Fed chair Powell dropped a big lump of coal in the market’s stocking last week as he reigned in the Fed’s rate cut projections for 2025. While the Fed cut its key benchmark rate by the expected 25 basis points, Powell tempered expectations on future rate cuts based on sticky inflation data and the continued robust spending from American consumers. The Fed's so-called ‘dot plot,' which anticipates the frequency and strength of future rate activity, now indicates only two rate cuts in 2025, with a Fed funds rate at 3.75% – 4.00% by the end of next December. Markets did not take kindly to the news, and major indices closed starkly lower after being flat for most of the day. Nasdaq led the losers, with the tech-heavy index dropping more than 3.5%. After hours, AI-darling Micron Technology added to the pain with a significant earnings miss, and the stock had its worst performance since March 2020 the following day. Add in a close-call government shutdown and low holiday trading volume, and it was the perfect storm for some year-end volatility. And it won’t stop there. A cautious Fed means cautious investors and a change in strategy is necessary for 2025. How We Chose These Stocks Is this the end of the AI-infused tech rally? The prospects of rate reductions slashing capital costs and juicing stock prices have diminished, and AI stocks are beginning to see some cracks form. Even the stalwart NVIDIA is in correction territory after touching the $152 mark earlier this month. While AI isn't exiting the investment landscape anytime soon, the big winners over the last two years look to be finally taking a breather. In their place, we've identified five tech stocks not dependent on AI that could lead the way in 2025. Alphabet Inc. GOOG Google-parent Alphabet Inc. seems to battle antitrust action every few years, causing a drawdown that eventually rebounds once investors realize the company still makes boatloads of cash every quarter. GOOG revenue and earnings have increased every quarter since March 2023, and profit margins are finally back above 27% for the first time since March 2022. The stock slumped in the summer following a poor earnings report and again in November on (you guessed it) antitrust concerns , but it’s currently back near all-time highs. Google's recent quantum computing breakthrough unveiled a chip capable of speeds beyond any in the known universe , which could become an investment theme in 2025 (more on that later). Additionally, Waymo is one of the most significant success stories related to autonomous driving to date. The company recently announced a new service in Tokyo, its first international city, and recent testing data continues to show impressive safety statistics . Alphabet is also the parent of YouTube, which is the dominant way people consume podcasts and short-length videos and its YouTubeTV streaming service has an impressive sports package (and little pushback to price increases). Uber Technologies Inc. UBER It's been a tumultuous year for Uber. The company finally posted a positive annual net income figure in 2023, and the stock rallied from $25 to $80 between December 2022 and February 2024. But the rally stalled there, and the stock bounced between $60 and $80 for most of the last nine months. We think this recent drawdown is overdone, and the stock could be poised for a rally in 2025. Despite the proliferation of Waymo, Uber is still the dominant force in rideshare, and its ride-hailing market share is actually expanding compared to its biggest rival, Lyft. From a technical standpoint, the stock is oversold according to the Relative Strength Index (RSI) and the 50-day moving average is still hovering above the 200-day MA. As long as the 50-day stays above the 200-day, UBER shares might be an interesting buy at this level. [ End-of-Year Sale: Unlock Benzinga Pro for 60% Off] Rigetti Computing Inc. RGTI As mentioned above, if AI takes a breather over the next few months, one investment theme that could emerge is quantum computing. Quantum computing stocks have rallied hard in the last month, led by the aptly named Quantum Computing Inc. QUBT . However, Quantum Computing Inc. used to be known as Innovative Beverage Group, which raises some questions about its dedication to the industry. There may be better choices to take advantage of this trend, like Rigetti Computing Inc. RGTI shares also experienced a meteoric rise over the last month, but not at the level of QUBT despite a much longer history in the quantum computing space. That could be a good development for investors, as Rigetti is better positioned to thrive if quantum computing takes off thanks to its innovative product line and decade-plus history in the industry. CACI International Inc. CACI CACI provides technology solutions as a defense contractor, and it could see tailwinds in the coming months due to an increased focus on defense spending in the incoming Trump administration and its sterling business reputation. CACI International provides cybersecurity, cyberspace and digital solutions for domestic and international clients. CACI shares may have been