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These are the top 3 stocks to watch in 2022: Analyst

Investors ought to preserve an eye out for on line casino and authentic estate shares next 12 months, according to Gerber Kawasaki Wealth & Investment Management CEO Ross Gerber.

MGM (MGM), Lennar (LEN), and Tesla (TSLA) had been chosen as the leading 3 stocks poised to rise in 2022 in Gerber’s preview. He joined Yahoo Finance Stay on Thursday to discuss which shares really should perform very best subsequent 12 months.

“MGM is a lengthy-phrase holding of ours and we’ve been including to it on the weak spot because of Omicron,” Gerber reported. “And we definitely think this is the endgame for Corona, this winter season remaining form of 1 of the tougher winters again. But as every single winter season rolls on, this will turn into much much more typical and substantially a lot less disruptive.”

MGM Resorts Worldwide, a huge in the hospitality and entertainment business, specializes in casinos, inns, and resorts. As the global outlook continues to make improvements to and the financial system adjusts to the new realities about COVID, Gerber famous, the hospitality sector could stand to gain greatly.

The prospect of curiosity charge hikes in 2022 looms over the financial picture for upcoming 12 months and has dampened some analysts’ expectations for inventory market place progress. “The chance of a 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} correction in the in close proximity to term or in excess of the following 12 months is elevated,” Financial institution of America’s (BAC) U.S. stock and quantitative system main Savita Subramanian advised Bloomberg previously this thirty day period.

Gerber, who expressed doubt that all three Fed fee hikes would occur in 2022, had a extra optimistic disposition.

“We essentially will not assume the Fed will essentially strike their 3 amount hikes future yr, we are going to see,” he stated. “But if it does happen, it will not be until the conclude of the yr, and so housing is a offer and need imbalance on a large scale. And dwelling builders like Lennar, particularly Lennar, which is a genuinely huge, founded dwelling builder in many locations, are just benefiting from this enormous demand. So every residence they’re building, the earnings just go up each and every thirty day period because selling prices keep going up.”

Lennar, a Florida-based mostly household construction corporation, has experienced a short while ago from source chain disruptions connected to the pandemic. However, field professionals anticipate lots of of these challenges in just the housing industry to be get over next 12 months. Exploration and Marketplaces noted that the U.S. construction business is expected to grow by 3.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in 2022.

NEWARK, CALIFORNIA - DECEMBER 15: A worker makes repairs to a home under construction at the Lennar Bridgeway home development on December 15, 2021 in Newark, California. Homebuilder Lennar will report fourth quarter earnings today after the closing bell. (Photo by Justin Sullivan/Getty Images)

NEWARK, CALIFORNIA – DECEMBER 15: A employee can make repairs to a house below building at the Lennar Bridgeway property enhancement on December 15, 2021 in Newark, California. Homebuilder Lennar will report fourth quarter earnings these days soon after the closing bell. (Photograph by Justin Sullivan/Getty Pictures)

Through most of the 12 months, the housing current market has remained sizzling. Comparable to other industries, like electronics, housing has confronted source bottlenecks and labor shortages which have restricted offer in the facial area of rising demand from customers. The Federal Housing Finance Agency claimed that housing costs grew 18.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} via 2021 Q3 compared to a 12 months in the past, culminating in the major annual maximize in the agency’s House Selling price Index.

Tesla was Gerber’s last recommendation, and his variety a single decide for traders in 2022. He had some daring predictions for the EV maker in his interview with Yahoo Finance Are living.

“I think above the next 10 years, Tesla will be the most consequential organization in the heritage of organization,” Gerber said. “I feel in 12 months, we are heading to see amazing breakthroughs in AI and technological innovation. And what Elon has done nonetheless, we don’t know, you want to individual inventory in this long run. So with robotics, AI, and the dominance in the EV and weather area, Tesla is the greatest stock of all time.”

Tesla undoubtedly rewarded bullish investors in 2021. This year, Tesla inventory has obtained 56{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, extra than double the S&P 500’s 27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} increase.

Even so, issues stay. The corporation recalled virtually 50 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} a million of its Product 3 and Product S more than safety challenges regarding the cars’ rear view cameras and trunk. Marketplace professionals have lifted worries relating to the sustainability of Tesla’s substantial market share in the EV sector, as properly as the possible emergence of competition.

Gerber cautioned traders not to be far too worried about the recollects. Recollects are somewhat normal for automobile companies, and Tesla’s main strengths lay outside of their auto companies, in any case, he extra.

“Tesla is a improved AI technology company than a auto business, as we have all uncovered above the previous 10 a long time,” he said. “They build cars and trucks, but they’re essentially constructing an Apple iphone on wheels. And so the overall infrastructure that they’ve been developing about service, for example, has been a massive obstacle for them. They have innovated some astounding points like cell company.”

General, shares stayed flat on the remaining trading day of 2021, providing this year’s Santa Claus Rally a relatively muted end. The S&P 500 arrived at an intraday superior Thursday but fell in the afternoon. This year, the index attained a file higher every thirty day period, a feat reached only after before, in 2014.

Ihsaan Fanusie is a writer at Yahoo Finance. Adhere to him on Twitter @IFanusie.

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Insiders Sense a Bottom in These 2 Stocks; Analysts Say ‘Buy’

Latest market place volatility is plenty of to make your head spin, and can induce a great deal of confusion for retail buyers trying to find a reliable sector tactic. It is tempting to search to the industry experts, but that raises another concern: which authorities are the very best to observe?

Adhering to the insiders, the corporate officers who reside and breathe with an within see of the stock’s deeper workings, is 1 of the practical techniques for obtaining stock marketplace bargains. Insiders never trade flippantly – they commonly have deep individual stakes in their company’s fortunes, and so, when they make bulk trades in their possess inventory, traders must spend close awareness.

Traders can look to these moves, employing TipRanks’ Insiders Very hot Shares instrument. We’ve employed that resource to do just that, come across a couple of stocks whose selling price has dropped lately – and that fall has coincided with some ‘informative buy’ insider trades. Let’s take a closer seem.

