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Goldman Sachs thinks Chipotle stock is a strong Buy despite the threat of a U.S. recession.

"We continue to view Chipotle as one of the most compelling growth stocks in the industry given the strong top-line (unit growth and same-store sales) and leading margin profile," Goldman Sachs analyst Jared Garber wrote in a client note on Tuesday.

Chipotle will report third quarter earnings on Oct. 25.

Analysts are bracing for a quarterly same-store sales increase of mid- to high-single digit percentage, reflecting more people returning to in-person dining. The company also lifted prices by 4% in August, which should have supported sales.

A Chipotle Mexican Grill is seen the day before it announces its first quarter results, in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson

Chipotle CEO Brian Niccol said that the chain is thriving amid the economic slowdown by catering to more affluent households.

"Our brand is positioned in a really great spot," Niccol said at the Yahoo Finance All Markets Summit. "Obviously, we have some higher household income on average in our customers. We also skew younger but we serve pretty much all income groups. And I don't love to see some of the lower income groups being impacted the way they have, but we're fortunate that we're positioned the way we are with our commitment to food with integrity,"

Here are further details behind Goldman's call on Chipotle's stock:

Rating: Buy

Price Target: $1,840

Upside Assumed: +20%

"We continue to view Chipotle as one of the most compelling growth stocks in the industry given the strong top-line (unit growth and SSS) and leading margin profile. Chipotle continues to leverage its strong digital foundation, premium protein LTO strategy to drive incremental traffic and average check (see analysis below on the new Garlic Guajillo Steak limited-time offering), and pricing power to offset inflation impacts and sustain already-strong restaurant level margins."

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"Food cost pressure appears to be easing, room for possible margin upside. The price of several key commodity inputs for Chipotle have improve in recent months including avocados and chicken thighs, and while chicken thighs were still inflationary throughout 3Q22, we are encouraged around the recent moderation and see this driving potential margin upside for 4Q. Overall, we see less risk that inflationary food costs will drive an earnings/margin miss for Chipotle in 3Q22/4Q22, and believe that the less inflationary environment does give the company more price cushion should they begin to see consumers becoming more price-conscious."

In terms of labor, Goldman noted that "the hiring/staffing environment appears to be easing and wage inflation levels are decelerating... With that being said, we do believe that there may be upside risk to labor margins should in-restaurant traffic continue to rebound (traffic was +3.5-4% in 2Q, and in-restaurant orders grew at ~35% year over year in 1H22) and should digital levels remain firm (low ~40% range). Restaurant throughput was a key topic of discussion during Chipotle's 2Q22 earnings call as the company works to improving onboarding and training for the vast amount of new employees hired over the last year, and we expect to be given an update on efficiency/labor initiatives currently underway as we see this as another underlying driver of same-store sales momentum as Chipotle recovers towards historical."

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

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Chipotle stock deemed 'one of the most compelling' in the industry by Goldman Sachs - Yahoo Finance

The Golden State Warriors won last season's NBA Finals after opening up with +1200 odds. Nothing wrong with that payout.

This season the Warriors are the second favorite to win it all. They have +600 odds. The Boston Celtics, the team that lost last season's NBA Finals, are the favorite at BetMGM. Here are the preseason odds for the top contenders:

Boston Celtics +500

Golden State Warriors +600

Milwaukee Bucks +650

Brooklyn Nets +700

Los Angeles Clippers +700

Phoenix Suns +1000

Philadelphia 76ers +1400

Miami Heat +1600

Denver Nuggets +1800

Los Angeles Lakers +1800

Our Yahoo Sportsbook team has our best bets to win the NBA Finals this season, and nobody is taking Golden State to win two in a row (our NBA MVP bets, Rookie of the Year and other award bets and our best season win total bets are already made):

GREG BRAINOS: Im playing Philadelphia to win the East at +750. I love the new additions of role players P.J. Tucker, DeAnthony Melton, Danuel House Jr., and Montrezl Harrell for this team. Another leap from Tyrese Maxey makes their offense a bigger nuclear threat than Dennis Rodmans pal. Time is running out on the process and I think theyll push their chips in before the trade deadline and acquire another big piece for a championship run.

