Tuesday, 9 August 2022

Insperity (NYSE:NSP) Updates Q3 2022 Earnings Guidance – MarketBeat

Insperity (NYSE:NSPGet Rating) updated its third quarter 2022 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.83-$1.06 for the period, compared to the consensus estimate of $1.00. The company issued revenue guidance of -. Insperity also updated its FY 2022 guidance to $4.68-$5.25 EPS.

Analyst Upgrades and Downgrades

NSP has been the subject of several analyst reports. William Blair reissued an outperform rating on shares of Insperity in a report on Tuesday, August 2nd. StockNews.com raised shares of Insperity from a buy rating to a strong-buy rating in a report on Friday, April 29th. TheStreet raised shares of Insperity from a c+ rating to a b- rating in a report on Wednesday, July 20th. Finally, Truist Financial cut their price objective on shares of Insperity from $138.00 to $120.00 in a report on Friday, July 15th. One research analyst has rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Buy and an average price target of $129.33.

Insperity Price Performance

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NSP traded down $0.85 during trading on Tuesday, reaching $108.42. 258 shares of the company traded hands, compared to its average volume of 146,537. The company has a debt-to-equity ratio of 10.51, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market cap of $4.12 billion, a P/E ratio of 30.19, a PEG ratio of 1.81 and a beta of 1.35. Insperity has a 12-month low of $83.94 and a 12-month high of $129.32. The firm has a fifty day simple moving average of $100.40 and a 200 day simple moving average of $99.12.

Insperity (NYSE:NSPGet Rating) last posted its earnings results on Monday, August 1st. The business services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. Insperity had a return on equity of 341.97% and a net margin of 2.55%. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.65 EPS. On average, equities analysts forecast that Insperity will post 4.03 EPS for the current year.

Insperity Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 23rd. Stockholders of record on Thursday, June 9th were given a dividend of $0.52 per share. This is an increase from Insperity’s previous quarterly dividend of $0.45. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Wednesday, June 8th. Insperity’s dividend payout ratio is currently 57.46%.

Insider Buying and Selling

In related news, Director John M. Morphy sold 1,750 shares of the firm’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $109.19, for a total value of $191,082.50. Following the completion of the sale, the director now directly owns 9,041 shares in the company, valued at $987,186.79. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director John M. Morphy sold 1,750 shares of Insperity stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $109.19, for a total transaction of $191,082.50. Following the completion of the sale, the director now directly owns 9,041 shares in the company, valued at $987,186.79. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Paul J. Sarvadi sold 23,918 shares of Insperity stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $110.42, for a total value of $2,641,025.56. Following the sale, the chief executive officer now owns 596,667 shares of the company’s stock, valued at $65,883,970.14. The disclosure for this sale can be found here. 6.10% of the stock is owned by corporate insiders.

Institutional Trading of Insperity

Institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd bought a new stake in shares of Insperity during the first quarter worth $124,000. Neuberger Berman Group LLC purchased a new position in shares of Insperity during the first quarter valued at $265,000. Symphony Financial Ltd. Co. increased its stake in shares of Insperity by 6.4% during the first quarter. Symphony Financial Ltd. Co. now owns 2,965 shares of the business services provider’s stock valued at $299,000 after buying an additional 178 shares during the period. Sei Investments Co. purchased a new position in shares of Insperity during the first quarter valued at $538,000. Finally, Mackenzie Financial Corp increased its stake in shares of Insperity by 2.6% during the first quarter. Mackenzie Financial Corp now owns 5,413 shares of the business services provider’s stock valued at $544,000 after buying an additional 138 shares during the period. 88.08% of the stock is currently owned by institutional investors.

Insperity Company Profile

(Get Rating)

Insperity, Inc provides human resources (HR) and business solutions to improve business performance for small and medium-sized businesses. The company offers its HR services through its Workforce Optimization and Workforce Synchronization solutions that include a range of human resources functions, such as payroll and employment administration, employee benefits, workers’ compensation, government compliance, performance management, and training and development services.

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Wall Street mixed ahead of this week’s inflation data – Bay to Bay News

NEW YORK (AP) — Wall Street is mixed Tuesday as more corporate earnings trickle in ahead of highly-anticipated inflation data from the government.

Futures for the benchmark S&P 500 lost 0.3% while futures for the Dow industrials rose about 0.2% with less than an hour before the opening bell.

The U.S. Labor Department will release its July report for consumer prices Wednesday, followed by its producer prices report on Thursday. Investors and economists will look for any signs that the Federal Reserve’s aggressive rate hikes the past few months have helped to bring four-decade-high inflation under control.

Last week’s strong July jobs report has most economists predicting the Fed will jack up rates again — possibly by as much as another three-quarters of a point — at its September meeting. Investors fear the Fed’s actions could lead to a recession, as the U.S. economy has contracted the last two quarters.

The Fed has raised rates four times this year, twice by three-quarters of a point.

The earnings season is beginning to wind down and Disney, Wendy’s and Wynn Resorts will be reporting quarterly results this week.