Hims & Hers Wellbeing (HIMS)

The increasing prevalence of electronic connections has blended with increased desire for healthcare solutions to build the telehealth marketplace as the relationship involving the two. Him & Hers is a health care business in the telehealth specialized niche, featuring customers entry to certified professional medical gurus, prescription medication, and recommendations for in excess of-the-counter medicines by means of on-line connections. The company’s greatest recognized solutions are generic remedies for sexual dysfunction, together with OTC solutions for men’s and women’s hair reduction.

This company has been creating moves to expand and strengthen its made available solutions. At the stop of November, Him & Hers announced a partnership with Uber to make on-desire delivery accessible for most of the company’s own treatment items in significant city regions across the US. Customers can obtain the provider by way of the Uber Eats app. And, in mid-December, the corporation announced a key growth of its Professional medical Advisory board, a transfer that will facilitate the enlargement of companies into the psychological wellness and principal care verticals.

The Q3 economic effects clearly show the development likely of the telehealth area of interest. Him & Hers noted quarterly revenue of $74.2 million, up 79{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-above-yr, a end result that defeat the Street’s anticipations. The stable revenue growth was driven by a 95{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yoy maximize in subscriptions, to a complete of 551,000. In light of these success, the business revised its full-calendar year profits assistance upwards, to the $263 million to $265 million assortment. This represents an maximize of $9 million at the midpoint.

Inspite of the seem results claimed, HIMS shares are considerably down this yr. The shares peaked in February, and have missing 73{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} because then.

The fall in share cost has not discouraged Andrew Dudum, the founder and CEO of Hims & Hers, from increasing his keeping. On December 13, Dudum bought 81,100 shares, paying $480,000.

The business CEO is not the only lover below. In protection for Piper Sandler, 5-star analyst Sean Wieland writes: “FY21 earnings is now projected to develop 77{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} y/y, at the midpoint, and HIMS endorsed a 30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} baseline development charge for FY22, which is ~2x what we experienced been modeling… HIMS is dominating the dollars-pay, small-to-mid acuity DTC markets for sexual wellbeing, dermatology and hair reduction. The corporation is executing constantly and with strategic acuity…. we feel the stock is undervalued.”

In line with these responses, Wieland presents HIMS an Overweight (i.e. Acquire) rating, with a price concentrate on of $12 that indicates an 86{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} upside for the coming 12 months. (To enjoy Wieland’s track document, simply click right here)

Overall, with 2 Acquire ratings and 1 Keep assigned in the very last a few months, the term on the Street is that HIMS is a Moderate Invest in. Not to point out the $10.67 average price concentrate on brings the upside probable to ~66{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. (See HIMS inventory forecast on TipRanks)

Joby Aviation (JOBY)

Now let’s get speculative. New corporations are usually popping up, supplying new systems or methods, or some new twist on one thing old. Joby Aviation does each, as it functions to create and commercialize a interesting concept. The organization is performing on electrically powered vertical takeoff and landing (eVTOL) aircraft. The California-based mostly company’s mentioned target is to deliver a commercially viable city air taxi. Joby has created quite a few remotely operated drones to reveal the technologies, and has worked in collaboration with NASA. A full-sized prototype is below tests, and is predicted to acquire its form certification in 2023.

Joby’s aircraft concept attributes 8 electrically run tilt-rotor propeller engines arrayed on the primary edges of the wings and tail. The style and design is supposed to optimize effectiveness and help boost the change absent from fossil gas-driven vehicles. The concept plane underneath improvement will have a pilot and have room for 4 travellers as well as luggage. A single total battery charge will allow for a vary of 150 miles at speeds up to 200 mph.

In August of this yr, Joby entered the general public markets as a result of a SPAC transaction with Reinvent Technologies Companions. The SPAC offer brought Joby far more than $1 billion. Given that then, nevertheless, the stock turned south and is now off 48{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from its peak.

The business has no profits stream as still, but did report assembly many crucial milestones in Q3. Amongst these were being a 154 mile flight of the manufacturing prototype, the longest flight by an eVTOL aircraft, and the carry out of acoustic tests with NASA, as portion of a method that evaluated the electrical aircraft’s sound profile. The latter is an critical element of certifying the plane to fly in city places.

On the insider entrance, Joby observed a couple of educational buys this 7 days. JoeBen Bevirt, CEO and founder, purchased 85,000 shares for $792,860, whilst Paul Sciarra, of the Board of Administrators, expended more than $1.47 million to invest in 229,500 shares of the organization.

JPMorgan analyst Kristine Liwag is also a lover of JOBY. She premiums the inventory an Obese (i.e. Purchase) and sets a $16 cost goal, indicating self esteem in a robust 129{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} upside for the subsequent 12 months. (To enjoy Liwag’s keep track of report, click on listed here)

Describing her bullish stance, Liwag says, “The most important intention we are focused on is the certification of the Joby aircraft as the FAA commences confirmatory tests of some elements which will be utilised on the plane… The business now has ~$1.3bn in Dollars and Quick-time period investments on the balance sheet which we see as sufficient cash to get the Joby plane accredited. We see the measures Joby has taken in the quarter positively as the organization designed strides in producing, Section 135 certification, and in-property tests of unique components and methods of the Joby plane.”

Liwag is at the moment the only analyst following JOBY. It will be intriguing to see whether other analysts comply with in Liwag’s footsteps and chime in with JOBY assessments soon. (See JOBY stock investigation on TipRanks)

To find very good strategies for shares buying and selling at eye-catching valuations, take a look at TipRanks’ Best Shares to Buy, a newly released instrument that unites all of TipRanks’ fairness insights.

Disclaimer: The views expressed in this posting are entirely these of the highlighted analysts. The information is intended to be employed for informational applications only. It is quite vital to do your individual evaluation before earning any financial commitment.

