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Electric vehicles. Renewable energy. Wind farms and solar arrays. These are the technologies that will lead the way of the next centurys industrial trends. They exist today, of course, but just where they will go, and what they will look like in a century, are simply unknowable.

There are some things we do know. It is certain that todays electrical and energy storage tech is going to evolve, changing its shape to adapt to the industrial-technological landscape that is growing up around us even now. Evercore analyst James West describes this as the next Mega Theme, and dubs energy storage as the third pillar of tomorrows power grids.

The future of energy storage isnt strictly about lithium-ion batteries although electrochemical technologies such as li-ion will continue to dominate and be deployed at utility-scale. There is an arms race underway for vertical integration, digital applications, supply chain diversification, and data-intensive products to capture a growing customer base including utilities, independent power producers, commercial and industrial users, and renewable project developers, West writes.

The analyst goes on to point out two energy storage stocks that are poised to gain as the new power economy develops. Using TipRanks database, we did a deep dive into the data to find out what makes both so attractive. Lets take a closer look.

Eos Energy Enterprises (EOSE)

Well start with Eos Energy. This company is developing clean energy storage systems, based on safety, efficiency, scalability, and sustainability. Eos uses zinc hybrid cathode (Znyth) technology, to create battery systems that offer durability for up to 5,000 charge/discharge cycles or 15 calendar years. The tech is one of the most efficient non-lithium solutions to energy storage, and is non-flammable a major advantage over existing lithium ion systems.

Eos energy storage systems have applications in the utility industry, commercial & industrial facilities, and the renewable energy sector. Renewables, especially, can benefit from the battery systems, as both wind and solar power suffer from intermittency and require effective energy storage solutions.

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This company has yet to develop a steady income stream, but in its most recent quarterly report, for 3Q21, Eos did give some interesting highlights. It reported $137.4 million in booked orders, and a total work backlog of $151.8 million as of November 10, 2021. This bodes will for future prospects as the company enters its production phases. So far, Eos has shipped out a total of $3.4 million in products.

Evercores James West notes the buildup of the work backlog, and the established viability of the technology, and goes on to say, EOSE is a niche investment in the major energy storage theme. This is a revenue growth story through the medium-term as the company focuses on commercialization while a ramp in manufacturing capacity should provide meaningful revenue realization from 2023-2025... EOSEs long-duration energy storage technology is competitively advantaged given its performance profile and lower exposure to lithium-ion supply chain risks.

In line with these bullish comments, West initiated coverage on EOSE with an Outperform (i.e. Buy) rating along with a $21 price target. This figure conveys his confidence in EOSE's ability to soar 127% in the next twelve months. (To watch Wests track record, click here)

Most other analysts dont beg to differ. 3 Buy ratings and a single Hold add up to a Strong Buy consensus rating. With shares priced at $9.25 and an average price target of $20.33, the stock has ~120% upside potential in the next 12 months. (See EOSE stock analysis on TipRanks)

Fluence Energy (FLNC)

The second company well look at, Fluence Energy, uses a modular system to build configurable, scalable energy storage. The base unit is the Fluence Cube, a standardized building block power storage system based on more than 13 years of experience in the energy storage niche. The Cube allows rapid delivery and deployment, for cost effective build-outs of battery systems. The design can be scaled from 1 megawatt up to 500 megawatts or more.

The Fluence Cube system is installed in conjunction with the companys Fluence OS, an operations platform that provides comprehensive controls to manage the system, across single installations or larger grids. The Fluence IQ is added, an AI-enabled platform that speeds up the systems decision process and asset performance for improved revenues.

To date, Fluence has deployed or contracted for more than 3 gigawatts of energy storage in 29 markets around the world. Earlier this month, the company signed a contract in Italy, with Enel-X, for the deployment of the Gridstack energy storage system. The installation, involving two systems, will total 40 megawatts capacity.

Fluence shares entered the public markets on October 28, in an IPO that raised about $998 million in gross proceeds. The shares started trading at $28, and saw 35.65 million shares hit the market.

Among the bulls is Evercores James West, who likes the fundamental of this newly public stock.

We view FLNC as one of the must-owns in the energy storage sector with market cap. The company is backed by industrial and utility market leadership via sponsorship from Siemens AG and AES Corp. and has grown quickly to become one of the top energy storage providers. Despite competitive threats and supply chain risk, we believe the best way to value FLNC is by focusing on the fundamentals for this premium growth company, West opined.

To this end, West initiated coverage on FLNC with an Outperform (i.e. Buy) rating and $47 price target. This target suggests the stock will be changing hands for ~29% premium a year from now. (To watch Wests track record, click here)

Turning now to the rest of the Street, other analysts also like what theyre seeing. 8 Buy ratings and 3 Holds add up to a Moderate Buy consensus rating. Given the $45.20 average price target, the upside potential comes in at ~24%. (See FLNC stock analysis on TipRanks)

To find good ideas for energy 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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Energy Storage Is the Next Mega Theme; These 2 Stocks Are Poised to Benefit - Yahoo Finance

Though the travel industry is seeing a steady recovery as the number of daily air travelers continues to rise, uncertainty looms with COVID-19 cases and hospitalizations seeing an uptick as well. According to Moody's (MCO) Senior Vice President Jonathan Root, however, things are still looking up for the sector going into the new year.

I'm not confident in specific predictability, but I think the read through is positive, Root told Yahoo Finance Live. We're sticking with our positive outlook for the industry. We're looking at it as the cup is half full at the moment. And it's going to get fuller through the holidays and as we approach spring, notwithstanding that infection rate trends are up right now.

