Financier Howard Rubin (center) was arraigned on sex trafficking charges on Friday.
JONATHON ZIEGLER/Patrick McMullan via Getty Images
Ex-Salomon Brothers bond trader Howard Rubin was denied bail a 3rd time in his sex trafficking case.
Prosecutors say he paid former Playboy models to engage in "fetish play," then tortured them.
Rubin says the encounters were consensual and ended in 2019; he's just a granddad now, he argued.
Howard "Howie" Rubin, a once-prominent Salomon Brothers investment banker featured in the 1985 Wall Street expose "Liar's Poker," must remain in a federal jail in Brooklyn indefinitely as he fights sex-trafficking charges, a judge ruled on Wednesday.
It was the third bail denial for Rubin, accused of paying women, many of them former Playboy models, $5,000 to engage in "fetish play," then constraining and torturing them, including by electrocuting them against their will.
Magistrate Judge Peggy Kuo said her main concern is the risk that the wealthy financier, who has a $70 million account based in the Cayman Islands, would flee the country.
"The thing that is troubling me is I don't know if I can trust Mr. Rubin," Kuo said in denying bail. She said she has no way of knowing for certain if Rubin is mulling, "What does my life look like if I flee, and what does it look like if I stay?"
Rubin's 10-count indictment alleges a series of attacks against 10 Jane Does between 2009 and 2019 in luxury hotels and a soundproofed bedroom "sex dungeon" at his Manhattan penthouse apartment.
Rubin, 70, of Fairfield, Connecticut, pleaded not guilty and has been held without bail since his arrest in September. Rubin was once considered one of Wall Street's most skilled and aggressive traders of complex mortgage securities, earning him roles at influential firms like Merrill Lynch and Soros Fund Management.
In his latest bid for freedom, his lawyers had offered a $70 million bond, co-signed by family members. They include his wife, who has been divorcing him since 2021, and who wrote a letter to the judge extolling his devotion to three young grandchildren, who call him "Pops."
"There is no allegation that Mr. Rubin engaged in any BDSM activity since 2019," his lawyers wrote in bail arguments filed Tuesday. "He has been living in Connecticut for years, devoted to the care of his grandchildren," they wrote.
Federal prosecutors countered that no amount of bail or electronic monitoring could guarantee Rubin's return to court; they also say that he has used threats and coercion to silence his accusers, allegations Rubin denies.
Rubin's former personal assistant, Jennifer Powers, has been charged with pocketing millions of dollars to arrange the encounters; she has pleaded not guilty to sex trafficking charges and is free on $850,000 bail.
Her husband, Stephen Powers, is free on $250,000, according to court records. Both Powers have pleaded not guilty to bank and tax fraud in connection with the encounters.
Three attorneys for Rubin did not immediately respond to a request for comment on Wednesday. A Department of Justice spokesperson declined to comment.
Rubin is due back in court on January 15. If convicted of the top sex trafficking charge, he faces a mandatory minimum sentence of 15 years and as much as life in prison.
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If you've ever been to a karaoke bar or rented a private room with friends, chances are, you've heard of Journey whether you realize it or not. The band has made a legacy of songs that have crossed generations with their epic ballads. I may have laughed about my dad and his friends growing up in the Midwest singing “Wheel in the Sky” and “Only the Young," yet here I am decades later repeating that cycle with my kids. Luckily, for fans old and new, the band is going on tour next year and I've broken down how to get Journey tickets below.
While the band no longer has their famous front man and acclaimed songwriter, Steve Perry (he’s still alive, but hasn’t been with the band since 1998), they have continued on. There have been multiple iterations since Perry’s exit from the band, including multiple different singers. Steve Augeri took the lead from 1998 to 2006. Jeff Scott Soto took the mic briefly for a year in 2006. Arnel Pineda has been holding the mic ever since.
Despite the changes in the band’s front mic lineup, the band hasn’t stopped believing in the power of touring. They’ve been holding onto that feeling for decades. This year, however, is the time when the Journey may be ending its big touring journey.