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Today’s Live Business News: Jobs Report, Inflation and Stocks

The United States faces a default sometime between Dec. 21 and Jan. 28 if Congress does not act to raise or suspend the debt ceiling, a Washington think tank warned on Friday.

The projection from the think tank, the Bipartisan Policy Center, was a narrower window than it provided last month, and the nonpartisan group suggested that the actual deadline, or X-date, could be toward the earlier end of that range.

Democrats and Republicans appear to have tempered their tone around raising the debt limit this time around. While lawmakers have not settled on a path to lifting the borrowing cap, they are exploring a series of ways to raise it, including some that could ultimately hand more power to the White House to avoid the kind of standoffs that have routinely crippled Washington.

Republicans continue to publicly insist that Democrats must act alone to address the issue, while Democrats have countered that raising the borrowing cap is a shared responsibility given that both political parties have incurred big debts over the last several years.

“Those who believe the debt limit can safely be pushed to the back of the December legislative pileup are misinformed,” said Shai Akabas, the director of economic policy at the Bipartisan Policy Center. “Congress would be flirting with financial disaster if it leaves for the holiday recess without addressing the debt limit.”

Treasury Secretary Janet L. Yellen warned lawmakers in November that the United States could be unable to pay its bills soon after Dec. 15. During testimony before the Senate Banking Committee this week, she underscored the urgency of the matter.

“I cannot overstate how critical it is that Congress address this issue,” Ms. Yellen said. “America must pay its bills on time and in full. If we do not, we will eviscerate our current recovery.”

In September, Ms. Yellen called for the debt limit to be eliminated, explaining that it had become a destructive policy that posed unnecessary risks to the economy. After approaching the first default in American history, Congress in October raised the statutory debt limit by $480 billion, an amount the Treasury Department estimated would allow the government to continue borrowing through early December.

Congressional leaders have been quietly discussing ways to address the debt ceiling, after Republicans warned that they would not help Democrats clear the 60-vote threshold needed to break a Republican filibuster against legislation to raise the borrowing cap.

Senators Chuck Schumer of New York, the majority leader, and Mitch McConnell of Kentucky, the minority leader, have spoken repeatedly in recent weeks about the issue, but they have remained tight-lipped in public about a possible solution.

The debate has been further complicated by former President Donald J. Trump and his continued influence over the Republican Party. He has repeatedly railed at Mr. McConnell and the other Republican senators who backed a procedural vote in October that cleared the way for Democrats to raise the debt limit.

But Mr. McConnell, while pushing for Democrats to raise the borrowing cap without help from his conference, pledged this week that a default would be avoided.

Credit…Al Drago for The New York Times

“Let me assure everyone the government will not default, as it never has,” Mr. McConnell said on Tuesday. Pressed further, he added, “We’re having useful discussions about the way forward.”

Cut out of both the $1.9 trillion coronavirus relief package that passed in March and the $2.2 trillion climate, tax and spending plan that Democrats are trying to push through the Senate, Republicans have refused to help Democrats accommodate debt incurred by both parties. They have taken that position even though leaders of both parties signed off on the spending that helped the debt balloon.

Democrats, in turn, have balked at a Republican demand to use a fast-track process known as budget reconciliation to raise the debt limit without Republican votes. Democrats used the process to pass the coronavirus relief package and they are using it again for the climate, tax and spending plan, but they have argued that Republicans should help keep the government from defaulting.

Aides in both parties, while cautioning that a solution has not been agreed to, noted that party leaders had so far refrained from publicly trading blame over the issue.

As a way of navigating around the impasse, some officials have discussed the possibility of handing the authority of raising the debt limit to the administration, while granting Congress the ability to disapprove the decision with just a simple majority.

Some lawmakers, however, may be unwilling to hand that power to the White House or lose a cudgel often used by the minority party to exert pressure, particularly while 60 votes are needed to end a filibuster in the Senate.

Other officials have floated attaching legislation raising the debt limit to the sprawling annual defense policy bill, which is the last major must-pass piece of legislation that lawmakers plan to approve in December.

But it is unclear whether such a plan would be successful: Attaching a debt ceiling increase could jeopardize the Republican votes needed to counter the bloc of liberal Democrats who typically oppose the defense bill in protest of military spending. Representative Kevin McCarthy, Republican of California and the minority leader, warned on Friday that such a maneuver could tank passage of the entire package.

The Bipartisan Policy Center said that there was additional uncertainty surrounding the debt limit this year because of the pandemic and the various economic relief programs that are still ongoing.

Dec. 15 is a particularly important date because the Treasury Department is required to make a $118 billion payment to the Highway Trust Fund. If corporate tax receipts that are due that day come in weak, Treasury could face a cash crunch and the United States could be unable to meet all of its obligations, such as paying out Social Security and funding military paychecks.

The Congressional Budget Office said this week that it expected that Treasury might run out of cash by the end of December if Congress failed to act. The budget office suggested, however, that Treasury might be able to defer some Highway Trust Fund payments that were mandated in the recently passed infrastructure law, potentially staving off a default until sometime in January.

Along with its updated projection, the Bipartisan Policy Center unveiled a new proposal for dealing with the debt limit, although it is unlikely to help lawmakers this time around.

The proposal, which is being introduced by Representatives Jodey C. Arrington, Republican of Texas, and Scott Peters, Democrat of California, would establish a process giving the president authority to suspend the debt limit through the following fiscal year as long as Congress does not pass a resolution blocking the move within 30 days. The president would then have to offer a debt reduction proposal for Congress to consider separately.

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Stocks and oil drop again, as Omicron’s arrival in the U.S. whips markets.

By Eshe Nelson and Matt Phillips

Stocks on Wall Street slid on Wednesday for a second consecutive session, continuing their tumultuous ride since the discovery of the Omicron variant of the coronavirus last week.

The S&P 500 fell 1.2 percent, as an early gain quickly faded after news that the variant had been detected in the United States. The Nasdaq composite lost 1.8 percent.

