Stock Pick

  • Biden is lauding Kamala Harris, saying his VP ‘could be president of the United States’

    President Joe Biden and Vice President Kamala Harris viewing fireworks from the White House balcony during a 4th of July event.
    President Joe Biden and Vice President Kamala Harris viewing fireworks from the White House balcony during a 4th of July event.

    Samuel Corum/Getty Images

    • Biden is heaping praise on his deputy, Kamala Harris, even as calls for him to step aside grow.
    • "She's not only a great vice president, she could be president of the United States," he said.
    • Biden has not indicated that he plans to step aside and give up on the 2024 race.

    President Joe Biden is heaping praise on Vice President Kamala Harris, saying she "could be the president of the United States."

    Speaking at a National Association for the Advancement of Colored People (NAACP) event, he started by slamming former President Donald Trump for his claim that immigrants are "taking black jobs" during the presidential debate last month.

    "I know what a black job is. It's the vice president of the United States," he said.

    "Folks, because of you, I am president, and Kamala Harris is vice president," he said before adding: "And by the way, she's not only a great vice president, she could be president of the United States."

    This appeared to be a more articulate version of his praise for Harris at a press conference on July 11, during which he mixed up Harris and Trump's names.

    "Look, I wouldn't have picked Vice President Trump to be vice president if I didn't think she was not qualified to be vice president," Biden said during the press conference.

    To be sure, Biden has consistently maintained that he does not intend to drop out of the race, despite mounting pressure from Democratic lawmakers, donors, and political commentators to step aside in favor of a more viable candidate.

    In a recorded interview on Friday, Complex Networks' Speedy Morman asked Biden if he was committed to continue in the race.

    He responded: "Unless I get hit by a train, yeah."

    He is hanging on despite at least 20 House Democrats calling on him to quit.

    In a letter to House Democrats on July 8, he said: "I wouldn't be running again if I did not absolutely believe I was the best person to beat Donald Trump in 2024."

    However, an Ipsos poll conducted for ABC News and The Washington Post on July 11 showed that if Harris ran for the top job instead of Biden, she would have a two-percentage-point edge over former President Donald Trump.

    The poll surveyed 2,431 adults and found that Harris would have a lead over Trump of 49% to 47% among registered voters.

    In contrast, RealClearPolitics' polling averages show that Biden trails behind Trump in six key swing states.

    Biden's campaign manager has also said that if Biden quits, most of his campaign's sizable war chest will go to Harris.

    While Harris has backed Biden, she has been stepping up her game at events and appeared increasingly presidential after the debate.

    For instance, while Biden fumbled during the NATO summit speech, Harris was putting on a much stronger show while on a campaign trail in North Carolina.

    https://platform.twitter.com/widgets.js

    Her staff also changed her schedule after the June CNN debate, having her appear beside Biden for the Fourth of July fireworks and picnic at the White House, something she has not done before, per The New York Times.

    Representatives for the Biden-Harris campaign did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

    Read the original article on Business Insider

  • Trump is considering giving Jamie Dimon, who he once called a ‘highly overrated globalist,’ a prime Cabinet position

    Jamie Dimon testifying during a Senate Banking Committee hearing; Donald Trump at a campaign event in Las Vegas.
    "I have a lot of respect for Jamie Dimon," former President Donald Trump said in a recent interview with Bloomberg Businessweek.

    Win McNamee via Getty Images; David Becker via Getty Images

    • Donald Trump says Jamie Dimon "is somebody that I would consider" as Treasury Secretary.
    • Trump told Bloomberg Businessweek he has "a lot of respect" for the JPMorgan CEO.
    • Trump previously called Dimon a "highly overrated globalist" for supporting his GOP rival, Nikki Haley.

    It looks like Jamie Dimon could have a spot on former President Donald Trump's Cabinet if the GOP nominee wins this November.

    Trump was effusive in his praise for the JPMorgan chief in a Bloomberg Businessweek interview published Tuesday.

    "I have a lot of respect for Jamie Dimon," Trump told the outlet.