Next year’s tour is due to be their final farewell tour. We’re going to help you find your way with “Open Arms” to the tour that the band has deemed their “Final Frontier Tour” with leads on ways you can find ways to “Be Good to Yourself” and get the cheapest tickets on Stubhub and VividSeats to their big coming final farewell tour to sing along before they go their “Separate Ways.”
Just because the band is finally hanging their hat up after this tour doesn’t mean that they aren’t going to go the distance with making sure that their fans have a chance to see them live before they make their exit.
While they will be playing in several major cities along their tour, the band is specifically choosing to play in areas outside major metropolitan areas that typically host big-name acts. They are playing in several smaller town venues across the country, which gives fans in areas that might not have been able to make a trek to a big city a chance to see them.
The band will also be playing a select number of shows in a few cities in Canada.
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How to buy tickets for Journey’s 2026 concert tour
Journey may have played about the city by the Bay, but for some reason, they aren’t headed there during their tour. The closest they will get to it is hundreds of miles away, with shows in Sacramento, Fresno, and Bakersfield being the closest stops that Bay Area fans will be able to see the San Francisco-originated band. Perhaps the lights may have already gone down on the city by the bay for them.
That aside, the band is playing a lot of midsize and smaller cities for the majority of their farewell tour. It’s groovy for some, but city folks may have to make more of a trek to get to see them if they want to catch one of these last shows.
That said, tickets for most of the shows are also not super high city prices. They’re pretty accessible price-wise. If you poke around, you can easily scoop tickets for a show for under or about a hundred bucks. That’s not a bad thing at all. Parking may even be a lot less stressful, too.
How much are tickets?
You can find tickets on Ticketmaster, StubHub, and Vivid Seats. Some tickets are unavailable via certain resellers. The Canada tickets, for example, were only available on VividSeats. The three-day pass for their appearance at Stagecoach was only available on Stubhub.
Shows can be vastly cheaper on resellers, but it really isn’t an exact science. There are some tickets available for the opening show on Ticketmaster for as low as $98. There are also ticket options available over there for CitiBank cardholders.
outside Ticketmaster, the cheapest ticket available anywhere currently is for the April 8 show in Iowa. This cheap ticket, however, states that it is a “premium lot” ticket with a view. It appears that these may be tickets outside the venue where there is visibility to see the show while parked outside it. However, as I am not specifically familiar with this venue personally, and information from the venue’s website does not have it easily available, you may want to contact them directly before purchasing that option if you’re really curious about saving the thirty bucks or so difference in cost between that and the next higher level option. A higher-level option is available for $84 in the center itself, which is viewable on Stubhub.
The highest-priced tickets for their tour are during their appearance at the Stagecoach music festival, where fans can expect to spend at least $763 for a day pass to the show. The highest-priced single show is in Green Bay, Wisconsin, with tickets costing $271.
Who is opening for Journey’s tour?
Journey has worked hard to be the front headliners. They’re going to be holding that line in the spotlight themselves as much as possible with this tour, with the exception of when they’re going to be playing the Stagecoach festival in Indio, California. Stagecoach is a massive concert experience featuring bands such as Counting Crows, Pitbull, Bush, Post Malone, Brooks & Dunn, the Wallflowers, Ludacris, Lyle Lovett, Cody Johnson, and Lainey Wilson.
Will there be international tour dates?
The tour comprises multiple locations throughout North America. Unfortunately, there are none planned on other continents. If you’re looking to see them outside the US, you can catch one of their shows in Canada on March 7 in Ottawa, March 9 in Hamilton, March 11 in Montreal, March 12 in Quebec City, or April 17 in Vancouver, BC. The Canadian tickets are only available via VividSeats.
Who are the members of Journey?
Originally Journey was composed of lead guitarist Neal Schon who has been with the band since its inception in 1973, Gregg Rollie (who was once a lead singer of Santana before joining Journey at one point before exiting in 1980), bassist Ross Valory, rhythm guitarist George Tickner (who left after the first album), and drummer Prairie Prince (who was replaced by Aynsley Dunbar shortly after the band's formation). Needless to say, the band has seen some changes since its original formation.
