Stock market today: Wall Street rises with Nvidia as bitcoin bursts above $99,000
By CHRIS MEGERIAN and COLLEEN LONG WASHINGTON (AP) — In the two weeks since Donald Trump won the presidency, he’s tried to demonstrate his dominance by naming loyalists for top administration positions, even though many lack expertise and some face sexual misconduct accusations. It often seems like he’s daring Congress to oppose his decisions. But on Thursday, Trump’s attempt to act with impunity showed a crack as Matt Gaetz , his choice for attorney general, withdrew from consideration. Trump had named Gaetz, a Florida congressman, to be the country’s top law enforcement official even though he was widely disliked by his colleagues, has little legal experience and was accused of having sex with an underage girl, an allegation he denied. After being plagued by investigations during his first presidency, Trump wanted a devoted ally in charge of the Justice Department during his second. However, it was never obvious that Gaetz could win enough support from lawmakers to get confirmed as attorney general. Trump chose for a replacement Pam Bondi, a former Florida attorney general who defended him during his first impeachment trial and supported his false claims of voter fraud. Now the question is whether Gaetz was uniquely unpalatable, or if Trump’s other picks might exceed his party’s willingness to overlook concerns that would have sunk nominees in a prior political era. The next test will likely be Pete Hegseth, who Trump wants to lead the Pentagon despite an allegation of sexual assault that he’s denied. So far, Republicans are rallying around Hegseth , an Army veteran and former Fox News host. Sen. Thom Tillis, a North Carolina Republican who serves on the Senate Judiciary Committee, said the controversy over Gaetz would have little bearing on Trump’s other choices. He said they would be considered “one at a time.” Sen. Richard Blumenthal, a Connecticut Democrat, suggested otherwise, claiming “the dominoes are falling.” “The drip drip of evidence and truth is going to eventually doom some others,” he said. Trump’s election victory was a sign that there may not be many red lines left in American politics. He won the presidential race despite authoritarian, racist and misogynist rhetoric, not to mention years of lies about election fraud and his role in sparking the Jan. 6, 2021, attack on the U.S. Capitol. He was also criminally convicted of falsifying business records to pay hush money, and he was found liable for sexual abuse in a civil case. Empowered by voters who looked past his misconduct and saw him as a powerful agent of change, Trump has shown no deference to Washington norms while working to fill his second administration . The transition team hasn’t pursued federal background checks for Trump’s personnel choices. While some of his selections have extensive experience in the areas they’ve been chosen to lead, others are personal friends and Fox News personalities who have impressed and flattered Trump over the years. Several have faced allegations involving sexual misconduct . Hegseth is facing the most scrutiny after Gaetz. Once Trump announced Hegseth as his nominee for Pentagon chief, allegations emerged that he sexually assaulted a woman in California in 2017. The woman said he took her phone, blocked the door to the hotel room and refused to let her leave, according to a police report made public this week. Hegseth told police at the time that the encounter had been consensual and denied any wrongdoing, the report said. However, he paid the woman a confidential settlement in 2023. Hegseth’s lawyer said the payment was made to head off the threat of a baseless lawsuit. Trump’s choice for secretary of health and human Services, Robert F. Kennedy Jr., has faced allegations of misconduct too. A woman who babysat for him and his second wife told Vanity Fair magazine that Kennedy groped her in the late 1990s, when she was 23. Kennedy did not deny the allegation and texted an apology to the woman after the article was published. That isn’t the only hurdle for Kennedy; he’s spent years spreading misinformation and conspiracy theories about vaccines, raising fears about making him a top health official in the new administration. Linda McMahon, chosen by Trump to be education secretary, is fighting a lawsuit connected to her former company, World Wrestling Entertainment. She’s accused of knowingly enabling sexual exploitation of children by an employee as early as the 1980s, and she denies the allegations. Tulsi Gabbard is another person who could face a difficult confirmation battle, but for very different reasons. The former Democratic representative from Hawaii has been a vocal Trump ally, and he chose her to be national intelligence director. But there’s grave concern by lawmakers and national security officials over Gabbard’s history of echoing Russian propaganda. Critics said she would endanger relationships with U.S. allies. Gaetz was investigated by federal law enforcement for sex trafficking, but the case was closed without charges and Republicans have blocked the release of a related report from the House Ethics Committee. However, some allegations leaked out, including that Gaetz paid women for sex. One of the women testified to the committee that she saw Gaetz having sex with a 17-year-old girl, according to a lawyer for the woman. As Gaetz met with senators this week, it became clear that he would face stubborn resistance from lawmakers who were concerned about his behavior and believed he was unqualified to run the Justice Department. “While the momentum was strong, it is clear that my confirmation was unfairly becoming a distraction,” Gaetz wrote on social media when announcing his withdrawal. Sen. Mike Braun, an Indiana Republican, said he believed there were four to six members of the caucus who would have voted against Gaetz, likely dooming his nomination, and “the math got too hard.” He said some of the issues and allegations around Gaetz were “maybe beyond the pale.” “I think there were just too many things, it was like a leaky dike, and you know, it broke,” Braun said. Trump thanked Gaetz in a post on Truth Social, his social media website, without addressing the substance of the allegations against him. “He was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect,” Trump wrote. Associated Press writers Mary Clare Jalonick, Stephen Groves and Lisa Macaro contributed from Washington. Jill Colvin in New York and Adriana Gomez Licon in Fort Lauderdale, Florida, also contributed.Kendrick Lamar surprises fans with release of 1st album since 2022