    "He is somebody that I would consider, sure," he added when asked if Dimon could be his next Treasury Secretary.

    The remarks are surprising, considering how scathing Trump was when Dimon supported his rival Nikki Haley's presidential campaign.

    "Even if you're a very liberal Democrat, I urge you, help Nikki Haley, too," Dimon told attendees at The New York Times' DealBook Summit in November. "Get a choice on the Republican side that might be better than Trump."

    Dimon's call for Haley donations quickly drew Trump's ire. The former president called Dimon a "highly overrated globalist" in a November Truth Social post.

    "I've never been a big Jamie Dimon fan, but had to live with this guy when he came begging to the White House. I guess I don't have to live with him anymore, and that's a really good thing!" Trump wrote in November.

    Right-wing figures use the word "globalist" to refer to a fringe conspiracy theory about a cabal of elite individuals secretly controlling the world. Trump has been known to use the term as an insult — he called his former protégé, Gov. Ron DeSantis of Florida, a "RINO globalist."

    But it looks like Trump may be feeling differently about Dimon now.

    For one, Haley is no longer a threat to Trump's presidential ambitions. The former South Carolina governor ended her presidential campaign in March and endorsed Trump at the Republican National Convention on Tuesday.

    Dimon also softened his stance on Trump and praised the former president's policy record in January.

    "He's kind of right about NATO. Kind of right about immigration," Dimon told CNBC at the World Economic Forum's annual meeting in Davos. "He grew the economy quite well. Tax reform worked. He was right about some of China."

    https://platform.twitter.com/widgets.js

    To be sure, Dimon hasn't indicated that he plans to leave JPMorgan anytime soon. During the bank's investor day in May, Dimon said he intends to stay on for another three-and-a-half years, per Reuters.

    That said, Dimon hasn't ruled out a career in politics entirely.

    "Obviously, it's crossed my mind because people mention things to you and stuff like that. I love my country, and maybe one day I'll serve my country in one capacity or another," Dimon told Bloomberg TV in May.

    Representatives for Trump and Dimon didn't immediately respond to requests for comment from Business Insider sent outside regular business hours.

    Read the original article on Business Insider

  • Dick Van Dyke, 98, says his secret to living a long life is going to the gym 3 times a week

    A white man with a beard and holding a walking stick grinning widely for the camera.
    Dick Van Dyke says exercising is the key to a long life.

    Rodin Eckenroth

    • Dick Van Dyke, 98, credits regular exercise for his longevity.
    • "Most people at 98 years old don't really feel like working out, and they seize up, you know?" he told ET.
    • Experts say making simple lifestyle changes can significantly boost longevity.

    Dick Van Dyke, 98, says regular exercise helps him live a long life.

    In an interview with Entertainment Tonight alongside his wife, Arlene Silver, 52, the "Mary Poppins" actor spoke about staying active in body and spirit at his age.

    "I've often tried to think, 'What did I do to live this long?' and I can't figure out," Van Dyke told ET. "The only thing is I've always exercised. We still go to the gym three days a week and work out."

    Keeping active, he says, is "the secret" to longevity.

    "Most people at 98 years old don't really feel like working out, and they seize up, you know? You get stiff, and I still, you know, move pretty well," he said. "And I think that must be the secret because I don't really watch my diet or anything. Stayed skinny. That helps."

    It doesn't hurt that he also has a positive attitude toward life, Van Dyke said: "I was fortunate that I didn't grow up."

    And Silver concurs.

    "He's always happy and just positive," Silver told ET. "He's just the most joyful person."

    According to the Centers for Disease Control, the average life expectancy in the US is 74.8 years for males and 80.2 years for females.

    While immortality is still a subject of science fiction, there's been a growing interest in longevity and the idea of reversing one's "biological age."

    Other antiaging trends — including IV treatments and red light therapy — are also gaining popularity.

    However, longevity researchers say that even making simple changes to lifestyles can lead to a longer life.

    Something as quick as incorporating a five-minute workout into your day or reaching out to two people you care about can help boost longevity, Dr. Kien Vuu, a physician specializing in antiaging and regenerative medicine, told BI previously.