Indeed, the rising infection rate along with the highest Thanksgiving gas prices in eight years is not discouraging upcoming holiday travel. And gas for cars isnt the only fuel that is seeing surging prices jet fuel prices have recently risen past pre-pandemic levels as well, presenting a risk to airlines.

We think the airlines can be profitable with higher jet fuel and where the price of Brent oil (BZ=F) is today, Root said. You know, the challenge is we're coming through this is the recovery phase. So if we were beyond the pandemic normal activity levels, we'd be less concerned for sure.

All in all, Root believes that the threat of government lockdowns making it more difficult to travel still poses a risk for a slowdown in the travel. But as long as the U.S. allows non-citizens to arrive, he said, growth will likely continue. According to Root, domestic TSA screening numbers are currently at 80% of 2019 levels even with limited international travel, suggesting strength in the U.S. airline industry.

We think behavior is probably changing as well, he added. With more vaccinations and, you know, the medicines coming, that should be an influencing factor that maybe can keep the restrictions low enough to allow travel to happen.

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In the period since Nov. 8, Root said that a similar meaningful uptick in daily airport security screenings has not been seen internationally. However, he believes that this may come with the holiday season as people reconnect with family.

I can't predict which government may become more restrictive in what time frame. And that is the key for the international recovery, Root said. We do feel that there is still strong pent-up demand, not only for leisure, but for business travel and even in international long-haul travel.

Thomas Hum is a writer at Yahoo Finance. Follow him on Twitter @thomashumTV

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'The cup is half full at the moment' for the travel industry: Moody's SVP - Yahoo Finance

The House of Representatives passed the Build Back Better Act on Nov. 19. Though the bill would implement several tax increases, it's a far cry from Democrats' initial ambitions for raising revenue through taxes.

On the campaign trail Joe Biden vowed to raise the corporate income tax rate to 28% from 21%. In the end, the bill contains a less aggressive 15% corporate minimum tax.

Likewise on individual taxes: Lawmakers floated several ideas, including raising the top individual tax rate to 39.6% as well as a billionaires tax. What ended up in the just-passed bill (which the Senate is likely to amend heavily) are narrower tax hikes an increase on net investment income and a new surcharge on modified adjusted gross income.

In fact, after years of Democratic promises to make the rich pay their "fair share," the proposal in the bill to increase the SALT cap from $10,000 to $80,000 could give many of the wealthiest Americans a net tax cut.

Theres a lesson here, a budget and tax expert pointed out on Yahoo Finance Live recently.

For years, we've heard from progressives of the desire to raise taxes on billionaires and millionaires, said Gordon Gray, director of fiscal policy at the American Action Forum. But now even with control of the White House and Congress, they have the opportunity to do just that, and it's proven very difficult.

While this might be good news to wealthy individuals and businesses, its not great news for budget forecasters like Gray.

It's notoriously difficult to get tax increases on the wealthiest Americans though Congress. That combined with President Biden's pledge to not raise taxes on Americans earning under $400,000 is impeding the government's power to raise enough revenue and get its fiscal house in order.

"What concerns me, Gray says, is that these taxes are all devoted to new spending, so the cupboard, for want of a better term, will be a little bare the next time members of Congress decide to maybe get around to that grand bargain that we've been hearing about for so long."

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Speaker of the House Nancy Pelosi (D-CA) looks on as House Democrats react to the passage of the Build Back Better Act at the U.S. Capitol on November 19, 2021 in Washington, DC. The vote, which passed 220-213, comes after House Minority Leader Kevin McCarty (D-CA) spoke overnight for more than eight hours in an attempt to convince colleagues not to support the $1.75 trillion social spending bill. (Photo by Anna Moneymaker/Getty Images)

The "grand bargain" was a term popularized in 2011 when a bipartisan group of leaders, including then-President Barack Obama and then-Speaker of the House John Boehner, came close but ultimately failed to reach an overarching agreement to change the nations fiscal course. Since leaving office, Boehner has often said that the collapse of the deal was his biggest regret.

The U.S. national debt currently stands at nearly $29 trillion with an annual budget deficit nearing $3 trillion.

"I've always assumed even as a conservative that a grand bargain will involve tax increases and spending cuts, Gray said, but the problem is the taxes in this bill are the easy ones, leaving fewer options in the years ahead.

Gray is a former senior advisor to Sen. Rob Portman (R., Ohio) and staff member for the Senate Budget Committee. He said some future debt reduction deal will need to include entitlement reform, not just for the green eyeshade crowd, of which I am certainly a proud member, but also just for their own sake."

The question is whether more tax increases, like those promised by then-candidate Biden, along with changes on the spending side will ever be politically feasible. Gray doesnt see many options, but "my experience has proven that no idea ever truly goes away in Washington, DC."

Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.

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Why tax increases in 2021 could make make it harder to balance the budget in coming years - Yahoo Money

Not every sector of the market is a longer-term buy even with stocks continuing to be on autopilot, warn strategists at Goldman Sachs.

Some of the worst stocks to own in a U.S. economy trying to claw back from the COVID-19 pandemic are those with high exposure to tight labor markets, which runs the risk of pressuring profit margins as wages are hiked.

"Labor market tightness will remain a challenge during the next few years. Investors should avoid stocks with high labor costs relative to EBIT [earnings before interest and taxes]," says David Kostin, Goldman Sachs chief U.S. equity strategist, in a new research note to clients.

Several of the companies that fall under this category, per Goldman's analysis includes IBM (IBM), Raytheon (RTX), HCA Healthcare (HCA), FedEx (FDX) and Dollar General (DG).

On the other hand, Kostin and his team think reopening stocks with cyclical exposure are the better bet at the moment.