DOUGLAS -- The LaPrele dam’s impending demolition brought tears to Connie Bowen’s eyes. “We’re being emotional because, if we see that dam blow up, we’re all going to cry,” the LaPrele irrigator told lawmakers last week. “It’s been a part of my life. It’s not just a chunk of concrete. It has personality — and I know that sounds kind of silly, but it’s real.” While a replacement dam is tentatively scheduled to be completed in 2029, the LaPrele Creek will freely flow without storage until then, and with that inevitability comes a cascade of uncertainty for the more than 100 LaPrele Irrigation District shareholders. The dam’s demolition has raised fears about losing water rights, increased flooding and regional economic decline. Some lawmakers also voiced concern about irrigators potentially being left out of the recent state breach order. The Select Water Committee met last week to address issues stemming from the state’s Nov. 1 order to demolish the LaPrele dam 20 miles west of Douglas after years of monitoring of the deteriorating dam indicated it posed an immediate catastrophic threat. The panel split a draft bill into two measures and agreed to continue the conversation in December. One bill proposes new stipulations — mandated economic analysis, public meetings and a vote by impacted irrigators — to the state engineer’s authority in issuing a breach order for dams or diversions. The other bill would help ensure that rights to stored water are maintained during construction of a replacement water-storage facility. LaPrele irrigators, meantime, say they desperately need help from the state and federal agencies to secure funding for the dam’s replacement, which is estimated to cost $118 million or more, according to state officials. “Coming up with the funding for that is almost impossible for just the irrigation district,” LaPrele irrigator Don Blackburn told the committee. “We need the assistance of the Legislature to help with that, or it just can’t happen.” The state has set aside $30 million and has secured a $32 million grant from the federal Infrastructure Investment and Jobs Act for the dam’s demolition and replacement. The state hopes to win another $56 million in federal money. The agricultural community that has relied on stored-water irrigation is also a major economic driver for surrounding towns where ranchers spend money to maintain and improve their operations, irrigator Shane Cross told the committee. “I would like to see the state support the families and individuals that have made long-term, significant investments in their ranches for agriculture production and long-term, significant investments in their communities.” The regional economic implications have already come into play, Cross added. Several years ago the state ordered the reservoir behind the dam be maintained at a lower level to avoid stress on the beleaguered Ambursen-style concrete structure, resulting in smaller late-season water deliveries and an estimated 33% reduction in hay production, he said. That has forced many buyers who typically rely on the LaPrele Irrigation District for winter stock feed to instead buy from out-of-state producers. “This isn’t just a LaPrele issue,” Cross said. “This is an eastern Wyoming issue.” Water rights under threat? Without the normal, legally defined “use” of stored LaPrele Creek water between now and when a new dam is built, some fear that downstream irrigators — including in Nebraska — might push for an “abandonment” designation of the LaPrele Irrigation District’s water rights and attempt to claim those rights. Some LaPrele irrigators suggested downstream water users might even join potential legal challenges from environmental groups opposed to building a replacement dam. Typically, a water right — including for stored water — can be challenged or determined “abandoned” after five years of non-use. But there are protections to retain a water right beyond five years of non-use for various circumstances, including for “time required in planning, developing, financing and constructing projects for the application of stored water to beneficial use which require in excess of five (5) years to complete,” according to state statute. The committee will consider a measure underscoring such protections. “No existing water right shall be subject to abandonment in part or in whole by a restriction or complete loss of water usage placed on it by the state engineer due to necessary repairs or breaching of a dam or diversion, so long as reasonable diligence is being made for repair or replacement,” the initial bill draft — Breach orders due process — states. Wyoming State Engineer Brandon Gebhart said he supports the effort to clarify water rights protections and added he will be critical of attempts to declare LaPrele irrigators are abandoning their water rights. “Considering the circumstances associated with Laprele dam, I do not intend to initiate such an action related to those water rights,” Gebhart told WyoFile. Breaching authority One measure of the Breach orders due process draft bill received criticism for potentially