Early gains by oil futures also faded. West Texas Intermediate, the U.S. benchmark, fell about 1 percent to $65.57, erasing earlier gains of as much as 5 percent.

Shares of companies likely to be most affected by an increase in pandemic precautions were among the hardest hit. American Airlines fell 8 percent and was one of the worst performers in the S&P 500. United Airlines was down nearly as much, as were the cruise lines like Norwegian and Carnival.

Even as they have cautioned against overreacting to the news of a new variant before much is known about it, several world governments have put in place restrictions on travel — including limits on entry for visitors from southern Africa, where the variant was first detected, and blanket bans on all foreigners.

In the United States, the Centers for Disease Control and Prevention has said it plans to toughen coronavirus testing and screening requirements for international fliers bound for the country. The agency is considering requiring travelers to provide a negative result from a test taken within 24 hours before departure, among other steps, a spokesman said Tuesday night.

Investors also snapped up shares of companies that could benefit from a renewed vigilance to a spreading virus. Clorox rose nearly 2 percent. Quest Diagnostics, a lab company with a fast-growing Covid testing business, rose 1.7 percent. Becton Dickinson and Company, which makes an at-home Covid test, rose 1.9 percent.

As they consider the risk of the Omicron variant, and the potential impact on the global economy as governments again restrict travel and tighten testing requirements, investors are also grappling with a shifting outlook for interest rates.

On Tuesday, the S&P 500 declined 1.9 percent when the head of the Federal Reserve said the central bank might speed up its plan to reduce support for the economy because of high inflation. The back-to-back declines added up to a 3.1 percent drop for the U.S. benchmark index, its worst two-day dive since October 2020.

A measure of volatility in the U.S. stock market surged to its highest since early March on Friday after the Omicron variant was reported by researchers in South Africa. The VIX index has declined a little since then, but it remains above levels seen in the past two months.

Traders had pushed back their expectations about when the Fed might eventually raise interest rates, in light of the news about the variant and some predictions that current vaccines will be less effective against it. But Jerome H. Powell, the Fed chair, said on Tuesday that the risk of higher inflation had increased. If the central bank finishes tapering its bond-buying program sooner than expected, it could also raise interest rates sooner.

Yields on long-term Treasury bonds dropped, suggesting that investors were moving money out of shares and into the safety of government securities as they await more information about the Omicron variant. (Yields on Treasury bonds fall as prices rise.)

The yield on the 10-year Treasury note, often viewed as a barometer of the market’s expectations for economic growth and inflation, dropped to about 1.43 percent, the lowest level in over two months.

The Omicron variant could prolong the bottlenecks and shortages that have caused inflation to run hotter than expected, a risk Fed officials will assess as they “grapple” with how quickly to remove economic support, another Fed official said.

“Clearly, it adds a lot of uncertainty to the outlook,” John C. Williams, president of the Federal Reserve Bank of New York, told The New York Times in an interview that was published on Wednesday.

Credit…Jim Wilson/The New York Times

The payments company Square said on Wednesday that it was changing its name to Block, a nod to one of the main focuses of the company’s chief executive, Jack Dorsey, an enthusiast for cryptocurrency and the blockchain technology it runs on.

Mr. Dorsey said Monday he was stepping down from the helm of his other company, Twitter, a move that many believed was so that he could dedicate more of his attention to cryptocurrency and to Square.

Block will become the name of the “corporate entity,” with Square continuing to be the segment of the company that helps people and businesses process payments, the company said in a news release. The parent company also owns Tidal, a music streaming service, Cash App, a payment service, and a developer platform focused on Bitcoin called TBD54566975. Square said there would be no organizational changes made to the company other than the name change.

“The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome,” the company said in its release. It expects the name change to be official on Dec. 10.

Mr. Dorsey has in recent years grown more fascinated by cryptocurrencies and the promise of decentralization that blockchain technology could allow for. In 2019, he said Twitter would help create a decentralized type of social media in which users could make their own algorithms and moderate their own communities. The only thing in his Twitter bio is “#bitcoin.”

A foray deeper into cryptocurrencies and blockchain could be alluring for Mr. Dorsey, who in his last few years as a social media chief executive spent increasing amounts of time defending Twitter’s role in disseminating misinformation, testifying in front of politicians and receiving frequent criticism from former President Donald J. Trump, who was barred from Twitter shortly after the Jan. 6 attack on the Capitol.

Mr. Dorsey did not reference cryptocurrencies or the blockchain in a brief quote in the news release about his company’s name change, saying only that despite the new name, “our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

Credit…Mark Blinch/Reuters

Workers at three plants owned by the luxury apparel-maker Canada Goose in Winnipeg, Manitoba, have voted overwhelmingly to unionize, according to results announced by the union on Wednesday.

Workers United, an affiliate of the giant Service Employees International Union, said it would represent about 1,200 additional workers as a result of the election.

Canada Goose, which makes parkas that can cost more than $1,000 and have been worn by celebrities like Daniel Craig and Kate Upton, has union workers at other facilities, including some in Toronto, and has frequently cited its commitment to high environmental and labor standards. But it had long appeared to resist efforts to unionize workers in Winnipeg, part of what the union called an “adversarial relationship.”

The company denied that it sought to block unionization, and both sides agree that it was neutral in recent weeks, in the run-up to the election. The union said 86 percent of those voting backed unionization.

“I want to congratulate the workers of Canada Goose for this amazing victory,” Richard A. Minter, a vice president and international organizing director for Workers United, said in a statement. “I also want to salute the company. No employer wants a union, but Canada Goose management stayed neutral and allowed the workers the right to exercise their democratic vote.”

Reacting to the vote, the company said: “Our goal has always been to support our employees, respecting their right to determine their own representation. We welcome Workers United as the union representative for our employees across our manufacturing facilities in Winnipeg.”