Explains Kostin, "While virus counts are now rising and weighing on reopening stocks, as the winter wave passes, declining virus and inflation headwinds should provide a near-term boost to corporate revenues and margins for the businesses most exposed to these challenges."

Companies such as Best Buy (BBY), Home Depot (HD), Lowe's (LOW), D.R. Horton (DHI), KB Home (KBH) and Lennar (LEN) appear positioned for a cyclical upswing, points out Kostin.

In the near-term, however, both high labor exposure stocks and reopening stocks may work well for investors as markets digest recent Federal Reserve news.

Monday morning, President Biden renominated Powell as Fed chief, ending weeks of speculation on the topic. Biden also nominated Lael Brainard to the position of vice chair. Both are seen as monetary policy doves by market participants, hinting the Fed may be inclined to push off interest rate hikes in 2022 even with inflation remaining elevated.

In turn, that would be good for valuation multiples.

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Stock markets soared on the news, with the Dow Jones Industrial Average rising by more than 300 points at one point early in Monday's session.

"With the Fed on hold until mid-year 2022 and bond yields below 2%, equities will remain the asset of choice for both institutional and retail investors," contends Kostin.

The closely watched strategist sees the S&P 500 hitting 5,100 by the of 2022, up about 10% from current levels.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Why these are the worst stocks to own right now: Goldman Sachs - Yahoo Finance

Walmart and Yahoo are getting festive with a new AR game, shoppable influencer-studded video content and additional cross-site e-commerce integrations. Here are all of the details.

Walmart and Yahoo are gearing up for Christmas commerce. The web services company has teamed with the retail giant to bring consumers a handful of new shoppable experiences, digital activations and gift guides ahead of the holidays.

The joint Holiday with Heart campaign involves a number of key initiatives designed to create new inspiration and discovery opportunities for shoppers, incentivize sales with special deals, simplify the e-commerce shopping process and provide new engaging content.

The first of these initiatives is Play for Joy, is an augmented reality (AR) Instagram game meant to mimic the feeling of playing an arcade claw game machine. Players attempt to collect as many virtual Walmart gifts as they can before the timer runs out and each gift is a surprise. The game is intended to drive product discovery among Instagram users.

The next is a brand new add-to-cart tool that aims to streamline the shopping experience. Yahoo created a special new API that enables customers to add various Walmart products featured in content on Yahoo Life directly to their Walmart shopping cart for a more seamless checkout.

At Walmart, we are focused on meeting new and existing customers in their moments of discovery and inspiration, and providing them with easy buying options that enable them to instantly [take] action, says Walmarts senior director of content, influencer and social commerce Sarah Henry. Well continue to innovate on behalf of the customer to bring new shopping conveniences and experiences to customers in ways that help them save time while helping them live better.

The final activation in the Holiday with Heart campaign also speaks to these objectives. Walmart has partnered with Yahoo to create two new special-edition video series. Gifting to Win stars blogger and influencer Taryn Newton, who shares her holiday home and decor favorites with viewers. The show is created using Yahoos VidAR an AR platform that allows users to render 3D product images within their current settings.

The second video series, We Heart the Holidays, features blogger and entrepreneur Mattie James, who offers tips for holiday fashion, gift-giving, decor and hacks for holiday food. Both series include shoppable, interactive content and will debut across Yahoo Life and In the Know by Yahoo. Both content series feature shopping integrations, making it easy for viewers to add featured items directly to their Walmart shopping carts.

Yahoos president and general manager of consumer Jo Lambert tells The Drum that the digital shopping integrations enabled by the new API, as well as the special holiday video series, speak to consumers newfound comfort with and demand for new shopping experiences. Pre-Covid, offerings like shoppable video and 3D product catalogs were emerging technologies. Today theyre hallmarks of retails new normal, she says. Consumers have become more comfortable using these tools to replicate an in-store shopping experience. [They] not only entertain shoppers, but empower brands to connect with consumers through meaningful interactions.

Lambert points out that its not just the new digital shopping tools that are a product of consumer demand she says the entire campaign was designed to address consumers changing needs. [Our consumers] are always the inspiration for everything we do ... Our holiday programming [with Walmart] is focused on gift inspiration, discovery and helping consumers find the best deals on the internet. Through our engaging content, our trusted editors and new tech capabilities, we are striving to fill the online experience with joy, ease and convenience this holiday season, she says.

Yahoo will welcome consumer feedback on this years holiday initiatives to improve its commerce and marketing programs moving forward. Our ongoing partnership allows us to build on our successes, says Lambert, and most importantly, continue to iterate and ideate new program elements and hone in on areas of growth.

Beyond the Holiday with Heart campaign, the joint 30 Days of Savings program, giving consumers a sneak peek at countless Walmart products, is back for its third consecutive year. The 2020 program led to a 239% lift in gross merchandise value year-on-year.

This years 30 Days of Savings initiative entails new social media activations including a 30-day Twitter countdown of top Walmart products selected by Yahoo editors, in addition to a TikTok content series via Yahoo Life in which a handful of Walmart products are tried and tested to offer shoppers valuable insights before buying. At Yahoo, we have seen significant growth with our gen Z audience, especially across our social platforms, so this expansion provides a great way for us to create the best holiday experience for our consumers while meeting them where they are, in whatever format they want to consume, says Lambert.

It wont be the first time that Yahoo is working with Walmart to drive engagement among gen Z consumers. Earlier this year, Yahoos In the Know teamed with Walmart to create the retailers Deals for Days campaign, which entailed livestreamed shopping events and special video activations meant to target gen Z and millennial consumers. It proved fairly successful; the team delivered a gross merchandise value or the total value of products sold during a given time period via a particular marketplace 135% above internal targets, per Lambert.

