Daily Archives: June 1, 2022

Michael Burry the hedge fund manager depicted by Christian Bale in The Big Short has been aggressively investing during this market downturn.

Burrys latest 13F filing for the first quarter of 2022 shows a broad range of new investments and some interesting strategic moves with options. Thats a significant shift from the previous quarter when Burry was selling most of his stock portfolio and calling for the mother of all crashes.

Hes not exactly bullish on the overall market.

"As I said about 2008, it is like watching a plane crash," Burry wrote last week in a since-deleted tweet. "It hurts, it is not fun, and I'm not smiling."

But the man who shorted the U.S. housing market and won clearly sees pockets of opportunities.

Heres a look at his latest moves.

Burrys bet on big tech is clearly noteworthy.

Tech and growth stocks have been out of favor for nearly half a year. Adding these two stocks to the portfolio for the first time is a contrarian move. Burrys portfolio now includes 6,500 shares of Google parent Alphabet Inc. and 80,000 shares of Meta Platforms Inc., the parent company of Facebook. Theyre his fourth- and sixth-largest holdings, respectively.

The move could be seen as a vote of confidence in digital advertising. It could also be a signal of undervaluation. Both stocks are trading at roughly 20 and 24 times earnings per share.

Travel website Booking.com is now the second-largest holding in Burrys Scion Asset Management portfolio. He bought 8,000 shares of the company in the first quarter.

Booking stock is trading at a price-to-free cash flow ratio of 21. That means the free cash flow yield is as high as 4.7%. As international borders reopen and lockdowns ease, Booking could be an ideal bet on the rebound of global travel.

Burry bought plenty of tech stocks this quarter, but that shouldnt suggest that hes optimistic about the whole sector. Hidden in the 13F filing was an enormous short bet against Apple.

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He reported 206,000 put options on Apple shares as of the end of Q1. The notional value of this bet is roughly $28 million. However, the actual cost could be much lower given how option premiums are priced.

Nevertheless, its surprising that one of the worlds most famous short-sellers is targeting one of the worlds most valuable companies. Apple has lost about 18% of its value year to date. Supply chain disruptions in China coupled with weakening consumer buying power could impact Apple in the near term.

The stock is also trading at a relatively high valuation. Apple shares trade at a price-to-earnings ratio of 24 significantly higher than the historic average of 15.

Media giant Warner Brothers Discovery is now the third-largest holding in Burrys portfolio. He added 750,000 shares in the first quarter.

The merger of Discovery and Warner Media has created a global content juggernaut. This conglomerate holds rights to iconic characters including Batman, sports channels in Europe, HBO, and CNN.

The stock is down about 27% because of concerns about debt and the competitive landscape for online streaming. However, the company expects to generate $3.65 in free cash flow per share by next year, which would imply a 20% FCF yield at the current market value.

This could be why Burry made such a big bet on it.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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It is like watching a plane crash Michael Burry thinks the market has plenty of room to plunge. But he finally sees value in these 4 stocks - Yahoo...

Did markets hit a turning point? The past couple of months brought us a seven-week losing streak in stocks, the longest such streak in over a decade, but the week before the Memorial Day holiday weekend saw strong gains. The S&P 500 wiped out its May losses. Post-holiday trading shows that some of these gains are continuing.

If so, then it makes this the ideal time to buy the dip, to get in while stocks remain at low cost, with attractive entry points. Thats the view from investment firm JPMorgan, where Dubravko Lakos-Bujas of the equity macro research group tries to bring some clarity from the overall situation. Lakos-Bujas points out that certain sectors notably small-caps, defensive stocks, and biotechs are likely to benefit most from this dynamic, and writes, Biotech is one of the most attractive on valuation while Pharma is also trading at cheapest level in a decade.

These are bright spots in an otherwise dark picture, but they do point to a way forward for investors willing to shoulder the risk. The stock analysts at JPM are following that path, finding stocks in Lakos-Bujas favored sectors that feature cheap valuations. Weve opened up the TipRanks database to pull up the details on two such picks; heres a closer look.

Penumbra (PEN)

Stroke, aneurysms, and embolisms are dangerous conditions with a common denominator: damage or blockage of the vascular system. Penumbra is a medical device company specializing in this field, offering a line of devices for the treatment of strokes and other vascular-related conditions. The companys devices are used in the treatment of acute ischemic stroke, brain aneurysms, and deep vein thrombosis, among others.

Penumbras leading device is the Indigo Aspiration System, for use in vascular thrombectomy. Indigo is described as having had a significant impact on its US patient base; the device is designed to remove blood clots in the peripheral arterial and venous systems, and to treat pulmonary embolisms, with minimal bleeding and blood loss.

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The company announced in April that the Indigo system has now been launched in Europe. The opening of a European market is an important expansion for Penumbra. Currently the companys US base accounts for 71% of total revenue. That top line reached $203.9 million in 1Q22, a gain of 20% over the year-ago total. Sales of vascular products accounted for $122.8 million of the total, while the companys neuro products used in treating the vascular system of the head and brain brought in $81.1 million. Penumbra is preparing release of its latest system, Thunderbolt, which is expected next year.

Analyst Robbie Marcus, covering PEN for JPMorgan, sees reason for optimism on this stock. He writes, We feel incrementally more positive on the longer-term outlook given the strong early reception for Thunderbolt and progress made building out the Real VR platform, and see a high probability of accelerating growth in 2023. Along with healthy trends in Peripheral, we think this all supports an attractive long-term growth outlook... We view todays valuation as an attractive entry point into a multi-year growth story driven by leadership in a diverse set of highly attractive end markets.

