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1:57 a.m. Today - By Tomi Kilgore
Sonoco Products to raise prices on plastic trays, bowls amid continued cost inflationSonoco Products Co. said Monday it will raise prices on certain consumer packaging components by 8%, citing continued cost inflation. The company said its prepared and specialty foods business segment will raise prices for crystallized polyethylene terephthalate (CPET) and polypropylene (PP) thermoformed plastic trays and bowls by 8%. The new prices will be effective Feb. 22, and will be applied individually, and depending on prod7uct category. "These price adjustments are critical to manage continued increases in cost across our business," said Rolfe Olsen, vice president of the prepared and specialty foods business. "Thus far, we have offset much of these increased input costs via manufacturing productivity initiatives and supply chain optimization activities, but with continued inflation, we must now pass this cost on to our customers." The stock, which is still inactive in premarket trading, has advanced 13.8% over the past three months while the S&P 500 has gained 10.9%.
6:28 a.m. Jan. 23, 2021 - By Andrew Keshner
Financially fragile Americans during COVID-19 have difficulty answering these 15 money questions — can you? A new survey asked who could cover unexpected expenses during the pandemic’s early days.A new survey asked who could cover unexpected expenses during the pandemic’s early days.
9:05 a.m. Jan. 22, 2021 - By Riley Adams
Should you invest in stocks or real estate? Be honest about your risk tolerance and lifestyle preferencesBe honest about your risk tolerance and lifestyle preferences
6:55 a.m. Jan. 14, 2021 - By Tomi Kilgore
Aphria's stock soars after reporting surprise profit, giving a boost to merger partner TilrayThe U.S.-listed shares of Aphria Inc. shot up 17% in midday trading Thursday toward a more-than two-year high, after the Canada-based cannabis company reported a surprise fiscal second-quarter adjusted profit and revenue that rose above forecasts, citing strength in its global cannabis and consumer packaged goods businesses. The net loss for the quarter to Nov. 30 widened to C$122.0 million ($96.3 million), or 42 cents a share, from C$8.2 million, or 3 cents a share, in the year-ago period. Excluding non-recurring items, the company swung to EPS of 1 cent from a loss of 19 cents, beating the FactSet consensus for a per-share loss of 3 cents. Revenue rose 33% to C$160.5 million ($126.6 million), above the FactSet consensus of C$153.9 million. Adult-use cannabis revenue rose 149% to C$72.1 million. The average selling price of adult-use cannabis rose to C$4.29 per gram from C$4.15 per gram in the previous quarter, while the average retail selling price of medical cannabis fell to C$6.96 per gram from C$7.38 per gram. Shares of Tilray Inc. jumped 19.4%, as the company and Aphria . The stock, which which is on track for the highest close since November 2018, has soared 98.6% over the past three months while the ETFMG Alternative Harvest ETF has climbed 72.4% and the S&P 500 has gained 9.4%.
9:21 a.m. Jan. 13, 2021 - By Ciara Linnane
U.S. sees record one-day death toll and experts worry new variant may make activities like plane travel more risky Vaccine program must speed up to avoid reaching 640,000 deaths by spring, equal to lives lost in the 1918 flu pandemicThe U.S. set another grim milestone in the coronavirus pandemic on Tuesday, when more than 4,400 COVID-19 patients died, the most in a single day since the start of the outbreak, and experts said that with cases continuing to accelerate, the worst is still to come.