Norwegian Cruise Lines fell 8.5% in premarket, dragging other cruise companies with it, after reporting a much wider loss than expected and it warned that negative trends will continue. . Norwegian lost $509.3 million in its second quarter as sales also fell short of expectations.

Fighting in the Ukraine and attacks on Europe’s biggest nuclear plant are other factors hanging over markets.

Moscow and Kyiv have accused each other of shelling a nuclear power plant in Russia-occupied southeastern Ukraine, attacks that have fueled international concerns. The Zaporizhzhia nuclear power plant has six nuclear reactors, and the fighting around it has raised the danger of a nuclear accident.

France’s CAC 40 fell 0.5%, while Germany’s DAX tumbled 1.2%. Britain’s FTSE 100 was essentially unchanged.

In Asian trading, Japan’s benchmark Nikkei 225 dipped nearly 0.9% to finish at 27,999.96.

Japan’s technology investor SoftBank Group Corp. dropped more than 7%. On Monday it reported a record quarterly loss of $23 billion. A global nose-dive of technology-related issues, such as Chinese e-commerce giant Alibaba, has weighed on its sprawling portfolio of investments.

Australia’s S&P/ASX 200 edged up 0.1% to 7,029.80. South Korea’s Kospi edged 0.4% higher to 2,503.46.

Hong Kong’s Hang Seng erased earlier gains, falling 0.2% to 20,003.44, while the Shanghai Composite edged up 0.3% to 3,247.43.

Analysts monitoring Asian markets said regional tensions remain a risk because of the flareup between China and Taiwan after the recent visit of U.S. House Speak Nancy Pelosi to Taiwan.

China has said it’s extending threatening military exercises surrounding Taiwan, disrupting shipping and air traffic and raising up a notch worries about trade.

“It is worth keeping track of the geopolitical landscape as any major developments on the China/Taiwan front could impact overall risk demand. China confirmed it would extend military drills around Taiwan, and the military will conduct ‘regular’ exercises on the eastern side of the median line of the Taiwan Strait,” said Anderson Alves at ActivTrades.

Also of concern are the rising cases of COVID-19 in China, Japan and some other Asian nations, and their potential impact on supply chains that are a lifeline to some of the region’s biggest manufacturers.

In energy trading, benchmark U.S. crude rose $1.09 to $91.85 a barrel in electronic trading on the New York Mercantile Exchange. It added $1.89 to $90.76 a barrel on Monday.

Brent crude, the international standard for pricing crude, gained $1.25 to $97.90 a barrel.

In currency trading, the U.S. dollar inched up to 135.02 Japanese yen from 134.98 yen. The euro cost $1.0238, up slightly from $1.0193.

Technology stocks were the biggest drag Monday on Wall Street. The S&P 500 slipped 0.1% to 4,140.06 and the Nasdaq shed 0.1% to 12,644.46. The Dow Jones Industrial Average closed 0.1% higher, at 32,832.54. The Russell 2000 rose 1% to 1,941.21.

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Nasdaq falls more than 1% as chip stocks struggle, key inflation report looms – CNBC

Stocks fell on Tuesday as investors navigated a batch of disappointing company reports ahead of a key inflation reading.

The S&P 500 fell 0.42% to 4,122.47, while the Nasdaq Composite dropped 1.19% to 12,493.93. The Dow Jones Industrial Average shed 58.13 points, or 0.18%, to close at 32,774.41.

The declines came after memory chipmaker Micron warned that revenue may fall short of its prior guidance because of “macroeconomic factors and supply chain constraints.” The stock fell more than 3%.

It’s been a rough week for chipmakers. On Monday, weaker-than-expected revenue guidance from Nvidia weighed on the group, and those stocks extended their losses on Tuesday.

“These are two big players that I think investors thought were in a better position to navigate through some of these recent supply chain issues. I think there’s concern that this is really going to weigh on tech,” said Ed Moya, senior market analyst at Oanda.

The S&P 500 has climbed for three straight weeks, but earnings season has featured demand warnings from executives of major companies. Investors are watching closely to determine how the Federal Reserve’s fight against inflation is rippling through the economy.

“Everything that we’re getting is [showing] that inflation is having a much harder impact on corporate America outlooks, and that’s why I think this market is going to be difficult to continue to buy equities,” Moya added.

Outside of chips, a pair of Nasdaq-listed stocks also got hit. Novavax slumped nearly 30% after slashing full-year revenue guidance because of poor demand for its Covid vaccines. Upstart declined more than 11% after the consumer lending company reported second quarter results that missed both profit and revenue expectations.

Investors are awaiting the latest reading of the July consumer price index, due Wednesday. The report is expected to show a slight slowdown in inflation, thanks in part to a fall in oil prices, which could inform the market about the next steps for the Federal Reserve.

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Tech Stocks Lead Market Lower as Investors Await Inflation Data – The Wall Street Journal

U.S. stock indexes closed lower Tuesday as investors monitored earnings reports and economic data ahead of inflation figures due later in the week.

The S&P 500 slipped 17.59 points, or 0.4%, to 4122.47. The Dow Jones Industrial Average slid 58.13 points, or 0.2%, to 32774.41 while the technology-heavy Nasdaq Composite fell 150.53 points, or 1.2%, to 12493.93.

