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Category Archives: Yahoo
Unvaccinated Americans say COVID vaccines are riskier than the virus, even as Delta surges among them – Yahoo News
Posted: July 25, 2021 at 3:41 pm
When asked which poses a greater risk to their health, more unvaccinated Americans say the COVID-19 vaccines than say the virus itself, according to a new Yahoo News/YouGov poll a view that contradicts all available science and data and underscores the challenges that the United States will continue to face as it struggles to stop a growing pandemic of the unvaccinated driven by the hyper-contagious Delta variant.
The survey of 1,715 U.S. adults, which was conducted from July 13 to 15, found that just 29 percent of unvaccinated Americans believe the virus poses a greater risk to their health than the vaccines significantly less than the number who believe the vaccines represent the greater health risk (37 percent) or say theyre not sure (34 percent).
Over the last 18 months, COVID-19 has killed more than 4.1 million people worldwide, including more than 600,000 in the U.S. At the same time, more than 2 billion people worldwide and more than 186 million Americans have been at least partially vaccinated against the virus, and scientists who study data on their reported side effects continue to find that the vaccines are extraordinarily safe.
A supporter of President Donald Trump on Jan. 5 holds an anti-vaccine sign at a protest at Freedom Plaza in Washington, D.C. (Erin Scott/Bloomberg via Getty Images)
Yet 93 percent of unvaccinated U.S. adults the equivalent of 76 million people say they will either never get vaccinated (51 percent); that they will keep waiting to see what happens to others before deciding (20 percent); or that theyre not sure (22 percent).
With Delta rapidly becoming dominant nationwide, U.S. COVID-19 cases have surged by 140 percent over the last two weeks. Hospitalizations and deaths both lagging indicators are up by one-third over the same period. Missouri, Arkansas, Nevada and Florida are being hit particularly hard, with hospitalization rates soaring to 2-3 times the national average. Nearly all of the Americans who are falling ill, getting hospitalized and dying 99 percent, according to some estimates are unvaccinated. And more than half the U.S. population (52 percent) has yet to be fully inoculated.
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As the Delta variant surges among the unvaccinated and counties such as Los Angeles reinstitute indoor mask mandates to try to stave it off, Yahoo News and YouGov sought to understand why so many Americans continue to hold off on vaccination and whether Deltas rise might change any minds.
The results are complicated. Some unvaccinated Americans recognize the rising threat of Delta. The share who say they are worried about the variant has risen 9 percentage points (from 25 percent to 34 percent) since last month. Yet the share of unvaccinated Americans who say they are not worried about Delta is larger, and it has risen by nearly as much (from 31 percent to 39 percent).
As such, just half of the unvaccinated say Delta poses a serious risk to all Americans (33 percent) or unvaccinated Americans (17 percent); the other half says the variant doesnt pose a serious risk to anyone (30 percent) or that theyre not sure (20 percent). In contrast, a full 85 percent of vaccinated Americans and 72 percent of all Americans say Delta poses a serious risk.
Yet while unvaccinated Americans are relatively dismissive of Deltas dangers which have been amply proven by massive outbreaks in India and elsewhere they tend to apply a much lower bar to the COVID vaccines. Asked to pick the most important reason they havent been vaccinated, for example, few say they lack easy access to vaccination (4 percent), cant get time off from work (3 percent), or already had COVID (9 percent). More say theyre not worried about getting COVID (12 percent) or far more frequently that they dont trust the COVID vaccines (45 percent).
Anti-vaccine protesters gather at Indiana University's Sample Gates during a demonstration. (Jeremy Hogan/SOPA Images/LightRocket via Getty Images)
But why? The most important reason, according to 37 percent of unvaccinated Americans, is that theyre concerned about long-term side effects. Thats followed by I dont trust the government (17 percent), The vaccines are too new (16 percent), The FDA hasnt fully approved the vaccines yet (11 percent) and I dont trust any vaccines (6 percent).
The trouble for public health officials is twofold. First, despite the fact that theres no precedent in the history of vaccines for severe side effects emerging several months after dosage, let alone several years and no mechanism by which the COVID vaccines would trigger such side effects its difficult to convince skeptics that this time wont be different. Meanwhile, the pandemic is ongoing and the clock is ticking.
Second, when unvaccinated skeptics are asked to select all the reasons they dont trust the COVID vaccines as opposed to just the most important many select all of them. Seventy percent say theyre concerned about long-term side effects; 60 percent say the vaccines are too new; 55 percent say they dont trust the government; 50 percent say theyre concerned about short-term side effects; 45 percent say the FDA hasnt fully approved the vaccines yet; 45 percent say they dont trust drug companies; and 26 percent say they dont trust any vaccines. Hesitancy, in other words, could turn into a game of whack-a-mole: address one concern and another just pops up to replace it.
Whether Deltas impact softens any of this resistance remains to be seen. Fifteen percent of unvaccinated Americans say the spread of Delta makes them more likely to get vaccinated, particularly Democrats (34 percent) and Latinos (34 percent). Yet another 12 percent of unvaccinated Americans actually say Delta makes them less likely to get a shot, and 73 percent say it makes no difference.
Delving deeper, 20 percent of unvaccinated Americans say they would be much more (10 percent) or somewhat more (10 percent) likely to get vaccinated if COVID cases start to rise among unvaccinated people in [their] area; the same goes for rising local hospitalizations and deaths. Likewise, 27 percent of unvaccinated Americans say theyd be either much more (12 percent) or somewhat more (15 percent) likely to get vaccinated when the FDA fully approves the COVID vaccines, which are currently authorized for emergency use to combat the pandemic.
Full FDA approval isnt expected until next year. COVID cases, hospitalizations and deaths, on the other hand, are already rising. Well see if either makes a difference.
