Former Maryland Gov. Larry Hogan would be one of the few GOP senators that supports some abortion rights if he wins in November.
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Former Maryland Gov. Larry Hogan is airing an ad touting his position on abortion.
Hogan, a Republican, has said he supports codifying Roe into law.
His ad illustrates just how much the politics have changed on abortion rights since Roe reversal.
Former Maryland Gov. Larry Hogan is betting big that he can mollify the tidal wave Republicans have faced in the wake of Roe v. Wade's reversal in his bid to help the GOP retake the Senate.
In his first general election ad published on Tuesday, Hogan publicized his previous promise to codify Roe v. Wade into law if he's elected this November. President Joe Biden and Democrats have tried unsuccessfully to restore nationwide abortion rights since the Supreme Court issued its landmark reversal of Roe in 2022.
Hogan is taking on Prince George's County executive Angela Alsbrooks. Alsobrooks prevailed last week over Rep. David Trone after a bruising Democratic primary. Trone, who amassed a fortune thanks to co-founding Total Wine, spent over $60 million trying to defeat her.
Hogan's position makes him one of the few prominent Republicans to support abortion rights. Both parties have seen the number of dissenters on abortion rights dwindle as views on the issue have hardened in recent years. In the Senate, Sens. Susan Collins of Maine and Lisa Murkowski of Alaska are the only Republicans who support codifying Roe into law. Anti-abortion advocates, who strongly support many other Republicans, spent decades laying the groundwork to overturn Roe.
Republicans have struggled nationally to figure out how to talk about abortion. Former President Donald Trump angered some of his allies by announcing that he would largely leave the issue up to the states.
Hogan is far from a vocal abortion rights supporter.
As The Associated Press pointed out, he vetoed a 2022 bill that proposed to expand abortion access in Maryland. When the legislature overrode his veto, Hogan used his power to block funding that would have supported training non-physicians on how to perform abortions. When he first announced his Senate run, Hogan initially said he needed to think more about his position on abortion rights. He then quickly came out in favor of codifying Roe.
A former two-term governor, Hogan has to navigate running for the Senate in a state that hasn't elected a GOP senator since 1980. Still, Senate Majority Leader Mitch McConnell views Hogan as a prized recruit due to the former governor's proven ability to win.
Republicans are in a tough spot on abortion.
The Supreme Court's Dodds ruling triggered a backlash that hit Republicans particularly hard in the 2022 midterms. Some GOP officials have tried to support antiabortion rights groups when the issue has come on the ballot. That hasn't worked either. Abortion rights advocates are undefeated on ballot-related issues since Roe.
Democrats have already placed abortion rights on the Florida ballot this November. A similar effort is pending in Arizona, a key swing state. Recent history shows that ballot measures likely won't be a big boost for Biden. But the president's reelection needs all the help it can get when faced with his horrendous approval rating.
Hogan would also be outnumbered if he wins. His upset would almost certainly hand the GOP control of the Senate. No Republican Senate is going to make a serious effort to codify Roe, given the party's near-universal support to restrict abortion rights. Even if Hogan found a way to force a vote, the filibuster would kill it rather quickly. The reality is that if Republicans hold the House and retake the Senate and presidency in November, it's far more likely the GOP will face pressure to impose some sort of national abortion ban.
Trump has said he wouldn't sign such a ban into law, but a GOP-controlled House, along with anti-abortion activists, may find ways to test him. Some of Trump's allies have also theorized ways to use the White House's power to restrict access to abortion without needing to pass a law.
When it comes to your pet's health, where you live might play a big role.
Lourdes Balduque/Getty Images
A new report from Forbes Advisor ranked US states by risk of cat and dog illnesses.
They analyzed 19 different diseases throughout the US, including Lyme Disease, rabies, and worms.
Here are the top 10 riskiest states for your pet's health, and how you can protect them.
Spring has sprung, and with warmer weather comes the start of a far less pleasant time of year: tick season. As ticks become more active this spring, both humans and their pets will be at greater risk of diseases like Lyme disease, anaplasmosis, and ehrlichiosis.
But a new science report from Forbes Advisor, the analysis arm of Forbes, could help you protect your pets from tick-borne diseases and other harmful infections.
The report analyzed 19 dog and cat diseases across the US from six pet health and infectious disease organizations, including the Center for Disease Control and the American Veterinary Medical Association. It uncovered the riskiest states for pets, and the data might just save your pet's life.
"As a pet owner, you want to do the very best job taking care of your pet," and this report will hopefully better equip pet owners to do exactly that by spreading awareness, Alexandria Cremer, a Forbes senior PR strategist involved with the report, told Business Insider.
Here are the 10 riskiest states for your pet, the most common diseases to watch out for, and some basic tips for keeping your pet happy and healthy.
Top 10 riskiest states for your pet
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Forbes Advisor created its own ranking scale based on data from all 19 diseases. The scale ranges from zero to 100, and states with higher scores have a greater risk of these diseases.
These were the 10 riskiest states, according to the data:
West Virginia Score: 100
Rhode Island Score: 80.71
New Jersey Score: 74.1
Kentucky Score: 73.91
Maine Score: 71.3
Oklahoma Score: 70.15
New York Score: 66.23
Mississippi Score: 65.88
Indiana Score: 65.69
Pennsylvania Score: 64.75
Some key takeaways: Five of the top 10 riskiest states for your pet are on the East Coast (Rhode Island, New Jersey, Maine, New York, and Pennsylvania).
Two of these 10 states, West Virginia and Maine, were also among the top three riskiest states for tick-borne diseases. And Pennsylvania recorded the most cases of rabies (237) in cats between 2017 to 2021.
The most common diseases to watch out for
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Arkansas, Maine, and West Virginia ranked highest in tick-borne diseases out of all 50 states. But regionally, the East Coast — and especially the Northeast — showed the highest risk of tick-borne disease.
These bacterial infections can turn deadly if not treated quickly, so it's important to watch your pet for symptoms. Fever, lethargy, loss of appetite, and joint stiffness or pain are all common symptoms of these three tick-borne diseases.
Parasites
Ticks aren't the only tiny critters that can get your pet sick. Parasites like worms can wriggle their way into your pets' bodies when they ingest contaminated substances like dirt or feces, or when an infected insect — like fleas and mosquitos — bite your pet.
Roundworms are the most common intestinal parasites in cats and dogs. The top three states with the highest risk of roundworm were South Dakota, Wisconsin, and West Virginia.
This parasite poses the biggest risk to puppies and kittens, so it's important to deworm them every two weeks until they're three months old, according to Companion Veterinary Clinic. Watch for symptoms like a distended belly, weight loss, diarrhea, vomiting, and loss of appetite.
Viruses
Feline immunodeficiency virus is common in cats.
Peter M. Fisher/Getty Images
Cats and dogs can catch viruses too. The risk of dog flu, a highly contagious respiratory virus, was highest in New Mexico, Mississippi, and Oklahoma.
Most dogs recover from the flu in two to three weeks, but it's still important to look for the symptoms so that you can keep them properly hydrated, rested, and fed while they recover. Symptoms include a runny nose, fever, lethargy, runny eyes, and loss of appetite, according to the FA report.