    A representative for Van Dyke declined BI's request for comment.

    Read the original article on Business Insider

  • Teamsters President Sean O’Brien tried to sell bipartisanship to the RNC, but all he did was legitimize Trump, critics say

    Sean O'Brien
    Sean O'Brien

    ANDREW CABALLERO-REYNOLDS/Getty Images

    • Teamsters President Sean O'Brien spoke at the RNC — a first for the union.
    • O'Brien's message aimed to foster bipartisan cooperation toward labor goals.
    • Critics argued that O'Brien's speech legitimized Trump's anti-union record.

    Even before Teamsters President Sean O'Brien made a historic move on Monday by being the first president of the union to speak at the Republican National Convention, fellow members were upset by him getting cozy with Donald Trump.

    In a scathing op-ed published July 10, Teamsters Vice President at Large John Palmer said O'Brien's appearance "regardless of the message, only normalizes and makes the most anti-union party and President I've seen in my lifetime seem palatable."

    And in January, when O'Brien met with Trump, James Curbeam, the national chairman of the Teamsters National Black Caucus, called the former president a "scab masquerading as a pro-union advocate," The New York Times reported.

    Amid scrutiny from his union members and some right-wing anti-union groups at the RNC, O'Brien made it clear his goal of speaking at the convention was to invite bipartisan cooperation in achieving the labor movement's goals.

    "The Teamsters are here to say we are not beholden to anyone or any party," O'Brien declared onstage in front of hundreds of delegates and the former president himself.

    Although O'Brien may have had good intentions in trying to uphold his union's interests, nationally syndicated radio host and Teamster member Rick Smith said O'Brien was the Republican Party's "dancing show pony that they're gonna ride to the election."

    Smith told Business Insider that he agreed with much of what O'Brien said onstage: In a room full of conservatives, the union boss railed against the US Chamber of Commerce and The Business Roundtable, "corporatists," and "greedy employers." But O'Brien also applauded Trump, calling the former president "a candidate who is not afraid of hearing from new, loud and often critical voices."

    "The problem is none of those people in that room care," Smith said. "They knew why O'Brien was there. He was there to legitimize Trump's horrible record."

    Smith said O'Brien also sent a message that "both sides suck for workers," which Smith said is untrue. He pointed out, for example, Biden putting billions toward bailing out the Teamster's pension fund in 2022.

    "Going into the RNC and saying 'everybody sucks and it's all bad' was of kind of a slap in the face, considering Joe Biden bailed out the Teamsters pension fund, considering that Donald Trump's record was so bad, and Joe Biden's has been very good," Smith said.

    O'Brien and the Teamsters have continued to defend his decision to speak at the right-wing convention.

    "The Teamsters have never been afraid of democracy, but self-interested ideologues — on the left and the right, within and outside the union — are terrified of democracy," Teamsters spokeswoman Kara Deniz previously told the Times.

    Smith said that in the case of bipartisanship, "every time we have some bipartisanship, it's working people who take it on the chin." Instead, he said, O'Brien's appeal to the Republican Party will divide workers.

    "In a time when we have unprecedented interest in people joining and forming unions, this kind of division in the labor movement, I don't think it's helpful. This kind of platforming of someone destructive is not helpful," Smith said.

    The Teamsters did not immediately respond to a request for comment.

    Read the original article on Business Insider

  • DroneShield shares dive another 19%! Time to pounce?

    A female soldier flies a drone using hand-held controls.

    DroneShield Ltd (ASX: DRO) shares are taking another beating today.

    In an unusual sell-off for the high-flying All Ordinaries Index (ASX: XAO) drone defence stock, shares closed down a precipitous 22.2% yesterday trading for $2.02 apiece.

    That came on the heels of Monday’s 11.1% surge, which saw DroneShield shares surge to an all-time closing high of $2.60.

    Today, the selling action continues, with the stock down 18.8% at $1.64 a share.

    As the above chart shows (if you look closely), shares in the ASX drone defence company have been sold off for the past two days, sending them down 37%.