unfairly unloaded as the price plunged down to $400 after approaching $580 in early November. The RSI reading of 27 indicates an oversold stock, and the company has good fundamentals with a 19.9 P/E ratio and a consensus Buy rating from analysts. Apple Inc. AAPL Sometimes, you don't need to overthink it. Apple has been one of the biggest winners in the tech sector since Trump's election, and the company's cash pile is the envy of the business world. Despite already being one of the largest companies in the world by market cap, investors may have an opportunity here as the AI rally spins down. AAPL is a staple in any long-term investment portfolio, but the time is ripe to add more shares. The stock has been roaring upward since May 2024 and made another new all-time high as the third week of December came to a close. AAPL is now approaching a $4 trillion market cap, and its rally could continue in 2025 if the company is granted tariff exemptions similar to the ones it received during the first Trump administration. Don't let profit opportunities slip away in 2025. Get Benzinga Pro today and receive exclusive market news alerts 30 minutes ahead of the competition. Trade smarter with powerful tools at 60% off. Act now— this deal ends December 31! Inage via Midjourney © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Amdocs Awarded Two 2024 AWS Partner Awards
Mikel Arteta hails Arsenal ruthless in Sporting CP win: 'We played with so much courage'US tech blind spot risks harming the country’s competitiveness
Calgary, Alberta–(Newsfile Corp. – December 3, 2024) – Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) (“Canadian Natural” or the “Company”) announces that on December 3, 2024, the Company priced the following unsecured notes (the “notes”): The offerings are expected to close on December 6, 2024, subject to customary closing conditions. Net proceeds from the sale of the notes are intended to be used for general corporate purposes and the repayment of indebtedness, including indebtedness incurred in connection with the previously announced agreement to acquire various assets from Chevron Canada Limited. The net proceeds that are not utilized immediately may be invested in short-term marketable securities. The USD notes have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to or for the account or benefit of any U.S. persons absent registration under the Securities Act or an applicable exemption from the registration requirements thereof. The USD notes are being offered and sold only to qualified institutional buyers in the United States in accordance with Rule 144A under the Securities Act and outside of the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The USD notes will be offered and sold in Canada on a private placement basis pursuant to certain exemptions from the prospectus requirements of applicable Canadian securities laws. The CAD notes will be offered to certain Canadian investors on a private placement basis pursuant to certain exemptions from the prospectus requirements of applicable securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws, including statements related to the offering of the notes, the use of the net proceeds from the sale of the notes and indebtedness incurred by the Company in connection with the previously announced agreement to acquire various assets from Chevron Canada Limited. The forward-looking statements are based on current expectations, estimates and projections about us and the industry in which we operate, which speak only as of the date hereof, and are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Canadian Natural is a senior crude oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa. CANADIAN NATURAL RESOURCES LIMITED T (403) 517-6700 F (403) 517-7350 E ir@cnrl.com 2100, 855 – 2 Street S.W. Calgary, Alberta, T2P 4J8 www.cnrl.com SCOTT G. STAUTH President MARK A. STAINTHORPE Chief Financial Officer LANCE J. CASSON Manager, Investor Relations Trading Symbol – CNQ Toronto Stock Exchange New York Stock Exchange Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232394 #distroClemson adds top 50 QB to '25 recruiting classClemson adds top 50 QB to '25 recruiting class
How Trump’s bet on voters electing him managed to silence some of his legal woesNone
NEW YORK — President-elect Donald Trump’s lawyers formally asked a judge to throw out his hush money criminal conviction, arguing continuing the case would present unconstitutional “disruptions to the institution of the Presidency.” In a filing made public Tuesday, Trump’s lawyers told Manhattan Judge Juan M. Merchan that dismissal is warranted because of the “overwhelming national mandate granted to him by the American people on November 5, 2024.” They also cited President Joe Biden’s recent pardon of his son, Hunter Biden, who had been convicted of tax and gun charges. “President Biden asserted that his son was ‘selectively, and unfairly, prosecuted,’ and ‘treated differently,’” Trump’s legal team wrote. The Manhattan district attorney, they claimed, had engaged in the type of political theater “that President Biden condemned.” Prosecutors