A former executive at Best Buy Co. Inc. who was alleged to have been romantically involved with Best Buy CEO Corie Barry — a claim that triggered an investigation of the retailer's leader — has denied the allegations.
One of our investment accounts was ordered to be split $30,000/$60,000, as per our divorce agreement. The investment company says the account is now all mine. Your question has two parts: can his estate come after you for back taxes and can his estate claim the money in your investment account.
Are your IRA and 401(k) balances as big as retirement savings by other people your age? Bigger? If yours are smaller, here are tips for saving more.
Is it redundant to say that Amazon.com Inc. (NASDAQ: AMZN) founder and CEO Jeff Bezos threw a "lavish party" at his recently finished $23 million Kalorama mansion Saturday? The affair, held inside one of the District's largest homes, the converted former Textile Museum, was bound to be "lavish," as multiple news outlets noted.
Xilinx Inc. shares fell more than 10.9% in the extended session Tuesday after the company reported fourth-quarter guidance below consensus estimates but higher-than-expected third-quarter sales. The company reported fiscal third-quarter net income of $162 million, or 64 cents a share, compared with $239.2 million, or 93 cents a share, in the year-ago period. Adjusted for items such as acquisition costs and amortization, among other things, earnings were 68 cents a share versus 92 cents a share a year ago. Revenue fell to $723.5 million from $800.1 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 60 cents a share on revenue of $731.3 million. For the fiscal fourth quarter, analysts model earnings of 81 cents on sales of $825.1 million. The company said it expects fiscal fourth-quarter revenue of $750 million to $780 million. Xilinx also said it expects to lay off 7% of its workers because of "revenue headwinds" and has slowed hiring to replace attrition. Xilinx stock has fallen 9.8% in the past year, with the S&P 500 index rising 22.7%.
Chipmaker Advanced Micro Devices late Tuesday narrowly beat Wall Street's sales and earnings targets for the fourth quarter. The AMD earnings report sent the stock lower in extended trading.
The IRS began accepting and processing tax returns for individuals on Monday. Last year’s filing season was an adjustment for taxpayers and industry professionals alike as it was the first under a massive overhaul of federal tax law. The standard deduction doubled under the new tax law that took effect in 2018.
Illinois Homeowners: Before You Invest In Solar You Should Know You Can Save Your Money! New 2019 Program Incentive Offers Big Savings.
Lucky’s Market has filed for bankruptcy and is closing its corporate headquarters in Niwot. The Lucky's Market Parent Company — a registered LLC —?owes about $36 million to its 30 largest creditors, based on Chapter 11 bankruptcy reorganization petitions the company and its affiliated stores filed Monday in the U.S. Bankruptcy Court in Delaware. The company checked the box on the paperwork saying it had between 10,001 and 25,000 creditors.
Fair Isaac Corp. (FICO) is changing how it calculates credit scores, and the new criteria reveal some of the trouble spots in Americans’ financial health. Two of the most substantial changes in the new scoring models, FICO Score 10 and 10T, are how they account for personal loans and how they measure creditworthiness over time. Previous FICO score models were not anchored as much to personal loan data, yet since 2015 the number of personal loans has risen 42%, making personal loans the fastest-growing category of debt in the country.
Boeing's twin-aisle 777X completed its first test flight Saturday, but questions still remain about the jetliner's marketability.
The selling was so intense in that period that it didn't matter if you were buying Verizon or Caterpillar or American Electric Power . There were so many people who left Wuhan, the epicenter, when they were still healthy and they are now coming down with the illness. It's pretty clear that the virus spreads from rapidly person to person, so rapidly that we are hearing lots of conspiracies about a bio lab in Wuhan that might have mistakenly discharged the coronavirus and it was not transmitted initially by animals to humans.
Do this instead of buying expensive solar panels. It's absolutely genius. This program has power companies furious.
MARK HULBERT CHAPEL HILL, N.C. — The coronavirus is getting a bum rap as the cause of the stock market’s recent weakness. That decline gathered steam on Monday, when the Dow Jones Industrial Average (DJIA)? was at one point down more than 500 points.