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Wall Street closes little changed on Fed policy fears – Reuters.com

  • Auto stocks up on Senate approval of bill with EV funding
  • Nvidia slides as slump in gaming demand hits Q2 revenue
  • Dow closes up 0.09%, Nasdaq down 0.1%, S&P 500 0.12%

Aug 8 (Reuters) – Wall Street closed mostly flat on Monday after blockbuster jobs data last week reinforced expectations the Federal Reserve will crack down on inflation, while a revenue warning from chipmaker Nvidia reminded investors of a slowing U.S. economy.

Stocks retreated from earlier highs as last week’s blowout labor market report was initially seen as a sign the economy could withstand aggressive interest rate hikes by the Fed to tame inflation running at four-decade highs.

Investors now await consumer price data on Wednesday to gauge whether the Fed might ease a bit in its inflation fight and provide better footing for the economy to grow. read more

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“The CPI data will help to confirm if the Fed’s tightening efforts have been successful in starting to tame inflation or if continued Fed tightening is needed,” said Robert Schein, chief investment officer at Blanke Schein Wealth Management.

The Dow Jones Industrial Average (.DJI) rose 29.07 points, or 0.09%, to 32,832.54, while the S&P 500 (.SPX) lost 5.13 points, or 0.12%, to 4,140.06 and the Nasdaq Composite (.IXIC) dropped 13.10 points, or 0.1%, to 12,644.46.

Volume on U.S. exchanges was 11.01 billion shares.

The S&P 500 has bounced back 14% from mid-June lows. But signs of inflation running too hot could cement the Fed’s case for aggressive monetary policy tightening. read more

Anthony Saglimbene, chief market strategist at Ameriprise in Troy, Michigan, said the market was due to pull back at some point as traders test the recent rebound.

“Maybe we can get a little bit higher by year end, but that’s if everything lines up perfectly,” he said, adding that the University of Michigan’s preliminary consumer sentiment survey for August on Friday also will be closely watched.

“That’s the tug of war between these data sets that tell the story about, ‘Hey, are we going to turn into a recession or avoid one?'”

U.S. rate futures have priced in a 67.5% chance of a 75-basis-point hike at the Fed’s next meeting in September, up from about 41% before the labor market data beat market expectations. FEDWATCH

The information technology sector (.SPLRCT) fell 0.9% as chipmaker Nvidia Corp (NVDA.O) slid 6.3% after the company said it expects second-quarter revenue to decline 19% from the prior quarter to about $6.7 billion, due to weakness in gaming.

The Philadelphia SE Semiconductor index (.SOX) slid 1.6%, while value stocks (.IVX) rose 0.1% to outpace a 0.4% drop in growth.

Tesla (TSLA.O) rose 0.8% as the U.S. electric-car maker signed contracts worth about $5 billion to buy battery materials from nickel processing companies in Indonesia, according to a CNBC report. read more

Shares of U.S. automakers jumped after the U.S. Senate on Sunday passed a $430 billion bill to fight climate change that created a $4,000 tax credit for used electric vehicles and provides billions in funding for their production. read more

Rivian Automotive Inc (RIVN.O) rose 6.78%, Ford Motor Co gained 3.14%, General Motors Co (GM.N) added 4.16% and Lordstown Motors Corp (RIDE.O) advanced 3.17%.

Signify Health Inc shot up 11.0% on a media report that CVS Health Corp was looking to buy the health technology company.

Palantir Technologies Inc (PLTR.N) dropped 14.2% after the data analytics software company lowered its annual revenue forecast as the timing of some large government contracts remained uncertain. read more

Tyson Foods Inc (TSN.N) fell 8.4% after missing quarterly profit expectations. read more

Advancing issues outnumbered declining ones on the NYSE by a 2.28-to-1 ratio; on Nasdaq, a 1.67-to-1 ratio favored advancers.

The S&P 500 posted eight new 52-week highs and 29 new lows; the Nasdaq Composite recorded 104 new highs and 27 new lows.

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Reporting by Bansari Mayur Kamdar and Aniruddha Ghosh in Bengaluru; Editing by Shounak Dasgupta and Cynthia Osterman

Our Standards: The Thomson Reuters Trust Principles.

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Monday, 8 August 2022

Landmark West Loses Appeal Against 50 West 66th Street

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Extell Development won a major ruling against Landmark West last week, when the NYC Board of Standards and Appeals ended deadlocked in a 2-2 tie vote over the fate of a potential high rise going up at 50 West 66th Street, between Columbus Avenue and Central Park West. Landmark West was denied its appeal without a majority decision at the BSA — where a tie vote is awarded to the developer. There was no opportunity for community input during the proceedings. For now, the ruling gives Extell the green light to move forward with its 39-story (775-foot) residential building. Once raised, the structure would be the tallest in Manhattan north of Central Park South.

