One of the leading brokers in Australia has forecast that the Pilbara Minerals Ltd (ASX: PLS) share price will fall more than 30% over the next 12 months.
This negative outlook comes after the ASX lithium share‘s valuation recently recovered some of its losses, rising 13% in the past two months, as the chart below shows.
However, UBS believes the ASX mining share is priced too highly in the current environment.
Negative Pilbara Minerals share price target
A price target is where a broker thinks the share price will be in 12 months from the date of the broker’s note.
UBS’ price target, given in April, on the ASX lithium share is just $2.70. That implies a possible fall of 35% over the next year, which would be a substantial decline.
The broker only expects Pilbara Minerals to generate net profit after tax (NPAT) of $353 million in FY24 and $366 million in FY25, compared to the $2.39 billion NPAT it generated in FY23.
UBS also suggested the business will see negative free cash flow in FY24 and FY25 as the company invests heavily in initiatives to lift production, including the P1000 project.
Why is the broker pessimistic?
UBS believes the current Pilbara Minerals share price implies a lithium price far above the current spot price and the longer-term forecast.
The broker’s estimate for spodumene concentrate for FY25 is US$1,125 per tonne and believes the market is pricing in around US$1,710 per tonne. UBS’ long-term lithium price forecast from 2030 is US$1,400 per tonne. Therefore, UBS is implying there is a disconnect between Pilbara Minerals’ actual profit potential and how much profit the market is implying the miner can generate.
However, the broker noted the ASX lithium share is on track to reach the high end of its FY24 guidance of between 660kt and 690kt, and that the miner “continues to execute well on production and growth plans.”
UBS believes Pilbara Minerals’ balance sheet is “still strong and a competitive strength”, though the cash balance is declining. The broker expects the cash balance to finish FY25 at $1.25 billion, down from $1.78 billion at 31 March 2024.
Pilbara Minerals share price valuation snapshot
According to UBS’ forecasts, the ASX lithium share is priced at more than 34x FY25’s estimated earnings at its current level. The valuation then improves to 23x FY26’s estimated earnings, which is still quite high for a large miner.
Should you invest $1,000 in Pilbara Minerals Limited right now?
Before you buy Pilbara Minerals 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 Pilbara Minerals 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 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 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.
TechnologyOne Ltd (ASX: TNE) shares were in fine form on Tuesday.
The ASX 200 tech stock ended the day almost 5% higher at $16.75.
Investors were fighting to get hold of the company’s shares following the release of its half year results.
In case you missed it, TechnologyOne reported a 16% increase in revenue to $244.8 million, a 21% lift in annual recurring revenue (ARR) to $423.6 million, and a 17% jump in profit before tax to $61.5 million.
This went down well with the market and put a rocket under its shares. But is it now too late to invest? Let’s find out.
Can this ASX 200 tech stock keep rising?
The team at Bell Potter was impressed with this result. It commented:
1HFY24 revenue excluding interest grew 15% to $241.0m and was 1% above our top-of-the-market forecast of $238.1m. PBT grew 17% to $61.5m but was close to in line with our forecast of $61.2m as the beat at revenue was effectively offset by a lower PBT margin of 25.1% versus our forecast of 25.5%.
But the real highlight was management’s guidance upgrade. The broker explains:
The positive surprise of the result was the full year guidance of 12-16% PBT growth whereas Technology One historically has typically provided guidance of 10-15% growth. The company also said the full year PBT margin would increase by c.100bps which suggests a figure of 30.7%.
In light of this, its analysts believe there’s still room for TechnologyOne’s shares to keep rising from current levels.
According to the note, the broker has reaffirmed its buy rating with an improved price target of $19.00 (from $18.50).
Based on its current share price, this implies potential upside of just over 13% for investors over the next 12 months. And if you include dividends, the total potential return stretches to almost 15%.
Commenting on its bullish view on the ASX 200 tech stock, the broker concludes:
We have increased the multiples we apply in the PE ratio and EV/EBITDA from 42.5x and 22.5x to 45x and 23.75x given an increase in the average multiple of the comps and the likelihood that Technology One will beat its FY24 guidance. There is, however, no change in the WACC of 9.1% we apply in the DCF. The net result is a 3% increase in our PT to $19.00 which is a 13% premium to the share price and we maintain our BUY recommendation.