My favorite play to win it all is a longshot that I may be a year too early on, but I just cant resist the value on the New Orleans Pelicans at 40-to-1. Their roster is loaded with prolific scorers and defensive dawgs, they have an excellent coach, and they play with the same type of fire and grit as the Grizzlies. The Pelicans are built to win in the playoffs. Zion Williamson Shaqs the entire league, New Orleans wins the Larry OBrien Trophy, and David Griffin plays the piano at the championship parade.

NICK BROMBERG: Stay away from the Nets. Theyre not worth betting at +700 to win the title. Dont fall for it. Dont pay the Lakers tax at +1800 either. The Bucks are the best value at +650 among the handful of favorites and the Sixers may be worth a shot at +1400. But if I was going to bet a non-favorite outside of the Bucks Id go with the Nuggets. The health of Jamal Murray and Michael Porter Jr. is obviously a huge variable, but that team has the talent to win it all.

FRANK SCHWAB: Its hard to find a long shot title bet in the NBA. Everyone is very good at identifying the right championship contenders and theyre usually priced correctly. The one team down the list I can talk myself into is the Memphis Grizzlies at +2000 because Ja Morant is a bad, bad man. The Cleveland Cavaliers at +3000 might be worth a look too. They have a fun young core, though its hard to see them hitting their ceiling this season. My only play among the expected contenders will be the Milwaukee Bucks at +650, though its not like the odds are giving us a ton of value.

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NBA betting preview: Best bets to win the title, which doesn't include the Warriors - Yahoo Sports

The Detroit Pistons start the regular season Wednesday against the No. 1 player in the 2022 draft, Paolo Banchero, and the Orlando Magic. The Pistons added Jaden Ivey with the No. 5 pick after both teams finished at the bottom of the Eastern Conference last season and are trying to return to playoff-caliber levels.

Ivey, who signed an endorsement deal with Gatorade ahead of his rookie season, has showcased his speed and shiftiness in the lane during the preseason that is reminiscent of Ja Morant and the way he plays the game.

"I definitely see the comparisons between me and Ja," Ivey told Yahoo Sports. "Just the athleticism we both bring. As far as IQ, I feel like Im really improving to where I can play either the one or two."

The two went head-to-head for the first time last week in a preseason game and Morant went off for 31 points and eight rebounds in the Grizzlies' 126-111 win, while Ivey finished with seven points and four assists in 21 minutes.

At one point during the game, Morant blocked a 3-point attempt by Ivey and finished with a dunk on the other end, giving Ivey a welcome to the NBA moment.

There are always going to be growing pains and adjustments, especially for a young team, but Ivey believes this is the group that can finally make a playoff push. The Pistons finished 23-59 last season and have failed to win a playoff series since 2008, but there's a lot to like with Cade Cunningham, Ivey and Killian Hayes in the backcourt and Isaiah Stewart and Jalen Duren in the post.

"The goal this year is to make the playoffs and make a deep run in the playoffs," Ivey said. "Sometimes its going to take losses to learn from them and we just have to keep growing as a team and keep learning from each other.

"Its been great building the chemistry with Cade and Killian. Every single day Im just trying to learn from Cade and the older guys. They played in a lot of games together so its always good to ask questions and learn from one another."

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Ivey, who averaged 17.3 points last season at Purdue, showed glimpses of what kind of player he could be in the NBA during the preseason. He got to his spots with ease, found ways to finish at the rim around stronger players and stepped into his 3-point jumper with confidence.

"He'll make it a lot easier for everybody because he has a great feel for the game," Cunningham said after the preseason loss to the Grizzlies. "He brings a different dynamic with his skill set."

It's a long season and there's a lot of talent in the Eastern Conference, but Ivey is ready for the challenge.

"I dont see any pressure at all," Ivey said. "I just see it as a moment to just strive for greatness. Ive always dreamed of being in this position and I worked hard to get here and Im not going to stop working."

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Pistons rookie Jaden Ivey is ready for breakout season: 'The goal this year is to make the playoffs' - Yahoo Sports

At least digital humanoids dont get Zoom fatigueyet.