This years holiday efforts has the potential to be especially lucrative for both Walmart and Yahoo, as Deloitte estimates holiday sales could be up 9% from last year.

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Walmart teams with Yahoo to create new shoppable holiday experiences - The Drum

Zoom (ZM) shares are sinking 17% on Tuesday, despite a better-than-expected quarter on the top and bottom line. The video conferencing company's stock is under pressure amid fears of a slowdown in virtual meetings as the pandemic eases.

"It's a little bit too much overblown in our view," said James Fish, senior research analyst at Piper Sandler. The analyst has a $299 price target on the stock.

"Just look at Enterprise, which grew 65% on its own, and Commercial Fees, which are still growing at a nice clip. You're really left with an interesting valuation," said Fish.

Zoom's revenue rose last quarter to $1.05 billion. Adjusted earnings came in at $1.11 per share. Both of those metrics beat analyst expectations.

"The quarter itself had more net positives but the problem is you had a couple of dynamics that investors didn't want to hear," Piper Sandler analyst Jame Fish told Yahoo Finance Live.

The number of larger clients, those with more than 10 employees, came in in 512,100. That metric came in slightly short of estimates.

"We didn't get much color around we call speedboat products, 'Phones' or 'Rooms'," said Fish, referring to products Zoom is aiming to grow in the future.

"It's a little bit of a concern as you start to think about next year, in terms of what the growth rate could be relative to valuation," said Fish.

Zoom expects its customer retention rate to tick down in the fourth quarter. It also predicts a slowdown in differed revenue.

Zoom's share price has come back down to earth after a meteoric rise last year during the worst of the pandemic. Investors are pricing in a slowdown going forward as more employees return to the office.

ZM is a top trending ticker on Yahoo Finance. The stock is down about 40% year-over-date. The stock is at a 52-week low. It closed at an all-time high of $559 in October of 2020.

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Zoom stock: The sour market reaction to earnings is too much overblown, analyst says - Yahoo Finance

This holiday-shortened week, investors will receive a hefty set of new economic data and earnings results. New inflation reports will be especially closely watched, and preliminary data on Black Friday sales will help serve as an early gauge of holiday shopping strength for retailers.

In observation of the Thanksgiving Day holiday, both the U.S. stock and bond market will close and no trading will take place Thursday. The stock market will close early at 1 p.m. ET on Friday, and SIFMA also recommended an early bond market close at 2 p.m. ET for the day after Thanksgiving as well.

But before these market holidays, one of the key pieces of economic data will be the Personal Consumption Expenditures (PCE) deflator for October out on Wednesday from the Bureau of Economic Analysis. This will help further show how inflation has evolved in the U.S., and will likely show yet another elevated print on U.S. price pressures.

Consensus economists expect the broadest measure of PCE to have risen by 0.7% in October compared to September, according to Bloomberg-compiled estimates. This would accelerate from September's 0.3% monthly gain. And over last year, the PCE deflator will likely have risen by 5.1%, or by the most since 1990, to further accelerate from September's 4.4% year-over-year gain.

The core PCE, which excludes more volatile food and energy prices and serves as the Federal Reserve's preferred gauge of inflation, is also expected to pick-up in October and rise by 4.1% over last year. This would also represent the fastest rise in about three decades.

These heightened inflationary readings have added to investors' concerns that rising prices could ultimately dampen the economic recovery by curbing consumer spending and prompting a faster-than-expected monetary policy tightening by the Federal Reserve. Though retailers' quarterly results so far have largely reflected better-than-expected sales trends, consumers have been reporting increasing anxiety over the impacts of inflation on their finances. The University of Michigan's preliminary November Surveys of Consumers showed sentiment fell to its lowest level in a decade, mostly due to a spike in inflation expectations.

A number of Federal Reserve officials have maintained that present levels of inflation will ultimately ease over the coming months, especially as the supply chain-related disruptions contributing to rising prices start to unwind. San Francisco Fed President Mary Daly, a voting member of this year's Federal Open Market Committee, said that a preemptive move on raising rates to try and stem inflation now could have unintended consequences down the line.

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"Monetary policy is a blunt tool that acts with a considerable lag," Daly said during public remarks at the Commonwealth Club of California last week. "So, raising interest rates today would do little to increase production, fix supply chains, or stop consumers from spending more on goods than on services. But it would curb demand 12 to 18 months from now."

The annual Black Friday shopping extravaganza is set to take place this week as the holiday shopping season ramps up.

Many retail analysts are expecting this end-of-year shopping season to jump, compared to last year, and set fresh highs, with pent-up consumer demand and still-elevated savings levels from government stimulus earlier in 2021 helping to fuel spending. However, a major question remains how well retailers will manage to meet this demand, given lingering supply chain disruptions, tight inventory levels and labor shortages heading into the peak holiday shopping period. These supply-side concerns could deter companies from offering major markdowns as they try to pass on higher costs to consumers and preserve margins.

"The discounts aren't as deep as they were in the past. My guess is you're seeing 5 to 10 percentage points less discounting going on in the environment," Steve Sadove, Mastercard senior adviser and former Saks chairman and CEO, told Yahoo Finance last week. "Partly because inventories are in-line and partly because of supply chain issues. You're seeing a lot of key items selling early. People are getting out there and getting the items quickly because they know that they're going to be running out of stock."

People shop at a Macy's store during the Black Friday sales event in Washington, U.S., November 29, 2019. REUTERS/Loren Elliott

Concerns over out-of-stocks may also have pulled forward some spending for the holidays to earlier in November and even October, as consumers raced to avoid shipping delays and unavailable items. A report from the Commerce Department last week showed retail sales grew by a better-than-expected 1.7% in October month-on-month, representing the biggest jump since March.