Should you invest $1,000 in Technology One Limited right now?
Before you buy Technology One 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 Technology One 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 positions in Technology One. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Technology One. The Motley Fool Australia has recommended Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Telstra Group Ltd (ASX: TLS) share price was under pressure on Tuesday.
So much so, the telco giant’s shares ended the day almost 3% lower at a new multi-year low of $3.57.
Why did the Telstra share price tumble?
Investors were hitting the sell button after the company released an update on its earnings guidance for FY 2024 and introduced its guidance for next year.
In respect to the former, the broker has reaffirmed its guidance for FY 2024. It continues to expect underlying EBITDA in the range to $8.2 billion to $8.3 billion.
And looking to FY 2025, Telstra has advised that it is expecting its underlying EBITDA to increase to $8.4 billion to $8.7 billion. A key driver of this growth will be a $350 million cost reduction plan.
Broker reaction
Goldman Sachs has been running the rule over the update and has seen positives and negatives.
Let’s start with the negatives. The main one relates to the company’s decision to pull back on its inflation-linked price increases. It said:
Key negatives: (1) Removal of CPI linked-pricing mechanism is a negative for industry rationality in mobiles, with Telstra no longer clearly signaling its intent to lead market pricing higher each year (albeit, we do acknowledge Optus has not followed this lead in recent years); (2) It removes the contracted expectation from TLS customers that their mobile pricing will increase each year; (3) Although not having a CPI link provides the theoretical potential to do greater price rises, we believe in practice this is extremely unlikely; (4) We believe TLS mobile pricing decision in FY25 will now be significantly impacted by Optus pricing decisions- but unless announced around the FY24 result on 23rd May, we believe this is unlikely until after the new CEO commences in November; (5) Given franking constraints on our revised EBITDA estimate, alongside announced restructuring costs, we lower our FY25 dividend to 18.5c (from 19c).
There are positives, though. For example, Goldman Sachs highlights that the cost reductions are better than it was expecting. It said:
Key positives: (1) The 2/3 reduction in NAS products and the 10% headcount reduction are more significant than we had expected, benefiting both FY25 & FY26 earnings (c.$225mn/c.$100mn incremental earnings), allowing the mid-point of TLS EBITDA guidance to be broadly in-line with expectations, despite the deferred price rise; (2) The announced restructure should support a more favorable EBA outcome, ahead of the current deal expiring Sept-24; (3) 2H24 mobile sub growth of c.4% remains strong and ahead of GSe, suggesting limited competitive impacts.
Is this a buying opportunity?
The sum of the above has been the broker trimming its valuation for the Telstra share price to $4.25 (from $4.55) but retaining its buy recommendation.
Based on its current share price, this implies potential upside of 19% for investors over the next 12 months. It commented:
Overall we revise TLS FY24-26 EBITDA -1% and EPS by -1% to -3%, reflecting the revised mobile outlook and broader restructure. Our 12m TP is -7% to A$4.25, given earnings and reduction in mobile EBITDA multiple to 6.0X (was 6.5X) on increased mobile uncertainty. Buy.
It has also reduced its dividend forecast for next year. It now expects 18 cents per share this year and then 18.5 cents per share in FY 2025.
Should you invest $1,000 in Telstra Corporation Limited right now?
Before you buy Telstra Corporation 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 Telstra Corporation 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 positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Accent Group is a retailer and distributor of performance and lifestyle footwear.
Across its growing brand portfolio, it has over 800 stores in Australia and New Zealand and multiple online stores. These brands include HypeDC, Sneaker Lab, Platypus, Stylerunner, Subtype, and The Athlete’s Foot. It also owns the Nude Lucy and Glue Store brands.
Bell Potter thinks that it could be a good ASX share to buy right now. Particularly given how its shares are down 21% over the past 12 months. The broker feels this has left its shares trading at a very attractive level. It has put a buy rating and $2.50 price target on them.
This share price weakness also means that the potential dividend yields on offer with its shares have now ballooned. Bell Potter is forecasting fully franked dividends per share of 13 cents in FY 2024 and then 14.6 cents in FY 2025. Based on the latest Accent share price of $1.80, this represents dividend yields of 7.2% and 8.1%, respectively.