During the Meta Connect 2022 live keynote last week, CEO Mark Zuckerberg discussed his new plans for Meta to bring avatarsuncanny digital stand-ins for human workersto video chats.

They would be customized to match a persons exact skin tone, hairstyle, and outfit choices. According to Zuckerberg, an entirely virtual roundtable meeting would consist of you and your coworkers avatars chatting in something like a third mode between fully camera-on and camera-off.

You can still express yourself and react, but youre not on-camera, so its kind of like a better camera-off mode, he said.

The social media giant invested $10 billion in building the metaverse last year, a digital space where users can interact with experiences and other people using VR technology. Zuckerberg revealed the video chat avatar feature in the key note after announcing partnerships with several companies, including one with Microsoft chairman and CEO Satya Nadella that would bring Microsoft apps to Meta Horizon Workroomsthe VR metaverse rooms where workers avatars meetto create a unified, digital office we think can make distributed work so much better.

As Intelligencers John Herrman points out, all of this could be a strategy to diversify Metas businessbut it could also be a play at acknowledging execs challenges with remote work and trying to rectify them. The opportunity for a better camera-off mode just might be an answered prayer for the bosses unhappy with the remote workers who tend to join meetings with their web cameras off.

Proximity bias, which describes bosses tending to prefer workers they can see in person, has long been proven. It also may explain why managers who are used to commandeering a physical office would be thrilled if they could see their workerseven if that required them to wear an elaborate headset that costs as much as a Peloton.

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A 20,000-person survey by Microsoft itself found that bosses are still regularly questioning their remote employees productivity levels. Some have even taken draconian measures to ensure that their ideal level of productivity is met. Per August research from the New York Times, eight out of the 10 largest private employers in the U.S. track productivity metrics, including active online time, incidence of keyboard pauses, how long it takes to write an email, and even individual keystrokes.

Zuckerbergs enthusiasm about metaverse meetings, and the support from a tech sector heavyweight like Nadella, may speak to exactly this kind of productivity paranoia.

But some experts are wary of a full-scale pivot to the metaverse. We would have to carefully attend to the physical implications of headsets, Roshni Raveendhran, assistant professor at the University of Virginias Darden School of Business, told Fortune last year. Like if it harms our eyesight or implicates our brain functions; we dont know any of these things now, and we wont know until theres more of a continual usage pattern. We need to pay attention to some of those before we go into full-scale adoption.

The metaverse is unlikely to be as all-encompassing as Zuckerberg hopes, says Cathy Hackl, a futurist and metaverse expert. For instance, meetings that hinge on deeper bonding or team building, such as new hire orientations or holiday parties, are still best done in person. Your company cant treat you to a cocktail virtually, she told Fortune.

And with even the most advanced VR devices, Hackl added, she hits her limit around the 45-minute mark. I dont think I could wear a headset for a six-hour video call.

This story was originally featured on Fortune.com

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Mark Zuckerberg has a $10 billion plan to make it impossible for remote workers to hide from their bosses - Yahoo Finance

American security experts expect Russian hackers to attack voting systems and stir up trouble in the final days before the midterm elections on Nov. 8. That would fit the pattern of aggressive Russian interference that marred the 2016 presidential election and has continued in various forms ever since.

But Russia is influencing the 2022 midterms more overtly, through its war in Ukraine and the corresponding disruptions to global food and energy markets. As Americans finalize their voting decisions, inflation has become a top concern, and for good reason: Prices are increasing at an average pace of 8.2% per year, considerably more than incomes are rising. A surge in the cost of staples such as food and rent leaves many Americans with no way to offset their declining purchasing power.

When voters struggle, they blame incumbents, which is why President Biden and his fellow Democrats face long odds of keeping control of Congress in November. Democrats appeared to be gaining momentum at the end of the summer, as gas prices fell, Congress passed popular legislation and many voters grew disgusted with the rightward lurch of the Supreme Court. But voters also seemed to hope inflation would dissipate quickly, which it hasnt. Polls now suggest Republicans are solid favorites to win the House, with decent odds of taking the Senate, as well.