Some, as mentioned above, have been about the vocalist of the band. Famous frontrunner vocalist and co-songwriter Steve Perry was with the band from 1977 to 1998. Perry was a co-songwriter on many of Journey’s most famous songs in their catalog. There have been multiple others who have left their ensemble due to differences in thoughts on the band's direction or health-related concerns. The current members of Journey embarking on this last tour are lead guitarist Neal Schon, keyboardist Jonathan Cain, vocalist Arnel Pineda, bassist Todd Jensen, drummer and singer Deen Castronovo, and keyboardist and singer Jason Derlatka.
For many parents, providing for their children goes far beyond daily expenses — it's about building a foundation for the future. We talked to parents about how they built wealth from scratch to give their kids financial security and the lessons they learned along the way.
Building a passive income stream doesn’t require a huge amount of capital to get started.
In fact, a $5,000 investment can be enough to build a diversified foundation of dividend-paying ASX shares that generate income today and have the potential to grow payouts over time.
The key is focusing on businesses with resilient cash flows, established market positions, and a track record of rewarding shareholders.
With that in mind, here are five ASX dividend shares that I think could be worth considering for an income-focused portfolio.
APA is one of Australia’s leading energy infrastructure companies, owning and operating gas pipelines and energy assets across the country. Its revenues are largely regulated or contracted, which provides strong visibility over future cash flows.
This stability has allowed APA to steadily grow its distributions over time, making it an attractive option for investors seeking long-term income rather than short-term gains. It trades with a trailing 6.2% dividend yield.
BHP is one of the most popular dividend shares on the ASX, and it is easy to see why. As one of the world’s largest diversified miners, it generates enormous cash flows through its iron ore, copper, and metallurgical coal operations.
While commodity prices can fluctuate, BHP’s low-cost assets and strong balance sheet have enabled it to pay substantial dividends across cycles. For income investors, it offers exposure to global resources with the added benefit of fully franked dividends. It offers a trailing 3.6% dividend yield at present.
Telstra remains a favourite among income-focused investors. As Australia’s largest telecommunications provider, it generates steady cash flows from its mobile and network businesses.
The rollout of 5G and ongoing demand for data services has supported Telstra’s earnings base, while management’s focus on cost control and capital discipline has helped stabilise dividends. For a $5,000 portfolio, Telstra could provide dependable income with relatively low volatility.
It currently trades with a trailing dividend yield of approximately 4%.
Transurban owns and operates toll roads across Australia and North America. These assets generate recurring revenue supported by long-term concessions and inflation-linked toll increases.
For dividend investors, Transurban offers relatively predictable cash flows and the potential for gradual distribution growth over time, particularly as new projects are completed and traffic volumes recover.
It offers a trailing unfranked dividend yield of 4.6%.
Finally, Woolworths is a classic defensive income stock. As Australia’s largest supermarket operator, it benefits from consistent demand for everyday essentials regardless of what is happening in the broader economy.
That stability underpins reliable earnings and steady dividends, which makes Woolworths a popular choice for long-term income investors. At present, it offers a trailing dividend yield of 3.1%.
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and APA Group wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor James Mickleboro has positions in Woolworths Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Transurban Group. The Motley Fool Australia has positions in and has recommended Apa Group, Telstra Group, Transurban Group, and Woolworths Group. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Netwealth Group Ltd (ASX: NWL) share price attracted attention after the company announced a $101 million compensation package for members impacted by the First Guardian Master Fund collapse, resulting in an expected $71 million hit to net profit after tax in 1H26.
What did Netwealth Group report?
Agreed to pay $101 million in compensation to impacted Netwealth Superannuation Master Fund members
One-off extraordinary expense to reduce 1H26 NPAT by approximately $71 million
Compensation to be paid into affected members’ super accounts by 30 January 2026
Compensation will be funded through a mixture of cash and debt
FY26 dividend to be based on underlying earnings, excluding this one-off payment
Recurring revenue, strong EBITDA margin, and positive cash generation maintained
What else do investors need to know?