We reached out to Landmark West to give us the full breakdown of what this all means for the Upper West Side, and if any further action can be taken. We also inquired about Extell Development acquiring the remaining ABC Campus back in February, which sits at Columbus Avenue between West 66th and 67th streets. These parcels include 149-155 Columbus Avenue (7 Lincoln Square), where “Live With Kelly and Ryan” is filmed, and 147 Columbus Ave, which hosts ABC News. The Barbara Walters Building and ABC Inc. Headquarters at 47 West 66th St. are also included.

With lots of potential construction on the horizon, if nothing changes, could the Upper West Side become home to Billionaire’s Row 2.0?

Bobby Panza: Would you please help bring everyone up to speed on the 2-2 tie last week and where that leaves us with 50 West 66th Street?

Sean Khorsandi, Executive Director of Landmark West: We received the latest response last week from the courts denying the Supreme Court appeal, which was frustrating for many reasons. The main underlying premise being that we’ve never really gotten to argue the points about the developer’s abuse of mechanical space deductions that fell on deaf ears at the Board of Standards and Appeals (BSA). And when you’re at the BSA making your arguments, there’s a bit of a shrug. “Well, if you really care, you’ll escalate this [to an Article 78 appeal].” And it’s a very disingenuous thing to do, right?

How many people in the general public are paying attention to land-use issues, and of those, how many are paying attention and care to react or do something? The Upper West Side is unique. We have a highly educated, engaged and motivated group of neighbors.

This is a case where the community has been vigilant. They’ve paid attention. We followed all the zoning filings religiously, we met every deadline of going to the Department of Buildings for a challenge, going to the BSA for an appeal, getting the experts involved, and following the process to wind up with this anomaly of a 2-2 tie. And their point is, well, if you want to argue it further, you escalate it. And we did, to an Article 78, and then the Supreme Court appeals, but we still didn’t get to argue the content at those levels.

What we only got to do was have the judge say, “Well, the BSA gave you a 2-2 tie, and in a 2-2 tie, the tie goes to a developer because, for your appeal to be granted, you need to have a majority and you have 50%.” And that’s where the frustration lies. Because we’re currently in a situation where, the BSA, which is largely a mayoral-appointed agency, has the final say, which makes the courts and the appeal process moot.

Because, if the courts are just going to say, “Well, we defer to the city who has the experts,” but the experts were not able to come to a definitive answer, we just got a default. There really shouldn’t be an Article 78 process or these other appeals processes in place, because they’re meaningless if it all just goes back to the fact that we’re not going to hear an argument and it falls on a 2-2 tie at a lower level in a quasi-judicial body of the BSA.

So, the news of the moment is, everybody presumes everything was over on the last appeal, we weren’t going to do anything more. And we got several calls in the wake of the decision in our posting of the news. And everybody was saying, “What else can you do? Can you do anything more?” And, in all honesty, there’s one more thing we can do and that is to file a motion for leave. It’s a very big long shot, but at the same point, if everybody’s going to rest easy saying we did everything we possibly could, that’s something we would need to do in order to say that with a clear conscience.

Bobby Panza: What is a motion for leave?

Mikhail Y. Sheynker, Esq.: The court, for reasons that I really don’t understand; they basically decided both the lower court and the appellate court use what’s called “deference” to the Board of Standards and Appeals and said, “We will defer to the determination of the Board of Standards and Appeals.” We’re not going to intervene and review the corresponding arguments that led to the deadlocked decision. If you take a look at the appellate court’s decision, it’s a page and a half.

They [the panel of five judges] didn’t even review the substance of the arguments that caused the BSA to split [the vote]. The BSA itself was not able to reach a determination on how to read the language of the Zoning Resolution that concerns the floor area deduction for use of mechanical equipment. Frankly, it is not clear what it is that the Appellate Division is deferring to. The courts have basically said whatever happens at the BSA cannot be disturbed on review in court. Such a hands-off approach is nothing short of an abdication by the courts of their constitutional duty to be the final arbiter of all legal questions.

Before this case, there hasn’t been any other judicial case, court case, that involved the review of a tie-vote at BSA [New York City BSA]. And so, in my view, it’s a case of first impression and I do want to file a motion with the Court of Appeals, which is the highest state appellate court, for permission to appeal to review the [intermediate] Appellate Division’s denial of Landmark West’s appeal.

We will at the same time make a “motion to reargue” in the Appellate Division as well. The appeal to the highest court, the Court of Appeals, is discretionary. So that court may agree to accept the appeal, or they may not.

You know, the Court of Appeals is very selective in terms of the cases that it decides to review. But there have been many cases that it did take on and reverse.

And I feel there may be a chance that we’re looking at the situation, looking at a case of first impression, that was not previously reviewed by the highest court. The Court of Appeals may decide to opine on the matter. And hopefully it will, and maybe we will undo the Appellate Division’s denial of our appeal.

Bobby Panza: Thank you for the breakdown. Do you have a timetable for these next steps?

Mikhail Y. Sheynker, Esq.: I think within the next 30 days, make the motion to reargue and the motion for permission to appeal to the Court of Appeals.

BP: Is there anything that the community can do while this motion process is taking place?