Canada Goose was founded under a different name in the 1950s. It began to raise its profile and emphasize international sales after Dani Reiss, the grandson of its founder, took over as chief executive in 2001. Mr. Reiss committed to keeping production of parkas in Canada.

The private equity firm Bain Capital purchased a majority stake in the company in 2013 and took it public a few years later.

The union vote came after accusations this year that Canada Goose had disciplined two workers who identified themselves as union supporters. Several workers at Canada Goose’s Winnipeg facilities, where the company’s work force is mostly immigrants, also complained of low pay and abusive behavior by managers.

The company has denied the accusations of retaliation and abuse and said that well over half its workers in Winnipeg earned wages above the local minimum of about 12 Canadian dollars (about $9.35).

Workers United is also seeking to organize workers at several Buffalo-area Starbucks stores, three of which are in the middle of a mail-in union election in which ballots are due next week.

Nearly 30 percent of workers are unionized in Canada, compared with about 11 percent in the United States.

Credit…Miguel Riopa/Agence France-Presse — Getty Images

Inditex, the giant Spanish fashion retailer, has appointed Marta Ortega, daughter of the company’s co-founder, as its chairwoman, unexpectedly fast-tracking a generational handover at a time when the fashion sector is facing important supply chain challenges linked to the pandemic, the company said on Tuesday.

Ms. Ortega, 37, will take over in April from Pablo Isla, who has led the company since 2011 and has been widely credited with steering the group’s online and international growth, including into the Chinese market. Inditex sells brands that include Zara, Massimo Dutti, Bershka and Pull & Bear.

Ms. Ortega has spent the past 15 years working for her family’s company, starting as an assistant at Bershka.

“I have always said that I would dedicate my life to building upon my parents’ legacy, looking to the future but learning from the past,” she said in a statement.

Inditex also appointed a new chief executive, Óscar García Maceiras, a former state attorney who joined Inditex in March. The current chief executive, Carlos Crespo, is switching back to his former job, chief operating officer.

Ms. Ortega had long been considered in line to take over from her father, Amancio Ortega, 85, who is regarded as Spain’s richest man and is the majority shareholder in the company.

Inditex shares tumbled more than 5 percent on Tuesday after the appointment was announced. Investors were concerned that the new team of Ms. Ortega and Mr. García Maceiras lacked operational experience at a time when retailers have been struggling with the coronavirus pandemic, as well as its resulting supply bottlenecks.

The share price, however, rebounded on Wednesday, gaining 4.5 percent.

“The timing is not the best,” Kepler, a brokerage, wrote in a note to investors. “We believe that both Marta Ortega and the C.E.O. Óscar Maceiras have a lot to prove when it comes to their ability to run this big monster in the middle of the Covid crisis.”

Inditex was founded by Mr. Ortega and his then-wife, Rosalía Mera, in 1975 in Galicia, in northwestern Spain, where Inditex still makes some of its clothing. The company also produces in other parts of Europe, Asia and Africa, and has more than 6,000 stores worldwide.

Credit…Fabrizio Bensch/Reuters

A new Covid-related downturn would probably cause more severe unemployment in the United States, while in Europe growth would suffer more, the Organization for Economic Cooperation and Development said on Wednesday.

The prediction came as the organization released its latest economic outlook, which reported a fast but uneven recovery from the disruption of the pandemic, emphasizing the stark imbalances in growth between advanced and less developed countries, as well as among the biggest industrial nations. .

Differing policy choices were the primary reason distinguishing the Europe and the United States, said Laurence Boone, the organization’s chief economist. “Europe has been focusing on protecting jobs throughout the crisis, and as a result employment is now already at its pre-crisis level,” she said.

By contrast, the United States has “largely focused on supporting households’ incomes rather than jobs,” she said, resulting in a quicker rebound in gross domestic product.

If the economy were to be walloped again, Ms. Boone said, “in Europe, it would be output that would be hurt more while in the U.S., it would be jobs that would take the hit.” At the start of the pandemic in 2020, Europe’s output fell much more sharply than in the United States.

Ms. Boone said that despite the new coronavirus variant, Omicron, the economic outlook remains “cautiously optimistic.” Global growth this year is expected to come in at 5.6 percent before dropping to 4.5 percent next year and 3.2 percent in 2023, according to the report.

She did warn, however, that Omicron adds to already high levels of uncertainty and could threaten the recovery.

The organization also emphasized that whatever imbalances may exist among countries in North America and Europe, the starkest asymmetries are between advanced and emerging economies, where growth and vaccination rates are lagging far behind.

Ms. Boone noted that the Group of 20 countries have collectively spent $10 trillion in response to the virus, while a scant fraction of that amount has gone to providing vaccinations to poorer countries — even though such support is crucial to the global economy’s recovery.

The organization’s latest forecast echoed concerns about prolonged inflation that were voiced on Tuesday in Washington by Jerome H. Powell, the Federal Reserve chair.

Ms. Boone cautioned that the severity of the pandemic could play out in different ways. More disruptions in the supply chain could aggravate inflation, but a new wave of Covid-related restrictions could instead cut into demand and cause inflation to recede faster.

Rising prices on essentials like food would be particularly burdensome on the poor, the organization said.

Credit…Andrew Kelly/Reuters

The Consumer Financial Protection Bureau said on Wednesday that it would begin closely examining banks that had an outsize reliance on overdraft fees, the much-maligned charges that turn $3 coffees into $38 gotchas.

Overdraft fees ensure that consumers’ bills will be covered and purchases won’t be denied when spending exceeds their account balance. Initially marketed as a convenience, the fees have proliferated over the past quarter-century and have become known as an aggressive way to siphon money from consumers.

They’re a moneymaker: The banking industry collected $15.47 billion in overdraft fees in 2019, according to a report that the consumer bureau released on Wednesday.

Though overdraft revenues dipped in 2020 when Americans received stimulus money, Rohit Chopra, the bureau’s director, said the fees had been steadily rising before the pandemic struck. They remain a major revenue source for many institutions, dwarfing other fees like those for account maintenance and A.T.M. use, he added.