Everything that PEN has going for it prompted Marcus to rate the stock an Overweight (i.e. Buy). The cherry on top? His $245 price target implies ~74% upside from current levels. (To watch Marcus track record, click here)

Overall, this medical device firm has picked up 6 reviews from the Wall Street analysts in recent weeks, and these include 5 Buys against a single Hold for a Strong Buy consensus rating. The shares are priced at $140 and their $250.40 average price target suggests a one-year upside of 78%. (See PEN stock forecast on TipRanks)

Rocket Pharmaceuticals (RCKT)

From medical devices well move on to the cutting edge of biopharma tech, gene therapy, and look at Rocket Pharmaceuticals. This clinical-stage firm is a leader in the gene therapy field, developing novel treatments for severe disease conditions with high unmet medical needs. Gene therapies adapt various viruses as delivery systems to insert genetic information directly into disease-affected cells, altering the condition at the genetic and molecular levels. These therapies offer the potential to cure, and not just to treat, the targeted diseases.

Rocket has an active research program, featuring gene therapies that target several pediatric conditions and terminal cancers, such as Danon Disease, Fanconi Anemia, Leukocyte Adhesion Deficiency (LAD-I), and Pyruvate Kinase Deficiency (PKD). Rockets research program uses both associated viral vector (AAV) andlentiviralvector (LVV)platforms to deliver the therapeutic agents.

Rocket has four programs currently undergoing human clinical trials. The most advanced of these is the LAD-I track, studying drug candidate RP-L201. In May, Rocket presented top line data from the Phase 2 pivotal trial, showing that RP-L201 was well-tolerated by all patients in the trial and demonstrated a 100% survival rate one year after the drug infusion. All patients showed a clinical reversal of the disease course. Based on these findings, Rocket is planning to continue with regulatory filings in 1H23.

Also in May, Rocket released updates on its other three clinical tracks. RP-L102, a treatment for Fanconi Anemia, is at the Phase 2 pivotal stage and the clinical trial is underway. Top line data is expected for release in 3Q22. RP-A501, a treatment for Danon Disease, is also undergoing an active clinical trial, at Phase 1. The company is on schedule to release the pediatric patient cohort data during the third quarter of this year, and to initiate the pivotal Phase 2 trial in Q4. Finally, the PKD track, for RP-L301 in the treatment of Pyruvate Kinase Deficiency, is also progressing as anticipated. This trial is expected to release preliminary Phase 1 data during 4Q22, and at the same time to initiate activity in a Phase 2 pivotal trial.

All of this gives Rocket Pharmaceuticals an enviable position for any biopharma researcher: these many shots on goal provide plenty of potential for the company to deliver, even in a field as difficult as biopharmaceuticals.

JPMorgan analyst Eric Joseph looked under the hood of RP-L201 and wrote: RP-L201 treated patients also showed a significant reduction in prolonged hospitalization or severe infections relative to pre-treatment event rates, amounting to a meaningful improvement in their disease prognosis. There were no surprises on safety, with an overall well-tolerated profile consistent with earlier updates, seeing this drug candidate as the main driver for the company.

Joseph went on to add, about Rockets overall position: Along these lines, in view of multiple clinical readouts on track within 2022, including Danon pediatric efficacy data in 3Q22, we see current share levels as an attractive entry point to capture longer-term pipeline potential.

This reinforces the analyst's view that Rocket is a stock to "buy," and worth a $67 target price. At current levels, this target suggests a robust 462% upside for the coming year. (To watch Josephs track record, click here)

Some companies show a singularly strong outlook, and that can be seen when Wall Streets analysts who dont always agree come down unanimously in favor of a stock. RCKT has 9 recent positive analyst reviews, for a Strong Buy consensus rating. The shares are selling for $12.01 and have an average price target of $64.40, indicating a 12-month upside potential of 436%. (See RCKT stock forecast on TipRanks)

To find good ideas for stocks trading at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that unites all of TipRanks equity insights.

Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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J.P. Morgan Sees an Attractive Entry Point in These 2 Stocks - Yahoo Finance

NASCAR marked the start of Pride Month on Wednesday by admitting that its recent actions had not been in line with the sanctioning bodys public efforts for better diversity and inclusion.

Texas Gov. Greg Abbott (R) waved the green flag ahead of the May 22 All-Star Race at Texas Motor Speedway. In February, Abbott called for state agencies to investigate gender-affirming treatments on transgender teenagers. Abbotts calls for investigations came after Texas Attorney General Ken Paxton (R) said that gender-affirming treatments for minors could be considered child abuse.

NASCAR did not directly address Abbotts presence at the race in its tweet celebrating the start of Pride Month. But it wasnt hard to see how the tweet could be referring to Abbotts role in pre-race ceremonies, especially as a reporter for the Associated Press tweeted that Abbott's presence at the track had been acknowledged as a mistake.

The sanctioning body has made public efforts to broaden its reach among fans and participants since the social justice protests in the summer of 2020. NASCAR admitted in the wake of George Floyds death that it could have done more to stop systemic racial injustice.

Abbotts presence in the pre-race ceremonies was also against a pledge that NASCAR president Steve Phelps made in February. When Phelps was asked about a now-defunct political cryptocurrency that attempted to sponsor a lower-series car earlier this season, Phelps said that NASCAR did not want to associate ourselves with politics, the left or the right.

The pledge to be apolitical came after NASCAR has been friendly grounds for Republican politicians for decades. Former President Donald Trump spoke ahead of the 2020 Daytona 500 and his presidential limousine led the field on the pace laps before the green flag.

But that was months before the COVID-19 pandemic and the protests after Floyd's death. NASCAR addressed Pride Month for the first time on its Twitter account in June of 2020 and has formed partnerships with LGBTQ groups You Can Play and the Trevor Project in the last two years.

