Stock Markets
Fierce fighting in Gaza as war hits 100 days
© Reuters. Trails of smoke are seen in the sky, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, as seen from Israel, January 14, 2024. REUTERS/Amir Cohen
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By Nidal al-Mughrabi and Fadi Shana
DOHA/GAZA (Reuters) -Israeli tanks and aircraft hit targets in southern and central Gaza on Sunday and there were fierce gun battles in some areas as the war reached 100 days since the Oct. 7 attack led by gunmen from the Islamist Hamas movement.
Communications and internet services were down for the third day running, complicating the work of emergency and ambulance crews trying to help people in areas hit by fighting.
The clashes were concentrated in the southern city of Khan Younis, where Hamas said its fighters hit an Israeli tank, as well as in Al-Bureij and Al Maghazi in central Gaza, where the military said several fighters were killed.
The military also said it destroyed several silos used by Hamas to fire missiles at Israel. Hamas showed it retained rocketry capacity, launching a fresh salvo at Ashdod, an Israeli town 40 km (25 miles) away. There was no word of any casualties.
Over the past 24 hours, the Gaza health ministry said 125 people had been killed and 265 wounded, bringing the total number confirmed to have been killed since the start of the war to almost 24,000, with more than 60,000 wounded.
Israel’s military said it has killed around 9,000 Palestinian fighters, and lost 189 soldiers, in the Gaza war so far.
Speaking through video link to a conference in Istanbul, Hamas leader Ismail Haniyeh praised the Oct. 7 attack by the group’s fighters who rampaged through Israeli communities around the Gaza Strip, killing more than 1,200 people and seizing around 240 hostages, according to Israeli tallies.
“We are not seekers of wars. We are seekers of freedom,” he said, saying the attack was, in part, a response to the blockade Israel and neighbouring Egypt placed on the Gaza Strip after Hamas seized control of the territory in 2007.
The Iranian-backed group is sworn to Israel’s destruction.
NEW PHASE OF WAR
The Israeli military says it has shifted to a new phase of the war, focused on the southern end of the territory, where almost 2 million people are now sheltering in tents and other temporary accommodation, after the initial phase centred on clearing the northern end including Gaza City.
In the northern Gaza Strip, health officials said an Israeli air strike killed a local journalist, raising the number of journalists killed in the Israeli offensive to more than 100, according to the Gaza government media office.
In a statement on Dec. 16, in response to the death of a journalist in Gaza, the Israeli army said it “has never, and will never, deliberately target journalists”.
Prime Minister Benjamin Netanyahu has brushed off calls for a ceasefire, saying Israel will keep going until it achieves complete victory over Hamas and recovers 132 remaining hostages.
The military says, though, the next phase of the war will see months of more targeted operations against the movement’s leaders and positions.
On Israel’s northern border with Lebanon, where there has been a constant, low-level exchange of fire between troops and fighters from the Iran-backed Hezbollah militia, the military said it killed four armed militants trying to cross the border.
It said several anti-tank missiles were fired into northern Israel, one of which hit a house in Kfar Yuval village. Medical officials said a 76-year-old woman and her son were killed. The son was in the village’s security squad, the military said.
The war in Gaza has also stoked violence in the Israeli-occupied West Bank. The Palestinian health officials said Israeli forces killed three Palestinians, including a 14-year-old boy, in incidents in Hebron and Jericho in the West Bank.
The military said two Palestinians in a car rammed through one of its checkpoints near Hebron and opened fire on pursuing troops. They were killed by return fire, the military said. Asked about the boy killed in Jericho, it said soldiers had shot at Palestinians who threw explosives devices at them.
In Rafah in the southern Gaza Strip, Nana, a 17-year-old high school student displaced from northern Gaza, said 100 days of war “turned our life upside down.”
“We demand the occupation not only to end the war but also compensation for the psychological damage of displacement and the hardships endured,” she said.
(Reporting and writing by Nidal al-Mughrabi in Doha, Fadi Shana in Gaza; Additional reporting by Ari Rabinovitch in Jerusalem, Ali Sawafta in Ramallah; Editing by Tomasz Janowski, Hugh Lawson and Sharon Singleton)
On Friday, Argus increased its stock price target on Rithm Capital Corp. (NYSE: RITM) to $13.00, up from the previous $12.00, while reaffirming its Buy rating on the stock. The firm highlighted the company’s ongoing transformation and expansion efforts as the rationale behind the revised target price.
Rithm Capital, which rebranded from New Residential Investment Corp. in August 2022, has since transitioned to internal management after previously being managed by Fortress Investment Group. This change is part of a broader transformation of the company’s business model initiated following the financial crisis in late March 2020.
The company has been actively growing its mortgage servicing operations and seizing new debt-related investment opportunities. In its expansion efforts, Rithm Capital has acquired a 50% interest in GreenBarn Investment Group, a commercial real estate equity and debt investment management firm.
Further bolstering its portfolio, Rithm Capital has also made significant acquisitions, including purchasing $1.4 billion worth of Marcus consumer loans from Goldman Sachs for $145 million. Moreover, the company has completed the acquisition of Computershare Mortgage Services Inc. and its affiliates, including Specialized Loan Servicing LLC (SLS), for an approximate total of $720 million.