“Large financial institutions are still hooked on exploitative junk fees that can quickly drain a family’s bank account,” Mr. Chopra said in a statement.

The bureau did not identify any banks it may be targeting, but Mr. Chopra said it had asked its examiners to focus on banks that rely heavily on overdraft fees. Banks with “a higher share of frequent overdrafters or a higher average fee burden for overdrafting” should also expect close supervisory attention, he said.

Mr. Chopra said the bureau would take action against banks that violated rules governing overdraft fees and would “seek to uncover the individuals who directed any illegal conduct.”

Some banks have already begun making changes: Just before the bureau’s announcement, Capital One said it would stop charging retail customers overdraft fees early next year, making it the latest bank to either eliminate them or provide less punitive alternatives.

In May, Ally Bank said it would eliminate its $25 overdraft fee, giving customers six days to get in the black again before it potentially limits how they use their accounts. A number of other banks, like Bank of America and PNC, are taking smaller but still notable steps that include grace periods and small short-term loans — if users qualify.

Customers who have already opted into Capital One’s overdraft program will be automatically moved to the no-fee version early next year, fully eradicating the $35 fees. The bank said eliminating them would cost it roughly $150 million in revenue annually.

While Capital One is not among the country’s very biggest banks — JPMorgan Chase, Wells Fargo and Bank of America generated 44 percent of the fees reported in 2019 by banks with assets above $1 billion, according to the consumer bureau — it is large enough for its decision to have some significance, advocates said.

“This move by Capital One will have tremendous benefits for the most vulnerable consumers,” said Lauren Saunders, associate director at the National Consumer Law Center, an advocacy group. It also “puts pressure on the rest of the banking industry to eliminate these predatory fees, which are a back-end way of harming consumers.”

Regulations introduced in 2010 helped curtail some of the worst abuses by requiring banks to receive consumers’ consent to opt into overdraft services on debit transactions and A.T.M. withdrawals, but the practice is still worth billions. From 2015 to 2019, overdraft and related revenue at banks with $1 billion or more in assets increased about 1.7 percent annually to $11.97 billion, according to the bureau’s latest report. But it fell more than a quarter in 2020 to $8.84 billion, a decline credited at least in part to government aid programs in response to the pandemic.

The bureau has already taken action against some banks in recent years. In August, it ordered TD Bank to pay $122 million in penalties and customer restitution. In 2018, TCF National Bank — whose former chief named his boat Overdraft — reached a $30 million settlement.

Capital One customers who do not already have overdraft protection will be able to enroll in the no-fee program, but habitual overdrafters may not qualify. In a memo to staff, Richard Fairbank, the bank’s chief executive officer, said customers would need to show a steady pattern of deposits to be granted overdraft protection — and could not have a history of frequent overdrafts.

If a participant’s overdraft balance is not repaid after 56 days, the bank will write it off — the same procedure the bank follows now, according to a spokeswoman. The missed payment will not affect a consumer’s traditional credit score, but it will be reported to a specialty bureau, Early Warning Services, owned by seven of the largest banks.

The bank will continue to allow customers to sign up for automatic no-fee transfers from their Capital One savings or money market accounts to pay for transactions their checking account cannot cover.

A rushed emergency aid program for small companies devastated by the pandemic improperly sent nearly $3.7 billion to recipients prohibited from receiving federal funds, according to a government audit released on Tuesday.

The finding adds to a mountain of evidence chronicling what the Small Business Administration’s inspector general, Hannibal Ware, called an “unprecedented amount of fraud” in the agency’s pandemic relief efforts. In October, Mr. Ware’s office chastised the agency for improperly doling out billions in relief money to self-employed people who made “flawed or illogical” claims of having additional workers on their payroll.

Its Economic Injury Disaster Loan program distributed more than $210 billion last year in loans and grants. The program was organized in a hurry by the Trump administration as millions of businesses temporarily shut down because of the coronavirus and was designed to quickly send out money to help companies keep up on their bills.

But the agency failed to do a legally required check of applicants’ identifying details against the Treasury Department’s Do Not Pay system, according to Tuesday’s report from Mr. Ware’s office.

The Do Not Pay system was set up in 2011 to reduce improper payments to people who are dead, convicted of tax fraud or barred from receiving federal contracts, among other red flags. Mr. Ware found 117,135 applicants who got grants and 75,180 recipients who got loans despite matches in the system indicating a “high likelihood” that the payments were improper.

Isabella Casillas Guzman, who became the agency’s administrator in March, said at a House hearing this month that she had heightened the agency’s fraud controls over its Covid-19 relief programs. “The guardrails did not exist” last year, under the prior administration, she said.

In a response included in Mr. Ware’s report, the Small Business Administration said that on April 6, 2021 — more than a year after the disaster loan program began — it started checking Do Not Pay records before sending out funds. The agency also said it would review the loans and grants previously made to recipients who were flagged as ineligible.

“We agree with the S.B.A. Office of Inspector General that the Trump administration should have applied this risk management tool, and, therefore, the S.B.A. has done just that under the Biden-Harris administration,” Han Nguyen, an agency spokesman, said on Tuesday.

Credit…Travis Dove for The New York Times

The furniture companies that dot Hickory, N.C., in the foothills of the Blue Ridge Mountains, have been presented with an unforeseen opportunity: The pandemic and its ensuing supply chain disruptions have dealt a setback to the factories in China and Southeast Asia that decimated American manufacturing in the 1980s and 1990s with cheaper imports.

At the same time, demand for furniture is very strong.

In theory, that means Hickory’s furniture companies have a shot at building back some of the business that they lost to globalization. Local furniture companies had shed jobs and reinvented themselves in the wake of offshoring, shifting to custom upholstery and handcrafted wood furniture to survive. Now, furniture makers like Hancock & Moore have a backlog of orders. The company is scrambling to hire workers.