FORT WORTH, TEXAS - MAY 22: Greg Abbott, governor of Texas waves the green flag to start the NASCAR Cup Series All-Star Race at Texas Motor Speedway on May 22, 2022 in Fort Worth, Texas. (Photo by Chris Graythen/Getty Images)

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Days after Greg Abbott's All-Star Race role, NASCAR says 'recent actions' haven't fulfilled mission to be more welcoming - Yahoo Sports

Jeremy Grantham warns the S&P 500 will likely plunge another 40% minimum here are 3 shockproof stocks in his portfolio to help limit the pain

With stocks pulling back substantially from earlier highs, some say that the market could reach a bottom soon. But according to legendary investor Jeremy Grantham, thats not going to be the case.

In a recent interview with CNBC, Grantham predicts that the market tumble is far from being done.

The other day, we were down 19.9% on the S&P 500, and about 27% on the Nasdaq. At a minimum, we are likely to do twice that. If we're unlucky which is quite possible we would do three legs like that, he says.

Thats a scary picture. A lot of stocks are already in correction territory. If the market continues to plunge, many investors portfolios will be deep in the red.

We should be in some sort of recession fairly quickly, and profit margins from a real peak have a long way that they can decline.

Grantham is the co-founder and investment chief at asset management firm Grantham, Mayo, & van Otterloo. Given his gloomy forecast, lets take a look at a few safe haven stocks in GMOs portfolio.

Coca-Cola is a classic example of a recession-resistant business. Whether the economy is booming or struggling, a can of Coke is affordable for most people.

The companys entrenched market position, massive scale, and portfolio of iconic brands including names like Sprite, Fresca, Dasani and Smartwater give it plenty of pricing power.

Add solid geographic diversification its products are sold in more than 200 countries and territories around the globe and its clear that Coca-Cola can thrive through thick and thin. After all, the company went public more than 100 years ago.

More impressively, Coca-Cola has increased its dividend for 60 consecutive years. The stock currently yields 2.7%.

According to GMOs latest 13F filing to the SEC, the asset manager owned 9.41 million shares of Coca-Cola at the end of March, valued at $583.5 million.

With deeply entrenched positions in consumer health, pharmaceuticals and medical devices markets, healthcare giant Johnson & Johnson has delivered consistent returns to investors throughout economic cycles.

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Many of the companys consumer health brands such as Tylenol, Band-Aid, and Listerine are household names. In total, JNJ has 29 products each capable of generating over $1 billion in annual sales.

Not only does Johnson & Johnson post recurring annual profits, but it also grows them consistently: Over the past 20 years, Johnson & Johnsons adjusted earnings have increased at an average annual rate of 8%.

The stock has been trending up for decades. And it is demonstrating its resilience again in 2022: While the broad market has declined quite a bit, JNJ is up 2.7% year to date.

JNJ announced its 60th consecutive annual dividend increase in April and now yields 2.6%.

As of Mar. 31, GMO held 2.58 million shares of JNJ, worth approximately $457.2 million at the time.

Rounding out the list is U.S. Bancorp, the parent company of U.S. bank and one of the largest banking institutions in the country.

The banking industry isnt quite as shockproof as consumer staples or healthcare. But interest rates are on the rise, and that could serve as a tailwind for banks.

Banks lend money out at higher interest rates than they borrow, pocketing the difference. As interest rates increase, the spread earned by banks widens.

To tame spiking inflation, the Fed raised its benchmark interest rates by 50 basis points on May 4, marking the first half-point increase since 2000. Similar moves are expected to occur at the Feds upcoming meetings in June and July.

U.S. Bancorp has a strong focus on asset quality. In Q1, net loan charge-offs declined 52% year over year.

Last summer, the bank increased its quarterly cash dividend from 42 cents to 46 cents per share. At the current share price, the company yields a generous 3.5%.

At the end of March, Granthams asset management firm owned $520.5 million worth of U.S. Bancorp.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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Jeremy Grantham warns the S&P 500 will likely plunge another 40% minimum here are 3 shockproof stocks in his portfolio to help limit the pain - Yahoo...

The westward journey away from war and toward the 2022 World Cup began early on a Saturday morning in Kyiv. It had been two months since the bombs started falling and the sirens started wailing; since windows shattered and some Ukrainian soccer players sheltered on garage floors. They feared the Russian missiles that seemed to strike incessantly. They huddled in basements, under blankets. They pleaded for peace, then fled for safety, their minds as far as could be from the sport that once paced their lives.

But on April 30, a bus departed Ukrainian soccer headquarters around 8 a.m. It snaked across a devastated country, then through a tranquil one. Some 37 hours later, coaches and players arrived in the Slovenian Alps, where the entire Ukraine mens national team has since gathered.

Their minds often wander from their improbable quest, to the Russian invasion and the heroes repelling it, but every day, they receive messages from frontline fighters who have only one demand, midfielder Taras Stepanenko said.

"Please, soldiers tell players, do everything you can to go to the World Cup."

They are, after a rousing win over Scotland on Wednesday, 90 minutes away from qualifying. They must beat Wales in a playoff final on Sunday (noon ET, ESPN2) to reach the global sports biggest stage. If they do, theyd arrive in Qatar as inspirational ambassadors of a sovereign nation, and emblems of a distinct Ukrainian culture, the very two things that Vladimir Putin wants to erase. With hundreds of millions watching, theyd meet the United States on the tournaments opening day, and embody Ukrainian resilience.

To prepare, with the Ukrainian Premier League indefinitely shuttered, they trekked to Brdo, Slovenias national soccer center just outside Ljubljana. They trained on pristine pitches surrounded by idyllic greenery. Rolling mountains met thick clouds on the horizon. There were no thunderous blasts or wailing sirens there. Only chirping birds and distant church bells broke the serenity.

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But when their eyes fluttered open at the Elegans Hotel each morning, players worried. They saw, and still the harrowing images. They hear from relatives, and sense their nations pain. So they feel a responsibility a burden, but likewise an opportunity to give millions of ailing countrymen hope.

