Stock Pick

  • Single shark injures 4 different people on the same day

    A bull shark swimming on a sandy bottom of the Caribbean Sea.
    A bull shark swimming on a sandy bottom of the Caribbean Sea.

    Alexis Rosenfeld/Getty Images

    • A shark injured four people near South Padre Island, Texas on the Fourth of July.
    • Two people were bitten, and at least one person was taken to the hospital.
    • Shark attacks are rare and Texas has fewer than Florida, California, and other states.

    Fourth of July celebrations turned bloody when a shark injured several people near South Padre Island, Texas.

    The interactions included at least two bites, according to ABC affiliate KRGV. The outlet reported that a single shark was involved in all four incidents. It's not clear what kind of shark it was.

    One man with a "severe" leg bite was treated and taken to the hospital. The shark also bit a second person and grazed a third. A fourth person was hurt trying to deter the shark, Texas game warden captain Chris Dowdy told KRGV.

    Paramedics treated one injured woman on the beach, according to KVEO.

    South Padre Island police received a call about one of the bites at around 11 a.m. local time. The other incidents happened over the course of two hours, according to Dowdy. The shark was roughly 6 feet long, and witnesses said it appeared to be the one involved in all the interactions.

    Local police used a helicopter and drones to monitor the shark. After the incidents, it swam for open water, according to Dowdy.

    The chances of being bitten by a shark are extremely low

    Shark attacks are rare in general. In 2021, an 11-year-old was suspected of receiving a shark bite on South Padre Island. But before today, Cameron County, where the island is located, only had seven confirmed unprovoked shark attacks, according to the Florida Museum's International Shark Attack File.

    "Shark bites are a function of the number of sharks, but also the number of humans in the water," Yannis Papastamatiou, an associate professor of biological sciences at Florida International University, told Business Insider last year.

    Beach attendance has steadily risen across the US each year since the mid-1990s, according to the Florida Museum.

    [youtube https://www.youtube.com/watch?v=KYIZpZns-_A?feature=oembed&w=560&h=315]

    Experts say to help stay safe from sharks, swimmers should stay away from schools of fish where sharks feed, stay close to shore, and stay in groups so it's more likely someone will spot a fin.

    Murky water also makes it harder for sharks to distinguish between people and their food. Swimming around dusk can be more dangerous because that's typically when sharks eat.

    Read the original article on Business Insider

  • ‘Geopolitical risk is unlikely to subside’: Should you pile into ASX defence shares right now?

    defence, military soldier standing with army land vehicle as helicopter flies overhead

    Top ASX defence shares have delivered some absolutely eye-watering gains over the past year.

    What kinds of gains are we talking about?

    Well, over the past 12 months, the All Ordinaries Index (ASX: XAO) has gained a healthy 8%.

    Now, here’s how these leading ASX defence shares have performed over that same period:

    • Electro Optic Systems Holdings Ltd (ASX: EOS) shares are up 99%
    • Codan Ltd (ASX: CDA) shares are up 54%
    • AML3D Ltd (ASX: AL3) shares are up 280%
    • Droneshield Ltd (ASX: DRO) shares are up 704%

    Now those are the kinds of returns you want to see in your portfolio!

    What do these companies do?

    You may be familiar with these ASX defence shares already.

    If not, here’s a quick snapshot of what they do.

    Electro Optic Systems has two business divisions: Defence Systems and Space Systems. The company’s products include remote weapon systems and counter-drone technology. Electro Optic Systems recently inked a defence contract with a Western European nation.

    Codan develops rugged electronics solutions for government, corporate, and consumer markets worldwide and has contracts with both the military and law enforcement. Among the favourable market fundamentals that the ASX defence share cited in its half-year reports was “increasing global military and defence spend in the Five Eyes Intelligence community.”

    AML3D designs and constructs 3D parts using metal additive manufacturing technology. The company recently signed new contracts with the United States Navy.

    And Droneshield provides drone detection and disruption solutions to the defence sectors, commercial airports, prisons, and other critical infrastructure. Droneshield has multiple government defence contracts, including with the US.

    Can ASX defence shares keep on delivering?

    The conundrum with investing in ASX defence shares is that they tend to perform much better during times of high or rising global tensions.

    While we ardently hope for world peace to break out, an event that would likely see ASX defence shares sold down, that’s unfortunately not the most likely scenario.