Inflation has no single cause, and some Biden critics want voters to think of the Democrats 2021 stimulus bill as the main trigger of higher prices. But Russian acts of aggression, both military and economic, are probably the biggest factors pushing food and energy prices higher.

Russian President Vladimir Putin attends the summit of leaders of the Commonwealth of Independent States (CIS) in Astana, Kazakhstan October 14, 2022. REUTERS/Turar Kazangapov

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Ranging from higher oil prices to a global food crisis all the way through to the imminent threat of energy security in Europe, the conflict has certainly taken its toll, Moodys Analytics economists wrote in a recent report on global commodity markets. Higher oil and gas prices have dealt a huge blow to purchasing power in major developed nations such as the U.S. and Germany, pushing them to the brink of recession.

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Ukraine is thousands of miles from the United States, and Americas economy is far more protected from Russias war than European nations that need Russian energy, or developing nations with little financial cushion. But the United States also participates in global markets, and when prices go up anywhere, they typically go up everywhere.

The Russian war against Ukraine has pushed prices up in several ways. Ukraine is a major grain exporter, and Russia has interdicted some of that trade, causing shortages and higher prices. Strict sanctions imposed on Russia by the United States and Ukraines other allies have caused further shortages, even though those sanctions aim to exempt staples such as food.

Then theres Russias oil and natural gas, which accounts for more than 10% of global production. Russia has used that leverage to starve Europe of desperately needed natural gas, and keep oil markets tight. Russian ally Saudi Arabia seems to be helping, by imposing a cut in oil production on the OPEC+ oil cartel. That has helped Russia earn a windfall in oil revenue, while consuming nations have to pay more.

This is not mere collateral damage, the unintended economic consequence of military action. Russian President Vladimir Putin actually practices what strategists call hybrid wara military war on the battlefield coupled with nonmilitary efforts to harm anyone opposing him, and weaken their resolve.

Russia is in a hybrid war with the collective West, Tatiana Mitrova, a research fellow at Columbia University, said during an Oct. 12 energy forum. In the West, people do not actually understand that they are at war with Russia. But one goal of this war is to wage maximum damage for the West.

President Biden is an obvious target for Putin, given that the United States is the leading donor of military gear and other types of aid to Ukraine. Putin famously meddled in the 2016 presidential campaign on Donald Trumps behalf not because Putin is a closet Republican, but because Trumps opponent, Hillary Clinton, was a Russia hawk. Putin had reason to think Trumps approach to Russia would be softer. Trumps endorsement of Putins views on the very topic of meddling in foreign elections proved Putin to be right.

Russia's President Vladimir Putin is seen on a display in the background as U.S. President Joe Biden speaks about "gas prices and Putin's Price Hike" during remarks in the Eisenhower Executive Office Building's South Court Auditorium at the White House in Washington, U.S., June 22, 2022. REUTERS/Kevin Lamarque

Can Putin harm Biden? Thats arguable. World energy markets were already tight before Russia invaded Ukraine on Feb. 24, because of a global economy rebounding from the COVID downturn and capacity cutbacks in the energy sector stemming from deep losses in 2020. Russias Ukraine invasion spooked markets and pushed oil prices up by about 35%. But Biden clapped back by releasing oil from the US reserve. Oil prices now are slightly lower than they were before Russia invaded. US gasoline prices have retreated from summer highs, but theyre still about 10% higher than before the invasion. So American voters may have some lingering anxiety that they take out on incumbent Democrats on Nov. 8.

Another coming shock is a surge in heat and electricity prices this winter. That has everything to do with Putins energy war and an acute shortage of gas in Europe, now that Russia has pulled the plug. US natural gas prices havent surged as much as they have elsewhere, but were not immune to those price hikes, either. Higher utility bills wont hit with full force until after the election, however.

Energy is a key component in many manufactured and processed goods, including food. Thats one explanation for grocery costs that are up 13% during the last year. Theres also a global shortage of fertilizer, because Russia and Belarus (also subject to certain sanctions, as a Russia ally) produce key components. Fertilizer accounts for nearly 20% of a typical American farms operating costs, and near-record prices raise the retail price of food. So does the higher cost of energy for farm equipment and transportation.