Thats why we have to play not only like a football game, Stepanenko said. We have to play with our soul, with our heart.

We know why we are going to the national team, said Oleksandr Karavayev, a Dynamo Kyiv midfielder and native of besieged southern city Kherson. Just as our soldiers are defending our country, we will give our all on the soccer field. That's the best thing we can do."

Ukraine is playing for so much more this week than a berth in the FIFA men's World Cup. (Photo by INA FASSBENDER/AFP via Getty Images)

Explosions jolted Stepanenko awake on the morning of Feb. 24, two days before Shakhtar Donetsk, his longtime club, was supposed to resume its season. The 32-year-old hustled his wife and three sons down to their basement. As Kyiv shook, all across the capital city, dozens of teammates sought similar shelter. Serhiy Sydorchuk, the Dynamo Kyiv captain, ushered his young children underground and into the trunk of a car. His then-pregnant wife slept on the floor.

They spent the early days of Russias assault in hiding. Across Europe, their Ukrainian teammates at foreign clubs felt concern, helplessness and rage but also pride. Benficas Roman Yaremchuk and Atalantas Ruslan Malinovskyi scored goals that week, and revealed undershirts with patriotic and pacifist messages. Manchester Citys Oleksandr Zinchenko stood front and center at an anti-war protest in England. He also posted a photo of Putin on social media with a caption that translated roughly to: I hope you die the most painful, suffering death.

My country belongs to Ukrainians and no one will ever be able to appropriate it, Zinchenko wrote in his native language. We will not give up! Glory to Ukraine.

For years, such fervent messages were rare among top Ukrainian soccer players. They largely steered clear of politics, and maybe wouldn't have discussed Russias occupation of eastern Ukraine, says Andrew Todos, a British-Ukrainian podcaster and blogger. They didn't want to make any conflicts.

But in February, as Russian troops amassed and then attacked, patriotism surged. Players called for resistance and sanctions, including a ban on all Russian athletes from international sport. They posted impassioned rallying cries and reasoned pleas to fellow players for support. When Anatoliy Tymoshchuk, a legendary former Ukraine captain, refused to speak up, former teammates shunned him and the Ukrainian Association of Football wiped him from its record books.

Amid this nationalistic surge, Todos says, the national team has taken on a completely new meaning. And players have embraced it.

Ukrainian midfielder Ruslan Malinovskyi, who plays for Atalanta in Serie A, made a statement during a goal celebration earlier this season. (Photo by PANAYOTIS TZAMAROS/In Time Sports/AFP via Getty Images)

With Ukraines west and neighboring countries offering safety, and with the World Cup qualifying playoff postponed from March to June, they resumed club or individual training by April. The government granted exemptions to its martial law, which requires most able-bodied men aged 18-60 to remain in the country. Dynamo Kyiv and Shakhtar, Ukraines two most powerful clubs, embarked on peace tours across Europe, funneling funds from charity matches to humanitarian aid and the Ukrainian military.

The national team, meanwhile, worked with Aleksander Ceferin, European soccers top official, to arrange the training camp in Ceferins native Slovenia. And long before players arrived in early May, they understood the significance of their mission.

"It's very difficult to smile now, goalkeeper Heorhiy Bushchan said in April. But the guys and I will do everything to see a smile on the faces of millions of Ukrainians.

The bus rumbled past gas stations overflowing with cars, through towns physically unharmed but emotionally shaken. It scooped up players in Lviv and Uzhhorod, then crossed the border into Hungary, and thats when Oleksandr Petrakov, Ukraines 64-year-old head coach, felt a calm reminiscent of pre-war life.

His life throughout May, however, was anything but normal. He has had to concoct and sharpen a team that hadnt convened since November. Sixteen of his 26 players havent played in an official game since the Ukrainian league paused for its annual winter break on Dec. 12. The players, Petrakov said last month, are completely deprived of match practice.

But they were far better than Scotland on Wednesday. On paper, Todos believes, they are better than Wales, too. The squad comprises members of the under-20 team that won its 2019 World Cup, and the senior team that reached the quarterfinals of Euro 2020 last summer. The team represents Dynamo and Shakhtar, but also top clubs in England, Italy, Portugal and Spain. Left back Vitaliy Mykolenko recently starred for Everton in a Premier League relegation scrap. Shakhtars Mykhaylo Mudryk, dubbed the Ukrainian Neymar, is the 21-year-old Next Big Thing.

Of course, there are intangibles, circumstances that overwhelmed Zinchenko after he helped propel Man City to an English title. He draped a Ukrainian flag over the trophy, and felt his eyes fill with tears.

I was thinking about those people who, unfortunately, have already died, he said. And those who are currently surviving in incredibly difficult conditions.

The entire team is thinking about them. In between workouts, leading into the playoff semifinal, players endured agonizing waits for news from home. Karavayev, the Kherson native, has relatives living under Russian occupation. Yaremchuk, the starting striker, has many friends who are now at the forefront, and parents he speaks to for almost half an hour whenever he can. They all followed the Battle of Azovstal, and watched in horror as Russian forces seized Mariupol. Some have coordinated medical supply shipments, and lent support to soldiers embroiled in battle.

But they also get support in return. They know their duty is to fight a different type of battle on Sunday in Cardiff, just as they did Wednesday in Glasgow.

All the Ukrainian people are waiting for the victory of the national team, midfielder Mykola Shaparenko said last month. So we will try not to let them down.

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Amid war and upheaval, Ukraine is on precipice of World Cup - Yahoo Sports

As Netflix (NFLX) grapples with company-wide layoffs and slowing subscriber growth, there's been increased talk when it comes to the streamer's complicated relationship with the box office and what it could look like moving forward.