creating a months-long, arduous process that could, according to skeptics, delay immediate action that’s sometimes necessary to avoid a catastrophic dam failure. The state engineer, who has the authority to issue a breach order, would be forced to analyze and document alternatives to a breach, provide economic impact analysis, hold a minimum of four public meetings and gain approval from the affected irrigation district before issuing such an order. “If we’re required to go through these public meetings and all of these things, the thing that sticks in my mind is, in some of these situations, we may have hours or days to react to relieve or mitigate the situation,” Gebhart told the committee. Committee member Sen. John Kolb (R-Rock Springs) suggested that LaPrele irrigators were caught off guard by the state engineer’s recent breach order, and he appeared to be unaware of the years-long crack-monitoring and ongoing consultation process between the state and the irrigation district. “How did it get escalated from kind of, ‘We’re dealing with it,’ to ‘Oh, my God, we have to get a dam breach?'” Kolb said. Several irrigation district members testified in support of requiring additional analysis before issuing a breach order, if there’s an exception to allow immediate action in an emergency, such as the case with the LaPrele dam. Though they’d hoped to avoid a breach order, district officials said that, based on years of consultation with the state and its engineers, they agreed it was necessary. WyoFile is an independent nonprofit news organization focused on Wyoming people, places and policy. This story was posted on November 19, 2024.
Thrivent Financial for Lutherans grew its position in shares of Super Micro Computer, Inc. ( NASDAQ:SMCI – Free Report ) by 440.6% during the third quarter, Holdings Channel.com reports. The fund owned 19,760 shares of the company’s stock after purchasing an additional 16,105 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Super Micro Computer were worth $8,228,000 as of its most recent SEC filing. Several other institutional investors have also recently made changes to their positions in the company. Farmers & Merchants Investments Inc. boosted its holdings in Super Micro Computer by 400.0% during the second quarter. Farmers & Merchants Investments Inc. now owns 30 shares of the company’s stock worth $25,000 after purchasing an additional 24 shares during the last quarter. Moser Wealth Advisors LLC purchased a new position in shares of Super Micro Computer in the 2nd quarter worth approximately $25,000. Hazlett Burt & Watson Inc. grew its holdings in shares of Super Micro Computer by 141.2% in the second quarter. Hazlett Burt & Watson Inc. now owns 41 shares of the company’s stock valued at $34,000 after acquiring an additional 24 shares in the last quarter. AlphaCentric Advisors LLC purchased a new stake in shares of Super Micro Computer during the second quarter valued at approximately $42,000. Finally, First PREMIER Bank lifted its holdings in Super Micro Computer by 126.1% during the second quarter. First PREMIER Bank now owns 52 shares of the company’s stock worth $43,000 after acquiring an additional 29 shares during the period. Institutional investors own 84.06% of the company’s stock. Analysts Set New Price Targets A number of brokerages have issued reports on SMCI. Cfra restated a “hold” rating and issued a $45.40 price objective (down previously from $72.90) on shares of Super Micro Computer in a research note on Wednesday, August 28th. The Goldman Sachs Group reduced their price target on shares of Super Micro Computer from $67.50 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Argus lowered shares of Super Micro Computer from a “buy” rating to a “hold” rating in a research report on Thursday, October 31st. Bank of America cut shares of Super Micro Computer from a “buy” rating to a “neutral” rating and dropped their target price for the company from $109.00 to $70.00 in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company decreased their price target on shares of Super Micro Computer from $65.00 to $37.50 and set an “equal weight” rating for the company in a research note on Wednesday, August 28th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $66.89. Super Micro Computer Stock Performance NASDAQ:SMCI opened at $33.15 on Friday. Super Micro Computer, Inc. has a 52-week low of $17.25 and a 52-week high of $122.90. The business’s fifty day moving average is $38.23 and its 200 day moving average is $60.96. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.93 and a current ratio of 3.77. The firm has a market cap of $18.54 billion, a price-to-earnings ratio of 16.64 and a beta of 1.28. About Super Micro Computer ( Free Report ) Super Micro Computer, Inc, together with its subsidiaries, develops and manufactures high performance server and storage solutions based on modular and open architecture in the United States, Europe, Asia, and internationally. Its solutions range from complete server, storage systems, modular blade servers, blades, workstations, full racks, networking devices, server sub-systems, server management software, and security software. See Also Want to see what other hedge funds are holding SMCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Super Micro Computer, Inc. ( NASDAQ:SMCI – Free Report ). Receive News & Ratings for Super Micro Computer Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Super Micro Computer and related companies with MarketBeat.com's FREE daily email newsletter .As Arsenal continues to struggle in the Premier League, one glaring issue that has come to light is the significant lack of impact on the left flank. With key players failing to deliver consistently, the burden on young talent Bukayo Saka has become increasingly heavy, severely impacting the team's overall performance.