Food inflation may be a bigger problem for Biden now than gasoline costs. Soaring gas prices during the spring directly correlated with a decline in Bidens approval rating, which then recovered as gas prices fell. But the average family only spends about 3% of its budget on gas. Food is about 12% of total spending, or four times as much as gas. That 13% hike in food costs means many families are struggling to pay for something they cant do without.

Bidens approval rating has been around 43% since early September. For Democrats to keep control of Congress, Bidens approval rating probably needs to be 50% or higher. Its not going to get there by early November. Thats not all because of Putin, but hes a factor: Inflation would be lower if there were no war in Ukraine, perhaps a lot lower. Thats true everywhere, but for the next couple of weeks, a key target of Putins hybrid war will be the American election system.

Rick Newman is a senior columnist for Yahoo Finance. Follow him on Twitter at @rickjnewman

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How Russia is disrupting the US election (again) - Yahoo Finance

The Tampa Bay Buccaneers are shaky right now. This team was supposed to be a bona fide Super Bowl contender, but the Bucs (3-3) look just like a regular NFL team thats trying to balance out the highs and lows of a long season.

The offensive line is banged up, Tampa is too reliant on its defense and Tom Brady is actually starting to look like an aging quarterback at age 45 (to say nothing of the rumors swirling about his personal life). On Monday, Brady vowed on Instagram to turn the season around:

Football is hard.Were not playing like we are capable.Were in it together.Well turn it around. #GoBucs

That's good, because Tampa Bay's problems stem from Brady's offense.

The Buccaneers just lost to the Kenny Pickett- and Mitch Trubisky-led Pittsburgh Steelers, 20-18, on Sunday the same Steelers that didnt belong on the same field as the Buffalo Bills a week ago.

Looking at the entirety of the Buccaneers' season makes the loss to the Steelers a little more understandable, but also a little more jarring. They almost allowed an Atlanta Falcons offense with no Kyle Pitts to come back from a 21-point, fourth-quarter deficit in Week 5. They scored only 12 points in their home loss to the Green Bay Packers in Week 3, and when the offense finally showed up against the Kansas City Chiefs in Week 4, their defense was eviscerated by Patrick Mahomes and Travis Kelce. Putting together a complete performance has been difficult for the Buccaneers this season and they dont look nearly as formidable as they were the past two years.

I think guys who are living off the Super Bowl are living in a fantasy land, head coach Todd Bowles said after the loss to the Steelers. Its unclear exactly who he was talking to with that line, but theres one side of the Buccaneers' team that has struggled to consistently hold up their end up the bargain this year, and its not the defense.

On Monday, Bowles defended the team's handling of Brady, who missed the team's walk-through Saturday to attend the wedding of his former boss, New England Patriots owner Robert Kraft.

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"He works as hard as anybody," Bowles said. "Special treatment, there's been a few guys that have missed some meetings and some practices for some special things. That just doesn't get publicized because they're not him."

Brady might not be that guy who can carry an offense on his shoulders anymore, and the running game certainly isnt helping. According to Ben Baldwin of The Athletic, the Buccaneers are dead last in expected points added per rushing play (-0.269). What used to be an effective part of the offense has become an anchor.

Bowles has the defense still performing at a high level, but the offense under coordinator Byron Leftwich has come to a standstill. Theres no juice and explosive plays have been hard to find lately. Of course, injuries to Julio Jones and Chris Godwin havent helped and neither did the one-game suspension for Mike Evans for his role in a brawl with the New Orleans Saints. Even with those caveats, the Buccaneers feel bogged down on offense. Godwin and Evans played over the past two weeks, when Tampa Bay struggled to consistently score against two of the worst defenses in the league in Atlanta and Pittsburgh. A Brady-led offense, of all things, is really struggling to generate points and consistent yards.