Netwealth reached this compensation agreement following discussions with ASIC and has also resolved related proceedings, with ASIC not seeking any court penalties. The company and its trustee have provided enforceable undertakings to ASIC to complete payments as agreed.
Netwealth is also working closely with APRA, agreeing to uplift investment governance processes under the guidance of an independent expert. The company has already implemented several enhancements, such as a new executive role focusing on investment governance and greater transparency in monitoring investment options.
Broader industry and regulatory efforts are ongoing, and Netwealth continues to cooperate with stakeholders to ensure strengthened member protections going forward.
What did Netwealth Group management say?
Chief Executive Officer and Managing Director, Matt Heine, said:
The agreed outcome allows us to move forward and continue our work in supporting our members, our clients and our business. We have been in regular dialogue with impacted members. We know the level of distress the collapse of First Guardian has caused and it was critical to us to provide members with assurance by the end of the year that compensation would be forthcoming. We believe this is the right course of action for Netwealth and impacted members and is in line with our culture and values.
What’s next for Netwealth Group?
Looking ahead, Netwealth has reaffirmed previous FY26 guidance for net flows not materially different from FY25, and expects costs associated with First Guardian and related activities to be immaterial for the year ahead.
The business remains focused on continuous improvements in its governance, investing in people, technology, and compliance frameworks, supporting its long-term vision for a robust and innovative wealth management platform.
Netwealth Group share price snapshot
Over the past 12 months, Netwealth shares have declined 9%, trailing the S&P/ASX 200 Index (ASX: XJO) which have risen 3% over the same period.
Should you invest $1,000 in Netwealth Group Limited right now?
Before you buy Netwealth Group Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Netwealth Group Limited wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Netwealth Group. The Motley Fool Australia has positions in and has recommended Netwealth Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.
It is a wholesale distribution and marketing company specialising in food, liquor, and hardware. The company supplies and supports independent retailers in Australia.
According to Ord Minnett, Metcash posted first-half FY26 earnings short of market expectations, driven partly by the earlier recognition of restructuring costs than consensus had forecast.
The key food business met forecasts, but the hardware and liquor divisions fell short of expectations.
It also noted that as with Endeavour Group Ltd (ASX: EDV) and Coles Group Ltd (ASX: COL), the liquor market continues to struggle, as the industry faces headwinds from changing consumer attitudes to health and cost of living pressures.Â
Liquor EBIT fell 8.4% excluding reconstruction costs, and we highlight the risk of greater promotional intensity from rivals as suppliers battle for market share.
Post the result, Ord Minnett cut EPS estimates by 8.0%, 9.2% and 8.3% for FY26, FY27 and FY28, respectively, primarily due to the challenges facing the liquor and hardware operations.
This leads us to cut our target price on Metcash to $4.00 from $4.60, but we maintain our Buy recommendation on valuation grounds.
Based on the updated price target of $4.00, this indicates an upside of 23.46% for this ASX 200 stock from its current price.
The ASX 200 company is an Australian-based steel manufacturer supplying global markets.
Spun out of BHP Billiton in 2002, BlueScope produces a range of steel products, systems, and technologies and is one of the world’s leading producers of painted and coated steel products.
Ord Minnett said the company recently hosted an investor day, where the company showcased its new electric arc furnace (EAF).
It seems Ord Minnett has a positive view on this development.
Ord Minnett views the EAF project as positive, with a boost at the earnings before interest and tax (EBIT) line of $80 million annually targeted for the New Zealand division. Against the $160 million investment from BlueScope, this looks to be an optimal use of funds if the targets can be achieved.
Post the investor day, it left FY26 EPS forecast unchanged.
However, Ord Minnett raised FY27 and FY28 estimates by 2.4% to incorporate increased earnings from the New Zealand assets.
Our target price on BlueScope increases to $27.50 from $27.00, and we maintain Buy recommendation.
