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Agents in Hampton Roads have worked tirelessly to deliver big wins that make the region safer, FBI Norfolk Special Agent in Charge Brian Dugan writes in a guest column. Click to share on Facebook (Opens in new window) Click to share on X (Opens in new window) Most Popular Chinese student’s drone got stuck in tree near Newport News Shipbuilding, leading to Espionage Act prosecution Chinese student’s drone got stuck in tree near Newport News Shipbuilding, leading to Espionage Act prosecution Longtime Phoebus Auction Gallery to close after New Year’s Day event Longtime Phoebus Auction Gallery to close after New Year’s Day event Juvenile humpback whale washes ashore on Outer Banks Juvenile humpback whale washes ashore on Outer Banks James City County officer, 17-year-old injured in Christmas Eve crash James City County officer, 17-year-old injured in Christmas Eve crash Williamsburg leaders to prioritize funding for regional Trail757 project Williamsburg leaders to prioritize funding for regional Trail757 project Journey of self: Williamsburg-area massage therapist helps others heal Journey of self: Williamsburg-area massage therapist helps others heal Purdue defensive back transfers to ODU Purdue defensive back transfers to ODU Fun to Do: Ice skating, holiday concerts, lights and more Fun to Do: Ice skating, holiday concerts, lights and more Partnership with Riverside Health seeks to improve wellness at area homeless shelters Partnership with Riverside Health seeks to improve wellness at area homeless shelters Get healthier in the new year with these resources in the Williamsburg area Get healthier in the new year with these resources in the Williamsburg area Trending Nationally Body found in wheel well of plane from Chicago to Maui How Diddy and Luigi Mangione spent Christmas in Brooklyn jail Massive invasive python is freed into the Palm Beach County wilderness. Here’s why ‘Baby Driver’ actor Hudson Meek dead at 16 Pregnant woman stabbed multiple times by pizza deliverer disgruntled about tip, sheriff saysNEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way. Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. The consequences otherwise for markets and the global economy could be painful. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board. General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market . While lower interest rates can boost the economy, they can also offer more fuel for inflation. “Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500. All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30. In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.
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OTTAWA — NDP Leader Jagmeet Singh says his party will not support a Liberal plan to give Canadians a GST holiday and $250 unless the government expands eligibility for the cheques, saying the rebate leaves out “the most vulnerable.” The Liberals announced a plan last week to cut the federal sales tax on a raft of items like toys and restaurant meals for two months, and to give $250 to more than 18.7 million Canadians in the spring. Speaking after a Canadian Labour Congress event in Ottawa, Singh says he’s open to passing the GST legislation, but the rebate needs to include seniors, students, people who are on disability benefits and those who were not able to work last year. Singh says he initially supported the idea because he thought the rebate cheques would go to anyone who earned under $150,000 last year. But the so-called working Canadians rebate will be sent to those who had an income, leaving out people Singh says need the help. The government intends to include the measures in the fall economic statement, which has not yet been introduced in the House of Commons. The proposed GST holiday would begin in mid-December, lasting for two months. It would remove the GST on prepared foods at grocery stores, some alcoholic drinks, children’s clothes and toys, Christmas trees, restaurant meals, books, video games and physical newspapers. A privilege debate has held up all government business in the House since late September, with the Conservatives pledging to continue a filibuster until the government hands over unredacted documents related to misspending at a green technology fund. The NDP said last week they had agreed to pause the privilege debate in order to pass the legislation to usher in the GST holiday. Singh said Tuesday that unless there are changes to the proposed legislation, he will not support pausing the debate. The Bloc Québécois is also pushing for the rebates to be sent to seniors and retirees.A federal appeals court panel on Friday unanimously upheld a law that could lead to a ban on TikTok in a few short months, handing a resounding defeat to the popular social media platform as it fights for its survival in the U.S. The U.S. Court of Appeals for the District of Columbia Circuit denied TikTok's petition to overturn the law — which requires TikTok to break ties with its China-based parent company ByteDance or be banned by mid-January — and rebuffed the company's challenge of the statute, which it argued had ran afoul of the First Amendment. “The First Amendment exists to protect free speech in the United States,” said the court's opinion, which was written by Judge Douglas Ginsburg. “Here the Government acted solely to protect that freedom from a foreign adversary nation and to limit that adversary’s ability to gather data on people in the United States.” TikTok and ByteDance — another plaintiff in the lawsuit — are expected to appeal to the Supreme Court, though