Still, U.S. retail sales during Thanksgiving week alone are expected to grow by 10% over last year and by 12.2% versus to the same week in 2019, according to Mastercard SpendingPulse projections.

Other firms have also projected strong retail sales for the holiday shopping season as a whole. The National Retail Federation expects combined November and December retail sales will grow between 8.5% and 10.5% over last year to reach a new record of as much as $859 billion.

There is considerable momentum heading into the holiday shopping season, said NRF President and CEO Matthew Shay in a press statement late last month. Consumers are in a very favorable position going into the last few months of the year as income is rising and household balance sheets have never been stronger. Retailers are making significant investments in their supply chains and spending heavily to ensure they have products on their shelves to meet this time of exceptional consumer demand.

Executives at some of the major retailers have echoed these sentiments in recent remarks.

"When [supply chain issues] first began in the fourth quarter of 2020, our teams activated plans to mitigate bottlenecks, and since then, stayed agile and flexible, leveraging our strong networks and relationships with international carriers and brands," Macy's CEO Jeff Gennette said during the company's earnings call last week. "Significantly, as a result, we don't expect to be materially impacted by supply chain issues during the critical holiday shopping season."

Others offered similar commentary.

"We're off to a good start for the holiday season and a good position to continue delivering strong results," Walmart Chief Financial Officer Brett Biggs told analysts on the company's earnings call last week. "Despite the various macro and industry challenges, our inventory position is good, stores and fulfillment centers are well-staffed and our price position remains strong."

Monday: Chicago Federal Reserve National Activity Index, October (-0.13 in September); Existing home sales, October (6.20 million expected, 6.29 million in September)

Tuesday: Markit U.S. Manufacturing PMI, November preliminary (58.7 expected, 58.4 in October); Markit U.S. Services PMI, November preliminary (59.0 expected, 58.7 in October); Richmond Fed Manufacturing Index, November (12 in October)

Wednesday: MBA Mortgage Application, week ended Nov. 19 (-2.8% during prior week); Initial jobless claims, week ended Nov. 20 (268,000 during prior week); Continuing claims, week ended Nov. 13 (2.080 million during prior week); Advance Goods Trade Balance, October (-$94.6 billion expected, -$96.3 billion during prior week); Wholesale Inventories, month-over-month, October preliminary (1.4% expected); GDP annualized, quarter-over-quarter, 3Q second estimate (2.2% expected, 2.0% in 2Q); Personal consumption, 3Q second estimate (1.6% expected, 1.6% in 2Q); Core PCE, quarter-over-quarter, 3Q second estimate (4.5% in 2Q); Durable goods orders, October preliminary (0.2% expected, -0.3% in September); Durable goods orders excluding transportation (0.4% expected, 0.5% in September); Capital goods orders, non-defense excluding aircraft, October preliminary (0.5% expected, 0.8% in prior print); Capital goods shipments, non-defense excluding aircraft, October preliminary (1.4% in prior print); Personal income, October (0.4% expected, -1.0% in September); Personal spending, October (0.9% expected, 0.6% in September); PCE Deflator, month-over-month, October (0.7% expected, 0.3% in September); PCE Deflator, year-over-year, October (5.1% expected, 4.4% in September); PCE Core Deflator, month-over-month, October (0.4% expected, 0.2% in September); PCE Core Deflator, year-over-year, October (4.1% expected, 3.6% in September); University of Michigan Sentiment, November final (66.8 expected, 66.8 in October); New home sales, October (808,000 expected, 800,000 in September); FOMC meeting minutes, November meeting

Thursday: No notable reports scheduled for release

Friday: No notable reports scheduled for release

Monday: Agilent Technologies (A), Zoom Video Communications (ZM) after market close

Tuesday: Dick's Sporting Goods (DKS), Best Buy (BBY), Burlington Stores (BURL), American Eagle Outfitters (AEO), Dollar Tree (DLTR) before market open; Dell Technologies (DELL), Nordstrom (JWN), Autodesk (ADSK), HP Inc (HPQ), VMWare (VMW), The Gap (GPS) after market close

Wednesday: Deere & Co. (DE) before market open

Thursday: No notable reports scheduled for release

Friday: No notable reports scheduled for release

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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Inflation data, Black Friday sales: What to know this week - Yahoo Finance Australia

It wasn't too long ago that Dave Hoffmann told me about his life in the restaurant industry.

"I am sort of a product of minimum wage. I grew up in the restaurants. That has been my whole life. It was burgers and fries at 16 and it's donuts at 50," Hoffmann recalled in a 2018 interview on the day he was announced as the next CEO of then publicly traded Dunkin' Brands.

Hoffmann who before Dunkin' spent years as a top executive at McDonald's went on to sell Dunkin' Brands to Arby's owner Inspire Brands for $8.76 billion in late 2020. The deal made the donut and coffee maker a privately owned entity.

Now with the donut deal long closed, it looks like Hoffmann is embracing a major career change.

In late September, Hoffmann was appointed the chairman and CEO of Mammoth Holdings. Mammoth is the seventh-largest conveyor car wash operator in the United States. The operation has 63 locations across the country under names such as QuickWash Express, Finish Line and Shine On.

Hoffmann believes the company is well capitalized and ready to make acquisitions to expand its footprint.

The car was industry "is primed for disruption," Hoffmann said on Yahoo Finance Live. "We think the universe of car washes in the U.S. could be double or four times what it is today."

According to research outfit IBISWorld, the car wash and auto detailing industry will increase by 9.4% this year to a value of $13.1 billion. Credit: Getty

Hoffmann who didn't rule out an IPO down the line said the business has margins north of 50% given its low labor cost platform.