Bill Ackman is a billionaire nine times over, according to Forbes . He made his vast wealth by running Pershing Square Capital, the hedge fund he founded 20 years ago. He increased his fame (and made a lot of money) during the financial crisis by betting against bond insurer MBIA and rescuing mall operator General Growth Properties. Ackman has a concentrated investment style. His fund typically has 10 holdings or less, and when he finds something he likes, he bets big on it. One stock he recently loaded up on is Brookfield ( BN 1.29% ) -- which also happens to be one of my favorite stocks and top holdings. Here's why I think buying Brookfield was a wise move that will likely make Ackman even more money. Betting big on Brookfield Ackman has been buying shares of Brookfield hand over fist. His stake in it has multiplied five-fold since June to 22 million shares. That position is currently worth over $1.7 billion, which is about 13% of his hedge fund's assets, making it the top holding. Brookfield isn't a household name among most investors, and the Canadian investment manager's operation might seem a bit complex at first glance. It has three core businesses: Asset management : The company owns a 73% interest in a leading alternative investment manager, and its Brookfield Asset Management business has over $1 trillion in assets under management . Wealth solutions : The company provides a variety of insurance products and services, including annuities, personal and commercial property and casualty insurance, and life insurance. Operating businesses : Brookfield has operating businesses in renewable power ( Brookfield Renewable ), infrastructure ( Brookfield Infrastructure ), business and industrial services ( Brookfield Business ), and real estate. In many ways, Brookfield is like a mix between Berkshire Hathaway and Blackstone . Similar to Berkshire, it has insurance operations and invests capital on behalf of investors into operating businesses (and its funds). Meanwhile, it also owns a large stake in a leading alternative asset manager that rivals Blackstone in size and expertise. Brookfield also has a strong leader, CEO Bruce Flatt, whom many have called the Warren Buffett of Canada. Like Buffett, Flatt is a value investor with a phenomenal track record of allocating capital to grow shareholder value. He's been with the company since 1990 and has been CEO since 2002. Over the last 20 years, Brookfield has delivered annualized total returns of 16%. That handily beat the S&P 500 and Berkshire Hathaway, both of which delivered annualized returns of about 11% during that period. What makes Brookfield such a smart investment right now Flatt believes Brookfield's best days lie ahead of it. Its long-term target is to deliver annualized returns of 15% or more over the long term. The company is in a better position than ever to achieve that. A few factors support that view. First, Brookfield believes the market is undervaluing the company today. Management estimates that the stock should trade at around $84 per share based on the earnings capacity of its core franchises. That's significantly above its current price of less than $60 per share. On top of that, Brookfield has significant embedded growth. The company expects to grow its earnings per share by more than 20% annually over the next five years. That forecast is based on the expected continued expansion of its asset management and wealth solutions businesses, the carried interest in its investment funds (its share of the profits), and its ability to adeptly allocate the excess capital generated by its operations. Brookfield expects to produce a cumulative $47 billion, or $30 per share, of free cash flow over the next five years, giving it plenty of cash to allocate toward growing shareholder value. The growth drives the company's belief that it will increase its underlying value to $176 per share by 2029 . That would amount to an annualized growth rate of 16% from its current estimated value and more than 25% from its actual share price. Ackman is right; Brookfield is a brilliant buy Brookfield and its subsidiaries are among my top holdings. I've held shares for more than a decade and routinely add to my position because Flatt is such a fantastic wealth creator. Like him, I believe Brookfield's best days are still ahead of it, which is why I think Ackman's decision to load up on shares is a brilliant move. I expect that decision will make him and his investors a lot of money.