Tom Brady and the Buccaneers' offense is stick in a rut. (Charles LeClaire-USA TODAY Sports)

Center Ryan Jensen being out for the season certainly isnt helping matters, while rookie left guard Luke Goedeke is getting used to the NFL (to put it lightly) and running back Leonard Fournette hasnt been able to create plays by himself. Over the past five games, Fournette is averaging just 2.9 yards per carry and has scored one rushing touchdown in that timespan. The Bucs are running into brick walls and hoping they can find a crevice to squeeze through at the end.

Luckily for them, the NFC South isnt the strongest division in the league, so they still own the inside track toward hosting a playoff game in January. The Falcons (3-3) have been scrappy, but theyre dealing with a roster that has been handicapped with almost $80 million in dead salary-cap money. The Saints (2-4) are extremely injured. The Carolina Panthers (1-5) belong in the SEC.

The division still belongs to the Buccaneers as far as this season goes, but their performance through six games makes it seem like changes are coming to this team after the season. Their current mode of operation isnt a sustainable path toward winning.

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Tom Brady vows on Instagram to 'turn it around.' Which is good, because Bucs' problems start with his offense - Yahoo Sports

The G leagues tagline for the 2022-23 season is a a whole different league. Thanks to the official minor leagues growth, one could say that the NBA fits that same description.

A record 234 players have G league experience, according to a release from NBA communications. Thats 47% of the league.

Last seasons best team had a strong G league presence. Gary Payton II (Wisconsin Herd), now a Portland Trailblazer, started in multiple playoff games and won a ring with the Golden State Warriors.

The reigning champions will defend their title this season with Jonathan Kuminga (G League Ignite) and Jordan Poole (Santa Cruz Warriors) as integral members of their young core. But its not just the Warriors that benefited from the G league. In fact, the development league saw 164 NBA call-ups of 117 different players last year.

After being sent to Santa Cruz and coming back better than ever, Golden State Warriors guard Jordan Poole is a G league success story (John Hefti-USA TODAY Sports).

While Frances Victor Wembanyama skyrocketed to stardom in two exhibition games against G League Ignite, 17-year-old point guard Scoot Henderson also solidified his status as a top draft pick.

Henderson will likely follow the footsteps of 2021s second overall draft pick, Jalen Green, and enjoy an early selection after his time with G league Ignite.

"I'm sure there's a lot of teams out there wishing they could add him to their roster right now, he's that good," an NBA team scout told Yahoo Sports' Krysten Peek.

Ignite was established to provide opportunities for prospects looking to play professionally, and present an alternative to college. Preparing to begin their third season as a developmental program, the team currently has an impressive eight alumni in the league.

And its not the only team producing. With at least four players having minor-league experience on all 30 teams in the NBA, the G Leagues proven itself as an alternative path to the game's biggest stage.

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The NBA is back, and almost half its players played in the G League - Yahoo Sports

This is an op-ed by Secretary of the Treasury Janet L. Yellen and US Department of Housing and Urban Development Secretary Marcia L. Fudge.

The housing shortage in the United States is not new and its causes are not a mystery.

Chronic underinvestment in new housing means we simply have too few homes in America, and the consequence has been that affordable housing is out of reach for too many families. The pandemic worsened this challenge, with an increased demand for housing during the pandemic coupled with constraints on the ability to scale up housing supply quickly.

And today, inadequate housing supply is a major driver of inflation, with rents contributing significantly to recent inflation. The pain of rising housing costs is most acutely felt by those with the lowest incomes. The recent increase in mortgage rates coupled with high prices has further strained affordability, particularly for low-income and first-time homebuyers.

Fortunately, efforts by the Biden-Harris Administration have helped prevent the housing challenges that emerged from the pandemic from turning into widespread evictions and lost homes. Emergency rental assistance, targeted support for homeowners, loan modifications for homeowners that reduced monthly payments, and other policies such as earlier federal moratoria on evictions and foreclosures have kept eviction rates below pre-pandemic levels and prevented millions from losing their homes during COVID-19. This is a remarkable achievement, particularly in contrast to what many predicted would take place in the immediate aftermath of the pandemic based on prior economic downturns.

