Stock Markets
Sydney knife attacker had mental health issues, ideology not motive, police say
By Scott Murdoch and Alasdair Pal
SYDNEY (Reuters) -The man who fatally stabbed six people in Sydney had mental health issues in the past and there is no indication ideology was a motive in the attack in one of the city’s busiest shopping centres, police said on Sunday.
The attacker, identified by police as 40-year-old Joel Cauchi, was known to police in the neighbouring state of Queensland, and police have spoken to his family after Saturday’s attack, according to police from New South Wales and Queensland states.
Cauchi’s family recognised him and contacted police on Saturday after seeing news reports of the killings.
“The family, when they viewed footage of the event on TV, thought that may well have been their son and they reached out to authorities,” said Queensland Police Assistant Commissioner Roger Lowe.
The family said they were devastated by his actions, expressing condolences to the victims and the police officer who shot him dead.
“Joel’s actions were truly horrific, and we are still trying to comprehend what has happened,” the family said in a statement. “He has battled with mental health issues since he was a teenager.”
‘TERRIBLE SCENE’
Witnesses described how Cauchi, wearing shorts and an Australian national rugby league jersey, ran through the Westfield Bondi Junction mall with a knife.
He fatally stabbed six people and injured at least 12 before he was killed by Inspector Amy Scott, who confronted him solo while he was on the rampage.
Some shoppers and staff at the mall in Sydney’s east tried to stop him and crowds sheltered in shuttered shops.
“This was a terrible scene,” New South Wales Police Assistant Commissioner Anthony Cooke told reporters.
“There is still to this point nothing that we have, no information we received, no evidence we have recovered or intelligence that we have gathered that would suggest that this was driven by any particular motivation, ideology or otherwise.”
Cauchi had recently moved to Sydney, the capital of New South Wales, from neighbouring Queensland. Police said they had searched a small storage facility he had been renting but found no major evidence to indicate an attack was coming.
He had been diagnosed with mental health issues when he was 17 and had been in contact with police frequently in the past four to five years, said Lowe of the Queensland police. Cauchi had not been arrested or charged with any crimes in Queensland, he added.
Cauchi led an itinerant lifestyle, had recently been sleeping in his car and had only infrequently stayed in touch with his mother via text messages, Lowe said.
Attacks such as Saturday’s stabbing are rare in Australia, a country of about 26 million people with some of the world’s toughest gun and knife laws.
TRIBUTES GROW
Five of the six people killed were women, police said on Sunday, while those taken to hospital with stab wounds included a nine-month-old baby, who was in a serious but stable condition.
The baby’s mother, Ashlee Good, died in hospital from her injuries, her family said in a statement.
Faraz Tahir, a 30-year-old security guard at the mall who was the sole man killed during the attack, arrived in the country last year as a refugee from Pakistan, according to a statement from the Ahmadiyya Muslim Community of Australia, to which he belonged.
There was a heavy police presence on Sunday at the mall, which was closed to shoppers, with nearby streets cordoned off. A mound of floral tributes to the victims began to grow, with mourners arriving every few minutes.
“The individual stories of those who have been killed, the complete strangers rushing in to help as well as acts of courage and bravery mean that – whether you know the individuals who have been killed or not – you’re grieving today,” said New South Wales state Premier Chris Minns.
“The entire state will get behind those families in the days ahead as they recover and go through the inevitable grief of such a horrifying event.”
Britain’s King Charles, who is Australia’s head of state, posted on the royal family’s X account: “Our hearts go out to the families and loved ones of those who have been so brutally killed during such a senseless attack.”
Prime Minister Anthony Albanese said he had received condolence messages from all over the globe, adding that the attack had highlighted the bravery of ordinary citizens.
“We have seen the footage of ordinary Australians putting themselves in harm’s way in order to help their fellow citizens. That bravery was quite extraordinary,” said on Sunday. “It’s the best of Australians amidst this tragedy.”
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.
remove ads
.
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.
Use the exclusive coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more valuable insights to guide your investment strategy.
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.
remove ads
.
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.
remove ads
.
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.
Forex2 years agoForex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex1 year ago
Unbiased review of Pocket Option broker
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Stock Markets2 years ago
Morgan Stanley: bear market rally to continue
- Economy2 years ago
Crude oil tankers double in price due to EU anti-Russian sanctions