    Indeed, in addressing the mid-2024 outlook, Ronald Temple, chief market strategist at Lazard, says bluntly, “Geopolitical risk is unlikely to subside.”

    According to Temple:

    The war in Ukraine looks nowhere near resolution and … a Trump presidency may inject even more volatility into the geopolitical landscape given uncertainty over his support for European and Asian allies and his plan to broadly raise US tariffs.

    Then there’s the potential powder keg in the Middle East as Israel’s battle against Hamas drags on.

    Temple notes that, “The risk of expansion of the current hostilities to include an expanded confrontation with Hezbollah has increased meaningfully.”

    But the most worrisome conflict the world faces is a potential shooting war between the US and China.

    Temple says:

    The most consequential geopolitical risk is a confrontation between China and the United States. Ongoing skirmishes in the South China Sea between China and the Philippines appear to be the most likely source of potential near-term conflict.

    We fervently hope wiser, calmer heads will prevail and step away from the brink.

    Until then, these top ASX defence shares could well continue to deliver market-beating returns.

    The post ‘Geopolitical risk is unlikely to subside’: Should you pile into ASX defence shares right now? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Aml3d Limited right now?

    Before you buy Aml3d 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 Aml3d Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 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 and Electro Optic Systems. 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.

  • Is it time to jump back into ASX small-cap shares?

    The Two little girls smiling upside down on a bed.

    The ASX small-cap share end of the market could be an attractive area to invest in according to one fund manager.

    All of the great, large businesses of today were small businesses at one point. Of course, not every small business is going to become a big company.

    The good, smaller stocks could deliver good returns if they’re able to scale up effectively. Additionally, smaller companies are typically under-researched compared to their larger peers, which can lead to discounted valuations.

    Ronald Temple, Lazard‘s chief market strategist, has made a number of interesting observations about where he thinks value is at the moment and what he believes could happen next with markets.

    Opportunity for ASX small-cap shares

    Temple believes non-US markets are trading on “much less demanding valuation multiples”. Some markets may benefit from accelerating growth while US growth “decelerates”.

    He also suggested non-US companies are typically more exposed to floating-rate debt – where the interest rate changes as central bank rates change – which “should benefit them disproportionately” as rate cuts happen outside of the US.

    The market strategist also suggested that non-US companies could “enjoy a more significant recovery in revenue and earnings from current levels as their economies were less resilient after the pandemic than the US economy, which benefited from much larger fiscal and monetary stimulus.”

    Temple suggests the outlook is shifting, and short-term interest rates are going to head lower, which could lead to reduced earnings for cash, which could be bad news for people over-allocated to cash. He acknowledged some people may be reluctant to invest at, or near, record highs for share markets. What’s the answer? The expert said:

    My view is that the best approach is to allocate capital away from cash to riskier assets while identifying those “risky” assets that are less correlated to the most expensive parts of the global equity market (e.g., tech and AI leaders) and instead invest in areas of the market that have more unrecognized upside going forward. These include emerging markets, Japan, small-cap, and infrastructure-related equities.

    This could spell good news for ASX small-cap shares.

    Expectations for the rest of 2024

    Temple outlined a number of thoughts about macroeconomic events that could occur in the second half of 2024. Some of these events could cause volatility for ASX small-cap shares.

    He expects US growth and inflation to decelerate, allowing the US Federal Reserve to cut rates in the second half of 2024. A “razor’s-edge” US election could have “significant economic and market implications”.

    The market strategist expects China’s housing challenges to persist but with the cumulative effects of stimulus lifting growth. However, the West’s efforts to defend their industries against Chinese competition are expected “to stiffen, adding to elevated tensions over China’s support for Russian aggression in Ukraine.”

    Japan’s inflation “normalisation” is expected to persist, leading households to reassess their asset allocation. Finally, slowing inflation in Europe is expected to enable a material easing of interest rates, adding “additional momentum to already-accelerating growth”.

    While the prospects look promising for ASX small-cap shares, the market segment is not guaranteed to outperform. But, it’s certainly worthwhile keeping an eye out for exciting ASX small-cap shares, in my opinion.

    The post Is it time to jump back into ASX small-cap shares? 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 24 June 2024

    More reading

    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.

  • Why are BHP shares trudging lower on Friday?

    A man in his 30s with a clipped beard sits at his laptop on a desk with one finger to the side of his face and his chin resting on his thumb as he looks concerned while staring at his computer screen.