This means that a $10,000 investment would result in dividends of approximately $720 and then $810 if Bell Potter is on the money with its recommendation.
Another ASX share that could provide big dividend yields is APA Group. It is an energy infrastructure business that owns, manages, and operates a diverse portfolio of assets. This includes gas transmission, gas storage and processing, and gas-fired and renewable energy power generation businesses located across Australia.
Macquarie is a fan of the company and believes its long run of dividend increases can continue. The broker currently has an outperform rating and $9.40 price target on its shares.
As for income, the broker is forecasting dividends per share of 56 cents in FY 2024 and 57.5 cents in FY 2025. Based on the current APA Group share price of $8.72, this equates to 6.4% and 6.6% dividend yields, respectively.
If Macquarie’s estimates prove accurate, this would mean that a $10,000 investment results in dividends of approximately $640 and then $660.
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 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 Macquarie Group. The Motley Fool Australia has positions in and has recommended Apa Group and Macquarie Group. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Smoke rises after Israeli airstrikes in eastern Rafah, Gaza, on May 7, 2024.
Anadolu via Getty Images
An Egyptian spy ruined a potential cease-fire deal between Israel and Hamas.
The intelligence official added more of Hamas' demands after Israel had already agreed to the deal, CNN reports.
Israel, the US, and Qatar were reportedly blindsided by the secret changes.
An Egyptian spy torpedoed a potential cease-fire deal between Israel and Hamas earlier this month by secretly changing its terms before handing it between the warring sides, CNN reports.
The intelligence official, Ahmed Abdel Khalek, changed the deal after Israel had already agreed to it by adding in more of Hamas' demands to the framework to clinch their approval, according to the report.
Abdel Khalek works for Abbas Kamel, according to CNN, who is the head of Egypt's general intelligence service.
One of the biggest points of contention in the deal was a call for "sustainable calm" to be reached in its second phase, according to CNN. Israel is opposed to discussing an end to the war until Hamas is defeated and all of its hostages are freed, the outlet reports.
If it had been passed, the deal could have seen the release of some Israeli hostages and Palestinian prisoners and temporarily paused combat. US officials have pushed for a temporary cease-fire in the hopes that a stop to the fighting could open the possibility to a more lasting peace.
Officials involved in the talks from Qatar, the US, and Israel were blindsided and angered by the spy's secret changes, according to CNN.
Neither the CIA nor the State Department immediately responded to Business Insider's requests for comment.
Hamas announced it had agreed to the deal on May 6, which Qatar and Egypt helped negotiate. At the time, an anonymous Israeli official told Reuters the announcement was a "ruse intended to make Israel look like the side refusing a deal."
The scuttled cease-fire also dashes a priority for US President Joe Biden. Biden is locked in a tight race with rival Donald Trump, but the Democrat is facing a revolt from left-wing voters who accuse him of supporting the killing of Palestinian civilians in Gaza by sending Israel weaponry.
Then-Merck CEO Kenneth Frazier listens at right as then-President Donald Trump speaks during a meeting with manufacturing executives at the White House on February 23, 2017. Frazier resigned from Trump's manufacturing council following then-president's remarks regarding the August 2017 Unite the Right rally.
AP Photo/Evan Vucci
Donald Trump's presidency began with business leaders eager to help him in building up the economy.
Many business leaders praised his tax overhaul, which lowered the corporate tax rate.
But after the 2017 Unite the Right rally, Trump was widely criticized for his response to the violent event.
When Donald Trump first ran for the presidency, he pledged to run the United States like a business.
"If we could run our country the way I've run my company, we would have a country that you would be so proud of," he said during an October 2016 debate with his then-opponent, former Secretary of State Hillary Clinton.
After Trump was elected to the White House, he brought along key figures like financier and film producer Steve Mnuchin, who became his Treasury secretary; onetime Goldman Sachs president Gary Cohn, who became the director of the National Economic Council; and businessman Wilbur Ross, who served as Commerce secretary.
Leaning in to his pro-business ideology, Trump worked to cut regulations across the federal government and signed into law his signature $1.5 trillion tax plan that Republicans were able to muscle through Congress as the majority party. The plan, which was opposed by congressional Democrats, was the broadest overhaul of the tax code in decades.