5:59 a.m. Jan. 13, 2021 - By Tomi Kilgore
Peloton's stock jumps into record territory after BofA Securities analyst gets more bullishShares of Peloton Interactive Inc. ran up 5.4% into record territory in morning trading Wednesday, after BofA Securities analyst Justin Post became more bullish on the fitness-equipment company, citing data suggesting demand continues to outstrip supply. Post reiterated his buy rating on the stock, while raising his price target by 17%, to $175 from $150. Post said his research indicates that visits to Peloton's site in the fiscal second quarter, which ended December, rose 167% from a year ago, a deceleration from 289% growth in the first quarter, "but well above competition." He said Peloton-related posts during the quarter on Facebook Inc.'s Instagram are up 71%a, and are up 92% on Twitter , "suggesting new user engagement remains high." He said while delivery times remain long, data suggests that order backlog should help support "strong" third quarter results. "While valuation is a risk, we remain constructive on the stock ahead of the full U.S. lower-priced tread launch, likely in March (potential catalyst)," Post wrote in a note to clients. The stock, which was trading above its Dec. 23 record close of $162.76, has rallied 25.5% over the past three months while the S&P 500 has gained 8.5%.
3:56 a.m. Jan. 12, 2021 - By Tomi Kilgore
Bank of America stock rallies after analyst says it's time to buyShares of Bank of America Corp. rose 1.1% in premarket trading Tuesday toward an 11-month high, after Citigroup analyst Keith Horowitz turned bullish, citing expectations that the bounce off the third-quarter bottom in net interest income will be bigger than expected. Horowitz raised his rating to buy from neutral and his stock price to $37 from $31; the stock hasn't closed at or above $37 since October 2008. He said he believes BofA is one of the largest beneficiaries of the return of capital to shareholders (stock repurchases and dividends), which should resume next quarter. "[BofA] is also more levered to consumer, which we think will perform better this credit cycle given the stimulus programs," Horowitz wrote. The stock has run up 28.8% over the past three months through Monday, while the SPDR Financial Select Sector ETF has climbed 21.6% and the S&P 500 has gained 7.5%. Horowitz also upgraded PNC Financial Services Group Inc. and Bank of New York Mellon Corp. to buy from neutral.
8:10 a.m. Jan. 11, 2021 - By Tomi Kilgore
ODP's stock soars to more than 3-year high after confirming Staples' buyout bidShares of ODP Corp. shot up 18.9% toward the highest close in more than three years, after the office supplies business services provider confirmed it received an buyout bid from Staples parent USR Parent, which is owned by Sycamore Partners. Earlier Monday, USR said it proposed to buy ODP for $40 a share in cash, which is 8.2% above Friday's closing price of $36.96. USR said it may increase its proposed valuation for "logical strategic divestitures" that ODP may execute to unlock value, such as the sale of its CompuCom business, or if ODP conducts a sale process for its U.S. commercial business unit. ODP responded in a statement Monday: "Consistent with its fiduciary duties, ODP's board of directors is carefully reviewing the proposal in consultation with its financial and legal advisors to determine the course of action that it believes is in the best interests of the Company and its shareholders." ODP's stock, which is on track for the highest close since October 2017, has rocketed 94.1% over the past three months, while the S&P 500 has tacked on 9.8%.
5:33 a.m. Dec. 23, 2020 - By Jacob Passy
New-home sales fall as buyers begin to get cold feet in an expensive market Cooler weather has put a damper on the hot housing marketCooler weather has put a damper on the hot housing market.
7:39 a.m. Dec. 22, 2020 - By Tomi Kilgore
Vista Outdoor's stock shoots up toward a near 4-year high after Cowen analyst said it's time to buyShare of Vista Outdoor Inc. shot up 24.6% in midday trading Tuesday, putting them on track for the highest close since February 2017, after Cowen analyst Gautam Khanna turned bullish on the ammunition and shooting sports accessories maker, saying the current ammo demand upcycle is likely to last. Khanna raised his rating to outperform, after being at market perform for at least the last three years, and raised his price target to $33 from $29. Among the reasons Khanna believes ammo demand will continue, he believes President-elect Joe Biden's stricter gun control ambitions than current President Donald Trump's will provide an ammo/firearm "demand stimulant." Also, the recent ammo demand surge reflects and "an influx of new shooters," rather than just stockpiling by longstanding shooters, and the "cultural 'Armageddon' mentality may linger" given the recent surge in COVID-19 cases and civil unrest fears. The upbeat assessment of ammo demand was giving the shares of firearms makers a boost amid broader stock market weakness, with Smith & Wesson Brands Inc. rallying 2.5% and Sturm Ruger & Co. climbing 2.8%, while the S&P 500 fell 0.2%.