_________________________
The Yahoo News survey was conducted by YouGov using a nationally representative sample of 1,715 U.S. adults interviewed online from July 13 to 15, 2021. This sample was weighted according to gender, age, race and education based on the American Community Survey, conducted by the U.S. Bureau of the Census, as well as 2020 presidential vote (or non-vote), and voter registration status. Respondents were selected from YouGovs opt-in panel to be representative of all U.S. adults. The margin of error is approximately 2.7 percent.
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LeBron James Is the NBAs First $1 Billion Man. He Wont Be the Last – Yahoo Sports
Posted: at 3:41 pm
Space Jam: A New Legacy opened this past weekend to tepid reviewsno different than the original 1996 cult classicbut moviegoers embraced the family-friendly fare. The movies star and producer, LeBron James, gloated a bit on Twitter after reports of a $32 million weekend at the box office. The project was seven years in the making for James, who put himself in position to be compared to Michael Jordan on screen after nearly two decades of endless comparisons on the court.
James, 36, will be hard-pressed to beat MJs six NBA titleshe trails by twobut he already tops Jordan in another categoryfirst NBA player to crack $1 billion in career earnings while still active. Jordan fell short of $1 billion during his playing career, even adjusted for inflation. Dont shed a tear for MJ, though. His highest annual earnings have come in retirement, thanks to skyrocketing revenue at Nikes Jordan Brand, and Jordans total earnings are now roughly $2 billion since he left Chapel Hill for the NBA in 1984.
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Since being drafted in 2003, James has earned $330 million in playing salarynet of recent escrow deductionsand another $700 million off the court from endorsements, merchandise, licensing and his media business. Current endorsement partners AT&T, Beats, Blaze Pizza, GMC, Nike, PepsiCo, Rimowa and Walmart help James earn more than $100 million annually. The latest addition is Epic Games, where Fortnite players will have access to a pair of James-themed outfits or skins.
His closest comps among active players are Kevin Durant ($580 million in career earnings) and Stephen Curry ($430 million). The only other athletes to earn $1 billion while still active are Tiger Woods, Floyd Mayweather, Cristiano Ronaldo, Lionel Messi and Roger Federer.
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James is the first player in a U.S. team sport to hit the three-comma club, but he wont be the last, as a new generation of athletes hunts for big scores through equity deals, and as changes to name, image and likeness rules can start the clock earlier on sports stars making bank.
Durant, 32, is the most likely to reach $1 billion among active players. He is still owed $84 million from the Brooklyn Nets over the next two seasons and roughly $85 million from Nike through 2024, when his 10-year Swoosh deal expires. KD has largely eschewed new endorsements in recent years and focused on his investment vehicle, Thirty-Five Ventures, which has made more than 75 investments and has a couple of huge wins with Coinbase and Postmates. Elite athletes have access to opportunities typically reserved for billionaires, venture capitalists and Wall Street insiders.
Each player is their own little business conglomerate, said Bob Dorfman, a sports marketing expert at Baker Street Advertising. It is more on the equity side and creating side; it is less holding up a product for 30 seconds and saying I shave with this.
The NBA is the quickest way for U.S. team sports stars to stockpile earnings. The league, with some assistance from Nike and Adidas, turn All-Stars into global icons, goosing endorsement deals beyond what an NFL or MLB player could earn. Salaries are also surging. Luka Doni, 22, is eligible for a five-year contract extension this summer worth $200 million. The Dallas Mavericks star could bank more than $700 million in salary alone by the time he is 36 if the NBA salary cap continues to rise and the two-time All-Star maintains his elite play.
The rules in marketing are changing as well. We are living in a borderless world where athletes now have a chance to take advantage of global opportunities, said David Carter, a principal of Sports Business Group, an industry consultant. The filters have also been removed; no longer does an athlete need to worry about a focus solely on his brand coming from how the media filters it or what his team or his league does with his intellectual property; they can reach out directly.
James is the archetype for this new era of athletes. He has direct access to his 167 million followers on social media, fifth-most among athletes after Ronaldo, Messi, Neymar and Virat Kohli. He can promote his traditional sponsors, along with those brands where he also holds equity stakes, like Calm, Ladder/Openfit, LOBOS 1707 tequila and Blaze.
With longtime business partner Maverick Carter, the 17-time NBA All-Star formed his own media and production companies, which are part of The SpringHill Company. He is potentially in line for another giant payday, as reports last week suggested the business could invite outside investment at a $750 million valuation.
James entered the NBA straight from high school in 2003, armed with endorsement deals with Nike, Coca-Cola and Upper Deck; the NBA banned drafting high school players two years later. Updated NIL rules will provide a wide swath of athletes the ability to capitalize on their fame before turning pro. The overwhelming majority of these agreements will be for limited compensation, but a massive score is always possible with an equity stake, and it likely wont stop at college, as deals for high school students are inevitable, according to USCs Carter.
You are building your own brand earlier, faster and bigger because of social media, said Dorfman, who points to a 16-year-old Bronny James with six million Instagram followers, a FaZe Clan ambassador role and prenatal fame as someone who could be another potential $1 billion hoops star. Hes learned from someone who already has been in the league and has business acumen and knows how to find the right opportunities. And there are going to be a lot more opportunities.
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Dr. Dre ordered to pay ex-wife Nicole Young $3.5M a year in spousal support – Yahoo Entertainment
Posted: at 3:41 pm
Nicole Young will be receiving a substantial amount of money from Dr. Dre amid their divorce.
A judge ordered the music mogul to pay Young $293,306 per month in spousal support, according to reports. That's more than $3.5 million a year. While it's a good chunk of change for most people, the sum is much less than she requested. In September 2020, Dr. Dre's now ex-wife asked for $2 million per month.