For much of the business community, the law, which slashed the corporate tax rate from 35% to 21%, was a long-awaited achievement.
But Trump's presidency also featured some high-profile clashes that, over time, caused him to become a polarizing figure among leaders who often agreed with him on many policy issues. As Trump touts his past stewardship of the economy ahead of November, here's a look at his relationship with the business community during his first term:
One of their own
Decades before Trump went into national politics, he rose to national prominence as a wealthy real estate developer and businessman. As a presidential candidate, Trump's background was unique in that he had neither served as a governor or as a member of Congress, nor did he have a military background.
But in a presidential year when many GOP voters were looking for a change agent, his business background gave him a major boost as a political outsider.
For many in the business world, Trump was essentially one of their own. His relationship with top corporate leaders started off on a high note, especially after he hosted a dozen chief executives (which included Tesla founder Elon Musk) at the White House during his first week in office, where he emphasized his desire to enact tax cuts.
However, Trump's relationships with many of these leaders disintegrated in the aftermath of the August 2017 Unite the Right rally in Charlottesville, Va., where white nationalist groups unleashed a wave of violence. Heather Heyer, a 32-year-old woman who was assembled with a crowd of counter-protesters in downtown Charlottesville, was killed after a white supremacist drove into the group.
Trump, days after the incident, sought to highlight that some attendees were protesting the removal of a Confederate statue and weren't in Charlottesville to cause trouble, but the remarks backfired spectacularly.
Trump's plans for a broad infrastructure bill never came together, even when the GOP had full control of Congress during his first two years in office.
AP Photo/Andrew Harnik
"You had some very bad people in that group, but you also had people that were very fine people, on both sides," he said. "I've condemned neo-Nazis. I've condemned many different groups. But not all of those people were neo-Nazis, believe me. Not all of those people were white supremacists by any stretch."
After the comments, Kenneth Frazier, then the chief executive of Merck, stepped down from Trump's manufacturing council.
"America's leaders must honor our fundamental values by clearly rejecting expressions of hatred, bigotry, and group supremacy, which run counter to the American ideal that all people are created equal," he said at the time.
Under Armour's Kevin Plank, 3M's Inge Thulin, and Intel's Brian Krzanich, among others, resigned as well.
Trump then abruptly disbanded the American Manufacturing Council and the Strategic and Policy Forum.
The infrastructure plot
Trump in July 2017 signed an executive order for the creation of an infrastructure advisory council, similar to his other councils, but he eventually nixed it.
The inaction regarding the infrastructure council mirrored Trump's eventual inaction in advancing a comprehensive infrastructure plan, despite his contention that he would rebuild America's roads and bridges, especially in the hard-hit Rust Belt communities that were struggling to recover from factory closures and declining tax bases.
Even the promise of an "Infrastructure Week" became a long-running punchline. Trump put forward plans to spend between $1 trillion and $1.5 trillion on infrastructure in both 2017 and 2018.
But he became sidetracked whenever he sought to lay out a plan.
During a Rose Garden event in June 2017, Trump accused the former FBI director Jim Comey of lying under oath before Congress — taking him away from his intended focus on infrastructure. In August 2017, a Trump Tower event meant to provide updates about Trump's infrastructure plan became dominated by his response to the violence in Charlottesville. And in February 2018, Trump's infrastructure proposal took a back seat amid accusations of misconduct by two close aides.
Trump's plans to repair the nation's bridges, ports, and railways didn't move forward in 2018 — even though the GOP had full control of Congress until January 2019.
"We have a very important election coming up, and they don't like the wins we've been getting," Trump said in 2018, seeking to shift blame on the infrastructure inaction to Democrats.
Even after the 2018 midterms — when Democrats retook the House but Republicans retained control of the Senate — Trump never got a major infrastructure plan through Congress.
That task became a rallying call for his successor, President Joe Biden, who in November 2021 signed into law a landmark $1 trillion infrastructure bill, which funded everything from port upgrades and Amtrak grants to critical bridge repairs and high-speed broadband.
But after the election, Trump invited a broad array of tech leaders to Trump Tower and expressed a desire to work with them on innovation. During the December 2016 meeting, the group spoke about job creation, trade, and infrastructure, according to Trump's then-transition team.
Trump and Apple chief executive Tim Cook at the White House on March 6, 2019.