Sean Khorsandi: To be honest, the lawyer is pursuing this because he’s knee-deep in this already. The community shouldn’t need to do anything. That’s at the root of the problem here. The community has already paid their taxes, which pays for the Department of Buildings to interpret the zoning resolution which they also paid for because they fund city planning. And they paid for the Board of Standards and Appeals and all of those salaries — that whole agency. And that’s what’s unfortunate: that the community is paying and paying and paying for these agencies which are supposed to be concerned with the safety of the City but then to fight for their own rights, the neighbors again have to pay out of pocket to hire lawyers. So, it’s a sad case, but it’s the reality of what we’re seeing time and again.

But, we did see that, in this instance, there was some fruit borne of it. The developer in this case had followed zoning to the point where he had to have 60% of his floor area below 150 feet. And they did that. But the remainder of the floor area, there was really no defined limit on it.

So, essentially, that 40% of the building starts again after a gap, once it clears the roof of the tallest neighbor, which is 10 West 66th Street. And that was permitted, because, at the time, there was no limit to the vertical rise of mechanical heights. Few districts have floor-to-ceiling height limits. And that means you could have a small, legal living space or you could have a palatial ballroom if you choose to build it.

Zoning didn’t really care in this instance. But what we’ve done and managed to do with city planning, in response to buildings such as this, was limit the mechanical height. So, mechanical height spaces are now restricted to 25 feet (before they count against floor area ratio), which is still very generous, essentially two-and-a-half stories. And those can repeat every 75 feet.

But what the community can do right now, I think, is twofold. One is, you need to be able to look in your own neighborhood. And this is greater than the Upper West Side, because we’re standing on the benefits of other people’s prior challenges. One thing that West 66th Street benefited from at the BSA was a prior case called Sky House, I believe it was on East 33rd Street. And that case challenged some of these mechanical spaces, but they didn’t have an engineer on record and they lost. In this case, we were able to get a licensed engineer on record and we tied. So, hopefully, collectively, we’re moving the ball forward down the field toward rational zoning.

Because none of this is anti-development. This building is two lots from Central Park. Of course, a building should be built there. We just want a building that follows the zoning intent. We’re not anti-development in the least.

So, the other thing they can do besides paying attention is to take action. The immediate neighbors on the Upper West Side must take the threat of what’s going to happen at the Walt Disney Corporation’s ABC Campus seriously. The fight on 66th Street is already informing that. We now know that the same developer of 66th Street has purchased the ABC Campus and he could have done something similar there. But, even more, with even fewer restrictions, because that building, that block does not lie within the Lincoln Square special zoning district. However, we also know that we have the benefit now of having regulations and new laws on the books; namely, mechanical height limits, so it’s less lucrative to keep building mechanical floor after mechanical floor.

In the meantime, it’s been very clear that the city has said mechanical deductions are meant to be the minimum. This is not news, but further clarification of law. And that’s one of the key points we wanted to get to argue on appeal that we never got to. The BSA lost its appetite for talking about lateral mechanical spaces when they voted, and that’s what we’re hoping to be able to challenge, because it’s a nominal amount of floor area that’s used for mechanical equipment and access points to it. We’ve proven that, typically, much of this equipment can be hung from a ceiling, such as plumbing runs and mechanical ductwork.

However, the developer in this case took entire floors of his tower as deductions. So much that they account for over 37% of the building’s height. And there’s more and more case law clarifying the deduction is intended as the minimum. So, when ABC does move downtown and  those 2.6 acres are redeveloped, the developer will know that the entire community is watching, but we also need to be vigilant about all these mechanical spaces and other loopholes.

So many of the rules that were written were written so you can challenge a project within a certain amount of time. And a lot of those were too limiting. We had a case where a different ZD-1 for a different building was filed. This had a different composition, and was just the northern portion of the site, before Jewish Guild for the Blind (250 West 64th) was acquired. And the site quickly expanded. In the meantime, they were clearing the buildings, preparing foundations, digging for things and, by the time their new ZD-1 was filed, much work was underway. For the community to challenge something successfully, it must be challenged before the developer completes their foundations, which makes them vested. The sequence of filings left little to challenge early on.

So, there’s an inherent issue with the challenge process for the community. As soon as the developer completes their foundations, you deal with it. But the process also allows filings of different buildings in the interim that may throw the watchful community off. So, it doesn’t matter how timely you are or how many facts you have behind you, you really have to have a war chest to fight this at every level to move the laws forward.

Bobby Panza: Because we’re probably, if this is approved to move forward, we’re going to be seeing a lot of construction, a lot of scaffolding, a lot of trucks, a lot of noise. Sean, is the plan to completely demolish the ABC buildings and build something new, or are they going to build something on top of it?

Sean Khorsandi: So, the ABC site is a composition of several buildings. I believe two of them are in the historic district: the former Durland Riding Academy and 30 West 67th St. But 47 West 66 St., also known as the Barbara Walters Building, the ABC headquarters building, the WABC-TV building, and 7 Lincoln Square, all have zero landmarks protections.

All those buildings were designed by the firm Kohn, Pedersen, Fox (KPF). And it’s our expectation that, in time, all of those will be demolished. Partly because of the way the zoning lies where the bulk can sit. And even conversion of the office tower is unlikely because the floor plates don’t make sense for a residential adaptive reuse.

