EschCollection Listen below or on the go on Apple Podcasts and Spotify . CFPB says banks must cap fees at $5 . (0:15) Wholesale inflation heats up . (1:20) Nvidia loses Supreme Court decision on shareholder suit. (3:28) This is an abridged transcript of the podcast. Our top story so far: Major U.S. banks will have to put a limit on overdraft fees, according to a final rule from the Consumer Financial Protection Bureau. Banks and credit unions can still charge overdraft fees, according to a final rule from the CFPB, but must cap them at $5 or charge depositors a fee that covers their expenses and losses. The latest measure, to take effect on October 1, 2025, could save customers $5 billion annually and was part of the campaign against junk fees by the Biden administration. The new rule applies to banks and credit unions that have at least $10 billion in assets. Previously, customers were charged $35 on average when they overdrew their bank accounts. The CFPB has been leading an effort to curb junk fees, with multiple banks beginning to reduce or eliminate overdraft and non-sufficient fund fees. However, despite such initiatives in place, consumers still paid more than $5.8 billion in reported overdraft and NSF fees last year. But the latest rule, proposed in January, has been met with criticism from banks and Republican lawmakers. With Republicans set to take over Congress and President-Elect Donald Trump expected to appoint a new CFPB head, the future of the rule is unclear. Looking to the economy, inflation is still in the spotlight—this time wholesale—and it’s still on the high side. The November Producer Price Index rose +0.4% , topping the +0.3% consensus estimate and accelerating from +0.3% in October, which was revised from +0.2%. That pushed the annual rate to 3% vs. the 2.6% consensus and +2.9% prior. The October number was revised up from +2.4%. The core PPI number, which excludes food and energy, rose +0.2%, slowing from +0.3% in October and matching the consensus estimate. But the annual rate came in at 3.4%, hotter than the +3.2% consensus and unchanged from the previous month, which was revised up from +3.1%. Some 80% of the increase in goods prices comes from the food index, which increased 3.1% M/M. Prices of eggs surged 54.6%. Vegetables, fruits, processed foods and poultry also saw increases. But while the headline number gave pause, things look more dovish given the components that feed into the core PCE, the Fed’s favorite inflation gauge. Pantheon Macro economist Samuel Tombs revised his expectation for November core PCE to +0.13% from 0.2% after the PPI. He added, "The foundations are in place for core PCE inflation to fall further next year, though the new administration will snatch defeat from the jaws of victory if they press ahead with higher import tariffs and deportations." In today’s trading, action is choppy, with rates edging up and a little profit-taking after the Nasdaq Composite (COMP.IND) closed above 20,000 for the first time in history. Clark Bellin, president of Bellwether Wealth, says: "The stock market is trading at record highs amid a bullish combination of expectations of lower interest rates, continued earnings strength, and the possibility of additional tax cuts." "Just because stocks are at record highs does not by itself mean that a pullback is imminent. We are staying invested despite elevated valuations." As Frank Sinatra, who was born on this day in 1915, might say, the place to be a part of it is still New York, New York, as far as equities are concerned. Among active stocks, the Supreme Court rejected an appeal by Nvidia ( NVDA ) looking to avoid a securities fraud lawsuit by stockholders, who alleged that the company misled investors about how much of its sales relied on the cryptocurrency market. According to Reuters, the judges, who heard arguments in the case on Nov. 13, decided not to give a decision on the underlying legal dispute and instead dismissed Nvidia's appeal of a lower court's decision, which allowed the 2018 class action to go ahead. Shares of Warner Bros. Discovery ( WBD ) are among the best performing in the S&P. The company said it will implement a new corporate structure , under which the namesake will serve as the parent for two core operating divisions: Global Linear Networks and Streaming & Studios. The new structure is expected to "enhance clarity and focus." WBD said Global Linear Networks will focus on maximizing profitability and free cash flow to continue deleveraging, while Streaming & Studios will focus on driving growth and strong returns on increasing invested capital. Chinese electric vehicle maker NIO ( NIO ) CEO William Li said the company wants