Feline immunodeficiency virus is one of the most common diseases that infect cats. Kentucky and Mississippi showed the highest risk of this disease.
It's dangerous because infected cats may not display any symptoms for years, but all the while, this virus is causing lasting damage to their immune systems. Though the early signs are hard to see, you can catch them one to three months following infection if you know what to look for including swollen lymph nodes, fever, depression, and lack of appetite, according to Cornell's College of Veterinary Medicine.
How to keep your pet safe
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No matter where you live, there are some preventative measures that every pet owner can take to protect their pet's health.
Scheduling annual vet check-ups to make sure your pet is up to date on their vaccines is a great place to start, according to the animal rescue Brandywine Valley SPCA.
It's also important to keep up with preventative medication. Experts recommend giving your pet heartworm, flea, and tick medication once a month, all year round, and routinely checking your pet's fur and skin for ticks, according to the American Society for the Prevention of Cruelty to Animals and the FDA.
Trips to the vet can get expensive, especially if your pet needs emergency care or surgery. Emergency vet bills range from $150 to $5,000 on average in the US, MetLife reports. Consider purchasing pet insurance to help cover unexpected costs. Depending on your pet's breed, age, and other factors, pet insurance can range from $48 to $68 per month per dog and $28 to $40 monthly per cat, according to a separate report from Forbes Advisor.
And last, but certainly not least, making sure your pet gets proper nutrition, hydration, exercise, and mental stimulation is key to keeping them happy and healthy, according to the Animal Foundation.
Scarlett Johansson isn't pleased by Sam Altman and OpenAI's use of a voice that sounded similar to hers in the latest ChatGPT.
Jason Merritt/Getty Images; Kevin Dietsch/Getty Image; BI
Scarlett Johansson says the voice for OpenAI's chatbot is "eerily similar" to hers.
Between this and the fiasco last November when Sam Altman was pushed out, it seems like a mess.
These are the people who are supposed to be bringing us the future?
OpenAI's fight with Scarlett Johansson isn't just a PR disaster (and a big one at that). It also reveals a troubling attitude about people's intellectual property — and even their voice.
Most of all, it shows there's just really, really bad judgment going on at the highest levels of Sam Altman's company.
Let's say ScarJo had actually agreed to do the voice of "Sky" for ChatGPT instead of Altman's company hiring someone else to play the breathy, flirty female part. In this scenario, the voice would be not just vaguely reminiscent of the movie "Her" — a winky reference for those in the know — but literally an exact imitation of the movie, with Johansson playing the starring role.
But … stop for a second and imagine how truly stupid that idea would be from the start.
First of all, getting one of the highest-paid Hollywood actors to endorse your product is expensive. And getting her to reprise a role from 2013 is for what, exactly? Just a nerdy joke? Not even that many people saw "Her" (and I do worry our tech overlords forgot the ending).
Also, consider that maybe a voice assistant shouldn't necessarily be a sexy-breathy-flirty American female voice (yes, there are other voice options, but OpenAI chose "Sky" for the demo).
It's giving "let that sink in." It would be funny for a Super Bowl ad — not to develop into the flagship product that you're also claiming will change the world.
What actually happened, of course, was way worse. Scarlett Johansson declined when Sam Altman asked her to lend her voice to ChatGPT back in September when the SAG strike was going on, CNN reported.
Meanwhile, OpenAI hired a voice actress who the company said wasn't intended to be a voice mimic. But everyone immediately noticed that the "Sky" voice that ended up on ChatGPT reminded them of ScarJo.
And then Sam Altman, in one of the greatest self-own moves of the generative AI era, tweeted out "her" during the product demo last week. Doesn't that make it seem like OpenAI did want to evoke Johansson's character from the movie?
The company said in a statement that the voice wasn't intended to mimic Johansson's. Altman said in a statement to Reuters that the actor used for "Sky" was cast before he contacted Johansson to ask to use her voice. "Out of respect for Ms. Johansson, we have paused using Sky's voice in our products," Altman said. "We are sorry to Ms. Johansson that we didn't communicate better."
Now, Altman and OpenAI are tangling with an immensely popular celebrity, adored by a nerd army for her superhero role in the wildly popular Marvel franchise, with a husband whose job is to make fun of things in the news on TV each week, and a history of litigation against a big company.
Of course, it's also hitting a nerve because now there's a beautiful and popular face attached to something that the general public has been slightly nervous about: "Is AI going to steal our content and replace us?"
Altman tweeted himself into tech's biggest PR disaster since Facebook Beacon — completely avoidable. The OpenAI team used a Scarlett Johansson sound-alike voice — also completely avoidable.
It almost makes you wonder: Are these really the people we should believe are such geniuses and have such great judgment that they should be in charge of this potentially life-changing technology?
Just last week, several high-level OpenAI employees, including Ilya Sutskever, also a board member, left the company. This comes six months after what OpenAI and Microsoft employees internally referred to as the "Turkey-Shoot Clusterfuck" — the Thanksgiving week firing of Altman and his eventual return the next week. The details of what went down first were eventually revealed not to be a valiant fight of good and evil over controlling an all-powerful AGI, but apparent run-of-the-mill workplace gossip and alleged bullying.
This is all enough to make even the most optimistic ethical accelerationist pause and wonder, uh, what the hell is going on at this clown show? If AI is as powerful and world-altering as OpenAI is telling us it will be, are we not supposed to be mildly concerned that the people in charge keep stepping on rakes?
When fund managers with billions of dollars under their control decide to invest in an ASX share, it’s usually worth a second look.
After all, successful fund managers don’t get that way thanks to poor investment decisions. And who would be better to get tips for your next ASX buy than from professionals whose full-time job is scouring the markets for deals.
First up is healthcare giant CSL Ltd (ASX: CSL). The AFR reports that a number of successful fund managers have been buying CSL shares over the past 12 months. They include Chris Kourtis, director of Ellerston Captial, Sam Byrnes of ECP Asset Management and Jun Bei Liu of Tribeca Investment Partners.
Lieu states that:
CSL has been a great compounder over many, many years… You find it in the bottom drawer of so many investment portfolios because it seems to grow year in, year out … and has so many of the characteristics of a quality company.
Analysts at Macquarie are also reportedly bullish on CSL. So much so that one analyst recently told clients that CSL shares “could hit $500 as the company overcame short-term challenges and began to trade at price-to-earnings multiples closer to its decade average”.
Another stock to take note of is ASX 200 gaming share Aristocrat Leisure Ltd (ASX: ALL). This company is reportedly the only one outside the ASX 20 to find itself among “the most held [stock] by stock pickers”. DNR Capital’s High Conviction Strategy and Macquarie’s Australian Shares Fund are some of this company’s highest-profile backers at the moment.
ResMed Inc (ASX: RMD) is another ASX share to take note of. Resmed has been found to be the “most loved” stock by fund managers on the market. Ellerston Capital, as well as Hyperion Asset Management and Airlie Funds Management, reportedly count as some of ResMed’s biggest backers.