Bobby Panza: Is there anything else that we’re leaving out that we should talk about right now?

Sean Khorsandi: Well, you were asking one thing about what the community could do now and I think what everybody really needs to do is double down and focus their attention on the American Broadcasting Company site and our upcoming ULURP process, the Uniform Land Use Review Procedure application. Because, if we can get that site, as has been underway for months now, incorporated into the Lincoln Square Special District, it gives us another layer of protection.

And it doesn’t take a square inch of floor area away from the developer, it just better informs the massing of how those buildings can be realized on the site. And it’s a key thing because, as we know, lawyers are expensive. We’re trying to work with the system and be smarter about it and be proactive; we don’t want to be on the defensive all the time.

The reality is, in a development of this scale, which the Upper West Side has not seen since the midcentury urban renewal era; it really should go through a public process. The community board should be involved, the community should be involved. And, unfortunately, as our planning situation has said, this would all be realized as of right development unless they go for something beyond the underlying zoning if they are looking to move bulk in certain ways. So, there’s a path of least resistance for a developer and, unfortunately, that cuts the community out and, hopefully, there’s a way for the community to stay involved and be part of the decision-making for their own neighborhood.

We’ve reached out to Extell Development for comment and will update this article if and when we hear back from them. Learn more about Landmark West’s initiatives at 50 West 66th Street and the ABC Campus here.

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Daily News 10 / 05 / 2022 – European Commission

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Daily News 10 / 05 / 2022  European Commission

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Protecting EU transport in times of crisis: Commission adopts Contingency Plan for Transport – European Commission

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Protecting EU transport in times of crisis: Commission adopts Contingency Plan for Transport  European Commission

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State aid: Commission approves €181.5 million Latvian schemes to support companies in context of Russia's invasion of Ukraine – European Commission

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State aid: Commission approves €181.5 million Latvian schemes to support companies in context of Russia’s invasion of Ukraine  European Commission

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Cryptocurrency prices today: Bitcoin above $23,000; ether, dogecoin, Avalanche also surge | Mint – Mint

Cryptocurrencies prices today gained with Bitcoin trading above the $23,000 mark. The world’s largest and most popular cryptocurrency Bitcoin was trading nearly a per cent higher at $23,287. The global crypto market cap today was above the $1 trillion mark, as it was up nearly 2 per cent in the last 24 hours at $1.15 trillion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose over 2% to $1,713. Meanwhile, dogecoin price today was trading more than 2% higher at $0.06 whereas Shiba Inu also gained about 2% to $0.000012.

Other crypto prices’ today performance also improved as XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, Polygon prices were trading with gains over the last 24 hours.

“In terms of the price action, it remained a consolidated weekend. We might see some volatility this new week coming from institutional participants,” said Edul Patel, CEO and Co-founder, Mudrex.

Stocks are mostly up over the last few weeks and so is Bitcoin, which has added 15% over the past month. The 90-day correlation coefficient of Bitcoin and the S&P 500, after weakening slightly in June, now stands around 0.65 once again, as per Bloomberg data.

The cryptocurrency market failed to recover from Terra’s collapse in May as insolvency threats loomed large over major crypto lending companies, spreading fear among market participants.

However, July was a great period for Bitcoin, Ether and others. Bitcoin rose 27% for the month, the most since October, while ether added 70% in its best monthly performance since January 2021. Also during the month, total volumes of the Tether stablecoin for Bitcoin and Ether rose, according to CryptoCompare. 

Even though crypto has rallied in recent weeks, it’s still well off its highs reached toward the end of last year. Bitcoin’s price has been hovering around $23,000, down from nearly $69,000 in November last year.

Meanwhile, crypto platform Voyager Digital LLC, which filed for bankruptcy protection last month, said it expects to resume user access to the app for cash withdrawals this week.

(With inputs from agencies)

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3 Top Tech Stocks to Buy Right Now – The Motley Fool

Technology stocks took it on the chin earlier this year. At one point, the tech-heavy Nasdaq Composite was down 32%.

The market has recently bounced back, and investors are cautiously dipping their toes into the tech waters. However, if you’re a long-term investor, there are still deals to be had, no matter which way the market moves in the short term. 

Many tech stocks remain well below where they started the year and are ripe for those willing to buy and hold. So here are my top three picks for tech stocks to buy right now.

A golden bull and bear in front of a candlestick stock market chart.

Image Source: Getty Images.

1. Alphabet

My first tech stock to buy right now is Alphabet (GOOG 1.43%). When considering top stocks, Alphabet can’t be ignored. The company generates massive profits with impressive operating margins. Moreover, the stock remains cheap on a historical basis.

And while the company reported somewhat disappointing earnings results in late July, much of that was due to negative foreign exchange fluctuations due to the strengthening of the U.S. dollar.

Overall, Google Search remains the leading internet search provider, and YouTube continues to generate billions in ad revenue every quarter.

Google Cloud is working to gain market share in the lucrative cloud infrastructure market, and according to Synergy Research Group, Alphabet now has a 10% market share. Considering how quickly the cloud market is growing, the segment represents an enormous growth opportunity for the company.

