Author: Press Room
Fe deral Agency Regulations on Ambiguous Laws No Longer Get Deference A recent Supreme Court case will change the dynamic of key aspects of tax planning, including estate tax planning: Loper Bright Enterprises v. Raimondo, 603 U.S. ___ (2024). There was also a companion case, Relentless v. Department of Commerce. As Ed Sullivan would say, this is “a really big show.” While this may all seem a bit nuanced and technical, it could be valuable to understand how the tax ground rules have just changed. Courts no longer must defer to the interpretation of ambiguous laws by governmental agencies. If…
Chipotle Mexican Grill on Wednesday reported quarterly earnings and revenue that topped analysts’ expectations as it saw higher traffic at its restaurants, bucking an industry slowdown.Shares of the company rose more than 7% in extended trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: 34 cents adjusted vs. 32 cents expectedRevenue: $2.97 billion vs. $2.94 billion expectedThe burrito chain reported second-quarter net income of $455.7 million, or 33 cents per share, up from $341.8 million, or 25 cents per share, a year earlier. Chipotle’s profits rose from…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets slide: Wall Street is in sell-off mode Wednesday, with about three decliners for every advancer on the NYSE. The session mirrors what happened last week, with tech stocks and other year-to-date winners pulling back in favor of a broadening out to other areas of the market. The tech-heavy Nasdaq is down more than 3%, on track for its worst day since December 2022. The S & P 500 is sliding…
Two months after filing for bankruptcy, Red Lobster is close to emerging with a new owner. Red Lobster said this week in a court filing that it will accept an existing sale offer from Fortress Credit Corp., a lender experienced in restaurant management, after the seafood chain did not receive any other acquisition bids. A hearing has been set for next week for a judge to approve the sale. Fortress is one of Red Lobster’s largest lenders and has financed the restaurant chain’s operations, including a new $100 million loan that allowed Red Lobster to stay afloat during its bankruptcy…
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Article Thesis Tesla, Inc. (NASDAQ:TSLA) reported its second-quarter earnings results on Tuesday afternoon. The company missed estimates on the bottom line, which resulted in a share price decline. I believe that these results do not support the current share price and very elevated valuation. Past Coverage I last covered Tesla around three months ago, when the company announced its first-quarter earnings results. Since then, shares have risen rapidly, although that was largely the result of future robotaxi announcements, while the underlying business performance was not very exciting. In fact, not too long ago, Tesla had to announce that its deliveries…
Private equity behemoth KKR on Tuesday agreed to buy broker dealer Janney Montgomery Scott from Penn Mutual, adding to its bets in the financial services industry. The New York-based private investment group is making the buyout through its $19bn flagship private equity fund. KKR has previously invested in wealth managers Beacon Pointe and Söderberg & Partners. Chris Harrington, a partner at KKR, said the firm believed Janney was “well-positioned to benefit from the significant tailwinds driving demand in the US wealth management market”. Janney has more than $150bn in assets under administration and has been owned by Penn Mutual for…
In the first full day of her presidential campaign, Vice President Kamala Harris swiftly earned enough delegates to secure the Democratic nomination and raised a historic $81 million. And yet, less than 24 hours after Harris formally launched her bid for the White House, some Republicans zeroed in on a line of attack: her race. In an interview with CNN’s Manu Raju Monday, Tennessee Republican Rep. Tim Burchett suggested President Joe Biden selected Harris as his running mate solely because she is Black: “One hundred percent she is a DEI hire,” he said, referring to diversity, equity and inclusion. “Her…
A frequent question I hear from people getting ready to enroll in Medicare is: What is the biggest mistake people make? There are too many question to identify just the biggest. However, a top contender for the honor would be COBRA. The Consolidated Omnibus Budget Reconciliation Act mandated this coverage to help workers and their families continue group health benefits during times of job loss, work reduction, transition between jobs, and other life events. In most cases, those who accept COBRA coverage before age 65 will discover it ends as of their 65th birthday. However, those older than 65 who…
Mortgage rates are down for the third straight week, remaining in the high-6% territory. Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.87% this week from 6.95% last week. The average rate on a 30-year loan was 6.67% a year ago. The average rate on the 15-year fixed mortgage also decreased to 6.13% from 6.17% last week. One year ago, the rate on the 15-year fixed note averaged 6.03%. Read the full article here