The rapper will also cover the expenses of their Malibu and Pacific Palisades homes and will pay for Young's health insurance. If she remarries or enters into a new domestic partnership, the agreement will end. The couple shares two adult children, son Truice, 24, and daughter Truly, 20, so custody and child support are not at issue.
Young filed for divorce in June 2020 after 24 years of marriage and the process has been anything but amicable. She accused the acclaimed producer of emotional and physical abuse, which he has strongly denied.
Dr. Dre was declared legally single by a judge as his attorney, powerhouse Laura Wasser, filed a motion for bifurcation. She argued Young's "false allegations of domestic violence" demonstrate that their union is beyond repair.
The divorce has yet to be finalized.
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How GOP governors are hurting their own citizens – Yahoo Finance
Posted: at 3:41 pm
Traci Michele is an Arizona musicianthe Cowgirl Cabaretwho lost virtually all of her gigs when the coronavirus pandemic exploded in 2020 and bars and restaurants shut down. The economy in Mesa, where she lives, is coming back, but the entertainment industry remains depressed. Backup work as a merchandise manager for a Las Vegas show has disappeared, too. Michele has survived on state and federal jobless benefits, but Arizona Gov. Doug Ducey canceled the $300 per week federal payment, beginning July 10, as part of the states back to work program. Instead, Arizona is offering $2,000 bonuses to people who accept a full-time job.
Ive sent out well over 100 resumes, Michele says. I rarely get replies, much less interviews. I dont know what went through Doug Duceys head when he decided to end the $300 benefit. All it has done is put me and Im sure thousands of others into some kind of tailspin. Michele has enough savings to cover about one month of bills. Then, she says, I just hope some miracle happens and Ive gotten a job or, Ill be living in my car.
Traci Michele
Republican governors in 26 states have prematurely ended the $300 jobless benefit Congress extended into early September as part of the American Rescue Plan Congress passed in March. The rationale was to address labor shortages and prod people back to work by slashing the incentive to stay home. But several studies show that only about 15% of unemployed workers, at most, are avoiding work because jobless aid pays more. Many others, like Michele, simply cant find work in their field. Some are still worried about the risk of coronavirus in the workplace. Millions of parents, women especially, have lost child care or been forced to stay home to manage kids going to school remotely. Some older Americans have retired prematurely.
A recent study by Arindrajit Dube, an economics professor at the University of Massachusetts, Amherst, found that killing jobless benefits in Republican states intensified financial hardship without doing anything to boost employment. Oxford Economics estimates that the GOP benefit termination affects about 3.5 million unemployed Americans. If 15% of those people are dodging work because of jobless aid, then about half a million workers will be getting off the couch when the checks stop coming. But 3 million will lose an important source of support with no change in their motivation to get a job. The $300 federal weekly payments are due to expire in early September, so the typical worker losing two months of benefits is out about $2,400.
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The response to the additional unemployment benefit was politicized, says a software sales executive in Ohio who asked Yahoo Finance not to use his name. I come from the data world, and the red state governors simply wanted to make a statement. They didnt substantiate the decision with any data. It was really just a political attempt to bring back the waiters and waitresses and staff the fast-food restaurants.
The Ohio executives work relies on travel and in-person meetings, and it mostly disappeared during the pandemic. He says he has sent out countless resumes for posted positions, but has had just one serious conversation with a potential employer. He received federal jobless benefits until Ohio Gov. Mike DeWine canceled them, effective June 26. I dont need the $300 to survive, he says, but all the removal of the $300 federal benefit accomplished is to remove that income from the cash injected into our Ohio economy. Genius, huh?
Raymond Powers of Johnson City, Tenn., is one of those workers staying home because of Covid concerns. He has a medical condition that weakens the immune system, and when the pandemic hit last year, he quit working as an equipment operator at a retail distribution center for health reasons, qualifying for both state and federal jobless benefits. Both ended on July 3, after Republican Gov. Bill Lee ended the states participation in the program. Powers wife will start working soon, after an impasse caused by an injury, but his family of five will lose about $4,600 in foregone benefits from July to September.
Some people have been taking advantage of the system, Powers says. Ive worked my whole life and done a lot of hard work. I got completely cut off because of this play our governor did. Im not trying to say anything bad about him, but its sure killing me right now. Powers is going back to school in the fall to learn advanced manufacturing, with a federal Pell grant that will help cover expenses, in addition to a part-time job he expects to get. Until then, he says, I havent figured it all out. Were just winging it one day at a time.
Others losing jobless aid are less charitable toward their elected leaders. Amanda of Houston, who asked Yahoo Finance not to use her last name, is married to a commercial real-estate broker who watched deals fall through as the pandemic upended real-estate valuations and business decisions. The couple qualified for state and federal jobless aid, which helped pay for car and appliance repairs and basic expenses.
Texas Gov. Greg Abbott speaks during a border security briefing with sheriffs from border communities at the Texas State Capitol on July 10 in Austin, Texas. (Photo by Tamir Kalifa/Getty Images)
In May, when the first Republican governors began to opt out of the federal program, Amanda got nervous. Every day I saw the news, Id think, please Texas, dont do this to your people. Keep the program. Show your support. But Gov. Greg Abbott followed the Republican script and canceled federal benefits, effective June 26. As a self-employed broker, Amandas husband Kerry isnt looking for a $15-an-hour retail job. Hes trying to work out deals that take months or years to execute.
We felt this would give him a cushion until September to get his business restarted, Amanda says. Now, were down to a couple hundred dollars in the bank, and were behind on auto insurance. As for Abbott, she says, I voted for him in the previous election, but I would not vote for him if he was the last candidate running. He has turned his back on everybody.
Rick Newman is the author of four books, including "Rebounders: How Winners Pivot from Setback to Success. Follow him on Twitter: @rickjnewman. You can also send confidential tips, and click here to get Ricks stories by email.