its unclear whether the court will take up the case. “The Supreme Court has an established historical record of protecting Americans’ right to free speech, and we expect they will do just that on this important constitutional issue," TikTok spokesperson Michael Hughes said in a statement. “Unfortunately, the TikTok ban was conceived and pushed through based upon inaccurate, flawed and hypothetical information, resulting in outright censorship of the American people,” Hughes said. Unless stopped, he argued the statute “will silence the voices of over 170 million Americans here in the US and around the world on January 19th, 2025.” Though the case is squarely in the court system, its also possible the two companies might be thrown some sort of a lifeline by President-elect Donald Trump, who tried to ban TikTok during his first term but said during the presidential campaign that he is now against such action . The law, signed by President Joe Biden in April, was the culmination of a years-long saga in Washington over the short-form video-sharing app, which the government sees as a national security threat due to its connections to China. The U.S. has said it’s concerned about TikTok collecting vast swaths of user data, including sensitive information on viewing habits , that could fall into the hands of the Chinese government through coercion. Officials have also warned the proprietary algorithm that fuels what users see on the app is vulnerable to manipulation by Chinese authorities, who can use it to shape content on the platform in a way that’s difficult to detect — a concern mirrored by the European Union on Friday as it scrutinizes the video-sharing app’s role in the Romanian elections. TikTok, which sued the government over the law in May, has long denied it could be used by Beijing to spy on or manipulate Americans. Its attorneys have accurately pointed out that the U.S. hasn’t provided evidence to show that the company handed over user data to the Chinese government, or manipulated content for Beijing’s benefit in the U.S. They have also argued the law is predicated on future risks, which the Department of Justice has emphasized pointing in part to unspecified action it claims the two companies have taken in the past due to demands from the Chinese government. Friday’s ruling came after the appeals court panel, composed of two Republican and one Democrat appointed judges, heard oral arguments in September. In the hearing, which lasted more than two hours, the panel appeared to grapple with how TikTok’s foreign ownership affects its rights under the Constitution and how far the government could go to curtail potential influence from abroad on a foreign-owned platform. On Friday, all three of them denied TikTok’s petition. In the court's ruling, Ginsburg, a Republican appointee, rejected TikTok's main legal arguments against the law, including that the statute was an unlawful bill of attainder or a taking of property in violation of the Fifth Amendment. He also said the law did not violate the First Amendment because the government is not looking to "suppress content or require a certain mix of content” on TikTok. “Content on the platform could in principle remain unchanged after divestiture, and people in the United States would remain free to read and share as much PRC propaganda (or any other content) as they desire on TikTok or any other platform of their choosing,” Ginsburg wrote, using the abbreviation for the People’s Republic of China. Judge Sri Srinivasan, the chief judge on the court, issued a concurring opinion. TikTok’s lawsuit was consolidated with a second legal challenge brought by several content creators - for which the company is covering legal costs - as well as a third one filed on behalf of conservative creators who work with a nonprofit called BASED Politics Inc. Other organizations, including the Knight First Amendment Institute, had also filed amicus briefs supporting TikTok. “This is a deeply misguided ruling that reads important First Amendment precedents too narrowly and gives the government sweeping power to restrict Americans’ access to information, ideas, and media from abroad,” said Jameel Jaffer, the executive director of the organization. “We hope that the appeals court’s ruling won’t be the last word.” Meanwhile, on Capitol Hill, lawmakers who had pushed for the legislation celebrated the court's ruling. "I am optimistic that President Trump will facilitate an American takeover of TikTok to allow its continued use in the United States and I look forward to welcoming the app in America under new ownership,” said Republican Rep. John Moolenaar of Michigan, chairman of the House Select Committee on China. Democratic Rep. Raja Krishnamoorthi, who co-authored the law, said “it's time for ByteDance to accept” the law. To assuage concerns about the company’s owners, TikTok says it has invested more than $2 billion to bolster protections around U.S. user data. The company has also argued the government’s broader concerns could have been resolved in a draft agreement it provided the Biden administration more than two years ago during talks between the two sides. It has blamed the government for walking away from further negotiations on the agreement, which the Justice Department argues is insufficient. Attorneys for the two companies have claimed it’s impossible to divest the platform commercially and technologically. They also say any sale of TikTok without the coveted algorithm - the platform’s secret sauce that Chinese authorities would likely block under any divesture plan - would turn the U.S. version of TikTok into an island disconnected