To Hoffmann's point, the pandemic car boom is expected to greatly help the highly fragmented car wash industry.

According to research outfit IBISWorld, the car wash and auto detailing industry will increase by 9.4% this year to a value of $13.1 billion.

"For me personally, it's an industry that I believe is primed for disruption," Hoffmann added.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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GUANGZHOU, China, Nov. 23, 2021 /PRNewswire/ -- CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the "Company"), a leading home equity loan service provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2021.

Third Quarter 2021 Operational and Financial Highlights

Total loan origination volume[1] was RMB3,117.5 million (US$480.7 million) in the third quarter of 2021, compared to RMB3,093.4 million in the same period of 2020.

Total outstanding loan principal[2] was RMB11.1 billion (US$1.7 billion) as of September 30, 2021, compared to RMB9.7 billion as of December 31, 2020.

Total interest and fees income were RMB457.0 million (US$70.5 million) in the third quarter of 2021, compared to RMB476.0 million in the same period of 2020.

Net income was RMB19.0 million (US$2.9 million) in the third quarter of 2021, compared to RMB50.1 million in the same period of 2020.

Basic and diluted earnings per ADS were RMB0.28 (US$0.04) and RMB0.25 (US$0.04), respectively, in the third quarter of 2021, compared to RMB0.73 and RMB0.67, respectively, in the same period of 2020.

[1] Refers to the total amount of loans CNFinance originated during the relevant period.

[2] Refers to the total amount of loans principal outstanding for CNFinance at the end of the relevant period.

"Following a good first half, our loan facilitation business remained stable in the third quarter of 2021. During the third quarter, the robust business operations of micro-and small-enterprises (MSEs) created an increase in capital demand. To meet such demand, our professional and dedicated team, with the aid of our efficient and visualized online system, served over 5,000 borrowers. With RMB3.1 billion loans originated in the third quarter of 2021, the total outstanding loan principal reached RMB11.1 billion as of September 30, 2021. Although exposed to the lower funding supply from trust companies and an increase in financing cost, we were still able to record a net income of RMB19.0 million in the third quarter of 2021. It is worth noticing that we enlarged our business scale during the third quarter of 2021 while we lowered the collaboration cost for sales partners as a result of lower rate of incentives due to the overall lowered interest rates on loans, which reflected the success of our efforts to improve the screening and management of sales partners. To promote the strategical transformation to an asset-light platform, we plan to dispose of certain legacy loans under the traditional model in the fourth quarter. We will conduct evaluations and endeavor to sell those loans in bulk at fair market prices. Looking forward, we remain dedicated to building an asset-light service platform with a high turnover at a large scale while staying true to our mission of providing MSE owners with affordable, accessible and efficient financial services," commented Mr. Bin Zhai, CEO and Chairman of CNFinance.

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Third Quarter 2021 Financial Results

Total interest and fees income decreased by 4.0% to RMB457.0 million (US$70.5 million) for the third quarter of 2021 from RMB476.0 million in the same period of 2020.

Interest and financing service fees on loans decreased by 3.7% to RMB454.9 million (US$70.2 million) for the third quarter of 2021 from RMB472.5 million in the same period of 2020, primarily due to the combined effect of (a) the increase in the balance of average daily outstanding loan principal, and (b) the lowered interest rate on loans facilitated in an effort to comply with rules and regulations issued by relevant PRC regulatory authorities, including the Decisions of the Supreme People's Court to Amend the Provisions on Several Issues concerning the Application of Law in the Trial of Private Lending Cases issued in August 2020.

Interest on deposits with banks decreased by 40.0% to RMB2.1 million (US$0.3 million) for the third quarter of 2021 from RMB3.5 million in the same period of 2020, primarily due to the smaller daily average amount of time deposits.

Total interest and fees expenses increased by 18.8% to RMB219.1 million (US$33.8 million) for the third quarter of 2021, compared to RMB184.4 million in the same period of 2020, primarily due to the increase in the principals of other borrowings as well as the funding cost from trust companies.

Net interest and fees income was RMB237.9 million (US$36.7 million) for the third quarter of 2021, a decrease of 18.4% from RMB291.6 million in the same period of 2020.

Collaboration cost for sales partners decreased to RMB101.5 million (US$15.7 million) for the third quarter of 2021 from RMB112.5 million in the third quarter of 2020, primarily due to the lower rate of incentives paid to sales partners by the Company in response to the overall lowered interest rates on loans.

Net interest and fees income after collaboration cost was RMB136.4 million (US$21.0 million) for the third quarter of 2021, a decrease of 23.8% from RMB179.1 million in the same period of 2020.

Provision for credit losses increased by 4.8% to RMB32.6 million (US$5.0 million) for the third quarter of 2021 from RMB31.1 million in the same period of 2020. The increase was mainly attributable to the combined effect of (a) the increase in outstanding principal of non-delinquent loans and loans delinquent within 90 days which resulted in the increase in collectively assessed allowances; and (b) the Company's receipt of recoveries in the quarter after charging down loans that are 180 days past due to net realizable value.

Net gains/(losses) on sales of loans decreased to a net loss of RMB3.5 million (US$0.5 million) for the third quarter of 2021 from a net gain of RMB39.5 million in the same period of 2020, primarily attributable to the fact that the Company sold loans over 90 days past due to third parties with larger discount to recover cash under the traditional facilitation model.

Other gains/(losses), net increased to a net gain of RMB15.8 million (US$2.4 million) for the third quarter of 2021 from a net loss of RMB2.1 million in the same period of 2020, primarily attributable to the increase of gains on confiscated Credit Risk Mitigation Position.