    However, even after that big fall, shares remain up 335% so far in 2024.

    Here’s what’s happening.

    Why has the ASX drone defence come under pressure?

    As Motley Fool analyst Sebastian Bowen reported, the big selldown in DroneShield shares appears to be driven by an article published before market open on Tuesday questioning the company’s high valuation.

    The Capital Brief article noted that at Monday’s $2.60 a share, DroneShield commanded a market cap of $1.98 billion.

    Rodney Forrest, director of Sublime Funds Management, was quoted as saying, “Its valuation is wild.”

    DroneShield responded to an ASX price query, citing the article as the likely reason for the pressure on its shares.

    The company noted that article included the following:

    • Share price performance over the recent period
    • Comparison of DRO’s market cap to several large companies across different industries in the Australian market
    • Statements by two fund managers on their opinion of DRO’s valuation being overheated
    • Statements from two stock analysts on their outlook for DRO
    • A brief summary of DRO’s business
    • Reference to DRO being a popularly traded stock on several broker platforms
    • A historical sale of DRO’s shares held by one of DRO’s directors, Jethro Marks.

    Management added, “There is no new information or change of circumstance around the business” that should impact DroneShield’s share performance.

    Time to pounce on DroneShield shares?

    To gauge the past two days of selling, it’s important to look at the bigger picture.

    On Monday, when DroneShield shares closed at $2.60, the stock was up 863% over 12 months. Yep, a year ago, you could have bought shares for just 27 cents a pop.

    Like Icarus, then, the drone defence stock may have flown too high, too fast.

    Unlike Icarus, though, I don’t imagine the share price is going to plunge into the sea.

    The negative market reaction appears more related to short-term opportunism to make a quick buck, shorting the stock rather than any longer-term fundamental retreat from the company’s strong growth prospects.

    The rapid growth of potentially hostile drones is extremely unlikely to abate in the foreseeable future. And the AI revolution will only galvanize this trend. This means that the demand for rugged, effective counterdrone measures is also likely to keep growing apace.

    This is a trend we’ve already seen playing out with recent growth metrics in DroneShield shares.

    The company recently achieved record first-quarter revenues of $16.4 million, a 10-fold increase (900%) from the prior corresponding quarter.

    At the end of April, DroneShield had a $27 million contracted backlog with a sales pipeline of more than $519 million.

    So, is it time to pounce?

    While shares could certainly still slide further from here over the near term, I believe that following the 37% two-day sell-down, long-term investors will likely look back at today’s $1.64 a share as a bargain entry point.

    The post DroneShield shares dive another 19%! Time to pounce? appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    Motley Fool contributor Bernd Struben 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 DroneShield. 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.

  • Here’s why the Vanguard Australian Shares Index ETF (VAS) just hit an all-time ASX high

    Most of us would be aware that ASX shares have had an exceptional few days of trading on the Australian share market. We’ve seen a flurry of new all-time highs for the S&P/ASX 200 Index (ASX: XJO) in recent days. And we’ve also seen the Vanguard Australian Shares Index ETF (ASX: VAS) soar to some new records of its own.

    The Vanguard Australian Shares ETF is the most popular and widely held index fund on the ASX. So news of its new all-time record high today will delight investors all around the country.

    Yesterday, VAS units closed at $98.87 each. But this morning, those same units opened at $99.60 before rising up as high as $99.97 – tantalisingly close to that elusive $100 mark.

    At the time of writing, the Vanguard Australian Shares ETF remains just a touch below that new high watermark, with this exchange-traded fund currently up 0.98% at $99.94.

    We don’t have to look too far to understand why this ETF has just hit a new record today.

    Why has the VAS ETF just hit a new ASX high?

    The Vanguard Australian Shares ETF is an index fund, meaning it effectively mirrors a broader index. That index is not the S&P/ASX 200 Index (ASX: XJO), but rather the S&P/ASX 300 Index (ASX: XKO).

    This index tracks the largest 300 stocks on the ASX by market capitalisation. It should come as no surprise to hear that this index has also reached a new record high today.