    BHP Group Ltd (ASX: BHP) shares are tracking lower from the open on Friday despite no market-sensitive news from the company.

    At the time of writing, shares in the diversified mining giant are fetching $44.49 per share, 0.41% lower from the open.

    This continues a more than 11% slide into the red this year to date.

    With the company’s trailing dividend yield at 5.3% and iron ore prices showing volatility, let’s explore the reasons behind this dip in BHP shares and what it might mean for investors.

    Citi’s caution on iron ore prices

    BHP shares faced headwinds in FY24 due to a large retracement in iron ore and copper prices.

    In particular, iron ore, BHP’s primary breadwinner, fell from US$117 per tonne at the end of May to US$106 per tonne in June, driven by weakness in China’s economy and rising inventories.

    Having peaked at US$144/tonne on 3 January, it now sells at US$113/tonne at the time of writing. Copper – the company’s second-largest revenue earner – is also down from its highs in 2024.

    Analysts at Citi have issued a warning that iron ore prices are likely to remain volatile ahead of China’s Third Plenum meeting. The firm predicts prices could fall below US$100 per tonne in the coming months, according to The Australian.

    The investment bank sees iron ore prices “fading [in] strength…over the summer,” maintaining a price target of US$95/tonne.

    Despite iron ore futures rallying the past month, analyst Shreyas Madabushi said that onshore steel demand in China remained flat.

    China is the world’s largest iron ore importer, buying around three-quarters of all global seaborne iron ore.

    Madabushi also notes that construction and infrastructure activity is slowing due to inclement weather and the typical summer slowdown. This echos my colleague Tristan’s findings that China has shown a decline in industrial and housing demand.

    Citi said that China’s steel inventories are increasing, while port inventories of iron ore remain high, which could reduce output from steel mills.

    Meanwhile, the consensus view at the Iron Ore Forum in Singapore was that Chinese iron ore impacts may have already peaked, according to Reuters.

    What’s in store for BHP shares?

    Despite the recent price decline, BHP remains in favour with the broker crowd.

    Analysts at Morgans recently highlighted BHP’s ability to generate substantial free cash flow, supporting significant dividend payments. It has a buy rating with a $48.30 price target on BHP shares.

    According to my colleague James, it forecasts fully franked dividends of approximately $2.42 per share for FY24 and $2.17 per share for FY25.

    This equates to yields of 5.4% and 4.9% at the current share price, respectively.

    BHP is also dealing with legal action from the Mining and Energy Union (MEU), which has filed applications with the Fair Work Commission seeking pay rises for 1,700 labour-hire workers at BHP’s Peak Downs, Saraji, and Goonyella Riverside coal mines.

    We will have to wait and see the outcome of this situation.

    Foolish takeaway

    While the recent decline in BHP shares might concern some investors, the company’s strong dividend yield and robust cash flow generation remain compelling factors.

    However, investors should be mindful of the volatility in commodity prices, especially given Citi’s views. It’s essential to weigh these factors carefully before making any investment decisions. Always seek professional financial advice when able.

    The post Why are BHP shares trudging lower on Friday? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Bhp Group right now?

    Before you buy Bhp Group 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 Bhp Group wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 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 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.

  • Top brokers agree that Lynas shares are ‘undervalued’

    Lynas Rare Earths Ltd (ASX: LYC) shares could have market-beating potential.

    That’s the view of analysts at Ord Minnett, which believe the rare earths producer’s shares are being undervalued by the market.

    What is the broker saying about Lynas shares?

    According to a note, the broker has described the mining company as “the safe way to play the sector ” for investors.

    This is largely because rare earths prices are currently at depressed levels. And as history shows, it is often best to buy miners at the bottom the cycle.

    In addition, Ord Minnett highlights its position as the only significant producer of rare earths outside China. This makes it the “blue-chip” of the rare earths producers. It commented:

    Lynas Rare Earths is an integrated source of rare earths from mine to customer. Lynas has a portfolio of aligned assets to explore, develop, mine and process rare earth minerals. These are the Mt Weld project and the Lynas Advanced Materials Plant (LAMP). The main asset of Lynas is the Mt Weld rare earths deposit in Western Australia. REO prices are depressed, which makes it the right time to buy in cheaply.