The updated price target of $27.50 indicates an upside of 13.36% from yesterday’s closing price.
Should you invest $1,000 in Metcash Limited right now?
Before you buy Metcash Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Metcash Limited wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
ASX dividend shares that offer defensive and reliable earnings could be a smart call at a time when the outlook is uncertain in relation to inflation, AI outcomes and so on.
If an ASX dividend share can provide investors with a pleasing and rising payout, as well as long-term earnings growth, then it could generate pleasing total shareholder returns.
At the current valuations, I think the two names below can outperform the S&P/ASX 200 Index (ASX: XJO) over the medium term.
Sonic Healthcare has an impressive market share in the pathology sector with a presence in countries like Australia, Germany, the US, the UK, Switzerland and other markets.
It provides a very valuable service to the population of those countries, which I’d describe as very defensive because there’s a certain level of demand each year â everyone gets sick sometimes.
Sonic Healthcare is investing in technology to help provide the next level of pathology services, with AI potentially assisting the company to be more efficient (in terms of costs) and also deliver a better outcome for patients.
Not only is the company naturally benefiting from ageing and growing populations, but it also occasionally makes acquisitions to boost its scale and geographic exposure.
The ASX dividend share has increased its payout in most years over the past three decades and the company’s leadership wants to continue the progressive dividend policy.
Excluding franking credits, its FY25 payout translates into a dividend yield of around 4.75%. I think the FY26 payout will be larger and the business looks a lot cheaper after falling close to 20% over the past year.
Commercial rental properties can provide investors with defensive operating earnings thanks to the resilient tenants that are utilising those buildings.
One of the most pleasing things about this real estate investment trust (REIT) is that it has a long weighted average lease expiry (WALE) of around nine years â the tenants are signed on to pay rental income for the long-term.
Not only is the rental income reliable, but it’s also growing, with the contracts having annual rental income growth linked to inflation or they have fixed increases.
The portfolio of properties is diversified across a number of sectors including hotels, service stations, industrial and logistics, office, data centres and social infrastructure. This helps protect against sector risk and allows the business to search for the best opportunities.
Charter Hall Long WALE REIT expects to hike its FY26 payout to 25.5 cents per security, translating into a forward distribution yield of 6.25%. The ASX dividend share has dropped 12% since September, shown above, providing a sizeable boost to the yield on offer and making the valuation more appealing.
Should you invest $1,000 in Sonic Healthcare Limited right now?
Before you buy Sonic Healthcare Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Sonic Healthcare Limited wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sonic Healthcare. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The first ASX 200 growth share that could be a strong buy is ResMed. It is a world leader in sleep apnoea treatment and respiratory care, serving a patient base that continues to grow as awareness improves and diagnosis rates increase.
More than one billion people globally are estimated to suffer from sleep apnoea, yet the vast majority remain undiagnosed. As testing becomes easier and healthcare systems catch up, that number represents a massive multi-decade growth runway for ResMed.
The company’s device ecosystem, software solutions, and cloud-connected monitoring tools create high switching costs and drive recurring revenue. This has seen ResMed continue to expand its margins, improve operating leverage, and grow its earnings at a solid rate.
With ageing populations, rising obesity rates, and increased global focus on respiratory care, ResMed is well placed to remain a dominant global medical technology company for many decades.
The team at Macquarie is bullish on this name. It recently put an outperform rating and $49.20 price target on its shares. This implies potential upside of 30% for investors over the next 12 months.
Web Travel could be another ASX 200 growth share to buy. Following the spin-off of its online travel business into a separate listing, the company’s focus is now on WebBeds.
It is a platform that connects hotels and other travel service suppliers to a distribution network of travel buyers all over the world.
Travel demand continues to normalise globally, and wholesale accommodation platforms are benefiting from strong cross-border migration, rising mobility, and the shift toward digital booking ecosystems.
WebBeds’ business model offers high scalability and attractive operating leverage. And after a mixed few years, the company’s simplified structure, improving market conditions, and clearer strategic direction have positioned it well for a meaningful rebound.