But we now have the chance to address the longer-term affordability challenge that too many families face. The Biden-Harris Administration is tackling the root causes of rising housing costs by expanding the housing supply, while continuing to do everything we can legislatively and administratively to provide support to low-income renters and promote fair housing. Resources from the American Rescue Plan (ARP) offer a historic opportunity to improve this housing shortage by developing and preserving high-quality homes that all Americans can afford, including homes for very low-income Americans that are often the most difficult to finance.

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Secretary of Housing and Urban Development Marcia Fudge, one of the authors of this op-ed, speaks during the daily press briefing at the White House on March 18, 2021 in Washington, DC. Later on Thursday, President Joe Biden will speak about coronavirus vaccination progress. (Photo by Drew Angerer/Getty Images)

As part of the ARP, Congress provided Fiscal Recovery Funds to states, localities and tribes to help them recover from the pandemic; the Administration has urged these governments to use a portion of their ARP funding to address housing costs, and we have already seen hundreds of governments across the country respond to this call to action.

Some states are using their ARP funds to overcome increased construction costs related to the pandemic-created supply shortages. Illinois, in particular, is devoting a substantial portion of its ARP funds to address these increased costs. Through June 30, 2022, over 670 state and local governments had budgeted over $13.4 billion in ARP funding to meet housing needs over 20% of federal housing spending in a typical year including nearly $4.5 billion for affordable housing development and preservation.

But we are not stopping there. In July, the Treasury Department announced new guidance that makes it even easier to use ARP funds to build and preserve homes. This guidance simplifies the requirements that states and localities must meet in order to devote ARP funds to affordable housing, while making it easier for recipients to make long-term affordable housing loans, including those that take full advantage of the Low-Income Housing Tax Credit (LIHTC) incentive, the largest source of federal support for the construction and rehabilitation of affordable rental housing. These changes are already helping many previously stalled projects move forward across the country, like the construction of a 278-unit affordable apartment complex in Wilmington, North Carolina.

U.S. Treasury Secretary Janet Yellen testifies during a House Ways and Means Committee hearing on President Biden's proposed 2023 U.S. budget, on Capitol Hill in Washington, U.S., June 8, 2022. REUTERS/Jonathan Ernst

And this month, the Treasury Department released a new regulation that will unlock federal support for new types of affordable housing developments using LIHTCs. In 2018, Congress provided additional flexibility that permits affordable housing developments to qualify for this tax credit based on the average income of the households that live in them. The new regulation is designed to make that flexibility a reality and unlock funds to start and complete vital projects that may not have otherwise been able to benefit from this important support.

These recent efforts are part of the Administrations broader approach to address housing costs. In May, President Biden released his Housing Supply Action Plan to close the housing shortfall in five years through both direct investments and broader strategies, such as incentives for local governments to ease harmful land use and zoning regulations that prevent new construction. As part of these efforts, the Department of Housing and Urban Development is working with states and localities to leverage the Departments own ARP dollars to build affordable housing for families experiencing, or at risk of experiencing, homelessness. With jurisdictions across the country able to layer these investments with ARP Fiscal Recovery Funds they directly received, these resources will increase the affordable housing supply in even more communities.

The Biden-Harris Administration will continue using all avenues available to address the vital challenge of housing stability, including through significant investments using ARP funds. But this effort is one we are not undertaking alone. State, local, and private sector partners must join us by taking advantage of this historic opportunity to make new investments in our nations housing supply.

Perhaps most importantly, Congress should increase investments in LIHTC and enact the Neighborhood Homes Investment Act this year. These bipartisan proposals would be the fastest way to surge the production and preservation of affordable rental and owner-occupied housing in communities nationwide. For families who have waited too long for action, its time for us to work together to build the housing our communities need.

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President Biden's plan to boost affordable housing is unprecedented and necessary - Yahoo Finance

Facebook parent company Meta Platforms (META) stock is getting cooked as the technology company spends money manufacturing virtual reality hardware, generating awareness, and finding friends for a future in the metaverse.

The advertising budgets of its customers are tightening as companies restructure costs amid macroeconomic challenges which even leads an optimistic analyst to say the third quarter for Meta Platforms is make or break.