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Stock market news live updates: Stocks claw back prior days losses, post gains of nearly 2% in bargain-hunting rally as COVID fears wane – Yahoo…
Posted: at 3:41 pm
Stocks rallied on Tuesday, with Wall Street recouping most of the previous session's steep losses, as bargain-hunting momentarily counterbalanced rising COVID-19 infections.
On Monday, major benchmarks suffered their worst declines of 2021, overwhelming quarterly earnings that have almost uniformly reflected a strong rebound. The rising case count driven by the Delta variant a more communicable form of COVID-19 pushed the Nasdaq and S&P 500 to their biggest drop in nearly two months, and sent benchmark Treasury yields to their largest decline in over 3 months as investors sought shelter from the uncertainty. The Dow's point drop was its worst since October 2020.
However, investors reconsidered some of that pessimism in Tuesday's session, with some analysts pointing out that hospitalizations and deaths haven't risen as dramatically and are far below where they were during the worst days of the COVID-19 outbreak. Major indices jumped, with the Dow clawing back more than 1% on the day as traders snapped up bargains.
"There are some silver linings,"Clear Bridge Investment Strategy analyst Josh Jamner told Yahoo Finance Live. "So far, hospitalizations remain low. It seems like the vaccines are very effective against this. That leads us to be optimistic."
This week's batch of earnings will include industry leaders like Netflix (NFLX) and Johnson & Johnson (JNJ). According to data from Bank of America, second quarter earnings per share are tracking 3.5% above consensus, led by financials, with raised guidance and better-than-expected topline results also strong.
Still, the ongoing pandemic is proving increasingly difficult to control, even with a mass vaccination effort underway. Investors are fearful that soaring infection rates may trigger new round of restrictions, the likes of which brought the economy to a screeching halt last year. Already in Los Angeles, authorities have re-instituted indoor masking requirements, a precursor to what could lie ahead.
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At least for one day, investors' urge to bargain-hunt from beaten-down stocks displaced concerns about soaring case numbers.
Whereas a 700-point drop might be a couple of days to get back, were seeing it within 24 hours, Marketgauge.com partner Michele Schneider told Yahoo Finance Live. Thats just the nature of the fact that the retail investors are so hungry and trained, well-trained, to buy every dip.
Analysts are cautiously monitoring key sectors that may suffer the most if rising infection rates spark new restrictions.
"While most states appear unlikely to reimpose restrictions on activity, the upturn in infections still poses a downside risk to the economy over the coming months if it prompts people to voluntarily stay away from in-person services," Capital Economics' Paul Ashworth said in a note on Tuesday.
This comes at a time when real consumption growth already appears to be faltering, as higher prices reduce purchasing power," he added. "The upshot is that real economic growth is slowing more sharply than we had originally anticipated, even before the potential impact of the new Delta variant."
Against the backdrop of surging demand and prices, Corporate America continues to surprise investors to the upside with second-quarter earnings results. About 8% of S&P 500 companies have reported results so far, mostly banks. Of those reporting, 85% have topped estimates, according to FactSet data.
After Tuesday's trading session, investors will absorb Netflix's Q2 earnings report. The streaming titan has been racking up Hollywood accolades, yet its stock has been treading water amid investor concerns about slowing growth as lockdowns ease.
Here were the main moves in markets as of 4:04 p.m. ET:
S&P 500 (^GSPC): +64.57 (+1.52%) to 4,323.06
Dow (^DJI): +549.95 (+1.62%) to 34,511.99
Nasdaq (^IXIC): +223.89 (+1.57%) to 14,498.88
Crude (CL=F): +$0.90 (+1.36%) to $67.32 a barrel
Gold (GC=F): +$1.20 (+0.07%) to $1,810.40 per ounce
10-year Treasury (^TNX): +2.8 bps to yield 1.2090%
Robinhood, the darling of the retail investing crowd and avatar of the meme stock revolution, is one of the most anxiously awaited IPOs of the year. But at least one analyst has serious concerns about the company's proposed valuation, business model and its regulatory exposure.
In a lengthy note, David Trainer, CEO of investment research firm New Constructs spares no punches for what he thinks is likely to be Robinhood's "overpriced" stock and dubious outlook. Among the highlights:
With Robinhoods expected valuation of $35 billion, investors may have better odds of making money by trading risky meme stocks using Robinhoods platform than by purchasing Robinhoods overpriced stock itself.
We think the stock is worth no more than $9 billion and that Robinhood will likely not be able to continue the robust growth it saw in 2020 due to looming regulatory risk, increasing competition, and an undifferentiated service.
Robinhoods main source of revenue stems from a controversial practice known as payment for order flow. If regulators were ever to outlaw payment for order flow, Robinhoods revenue would be severely affected, creating an alarming risk for investors...
Fidelity and Schwab can afford to continue offering free stock trading without the payment for order flow revenue thanks to their ability to leverage superior scale to generate meaningful revenue from other services, like asset management.
At the end, Trainer really twists the knife with this line: "The mounting regulatory risk Robinhood faces makes us concerned that the public may see Robinhoods stated goal to democratize investing as a ruse to lure them into speculative trading and gambling that benefits Robinhood more than the individual investor. That said, there are many beautiful casinos in Las Vegas that are tributes to the willingness of millions of people to lose money gambling."