2:43 a.m. Dec. 14, 2020 - By Andrew Keshner
‘There’s always a lot of hype around IPOs’: Read this before buying Airbnb stock Airbnb ended its debut day on the Nasdaq at almost $145 per share, up 113% from its elevated offering priceAirbnb ended the day at almost $145 per share, up 113% in its first day.
9:55 a.m. Dec. 11, 2020 - By Ciara Linnane
U.S. suffers its worst week of cases, deaths and hospitalizations since the start of the pandemic CDC head warns U.S. will see more deaths every day for next few months than died on Sept. 11, 2001, or in the attack on Pearl HarborThe U.S. suffered its worst week for cases, deaths and hospitalizations with the coronavirus illness COVID-19, as the Food and Drug Administration said it would grant emergency use authorization to the vaccine developed by Pfizer Inc. and its Germany partner BioNTech SE.
3:31 a.m. Dec. 5, 2020 - By Ciara Linnane
Aurora leads cannabis sector rally fueled by hopes for reform under President-elect Joe Biden News that Mexico’s senate has approved a cannabis legalization bill offers further boost to battered sectorAurora Cannabis Inc. led a rally in the weed sector Tuesday that was fueled by hopes President-elect Joe Biden, finally cleared to move ahead with his administration’s transition, will push for reforms that will let companies access banks and capital markets.
6:31 a.m. Dec. 3, 2020 - By Tomi Kilgore
Beyond Meat's meatballs will be available in Costco stores nationwideShares of Beyond Meat Inc. rallied 2.2% in midday trading Thursday, after the plant-based meat company said it's Beyond Meatballs will be sold nationwide in select Costco Wholesale Corp. stores this week. The Beyond Meatballs will be available for a suggested retail price of $9.99 for a package of 24 meatballs. The Beyond Meatballs are made from plant-based ingredients, with no GMOs, soy or gluten. Beyond Meat's Beyond Burger had entered Costco stores in late 2019. The stock has soared 87.3% year to date, while the S&P 500 has gained 13.9%.
4:11 a.m. Dec. 3, 2020 - By Tomi Kilgore
Rent-A-Center boosts dividend by nearly 7%, to yield well above the S&P 500Rent-A-Center Inc. said Thursday it was raising its quarterly dividend by 6.9%, to 31 cents a share from 29 cents. The lease-to-own products company's new dividend will be payable Jan. 12 to shareholders of record on Dec. 15. Based on the stock's Wednesday closing price of $34.46, the new annual dividend rate implies a dividend yield of 3.60%, which is well above the implied yield for the S&P 500 of 1.56%. The stock, which was still inactive in premarket trading, has rallied 19.5% year to date, while the S&P 500 has gained 13.6%.
6:29 a.m. Nov. 16, 2020 - By Tomi Kilgore
U.S. Postal Service looks to raise prices on Priority Mail service, after the holidaysThe U.S. Postal Service filed Monday notice with regulators to raise prices on its Priority Mail service by 3.5%, and for its Priority Mail Express service by 1.2%, starting Jan. 24. If approved by the Postal Regulatory Commission, the "new domestic competitive prices" will increase to $8.45 from $8.30 for a small-flat rate box, to $15.50 from $15.05 for a medium flat-rate box and to $21.90 from $21.10 for a large flat-rate box. In additions, prices would rise to $7.95 from $7.75 for regular flat-rate envelopes, to $8.25 from $8.05 for legal flat-rate envelopes and to $8.55 from $8.40 for padded flat-rate envelopes. "Although Mailing Services price increases are based on the consumer price index, Shipping Services prices are primarily adjusted according to market conditions," the USPS said in a statement. "The Governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue." The USPS noted that "unlike some other shippers," the Postal Service does not add surcharges for fuel, residential delivery or regular Saturday delivery.