to improve efficiency and cost controls , even as it also looks to spark sales growth that is two years behind schedule. NIO has already trimmed its workforce and deferred long-term projects that were not expected to boost overall financial performance within three years. At an event in Shanghai, Li also noted that NIO will start production at its third factory in the second half of next year. NIO's new sales goal is to double sales in 2025 from the level seen in 2024. And Domino's Pizza ( DPZ ) will voluntarily transfer its stock exchange listing to the Nasdaq Global Select Market from the New York Stock Exchange, effective Dec. 31 after market close. The stock is expected to begin trading as a Nasdaq-listed security on January 2, retaining its current ticker symbol "DPZ." In other news of note, energy drink sales accelerated to 7.7% year-over-year for a four-week period of retail sales tracked by Nielsen that ended November 30. Monster Beverage ( MNST ) saw energy drink sales increase 3.6% Y/Y, while Celsius Holdings ( CELH ) saw its sales growth slow to 5.9%, and its market share retreated back to 8.8% after being as high as 9.7% in September. Notably, Monster Beverage saw a price/mix increase of 5.2% during the tracked period to offset a 1.6% drop in volume, while Celsius Holdings ( CELH ) saw its 10.1% volume growth help to offset a 4.1% decline in price/mix. Weighing in on the energy drink market, Evercore ISI analyst Robert Ottenstein said 2024 has to be considered the year of Red Bull. He highlighted that Red Bull’s dollar market share fell to 35% in 2023 from 36.9% in 2022, with most of the share losses going to Celsius, which saw its own share leap from 5.3% to 10.1%. But Red Bull was noted to have fought back hard this year with its Red Edition and Amber Edition sugar-free innovations, which ramped in June and then the Winter Edition sugar-free in October. "These line extensions not only blunted Celsius' growth, but also bit into Monster, which experienced share losses in 2023 and again in 2024 YTD," Ottenstein said. And in the Wall Street Research Corner, we haven’t looked at options for a while. BofA Securities analyst Arjun Goyal picked 10 overwriting candidates for investors worried about missing out on upside. Overwriting is a strategy of selling options on a stock on the assumption that they won’t be exercised. These plays within the Russell 1000 ( IWB ) may see at least a 6% gain by January 17, with a minimum premium of 5% and an underlying notional option volume of at least $5 million. “Overwriting outperforms a long-only position if the underlying stock declines, but if the stock rises, it can underperform if the call strike is not sufficiently high,” Goyal adds. Among the players are: Micron Technology ( MU ) – Strike price: 105; Call and dividend premium: 6.4%; Call away return: 8.5% United Airlines ( UAL ) – Strike: 97.5; Call and dividend premium: 6%; Call away return: 7.5% ARM ( ARM ) – Strike: 140; Call and dividend premium: 6.5%; Call away return: 6.8% Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
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With two of Niagara-on-the-Lake’s pharmacies back under local ownership, its former owner — now a partial owner — hopes it can get back to providing exceptional customer service. Both Simpson’s Pharmasave in Virgil and Pharmasave Simpson’s Apothecary in Old Town were sold on Oct. 18, with partial ownership returning to Sean Simpson. After initially selling the stores to SRx Health Solutions, a Toronto-based pharmaceutical company, in 2023 for an undisclosed amount, Simpson approached the Boggio Family of Pharmacies, a Niagara-based pharmaceutical business, to buy the stores back together. Aaron and Kyle Boggio were happy to join in on the venture. The Boggios are now two of six major shareholders of the company, including Sean and Stephanie Simpson and Connor and Morgan Gates, both with the Boggio Family of Pharmacies. Before talking to the Boggios, Simpson approached SRx about buying the stores back. With their permission, he then approached the Boggios, he said. Simpson would not share the percentage of his stake in the company, nor that of the other shareholders. He also did not disclose how much he and the Boggios paid to buy back the pharmacies. The Boggio Family of Pharmacies, in operation since 1983, has several locations across the Niagara region — now including the two in NOTL. “I’ve known the Simpsons for many years. I actually did an internship with them back when I was coming out of pharmacy school,” said Aaron Boggio. “I know their values align with our values at Boggio Family Pharmacies and they are strong supporters of the community.” Despite