12:45 p.m. ET: Stocks keep gains as COVID fears wane
Here's where major indexes are trading as of midday:
S&P 500 (^GSPC): 4,329.14,+70.65 (+1.66%)
Dow (^DJI): 34,586.64, +624.60 (+1.84%)
Nasdaq (^IXIC): 14,501.34,+226.36 (+1.59%)
Crude (CL=F): $66.85, +$0.43 (+0.65%)
Gold (GC=F): $1,810.70, +$1.50 (+0.08%)
10-year Treasury (^TNX): -3.4 bps to yield 1.214%
10:52 a.m. ET: Stocks perched at session highs
Wall Street is building on early gains, with the Dow currently up by more than 500 points, as a brisk rally momentarily squelches the fear that overtook markets on Monday. The session has been rather quiet, but appears as if investors are at least for the moment returning to fundamentals rather than fear.
Moderna (MRNA) the scrappy biotech startup that produced one of the most effective COVID-19 vaccines on the market has seen its stock take on "a life of its own, according to Michael Yee, Managing Director and Senior Research Analyst at Jefferies.
"It's priced in a huge amount of assumptions over the next ten years that haven't played out yet. People believe its the Tesla of biotech," Yee added.
That the biotech firm would be so well-recognized and valued at over $113 billion was no sure bet. For those who invested early in the company, that wager paid off.
"Think about how fast they came up with nothing a year ago, and all of a sudden, they're doing $21 billion and have injected hundreds and hundreds and hundreds of millions of people with their drug safely," Yee said. "That's a pretty big accomplishment."
Margarita Moilina of El Paso, TX, poses next to a mural depicting billionaire American businessman Jeff Bezos (C) and his brother Mark (L) one day before their launch on Blue Origin's inaugural flight to the edge of space, in the nearby town of Van Horn, Texas, U.S. July 19, 2021. REUTERS/Joe Skipper
Jeff Bezos, aka the former CEO of Amazon (AMZN) and currently the wealthiest man on the planet, followed fellow billionaire Richard Branson into space early this morning. Bezos and three crew mates briefly soared high above the Texas desert aboard his space venture, Blue Origin's New Shepard, before returning to earth quickly.
The billionaires in space movement is the vanguard for what many estimate will be the next big market.
Here were the main moves in markets as of 9:30 a.m. ET:
S&P 500 (^GSPC): 4,272.98, +14.49 (+0.34%)
Dow (^DJI): 34,164.38, +202.34 (+0.60%)
Nasdaq (^IXIC): 14,287.80, +12.81 (+0.09%)
Crude (CL=F): $65.92 per barrel, -$0.50 (-0.75%)
Gold (GC=F): $1,822.50, +$13.30 (+0.74%)
10-year Treasury (^TNX): -4.2 bps to yield 1.139%
A worker carries a plank at the construction site of a new house in Alexandria, Virginia February 16, 2012. REUTERS/Kevin Lamarque (UNITED STATES - Tags: BUSINESS EMPLOYMENT CONSTRUCTION REAL ESTATE)
June's housing starts were a tale of strong demand but constrained supply chains. Via Reuters:
U.S. homebuilding increased more than expected in June, though expensive lumber as well as shortages of labor and land continued to constrain builders' ability to fully take advantage of robust demand for housing.
Housing starts rose 6.3% to a seasonally adjusted annual rate of 1.643 million units last month, the Commerce Department said on Tuesday. Data for May was revised down to a rate of 1.546 million units from the previously reported 1.572 million units.
According to JPMorgan Chase, there may be more to the story:
Single-family permitsthe most useful measure of the trend in the datafell 6.3%, suggesting that the frenzy in the single-family housing market earlier this year is continuing to cool. This aligns with other housing indicators which have moderated lately from a stronger period of activity earlier in the recovery.
Here were the main moves in markets, as of 6:20 p.m. ET:
Dow futures (YM=F): 33,999.00+160.00 (+0.47%)
Nasdaq futures (NQ=F): 14,617.75+77.00 (+0.53%)
S&P 500 futures (ES=F): 4,269.25+18.00 (+0.42%)
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Javier David is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek
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Giannis Antetokounmpo won a title his way, and the NBA is better for it – Yahoo Sports
Posted: at 3:41 pm
MILWAUKEE Giannis Antetokounmpo allowed himself a moment to bask in the glory, letting the thirsty crowd at Fiserv Forum salute the newest king, the NBAs newest champion finally able to accept the accolades, completing the vision many didnt believe was possible several months ago.
A lone missed free throw prevented him from surpassing Bob Pettit in standing alone in the record books, as he had to settle for tying the best scoring performance in a closeout game in NBA history.
A 50-ball to polish off the resilient Phoenix Suns in Game 6, which felt more like a coronation given how intense and anxious the crowd was throughout the entire day.
Not Michael, not Kareem nor Kobe nor Shaq put the ball in the basket like he did with the Larry OBrien Trophy at stake. The guy who couldnt shoot scored more than just about anybody, the player mocked by Chris Paul for missed free throws swished nearly all of them in the clincher.
And he did it in Milwaukee, which will be much to the delight of the NBAs league office and commissioner Adam Silver.
An NBA title for these Milwaukee Bucks seemed as far away last December as it was when Antetokounmpo was a skinny, relatively unknown draft pick fighting with Khris Middleton for minutes on a 15-win team.
Too many obstacles stood in Antetokounmpo and the Bucks way, many believed to be internal more than anything. The disappointments from previous seasons became anvils, and Antetokounmpos unorthodox game was supposedly proof the Bucks couldnt become champions.
Not this player, with this franchise and this coach.
But it was to be, with a performance for the ages that cant be disqualified by Kevin Durants feet being too big or Trae Young stepping on an officials foot. Or LeBron James absence. Antetokounmpo stands nonpareil (35.2 points, 13.2 rebounds) with no qualifiers, no excuses whatever breaks the Bucks caught, they earned through sweat equity of the past.