(Bloomberg) -- Advanced Micro Devices Inc. gave a lackluster forecast for the current period, suggesting gains against larger chip rival Intel Corp. may take longer than investors had hoped.Revenue in the first three months of the year will be about $1.8 billion, plus or minus $50 million, Santa Clara, California-based AMD said Tuesday in a statement. That would fall short of the average analyst estimate of $1.87 billion, according to data compiled by Bloomberg.AMD also said sales will increase 28% to 30% in 2020. Analysts, on average, projected annual revenue growth of 28%.Shares slipped about 3% in extended trading after the earnings report. The stock has surged to more than $50 this year, up from less than $3 at the end of 2015, as investors bet that the company’s new products, and manufacturing stumbles by Intel, would open the door to sustained market share gains.Though the quarterly outlook disappointed some investors, AMD’s revenue growth forecast reflects strong demand for server chips from cloud data center operators and personal computer makers, mirroring Intel’s report from last week.“We delivered significant margin expansion and increased profitability as we gained market share with our Ryzen and EPYC processors,” Chief Executive Officer Lisa Su said in the statement. “Our focused execution and the investments we made in our high-performance computing roadmaps position us well for continued growth in 2020 and beyond.”AMD’s shares gained 148% last year making them the best performer on the S&P 500 Index. Earlier Tuesday, the stock closed up 2.6% at $50.53.AMD has said it’s targeting double-digit market share in servers by the middle of this year. The company is trying to reclaim a meaningful position in that lucrative market after dropping to less than 1%. Server computers are the backbone of corporate networks and the giant data centers that run the internet. Chips that power them can cost more than $10,000 each.Intel’s server chip unit grew 19% in the fourth quarter and revenue from cloud-service providers, which offer computing power and storage via the internet, surged 48%. Intel’s data center business gets more revenue in a quarter than the whole of AMD reports in year.Both companies have benefited from persistently strong demand for personal computers. Global PC shipments rose 2.3% from a year earlier in the fourth quarter as companies upgraded to a new version of Microsoft Corp.’s Windows operating system, according to research firm Gartner Inc. AMD has an even greater ability to cash in on this as it’s also the second-largest maker of chips used in computer graphics cards.On Tuesday, AMD said fourth-quarter net income rose to $170 million, or 15 cents a share, compared with $38 million, or 4 cents, a year earlier. Excluding certain items, profit in the period was 32 cents a share. Revenue gained 50% to $2.13 billion. Analysts had projected profit of 30 cents a share on sales of $2.1 billion.(Updates with comments from CEO in the sixth paragraph.)To contact the reporter on this story: Ian King in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.?2020 Bloomberg L.P.
(Bloomberg) -- Follow Bloomberg on Telegram for all the investment news and analysis you need.One way the rich get richer is through inheritance, and they’re barely paying taxes on it.Americans are projected to inherit $764 billion this year and will pay an average tax of just 2.1% on that income, New York University law professor Lily Batchelder estimates in a paper published Tuesday by the Brookings Institution.By contrast, the estimated tax on work and savings is 15.8%, more than seven times higher. Many higher-income workers pay far more, with the top marginal rate now 37% plus payroll taxes.“If anything, we should be taxing income from inheritances at higher rates than income from work,” Batchelder, a former adviser to President Barack Obama who has advised several Democratic presidential campaigns on tax policy, said in a phone interview.To make the system fairer, Batchelder proposes scrapping the estate tax and replacing it with an “inheritance tax.” The difference is more than semantic. The Urban-Brookings Tax Policy Center estimates her proposal, laid out in detail in the report, could raise as much as $1.4 trillion over the next decade.Tax AvoidanceUnder the current system, wealthy Americans and their estates are required to pay 40% on bequests and gifts to heirs. They have many ways to avoid the tax, however. For married couples, the first $23.2 million of an estate is tax-exempt, and the rich can funnel far more to heirs tax-free using trusts and other complicated strategies.Batchelder’s proposal would scrap this system, in which estates are taxed, and replace it with a system in which heirs pay income and payroll taxes on the money they receive. She tries to make sure only the richest heirs would pay the new tax by exempting inheritances from tax until they reach a certain lifetime threshold.If lifetime inheritances of less than $2.5 million are exempt, the Tax Policy Center estimates the proposal would raise $340 billion over the next decade from the top 0.02% of heirs.A lifetime exemption of $500,000, affecting the top 0.18%, would raise $1.4 trillion. The actual revenue from an inheritance tax could be much higher, Batchelder said, because the estimates don’t include the effects of some parts of the proposal, including the closing of many tax-planning loopholes.QuickTake: The Estate Tax“The proposal would take a large step toward leveling the playing field between income from inherited wealth and income from work,” Batchelder wrote. It also serves a political purpose, by replacing a tax that Republicans frequently characterize as a “death tax” that ends up double-taxing the wealthy.