Many analysts believe earnings could accelerate from here. One of those is Ord Minnett, which recently put a buy rating and $7.00 price target on the company’s shares. Based on its current share price, this implies potential upside of over 40% for investors from current levels.
Should you invest $1,000 in ResMed Inc. right now?
Before you buy ResMed Inc. shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and ResMed Inc. wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor James Mickleboro has positions in ResMed and Web Travel Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group and ResMed. The Motley Fool Australia has positions in and has recommended Macquarie Group and ResMed. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Broker Bell Potter released new reports yesterday initiating coverage on two ASX small-cap stocks.
Small-cap stocks may appeal to investors as they can have significant growth potential compared to more established, blue-chip shares.
However it’s important to understand they can have significant volatility, as many of these small companies can be pre-profit, relying on funding, clinical trials etc.Â
With that being said, here are two that have buy recommendations from the team at Bell Potter.
Saluda Medical is a commercial-stage medical device company commercialising spinal cord stimulation (SCS) therapy globally.
According to yesterday’s report, Saluda Medical is currently a single-product company, centred around its differentiated SCS product called the ‘Evoke System’.
The company has been commercialising the Evoke System for ~3 years in the US, and ~5 years in Europe and Australia, for the treatment of patients with chronic pain of the trunk and/or limbs.
Bell Potter has initiated coverage on this small-cap stock with a buy recommendation (speculative) for several key reasons:
Saluda’s patented closed-loop system delivers more consistent and durable pain relief than conventional devices. In its Phase 3 trial, no patients had devices removed due to lack of efficacy over three years.
IPO funds will expand the US sales force to >150 reps by FY26, supporting broader geographic coverage, deeper physician adoption, and a paddle lead launch in FY27 targeting neurosurgeons.
US revenue exceeded US$50m in under three years (~2% of the US$2.2b SCS market). Bell Potter forecasts revenue approaching US$290m by FY29, with US market share rising to ~9%.
It has an attractive valuation trading at ~1.7x FY26 EV/Revenue (3.0x P/S), a discount to peers (~5x). Successful execution and EBITDA breakeven by FY29 could support meaningful re-rating.
Based on this guidance, Bell Potter has a price target of $2.80 on this ASX small-cap stock.
That indicates an upside of more than 88% from yesterday’s closing price of $1.485.
American Rare Earths is an Australian exploration company targeting the discovery and development of strategic technology mineral resources in the USA and Australia.
The team at Bell Potter have initiated a buy recommendation (speculative) on this ASX small-cap stock.
In yesterday’s report, the broker said the company is uniquely positioned to capitalise on the US’ Strategic focus to reduce reliance on a China dominated rare earth supply chain.
The Cowboy State Mine offers a long-term solution within the US to decouple from external sources of rare earths, particularly heavy rare earths DyTb.
Essentially, Cowboy State Mine could help the US secure domestic supply of dysprosium and terbium, reducing reliance on China for these critical minerals.
Bell Potter initiated its coverage with a price target of $0.65.
This indicates an upside of more than 94% from yesterday’s closing price of $0.335.
Should you invest $1,000 in American Rare Earths Ltd right now?
Before you buy American Rare Earths Ltd shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and American Rare Earths Ltd wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
David Zaslav, right, of Warner Bros. Discovery, which rejected bids from David Ellison's Paramount Skydance.
Leon Bennett/GA/The Hollywood Reporter via Getty Images; Shannon Finney/WireImage
Warner Bros. Discovery has urged shareholders to reject Paramount's offer in favor of Netflix's bid.
A new filing gives inside details of the bidding war, including Larry Ellison's involvement.
We break down the top six takeaways from the filing about the messy and dramatic bidding process.
Warner Bros. Discovery didn't just reject Paramount again on Wednesday. It also pulled back the curtain on what the bidding war was like behind the scenes.
WBD advised shareholders to dismiss Paramount's $30-per-share offer for the company and stick with Netflix's bid of $27.75 per share (for only its studios and streaming business). In a filing, WBD's board called Paramount's latest bid inadequate, with significant risks and costs imposed on shareholders compared to Netflix's bid, which it said offered superior value and more certainty.