    Most REO companies are still explorers and would-be developers. There is only one significant producer in Australia and the world ex-China – Lynas, at its LAMP in Malaysia. ‍ Lynas is the blue-chip stock of rare earths companies. It defied years of low prices by getting costs even lower and raising product quality. Now it is the non-Chinese producer of critical REOs for the energy transition. The Lynas multiples are punchy but deserved. It is the safe way to play the sector. ‍

    Big returns

    The note reveals that Ord Minnett currently has a buy rating and $8.00 price target on Lynas shares.

    Based on its current share price of $6.55, this implies potential upside of 22% for investors over the next 12 months.

    To put that into context, a $10,000 investment would become approximately $12,200 if the broker is on the money with its recommendation.

    It is also worth noting that Ord Minnett is not alone with its bullish view on the stock.

    For example, last week, Bell Potter put a buy rating and $7.80 price target on its shares. It notes that “with risks mounting to the upside for rare earths we retain our Buy outlook.”

    Elsewhere, Goldman Sachs has a buy rating and $7.50 price target on its shares. Earlier this week, the broker declared its shares as “undervalued” based on its long run rare earths price forecast.

    The post Top brokers agree that Lynas shares are ‘undervalued’ appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Lynas Rare Earths Ltd right now?

    Before you buy Lynas Rare Earths Ltd shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Lynas Rare Earths Ltd wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 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 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.

  • 3 reasons to buy this ASX 200 share like there’s no tomorrow

    Smiling young parents with their daughter dream of success.

    The S&P/ASX 200 Index (ASX: XJO) share Brickworks Limited (ASX: BKW) has several appealing factors that make it a great investment opportunity right now.

    The company is facing several headwinds at the moment, including high interest rates, inflation, and higher manufacturing costs.

    But there are a number of reasons why I think Brickworks shares can deliver strong returns over the long term at the current price, particularly once interest rates start coming down.

    Here’s why I’m bullish about Brickworks shares and thinking about buying more for my portfolio.

    Population growth

    Brickworks’ operating businesses produce building products in Australia and the United States. It’s the biggest brickmaker in Australia and the northeastern US. In Australia, it also produces roofing, masonry, timber battens, cement, and specialised building systems.

    The populations of both the US and Australia continue to climb, requiring more dwellings. And larger populations will no doubt add to the long-term demand for products from Brickworks’ businesses.

    Construction can be a cyclical industry, so I think now is a good time to consider the business while sentiment is weaker. If interest rates have materially reduced in a couple of years, conditions for the ASX 200 share could be much stronger then.

    Ongoing underlying growth

    Brickworks owns around a quarter of investment conglomerate Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) and half of an industrial property trust alongside Goodman Group (ASX: GMG).

    Both of these assets are seeing longer-term growth in their operational profits, cash flows, and payments to Brickworks, which is driving up their value.

    As the values of Soul Patts and the industrial property trust increase, Brickworks’ underlying value lifts, too.

    If Brickworks’ balance sheet‘s value goes up over time, this can help increase how much the market is willing to pay for Brickworks shares.

    Big asset discount

    I love being able to buy businesses that are at a big discount to their underlying assets.

    This ASX 200 share has significant asset backing across its building products manufacturing, the land it owns, the industrial and manufacturing property trusts, and the Soul Patts shares, though it also has a (relatively small) level of debt.

    Every six months, Brickworks tells the market its underlying (inferred) asset backing. At 31 January 2024, the business had $36.68 of inferred assets per share. The Brickworks share price is at a 27% discount to the January 2024 figure, though the Soul Patts share price regularly changes to alter this discount.

    In my opinion, it’s a very appealing valuation discount.

    The post 3 reasons to buy this ASX 200 share like there’s no tomorrow appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Brickworks Limited right now?

    Before you buy Brickworks 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 Brickworks Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor Tristan Harrison has positions in Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Brickworks, Goodman Group, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • The world is the happiest it’s been since the pandemic, according to a new report

    a mother and daughter sitting in a hammock together reading and laughing.
    Worldwide happiness has returned to pre-pandemic levels, and negative experiences are down for the first time since 2014, according to a new report.

    Klaus Vedfelt/Getty Images

    • Positive emotions globally are the highest since 2020 and negative emotions are down, per a Gallup report.
    • A survey of thousands of people in 142 countries found people are learning new things at record rates. 
    • Loneliness and stress are still a concern, but young people, in particular, are bouncing back. 