In June 2016, Trump met with top tech executives including Apple's Tim Cook and Amazon's Jeff Bezos to devise a solution for overhauling the federal government's information technology systems. But the meeting came as many leaders remained staunchly opposed to Trump withdrawing the US from the Paris climate accord earlier that month. (Biden rejoined the agreement in January 2021.)
Cook at the time told Apple employees that he tried to convince Trump to remain in the accord, but said his appeal "wasn't enough."
In 2020, several tech leaders — including Cook — were critical of Trump's visa restrictions that would impact highly-skilled foreign workers in the industry. The Trump administration at the time said the move was made to afford positions to American workers during the pandemic.
"Like Apple, this nation of immigrants has always found strength in our diversity, and hope in the enduring promise of the American Dream," the executive added.
Ahead of the November election, Trump is looking to Silicon Valley — where Biden has considerable support — as he looks to erase a sizable financial gap with his Democratic rival.
Generating passive income is a key goal for many modern investors. ‘But, where to start?’, you may ask.
One effective strategy for building a passive income stream is to invest in a portfolio of Australian shares on the ASX. Here, you can buy interests in a wide array of quality companies that return cash to their shareholders in the form of dividends.
With this in mind, here’s how I’d aim to transform $10,000 in savings into $526 in monthly passive income.
Which ASX shares to buy?
The first strategy I’d adopt in my quest to build long-term passive income is to focus on the ASX 200 index.
Sure, plenty of investors prefer to choose their own mix of individual dividend-paying stocks. But I’m attracted to the simplicity, diversification, and cost-effectiveness of investing in Australia’s largest stock indexes. These generally offer stable returns and plenty of diversification, providing reliable growth over time.
The ASX 200 represents the largest companies on the ASX and, in my opinion, offers a good balance of risk and return.
Why the ASX 200 for passive income?
The Australian share market has historically delivered consistent returns. Since 2014, the ASX 200 index has seen average returns of around 8% per annum, including dividends.
Investors can essentially ‘buy’ exposure to the overall ASX 200 through the purchase of an index-tracking exchange-traded fund (ETF). This requires little effort to achieve the market’s average returns. And, as they say: ‘If you can’t beat them, join them!’.
The iShares Core S&P/ASX 200 ETF (ASX: IOZ) is one such ETF.
Since its inception in December 2010, the fund has delivered an average annual return of 7.98%. The ETF has also grown its annual dividend from 95.12 cents per share in 2014 to $1.123 paid over the last 12 months â an 18% increase.
Based on the iShares Core S&P/ASX 200 ETF price of $31.72 at the time of writing, this equates to a trailing dividend yield of 3.54%, excluding franking credits.
A long horizon for growing passive income
The second ingredient I need for my passive income recipe is a long time frame. Let’s call this my investment horizon.
If the ASX 200 continues to produce an average return of 7% to 8% each year, the power of compounding will kick in â and it will really start to deliver over time.
With a $10,000 investment, assuming a 7.5% average annual return, the starting capital would be worth $180,442 after 40 years.
Assuming the IOZ ETF’s current dividend yield of 3.54% is maintained, this would then produce $6,388 in annual dividends or $532 in monthly passive income.
Foolish takeaway
With these two ingredients (and a sprinkling of patience!), a diversified portfolio of high-performing ASX stocks can lead to exceptional passive income over time. Just keep in mind that investing is always a long-term process and that past performance is no guarantee of future returns.
Should you invest $1,000 in Ishares Core S&p/asx 200 Etf right now?
Before you buy Ishares Core S&p/asx 200 Etf 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 Ishares Core S&p/asx 200 Etf 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 Zach Bristow 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.
On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and edged into the red. The benchmark index fell 0.15% to 7,851.7 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to rise
It looks set to be a better day for the Australian share market on Wednesday following a good session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.25% higher. On Wall Street, the Dow Jones rose 0.15%, the S&P 500 pushed 0.25% higher, and the Nasdaq climbed 0.2%.
Oil prices fall
It could be a subdued session for ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.9% to US$79.06 a barrel and the Brent crude oil price is down 1% to US$82.88 a barrel. This appears to have been driven by lower geopolitical risks.