giving up ownership of Simpson’s Pharmasave, Simpson never really left the company, assuming the title of pharmacy liaison after the sale. However, he wanted to increase his share in the company after noticing a decline in the quality of customer service at the pharmacies and supply issues after the new owners took over, he said. “It got to a point where it became very apparent to me that the business was going to suffer if something wasn’t done,” Simpson said. From there, Simpson asked permission to buy back the company and reached out to the Boggios to go into business together. “I’m very confident now with the group, especially our local roots and local presence, that I think is going to help us get back to the service standard that we are known for and what people expect from us,” he said. Boggio said the former owners didn’t necessarily have the level of care small-community customers expect. “That’s something that we look forward to bringing back to Niagara-on-the-Lake,” he said. “We are a local owner and we treat our customers like family.” With the swap, Boggio said customers shouldn’t expect too much of a change aside from increased levels of customer service. “Because we have so many stores locally there’s an opportunity for us to better service our patients, our pharmacies work as a family so we can share stock and do whatever it takes to get the product to the patient who needs it,” he said. Simpson said there is no limit to the level of customer service those visiting the pharmacy can expect. “I’m really looking forward to the next few years and really trying to not only get back to where we were but to exceed that level and raise the standard even higher,” he said.Jack Doohan's Formula 1 future confirmed after rumours Aussie would be snubbed
Chants of “USA, USA, USA” broke out on the New York Stock Exchange floor Thursday as President-elect Donald Trump rang the opening bell. “Go out and get’em. We’re with you all the way,” Trump said at the NYSE building in lower Manhattan, where he was also officially named Time magazine’s “ ” for the second time. “We’re going to do it right, and we’re going to take care of our people. And we’re going to do things that nobody ever thought even were possible. But we’re going to have an economy the likes of which nobody’s ever seen before, and everybody’s coming back to America,” he stated. Joining Trump on the NYSE platform were Vice President-elect J.D. Vance, incoming first lady , NYSE President Lynn Martin, and Trump’s daughters Ivanka and Tiffany, reported. Cheers and chants of “USA, USA, USA” broke out after Trump rang the bell for the world’s largest stock exchange at 9:30 a.m. ET. USA chants breakout on the floor of the New York Stock Exchange after President Trump rings the bell! 🇺🇸 From Wall Street to Main Street, Americans have a renewed sense of optimism and hope! — Karoline Leavitt (@karolineleavitt) The native New Yorker appeared emotionally moved by the occasion after what has been both a challenging and eventful year, to say the least. The Republican is only the second candidate in U.S. history to be re-elected to the presidency in non-consecutive terms, the other being in the late 1800s. Trump has survived two assassination attempts and plowed his way through four criminal prosecutions — brought by Democratic President Joe Biden’s Justice Department and two local Democratic prosecutors — that potentially could have put him in prison for the rest of his life, all during an election year. Trump woke up as Man of the Year on Time Magazine and now he’s ringing the bell at the New York Stock Exchange First President to do since Reagan in ‘85 LET FREEDOM RING🦅 — DC_Draino (@DC_Draino) The stock market recorded its in November following Trump’s re-election and has continued to soar in December. On Nov. 5 the Dow Jones Industrial Average at 41,835, On Thursday, it opened at 44,168. Also, hit its highest level last month since June 2021, reported. NEW: Optimism among small businesses has surged following President Trump’s victory — with the Small Business Optimism Index jumping eight points in November. It’s the largest one-month gain in the survey’s history and a return to its highest reading since June 2021. — Trump War Room (@TrumpWarRoom) The news outlet also noted, “The proportion saying now is a good time to expand their business rose to levels last seen nearly 3-1/2 years ago. More businesses expected higher sales growth, and the ranks of those saying inflation was their top issue declined.” We are committed to truth and accuracy in all of our journalism. Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. .
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