    Don't be fooled by doomscrolling — there's more to be happy about than you might think, at least on a global scale.

    Overall, positive emotions around the world are at the highest levels seen since 2020, and negative emotions have decreased slightly for the first time since 2014, according to the latest Gallup Global Emotions report.

    The report is based on almost 146,000 interviews from 142 different countries and includes questions about how often people smiled, laughed, felt respected, or learned something interesting. It also asks about feelings like worry, stress, sadness, and anger, as well as physical pain.

    The results are surprisingly upbeat, given that there's no shortage of anxiety-inducing news worldwide.

    Happiness is the highest it's been since the COVID-19 pandemic began, ranked as 71 out of 100 on the positive experience index. In comparison, the 2021 report ranked global happiness at 69 out of 100 and negative experiences at an all-time high.

    Despite stress and loneliness, young people are resilient

    Still, negative emotions are higher than they were a decade ago, according to this year's survey, and there are huge disparities in well-being for countries in conflict like Ukraine.

    The US dropped off the list of the top 20 happiest countries, in large part due to young people reporting more unhappiness, according to a previous Gallup report.

    Loneliness (a recent addition to the survey) continues to be a concern, affecting about one in five people worldwide. Lonely people were also more likely to report feeling sad, worried, or angry, and other research suggests it can have serious health consequences.

    But there's reason to be optimistic even as the world grapples with war, political turmoil, and natural disasters, the data suggest.

    More than half the people surveyed said they did or learned something interesting in the previous day, a record high.

    The survey also found that young people, as a group, were resilient to the stresses of the past few years and rebounded to pre-pandemic levels of happiness faster than people over 30.

    The findings suggest that while we could be happier, things aren't all bad and just might get better.

    Read the original article on Business Insider

  • Bankrupt EV start-up Fisker wants to sell its 3,300 unsold electric vehicles at an 80% discount to a company that rents cars to NYC Uber and Lyft drivers

    Fisker warned staff they might be laid off if efforts to course correct are unsuccessful.
    Fisker filed for Chapter 11 bankruptcy after years of unprofitable operations.

    Michael Tullberg

    • Failed electric vehicle maker Fisker is seeking court approval to sell its inventory for cheap. 
    • Techcrunch reported its cars would be sold to American Lease for 20% of what others paid for them.
    • The company says it needs to start selling the vehicles soon so it can make payroll this month.

    Fisker, the bankrupt would-be Tesla rival, has sought court permission to unload its unsold US cars for a fraction of the price they were being sold for last year, according to court records and news reports.

    The company wants to sell just under 3,300 Ocean electric SUVs to American Leasing, lawyers said at a Wednesday hearing reported by TechCrunch.

    American provides vehicles to New York City's thousands of Uber and Lyft drivers. The Wall Street Journal reported last month America's interest in acquiring the Fisker fleet.

    Fisker filed for Chapter 11 bankruptcy in June after years of turmoil and unprofitable operations. Even as it prepared to deliver vehicles last year, it was scavenging parts from the personal EVs of the company's CEO and its CFO, Business Insider reported last month.

    Fisker's $46.25M deal

    The vehicles to be purchased by American Leasing would be sold as-is, Fisker said, with some of them in good condition but others in need of repair.

    The deal is valued at up to $46.25 million, an executive said in a court filing, plus certain other incidental costs. The average cost of each Fisker vehicle sold on those terms would be about $14,000, a far cry from the $70,000 price tag of a fully-loaded vehicle before the company began aggressively discounting last year.

    Citing records from the bankruptcy case, TechCrunch reported that Fisker still has 179 people on payroll, a number it plans to trim. It said selling 200 of the vehicles to American Leasing on an abbreviated timeline would bring in crucial cash to make payroll next month.

    There's no guarantee that the deal will go through, however. Some creditors, including people who previously bought Fisker vehicles, are worried that the company will run out of resources to pay its debts and support owners.

    "The long and short of it is there are ways that funds can be captured," said Linda Richenderfer, a lawyer for the US Trustee's Office, which is a part of the Justice Department that oversees bankruptcies, at the Wednesday hearing.

    Fisker was ordered to provide an update on July 9. The company's request to sell its fleet is set to be argued next Thursday, according to a filing entered on July 4.