A popular REIT to finish off
Finally, let’s discuss the popular real estate investment trust (REIT) Goodman Group (ASX: GMG). According to the AFR, Goodman is another stock with broad-based support amongst billionaire managed funds. The landowner has a presence in one out of three managed funds on the ASX. It counts Tribeca, as well as Totus Capital, as some of its most enthusiastic backers.
Tribeca’s Liu stated that “Goodman had decades of execution and a good track record”. Totus’ Tim McGraw was even more effusive:
Goodman is a world leader with Grade A industrial property in tier one cities in Australia, the US and Europe… The company has a large and growing data centre pipeline and, while not cheap versus other listed REITs, Goodman is very cheap relative to other listed data centre landlords.
So there you have it, four ASX shares that top ASX fund managers count amongst their favourite investments right now. Let’s see who is right with their picks over the next year or two.
Should you invest $1,000 in Aristocrat Leisure Limited right now?
Before you buy Aristocrat Leisure 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 Aristocrat Leisure Limited wasn’t one of them.
The online investing service heâs 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 Sebastian Bowen has positions in CSL. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Goodman Group, Macquarie Group, and ResMed. The Motley Fool Australia has positions in and has recommended Macquarie Group and ResMed. The Motley Fool Australia has recommended CSL and Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Analysts at Morgans think this supermarket giant would be a top ASX dividend share to buy right now. The broker currently has an add rating and $18.95 price target on its shares.
It believes that recent share price weakness has been overdone and created a buying opportunity for investors. The broker explains:
In our view, the ongoing scrutiny on the supermarkets has affected short term sentiment in the sector, which we believe creates a good buying opportunity in COL. While Liquor sales remain soft, we expect the core Supermarkets division (~92% of earnings) to continue to be supported by further improvement in product availability, reduction in total loss, greater in-home consumption due to cost-of-living pressures, and population growth.
In respect to dividends, it is expecting Coles to be in a position to pay fully franked dividends of 66 cents per share in FY 2024 and 69 cents per share in FY 2025. Based on the current Coles share price of $16.21, this implies dividend yields of approximately 4.1% and 4.25%, respectively.
Another ASX dividend share that has been named as a buy by Morgans is Dexus Industria. It is a real estate investment trust with a focus on industrial warehouses. The broker has an add rating and $3.18 price target on its shares.
Morgans believes the company is well-positioned to benefit from solid demand for industrial property and its development pipeline. It commented:
The portfolio is valued at $1.6bn across +90 properties with 89% of the portfolio weighted towards industrial assets (WACR 5.38%). The portfolio’s WALE is around 6 years and occupancy 97.5%. Across the portfolio 50% of leases are linked to CPI with the balance on fixed increases between 3-3.5%. While we expect cap rates to expand further in the near term, DXI’s industrial portfolio remains robust with the outlook positive for rental growth. The development pipeline also provides near and medium-term upside potential and post asset sales there is balance sheet capacity to execute.
As for income, the broker is forecasting dividends per share of 16.4 cents in FY 2024 and then 16.6 cents in FY 2025. Based on the current Dexus Industria share price of $2.98, this will mean dividend yields of 5.5% and 5.6%, respectively.
Should you invest $1,000 in Coles Group Limited right now?
Before you buy Coles 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 Coles Group Limited wasn’t one of them.
The online investing service heâs 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 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 positions in and has recommended Coles Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The James Hardie Industries plc (ASX: JHX) share price was sold off on Tuesday.
The building materials company’s shares ended the day a sizeable 15% lower at $46.67.
Investors were hitting the sell button in response to the release of the ASX 200 stock’s fourth quarter and full year update.
James Hardie reported record fourth quarter sales of US$1,004.9 million and record full year sales of US$3,936.3 million. However, despite this strong top line performance, its earnings fell short of expectations for the fourth quarter.
And putting further pressure on the ASX 200 stock was its guidance for FY 2025, which was well below consensus estimates.
Broker reaction
Analysts at Goldman Sachs have been looking over the result. They note that James Hardie’s fourth quarter profit and guidance for FY 2025 disappointed. The broker said:
4Q24 result slightly below GSe. 4Q24 underlying NPAT of US$174m was 2% below GSe/Visible Alpha consensus estimates of US$178m/177m. Within this, EBIT of US$233m was 2% below GSe with sales 1% above GSe. JHX had previously guided to group NPAT of US$165-185m.
FY25 guidance disappoints. JHX issued group adjusted net income guidance US$630-700m vs prior GSe at US$761m and consensus at $762m (i.e. 13% lower at the midpoint).
Is this ASX 200 stock good value after the selloff?
Despite the disappointment, Goldman remains positive on James Hardie and believes yesterday’s selloff has created a buying opportunity for investors.
In response to the update, the broker has reiterated its buy rating on the company’s shares with a reduced price target of $57.85 (from $61.65).
Based on its current share price of $46.67, this implies potential upside of 24% for investors over the next 12 months.
To put that into context, a $10,000 investment would grow to become worth $12,400 if Goldman is on the money with its recommendation.
Why is Goldman staying bullish?
Goldman believes that the market is undervaluing the ASX 200 stock even after lowering its earnings estimates for the near term. It explains:
As a result of our earnings changes (partially offset by updated reference multiples), our DCF & EV/EBIT based TP declines 6% to A$57.85. Notwithstanding the forecast revisions we believe that the share price is capitalizing earnings levels that are below both FY25E GSe and (more meaningfully) FY26E levels.
We see upside from cyclical improvement and strategic execution against higher value product mix targets, which has scope to substantially improve group profitability.
Should you invest $1,000 in James Hardie Industries Plc right now?
Before you buy James Hardie Industries Plc 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 James Hardie Industries Plc wasn’t one of them.
The online investing service heâs 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 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 Goldman Sachs Group. 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.
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The best noise-canceling headphones let you listen to music without distractions.
Sennheiser/Ankler/Sony/Insider
When listening to music, there's nothing worse than annoying background noise drowning out your favorite songs. That's why noise-canceling headphones have become so popular. Using built-in microphones and audio processing, the best noise-canceling headphones block ambient sounds so you can focus on your playlist without pesky distractions.
We put several top models through our testing process to pick the six best noise-canceling headphones you can buy. The Bose QuietComfort Ultra over-ear headphones are a real standout and deliver the most impressive active noise cancellation (ANC) we've come across. For budget buyers, we recommend the affordable Anker Soundcore Life Q30, which offer ANC that's way better than we expected for such a low price.
Below are all six of our recommendations for the best noise-canceling headphones. Each pick has been selected with different needs and budgets in mind, but they all provide a great listening experience.
Our top picks for the best noise-canceling headphones
Best overall: Bose QuietComfort Ultra Over-Ear – See at Amazon
Best on a budget: Anker Soundcore Life Q30 – See at Amazon
Best sounding: Sennheiser Momentum 4 Wireless – See at Amazon
Best for gaming: SteelSeries Arctis Nova Pro Wireless – See at Amazon
Best in-ear: Bose QuietComfort Ultra Earbuds – See at Amazon
Best overall
Bose has the upper hand in the race for the best noise-canceling headphones. The brand's over-ear QuietComfort Ultra provide class-leading audio suppression to go along with great features, a comfortable design, and the best sound we've heard from a pair of Bose headphones.
