Shares of Herbalife (HLF) jumped after hours on Wednesday after the company raised its full-year adjusted profit forecast. The wellness marketing platform raised its full year forecast for adjusted Ebitda - or earnings before interest, taxes, depreciation and amortization - to $550 million to $590 million, from a prior outlook for $540 million to $580 million. The company stuck with its full-year sales forecast for flat to 5% growth.
Thursday, May 2, 2024
Bill Gross Investment Outlook: ' They Just Wanna Sell You a Bond Fund'
Legendary bond and fixed income pioneer William H. (Bill) Gross today released a new Investment Outlook, "They Just Wanna Sell You a Bond Fund." In his latest Outlook, Mr. Gross declares that the "total return" bond fund concept he helped originate and popularize almost four decades ago, "is dead" and that he disagrees with "investment managers touting bullish forecasts for 4.60% 10-year Treasuries."
By way of background, Mr. Gross writes: "This concept of 'total return' was a phrase Pimco originated in the depths of the bond bear market in the early 1980's. Such commonsensical brilliance emanated from a 15%, 30-year Treasury yield and the observation that based on rock bottom durations of 6-7 years they could go to 17.5% before an investor would be in the red. Not slam dunk at the time but close. Thus, managers were able to reverse the past reality of 'certificates of confiscation' for which they were known at the time and produce a 'total return' that was positive. Worked for a long time, until the summer of 2020 when 10-year yields bottomed at 53 basis points and these 'investments' came to resemble Sisyphus headed downhill — 2 steps down, one step back up in price. Because yields were near 0%, not 15%, and durations were now in the 20+ year category, total return was dead."
Bottom line, writes Mr. Gross, "Total Return is dead. Don't let them sell you a bond fund."
Full text of Bill Gross's May 2, 2024, Investment Outlook can be found at his website.
Organogenesis Achieves Primary Endpoint in Phase 3 ReNu® for Knforee Osteoarthritis
- Statistically significant (p=0.0177) reduction in knee pain at six months
- Statistically significant (p<0.0001) maintenance of function at six months
- Transformational opportunity for Organogenesis to enter large and growing pain management market with innovative therapy
- Will address critical unmet medical need for all knee OA patients, including the most severe, if approved
Biden calls Japan, India ‘xenophobic’ on immigration alongside China, Russia
President Biden called Japan and India ‘xenophobic’ at an off-camera campaign fundraiser in Washington, D.C., on Wednesday, lumping the U.S. allies in with China and Russia while making the argument that the United States is right to welcome in immigrants.
“This election is about freedom, America and democracy. That’s why I badly need you. You know, one of the reasons why our economy is growing is because of you and many others. Why? Because we welcome immigrants,” the president said.
“The reason — look, think about it. Why is China stalling so badly economically? Why is Japan having trouble? Why is Russia? Why is India? Because they’re xenophobic. They don’t want immigrants. Immigrants are what makes us strong. Not a joke; that’s not hyperbole. Because we have an influx of workers who want to be here and want to contribute,” he added, according to a pool report.
Biden has been hit relentlessly by Republicans over immigration, which is among a host of issues key to the 2024 election.
Biden has previously hit China for its lack of immigration as a reason for its economic troubles but hasn’t criticized Japan, which is a key ally in Asia. He’s also had choice words for Russia, particularly during its war with Ukraine.
In including India and Japan alongside with China and Russia, Biden lumped in two counties considered key allies, particularly when it comes to combating China.
Biden has hosted leaders of both countries at the White House in the last year. He hosted Indian Prime Minister Narendra Modi in June 2023 and Japanese Prime Minister Fumio Kishida last month. Both were also treated to state dinners.
DeSantis signs bill banning lab-grown meat
Florida Gov. Ron DeSantis (R) signed a bill banning lab-grown meat in his state Wednesday, in what he described as an effort to “save our beef.”
“Today, Florida is fighting back against the global elite’s plan to force the world to eat meat grown in a petri dish or bugs to achieve their authoritarian goals,” DeSantis said in a press release Wednesday. “Our administration will continue to focus on investing in our local farmers and ranchers, and we will save our beef.”
The bill, S.B. 1084, makes it “unlawful” for people to “manufacture for sale, sell, hold or offer for sale, or distribute” lab-grown meat in Florida.