    Read the original article on Business Insider

  • Millionaire Disney heiress says she’s pulling funding to Democrats until Joe Biden exits the 2024 race

    Abigail Disney in Washington DC at a podium with a banner that says "Tax The Rich"
    Abigail Disney is calling for President Biden to leave the 2024 race.

    Tasos Katopodis

    • President Joe Biden is facing stiff opposition from some high-profile Hollywood donors.
    • Heiress Abigail Disney told CNBC she is ending Democratic donations until Biden ends his 2024 bid.
    • The statement comes a day after Netflix cofounder Reed Hastings said Biden needs to step aside.

    President Joe Biden is facing stiff opposition from some high-profile Hollywood donors a week after his disastrous debate performance against former President Donald Trump.

    Millionaire heiress Abigail Disney told CNBC on Thursday that she will stop donations to the Democratic Party "until they replace Biden at the top of the ticket."

    "Biden is a good man and has served his country admirably, but the stakes are far too high," Disney, a longtime Democratic donor, told the outlet. "If Biden does not step down, the Democrats will lose. Of that, I am absolutely certain. The consequences for the loss will be genuinely dire."

    In 2024 so far, Disney has given more than $50,000 to left-leaning political groups, according to Federal Election Commission records.

    Her statement comes a day after Netflix cofounder Reed Hastings said Democrats should replace Biden at the top of the ticket.

    "Biden needs to step aside to allow a vigorous Democratic leader to beat Trump and keep us safe and prosperous," Hastings said in a statement to The New York Times.

    Hastings and his wife, Patty Quillin, have been major supporters of the Democratic Party, donating more than $20 million to the party in the last few years.

    Earlier Thursday, The Times reported that Biden told a call of Democratic governors that he intends to get more sleep and stop holding events after 8 p.m.

    Read the original article on Business Insider

  • Why is this ASX 300 healthcare stock surging 12% today?

    Shot of a young scientist using a digital tablet while working in a lab.

    Clinuvel Pharmaceuticals Limited (ASX: CUV) shares are having a strong finish to the week.

    In morning trade, the ASX 300 healthcare stock is up a sizeable 12% to $17.00.

    Why is this ASX 300 healthcare stock rocketing?

    Investors have been buying Clinuvel’s shares this morning after it announced the final set of results from its CUV151 study. It is evaluating the DNA-repair capacity of afamelanotide on skin of healthy volunteers exposed to ultraviolet (UV) radiation.

    This study was undertaken at Salford Royal Hospital in Manchester. It is a centre globally acknowledged for its expertise in assessing the effects of UV-induced skin damage.

    The results from CUV151 were presented overnight at the British Association of Dermatologists meeting in Manchester.

    According to the release, the analysis of biopsies from seven patients with fair skin types taken prior to, and six days after afamelanotide treatment, illustrated that without afamelanotide, UV-irradiation resulted in 625 differentially expressed genes (DEGs) in comparison to non-irradiated skin.

    However, with afamelanotide, the DEGs between irradiated versus non-irradiated skin reduced to 183. This is a factor 3.4 less DEGs (p<0.05).

    Management notes that the genes evaluated are found to be crucial in the regulation of DNA repair and inflammatory reactions following solar and UV exposure.

    What does this mean for CUV151?

    The release highlights that for the overall XP-DNA Repair Program, the RNA sequencing results indicate that critical genes expressed after UV-damage can be positively affected with afamelanotide treatment.

    For the general population, and specifically individuals with a fair skin type who easily burn in the sun, the results indicate that afamelanotide can reduce oxidative damage and inflammatory reactions after sun exposure and skin damage.

    The ASX 300 healthcare stock’s chief scientific officer, Dr Dennis Wright, was pleased with the results. He said:

    The results from RNA sequencing complement the earlier results we saw from immunohistochemistry, in that afamelanotide consistently seems to assist repair of UV-damaged DNA in the skin.

    Dr Wright revealed that the company plans to confirm these results in a final study. He said:

    The significance of these results evaluating the use of afamelanotide in reducing oxidative and inflammatory damage caused by UV is high for those at high risk of solar damage, sunburn and skin cancers, hence we will repeat and confirm these results in a final study.

    Despite today’s strong gain, the Clinuvel share price remains down approximately 6% since this time last year.

    The post Why is this ASX 300 healthcare stock surging 12% today? appeared first on The Motley Fool Australia.

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    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 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.