in a healthy mix of conversions and cross-sells in the third quarter of 2024.
MANH’s to-be-reported quarter is expected to have benefited from an expanding internal services organization and growing portfolio of Manhattan value partners.
MANH’s expanding product portfolio now includes the likes of Fulfilment Experience Insight Dashboard, part of Manhattan Active Omni, and Manhattan Yard Management, part of the Manhattan Active Supply Chain Execution Platform. These new solutions are expected to boost top-line growth.
Manhattan Active Maven and Manhattan Assist, generative AI-powered solutions that automate customer service tasks and investment decision-making, are expected to have benefited MANH’s top-line growth.
Its expanding footprint across cloud-based supply chain planning and supply chain execution verticals to provide operational forecasts bodes well.
However, uncertainty regarding the timing of project go-lives and numerous deal pushes are likely to have hurt Manhattan Associates’ third-quarter results.
Continuing macroeconomic challenges are expected to have hurt growth rate in the to-be-reported quarter.
What Our Model Says
According to the Zacks model, the combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Manhattan Associates has an Earnings ESP of 0.00% and carries a Zacks Rank #3.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Reddit has an Earnings ESP of +72.10% and a Zacks Rank #2.
RDDT shares have appreciated 53.2% year to date. Reddit is set to report its third-quarter 2024 results on Oct. 29.
CommVault Systems CVLT has an Earnings ESP of +4.46% and a Zacks Rank #3 at present.
CommVault shares have returned 83.2% year to date. CVLT is set to report its second-quarter fiscal 2025 results on Oct. 29.
Pegasystems PEGA has an Earnings ESP of +11.43% and has a Zacks Rank #3 at present.
Pegasystems shares have appreciated 50.1% year to date. PEGA is set to report its third-quarter 2024 results on Oct. 23.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.