For investors who want to play it safe with a tech mega-cap, Alphabet is a smart choice.

2. Spotify

The second tech stock to buy right now is Spotify Technology (SPOT 3.14%). While the business press remains fixated on the video “streaming wars”, the audio streaming market often goes ignored.

And that’s too bad, because audio streaming is on fire right now. In particular, podcasts have become a sensation. Spotify is capitalizing on this trend. The company has over 4 million podcasts available to stream, and owns exclusive rights to the Joe Rogan podcast, arguably the most popular podcast to date.

What’s more, the company is growing its subscriber base even in the face of a global recession. In its recent blowout earnings report, Spotify posted a 19% year-over-year increase in daily average users (DAUs) and a 14% increase in paid subscribers. Ad-generated revenue jumped 31%, and subscriber revenue increased 23%.

Spotify specifically noted stronger-than-expected growth of its Gen Z demographic in Latin America, showing the company has appeal beyond its traditional stronghold in Europe and North America.

Meanwhile, chief executive officer Daniel Ek’s recent purchase of $50 million worth of Spotify stock demonstrates the CEO’s confidence that the company is on the right track. I agree, and I think investors would be wise to jump on the Spotify train before it leaves the station.

3. Roblox

My third and final tech stock to buy right now is a long-standing personal favoriteRoblox (RBLX 1.60%). Shares plunged at the start of the year, hitting a 52-week low of $21.65 on May 10. Since then, shares have bounced back and more than doubled in price.

I love Roblox because it’s a play on Web3. In short, Web3 is the next evolutionary phase of the internet, where ordinary people will begin “owning” the internet — or at least certain parts of it. 

Roblox runs a digital platform that brings together digital players and digital creators. Both use a virtual currency (Robux) as a medium of exchange. The sale of Robux is eventually converted to revenue for the company when a player spends their Robux.

Players purchase Robux using fiat currency, then trade it for power-ups, pets, and various forms of gear for their virtual avatars. Creators receive a cut of the Robux spent on their created items or “experiences”.

Because Roblox creators constantly compete with one another for players’ Robux, the “experiences” are frequently updated to include new challenges and items that keep players coming back. 

The long-term potential is almost limitless, bound only by the number of players on the platform and the creators’ imagination. The company continues to add daily average users (DAUs) at a steady clip. As of its May update, the company reports 50.4 million DAUs, up 17% year-over-year.

Looking ahead, Roblox plans to engage advertisers to help diversify its revenue stream. The company has already announced some partnerships, including a deal with Spotify. For investors willing to ride out what is an undoubtedly volatile name, buying Roblox is one smart way to place a bet on Web3.



Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Jake Lerch has positions in Alphabet (C shares), Roblox Corporation, and Spotify Technology. The Motley Fool has positions in and recommends Alphabet (A shares), Alphabet (C shares), Roblox Corporation, and Spotify Technology. The Motley Fool has a disclosure policy.



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Southern (NYSE:SO) Updates Q3 2022 Earnings Guidance – MarketBeat

Southern (NYSE:SOGet Rating) updated its third quarter 2022 earnings guidance on Friday. The company provided earnings per share guidance of $1.32-$1.32 for the period, compared to the consensus earnings per share estimate of $1.31. The company issued revenue guidance of -.

Analysts Set New Price Targets

SO has been the subject of a number of analyst reports. Guggenheim lifted their price objective on shares of Southern from $76.00 to $80.00 in a research report on Thursday, July 21st. Morgan Stanley dropped their target price on shares of Southern from $67.00 to $66.00 and set an underweight rating for the company in a research report on Monday, May 23rd. Mizuho boosted their target price on shares of Southern from $67.00 to $76.00 and gave the company a neutral rating in a research report on Thursday, April 21st. Wells Fargo & Company upped their price objective on shares of Southern from $68.00 to $80.00 and gave the stock an equal weight rating in a research report on Tuesday, April 19th. Finally, Seaport Res Ptn reaffirmed a buy rating on shares of Southern in a research note on Thursday, June 30th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $75.70.

Southern Price Performance

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SO traded down $1.52 on Friday, reaching $76.45. The company had a trading volume of 61,098 shares, compared to its average volume of 4,279,259. The business has a 50 day simple moving average of $72.17 and a 200 day simple moving average of $71.15. The company has a market cap of $81.27 billion, a price-to-earnings ratio of 27.45, a P/E/G ratio of 5.37 and a beta of 0.50. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.67 and a current ratio of 0.85. Southern has a 52-week low of $60.99 and a 52-week high of $78.78.

Southern (NYSE:SOGet Rating) last announced its earnings results on Thursday, July 28th. The utilities provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.23. The business had revenue of $7.21 billion for the quarter, compared to the consensus estimate of $5.31 billion. Southern had a net margin of 12.13% and a return on equity of 12.09%. Southern’s quarterly revenue was up 38.6% on a year-over-year basis. During the same period last year, the firm posted $0.84 earnings per share. As a group, sell-side analysts anticipate that Southern will post 3.6 EPS for the current year.