The Ultra ooze luxury from the moment you pull them from their zippered case. The headphones use sleek and durable materials like dimpled aluminum along the arms and band and plush padding coated in soft protein leather. The ear cups are foldable and fully collapsible, making the headphones easy to pack for travel. Battery life is solid at 24 hours, though we would have liked them to last a bit longer, given the Ultra's price point.
As for performance, the Ultra's noise canceling is supremely powerful, edging out everything we've tested. It's fantastic at silencing low-end sounds like fans or street noise but also effective for higher frequencies, wholly eliminating sounds like keystrokes and muffling voice chatter, even without music playing. And when you do want to let in outside noise, the Ultra's transparency mode is among the most natural sounding we've heard.
Bose's QuietComfort Ultra headphones provide the best noise-canceling performance we've tested.
Ryan Waniata/Insider
The Ultra's sound quality is also a step up for the series. Music comes through with deft precision, detail, and balance across genres, especially after bumping the bass down a notch or two with the Bose Music app's three-band EQ. As with other Bose headphones, instrumentals can sometimes sound slightly sharp and overly processed, but it's more toned down here for an overall pleasing presentation. Calls come through with crystal clarity as well.
The headphones also boast Bose's new spatial audio feature, which includes head tracking that can move the soundstage with you independent of your source device. We had mixed results with this, as the feature can sometimes create an echo effect, especially with video content. The headphones are otherwise well-appointed, with features like Multipoint Bluetooth to connect two devices simultaneously, customizable noise-canceling modes, and a wind buffering setting.
As for controls, the Ultra's mix of hard keys and a volume slider touchpad works well. We would have liked to see a dedicated key for noise canceling and transparency mode, but that's a minor complaint. Even with a price that goes beyond any pair of QuietComfort headphones before them, the Ultra are a worthy investment, offering a premium experience and noise-canceling that can't be beaten.
Best on a budget
Thanks to the latest advancements in noise-canceling technology, you don't have to spend a ton of money to get some decent peace and quiet. Anker's Soundcore Life Q30 are a great example, and at well under $100, they're a relatively easy investment.
The Q30's noise canceling ranks among the best for their price point, doing an especially good job in the lower registers. It's certainly not as effective as the pricier models on our list, especially in the upper frequencies, but the Q30's ear cups also offer solid passive noise isolation, which helps to defray some of the ambient annoyances in your life.
The budget-friendly Soundcore Life Q30 deliver ANC that's way better than expected.
Ryan Waniata/Business Insider
Anker's Soundcore headphones consistently perform well in terms of audio performance, and the Q30s hold their own in this department, especially after a few tweaks to their hefty bass in the Soundcore mobile app for Android or iOS. There, you can also customize other settings, swap between three noise-canceling modes, and engage the available sleep mode to activate ambient sounds as you drift off on your commute.
The Q30s fit comfortably thanks to their solid padding and collapse for travel. Convenience features like Multipoint Bluetooth pairing recall fancier models that cost double or triple the price, while their massive battery life is among the best you'll find.
However, there are some drawbacks. The earcups use cheaper plastic and are more prone to scratches than pricier models. We also ran into misfires when using the tap command on the right ear cup to toggle between noise canceling and transparency modes. But these small hiccups are far from deal breakers.
If you're after a solid pair of noise-canceling headphones but simply can't stomach the high prices of other top models, Anker's Soundcore Q30 are a very enticing option.
Best sounding
Sennheiser's Momentum 4 Wireless headphones don't have the best or even the second-best noise-canceling performance on our list. That's OK, though, because once you hear them, you may not care. If you're an audiophile, the great sound quality you get here could be a more than acceptable tradeoff.
It took Sennheiser three years to update its storied Momentum headphones, doing away with the retro styling that had defined the series up to now. But it was worth the wait and the redesign. The Momentum 4s deliver audio performance that rises above everything we've heard in their class, offering effortless presence, detail, and separation that lets you dig deep into each instrument's timbres and textures with remarkable clarity.
The Momentum 4s are no slouches in the features department, either, with battery life that's double what you'll get from options like Sony's WF-1000XM5. You'll also get features like Multipoint pairing, the ability to adjust noise canceling and transparency modes based on your environment, a three-band EQ, and great wind buffering that also aids in call quality.
As mentioned, the Momentum 4s' noise canceling is good but not great for headphones at this price point. They do a swell job with lower frequencies but let higher register noises like voices slip through more easily than the other top noise-canceling headphones. Add a bit of music, and that shouldn't be much of an issue in most scenarios, but it's worth considering before you pull the trigger.
Although the headphones are quite comfortable, they're also heavier than some competitors, and they don't fold up completely, making them slightly harder to pack. That said, if sound is your compass, the Momentum 4s are well worth considering, offering a lush sonic experience.
Best features
The Sony WH-1000XM5 M5 (as in Mark 5) may not have the catchiest name, but they make up for it with a formidable mix of brilliant performance and a truckload of great features.
Sony wrote the book on modern headphone design with its WH-1000X series, putting you in the driver's seat for a dizzying array of options. It all starts with the brand's powerful Headphones app, letting you control your noise cancellation in multiple ways, including an option based on your environment. You can silence audio with your voice or let in the outside world with a simple hand gesture on the right ear cup. Alexa is available for smart control, and customization of Sony's 360 Reality Audio lets you unlock spatial sound with supported content.
The WH-1000XM5 headphones are packed with features and are a great alternative to our top pick, the Bose QuietComfort Ultra, if you prefer the Sony brand.
Antonio Villas-Boas/Insider
Features aside, the XM5s are as polished as you'd expect a flagship pair of headphones from a market leader to be. Their touch controls are intuitive and responsive, and their noise canceling is incredibly effective across registers. Sound quality is sweet, smooth, and superbly detailed, to the point that you'll likely hear things you've missed in multiple previous listens. Their streamlined design and memory foam padding make them comfortable for hours (though Bose's Ultras are even comfier).
The only noteworthy issue we take with Sony's latest design is that, unlike the Bose Ultra and Sony's cheaper WH-1000XM4, the M5s don't collapse for travel, making them harder to pack.
Ultimately, we think the Bose QuietComfort Ultra headphones edge out the XM5s if you're specifically looking for the most effective noise-canceling performance on the market. But, when factoring in other features and general value, the XM5s are our top pick for the best over-ear headphones overall.
The SteelSeries Arctis Nova Pro Wireless is a noise-canceling headset built for gaming. Unlike our other picks, it has a retractable boom microphone designed for voice chat, so you can better communicate with other players during online matches.
And in addition to Bluetooth, it supports a wireless 2.4GHz connection. This feature isn't something you'll find on typical noise-canceling headphones designed for music, but it's an essential option for a gaming headset since 2.4GHz provides less audio lag. The Arctis Nova Pro can even support simultaneous 2.4GHz and Bluetooth connections, so you can pair it with a phone and a compatible gaming console at the same time.
The headset comes with a cool wireless transmitter that also acts as a control hub and a battery charger. An OLED display is built into the hub, so you can monitor your settings and adjust things like volume, EQ, and noise cancellation. The headset includes two batteries that can each last 20 hours, and you can charge the spare battery in the control hub when not in use so you always have one ready to go.