Yet the same forces that are making it difficult for overseas manufacturers to sell their goods in the United States — and giving American workers a chance to command higher wages — are also throwing up obstacles, Jeanna Smialek reports for The New York Times.

Many of the companies are dependent on parts from overseas, which have been harder — and more expensive — to obtain. Too few skilled workers are seeking jobs in the industry to fill open positions, and businesses are unsure how long the demand will last, making some reluctant to invest in new factories or to expand to towns with bigger potential labor pools.
READ THE ARTICLE →

Credit…Mike Blake/Reuters

  • The star CNN anchor Chris Cuomo was suspended indefinitely by the network on Tuesday after new details emerged about his efforts to assist his brother, Andrew M. Cuomo, the former governor of New York, as he faced a cascade of sexual harassment accusations that led to the governor’s resignation.

    Chris Cuomo had previously apologized for advising Andrew Cuomo’s senior political aides — a breach of traditional barriers between journalists and lawmakers — but thousands of pages of evidence released on Monday by the New York attorney general, Letitia James, revealed that the anchor’s role had been more intimate and involved than previously known.

    “The documents, which we were not privy to before their public release, raise serious questions,” CNN said in a statement on Tuesday, adding: “As a result, we have suspended Chris indefinitely, pending further evaluation.” READ MORE →

  • For four days, Elizabeth Holmes took the stand to blame others for the alleged fraud at her blood testing start-up, Theranos. On the fifth day, prosecutors tried making one thing clear: She knew.

    Over more than five hours of cross-examination on Tuesday, Robert Leach, the assistant U.S. attorney and lead prosecutor for the case, pointed to text messages, notes and emails with Ms. Holmes — and with her business partner and former boyfriend, Ramesh Balwani — discussing problems with Theranos’s business and technology. Mr. Leach had a common refrain: No one hid anything from Ms. Holmes. As Theranos’s chief executive, he argued, she was to blame.

    It was the culmination of three months of testimony and nearly four years of waiting since Ms. Holmes was indicted on charges of wire fraud and conspiracy to commit wire fraud in 2018. READ MORE →

Credit…Aly Song/Reuters

Electric vehicles are central to the Biden administration’s push for clean energy and a revival of American manufacturing. But as Apple did with gadgets, Tesla is forming stronger ties with China to get closer to both its adroit manufacturing supply chain and huge market of car buyers.

China is poised to become a major player in electric cars, and Tesla and a slew of Chinese electric vehicle upstarts are helping its companies become even more competitive.

Tesla’s huge factory in Shanghai works with local suppliers to make increasingly sophisticated components that are helping them go head-to-head with Western and Japanese auto suppliers.

“China is overtaking its competitors by switching lanes in the car race,” said Patrick Cheng, chief executive of NavInfo, a mapping and autonomous driving technology company in Beijing. “The race used to be about internal combustion engine vehicles. Now it’s the electric cars.”

One hears the word “overtaking” a lot in the Chinese auto industry. Many of its executives and engineers believe that the transition to new-energy vehicles presents a similar opportunity as mobile internet did in the last decade, when Chinese companies created powerful platforms such as the mobile messaging app WeChat and the short video app TikTok.

That’s why the Chinese government has embraced Tesla with open arms. It has offered Mr. Musk’s company cheap land, loans, tax benefits and subsidies. It even allowed Tesla to run its own plant without a local partner, a first for a foreign automaker in China.

Beijing is seeking what the business world calls the catfish effect: Toss an aggressive fish into a pool so that the established denizens will swim harder.

Electric cars could shake up the auto industry — and, by extension, jobs, technology and geopolitical influence. READ THE FULL ARTICLE →

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Stocks sink on fears over new coronavirus strain | Financial Markets

Stocks, US Treasury yields and oil sink as new COVID-19 strain rattles markets.

By Sunil JagtianiBloomberg

Published On 26 Nov 2021

Stocks, Treasury yields and oil sank Friday while the yen jumped as a new Covid-19 strain discovered in southern Africa sent a wave of caution across global markets.

An Asia-Pacific equity gauge was set for the worst slide since March, with Japan and Hong Kong underperforming and travel shares among the biggest decliners. U.S. and European futures fell and the 10-year Treasury yield dropped to 1.56{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

The World Health Organization and scientists in South Africa are studying the recently identified variant described as very different to previous versions and of serious concern. The U.K. and Israel banned flights from South Africa and some neighboring countries. Hong Kong confirmed two cases of the strain.

The dollar was at a 16-month high, while South Africa’s rand weakened and commodity currencies retreated. Crude shed 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and gold rose. U.S. markets, closed Thursday for Thanksgiving, will have a shortened Black Friday session.

The detection of the strain comes on top of concerns in markets about high inflation and the prospect of quicker exit from ultra-loose monetary settings. Global shares are up about 16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} this year, weathering a plethora of risks after investors poured almost $900 billion into equity exchange-traded and long-only funds in 2021 — topping the combined total from the past 19 years.

“It’s a scary headline” about the virus variant, so it may have caused a knee-jerk reaction, said Kyle Rodda, an analyst at IG Markets Ltd. He added that “North America off the desks means there’s a wall of buyers missing” and that thinner markets make for more pronounced moves.

Variant ‘playbook’

December futures on the Cboe Volatility Index, a gauge of implied equity swings for the S&P 500, advanced as traders braced for turbulence when U.S. markets reopen.

Justin Tang, head of Asian research at United First Partners, pointed out that “the world has gone through this before with delta,” adding “there is already a playbook for such situations” and that “mutations are expected and not something unknown.”

Meanwhile, Goldman Sachs Group Inc. economists said they expect the Fed to tighten policy faster than previously anticipated, including doubling the pace at which it tapers bond purchases to $30 billion a month from January. They see an interest-rate liftoff from near zero in June.

In China, regulators have asked Didi Global Inc.’s top executives to devise a plan to delist from U.S. bourses, people familiar with the matter said. That may revive fears about Beijing’s intentions for its giant technology industry. A gauge of Chinese tech stocks slid.