“It’s bad enough that you have to die. You shouldn’t be fined for doing so,” Commerce Secretary Wilbur Ross told Bloomberg Television in late 2017, as the GOP was poised to enact a law that doubled the estate-tax exemption.Democrats, hoping to regain the White House and Senate in this year’s elections, are hunting for ideas on how to raise extra revenue for progressive priorities and to reduce a decades-long widening in wealth inequality.On Tuesday in Washington, Brookings is holding a forum titled “Tackling the Tax Code: Efficient and Equitable Ways to Raise Revenue” to discuss possibilities. One panel will feature three Treasury secretaries who served under Democrats: Timothy Geithner, Robert Rubin and Lawrence Summers.Batchelder’s proposed inheritance tax is part of a book released Tuesday by Brookings’ Hamilton Project. The volume includes other proposals to boost corporate taxes, impose a new financial-transaction tax and more efficiently administer the wealth tax proposed by Senators Bernie Sanders and Elizabeth Warren.(Updates with Brookings forum in penultimate paragraph)To contact the reporter on this story: Ben Steverman in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, Peter Eichenbaum, David ScheerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.?2020 Bloomberg L.P.
Pfizer stock toppled Tuesday after the Dow Jones pharmaceutical company reported declining fourth-quarter revenue and adjusted earnings that also missed Wall Street's expectations.
(Bloomberg) -- It’s almost as if the last decade never happened for Exxon Mobil Corp. shares.Once the gold-standard of Big Oil, the stock closed Monday at its lowest since October 2010, amid a slump in oil prices due to concerns about weak demand coupled with a glut. The S&P 500 also posted its worst one-day decline since October.But for Exxon, which dropped out of the index’s top 10 largest companies by market value for the first time last year, the malaise runs deeper than the state of the crude market.Chief Executive Officer Darren Woods is running a counter-cyclical strategy by plowing money in new oil and gas assets, at a time when many investors are urging energy companies to improve returns for shareholders. Some shareholders are even demanding a plan to move away from fossil fuels altogether.Exxon is betting on a “windfall of cash” to arrive from its investments sometime in the mid to late 2020s, said Noah Barrett, a Denver-based energy analyst at Janus Henderson, which manages $356 billion. “Right now there’s higher value placed on generating cash flow today.”Exxon is ramping up capital spending to more than $30 billion a year, without a hard ceiling, as it develops offshore oil in Guyana, liquefied natural gas in Mozambique, chemical facilities in China and the U.S. Gulf Coast, as well as a series of refinery upgrades. Woods is convinced the world will need oil and gas for the foreseeable future and sees an opportunity for expansion while competitors shy away from such long-term investments.Most of these investments “will not meaningfully begin contributing to earnings/cash flow until the 2023-2025 time frame,” Scotiabank analysts led by Paul Cheng said in a Jan. 23 note, downgrading the stock to the equivalent of a sell rating from hold. “We think it may be another one to two years before the market gives these efforts much credit.”In the short term, one consequence of those investments is that Exxon can’t fund dividend payouts with cash generated from operations, and must instead rely on asset sales and borrowing, according to Jennifer Rowland, an analyst at Edward Jones & Co. Exxon is the “clear outlier” among Big Oil companies on that front, she said. Exxon declined to comment.Exxon’s current challenges stem in large part from flag-planting deals made when commodity prices peaked during the past decade. It spent $35 billion on U.S. shale gas producer XTO Energy Inc. in 2010 when shale oil promised outsize returns. It has invested $16 billion in Canadian oil sands since 2009, only to remove much of those reserves from its books. Former CEO Rex Tillerson’s 2013 exploration pact signed with Russia was caught behind a wall of sanctions and later abandoned.Also read: Exxon in ‘Bull’s-Eye’ as Worst Year Since Reagan Nears End (Updates with analyst’s comment in 7th paragraph.)To contact the reporter on this story: Kevin Crowley in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Christine Buurma, Reg GaleFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.?2020 Bloomberg L.P.