National Association of Theatre Owners (NATO) CEO and president John Fithian told Yahoo Finance that theaters would happily welcome more streaming content on the big screen, despite exhibitors' strained history with the streaming boom at large.

"The door is open to Netflix to play more movies with the right kind of exclusive windows [and] with a broader reach. They've got some great movies," Fithian said during an interview with Yahoo Finance Live (video above.)

"[Netflix CEO] Ted Sarandos knows his content, and we'd love to play more of them wider in theaters if we could," the CEO added, underscoring his confidence in the industry after its record-breaking "Top Gun: Maverick" success.

National Association of Theatre Owners (NATO) CEO and president John Fithian told Yahoo Finance that theaters would happily welcome more streaming content from Netflix, Apple TV+, and others on the big screen

Although Netflix has played multiple original features in theaters, from 2018 breakout hit "Roma" to the more recent "The Irishman" and "Don't Look Up," those debuts had very short theatrical windows with a much more limited release.

Today, as Netflix stock struggles to rebound trading at about $197 a share and down more than 66% year-to-date investors have questioned the longevity of the Netflix business model.

"It's time for Netflix to be a real company," Jon Christian, founding partner at OnPrem, a global technology firm that works with major entertainment networks to drive content performance, previously told Yahoo Finance.

"[Netflix] has to be smart," the executive said, explaining that the risk-reward model from years past is no longer relevant without the box office tie-in.

Christian suggested that the streaming company shift its focus to franchise businesses a strategy that's easily transferrable to the big screen.

Theatrical "gives you a window where you can make a lot of money on top of your subscriptions that could even pay your cost of some of these franchise tentpole titles."

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"With franchise comes fandom," he continued, citing Amazon Prime Video's (AMZN) upcoming "The Lord of the Rings: The Rings of Power" series (which the streamer coughed up a reported $465 million to produce), in addition to Disney+'s (DIS) powerful Marvel and Stars Wars franchises.

Theater chains could also benefit from big streaming releases as labor challenges, supply chain disruptions and inflationary pressures remain top concerns for owners.

On Tuesday, The Wall Street Journal reported that cinema popcorn and other standard concession stand products crucial revenue drivers for chains could be hard to come by this summer due to various supply shortages.

"Labor is a challenge to anybody in the service industry right now and supply chain challenges are affecting everyone," Fithian admitted; however, the CEO noted that theaters are leaning on their recession-proof nature to battle the storm.

"People like to come out to the movies during difficult economic times because it's affordable," Fithian explained, noting that the theatrical experience is significantly cheaper than other forms of out-of-the-home entertainment such as vacations or live sporting events.

Even with more premium ticketing, the CEO sees a continued uptick in sales, despite the current inflationary environment.

"What we advocate for and what we're seeing is a range of choices at the box office," the executive said, referencing the pricer IMAX (IMAX) experience, along with the cheaper standard outing or matinee.

Overall, "movie theaters do better during recessions than almost any other form of entertainment outside of the home."

"These are all economic challenges that everyone is facing. The difference is that movie theaters thrive during economic challenges," he stated.

Alexandra is a Senior Entertainment and Food Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at alexandra.canal@yahoofinance.com

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'The door is open' for Netflix to expand box office reach, says theater owners' chief - Yahoo Finance

Elon Musk at the 2022 Met Gala.Andrew Kelly/Reuters

Elon Musk said COVID-19 "tricked people into thinking that you don't actually need to work hard."

Working from home didn't make workers less productive, three economists told Insider.

The only constraint on productivity was when workers had children at home they needed to look after.

Elon Musk is not a fan of remote work.

In the early hours of Wednesday, Musk commented on a tweet which appeared to be an email from him to Tesla executive staff, saying: "Anyone who wishes to do remote work for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla."

Although Musk didn't confirm the authenticity of the email, when asked whether such a strict in-office policy could be considered antiquated by some, he replied: "They should pretend to work somewhere else."

The tweets were not completely out of the blue.

Musk previously expressed distaste for American workers "trying to avoid going to work at all" in a May interview with The Financial Times although he was contrasting them with workers in China, rather than comparing in-office and remote workers.

And he tweeted last month: "All the Covid stay-at-home stuff has tricked people into thinking that you don't actually need to work hard."

Musk,who railed against lockdown mandatesanddefied shelter-in-place orders to send workers back to his California Tesla factory in May 2020, might have the wrong idea about remote work. Insider spoke to three economists, all of whom said remote work during the pandemic did not damage worker productivity.

"Most of the evidence shows that productivity has increased while people stayed at home," Natacha Postel-Vinay, an economic and financial historian at the London School of Economics, told Insider.

"People spent less time commuting so could use some of that time to work, and they also got to spend more time with their family and sleeping, which meant they were happier and ended up more productive," she added.

Musk did not immediately reply when contacted by Insider outside of usual working hours.

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Data shared with Bloomberg in February 2021 by VPN provider NordVPN Teams suggested that in many economies, working from home meant people worked longer hours.

Albrecht Ritschl, an professor of economic history, also said cutting out commuting was a bonus to worker productivity, and added that working from home led to fewer hours spent in "pointless meetings."

"Time spent at the office is not the same thing as working hard," Ritschl said.

Almarina Gramozi, a lecturer in economics at King's College London, said the largest surveys of workers in the US and the UK found workers were at least as productive at home as in the office although she said a similar study in Japan found workers did report lower productivity working from home.

All three experts said productivity occasionally dipped in some cases, but not because people were shirking.

People with children at home during the pandemic often had to split their attention between work and childcare, leading to a decrease in productivity, Postel-Vinay and Ritschl said.

Gramozi also added productivity isn't just down to individual employees.

"Productivity levels depend substantially on the support that employers offer, technology adoption, and on the type of work that would allow it to be easily conducted remotely," she told Insider.