"I think the stock is back to questions around, really, core fundamentals," AB Bernstein Senior Analyst Mark Shmulik told Yahoo Finance. Folks can understand that that's [the metaverse] like a more long-term initiative. I imagine investors would love it if they were spending a lot less on it."

Advertisers tend to run digital marketing campaigns where the largest audience, targeting capabilities and conversion rates reside for a decade, Meta subsidiaries Facebook and Instagram have been that venue. Corporate budgeting during macroeconomic uncertainty makes experiencing the value of ad spends through realized sales even more paramount.

"The macro environment continues to deteriorate. We think many ad-driven companies will miss their fourth-quarter earnings," Needham Senior Analyst Laura Martin told Yahoo Finance "And in Meta's case, not only is just the macro environment deteriorating, but they're losing a lot of user time to TikTok. And that continues to happen."

According to research conducted by Piper Sandler, TikTok is the favorite social media app among teens and the margin has only widened for the Bytedance-owned company when compared to Facebook and Instagram.

"I think Mark Zuckerberg is telling us he doesn't think he has a core business," Martin said. "He is moving to Reels because it competes with TikTok. He is moving to the metaverse, and he's changed the name of this company, which tells me he doesn't think his core business that he built 15 years ago is actually a business anymore."

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Finding legs in the metaverse

Facebook spent $10 billion in 2021 in early efforts to build the metaverse and Mark Zuckerberg informed shareholders in 2022 that the company will continue spending heavily to create the metaverse and will bleed money for three to five years.

Meta Official Big Game Ad | Still Image

The big bet may have an outsized reliance on the ability of Meta to sell metaverse experiential hardware and a reason to be there.

"If you take a look at the motivations behind it, we've gone through these changes in the past from desktop to mobile," Shmulik said "And so they [Meta] understand that at some point, there's going to be another computing platform change. They don't want to be stuck in the application layer."

At Meta Connect, Facebook Founder & CEO Mark Zuckerberg introduced a $1,500 VR headset, with the prevailing plan that a suite of familiar workplace collaboration applications may jumpstart engagement in the metaverse.

Accenture, Zoom, and Microsoft also announced a metaverse partnership with Meta platforms. Microsoft offers a significant friend in virtual reality with the commitment to bring its productivity tools and gaming cloud technology to the experience.

"I think what he's talking about in terms of changing the world of computing for consumers is really innovative and interesting and risky, but bringing on the CEO yesterday of both Microsoft and Accenture? Great says he's got some great enterprise partners," Martin said. "And I don't think consumers want to pay $1,500. I think that's the exception. But I think Accenture can pay to buy thousands of $1,500 goggles."

Brad Smith is an anchor at Yahoo Finance. Follow him on Twitter @thebradsmith.

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'Mark Zuckerberg is telling us he doesn't think he has a core business': Meta Analyst - Yahoo Finance

Yahoo and DirecTV have added set-top box data to their advanced TV partnership in a bid to unify linear and digital for buyers.

Yahoo and DirecTV expand strategic partnership / Adobe Stock

In June the cable operator made Yahoo the exclusive one-stop demand-side platform for advertisers to get access to its video content. The companies forged a strategic partnership to unlock addressable TV and streaming inventories, and its set box integration is the next phase.

The new deal gives TV buyers using Yahoos demand-side platform (DSP) access to data from millions of DirecTV households. This means advertisers will be able to activate, optimize and measure digital campaigns across all of DirecTVs inventory.

Set-top box data plugs directly into households and gives advertisers real-time viewing data, which also allows buyers to serve ads based on actual programming viewed.

Amy Leifer, chief advertising sales officer of DirecTV, said Yahoo understands the enormous value of our set-top box data. She added that the expanded partnership will enable DirecTV to broaden the use into the programmatic space.

Elizabeth Herbst-Brady, chief revenue officer at Yahoo, added: We have built a multi-sourced data backbone for our advanced TV suite aligned to industry best practices that empowers marketers with the ability to plan and activate more efficiently than ever across linear and connected TV (CTV) inventory.

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Yahoo And DirecTV Forge Linear And Digital TV Data With Set-top Boxes - The Drum