(Bloomberg) -- Former Treasury Secretary Lawrence Summers proposed a suite of steps the U.S. government can take to raise trillions of dollars more in revenue from the rich without adopting a wealth tax.They include higher levies on capital gains, the closure of loopholes and shelters disproportionately used by the wealthy, and stepped-up Internal Revenue Service oversight of tax returns, especially those filed by the rich.In a paper being presented at a Brookings Institution conference on Tuesday, Harvard University economist Summers and his co-authors argue that their “pragmatic approach” is superior to the wealth taxes championed by Democratic presidential candidates Bernie Sanders and Elizabeth Warren.Because the proposed reforms build on the current tax code, they would be easier to administer and “more likely to be implemented successfully than riskier, untested alternatives that are vulnerable to political attacks, legislative impasse and legal challenges,” according to the paper. Summers is a paid contributor for Bloomberg Television.Summers and his co-authors -- University of Pennsylvania law and finance professor Natasha Sarin and research assistant Joe Kupferberg -- said their proposals have the potential to raise more than $4 trillion over the coming decade. That would help the government pay for services for an aging society and for steps to combat inequality, while avoiding an excessive build-up in debt.Democrats’ PrioritiesDemocratic lawmakers are considering how to raise taxes in a way that would make it easier, technically as well as politically, for Congress to pass a measure quickly should their party win the presidency in November. That money could be used to fund the policy priorities of the Democratic candidates, such as expanding health care and child-care access, investing in renewable energy, or forgiving student-loan debt.Some in Congress have publicly expressed concern that a number of the ideas floated by presidential contenders, such as the wealth tax, could be difficult to design or face constitutional challenges that would delay implementation.The Sarin-Summers-Kupferberg plan includes many of the same elements embraced by presidential candidates ranging from former vice president Joe Biden to Sanders. Taxing capital-gain income at the same rate as wages, increasing audits on the wealthy and corporations and hiking levies on offshore corporate profits are fixtures of Democratic tax plans in 2020.They would also do way with the carried interest loophole and cap tax deductions, such as mortgage interest, at 28%.The proposal though does include two potential political red flags for key constituencies -- small businesses and charities -- if this were to get serious consideration in Congress.The plan calls for the repeal of a 20% deduction for some pass-through businesses, a new provision in the 2017 tax law intended to give small businesses similar tax benefits to those that corporations were receiving.Corporate RateWhile the plan would raise the corporate rate slightly -- to 25% from 21% -- it would still be far below the 35% it was prior to President Donald Trump’s tax overhaul. However, small business owners would presumably see their tax benefits disappear and pay a top rate of 37%.Churches, colleges and other non-profits might balk at a change that would curb tax breaks for appreciated stock. Currently, donors can claim a write-off for the full value of the asset, and avoid any tax on the capital gain.Summers, Sarin and Kupferberg acknowledged that it is unlikely that the wide range of changes they are proposing could be implemented quickly. They suggested that the initial focus of the reforms should be on substantially beefing up IRS resources, which they said could raise $1.2 trillion in new revenue over 10 years.“Our belief is that the best path forward is through a combination of deterring illegal tax evasion -- by investing more in an underfunded Internal Revenue Service -- and reducing legal tax avoidance by broadening the tax base and closing loopholes that enable the wealthy to decrease their tax liabilities,” the authors wrote.(Michael Bloomberg is seeking the Democratic presidential nomination. Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)To contact the reporters on this story: Rich Miller in Washington at firstname.lastname@example.org;Laura Davison in Washington at email@example.comTo contact the editors responsible for this story: Margaret Collins at firstname.lastname@example.org, Scott Lanman, Alister BullFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.?2020 Bloomberg L.P.