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Elon Musk said working from home during the pandemic 'tricked' people into thinking they don't need to work hard. He's dead wrong, economists say. -...

While seasonal fantasy football drafts seem quite a ways off, 2022 best ball leagues and early mocks are starting to take off. At the very least, its time to start getting your projections and rankings in order.

With that in mind, I took a stab at mocking how the first two rounds of fantasy football leagues will unfold this year.

My first grand takeaway: I hate it, particularly Round 1.

[Set, hut, hike! Create or join a fantasy football league now!]

It was hard to find 12 desirable picks to put in the first round especially given that were seemingly at an inflection point at running back. Several of the top talents from the last three years are already close to aging out and were lacking in projectable workhorse young guys to take their spots. Getting the middle rounds right will be crucial this year if the early rounds prove to be as volatile as I think they might end up.

Yes, I hate how this first mock turned out. Im ready and eager to change my mind/approach the further we get into the summer.

The combination of Taylors age, dominant 2021 season and a potential upgrade at quarterback make him the clear first overall selection. Injuries can hit anyone at this position but no player at the top of the running back board inspires this much comfort.

Unlikely to repeat his Triple Crown performance from last year, Kupp is still in position to dominate high-leverage targets for a great offense.

I would be zero-percent shocked if Jefferson takes another leap and becomes the WR1 overall this season. A growing talent on a rocketship-upward trajectory, Jefferson has a similar outlook to Kupp this season.

Justin Jefferson has the stage set for him to be the No. 1 WR in fantasy. (Photo by Robin Alam/Icon Sportswire via Getty Images)

It wont feel good to do it but youre going to have to have to hate-click McCaffrey in the top-five picks this year. The recent injury history is terrifying but his ceiling and floor combination is too rare at this position to pass up.

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Ekeler has gone over 1,500 yards from scrimmage twice in the last three years and is coming off a career-best 20 total scores. The current Chargers coaching staff didnt put any weird sized-based limitations on his role in the scoring area. That gives us comfort when chasing that ceiling for another season.

Investing in a Steelers offense captained by either Mitchell Trubisky or rookie Kenny Pickett isnt the most comfortable proposition. But Harris is one of the few backs who is ticketed for 80-plus percent of his teams backfield touches. It might not always be a pretty experience but the numbers will be there.

Even within a running back crop that feels particularly rocky this year, Henry strikes me as more volatile than most. You can easily tell yourself a story that last years injury was a mere blip in an otherwise stellar run and hes right back at the top of the positional scorers come December.

The negative extreme is just as easy to visualize given the amount of volume hes handled since 2019. For what its worth, the Titans are clearly betting on the former outcome given they doubled down on their run-first, Henry-centric identity with just about every offseason move.

Much like Henry, Cook is already reaching the point in a running back's career where were starting to weigh their projected workload against their age and history. Still, Cook looks to be the featured back of an offense that likely got a bump in the coaching department and is essentially bringing back a talented ecosystem of skill-position players.

Diggs is coming off back-to-back 160-plus target seasons and theres no reason he shouldnt moonwalk right into that type of alpha target share once again. The Bills are light on proven pass-catchers behind him, despite the fantasy communitys excitement over Gabriel Davis. Diggs should land somewhere between 2020 and 2021 in the efficiency department this season.

Dont overthink it.

Ignore things like, Chase had x-percent of his fantasy points come on just a handful of plays, or other such noisy nuggets. We should be ecstatic to bet on and project growth for elite young receiving talents tethered to such a juicy situation as Chases setup in Cincy.

Kelce has averaged 141.3 targets over the last four seasons and could easily clear that mark in 2022 given the changes in Kansas Citys receiving corps. Kelce will be the lone, proven, familiar face for Patrick Mahomes this season.

Im trying to find as many reasons as possible to be ahead of ADP on Aaron Jones this season. The Packers have always been more run-heavy than you think and given the massive opening in their target share following the Davante Adams trade, Jones could set a career-high in looks. Hes an ideal selection around the turn.

Mixon seems to have successfully slid into the safe but boring era of his career as a fantasy running back. Totally fine. Hes a workhorse back at the center of a good offense.

Still a top-five wide receiver but not a first-round fantasy pick seems like the proper adjustment for Adams in a post-Packers world. Adams is an elite individual talent and Derek Carr is far from some slouch at quarterback.

Theres always some frustration with Chubb because of Kareem Hunts presence (though hes not a 2022 roster lock) but the upside is worth the worries. Chubb is a blistering talent and the lead back of one of the top rushing ecosystems in the NFL.

Swift cleared 1,000 scrimmage yards in just 13 games last season. Hell have more competition for targets this season but should remain high in the Lions' receiving pecking order. Swift checks a lot of the boxes we want in our fantasy backs.

Evans does nothing but pile up touchdowns and 1,000-yard seasons on an annual basis. With Antonio Brown gone and Chris Godwin still recovering from a late 2021 ACL tear, Evans could see his highest target totals of the Tom Brady era.

Andrews wrestled the TE1 title away from Travis Kelce last season and will push him again in 2022. Im buying all the Rashod Bateman hype but still, with Marquise Brown traded away Andrews should own a commanding share of the Ravens targets. Im not interested in his splits with/without Lamar Jackson.

Mark Andrews should continue to challenge for the top TE ranking. (Photo by Robin Alam/Icon Sportswire via Getty Images)

Some worries about a possible suspension keep Kamara out of the first-round discussion. Otherwise, his outlook appears quite nice this season especially since we no longer have to worry about the goofy Taysom Hill offense distributing things midseason.

There is no reason to assume Fournette experiences a role change from what he was asked to do last season. A running back who thrived in that sort of three-down, receiving-heavy role on an offense led by Tom Brady is a Round 2 fantasy pick. Simple case.