Some of the information in the filing has already been made public, but it revealed some juicy bits that haven't been reported.
Here are the top six takeaways:
1. David Ellison pulled the dad card early on
Right after WBD rejected one of multiple secret bids in September, David Ellison called Warner Bros. CEO David Zaslav to request that Zaslav meet with Larry Ellison. The conventional wisdom was that the Oracle cofounder's billions would prevail. In the end, that didn't happen. WBD expressed concern that the bid relied on a revocable trust, whose assets or liabilities were subject to change.
2. A zealous Paramount pulled out all the stops to woo Zaslav
We already knew Zaslav stood to make over $500 million from a Paramount deal, based mainly on his shares that would vest immediately after it closed ($567,712,631, to be exact, according to the filing). Zaslav told the WBD board that the Ellisons had "indicated to him that" if a deal went through, he would "receive a compensation package worth several hundred million dollars," per the filing. Zaslav responded that it "would be inappropriate to discuss any such arrangements at that time," he told the board.
Paramount also offered Zaslav the position of co-CEO and co-chairman of the combined company, a role Netflix didn't offer, the filing said.
That runs contrary to the narrative put forth in a letter Paramount's attorneys at Quinn Emanuel sent to WBD, stating they suspected the process was biased in favor of Netflix due to WBD leadership's expectations that there could be roles for them at the new company. Paramount's legal and financial advisors didn't know about the "December 3 Quinn Emanuel" letter and, in their view, the letter should not have been sent, was "not helpful," and was a "mistake," the filing says.
3. WBD had not one but two companies interested in its declining cable assets
The filing revealed the presence of a fourth, previously unknown bidder in the process, "Company C," which proposed acquiring Warner Bros.' cable channels and 20% of its streaming and studio businesses for $25 billion in cash.
Multiple outlets reported that Company C was Starz. Business Insider was unable to independently confirm that. Starz declined to comment.
WBD determined that the Company C bid was "not actionable" and continued to work with Netflix, Paramount, and "Company A" (clearly Comcast).
4. Banking is a good business
Some of Wall Street's marquee names — Allen & Co., J.P. Morgan, and Evercore — are set to make a total of $225 million in connection with WBD's sale to Netflix or Paramount, if a deal goes through, according to the filing.
The good times are poised to continue: Media and telecoms M&A deal value rose 61% in the past year, excluding the announced WBD sale, and the momentum should keep going in the years ahead, helped by investor appetite for valuable IP, according to PwC.
5. The Middle East money wasn't a dealbreaker
The Ellisons wanted to use $24 billion from Middle Eastern sources to fund their bid. That would seem to raise a whole host of concerns, not the least of which is that they'd be buying CNN and some of that money would come from Saudi Arabia's government, which US intelligence said killed a Washington Post journalist in 2018.
However, as Business Insider's Peter Kafka wrote, the issues WBD says the foreign money raised were "presented as technical hurdles" and "not moral or patriotic dealbreakers."
6. So much for regulatory concerns
A big question around the dueling bids was which company would have a better chance of surviving regulatory scrutiny.
Both Paramount and Netflix made their cases, arguing that they'd sail through the process, while the other bidder would encounter issues.
Paramount said a Netflix-Warner Bros. deal would harm consumers and Hollywood talent. Netflix is by far the largest paid subscription streamer, and it would become even stronger with the addition of WBD's studio assets, including HBO and the well-stocked Warner Bros. library. Netflix, for its part, has argued that a combination of Paramount and WBD would actually be larger than its own proposed new entity, as measured by total US TV viewing time.
None of this seemed to be a chief concern for the WBD board, though.
"The WBD Board further took into account advice of WBD's regulatory advisors that regulatory risk was not a material differentiating factor between" the Paramount and Netflix proposals, the filing said.
The wild card is Trump, though, who has close ties to the Ellisons but hasn't come down firmly on either side publicly.