“Florida is taking a tremendous step in the right direction by signing first-in-the-nation legislation banning lab-grown meat,” Florida Commissioner of Agriculture Wilton Simpson (R) said in the press release.
“We must protect our incredible farmers and the integrity of American agriculture. Lab-grown meat is a disgraceful attempt to undermine our proud traditions and prosperity, and is in direct opposition to authentic agriculture,” Simpson continued.
Good Meat, which describes itself on its website as “the first company in the world to sell cultivated meat,” said it was “disappointed” that DeSantis “signed into law the criminalization of cultivated meat in” the Sunshine State.
“In a state that purportedly prides itself on being a land of freedom and individual liberty, its government is now telling consumers what meat they can or cannot purchase,” Good Meat said in a post on the social platform X.
“The law is a setback for everyone: Floridians who deserve the right to eat whatever safe and approved meat they want; Florida’s technology sector, innovators and entrepreneurs; and all those working to stop the worst impacts of climate change,” the post continues.
https://thehill.com/homenews/state-watch/4638590-desantis-signs-bill-banning-lab-grown-meat/
'Menendez lawyers tie cash, gold found in home to psychological trauma'
Attorneys for Sen. Bob Menendez (D-N.J.) argued Wednesday that the large trove of cash and gold discovered by law enforcement in a raid on his home isn’t from corrupt deals, but instead a result of generational trauma and a habit to hoard reserves.
Menendez, his wife and two business partners were charged last year in a sweeping corruption case, alleging the senator sold influence and received hundreds of thousands of dollars in cash, gold and gifts in return.
His defense argued in a filing Wednesday that the discovery of $480,000 cash and 13 gold bars at his home was from a habit rooted in psychological trauma tied to his father’s suicide and a family history of confiscated property in Cuba.
His attorneys have requested that a psychologist be called into the trial to question Menendez on the claims. Prosecutors have resisted the idea.
The psychologist is “expected to testify that Senator Menendez suffered intergenerational trauma stemming from his family’s experience as refugees, who had their funds confiscated by the Cuban government and were left with only a small amount of cash that they had stashed away in their home,” the filing reads.
Menendez also “experienced trauma when his father, a compulsive gambler, died by suicide after Senator Menendez eventually decided to discontinue paying off his father’s gambling debts,” the filing continued.
It describes hoarding cash and gold at home as a “coping mechanism” from trauma which never received treatment.
The filing follows similar claims from Menendez made short after the charges were filed last year. He initially explained away the cash and gold findings by saying the habit was common among immigrant families, adding it was intended for “emergencies.”
Prosecutors said the request for a psychologist is merely an attempt to bias the jury to “engender sympathy based on his family background, in the guise of expert testimony.”
Menendez and his wife face separate trials in the case. All four defendants have pleaded not guilty to the charges.
The senator’s trial is scheduled to start May 13.
Taylor Swift, Drake reps bring music back to TikTok with new deal
Music from artists represented by Universal Music Group will return to TikTok after reaching a new licensing deal, the companies announced Wednesday.
Universal, which represents artists including Billie Eilish, Drake and Taylor Swift, pulled their artists’ music from TikTok in February after failing to reach a new licensing deal over disputes about monetizing artists and artificial intelligence (AI) protections.
The new agreement, which includes commitments around AI protections, means music from the artists will return to the platform.
Some music from artists under the label, including songs by Taylor Swift, had already returned despite the dispute, Variety reported.
As part of the new agreement, Universal Media Group and TikTok will work together to “realize new monetization opportunities” that use TikTok’s e-commerce capabilities, the companies announced.
Universal Media Group and TikTok will also work together to ensure AI development in the music industry will protect human artists and the flow of money to artists and songwriters.
TikTok will also commit to work with the music label to remove unauthorized AI-generated music from the platform, according to the announcement.
Universal Music Group CEO Lucian Grange said in a statement the label looks forward to “collaborating with the team at TikTok to further the interests of our artists and songwriters and drive innovation in fan engagement while advancing social music monetization.”
TikTok CEO Shou Chew called music an integral part of the TikTok ecosystem.
“We are committed to working together to drive value, discovery and promotions for all of UMG’s amazing artists and songwriters, and deepen their ability to grow, connect and engage with the TikTok community,” Chew said in a statement.
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