Amari Cooper leaving town is a big deal for Lambs outlook. Michael Gallup possibly starting the season still recovering from a torn ACL is also quite consequential. We havent seen Lamb dominate the targets in Dallas quite yet but its all laid out for him to do so this season.

Anyone doing projections this year is going to struggle with Samuel. You cant realistically give him the target share he held in Weeks 1 to 7 and hes unlikely or unwilling to handle the rushing work he thrived with down the stretch.

There are also the Trey Lance questions and his own contract situation. Slotting Samuel toward the end of Round 2 despite his stellar 2021 feels fair, all things considered.

Dont let JaMarr Chasesrise let you forget about Higgins. If you include playoffs, Higgins finished last season with 1,400 yards and eight scores. Thats a non-outrageous outcome for him in the upcoming regular season. He is an extremely good young receiver.

I went slightly chalky with Hill at the end of Round 2. I really wanted to go A.J. Brown in this spot. The move to Philly is not a downgrade for his fantasy value. Just to be a bit bolder, I considered giving this spot to one of my absolute favorite wide receiver picks this year, Michael Pittman. Absolutely dripping with talent, Pittman is a true No. 1 receiver in every sense of the word who is now set to play with a steadier quarterback.

I will regret the Hill pick the moment I file this article.

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Early Two-Round Fantasy Football Mock Draft: Who are the riskiest Round 1 picks? - Yahoo Sports

This post was originally published on Tker.co.

Theres more evidence that the economic narrative could be undergoing a major shift.

For months, weve been living in an economy in which strong demand has been met with lagging supply, causing inflation inflation to surge. We now appear to be shifting to a phase where demand growth is cooling and supply chains are easing, which should cause inflation to come down.

According to Census Bureau data released Wednesday, orders for nondefense capital goods excluding aircraft a.k.a. core capex or business investment climbed 0.3% to a record $73.1 billion in April.

While the 0.3% growth rate represents a deceleration from the 1.1% rate in March, its the kind of slowing thats welcome news for folks like the Federal Reserve, which is actively working to cool economic growth in its effort to bring down inflation.

That is consistent with our view that economic activity is bending rather than breaking under the impact of higher rates, Michael Pearce, senior U.S. economist for Capital Economics, said in a note on Wednesday.

Core capex growth represents a massive economic tailwind. And the fact that it continues to grow, albeit at a decelerating pace, is a good sign for economy-wide growth.

According to S&P Global Flash US Manufacturing PMI report released on Wednesday, these emerging economic trends have continued into May. Specifically, the composite output index fell to a four-month low of 53.8 in May. For this index, any reading above 50 signals growth, and so the declining number suggests growth is decelerating.

Growth has slowed since peaking in March, most notably in the service sector, as pent up demand following the reopening of the economy after the Omicron wave shows signs of waning, Chris Williamson, chief business economist at S&P Global Market Intelligence, wrote on Wednesday.

Growth appears to be cooling on the consumer front too.

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According to a BEA report released Friday, personal consumption expenditures (i.e., consumer spending) increased by 0.9% in April from the prior month to new record levels. However, this was a healthy deceleration from Marchs 1.4% growth rate.

The spending came as the saving rate (i.e., the difference between income and spending) fell to its lowest level since September 2008.

While this development on its own is unsettling, it comes after consumers spent over two years accumulating over $2 trillion in excess savings.

It looks like households have been eating into the excess saving that was built up at earlier stages of the pandemic in order to fuel consumer spending in recent months, Daniel Silver, economist at JPMorgan, wrote in a note on Friday.

As weve discussed frequently on TKer, these excess savings represent a massive economic tailwind. For a while, you could argue that it was exacerbating inflation. But now it appears to be bolstering spending as the economy slows.

News of a slowdown is not exactly the kind of thing that warrants a celebratory tone. But its exactly the kind of thing that should help bring inflation down.

S&Ps PMI report also suggested there could be some daylight in the disrupted supply chains.

Manufacturers in particular also report that capacity continues to be constrained by supply shortages, though these bottlenecks showed further encouraging signs of easing, S&Ps Williamson said (emphasis added).

Its also been a while since weve heard about ships idling outside of ports waiting to be unloaded.

U.S. port data suggest easing backlogs, JPMorgan economists wrote last week. Notable examples are the ports of Los Angeles and Long Beach, which process about 40% of total imports into the US.

And its not just ocean freight thats loosened. Trucking freight seems to be loosening too.

According to BofAs Truck Shipper Survey for the week ending May 19, shippers find it much easier to secure capacity (its highest level since June 2020).

Unfortunately, at least some of these signs of loosening supply chains can be explained by easing demand for goods. But again, this is the dynamic that should make for easing inflation.

Bloomberg reported that tech behemoth Microsoft was slowing hiring in its Windows, Office, and Teams businesses.

PayPal laid off 83 employees at its headquarters in San Jose.

These are anecdotes. But the developments are in line with the Feds aim of cooling inflation by first cooling the labor market.

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Last month, I wrote about how economists across the board were saying that inflation as measured by year-over-year increases in prices had peaked.

On Friday, we got more evidence to confirm that may be the case.

The core PCE price index the Feds preferred measure of inflation climbed 4.9% in April from a year ago. This is down from the 5.2% rate in March and the 5.3% peak rate in February.

On a month-over-month basis, the core PCE price index has climbed by a cool 0.3% over the past three months.

Many have touted March as the peak in inflation and are looking for inflation to cool from here, Grant Thornton Chief Economist Diane Swonk said on Friday.. We are not as convinced given the risks we still face due to the war in Ukraine and lockdowns in China. Either way, it is important to note that any cooling we see will have a high floor. Both the overall and core PCE indices remain well above the Federal Reserves 2% target.