The Arctis Nova Pro Wireless is a gaming headset with ANC support and cross-platform compatibility.
Kevin Webb / Insider
Sound quality is excellent for gaming, but like many headsets of this type, its audio profile favors a bass-heavy sound that gives extra oomph to deep effects like explosions in action games. If you want headphones with music playback in mind, we recommend opting for one of our other picks.
The active noise-canceling feature also works well and is a nice inclusion for gaming since it can minimize background sounds so you can focus on your on-screen missions and multiplayer chats. However, the ANC here is more suited for dealing with moderate at-home noises and isn't as good at blocking out troublesome outside distractions.
Various spatial audio options are fully implemented with a DTS:X license on Windows, support for the PS5's Tempest 3D, and Windows Sonic compatibility on PC and Xbox. You also get access to SteelSeries' audio software suite, Sonar, which allows you to customize the headset's EQ and surround sound functions.
The SteelSeries Arctis Nova Pro is our pick for the best gaming headset. It's an excellent pair of headphones for gamers who want wireless support and ANC. SteelSeries sells a few different versions of this headset, but the edition we recommend here has full cross-platform wireless support for PC, Xbox, PlayStation, and Nintendo Switch.
Though our previous pick in this category, the Sony WF-1000XM5, remain our recommendation for the best wireless earbuds overall, Bose has bested them in noise-canceling performance. Like their over-ear siblings, this in-ear version of the QuietComfort Ultra deliver best-in-class ANC. We've tested tons of noise-canceling earbuds, but none can match this model's ability to block out ambient distractions.
In addition, the QC Ultra earbuds offer a natural-sounding transparency mode when you want to hear your surroundings. They can also reduce sudden loud noises to help keep your ears safe. General audio quality is impressive, too, with a dynamic and clear sound profile. And you have plenty of freedom to adjust the sound to your liking with a three-band EQ setting in Bose's mobile app.
Bose also sells an in-ear version of its QuietComfort Ultra headphones.
Ryan Waniata/Business Insider
You'll also get many of the same features that you'll find on Bose's over-ear version of these headphones, including spatial audio support with head tracking. Again, we prefer to listen to music without this mode engaged, but it's nice to have this option included for those who enjoy it. However, unlike the over-ear QuietComfort Ultra headphones, these earbuds do not support multi-point pairing.
On the design front, the QC Ultra feature a more compact build than Bose's previous-generation QuietComfort earbuds. A volume slider is positioned on the earbud's stem for easy control, and they fit comfortably in ear with three different-sized ear tips and stability bands included. On the downside, the included charging case is a bit large, and it doesn't have wireless support unless you add on a $50 case cover.
Still, despite any minor shortcomings, the Bose QuietComfort Ultra earbuds easily cement themselves as the best in-ear noise-canceling headphones you can buy.
How we test noise-canceling headphones
Antonio Villas-Boas/Insider
When testing contenders for the best noise-canceling headphones, we use each model as we would in our daily lives to understand how they'll perform for a typical listener. That includes evaluating features like ease of setup with different source devices, comfort, battery life, and general usability.
We assess sound quality by listening to music across multiple genres from the best music streaming services as well as in high resolution. We also play videos and listen to them with each model to test features like spatial audio and head tracking with stereo and Dolby Atmos content.
To evaluate noise canceling and transparency modes, we conduct real-world testing in natural environments and, whenever possible, in situations like plane flights or train commutes. We also incorporate a sound-treated room and professional stereo monitors to reproduce sounds like airplane noise, voices, and other effects. Battery testing includes putting the headphones on a stopwatch at medium volume to ensure they live up to their manufacturer's claims or come close.
Noise-canceling headphones FAQs
Antonio Villas-Boas/Insider
What is noise canceling?
Noise cancellation, also known as Active Noise Cancellation (ANC) or Adaptive Noise Cancellation, is a technology designed to suppress sounds in your immediate environment. Noise-canceling headphones are outfitted with tiny microphones which pick up ambient sounds. They then use onboard circuitry to analyze those sounds in real time, flipping the polarity of the frequencies (essentially reversing their waveforms) to "cancel" them.
Noise cancellation is an imperfect science and, as of yet, it's not able to block out all the sounds in a given environment. That said, with each iteration, the best noise-canceling headphones increase how much sound they can block, especially at higher frequencies, which are generally the hardest to cancel. The better the noise cancellation, the more frequencies are blocked, and the more noise your headphones can reduce.
Which brands offer the best noise-canceling performance?
In the consumer headphones market, Bose and Sony are known for delivering top-notch noise-canceling performance. Though high-end models from both brands are nearly neck-and-neck, we give a slight edge to Bose.
Other solid brands include Soundcore, Sennheiser, JBL, Master and Dynamic, and Bowers and Wilkins. And though its models don't quite make this guide, Apple is also a notable option with its AirPods Pro earbuds and AirPods Max over-ear headphones. Check out our guide to the best Apple AirPods to learn more about the company's headphones.
Are over-ear headphones better than earbuds for noise canceling?
While the gap between over-ear headphones and earbuds was once more prominent, today's top noise-canceling earbuds are close to or on par with the best over-ear headphones with ANC. Both types offer good passive noise isolation, and both use a mix of advanced hardware and software, including multiple microphones. While it varies case by case, you can now get very effective noise canceling in either over-ear headphones or earbuds.
What is transparency mode?
Transparency mode, also called ambient audio (or sometimes hear-thru), is essentially the opposite of noise canceling. Using the same exterior microphones, instead of canceling the sound around you, transparency mode pipes ambient sound into your headphones in an effort to keep you aware of your surroundings. Transparency modes on most headphones can be easily toggled on and off, so you can go from listening to music with ANC to letting outside sound in. This is not only a great safety feature, but it can also be helpful for situations like flights or other forms of mass transit where you need to communicate quickly.
What is Bluetooth wireless connectivity?
Bluetooth is a wireless technology that allows for an exchange of data, for our purposes in the form of audio, across short distances. Most Bluetooth devices offer a range of around 33 feet, though some, such as Class 1 Bluetooth devices, can travel 100 feet or more. Improvements in Bluetooth over time have allowed for increased bandwidth and, among other things, higher sound quality that's more reliable. In general, having the latest Bluetooth version can mean speed, efficiency, and reliability improvements.
Best overall
Bose's QuietComfort Ultra headphones provide the best noise-cancelling performance we've tested.
Ryan Waniata/Insider
Bose has the current upper hand in the ongoing race for the best noise-cancelling headphones. The brand's QuietComfort Ultra provide class-leading audio suppression to go along with great features, a comfortable design, and the best sound we've heard from a pair of Bose headphones.
The Ultra ooze luxury from the moment you pull them from their zippered case. The headphones use sleek and durable materials like dimpled aluminum along the arms and band and plush padding coated in soft protein leather. The ear cups are foldable and fully collapsible, making the headphones easy to pack for travel. Battery life is solid at 24 hours, though we would have liked to see a bit more, given the Ultra's price point.
As for performance, the Ultra's noise cancelling is supremely powerful, edging out everything we've tested. It's fantastic at silencing low-end sounds like fans or street noise but also effective for higher frequencies, wholly eliminating sounds like keystrokes and muffling voice chatter, even without music playing. And when you do want to let in outside noise, the Ultra's Transparency mode is among the most natural sounding we've heard.