Completing its notable transactions, Rithm Capital finalized the acquisition of the $33 billion alternative asset manager Sculptor Capital Management (NYSE:) in the fourth quarter of 2023. These strategic moves have contributed to the firm’s positive outlook on Rithm Capital’s stock and its increased price target.
InvestingPro Insights
In light of Argus’s stock recent price target increase for Rithm Capital Corp. (NYSE: RITM), InvestingPro data further supports the optimistic outlook. Rithm Capital’s market capitalization stands at a robust $5.55 billion, while maintaining an attractive P/E ratio of 7.41, indicating that the stock may be undervalued relative to its earnings.
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The company’s significant dividend yield of 8.73% as of the last recorded date, coupled with a history of maintaining dividend payments for 12 consecutive years, reflects a strong commitment to shareholder returns.
InvestingPro Tips suggest that while analysts have revised earnings downwards for the upcoming period, the company’s stock price movements have been quite volatile, trading near its 52-week high. This could present opportunities for investors looking for value plays with substantial dividend income.
Moreover, with a notable year-to-date price total return of 9.73%, and an impressive 55.73% return over the last year, Rithm Capital’s performance has been strong. For those seeking more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/RITM, offering insights that could help investors make more informed decisions.
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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
On Friday, JPMorgan upheld its Overweight rating on CK Infrastructure Holdings (1038:HK) (OTC: CKISY) with a consistent price target of HK$50.00. The firm’s analysis was based on a review of the company’s financial year 2023 results and current operating trends. Adjustments were made to the earnings forecasts for the years 2024 and 2025, with a slight reduction for 2024 by 2% and an increase for 2025 by 2%. These revisions take into account the influence of regulatory changes, inflation, and fluctuating exchange rates on the company’s regulated assets, particularly in the United Kingdom, Australia, and other regions.
The updated model reflects the latest developments and anticipates the potential financial impact on CK Infrastructure. The firm has decided to roll forward its price target to June 2025, while maintaining the previous target of HK$50. The Overweight rating suggests that JPMorgan continues to view the stock favorably in comparison to the sector average.
CK Infrastructure Holdings, which operates a diversified portfolio of infrastructure businesses, has been assessed for its performance and outlook in light of various external factors. The company’s exposure to regulatory resets and economic conditions in different geographies necessitates a nuanced understanding of its earnings potential.
The revised earnings estimates are a direct result of the firm’s comprehensive evaluation of the company’s regulated assets. These assets, which are subject to oversight by regulatory bodies, can be affected by policy changes and economic shifts, such as inflation and currency exchange rates.
JPMorgan’s reaffirmation of the Overweight rating indicates confidence in CK Infrastructure’s ability to navigate the complexities of its operating environment. The price target of HK$50 remains unchanged, signaling the firm’s belief in the company’s value proposition and its prospects for the future.
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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
On Friday, Argus maintained a Buy rating on Ashland Inc . (NYSE: NYSE:) and increased the stock’s price target to $118 from $109. This adjustment suggests a potential total return of approximately 21%, including dividends, based on the current share prices.
The specialty chemicals and additives provider has experienced underwhelming operational and financial performance over recent quarters, including the second quarter of 2024. This was attributed to slower economic growth in key regions such as China, Europe, and parts of Asia. These areas faced challenges due to soft customer demand and ongoing inventory destocking by suppliers, which adversely affected Ashland’s revenue and profit margins.
Despite these challenges, there have been positive signs in the last quarter indicating a shift in market conditions. Ashland’s management has reported a gradual increase in demand across most of the company’s end markets.
According to Argus, this improvement is a result of the destocking cycle nearing its end and customer demand beginning to rise, which are seen as favorable trends for Ashland’s future growth.
The revised stock price target reflects the analyst’s confidence in Ashland’s recovery trajectory as the market dynamics that previously hindered the company’s performance are starting to reverse. The upward revision in the price target is based on the expectation of a continued recovery in customer demand patterns and the conclusion of inventory destocking.
Investors and market watchers will be monitoring Ashland’s progress closely, as the company aims to capitalize on the improving demand in its various markets and work towards delivering value to its shareholders.
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InvestingPro Insights
As Argus maintains a positive outlook on Ashland Inc. (NYSE: ASH), highlighting the potential for a 21% total return, InvestingPro data provides additional insights into the company’s financial health and market performance.
Ashland’s management’s aggressive share buyback strategy and a high shareholder yield are noteworthy, as noted by InvestingPro Tips. Furthermore, the company’s consistent dividend growth, with dividends raised for five consecutive years and maintained for 54 years, underscores its commitment to shareholder returns.
From a market perspective, Ashland’s stock is trading near its 52-week high, with analysts predicting profitability for the year. The company’s strong liquidity position, with liquid assets surpassing short-term obligations, is reassuring for investors.
Key financial metrics include a market capitalization of $4.98 billion, a P/E ratio of 26.25, and a dividend yield of 1.64%. Despite a decline in revenue growth over the last twelve months, the stock has experienced a significant price uptick, with a 29.41% total return over the last six months.
For those considering a deeper analysis of Ashland, InvestingPro offers additional insights. There are currently 11 more InvestingPro Tips available for Ashland Inc., which can be accessed by visiting https://www.investing.com/pro/ASH. To enhance your investing strategy with these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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