Indeed, inflation has a long way to go to get to 2% from 4.9%.

And so, well have to keep an eye on the incoming data to see if a major shift in the economic narrative is indeed underway.

More from TKer:

Stocks surge, ending 7-week losing streak: The S&P 500 rallied 6.6% last week, ending a seven-week losing streak. It was the biggest one-week gain since November 2020. The index is now down 13.3% from its January 3 closing high of 4796.56, but 6.6% above its May 19 closing low of 3,900.79. For more on market volatility, read this and this. If you wanna read up on bear markets, read this.

Corporate insiders are buying their companies stock: From JPMorgan: corporate insiders are holding a non-consensus view across most sectors and actively buying the dip with net insider buying activity reaching 1STDev above trend level.

Mortgage rates are still high, but tick down: The average rate for the 30-year fixed rate mortgage declined to 5.10% from 5.25% the week prior. Heres Freddie Mac: Mortgage rates decreased for the second week in a row due to multiple headwinds facing the economy. Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.

New home sales slump: Sales of newly built homes fell 16.6% month-over-month to an annual rate of 591,000 units, according to Census Bureau data.

Consumer sentiment tumbles: The University of Michigans index of consumer sentiment fell to 58.4 in May, its lowest level since August 2011. From the survey: This recent drop was largely driven by continued negative views on current buying conditions for houses and durables, as well as consumers future outlook for the economy, primarily due to concerns over inflation.

Keep in mind that deteriorating sentiment hasnt come with a decline in spending in recent months. For more on sentiment, read this.

People are doing stuff: From Yahoo Finances Emily McCormick: On Thursday, both Southwest Airlines and JetBlue raised their quarterly guidance, citing strong demand heading into the critical summer travel season. Both upward revisions came just weeks after the companies initially reported their forecasts last month.

This follows a similar announcement from United Airlines last week. Altogether, its apparent that people are refusing to put their lives on hold.

Its jobs week in America. Wednesday comes with the April Job Openings & Labor Turnover Survey and Friday comes with the April employment report. Employment growth has been very strong and record-high job openings have enabled workers to earning higher wages.

However, there are nearly two job openings per unemployed. This good news is being blamed for high inflation, which is bad, which is what the Fed is aiming to address with tighter monetary policy.

U.S. financial markets will be closed on Monday for Memorial Day.

Sam Ro is the founder of Tker.com. Follow him on Twitter at @SamRo.

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More signs that a major shift in the economic narrative could be underway - Yahoo Finance

You dont hear much applause at golf tournaments anymore.

"The art of clapping is gone," Tiger Woods said a couple years back. "Everyones holding a cell phone."

Oh sure, youll still hear plenty of "woo" and "mashed potato" and "Tiger Tiger Woods y'all" and, of course, "get in the hole." ("Baba Booey" has faded as Howard Sterns cultural footprint has diminished. "Brooksy" mostly vanished when Koepka and DeChambeau squashed their beef. And "dilly dilly" died the lonely, unmourned death it always deserved.)

But applause? No, theres very little applause anymore. Everyone tracks the players, cell phone in hand, filling their photo libraries with awkward, poorly timed or misaligned shots. Im as guilty of this as anyone; whenever Im at a course that allows cell phones, Im all over it, capturing gems like this from Kiawah Island in 2012:

(Yahoo Sports)

Its Tiger! And hes walking! Superstars are just like us!

And since were not pro photographers, we end up with a whole bunch of photos from a distance that look like this, from Pebble Beach in 2019:

(Yahoo Sports)

Check out Phil and DJ, right there just uh hanging out by the green or something.

The biggest crowds surround the biggest names, and unless youre right up front, you end up with gems like this, from the 2021 Tour Championship:

(Yahoo Sports)

Hey, thats Bryson down there! So close you could almost yell "Brooksy" at him!

Augusta National, as always, is the exception to all of this. Phones arent allowed on the grounds, on penalty of permanent lifetime expulsion, so everyone can freely applaud well, as long as theyre not holding cheap sandwiches and beers. At the Masters, youre always in the moment, unconnected to the world beyond.

The most fascinating part of watching any golf tournament is that if you happen to be standing at just the right spot, you can find yourself in the middle of the action. Unlike any other sport, golf can roll literally right up to your feet. You can be sipping a beer one minute, and the next, Tiger Woods is standing beside you ready to take one of his 70-or-so shots on the day.

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And if youre at a course that permits cell phones, that leads to photos like this:

(Maddie Meyer/PGA of America/PGA of America via Getty Images)

Take a look at that photo. Behold everyone in it, almost all of them busy with their phones. Notice anything odd? Out of place?

Yep, that one dude there on the left, in khaki shorts and a blue shirt. Hes holding his beer like you hold a cell phone, yes, but it is definitely a beer a Michelob Ultra, to be precise. Everyone else is viewing Tiger through the lens of their phone; hes watching the GOAT with his own two eyes. Hes living in the moment.

(Granted, considering the price of beer at the PGA Championship, he was holding something almost as valuable as a phone, but still )

You dont need me to tell you that putting down your phone and enjoying the life thats unfolding in front of you is a good idea. If youre like, well everyone, you know exactly how addictive that damn phone can be.

Now, since nothing in this life can go unbranded, Michelob turned beer-holding dude into a marketing campaign, complete with merch.

(At least its not an NFT. Yet.)

Still, the message is a good one. Put down the phone, be in the moment, and see the world through your own eyes. And if you want a memory for posterity that badly, just ask the person next to you to text you the video. You know they'll be filming.

______

Jay Busbee is a writer for Yahoo Sports. Follow him on Twitter at @jaybusbee or contact him at jay.busbee@yahoo.com.

Excerpt from:

Put down the phone and watch Tiger Woods with your own eyes - Yahoo Sports