    At present, the ASX 300 is up an eerily similar 1.02% at 8,015.8 points. That mark is also right on the ASX 300’s new record high.

    So with the ASX 300 resetting its record today, it was inevitable that the Vanguard Australian Shares ETF followed suit.

    The performance of their mutual underlying holdings has driven today’s new highs for both the ASX 300 and the ASX’s VAS ETF.

    Take Commonwealth Bank of Australia (ASX: CBA), now the largest stock on the ASX 300 Index. It, too, hit a new record high of $133.50 a share this Wednesday. All four of the major ASX banks are now at multi-year highs.

    BHP Group Ltd (ASX: BHP) isn’t having a great day, but CSL Ltd (ASX: CSL) is also just a touch off of its current 52-week high.

    So it’s CSL and the four major banks that ASX investors can thank for the new Vanguard record.

    This latest high caps off what has been a relatively successful year for this ASX ETF. VAS units are now sitting on a year-to-date gain of 6.04%, as well as a 10.4% rise over the past 12 months. Let’s now see if the Vanguard Australian Shares ETF can finally hit a three-digit unit price.

    The post Here’s why the Vanguard Australian Shares Index ETF (VAS) just hit an all-time ASX high appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    Motley Fool contributor Sebastian Bowen has positions in CSL and Vanguard Australian Shares Index ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has recommended CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • 40% downside! Broker values CBA shares at $80 — is the fun over?

    A woman frowns and crosses her arms.

    Commonwealth Bank of Australia (ASX: CBA) shares have been riding high over the past 12 months. During this time, the banking major’s stock price is up 31.5% trading at $133.5 per share at the time of writing.

    This is a 20% advantage over the S&P/ASX 200 Index (ASX: XJO) over the past year. The chart below shows that the trend took off around November.

    However, some brokers believe the good times for CBA shares may be nearing an end, projecting a sharp decline in market value. Let’s dive into the details.

    Are CBA shares overvalued?

    Despite touching record highs of $133.5 today, E&P Financial Group thinks the stock is now fully valued.

    Analyst Azib Khan reiterated his negative sentiment on CBA shares, noting the company might be “priced for over-perfection”. According to The Australian, Kahn said:

    While the Australian major banks are generally priced for perfection, CBA is priced for over-perfection.

    While we do not expect anything untoward in the upcoming result (14 August) to trigger a de-rate – particularly if CBA opts to release credit loss provisions – we see business lending asset quality risks building on the horizon.

    CBA currently trades on a price-to-earnings ratio (P/E) of 22.8 times, meaning investors are paying nearly $23 for every $1 of the bank’s earnings.

    In comparison, the P/E ratio for the iShares Core S&P/ASX 200 ETF (ASX: IOZ), which tracks the benchmark index, is 18.7 times. CBA shares trade at a premium to the benchmark.

    Another concern of Kahn’s is CBA’s lower dividend yield, which is “the only one below the cash rate” among the major banks.

    The analyst set a target price of just $80 for CBA shares, implying an eye-watering 40% downside potential from the current price of $133.5.

    What are other analysts saying?

    It’s not just E&P that’s bearish on CBA shares. The consensus of analyst estimates rates it a sell, too, according to CommSec.

    Bell Potter has a sell rating on CBA shares due to its high valuation relative to growth potential. According to my colleague Kate, the broker suggests investors consider taking profits. It cited limited growth prospects in a competitive banking sector.

    L1 Capital also signalled CBA’s expensive valuation and lack of earnings growth in its June investment letter, indicating that the current price may not be justified by the fundamentals.

    The bank’s reported net profit after tax (NPAT) of $5 billion was down 3% year over year in H1 FY24. Moreover, according to S&P Capital IQ, analysts expect earnings-per-share (EPS) to grow by just circa 1% per year from $5.76 to $5.91 by FY26.

    Meanwhile, Goldman Sachs reiterated its sell thesis on CBA shares in a June note. Again, valuation was the cause for concern. Analysts at Goldman Sachs wrote:

    We are Sell-rated on CBA given: While CBA’s volume momentum in housing lending has improved and BDDs charges remain benign, we don’t think this justifies the extent of CBA’s valuation premium to peers.