Total operating expenses decreased by 21.1% to RMB93.0 million (US$14.4 million) for the third quarter of 2021, compared with RMB117.9 million in the same period of 2020.

Employee compensation and benefits increased by 2.1% to RMB47.7 million (US$7.4 million) for the third quarter of 2021 from RMB46.7 million in the same period of 2020, primarily attributable to higher social security and housing fund benefits provided for employees resulting from the end of the phased reduction policy released by the PRC Ministry of Human Resources and Social Security in reaction to the COVID-19 pandemic in the third quarter of 2020.

Share-based compensation expenses decreased by 69.7% to RMB4.7 million (US$0.7 million) for the third quarter of 2021 from RMB15.5 million in the same period of 2020. According to the Company's share option plan adopted on December 31, 2019, approximately 50%, 30% and 20% of the option granted will be vested on December 31, 2020, 2021 and 2022, respectively. Related compensation cost of the option grants will be recognized over the requisite period.

Taxes and surcharges decreased by 10.9% to RMB10.6 million (US$1.6 million) for the third quarter of 2021 from RMB11.9 million for the same period of 2020, primarily attributable to a decrease in the non-deductible value added tax ("VAT"). The decrease in VAT was attributable to the characterization of certain amounts as "service fees charged to trust plans" which are a non-deductible item. According to PRC tax regulations, "service fees charged to trust plans" incur a 6% VAT on the subsidiary level, but are not recorded as an input VAT on a consolidated trust plan level. "Service fees charged to trust plans" were significantly decreased in the third quarter of 2021 compared to the same period of 2020 due to maturity of some trust plans. Such decrease was also due to a decrease in interest and financing service fees on loans by 3.7% for the third quarter of 2021 compared to the same period of 2020.

Operating lease cost decreased by 15.9% to RMB3.7 million (US$0.6 million) for the third quarter of 2021 as compared to RMB4.4 million for the same period of 2020, primarily due to the continued development of the collaboration model that allowed the Company to further reduce the office leasing costs which was used to rent offices to accommodate sales staff.

Other expenses decreased by 33.2% to RMB26.3 million (US$4.1 million) for the third quarter of 2021 from RMB39.4 million in the same period of 2020, primarily due to decreases in (a) service fees paid to third-party IT developers; (b) the cost related to promoting the collaboration model, and (c) service fees paid to third-party consultants.

Income tax expense decreased by 73.2% to RMB6.6 million (US$1.0 million) for the third quarter of 2021 from RMB24.6 million in the same period of 2020, primarily due to a decrease in the amount of taxable income.

Effective tax rate decreased to 25.7% for the third quarter of 2021 from 33.0% in the same period of 2020, because the share-based compensation expenses, as non-deductible expenses, decreased to RMB4.7 million (US$0.7 million) for the third quarter of 2021 from RMB15.5 million in the same period of 2020.

Net income decreased by 62.1% to RMB19.0 million (US$2.9 million) for the third quarter of 2021 from RMB50.1 million in the same period of 2020.

Basic and diluted earnings per ADS were RMB0.28 (US$0.04) and RMB0.25 (US$0.04), respectively, in the third quarter of 2021, compared to RMB0.73 and RMB0.67, respectively, in the same period of 2020. One ADS represents 20 ordinary shares.

As of September 30, 2021 and December 31, 2020, the Company had Cash, cash equivalents and restricted cash of RMB2.0 billion (US$0.3 billion) and RMB2.0 billion, including RMB1.4 billion (US$0.2 billion) and RMB1.0 billion from structured funds, respectively, which could only be used to grant new loans and activities.

The actual delinquency rate for loans originated by the Company decreased to 20.4% as of September 30, 2021 from 22.6% as of December 31, 2020. Under the collaboration model, the actual delinquency rate for first lien loans increased to 24.5% as of September 30, 2021 from 18.0% as of December 31, 2020, and the actual delinquency rate for second lien loans was stable at 15.5% as of September 30, 2021 as compared to 15.6% as of December 31, 2020. Under the traditional facilitation model, the actual delinquency rate for first lien loans decreased to 38.9% as of September 30, 2021 from 47.0% as of December 31, 2020, and the actual delinquency rate for second lien loans decreased to 38.3% as of September 30, 2021 from 43.2% as of December 31, 2020.

The actual NPL rate for loans originated by the Company decreased to 7.5% as of September 30, 2021 from 11.7% as of December 31, 2020. Under the collaboration model, the actual NPL rate for first lien loans increased to 9.1% as of September 30, 2021 from 6.7% as of December 31, 2020, and the actual NPL rate for second lien loans decreased to 4.3% as of September 30, 2021 from 4.6% as of December 31, 2020. Under the traditional facilitation model, the actual NPL rate for first lien loans decreased to 27.5% as of September 30, 2021 from 38.2% as of December 31, 2020, and the actual NPL rate for second lien loans decreased to 23.8% as of September 30, 2021 from 31.6% as of December 31, 2020.

Business Outlook

The extent to which the COVID-19 pandemic impacts the Company's results of operations will depend on future developments of the pandemic in China and across the globe, which are subject to change and substantial uncertainty and therefore cannot be predicted. For the fourth quarter of 2021, based on the information available as of the date of this press release, the Company expects to dispose of certain non-performing loans to improve the overall loan portfolio, and expects to incur a net loss of between RMB80 million and RMB100 million.

The above outlook is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions, which are all subject to substantial uncertainty.

Conference Call

CNFinance's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, November 23, 2021 (9:00 PM Beijing/ Hong Kong Time on Tuesday, November 23, 2021).