Both Hong Kong and Russia announced strict travel measures from mainland China, with the U.S. government expanding screening measures at key airports on Tuesday.
Whatever the reason a stock is trading for under $5 a share, these stocks are conversation starters. Some will point out the low valuation of these companies presents opportunity for upside which will be hard to come by when investing in a large-cap. What’s more, you can load up on a much larger number of shares than you could with a stock trading in triple or even double digits.On the other hand, the naysayers argue these tickers are likely to have bad fundamentals and face too many obstacles and, therefore, are more of a speculative shot at lottery like returns than an investment.Either way, both are right, and both could be wrong, too. The trick, as with any investment, is to find the most compelling opportunities the market presents.We went on our own intrepid search for 3 stocks trading at a bargain price, specifically looking for ones which those in the know think are poised to take off over the next 12 months. We used TipRanks’ Stock Screener tool which revealed that in addition to the low valuation, all three currently have a “Strong Buy” consensus rating. Let’s dive in.Orbcomm Inc. (ORBC)Orbcomm operates in an industry that is expected to grow substantially in the new decade. Orbcomm provides machine-to-machine (M2M) solutions across the globe, with its Internet of Things (IoT) technology used to track and monitor large assets. The company’s main markets are in transportation, heavy equipment, and government services, amongst others. Orbcomm is the only commercial satellite network 100% dedicated to M2M.The stock experienced a crushing 2019, losing almost 50% over the year due to disappointing earnings reports and transportation industry headwinds; Economic data suggests that in November, more than 1,000 truck drivers lost their jobs. Further data from October indicates heavy truck order activity is down 51% from 2018 levels.Canaccord's Michael Walkley expects the soft industrial data to continue until mid-2020 and believes it will affect some of Orbcomm’s hardware sales. Nevertheless, the analyst thinks “the shares have limited downside risk at the current valuation.”The 5-star analyst expounded, “Despite our cautious view of macro trends for a portion of Orbcomm’s transportation business unit, we believe the shares have priced in soft near-term hardware sales trends. With Orbcomm’s shares trading roughly 4X our 2021 adjusted EBITDA estimate, we view the risk reward on the shares as very positive… We believe if management can execute, the shares should return to higher multiples.”What does it mean, then? It means that Walkley keeps his Buy rating on Orbcomm. To reflect the headwinds, though, the price target comes down a notch, from $10 to $9. The reduced figure still represents outstanding returns in the shape of 132% could be in store over the next twelve months. (To watch Walkley’s track record, click here)Overall, the Street is with Walkley. 2 additional Buy ratings given to the M2M solutions provider over the last three months add up to a Strong Buy consensus rating. The average price target comes in at $7.67 and implies potential upside of a hefty 98%. (See Orbcomm stock analysis on TipRanks)Plug Power (PLUG)From M2M technology, we move on to another very modern solution, hydrogen fuel cell technology, or renewable energy. Plug Power’s fuel cell systems are designed to replace conventional batteries in electric vehicles and industrial trucks.In sharp contrast to ORBC, PLUG had an outstanding 2019. Its share price added considerable muscle in the shape of 154% throughout the year. Investors were buoyed by strong forecasts, management purchasing company stock, and an ambitious five-year plan, projecting revenue of $1 billion and adjusted EBITDA of $200 million.More good news has extended the rally into 2020; Plug is up by over 23% year-to-date following the announcement that it was awarded a $172 million contract for hydrogen fuel cell deployments from a Fortune 100 customer.B.Riley FBR’s Christopher Van Horn argues PLUG’s “stock and the fuel cell technology seem to be at an inflection point.” The 4-star analyst thinks the contract demonstrates the company’s