Telstra remains a buy
The Telstra Group Ltd (ASX: TLS) share price hit a multi-year low on Tuesday after the telco giant released an update. The team at Goldman Sachs has been looking over the update and sees both positives and negatives. Ultimately, though, the broker has retained its buy rating with a reduced price target of $4.25. It said: “Overall we revise TLS FY24-26 EBITDA -1% and EPS by -1% to -3%, reflecting the revised mobile outlook and broader restructure. Our 12m TP is -7% to A$4.25, given earnings and reduction in mobile EBITDA multiple to 6.0X (was 6.5X) on increased mobile uncertainty.”
Gold price eases
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a soft session after the gold price eased overnight. According to CNBC, the spot gold price is down 0.4% to US$2,428.7 an ounce. A stronger US dollar weighed on the precious metal.
Webjet update
Webjet Ltd (ASX: WEB) shares will be in focus today when the travel agent releases its FY 2024 results. According to a note out of Goldman Sachs, its analysts are forecasting group total transaction value (TTV) of $5,635 million, revenue of $469 million, and underlying EBITDA of $190 million. The latter will be an increase of 40.7% year on year. The key driver of its growth is expected to be the WebBeds business. Goldman is forecasting segment TTV and EBITDA growth of 40% for FY 2024.
Should you invest $1,000 in Beach Energy Limited right now?
Before you buy Beach Energy 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 Beach Energy 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 positions in Woodside Energy Group. 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 positions in and has recommended Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
A Red Lobster in Stony Brook, NY was one of the stores to close in May 2024.
John Paraskevas/Newsday RM via Getty Images
Red Lobster fans clamored for sentimental items from the iconic chain, but they were out of luck.
The contents of each shuttered location were only auctioned off en masse, winner takes all.
The stockpile of equipment from 52 locations sold for between $10,000 and $35,000.
Red Lobster superfans were desperate to get their hands on sentimental items from the iconic restaurant chain before dozens of locations were laid to rest.
Some love the restaurant so much that they wanted to buy their favorite tables before they were gone, according to a liquidator who auctioned off everything inside the stores.
Then, on Monday, the company filed for Chapter 11 bankruptcy. Among the reasons: its iconic endless-shrimp promotion cost the chain millions.
With so many locations shuttering their doors, the equipment inside had to go somewhere, so Red Lobster hired TAGeX Brands, a liquidation company charged with auctioning off the entire contents of 52 locations.
One of the pieces of frying equipment being auctioned off.
TAGeX Brands/RestaurantEquipment.bid
But rather than sell off all those lobster tanks and fish fryers piecemeal, TAGeX held one auction for each location — winner takes all.
TAGeX's founder and CEO Neal Sherman told Business Insider that only two groups of people participated in the auctions: wholesalers of used equipment and restaurant operators.
But that left out the superfans who just wanted a piece of the pie for sentimental reasons, and Sherman said hundreds of them reached out to his company.
"They wanted the table where the first date was of their spouse, a table where their high school buddies would get together every year at, you know, the sentimental value, which often happens," Sherman told BI.
"And then we just kept trying to tell 'em, look, it's like a truckload of equipment. Do you really want that in your backyard?" Sherman added.
Some of the equipment included in one of the auctions.
TAGeX Brands/RestaurantEquipment.bid
Sherman said that even among the equipment wholesalers and restaurant operators, he was surprised by how much interest there was. Bidding wars even broke out, with each location getting between 12 and 25 unique bidders — much more than his company expected, Sherman said.
At the time the auctions closed, TAGeX's website showed that the entire contents of each location sold for between $10,000 and $35,000. That included everything from upright refrigerators and microwaves to fish tanks, furniture, and, in some cases, decor.
Winners didn't get any perishable items like food or leftover alcohol, or things like salt and pepper shakers, which Red Lobster redistributed to its still-operating locations, Sherman said.
Sherman said tens of thousands of people visited the auction website before it closed on May 16. The winning bidders only had one day to haul out their spoils from the now-dark locations.
"I knew that people really had a passion for Red Lobster. I didn't know it was this passionate," Sherman said. "The biscuits? I've never had them, but I got to go try some now. I was watching my weight, but I'm going to go try some."
Former Maryland Gov. Larry Hogan would be one of the few GOP senators that supports some abortion rights if he wins in November.
NBC/Getty Images
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.