Giannis Antetokounmpo holds the Bill Russell NBA Finals MVP Award and the Larry O'Brien Championship Trophy after the Milwaukee Bucks won their first NBA championship in 50 years. (Justin Casterline/Getty Images)
The fingerprints on the Larry OBrien Trophy belonged to so many, but as he whispered sweet nothings to it and the Bill Russell Finals MVP trophy, cradling it like a newborn child and never letting go, only he knew the value of his journey.
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I just I couldn't leave, Antetokounmpo said. The bubble did not pay us justice. Give credit to the Miami Heat [last season]. They played great. But they did not pay us justice.
There he stood amid the dull roar, justice raining down on him. In a building that wouldnt exist if not for his basketball excellence, not terribly far from a makeshift parking lot full of 65,000 screaming fans who couldnt get in but made their presence felt for a first time that would never feel this pure again.
Antetokounmpo called it unfinished business, staying and seeing it through with the franchise he grew with and grew up with, as opposed to having this season be one long, sad marathon of speculation about his future.
But coming back, I was like, this is my city. They trust me. They believe in me. They believe in us, Antetokounmpo said. Obviously, I wanted to get the job done. But that's my stubborn side. It's easy to go somewhere and go win a championship with somebody else. It's easy. I could go ... I could go to a superteam and just do my part and win a championship.
But this is the hard way to do it and this is the way to do it, and we did it. F***ing did it.
Theres a competitive stubbornness Antetokounmpo exudes, one he readily admitted to that kept him in Milwaukee not as a shot to the player empowerment movement that has shaped the way teams are formed but his own way, one the NBA and its partners would be wise to embrace in the near future.
Not only is he a made man, but his approach is almost a throwback to the way NBA players used to be, building a story, step-by-step and bringing the fan along for the ride, the pain and triumphs with a collective tissue even the casuals can embrace.
Fans will know he isnt a marketing creation, that he has a game thats recognizable and bankable, which will subsequently put Milwaukee on the television map for the foreseeable future and positions this organization as a place players will gravitate to in free agency as it tries to improve on the fringes.
He became the hardest-working man in basketball business, his signature plays in this series a product of effort more than freakish athleticism, his cape flying because those legs churned in critical moments, playing through pain and earning extra layers of respect.
Giannis Antetokounmpo celebrates with P.J. Tucker in the final seconds of the Bucks' NBA Finals-clinching win over the Phoenix Suns on Tuesday. (Jonathan Daniel/Getty Images)
When Antetokounmpo spoke throughout this Finals run, he opened up and bared his soul in sound bites the league will package for years to come. He didnt close up as the goal got closer or even hit its roadblocks Antetokounmpo became the leagues ambassador for transparency, not brooding or complaining but operating with the full understanding this opportunity may not come again, because it certainly didnt come easy.
As the NBA prepares for the next generation to step in, Antetokounmpo is not a stopgap between LeBron and Luka. Space-fillers arent two-time MVPs by 26, with a Defensive Player of the Year award under their belt and now, adding a Finals MVP to the trophy case.
Perhaps the league didnt know what it wanted in prepping for a post-LeBron world, but it knew what it didnt want to see. Antetokounmpo helped paint the picture and filled in the blanks, not just as a rags-to-riches story but the player whos intimate and mold-breaking, unashamed in the face of failure.
I know I'm a role model. But this should make every person, every kid, anybody around the world believe in their dreams, Antetokounmpo said. People told me I cannot make free throws. I made my free throws tonight and I'm a freaking champion. I made them when I'm supposed to make them. I'm joking actually, I'm not.
He recalled and named everyone who aided in his development, almost a reminder to the world whatever his flaws are currently pale to the raw talent who was still growing and physically maturing as a rookie, a player without a position or defined game but one you couldnt keep off the floor.
From John Hammond to Jason Kidd to all the steps in between, he needed to pull from that tissue to stake his claim as a champion.
I've done it all, man. I did anything that I could just to be on the court, just to be in this position, Antetokounmpo said. I've not played. I've come off the bench. When I was 18, I started on the team. I went to the front office and told them to send me to the G League. I've played point guard. I've only defended. Slashed from the corners and everything. In my fourth year, I was able to lead as a ball handler.
Mike Budenholzer was able to come in and shepherd Antetokounmpo to his MVP seasons, even in the face of postseason failures. General manager Jon Horst kept tinkering with this Rubiks Cube until the damned pieces fit no guarantee until the confetti flew as the clock hit zero Tuesday night.
The NBA wants someone it can wrap its arms around, not as a standard for perfection but one of consistency and authenticity, someone wholl allow the league to hug him and guide as part of its glorious story.
Just so long as Giannis can carry those two gold trophies with him, hell go wherever they want.
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Robinhood’s unorthodox IPO roadshow: How to watch and what to expect – Yahoo Finance
Posted: at 3:41 pm
The online brokerage Robinhood, which aims to "democratize finance for all" through commission-free trading, is having a highly non-traditional IPO roadshow this Saturday, July 24.
Rather than pitching itself to investors in closed-door meetings, Robinhood will livestream its IPO roadshow on this websitefrom 3-4 p.m. ET/12-1 p.m. PT. anyone can watch, and the public was allowed to submit questions until midday on Friday, July 23.
The company, which faces litigation and regulatory scrutiny over its decision earlier this year to restrict trading in so-called meme stocks, aims to trade on the Nasdaq July 29 under the ticker HOOD." It plans to set share prices in a range of $38 to $42, equating to a potential valuation of around $35 billion.
The presentation will be split into two main segments one in which Robinhood leadership will detail the companys business model (3:05 p.m. ET/12:05 p.m. PT) and a Q&A portion with CEO and founder Vlad Tenev along with Chief Financial Officer Jason Warnick (3:40 p.m. ET/12:40 p.m. PT).