The Chinese economy continued to slow in November with car and homes sales dropping again as a housing market crisis dragged on, according to Bloomberg’s aggregate index of eight early indicators.

For more market analysis, read our MLIV blog.

Here are some key events this week:

  • Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday
    Some of the main moves in markets:

Stocks

  • S&P 500 futures fell 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as of 5 a.m. in London. The S&P 500 rose 0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on Wednesday
  • Nasdaq 100 futures fell 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The Nasdaq 100 rose 0.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on Wednesday
  • Japan’s Topix index dropped 2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • Australia’s S&P/ASX 200 index fell 1.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • South Korea’s Kospi index shed 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • Hong Kong’s Hang Seng index declined 2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • China’s Shanghai Composite index lost 0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • Euro Stoxx 50 futures tumbled 2.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Currencies

  • The Bloomberg Dollar Spot Index rose 0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • The euro was at $1.1223, up 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • The Japanese yen was at 114.72 per dollar, up 0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • The offshore yuan was at 6.3934 per dollar, down 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Bonds

  • The U.S. 10-year Treasury yield fell eight basis points to 1.56{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • Australia’s 10-year bond yield fell nine basis points to 1.78{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Commodities

  • West Texas Intermediate crude fell 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $76.06 a barrel
  • Gold was at $1,797.75 an ounce, up 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Posted on

7 stocks with the most Thanksgiving exposure: BofA

Thanksgiving feasts will likely draw larger crowds than last year and incur higher costs.

A recent Bank of America note detailed which companies have the most exposure to the top holiday dishes amid supply chain bottlenecks, inflation, lingering COVID concerns, low inventories, and evolving consumer behaviors. 

Those companies are Campbell’s Soup Company (CPB), General Mills (GIS), The Kraft Heinz Company (KHC), Conagra Brands (CAG), Hormel Foods Corporation (HRL), McCormick & Company (MKC), and The Duckhorn Portfolio, Inc. (NAPA). 

“We looked at companies’ exposure to the top Thanksgiving dishes: turkey, stuffing, dinner rolls, gravy, green bean casserole, potatoes, mac & cheese dessert and wine,” the analysts stated. “Overall CPB, GIS, KHC, CAG, MKC, HRL and NAPA are the most exposed. KHC and NAPA are our favorite stocks in this group.”

Not just turkey stock: Key food companies exposed to Thanksgiving meal trends. (Source: BofA)

Key companies exposed to Thanksgiving meal trends. (Source: BofA)

Thanksgiving ‘center of the plate’ items see more pricing power

People appear to be gathering around the table again, the analysts stated, as data from social media conversations found mentions of “vaccines” on the rise while mentions of “FaceTime,” “social distancing,” and “canceled” declined. (“Friendsgiving” and “day drinking” also saw increases.)

And whether consumers opt for turkey or ham, mashed potatoes or marshmallow-topped sweet potatoes, traditional or plant-based options, they’re likely to pay more with inflation hitting food prices.

The American Farm Bureau Thanksgiving cost index projects a 14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-over-year increase for 2021, led by a 24{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} increase in turkey prices.

“When you look at more of the center of the plate sort of food items, typically, there has not historically been a lot of pricing power,” Bryan Spillane, a senior food and beverage analyst at BofA Global Research, told Yahoo Finance Live (video above). “But what’s unusual this year is that there has been. Food companies, in particular, began raising prices the middle of the year, and there’s virtually been no elasticity.”

Frozen turkeys in Philadelphia, Wednesday, Nov. 17, 2021. First, the good news: There is no shortage of whole turkeys in the U.S. this Thanksgiving. But those turkeys — along with other holiday staples like cranberry sauce and pie filling — could cost more. (AP Photo/Matt Rourke)

Frozen turkeys in Philadelphia, Wednesday, Nov. 17, 2021. (AP Photo/Matt Rourke)

That said, Spillane added, consumer behavior is expected to change at some point.

“Something that we’re really watching as we move into next year is: At what point does the consumer begin to push back and do we begin to see some trading down or other behavior that demonstrates that consumers are feeling that pinch?” Spillane said.

Investor appetite for food and beverage companies 

The top company with the most upside or downside potential is Campbell’s, which BofA gave an “underperform” rating. 

“Campbell’s struggling from a few issues,” Spillane said. “One is they are experiencing a material amount of inflation. They have a product portfolio that’s a little bit more skewed… to kind of middle and low-income households. So, that’s, maybe, an area where there may be some sensitivity around passing those prices through.”

The iconic soup company also has a lot of direct and indirect exposure to labor shortages and higher labor costs, Spillane added.

Cans of Campbell's Soup are displayed in a supermarket in New York City, U.S. February 15, 2017. REUTERS/Brendan McDermid

Cans of Campbell’s Soup are displayed in a supermarket in New York City, U.S. February 15, 2017. REUTERS/Brendan McDermid

BofA also gave seasoning-maker McCormick & Company an “underperform” rating, with an $84 price target. 

McCormick is “still trading at a premium valuation,” Spillane said, adding that while it has benefitted from people having cooked at home more in the last 18 months, “at some point, as things moderate, you’re going to see less of that cooking at home behavior. And that’s going to create an overhang for McCormick.”

On the flip side, “Hershey [HSY] is well-positioned,” Spillane said, especially when it comes to the inflationary environment. 

“The combination of a category that’s still growing very strongly where there’s still a lot of product innovation and where there’s been demonstrated pricing power, we think that Hershey is set up really well to be able to maybe even more than protect margins, maybe potentially grow margins as we cycle through some of this inflation,” he explained.

BofA also awarded Stove Top stuffing-maker Kraft Heinz a buy rating with a $46 price objective.

“We believe this is justified based our view that KHC is well positioned to capture growth associated with changing consumer demand patterns related to recessions and pantry stocking offset by higher than average debt levels,” the analysts wrote.

Grace is an assistant editor for Yahoo Finance.

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