The Ultra's sound quality is also a step up for the series. Music comes through with deft precision, detail, and balance across genres, especially after bumping down the bass a notch or two with the Bose Music app's three-band EQ. As with other Bose headphones, instrumentals can sometimes sound slightly sharp and overly processed, but it's toned down here for an overall pleasing presentation. Calls come through with crystal clarity as well.
The headphones also boast Bose's new spatial audio feature, which includes head tracking that can move the soundstage with you independent of your source device. We had mixed results with this, as the feature can sometimes create an echo effect, especially with video content. The headphones are otherwise well-appointed, with features like Multipoint Bluetooth to connect two devices simultaneously, customizable noise-cancelling modes, and a wind buffering setting.
As for controls, the Ultra's mix of hard keys and a volume slider touchpad work well. We would have liked to see a dedicated key for noise cancelling and transparency mode, but that's a minor complaint. Even with a price that goes beyond any pair of QuietComfort headphones before them, the Ultra are a worthy investment, offering a premium experience and noise cancelling that can't be beaten.
Best budget
The Soundcore Q30 are the best noise-cancelling headphones you can buy on a budget.
Walmart
Thanks to the latest advancements in noise-cancelling technology, you don't have to spend a ton of money to get some decent peace and quiet. Anker's Soundcore Life Q30 are a great example, and at well under $100, they're a relatively easy investment.
The Q30's noise cancelling ranks among the best for their price point, doing an especially good job in the lower registers. It's certainly not as effective as the pricier models on our list, especially in the upper frequencies, but the Q30's ear cups also offer solid passive noise isolation, which helps to defray some of the ambient annoyances in your life.
Anker's Soundcore headphones consistently punch above their weight when it comes to audio performance, and the Q30s hold their own in this department, especially after a few tweaks to their hefty bass in the Soundcore mobile app for Android or iOS. There you can also customize other settings, swap between three noise-cancelling modes, and engage the available sleep mode to activate ambient sounds as you drift off on your commute.
The Q30s fit comfortably thanks to their solid padding and collapse for travel. Convenience features like Multipoint Bluetooth pairing and the ability to activate transparency mode by holding your hand on the right ear cup recall fancier models that cost double or triple the price, while their massive battery life is among the best you'll find.
If you're after a solid pair of noise-cancelling headphones but simply can't stomach the high prices of other top models, Anker's Soundcore Q30 are a very enticing option.
Best sounding
Sennheiser's Momentum 4 headphones are the pair to get if you favor sound quality over noise-cancelling performance.
Amazon
Sennheiser's Momentum 4 Wireless headphones don't have the best or even the second-best noise-cancelling performance on our list. That's OK, though, because once you hear them, you may not care. If you're an audiophile, the great sound quality you get here could be a more than acceptable tradeoff.
It took Sennheiser three years to update its storied Momentum headphones, doing away with the retro styling that had defined the series up to now. But it was worth the wait and the redesign. The Momentum 4s deliver audio performance that rises above everything we've heard in their class, offering effortless presence, detail, and separation that lets you dig deep into each instrument's timbres and textures with remarkable clarity.
The Momentum 4s are no slouches in the features department, either, starting with battery life that's double what you'll get from options like Sony's WF-1000XM5. You'll also get features like Multipoint pairing, the ability to adjust noise cancelling and transparency mode based on your environment, a three-band EQ, and great wind buffering that also aids in call quality.
As mentioned, the Momentum 4s' noise cancelling is good-not-great for headphones at their price point. They do a swell job with lower frequencies but let higher register noises like voices slip through more easily than the very best noise-cancelling headphones. Add a bit of music, and that shouldn't be much of an issue in most scenarios, but it's worth considering before you pull the trigger.
Although the headphones are quite comfortable, they're also heavier than some competitors, and they don't fold up completely, making them slightly harder to pack. That said, if sound is your compass, the Momentum 4s are well worth considering, offering a lush sonic experience.
Best features
The WH-1000XM5 headphones are packed with features and are a great alternative to our top pick, the Bose QuietComfort Ultra, if you prefer the Sony brand.
Antonio Villas-Boas/Insider
Sitting nearly even with Bose's QuietComfort Ultra when it comes to top-notch noise cancelling, Sony's WH-1000XM5 headphones are an excellent alternative and may even be a better option for some. The M5 (as in Mark 5) may not have the catchiest name, but they make up for it with a formidable mix of brilliant performance and a truckload of great features.
Sony wrote the book on modern headphone design with its WH-1000X series, putting you in the driver's seat for a dizzying array of options. It all starts with the brand's powerful Headphones app letting you control your noise cancelation in multiple ways, including an option based on your environment. You can silence audio with your voice or let in the outside world with a simple hand gesture on the right ear cup. Alexa is available for smart control, and customization of Sony's 360 Reality Audio lets you unlock spatial sound with supported content.
Features aside, the XM5s are as polished as you'd expect a flagship pair of headphones from a market leader to be. Their touch controls are intuitive and responsive. Their noise cancelling is incredibly effective across registers. Sound quality is sweet, smooth, and superbly detailed to the point that you'll likely hear things you've missed in multiple previous listens. Their streamlined design and memory foam padding also make them comfortable for hours (though Bose's Ultras are even comfier).
The only noteworthy issue we take with Sony's latest design is that, unlike the Bose Ultra and Sony's cheaper WH-1000XM4, the M5s don't collapse for travel, making them harder to pack. Frankly, the most convincing argument against these cans is made by Sony's cheaper M4 headphones, which offer a lot of what makes the M5s great for less cash. But if you want Sony's best and all the features that come along, the WH-1000XM5s are a great buy.
Sony's WF-1000XM5 earbuds use an in-ear design and deliver a compact solution for buyers who want noise-cancelling headphones.
Ryan Waniata/Business Insider
The WF-1000XM5 are our pick for the best wireless earbuds you can buy. They pack what we love about Sony's top-tier over-ear headphones into a micro-sized frame with an in-ear design, offering tons of features, great sound, and excellent noise cancelling in a sleek design that fits neatly in your pocket.
Even for earbuds, the WF-1000XM5 are remarkably small for their class, especially compared to their predecessors, the WF-1000XM4, and top rivals like Bose's QuietComfort II and Ultra buds. Their size is all the more impressive given their exceptional battery life and performance, with noise cancelling that knocks out low-end frequencies and effectively muffles high-register sounds like voices and clattering dishes.
Like their full-sized cousins, the WF-1000XM5 are also packed with features. Opening the Sony Headphones app, you'll find settings to adjust everything from ambient sound and noise cancelling to Multipoint pairing, speak-to-chat (pausing sound when you speak), head gesture controls, and a multi-band EQ.
Sound performance is crisp, punchy, and accurate across genres, with a penchant for instrumental definition. You can raise the sound quality further by activating Sony's DSEE Extreme audio upscaling engine, while supported Android devices can access high-resolution Bluetooth streaming with Sony's LDAC audio technology. The buds also provide good call quality thanks to bone conduction sensors.