    Foolish takeaway – what should investors do?

    While CBA has delivered strong returns, its high valuation is raising concerns among the experts. Analysts from multiple firms suggest that CBA shares might be overvalued at current levels.

    However, I’d point out that similar concerns were raised a year ago, and CBA still delivered substantial gains. Whether or not the fun is over depends on CBA’s fundamentals and the market’s overall sentiment.

    Remember that past performance is never a predictor of future results, and conduct your own due diligence.

    The post 40% downside! Broker values CBA shares at $80 — is the fun over? appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    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 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.

  • Biden is only listening to polling data from loyalists, according to new report

    Biden at podium with American flags in background
    A new report from The New York Times describes the president's inner circle as shrinking.

    Kevin Dietsch/Getty Images

    • Recent polls show Trump leading Biden after Biden's poor debate performance.
    • Biden's inner circle is shrinking, The New York Times reported.
    • Many Democrats are concerned about Biden's chances against Trump, urging him to drop out.

    The polls do not look great for President Joe Biden, but according to The New York Times, Biden hasn't checked in directly with his campaign's team of pollsters.

    A new report from The Times describes the president's inner circle as shrinking and comprised of family members, including First Lady Jill Biden and his son Hunter, and a small group of loyalists.

    The outlet reported Biden has instead been getting updates from his longtime friend Mike Donilon, a former pollster who the Times previously reported was responsible for delivering polling news, good and bad, to the president.

    The Times cited conversations with more than three dozen people for its report, which emphasized a growing divide between Biden — and those who are staunchly backing him — and many Democratic voters and elected officials concerned about his ability to beat former President Donald Trump in November.

    The Biden campaign did not immediately respond to a request for comment from Business Insider.

    But Biden on Monday gave some indication that he's increasingly relying on himself to make decisions about his candidacy.

    In an interview with NBC at the White House, Lester Holt asked Biden who he listens to on "deeply personal issues" like whether or not to stay in the race.

    "Me," Biden responded. "Look, I've been doing this a long time. The idea that I'm the old guy — I am, I'm old — but I'm only three years older than Trump, number one, and number two, my mental acuity has been pretty damn good."

    According to a FiveThirtyEight analysis that looks at the averages of many polls, Biden and Trump were neck-and-neck for a good chunk of June. After Biden's disastrous debate perforce, FiveThirtyEight's analysis shows Trump pulling out ahead and currently leading by more than 2 percentage points.

    A comparison of national polling averages from the Cook Political Report, based on 21 national polls, also found a stark gap between the candidates last week. The report found Trump polling at an average of 46.7% and Biden at 44.3%.

    And polling of the presidential race isn't the only kind he should worry about.

    A Washington Post-ABC News-Ipsos poll last week found most Democrats think Biden should drop out of the race after his debate performance.

    Read the original article on Business Insider

  • Why Deep Yellow, DroneShield, Mount Gibson Iron, and Praemium shares are falling

    A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.

    The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday and charging higher. In afternoon trade, the benchmark index is up 0.95% to 8,075.3 points.

    Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

    Deep Yellow Limited (ASX: DYL)

    The Deep Yellow share price is down 4% to $1.37. This follows broad weakness in the uranium industry today which has offset the company’s presentation at a mining conference today. In respect to the latter, Deep Yellow has talked up its significant production capability. It notes that “once in production, Deep Yellow will be the largest pure-play uranium producer on the ASX [with] production capacity 7Mlb+ per annum. Management also highlights the “significant exploration upside with potential to develop large scale, long-life projects within the Deep Yellow portfolio.”

    DroneShield Ltd (ASX: DRO)

    The DroneShield share price is down 17% to $1.67. Investors have been selling this counter drone company’s shares after its incredible rally ran out of steam. While DroneShield is growing at a rapid rate, its market capitalisation had ballooned to approximately $2 billion. This was arguably well ahead of fundamentals and has led to a combination of profit taking and then panic selling from investors. And while there has been talk of short selling, the available data at present shows that short interest is still extremely minimal.