will have until Dec. 9 to respond. They have said they will fight any efforts to dismiss the case but have indicated a willingness to delay the sentencing until after Trump’s second term ends in 2029. In their filing Monday, Trump’s attorneys dismissed the idea of holding off sentencing until Trump is out of office as a “ridiculous suggestion.” Following Trump’s election victory last month, Merchan halted proceedings and indefinitely postponed his sentencing, previously scheduled for late November, to allow the defense and prosecution to weigh in on the future of the case. He also delayed a decision on Trump’s prior bid to dismiss the case on immunity grounds. Trump has been fighting for months to reverse his conviction on 34 counts of falsifying business records to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier. He says they did not and denies any wrongdoing. Taking a swipe at Bragg and New York City, as Trump often did throughout the trial, the filing argues that dismissal would also benefit the public by giving him and “the numerous prosecutors assigned to this case a renewed opportunity to put an end to deteriorating conditions in the City and to protect its residents from violent crime.” Clearing Trump, the lawyers added, would also allow him to “to devote all of his energy to protecting the Nation.” The defense filing was signed by Trump lawyers Todd Blanche and Emil Bove, who represented Trump during the trial and have since been selected by the president-elect to fill senior roles at the Justice Department. A dismissal would erase Trump’s historic conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. Trump takes office on Jan. 20. Merchan hasn’t set a timetable for a decision. Merchan could also decide to uphold the verdict and proceed to sentencing, delay the case until Trump leaves office, wait until a federal appeals court rules on Trump’s parallel effort to get the case moved out of state court or choose some other option. Prosecutors had cast the payout as part of a Trump-driven effort to keep voters from hearing salacious stories about him. Trump’s then-lawyer Michael Cohen paid Daniels. Trump later reimbursed him, and Trump’s company logged the reimbursements as legal expenses — concealing what they really were, prosecutors alleged. Trump has pledged to appeal the verdict if the case is not dismissed. He and his lawyers said the payments to Cohen were properly categorized as legal expenses for legal work. A month after the verdict, the Supreme Court ruled that ex-presidents can’t be prosecuted for official acts — things they did in the course of running the country — and that prosecutors can’t cite those actions to bolster a case centered on purely personal, unofficial conduct. Trump’s lawyers cited the ruling to argue that the hush money jury got some improper evidence, such as Trump’s presidential financial disclosure form, testimony from some White House aides and social media posts made during his first term. Prosecutors disagreed and said the evidence in question was only “a sliver” of their case. If the verdict stands and the case proceeds to sentencing, Trump’s punishments would range from a fine to probation to up to four years in prison — but it’s unlikely he’d spend any time behind bars for a first-time conviction involving charges in the lowest tier of felonies. Because it is a state case, Trump would not be able to pardon himself once he returns to office. Presidential pardons apply only to federal crimes.None
How Trump's bet on voters electing him managed to silence some of his legal woes (copy)
MicroStrategy has bought 5,262 bitcoin using proceeds from a sale of $561 million worth of stock. The company now holds 444,262 bitcoin, worth $27.7 billion, bought at an average price of $62,257. MicroStrategy's bitcoin buying strategy involves leverage, posing a big risk if the crypto declines significantly. MicroStrategy continued its bitcoin buying spree for the seventh consecutive week, announcing that it purchased an additional 5,262 bitcoins. The company sold about $561 million worth of shares in its at-the-market equity offering and then used the proceeds to add to its bitcoin pile, according to a filing made with the Securities and Exchange Commission on Monday. Last week's purchase came at an average price of about $106,613, just below bitcoin's record high of about $108,500. Since then, the cryptocurrency has declined 14%, to $92,893. MicroStrategy now owns 444,262 bitcoins, acquired for $27.7 billion at an average price of $62,257. It's the largest corporate holder of bitcoin. Despite its impressive bitcoin stash, MicroStrategy Chairman Michael Saylor is playing a risky game, taking on leverage to buy as much of the cryptocurrency as possible. "Their strategy is to issue convertible bonds and use the proceeds to buy bitcoin. That is literally the definition of a leveraged trade — borrowing money to buy a financial asset," Steve Sosnick, chief strategist at Interactive Brokers, told Business Insider last week. MicroStrategy said in October that it would issue about $42 billion of stock and debt to