With the XM5s, Sony has also improved the physical design of its top earbuds thanks to a more stable and secure fit to go along with basic water resistance for versatile use cases. One complaint about the redesign: these things are slippery, making it challenging to grip or nudge them out of the case. They're also quite expensive, but their fantastic performance and packed set of features make them an excellent option for anyone who wants a compact pair of noise-cancelling earbuds.
How we test noise-cancelling headphones
Antonio Villas-Boas/Insider
When testing headphones for consideration in our guide to the best noise-cancelling headphones, we use them as we would in our daily lives to get a sense of how they'll perform for a typical listener. That includes evaluating features like ease of setup with different source devices, comfort, battery life, and general usability. We assess sound quality by listening to music across multiple genres from the best music streaming services as well as in high resolution. We also play videos and listen to them with each model to test features like spatial audio and head tracking with stereo and Dolby Atmos content.
To evaluate noise cancelling and transparency mode, we conduct real-world testing in natural environments and, whenever possible, in situations like plane flights or train commutes. We also incorporate a sound-treated room and professional stereo monitors to reproduce sounds like airplane noise, voices, and other effects. Battery testing includes putting the headphones on a stopwatch at medium volume to make sure they live up to their manufacturer's claims or come close.
Noise-cancelling headphones FAQs
Antonio Villas-Boas/Insider
What is noise cancelling?
Noise cancellation, also known as Active Noise Cancellation (ANC) or Adaptive Noise Cancellation, is a technology designed to suppress sounds in your immediate environment. Noise-cancelling headphones are outfitted with tiny microphones which pick up ambient sounds. They then use onboard circuitry to analyze those sounds in real time, flipping the polarity of the frequencies (essentially reversing their waveforms) to "cancel" them.
Noise cancellation is an imperfect science and, as of yet, it's not able to block out all of the sounds in a given environment. That said, with each iteration, the best noise-cancelling headphones and earbuds increase how much sound they can block, especially at higher frequencies which are generally the hardest to cancel. The better the noise cancellation, the more frequencies are blocked, and the more noise your headphones can reduce.
Are over-ear headphones better than earbuds for noise cancelling?
While the gap between over-ear headphones and earbuds was once more prominent, today's top noise-cancelling earbuds are close to or on par with the best over-ear headphones with ANC. Both types offer good passive noise isolation, and both also use a mix of advanced hardware and software, including multiple microphones. While it varies case by case, you can now get very effective noise cancelling in either over-ear headphones or earbuds.
What is transparency mode?
Transparency mode, also called ambient audio (or sometimes hear-thru), is essentially the opposite of noise cancelling. Using the same exterior microphones, instead of cancelling the sound around you, transparency mode pipes ambient sound into your headphones in an effort to keep you aware of your surroundings. Transparency modes on most headphones can be easily toggled on and off so you can go from listening to music with ANC to letting outside sound in. This is not only a great safety feature, but it can also be helpful for situations like flights or other forms of mass transit where you need to communicate quickly.
What is Bluetooth wireless connectivity?
Bluetooth is a wireless technology that allows for an exchange of data, for our purposes in the form of audio, across short distances. Most Bluetooth devices offer a range of around 33 feet, though some, such as Class 1 Bluetooth devices, can travel 100 feet or more. Improvements in Bluetooth over time have allowed for increased bandwidth and, among other things, higher sound quality that's more reliable. In general, having the latest Bluetooth version can mean speed, efficiency, and reliability improvements.
South Korea's 24-hour Yonhapnews TV shows a file image of North Korea's missile launch during an April 22, 2024 news program on a TV at Yongsan Railroad Station in Seoul.
Kim Jae-Hwan/SOPA Images/LightRocket via Getty Images
Tensions are high between North and South Korea, and it could erupt into a crisis sooner than later.
North Korea is expected to provoke conflict before the 2024 US election in November.
It could drag the US into a clash on the peninsula, an expert says.
Tensions are flaring between North Korea and South Korea, and it could lead to conflict sooner rather than later.
While there's no indication full-scale war is coming, a provocation from North Korea — heightened in a South Korean and US election year — could prompt retaliation from South Korea's hawkish president, an expert says.
"The real nature of any forthcoming North Korean crisis is difficult to predict," Sue Mi Terry, senior fellow for Korea studies with the Council on Foreign Relations, wrote in an article for Foreign Affairs last week. "Nonlethal provocations," like cyberattacks against government and defense institutions, should be expected at the minimum.
But on the other end of the spectrum, North Korea could conduct more testing for its Hwasong-18 solid-fuel intercontinental ballistic missile or even a tactical nuclear weapons test, or even go beyond "saber-rattling," as Terry described, launching "an actual, if limited, military attack against South Korea," not unlike incidents in 2010 when North Korea shelled Yeonpyeong and sank a South Korean naval vessel, killing 46 crew members.
North Korea has many reasons to provoke. It could be to seize international attention and fear for negotiating leverage or to drive a wedge in the US-South Korea alliance; some provocations seem to be in defiance to US-South Korean military exercises, for example.
If such a clash between North Korea and South Korea occurred, it could quickly spiral into wider conflict. South Korea's current president, Yoon Suk-yeol, has taken a tougher stance on North Korea since his election two years ago, strengthening ties with the US and Japan much to Pyongyang's disapproval.
Yoon is, as Terry wrote, "an avowed hawk and has promised to respond forcefully to any North Korean attack." What that looks like remains unclear, but it sets the stage for growing pressure.
A TV showing North Korea's firing of a Hwasong-18 solid-fuel intercontinental ballistic missile (ICBM) on December 19, 2023.
SOPA Images via Getty Images
A notable shift came earlier this year, when North Korea declared South Korea "our principal enemy" and threatened to "thoroughly annihilate" it along with the US if provoked. While these may just seem like fighting words, North Korean leader Kim Jong-un conducted a major shift in the background, removing any goal of unification between the two Koreas from the government's policies.
This included the very public demolition of the Monument to the Three Charters for National Reunification, built by Kim's father Kim Jong-il as a symbol of peaceful Korean reunification. Government offices, documents, websites, and plans for reunification also went dark. The move was alarming and likely partially influenced by the Yoon administration's harder stance against North Korea than South Korea's previous president, Moon Jae-in.
Those larger issues are at play during an especially fraught time: a major election year for the US. South Korea also held legislative elections in April, which saw Yoon's party lose seats after his domestic policies have often faced strong opposition.
Military members salute during a military demonstration involving tank units in North Korea.
KCNA via Reuters
On the Center for Strategic and International Studies' Capital Cable episode focusing on the future of North Korean policy, Terry talked about a potential provocation coming before the 2024 US election, referencing CSIS research from earlier this year that found that North Korea stages more than four times as many weapons tests in US election years than other years.
Commentary on the analysis by Victor Cha, the senior vice president for Asia and the Korea chair at CSIS, and Andy Lim, an associate fellow with the CSIS Korea chair, noted that "North Korea exhibits a tendency to ramp up provocations during U.S. election years. While diplomacy could stave off some of the violence, Kim Jong-un has rejected all calls from the Biden administration to meet. Instead, the regime has more than doubled the number of tests since 2021, compared to under the previous U.S. administration."