Other speakers who will present at the roadshow include founder Baiju Bhatt, Chief Legal Officer Dan Gallagher, Chief Operating Officer Gretchen Howard, Chief Marketing and Communications Officer Christina Smedley, Chief Product Officer Aparna Chennapragada, Head of Investor Relations and Capital Markets Irvin Sha, and Vice President of External Affairs and Community Mary Elizabeth Taylor.
Vlad Tenev, CEO of Robinhood Markets, is seen testifying about GameStop trading in Washington, U.S., February 18, 2021. House Committee on Financial Services/Handout via Reuters
The roadshows Q&A segment will allow everyday retail investors to interface with Robinhood executives, should their question be selected, though the company cautioned that it might not be able to answer every question.
Like all companies going through the IPO process, were limited by regulations in what we can say about our own IPO, Robinhoods website states.
Though virtual IPO roadshows are not entirely out of the norm in light of the pandemic, Robinhoods decision to publicly livestream its roadshow on its website presents a unique opportunity for retail investors to attend an event that would typically be reserved for large institutional investors.
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The IPO roadshow were hosting is a chance for everyday retail investors to join for a presentation from Robinhood leadership that would usually only be offered to institutional investors in the leadup to going public, Robinhoods website states.
Robinhood has gained prominence amid the rise of retail investing during the pandemic, and it has also attracted the attention of lawyers and regulators. Just last month, the Financial Industry Regulatory Authority fined Robinhood a record $70 million over several outages the company experienced last year.
The company's CEO was called to Congress earlier this year after Robinhood halted buying in meme companies including GameStop (GME). The incident drew attention to the controversial way that Robinhood makes money payment for order flow (PFOF). Through PFOF, brokerages like Robinhood receive payments for routing trades to particular market makers, which critics say creates a conflict of interest.
The heightened scrutiny over PFOF should be a red flag for investors, David Trainer, CEO of the investment firm New Constructs, said in a recent note.
"If regulators were ever to outlaw payment for order flow, Robinhoods revenue would be severely affected, creating an alarming risk for investors," Trainer wrote.
Thomas Hum is a writer at Yahoo Finance. Follow him on Twitter: @thomashumTV
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Kanye West debuts ‘Donda’ album but fans can’t find where to listen – Yahoo Finance
Posted: at 3:41 pm
Kanye West officially released his tenth studio album "Donda" on Friday but fans are having trouble finding the new tracks on music streaming platforms like Spotify (SPOT) or Apple Music (AAPL).
Despite a sold-out listening party at Mercedes-Benz Stadium in Atlanta on Thursday, where a whopping 42,000 fans attended, Kanye's latest record is still nowhere to be found as fans eagerly await the new music drop.
ATLANTA, GEORGIA - JULY 22: Kanye West is seen at DONDA by Kanye West listening event at Mercedes-Benz Stadium on July 22, 2021 in Atlanta, Georgia. (Photo by Kevin Mazur/Getty Images for Universal Music Group)
Representatives for West did not immediately respond to Yahoo Finance's requests for comment about the albums release plan.
Kanye West has been a bit quiet on the music scene, although his 2019 album, "Jesus is King," did go on to win Best Contemporary Christian album at the 2021 Grammys.
On "Donda," the 44-year-old rapper has several celebrity features, including Pusha T, Lil Baby and even a verse from Jay-Z.
Social media was ablaze on Friday over news of the Jay-Z collaboration, as the two have been honest about having a strained relationship over the years. Its the first time the duo has collaborated since 2011's "Watch the Throne" album.
Musician Kanye West arrives at the Ghita 2008 collection during New York Fashion Week September 11, 2007. REUTERS/Eric Thayer (UNITED STATES)
West has established himself as a notable brand outside of the music scene.
Most recently, the rapper signed a 10 year deal with Gap (GPS) and debuted his second product in the collection on Friday.
The new product, a black iteration of the $200 blue puffer jacket that was released for pre-sale orders last month, will be available for shipping this winter.
(Courtesy: Gap)
Gap has struggled with an identity crisis in recent years but the retailer's big bet on Kanye West looks like it might just pay off.
According to a recent note from Wells Fargo, the new Gap Yeezy line could bring in nearly $1 billion in incremental sales in 2022. West's Yeezy brand, which was valued at $3 billion in 2019, has helped lift his net worth significantly.
Yeezy sneaker sales have held up significantly well over the years with revenue growing 30% in 2020 despite the ongoing coronavirus pandemic.
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Various reports say his net worth could range anywhere from $1.8 billion to $6.6 billion.
Alexandra is a Producer & Entertainment Correspondent at Yahoo Finance. Follow her on Twitter @alliecanal8193
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Richard Sherman 911 call under investigation by sheriff’s office after widespread criticism – Yahoo Sports
Posted: at 3:41 pm
The arrest of NFL cornerback Richard Sherman generated plenty of coverage and reactions, and some specific scorn was reserved for the 911 dispatcher who took his wife's initial call.
That call is now under investigation by the King County Sheriff's Office, a public information officer confirmed to Yahoo Sports on Monday.
In a recording of the call obtained by Seattle's KIRO, the dispatcher answered a distraught-sounding Ashley Sherman, who requested immediate assistance because her husband is "drunk and belligerent and threatening to kill himself." The dispatcher immediately interjected over Sherman's pleas, saying "stop" repeatedly, then "you need to stop interrupting me so I can get the information I need to get officers expedited."
Later in the call, after Sherman describes her husband wrestling her uncle, the dispatcher responds "trying to fight somebody and actually making physical contact are two different things. How is it physical?" When Sherman stresses the situation is "a f***ing emergency," the dispatcher says "Listen to me, I am handling this. You need to stop telling me that. Talking to me is not going to slow help down."
At another point in which a man has joined Sherman on the call, the dispatcher reacts by saying "Sir, I only talk to one person so please put the phone down."