buy that much in bitcoin over the next few years. The company has since purchased nearly 200,000 bitcoins and increased its average cost basis from $39,266 in October to about $62,257 today. "That works fabulously when the price of the asset moves in your favor, which it has done spectacularly with bitcoin, but has a nasty way of unraveling if it moves in the opposite direction," Sosnick said. While MicroStrategy is sitting on an enormous unrealized gain of about $41 billion tied to its bitcoin bet, a significant decline in the cryptocurrency could put the company at risk, especially considering that its underlying software business is not consistently profitable and that it has raised more than $7 billion in convertible debt. Sosnick highlighted that MicroStrategy benefits from a "self-fulfilling feedback loop" as it buys up more bitcoin, helping push the price higher, and then sells more debt and equity to buy more bitcoin, which subsequently pushes the price higher. "These types of things never go on forever and often end poorly — the question is 'when?' The short-term answer seems to be 'not yet,'" Sosnick said. But Anthony Scaramucci, founder of hedge fund company SkyBridge Capital, doesn't think Saylor's bitcoin bet has to end badly even if the cryptocurrency suffers a bear market decline. Instead, Scaramucci said bitcoin would need to experience a "systemic collapse" for MicroStrategy's leveraged bitcoin bet to collapse. "People think if bitcoin crashes, he is going to implode, and as a result of it, leverage is going to unwind in the system and there's going to be a collapse," Scaramucci told Bloomberg last week. "But if you really study his balance sheet, he has long, long-term debt, and he has rolling long-term debt. You'd have to have a systemic collapse in bitcoin, and you'd have it to last six or seven years to flash him out." According to Sosnick, the stock will stay elevated as long as the hype and momentum continue for bitcoin and MicroStrategy. Even small bitcoin corrections can have a big impact on MicroStrategy stock, however. A 9% sell-off in bitcoin in late November coincided with a near 40% decline in MicroStrategy stock peak-to-trough. Granted, the volatility has subsided over the past week. Amid bitcoin's current 14% correction, MicroStrategy stock has been less volatile, falling about 17%. For his part, MicroStrategy's Saylor is keep up the evangelism for bitcoin. He told CNBC last week that buying bitcoin was like buying a piece of Manhattan a few hundred years ago. "We'll just keep buying the top forever. Every day is a good day to buy bitcoin. I would have bought Manhattan 100 years ago, 200 years ago, every year for the past 300 years. You pay a little bit more than the person that bought Manhattan before you, but it's always a good investment to invest in the economic capital of the free world," Saylor said, before mentioning a $13 million long-term price target for bitcoin. Ultimately, Saylor's risky strategy has paid off. The billionaire's wealth has soared this year, driven by his stake in MicroStrategy stock, which is up 442% year-to-date.Work and pensions minister Sir Stephen Timms said the move aims to drive “real improvements” for disabled people, whom the ministers will be encouraged to engage with on a regular basis. He told the Commons: “I am very pleased to be able to announce today the appointment of new lead ministers for disability in each Government department, they will represent the interests of disabled people, champion disability inclusion and accessibility within their departments. “I’m going to chair regular meetings with them and will encourage them to engage directly with disabled people and their representative organisations, as they take forward their departmental priorities. “And I look forward to this new group of lead ministers for disability together driving real improvements across Government for disabled people.” This came during an adjournment debate on International Day of Persons with Disabilities, where Liberal Democrat MP Steve Darling raised concerns about “floating bus stops”, which have a cycle lane between the stop and the pavement. Intervening, the MP for Torbay, who is registered blind, said: “The Government needs to ban floating bus stops.” Sir Stephen said: “I do think this issue about floating bus stops is an important issue which we need to work across Government to reflect on.” Labour MP Debbie Abrahams, who led the debate, had earlier criticised the lack of accessibility for disabled people on trains. The Oldham East and Saddleworth MP said: “Our train network does not have level access, and we heard Dame Tanni Grey-Thompson from the other place make this plea back in the summer, absolutely outrageous what she was put through. “But I was absolutely shocked to find, when I had a presentation of the TransPennine route upgrade, that the rolling stock yet to be commissioned is not going to provide that level access. “It’s absolute nonsense, it’s not even in the design of that procurement, so we must do better than this.”
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