This election, shaping up for a rematch between current president Joe Biden and former president Donald Trump, could be notable for North Korea, but that doesn't mean it's the only thing Kim is thinking about.
North Korean leader Kim Jong Un at a launch ceremony for a new "tactical nuclear attack submarine" in early September 2023.
KCNA via REUTERS
Times are quite different from four years ago. Since talks at Hanoi with Trump failed in 2019, and the COVID-19 pandemic further isolated the so-called Hermit Kingdom, Kim has taken a large step back from engagement with the US, instead turning towards the country's "more traditional" allies, Russia and China.
Allison Hooker, a former deputy assistant to the president and senior director for Asia on the National Security Council, said on CSIS' "The Capital Cable" show that there's a lot happening on the global stage for North Korea to exploit for its own gain, from the war in Ukraine, which North Korea has contributed weapons to Russia for, to China and Taiwan.
And there's a lot going on at home, too, from goals in missile and weapons tests to North Korea's nuclear program. Kim is hard at work in those areas, and Hooker noted Kim could be looking to reengage in foreign policy with the US and South Korea down the road.
"The point is to reengage from a position of great strength," she said.
But what's the math behind the bundle? There's $8 of discounts a month here, spread among three companies. Are all of them taking less than they normally do? Or is one company subsidizing the others?
Spoiler: I don't know. But I have heard two different theories of the case.
The first is the more obvious one: Netflix is a big, very popular service that many people have heard of. Peacock and Apple are much smaller. So Peacock and Apple would get more benefit from being in a bundle with Netflix, so they are more likely to discount their rates in order to make the bundle work.
I floated that one to Netflix co-CEO Ted Sarandos last week after his company's "upfront" presentation to ad buyers. He told me he wouldn't comment about any of the economics behind any of Netflix's deals. But, he added with a smile, he appreciated the logic behind my theory.
But then there's the second theory I've heard floated — that all three services benefit from the bundle, so everyone makes some kind of accommodation. Part of that theory is one you've heard before: Bundles are easier/more cost-effective to market, and they reduce "churn" — people dropping out of services each month, which is a huge problem for the streaming business.
But another part of that argument was new to me: That people who get streaming services by signing up via broadband companies like Comcast or Verizon are much less likely to stop and start their subscriptions. Which would make Netflix much more willing to take a discounted rate for this kind of bundle than it would be if it were part of a different bundle.
That's pretty intriguing, and it does make sense. Digital distributors like Apple have made it very easy for subscribers to turn their streaming subscriptions on and off. But if you're getting say, Disney+ at a discount via a Verizon promotion, it requires several steps to turn that off. Just as important — you're much more likely to forget you're paying for Disney+ at all, since its cost gets buried in a monthly Verizon bill you may never look at.
Is that true? Good question. Netflix, Comcast, and Apple all declined to comment about bundle economics. And it turns out that Antenna, the subscription-tracking service I often use to learn about this kind of thing, doesn't track subscriptions via wholesale deals like this.
But here's something that gives some credence to the notion: Documents from Apple, unearthed via 2021 court proceedings, about Netflix's decision to stop selling subscriptions via Apple's App Store in 2018. Netflix, according to Apple executives who were discussing the move, wasn't just motivated to stop selling because of the fee Apple takes for each subscriber — they were also concerned that customers they acquired that way were more likely to unsubscribe.
So maybe all streaming subscriptions aren't equal.
ResMed CDI (ASX: RMD) shares closed at $32.80 apiece on Tuesday, up 1.14% for the day.
The stock is up 29% in the year to date and up 55% since their 52-week low in October.
The sleep apnoea device maker has been in recovery mode after a slump in the stock price last year.
ResMed shares staging an impressive recovery
As the chart above shows, ResMed shares were sold off in the second half of last year.
The stock fell for two reasons. There was a general healthcare sector sell-off; and investors were feeling increasingly concerned that GLP-1 obesity drugs like Ozempic would reduce ResMed’s earnings.
They feared this because obesity is a common pre-cursor to sleep apnoea. So their thinking was if Ozempic eradicates obesity, ResMed may not sell as many sleep apnoea machines in the future.
The ASX 200 healthcare share took a real beating on those fears. Resmed shares hit a four-year low of $21.14 on 13 October.
Many brokers slapped buy ratings on ResMed shares following the sell-off, reasoning that the global sleep apnoea market was huge and not all patients had obesity, so investors’ fears were unfounded.
ResMed CEO Mick Farrell tried to reassure investors by telling them the company was proactively tracking the impact of Ozempic and GLP-1 medicines through internal modelling.
How will Ozempic impact ResMed’s earnings?
By October, Farrell was ready to quantify the impact. Ozempic and GLP-1s may cost the company 200 million people in terms of the total addressable market (TAM) for sleep apnoea products.
That sounds like a lot, but not really when you consider the TAM for sleep apnoea worldwide will be 1.2 billion by 2050 after taking into account the impact of GLP-1s, according to Farrell.
And with just 22.5 million people using ResMed CPAP machines, the available TAM remained enormous.
At the time, Farrell said they were not seeing any reduced use of ResMed products among patients using both GLP-1s for their obesity and ResMed devices for their sleep apnoea.
Then in January, Farrell revealed that further internal research showed a 10% increase in patients on GLP-1s buying sleep apnoea machines.
Not only that, but as patients on GLP-1s lost weight, they were not abandoning their CPAP devices, either.
This is why Blackwattle Investment Partners is happy to have ResMed shares as its top active position in the Large Cap Quality Fund today. And they reckon the share price has more room to run.
ResMed has turned GLP-1s into ‘an opportunity’
In an update released last week, Blackwattle Large Cap portfolio managers Ray David, Joseph Koh and David Meehan said ResMed had delivered a strong March quarterly update.
They said this had further alleviated investors’ concerns over the threat of GLP-1 drugs, commenting:
… ResMed has turned the GLP threat into an opportunity. Patient funnel flow into CPAP diagnosis is accelerating due to ResMed’s efforts to raise awareness of the combined benefits of GLP weight loss therapy with its CPAP products.
In addition, profitability is accelerating due easing freight inflation, and the transition to ResMed’s new Airsense 11 platform.
This platform is a meaningful step up from the previous CPAP platform, featuring increased connectivity functions such as personal therapy and care check-in settings which have been years in development.
ResMed shares still trading at ‘hefty discount’
The managers said that ResMed shares had rebounded strongly but still offered value today.
Even after the recent share price outperformance, ResMed’s forward PE of 24x is still at a hefty discount to the 10-year average.
We still consider this an attractive valuation relative to ASX Industrials given ResMed generates superior returns on capital, generates strong cashflow, and has tailwinds from an aging population and obesity rates, despite the birth of the GLP drug class.
We also believe the competitive landscape will be benign for some time as its likely to take years for Koninklijke Philips NV (NYSE: PHG) to build back trust given its high-profile recall.
Blackwattle describes ResMed as “one of the most innovative medical equipment providers globally”.
The managers say this innovation is being shown in the application of cloud connectivity with 25 million devices. This provides data to payers and helps facilitate resupply.
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Motley Fool contributor Bronwyn Allen 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 ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