8:11 a.m. Nov. 12, 2020 - By Paul Brandus
Biden’s plan to boost Social Security and Medicare already looks wobbly Democrats were counting on a stronger hand in CongressDemocrats were counting on a stronger hand in Congress
8:41 a.m. Nov. 9, 2020 - By Mark Hulbert
This is what your Social Security check will look like next year — and why Straight talk about COLAStraight talk about COLA
9:48 a.m. Nov. 7, 2020 - By Andrew Keshner
Can I still buy a home if I have nearly $600,000 in student debt and can I vote in person if I have COVID-19 or I’m quarantining? Monday’s Personal Finance Stories Monday’s Personal Finance StoriesMonday’s Personal Finance Stories.
5:52 a.m. Nov. 7, 2020 - By Ciara Linnane
Cannabis stocks rally for a second straight day with Aurora gaining 66% as Biden’s gains raise reform hopes ‘While Tuesday night’s election did not clearly show who America thinks should lead the nation, it did make clear that we are united on replacing our country’s archaic cannabis laws,’ says CCPCCannabis stocks enjoyed a second straight day of strong gains Friday, led by Aurora Cannabis Inc. with a 66% surge, on growing expectations that Democrat Joe Biden will win the 2020 presidential race and lead a reform effort that will put a spark under the still nascent sector.
12:18 p.m. Nov. 4, 2020 - By Philip van Doorn
These stocks rose the most Wednesday as investors cheered a divided government following the elections The Nasdaq Composite Index jumped 3.9%, led by tech and health-care stocksThe Nasdaq Composite Index jumped 3.9%, led by tech and health-care stocks.
7:57 a.m. Nov. 4, 2020 - By Ciara Linnane
Coronavirus update: ‘The pandemic is far from over,’ says NIH director, as Nebraska asks nurses from other states for help ‘Widespread use of face coverings has the potential to protect lives while also minimizing further damage to the economy and American livelihoods,’ says NIH director Francis CollinsThe U.S. tally of confirmed cases of the coronavirus illness COVID-19 climbed above 9.38 million on Wednesday with infections climbing in 47 states, as hospitalizations set records in seven states and Nebraska was resorting to asking for nurses from other states to come and help address the surge.
11:13 a.m. Nov. 2, 2020 - By Tonya Garcia
Molson Coors CEO says revitalization is about ‘more than just seltzer,’ though that’s a big part of the ‘beyond beer’ approach Molson Coors has Vizzy, Coors Seltzer, a Coca-Cola partnership for Topo Chico Hard Seltzer and another, Proof Point, coming Molson Coors has a turnaround strategy in place that includes the launch of new products like hard seltzers, a soaring category.
2:26 a.m. Nov. 2, 2020 - By Tonya Garcia
Coronavirus is driving a new generation of home cooks to Kraft Heinz products Kraft Heinz exec Carlos Abrams-Rivera says new customers are younger, more diverse and loyal, which had been a concern of UBS analystsNew consumers are being introduced to Kraft Heinz Inc. products during the coronavirus pandemic as they cook more of their own meals at home, according to the company.
4:36 a.m. Oct. 31, 2020 - By Ciara Linnane
Coronavirus update: U.S. counts almost 100,000 cases in new one-day record; The Lancet says Trump pandemic response is ‘disastrous’ USA Today poll finds most Americans disapprove of Trump’s campaign rallies, prefer Biden’s more discreet approachThe U.S. death toll from the coronavirus illness COVID-19 headed toward 230,000 on Saturday and cases topped 9 million after more than 99,000 infections were counted in a record one-day tally, with infections climbing in all swing states just days ahead of the presidential election.