competitive position, and with an addressable market of $30 billion, believes there should be more opportunities for PLUG coming up.Van Horn said, “PLUG has an implied 35% five-year CAGR from our 2019 revenue estimate and an almost 90% four-year CAGR from our 2020 adjusted EBITDA estimate. We believe this growth could come from its existing customer base, including Wal-Mart, Amazon, and others, as well as new customers. We think this award at roughly $172 million over two years is another step in the right direction to achieve these goals.”Therefore, Van Horn reiterated his Buy call on PLUG along with a price target of $6. This indicates upside potential of 54% over the next 12 months. (To watch Van Horn’s track record, click here)Is the Street ready to plug into PLUG? Yes, it is. The 5 Buy ratings and solitary Hold given over the last three months make the consensus rating a Strong Buy. An average price target of $4.50 puts the upside potential at 15%. (See Plug Power stock analysis on TipRanks)Carrols Restaurant (TAST)From modern solutions, we move to the food industry, where we take a seat at Carrols Restaurant. The company operates the largest Burger King franchisee in the world.It often happens that a stock trading for under $5 used to have a much larger market-cap, but for whatever reason, has lost its luster, and is now much cheaper. For Carrols, last year was a combination of underwhelming earnings reports plus a bizarre software mix up which charged customers incorrectly for discount meals that cost the company $8.3 million. As a result, the stock took a beating in 2019, starting the year at $9.84 and ending it down 28% at $7.05.The company recently announced preliminary 4Q19 results which has further worried investors; In October, Carrols had anticipated 4%-plus SSS (same store sales) for Burger King in its upcoming report, but the new data indicates the SSS figure lands at only 2%. Since then, the share price has dropped further and is down by 32% since the start of the year.So, should you stay away from TAST? Not according to SunTrust Robinson’s Jake Bartlett. The 5-star analyst explained, “TAST attributed the SSS miss to decreased traffic as Burger King laps its '10 Nuggets for $1' promotion last year (through mid-Feb.), a 'Winter Whopperland' game promotion in December that drove app downloads, but not sales, a potential impact from Popeye's new chicken sandwich (TAST's Popeyes 4Q19 21.2%-plus), a potential impact from MCD's '2 for $5' promotion and weak breakfast sales (negative in 4Q19 as lapped the $0.89 pancake promotion). While disappointing, TAST appears encouraged by upcoming menu innovation at Burger King… The promotional environment should remain balanced and significant acquisitions for both Popeyes and Burger King stores are expected in '20.”Accordingly, then, Bartlett reiterated a Buy recommendation on Carrols and kept his $14 price target. The target implies upside potential of a whopping 192%. (To watch Bartlett’s track record, click here)Currently, there are few on the Street taking a bite out of Carrols, but those who are, like the (TAST)e. A Strong Buy consensus rating is formed of 3 Buys, and at $8.83, the average price target suggests potential upside of a handsome 84%. (See Carrols Restaurant stock analysis on TipRanks)
Lockheed Martin raised its tally for hypersonic contract payouts and easily topped Q4 estimates, but gave mixed 2020 guidance. Mercury beat Q2 views but gave weak Q3 guidance.
As the Boeing 737 Max crisis continues, analysts expect the aerospace giant's Q4 report to be "an absolute disaster" when it comes out early Wednesday.
The thought of losing your life savings to hackers can be terrifying — and it’s why two of Houston financial adviser Michelle Gessner’s clients didn’t want to consolidate their retirement assets, even if the move would be financially savvy. The couple had already been the target of identity theft in the past, then with their credit cards, and they were afraid that if they rolled all their money together, they’d be “sitting ducks” at risk of losing their entire nest egg. “The question is real and understandable,” Gessner said.
Michael Wilson, Morgan Stanley’s chief U.S. equity strategist, says the first major stock market pullback since October is under way.