    Mount Gibson Iron Ltd (ASX: MGX)

    The Mount Gibson Iron share price is down 10% to 38.7 cents. This follows the release of the iron ore miner’s quarterly update. Mount Gibson reported iron ore sales of 0.9 million wet metric tonnes (wmt) for the June quarter at an average grade of 65.2%. This brought its total sales for the year to 4.1 million wmt at a grade of 65.3%. This was near the upper end of its annual guidance of 3.8 million wmt to 4.2 million wmt. However, its costs came in higher than expected and it is forecasting a sharp decline in iron ore sales volumes in FY 2025.

    Praemium Ltd (ASX: PPS)

    The Praemium share price is down 9.5% to 47 cents. Investors have been selling this investment platform provider’s shares following the release of its quarterly update. This is despite the company reporting a 30% increase in total funds under administration to $57.4 billion. Praemium’s CEO, Anthony Wamsteker, was pleased with the quarter. He said: “The strong growth in FUA on VMAAS highlights the tremendous potential of that service. Our non-custodial capability remains market leading and represents a significant opportunity for Praemium.”

    The post Why Deep Yellow, DroneShield, Mount Gibson Iron, and Praemium shares are falling appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    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 DroneShield and Praemium. 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.

  • Have you heard of this ASX gold stock? It’s up 114% in 8 days!

    Woman looks amazed and shocked as she looks at her laptop.

    A little-known ASX gold stock has made its shareholders very happy over the past eight trading days.

    The company in question is Far East Gold Ltd (ASX: FEG), which has a current market cap of just $46 million.

    Though that’s double what it was worth at the start of the month.

    On 4 July, you could have bought shares in the junior ASX gold stock for 9.6 cents apiece. Earlier today, those same shares were changing hands for 20.5 cents, up 113.5%.

    At the time of writing, shares are trading for 18 cents, up 5.9% in intraday trading.

    Here’s what’s been spurring investor interest.

    What’s sending the ASX gold stock soaring?

    The Far East Gold share price certainly won’t have suffered from the surging gold price.

    The yellow metal hit fresh all-time highs overnight, trading for US$2,474.5 per ounce. At the time of writing, that same ounce is fetching US$2,472.29. That sees the gold price up more than 20% so far in 2024 as investors up their bets of Federal Reserve interest rate cuts.

    While that offers some nice support, the ASX gold stock got its supersized boost on Monday, 15 July.

    That’s when the miner announced it had executed a Binding Term Sheet with PT Iriana Mutiara Idenburg to acquire up to 100% of the Idenburg gold project.

    According to the release, Idenburg is an advanced, high-grade and highly prospective 95,280-hectare gold project, located in Indonesia’s Papua province.

    Far East Gold noted that the same province hosts world-class multi-million-ounce gold and copper deposits. And Idenburg already benefits from more than US$25 million in historical exploration, including more than 5,500 meters of diamond drilling. Yet only 30% of the area has been explored in detail.

    Commenting on the acquisition that saw the ASX gold stock soar 16.7% on Monday and gain another 21.4% on Tuesday, Far East Gold managing director Shane Menere said, “It is rare to find a project of such calibre with a substantial historical database of work completed by many of the world’s major gold miners.”

    Menere added:

    The main reason the project was not advanced further in the past was due to previous forestry classifications over the major prospect areas which restricted open cut mining. These restrictions have now been removed, paving the way for further development of this highly prospective project, which we know from previous exploration, has returned wide and high-grade gold intervals in multiple instances from surface…

    We are very excited based on the extensive historical database of exploration work and many high-grade drill intercepts that demonstrate the potential for Idenburg to host a multi-million-ounce company maker’.”

    With the past week’s share price surge, the ASX gold stock is back in the green for 2024, up 29%.

    The post Have you heard of this ASX gold stock? It’s up 114% in 8 days! appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now…

    See The 5 Stocks
    *Returns as of 10 July 2024

    More reading

    Motley Fool contributor Bernd Struben 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.