8:59 a.m. Oct. 21, 2020 - By Alicia H. Munnell
Social Security benefits will increase by 1.3% in 2021 — is this keeping up with how seniors actually spend? A modest increase reignites the debate over the appropriate price indexA modest increase reignites the debate over the appropriate price index
8:26 a.m. Oct. 20, 2020 - By Tomi Kilgore
Brunswick stock surges after analyst upgrade, dividend boosted by 12.5%Brunswick Corp. said Tuesday that it's raising its quarterly dividend by 12.5%, to 27 cents a share from 24 cents. The recreational boat and engines maker said the new dividend will be payable Dec. 18 to shareholders of record on Nov. 24. The stock rallied 6.2% in afternoon trading, putting it on track to close at a 2 1/2-month high. Based on current stock prices, the new annual dividend rate implies a dividend yield of 1.62%, compared with the implied yield for the S&P 500 of 1.64%, according to FactSet. The stock was also getting a boost Tuesday after J.P. Morgan analyst Grace Smalley upgraded it to overweight, after being at neutral since July 2019, and raised the price target to $79 from $68. "We see the recent acceleration in boat sales (=COVID-19 beneficiary) leading to lean channel inventories with restocking demand driving a positive inflection in [Brunswick's] top- and bottom-line earnings growth in 2H20/2021," Smalley wrote in a note to clients. Brunswick is scheduled to report third-quarter results on Oct. 29, before the opening bell. The FactSet consensus is for earnings per share of $1.38 on revenue of $1.08 billion.
1:45 a.m. Oct. 19, 2020 - By Ciara Linnane
Earnings season is highlighting the uneven playing field in the year of the pandemic ‘The equity market is showing a lot of optimism, but below the surface, there’s an ocean of companies that are dealing with a crisis,’ says CEO of Rapid RatingsThe U.S. third-quarter corporate earnings reporting season will kick off this week and the numbers will reflect a second quarter dominated by the coronavirus pandemic that has created an uneven playing field in which some companies thrive, while others shrink and fade.
7:52 a.m. Oct. 17, 2020 - By Paul Brandus
This is how much your Social Security will rise in 2021 The cumulative effect of low COLA increases can be ‘deeply damaging’The cumulative effect of low COLA increases can be ‘deeply damaging’
9:15 a.m. Oct. 16, 2020 - By Mark Hulbert
Straight talk about next year’s Social Security COLA Social Security payments will rise by 1.3% next yearSocial Security payments will rise by 1.3% next year
6:31 a.m. Oct. 10, 2020 - By Mark Hulbert
Wondering how much your Social Security check will increase next year? The Social Security Administration will soon set its COLA for 2021The Social Security Administration will soon set its COLA for 2021
6:09 a.m. Oct. 10, 2020 - By Paul Brandus
The COLA increase for next year doesn’t look good Why Social Security and Medicare recipients could fall further behind in 2021Why Social Security and Medicare recipients could fall further behind in 2021
5:08 a.m. Oct. 7, 2020 - By Tomi Kilgore
SPAC Empower prices IPO to raise $250 million"Blank-check" company Empower Ltd. said Wednesday that it priced its initial public offering to raise $250 million. The special purpose acquisition company (SPAC) said its IPO of 25 million units priced at $10 per unit. Each unit consists of one Class A share and one-third of one warrant; one warrant entitles the holder to buy one Class A share at a price of $11.50 per share. The stock is set to list on the New York Stock Exchange under the ticker symbol "EMPW.U," on Wednesday. J.P. Morgan and Jefferies acted as joint book-running managers of the IPO. The company has granted the underwriters the option to buy up to an additional 3.75 million units at the IPO price to cover overallotments. "While we may pursue an initial business combination in any industry, sector or geographic region, we intend to focus our search initially on U.S. businesses that complement our broad experience in consumer-facing enterprises at the forefront of evolving preferences, tastes, experiences and values and that have the potential to offer a differentiated proposition that creates more meaning and connectivity to the modern consumer," the company said in a recent filing. The company is going public at a time that the Renaissance IPO ETF has gained 27.1% over the past three months, while the S&P 500 has advanced 8.1%.