Many on social media harshly criticized the dispatcher's behavior, calling her "absurdly condescending," "combative" and "indifferent and rude," with several calls to fire her.
The dispatcher was so criticized that the Redmond Police Department put out a statement Monday distancing itself from the call, which was handled by the King County Sheriff's Office. The statement also mentioned King County will be conducting an administrative review of the call that will require several months.
"Many have mistakenly associated those calls to the City of Redmonds Communications Center, which is not connected to the King County Sheriffs Office. The City of Redmond was not involved in the recordings highlighted by the complaints. The King County Sheriffs Office, in response to public comment, opened an administrative review of this matter that will take several months to conclude."
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Subsequent calls regarding Sherman were handled by Redmond, where Sherman later drove and tried to break down the door of his in-laws' house.
While the dispatcher was widely criticized, she had one defender in former King County sheriff John Urquhart, who told KIRO that she needed to be "short" due to the nature of her job:
The dispatcher has certain information she has to get, and she has to get it right now, Urquhart said.
Shes short with the woman because shes taking control. Any time youre in a conversation with someone, when someone takes control, that makes people step back and say, hey wow whats going on here? But in this case, they dont understand why its so important, why its absolutely critical and it can be life and death. They may be upset with kind of the tone of it. But when you realize all that has to be done, its just fine.
After his arrest, Sherman was initially held without bail on a felony "burglary domestic violence" charge, but was later released.
Sherman posted an apology for his actions, pledging to get help for his "mental and emotional health."
While the felony charge was dropped, Sherman was charged with five misdemeanors, per the Seattle Times: criminal trespass in the second degree with a domestic-violence element, reckless endangerment of roadway crews, driving under the influence, resisting arrest and malicious mischief with a domestic-violence element.
Sherman pleaded not guilty to all charges Friday.
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Conservators Took Millions From Britney Spears. Will She Ever Get Her Money Back? – Yahoo Finance
Posted: at 3:41 pm
The push to free Britney Spears from her fathers financial, professional, and emotional control has taken on a life of its own. Celebrities from Christina Aguilera to Missy Elliott to Halsey have spoken in support of Spears case, and #FreeBritney rallies have proliferated around the world. Politicians on both sides of the aisle are advocating for an end to abusive conservatorships: Sens. Ted Cruz and Elizabeth Warren have spoken out, and on Tuesday, Reps. Charlie Crist and Nancy Mace introduced a bipartisan Free Britney bill. But amid the increasingly loud public outcry and Spears (hopefully) moving closer and closer to freedom from her 13-year conservatorship, the question of whether she will ever regain the millions lost to her conservators remains unanswered.
Since 2008, Spears father, Jamie Spears, has controlled nearly every aspect of her life, from the color of her kitchen cabinets to the people she dates and befriends. After a bombshell hearing on June 23, in which Spears testified that shed been forced to take lithium and keep in an IUD, her case gained traction and on July 19, she was finally allowed to hire her own lawyer, Mathew Rosengart, who says he is aggressively pushing to remove Jamie from her conservatorship. She was also recently given permission to drive.
She is ecstatic and beyond grateful for all the help she is receiving right now, a source told People on Wednesday. But even with all these strides, Jamie has taken a large portion of money from Spears $60 million estate to act as her conservator.
According to documents obtained by Forbes, Jamie has collected at least $5 million from his daughter. Around half of this comes from the $16,000 monthly fee Spears has had to pay her father since February 2009, but shes also had to pay for his office, legal fees, and security. As Forbes reports, he also took a 1.5% cut of the gross ticket sales from her four-year Las Vegas residency. What makes this detail all the more disturbing is Spears allegation that she was forced to perform in Las Vegas while sick, or against her wishes; in other words, while she was purportedly put under a conservatorship to protect her own well-being, she was actually forced to work tirelessly to earn money she would never see.
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Whether she can remove her father from the conservatorship is one question, but will she ever be able to get back the money hes pocketed? Its not completely out of the question, but experts say its unlikely.
Spears has expressed an interest in charging Jamie with conservatorship abuse, but in order to bring about a criminal charge or reclaim her $5 million she would have to provide clear evidence of financial wrongdoing. For any of that money to be recouped, there would have to be a showing of some sort of bad faith or some sort of nefarious motive or significant breach of fiduciary duty, which would be unlikely, trust and estates attorney Andy Mayoras told Insider.
Tamar Arminak, a conservatorship attorney who worked on Amanda Bynes guardianship case, told Vulture that theres a record of Jamies income and spending. This could make it particularly hard to prove hes misspent Spears money. As a conservator for his daughter, all of Jamie Spearss income and expenses had to be approved by the court the $16,000 a month income and the $2,000 for office space, all of that has been court-approved and signed off on, Arminak said.
On the same note, Spears medical team has to submit repeated declarations on her mental capacity, Arminak added. All of this paints a picture of just how sinister and stringent conservatorships can be and why its been such a battle for Spears to break free.
With Rosengarts expertise, access to conservatorship documents, and ability to issue a subpoena, Spears might have a better shot at proving her father abused her finances. Sabino Biondi, an estates and trusts attorney at Wilk Auslander LLP, told Insider that Rosengart could then ask a judge to surcharge Jamie for misspent funds, but beyond that, he wouldnt be able to reverse the many payments Jamies collected.
Its unlikely Spears will ever get her $5 million back, but with her new, high-powered legal representation and public attention, it is possible that she can regain control of her estate. And right now, thats a priority.
It makes no sense whatsoever for the state of California to sit back and literally watch me, with their own two eyes, make a living for so many people and pay so many people, trucks and buses on tour, on the road with me, and be told Im not good enough, Spears said on June 23. Its been a long time since Ive owned my money, and its my wish and my dream for all of this to end.
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