from other global content. Still, some investors, including Trump’s former Treasury Secretary Steven Mnuchin and billionaire Frank McCourt, have expressed interest in purchasing the platform. Both men said earlier this year that they were launching a consortium to purchase TikTok’s U.S. business. This week, a spokesperson for McCourt’s Project Liberty initiative, which aims to protect online privacy, said unnamed participants in their bid have made informal commitments of more than $20 billion in capital.Algert Global LLC cut its stake in ADT Inc. ( NYSE:ADT – Free Report ) by 72.3% in the third quarter, Holdings Channel.com reports. The firm owned 87,707 shares of the security and automation business’s stock after selling 228,600 shares during the quarter. Algert Global LLC’s holdings in ADT were worth $634,000 at the end of the most recent reporting period. Several other hedge funds and other institutional investors have also recently made changes to their positions in ADT. Acadian Asset Management LLC purchased a new stake in ADT in the 2nd quarter valued at $26,000. Altshuler Shaham Ltd acquired a new stake in ADT during the second quarter worth about $30,000. Duncker Streett & Co. Inc. purchased a new position in ADT during the second quarter worth about $38,000. Abich Financial Wealth Management LLC acquired a new position in ADT in the 3rd quarter valued at about $70,000. Finally, Diversify Advisory Services LLC purchased a new stake in shares of ADT in the 2nd quarter valued at approximately $76,000. Institutional investors and hedge funds own 87.22% of the company’s stock. ADT Stock Performance Shares of ADT stock opened at $7.62 on Friday. ADT Inc. has a one year low of $5.79 and a one year high of $8.25. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.64 and a current ratio of 0.81. The firm’s 50 day moving average price is $7.33 and its 200-day moving average price is $7.34. The firm has a market cap of $6.91 billion, a P/E ratio of 8.28 and a beta of 1.52. ADT Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Thursday, December 12th will be paid a dividend of $0.055 per share. The ex-dividend date is Thursday, December 12th. This represents a $0.22 dividend on an annualized basis and a yield of 2.89%. ADT’s dividend payout ratio (DPR) is presently 23.91%. Analyst Upgrades and Downgrades ADT has been the topic of several analyst reports. Royal Bank of Canada lifted their price target on shares of ADT from $8.00 to $9.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. The Goldman Sachs Group upped their price target on ADT from $8.20 to $9.20 and gave the company a “buy” rating in a research note on Friday, October 25th. Check Out Our Latest Analysis on ADT ADT Profile ( Free Report ) ADT Inc provides security, interactive, and smart home solutions to residential and small business customers in the United States. It operates through two segments, Consumer and Small Business, and Solar. The company provides burglar and life safety alarms, smart security cameras, smart home automation systems, and video surveillance systems. See Also Want to see what other hedge funds are holding ADT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ADT Inc. ( NYSE:ADT – Free Report ). Receive News & Ratings for ADT Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ADT and related companies with MarketBeat.com's FREE daily email newsletter .
Canada Prime Minister Justin Trudeau was seen leaving a hotel in West Palm Beach, Florida on Saturday morning. An X post claiming that President-elect Donald Trump did not allow Canadian Prime Minister Justin Trudeau to stay at Mar-a-Lago the night after their dinner went viral. The post said: "Trump allows all his guests he invites over to stay the night at Mar-A-Lago. He made Trudeau spend last night at a hotel. Trump despises Trudeau as much as we do." Mar-a-Lago is Donald Trump's estate in Florida where all the action is since the election night. Justin Trudeau's visit to Mar-a-Lago was a surprise one and was decided hastily. It followed Donald Trump's announcement on social media that the US will impose a 25 per cent tariff on Canada and Mexico because these two countries are sending illegal immigrants and drugs to the US. Both the Canadian PM and the Mexican president responded swiftly and held positive talks with Trump. Trudeau joined Donald Trump at the dinner and stayed in Florida for the night. On Saturday morning, he was seen leaving a Florida hotel in West Palm Beach. Based on this, the claim of the viral tweet can not be established that Trump did not allow him to stay the night at Mar-a-Lago. Many Canadian officials were also there along with Trudeau including public safety minister, Dominic LeBlanc, responsible for border security, and Trudeau’s chief of staff, Katie Telford. Canada’s ambassador to Washington, Kirsten Hillman, and Trudeau’s deputy chief of staff, Brian Clow. Mary Trump's meatloaf According to reports, the dinner has Mary Trump's meatloaf -- named after Donald Trump's mother. Over this meatloaf and other things, Trump and Trudeau discussed trade, border security, fentanyl, defense matters, Ukraine, China etc. The meeting came at Trudeau's suggestion, according to a Canadian official, and it was not disclosed to the Ottawa press corps, which only found out about Trudeau's trip when flight-tracking software detected the prime minister's plane was in the air. The meeting and the dinner lasted over three hours. There was no air of hostility in the statements that both the leaders issued. While Trudeau said he had an excellent conversation with Trump, Trump said the meeting was very productive.