1:41 a.m. Oct. 7, 2020 - By Ciara Linnane
You can soon buy Playboy stock again as iconic brand returns to public markets using a pandemic-era favorite path Playboy has overhauled its business in recent years with a new focus on sexual wellness, lifestyle and gamingPlayboy Enterprises Inc. is merging with special purpose acquisition corporation Mountain Crest Acquisition Corp., bringing the iconic brand back to public markets after about 11 years as a private company.
9:54 a.m. Oct. 4, 2020 - By Ciara Linnane
Coronavirus update: Expert calls for ‘radical transparency’ on Trump’s coronavirus treatment and progress as more in president’s circle test positive Public must have regular updates on Trump’s health from his doctors, and not White House staff, says Dr. Ashish JhaThe number of confirmed U.S. cases of the coronavirus that causes COVID-19 rose to 7.4 million on Sunday and now includes President Donald Trump and first lady Melania and at least eight others in their circle, with more people expected to test positive from a Rose Garden event last weekend and others over the past week.
4:10 a.m. Oct. 3, 2020 - By Philip van Doorn
Weekend reads: What to know now that President Trump has the coronavirus Also, contact tracing, an interesting IPO and an improved retirement location toolAlso, contact tracing, an interesting IPO and an improved retirement location tool.
10:32 a.m. Oct. 2, 2020 - By Ciara Linnane
Coronavirus update: Lawmakers rush to express hope Trump’s positive coronavirus test will change views of the illness and improve compliance with safety measures ‘This is a reminder that all of us are vulnerable to this dangerous virus and should follow public health guidelines about mask wearing, social distancing, and more,’ says Sen. Chris CoonsThe number of confirmed U.S. cases of the coronavirus that causes COVID-19. rose to 7.3 million on Friday and now includes President Donald Trump and first lady Melania, spurring lawmakers to hope that the news will change Americans’ view of the crisis and improve compliance with safety measures.
10:21 a.m. Oct. 1, 2020 - By Ciara Linnane
Coronavirus update: Global case tally above 34 million — with U.S. accounting for a fifth — as Dr. Fauci hits back at Trump’s mask claim White House has been encouraging states to enforce face-mask mandates, report says, even as Trump and Pence appear without themThe number of confirmed cases of the coronavirus that causes COVID-19 worldwide rose above 34 million on Thursday with the U.S. accounting for about a fifth of that total, as Dr. Anthony Fauci hit back at claims made by President Donald Trump during Tuesday’s presidential debate on face masks.
4:21 a.m. Sept. 25, 2020 - By Jacob Passy
New home sales surge to highest level since before the Great Recession ‘Already, more new homes have sold in 2020 than did in all of 2019,’ one economist said‘Already, more new homes have sold in 2020 than did in all of 2019,’ one economist said.
3:13 a.m. Sept. 25, 2020 - By Tomi Kilgore
Zillow raises home price growth outlook even as sales are set to 'gradually decline'Zillow Group Inc. raised on Friday its outlook for home price growth over the next year, as sales and prices have stayed strong through the summer given increasingly short inventory and continued strong demand. The online real estate services company said it expects adjusted home prices to increase 1.2% from August to November. From August 2020 to August 2021, Zillow now expects adjusted home prices to rise 4.8%, up from a previous forecast of a 3.8% increase. The raised price outlook comes despite expectations for adjusted home sales to peak this fall and "gradually decline" through 2021, although sales volumes overall are expected to remain above pre-pandemic levels throughout this year and next. Zillow's Class C shares, which were little changed in premarket trading, have more than doubled (up 112.9%) year to date, while the S&P 500 has inched up 0.5%.
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