Southern Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 6th. Shareholders of record on Monday, August 15th will be paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Friday, August 12th. Southern’s dividend payout ratio (DPR) is presently 95.77%.

Insider Buying and Selling

In related news, CEO Stephen E. Kuczynski sold 14,500 shares of Southern stock in a transaction on Friday, June 10th. The shares were sold at an average price of $72.08, for a total value of $1,045,160.00. Following the transaction, the chief executive officer now directly owns 115,284 shares of the company’s stock, valued at $8,309,670.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP James Y. Kerr II sold 25,000 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $76.00, for a total value of $1,900,000.00. Following the sale, the executive vice president now directly owns 136,987 shares of the company’s stock, valued at approximately $10,411,012. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Stephen E. Kuczynski sold 14,500 shares of the company’s stock in a transaction dated Friday, June 10th. The stock was sold at an average price of $72.08, for a total transaction of $1,045,160.00. Following the completion of the sale, the chief executive officer now directly owns 115,284 shares in the company, valued at $8,309,670.72. The disclosure for this sale can be found here. Insiders have sold a total of 68,500 shares of company stock valued at $5,083,910 over the last three months. 0.37% of the stock is owned by company insiders.

Institutional Trading of Southern

Hedge funds and other institutional investors have recently modified their holdings of the business. Achmea Investment Management B.V. purchased a new stake in Southern during the 1st quarter valued at about $68,000. Certified Advisory Corp bought a new stake in Southern during the 1st quarter worth approximately $73,000. Parkside Financial Bank & Trust raised its stake in Southern by 33.5% during the 1st quarter. Parkside Financial Bank & Trust now owns 1,727 shares of the utilities provider’s stock worth $126,000 after acquiring an additional 433 shares during the period. Covestor Ltd raised its stake in Southern by 63.0% during the 1st quarter. Covestor Ltd now owns 1,902 shares of the utilities provider’s stock worth $138,000 after acquiring an additional 735 shares during the period. Finally, Bridgefront Capital LLC bought a new stake in Southern during the 1st quarter worth approximately $227,000. 60.58% of the stock is owned by hedge funds and other institutional investors.

Southern Company Profile

(Get Rating)

The Southern Company, through its subsidiaries, engages in the generation, transmission, and distribution of electricity. It operates through Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services segments. The company also develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects and sells electricity in the wholesale market; and distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, as well as provides gas marketing services, wholesale gas services, and gas pipeline investments operations.

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Earnings History and Estimates for Southern (NYSE:SO)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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While Southern currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.

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Brazilian Congress Fails to Vote on Cryptocurrency Bill, Next Discussion Scheduled for September – Regulation Bitcoin News – Bitcoin News

The Brazilian Congress failed to address a proposed cryptocurrency bill this week. While the proposed public policy was indeed on the agenda, the deputy chamber focused on discussing bills that tend to other issues, including health and digital education problems. The digital currency bill is scheduled to be discussed again in September.

Brazilian Congress Sidelines Crypto Bill Discussion

The Brazilian Congress, which had slated for this week the discussion and a possible vote of a proposed cryptocurrency bill, sidelined it to deal with other legislative issues. The deputy chamber, who had recently came back from a vocational period, discussed other bills that included health plans, digital education, and prisoner issues.

The next period of time in which the deputy chamber will be able to discuss this bill will be in September, due to the proximity of the general presidential and legislative ballot. This means that deputies will be focused on their individual campaigns in each of their states, leaving just these periods of time to develop lawmaking duties. These periods are known as concentrated effort windows.

Some parts of the crypto-focused bill have already been cut, including the tax exemptions for green mining companies, as the rapporteur of the law, Expedito Netto, stated that these matters should be addressed in subsequent laws that deal with clean energy issues.

Troubling Situation

While Congress focuses on election matters, people from the cryptocurrency community in Brazil have complained about the situation. Critics noted that this would delay the approval of such a bill and the benefits it may bring to the ecosystem.

Julien Dutra, director of regulatory affairs at 2TM, the holding company of Mercado Bitcoin, one of the biggest exchanges in Brazil, exhorted the deputy chamber to dedicate some time in the next period of concentrated effort to discuss the referred bill. He stated:

With each postponement of the vote, investments and the development of solutions with high potential to change people’s lives are postponed, in addition to the fact that we lose the opportunity to turn off the tap of some serious systemic risks such as fraud prevention, money laundering, and unfair competition.

If the bill gets sidelined again during the next concentrated effort window in September, it is likely that its discussion and approval will be pushed off until after the general ballot that takes place next October.

Recently, the director of the Central Bank of Brazil praised bitcoin (BTC) as the precursor of Web3 technology and talked about giving smart traits to the digital real, the proposed Brazilian central bank digital currency.

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What do you think about the delay of the proposed cryptocurrency bill in Brazil? Tell us your thoughts about this subject in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Diego Grandi, Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Insperity (NYSE:NSP) Updates Q3 2022 Earnings Guidance – MarketBeat

Insperity ( NYSE:NSP – Get Rating ) updated its third quarter 2022 earnings guidance on Tuesday. The company provided earnings per share (E...