Dial-in numbers for the live conference call are as follows:

International:

+1-412-902-4272

Mainland China

+86-4001-201203

United States:

+1-888-346-8982

Hong Kong:

+852-3018-4992

Passcode:

CNFinance

A telephone replay of the call will be available after the conclusion of the conference call until 11:59 PM ET on November 30, 2021.

Dial-in numbers for the replay are as follows:

International:

+1-412-317-0088

United States:

+1-877-344-7529

Passcode:

10162076

A live and archived webcast of the conference call will be available on the Investor Relations section of CNFinance's website at http://ir.cashchina.cn/.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.

Exchange Rate

The Company's business is primarily conducted in China and all of the revenues are denominated in Renminbi ("RMB"). This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.4854 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2021. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on September 30, 2021, or at any other rate.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "confident" and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: its goals and strategies, its ability to achieve and maintain profitability, its ability to retain existing borrowers and attract new borrowers, its ability to maintain and enhance the relationship and business collaboration with its trust company partners and to secure sufficient funding from them, the effectiveness of its risk assessment process and risk management system, its ability to maintain low delinquency ratios for loans it originated, fluctuations in general economic and business conditions in China, the impact and future development of COVID-19 pandemic in China and across the globe, and relevant government laws, regulations, rules, policies or guidelines relating to the Company's corporate structure, business and industry. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

About CNFinance Holdings Limited

CNFinance Holdings Limited (NYSE: CNF) ("CNFinance" or the "Company") is a leading home equity loan service provider in China. CNFinance conducts business by collaborating with sales partners and trust company partners. Sales partners are responsible for recommending micro-and

small-enterprise ("MSE") owners with financing needs to the Company and the Company introduces eligible borrowers to its trust company partners who will then conduct their own risk assessments and make credit decisions. The Company's primary target borrower segment is MSE owners who own real properties in Tier 1 and Tier 2 cities in China. The loans CNFinance facilitated are primarily funded through a trust lending model with its trust company partners who are well-established with sufficient funding sources and have licenses to engage in lending business nationwide. The Company's risk mitigation mechanism is embedded in the design of its loan products, supported by an integrated online and offline process focusing on risks of both borrowers and collateral and further enhanced by effective post-loan management procedures.

CNFINANCE HOLDINGS LIMITED

Unaudited condensed consolidated balance sheets

(In thousands)

December 31,

September 30,

2020

2021

RMB

RMB

US$

Assets

Cash, cash equivalents and restricted cash

1,960,923

1,964,143

302,856

Loans principal, interest and financing service fee receivables (include loans held-for-sale of RMB586,206,781 and RMB568,011,041, with RMB76,013,067 and RMB45,706,714 measured at fair value as of December 31, 2020 and September 30, 2021, respectively)

9,688,941

11,101,332

1,711,742

Allowance for credit losses

659,479

641,287

98,882

Net loans principal, interest and financing service fee receivables

9,029,462

10,460,045

1,612,860

Investment securities

418,137

1,451,164

223,759

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CNFinance Announces Third Quarter of 2021 Unaudited Financial Results - Yahoo Finance

President Biden briefly transferred the power of the presidency to Vice President Kamala Harris on Friday morning as he underwent a routine physical.

The White House announced that Biden, 78, would be going under anesthesia to receive a colonoscopy at Walter Reed National Military Medical Center, making Harris the first woman to hold powers of the presidency.

White House press secretary Jen Psaki released a statement Friday morning with the announcement, stating that Harris would work from her office in the West Wing while the president was sedated.

Biden entered Walter Reed a little before 9 a.m. local time.

The White House said Biden formally submitted letters to Sen. Patrick Leahy, D-Vt., president pro tempore of the Senate, and House Speaker Nancy Pelosi informing them of the transfer of power at 10:10 a.m., and resumed his duties at 11:35 a.m.

According to Psaki, the president is "in good spirits" and will remain at Walter Reed as he completes the physical.

Psaki said that the White House would release a comprehensive written summary of Bidens physical later Friday afternoon.

President Biden and Vice President Kamala Harris on the South Lawn of the White House on Monday. (Susan Walsh/AP)

After her historic 85-minute stint, Harris traveled from Washington, D.C., to Columbus, Ohio, where she was scheduled to give remarks promoting the bipartisan infrastructure deal that Biden signed into law earlier this week

"As a woman myself I will note that the president, when he selected her to be his running mate, obviously he knew he was making history, making history that was long overdue," Psaki said of Harris, the nation's first female, first Black and first South Asian vice president. "And part of that was selecting someone who could serve by your side as your partner but also step in if there was a reason to and that includes the application of the 25th Amendment that was done this morning.

"She makes history every day," Psaki added. "But certainly today was another chapter in that history. And I think that will be noted for many women [and] young girls across the country."

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Former President George W. Bush twice transferred the power to his vice president, Dick Cheney, while undergoing a similar procedure during his two terms in office, each time for a little over two hours. Bushs father, George H.W. Bush, was acting president for about eight hours in 1985 while serving as vice president under President Ronald Reagan, who was undergoing colon cancer surgery.

The ability to temporarily transmit the power via a letter to the leaders of the House and Senate was enacted via the 25th Amendment, ratified in 1967.

In her book released earlier this year, former White House press secretary Stephanie Grisham strongly implied that former President Donald Trumps surprise visit to Walter Reed in 2019 which set off speculation that he was ill was simply for a routine colonoscopy (without naming the procedure). Trump, she wrote, didnt want it known that he would be having the procedure done, partly because he refused to transfer power to Vice President Mike Pence for even a short amount of time, and partly because he didnt want to be made fun of by late night TV hosts.

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Biden briefly transfers power to Harris, making her the 1st woman in U.S. history to hold powers of the presidency - Yahoo News