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Israel pushes back into northern Gaza, ups military pressure on Rafah

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By Nidal al-Mughrabi

CAIRO (Reuters) -Israel sent tanks into eastern Jabalia in the northern Gaza Strip early on Sunday after a night of heavy aerial and ground bombardments, killing 19 people and wounding dozens of others, Palestinian health officials said.

The death toll in Israel’s military operation in Gaza has now passed at least 35,000 Palestinians, according to Gaza’s health ministry. The bombardment has laid waste to the coastal enclave and caused a deep humanitarian crisis.

The war was triggered by a Hamas-led attack on southern Israel on Oct. 7 in which some 1,200 people were killed and more than 250 people taken hostage, according to Israeli tallies.

Israel says 620 soldiers have been killed in the fighting, more than half of them during the initial Hamas assault.

Jabalia is the biggest of Gaza’s eight historic refugee camps and is home to more than 100,000 people, most of whom were descendants of Palestinians who were driven from towns and villages in what is now Israel during the 1948 Arab-Israeli war that led to the creation the state of Israel.

Late on Saturday, the Israeli military said forces operating in Jabalia were preventing Hamas, which rules Gaza, from re-establishing its military capabilities there.

“We identified in the past weeks attempts by Hamas to rehabilitate its military capabilities in Jabalia. We are operating there to eliminate those attempts,” Israeli military’s spokesperson Admiral Daniel Hagari told reporters.

Hagari also said Israeli forces operating in Gaza City’s Zeitoun district killed about 30 Palestinian militants.

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Israeli forces thrust deep into Jabalia camp, deeper than the first time when they invaded northern Gaza, with tanks close to the local market, residents said. They also reported the fiercest gun battles in months there.

“They were bombing everywhere, including near schools that are housing people who lost their houses,” Jabalia resident Saed, 45, told Reuters via a chat app. “War is restarting, this is how it looks in Jabalia.”

The army sent tanks back into Zeitoun, as well as Al-Sabra, where residents also reported heavy bombardments that destroyed several houses, including high-rise residential buildings.

The army had claimed to have gained control of most of these areas months ago.

The Israeli Defence Forces said air sirens had sounded in the southern Kerem Shalom area and it had successfully intercepted two rockets launched from the vicinity of Rafah. It said there were no injuries and no damage reported.

Later on Sunday, sirens sounded in the Israeli city of Ashkelon as a result of incoming rocket fire from Gaza, which signalled militants there were still able to launch rocket attacks after over seven months of war.

Hamas’s Al-Aqsa TV said on its telegram account, the rockets were launched from Jabalia, despite the active army raid.

GUNFIGHT ON DEIR AL-BALAH OUTSKIRTS

Tanks did not invade eastern Deir Al-Balah city, residents and Hamas media said, but some Israeli tanks and bulldozers penetrated the fence on the outskirts of the city prompting a gunfight with Hamas fighters.

In an air strike late on Saturday in Deir Al-Balah two doctors, a father and his son, were killed, health officials said.

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The armed wing of Hamas and the Islamic Jihad said their fighters attacked Israeli forces in several areas inside Gaza with anti-tank rockets and mortar bombs, including in Rafah, previously the Palestinians’ last refuge where more than a million people were sheltering.

The Palestinian Telecommunication company said internet services in southern areas of Gaza had resumed after several hours of cuts which it blamed on the ongoing Israeli “aggression”.

On Sunday, more families, estimated in the thousands, were leaving Rafah as the Israeli military pressure intensified. Tank shells landed across the city as the army gave new evacuation orders covering some neighbourhoods in the centre of the city, which borders Egypt.

Israel’s military said on Sunday it had opened a new crossing in northern Gaza, called “Western Erez”, to transfer humanitarian aid to the strip.

“As I moved out of Rafah, I passed through Khan Younis, I cried,” said Tamer Al-Burai, a resident from Gaza, who had been sheltering in Rafah.

“I saw a ghost city, all buildings on the two sides of the road, complete districts were wiped out. People are fleeing for safety, knowing there was no place safe, and there are no tents and no people to care for them,” he told Reuters.

Burai, a Palestinian businessman, said the Palestinians were abandoned by the world , with world powers failing to end hostilities and international mediation efforts to reach a ceasefire collapsing over Hamas and Israel disputes.

“No ceasefire, no U.N. decision, no hope,” he said.

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Egypt’s Foreign Minister Sameh Shoukri said Cairo would continue its mediation between Israel and Hamas and urged the two sides to show the flexibility and the will needed to reach a deal.

(Reporting and writing by Nidal al-Mughrabi in Cairo; Additional reporting by Nayera Abdallah in Dubai, Emily Rose and Maytaal Angel in Jerusalem; Editing by Sharon Singleton and Tomasz Janowski)

Stock Markets

Billionaire hedge fund manager Loeb shifts portfolio, eyes possible Republican U.S. election wins

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By Svea Herbst-Bayliss

NEW YORK (Reuters) – Billionaire investor Daniel Loeb adjusted his portfolio to capture a potential boom in corporate activity after the Nov. 5 U.S. election where he expects the Republican Party will chalk up wins.

Loeb believes the Republican presidential candidate, Donald Trump, is more likely to win the White House and that his party’s policies could help boost financial markets.

“The likelihood of a Republican victory in the White House has increased, which would have a positive impact on certain sectors and the market overall,” Loeb wrote to investors in his hedge fund Third Point on Thursday. Reuters obtained a copy of the letter.

Third Point has made stock and option purchases and increased positions that “could benefit from such a scenario” while also shifting the “portfolio away from companies that will not,” the letter said. He did not elaborate on what trades the firm has been making.

A Reuters/Ipsos poll this week found that Democratic Vice President Kamala Harris held a marginal lead of three percentage points over Trump as the two stayed locked in a tight race.

Even if Trump loses, Loeb expects the Republican Party will establish a majority in the U.S. Senate which he expects can limit the “economic downside of a “Blue Sweep” by the Democratic party.

Many large investors have expressed concern about the Democrats’ economic and fiscal proposals and Loeb wrote that the party’s plans could result in “crushing taxes,” and “stifling regulations” that could hurt growth.

Wall Street has long held out for a rebound in mergers and acquisitions activity and Loeb wrote that fewer regulations and the elimination of the current administration’s “activist antitrust stance” will “unleash productivity and a wave of corporate activity.”

Since January, Loeb’s flagship fund has returned roughly 14% with the broader stock market index gaining about 23.6%.

© Reuters. FILE PHOTO: Hedge fund manager Daniel Loeb speaks during a Reuters Newsmaker event in Manhattan, New York, U.S., September 21, 2016. REUTERS/Andrew Kelly/File Photo

Turning to the broader economy, Loeb said that interest rates still need to come down, at a time there is no evidence of a looming recession and as inflation is slowing.

But he also thinks markets should remain underpinned by healthy consumer spending and active levels of individual investing.

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NYMTM stock hits 52-week high at $24.55 amid market rally

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In a robust display of market confidence, New York Mortgage (NASDAQ:) Trust Inc Preferred (NYMTM) stock has soared to a 52-week high, reaching a price level of $24.55. This milestone underscores a significant period of growth for the company, which has witnessed an impressive 1-year change with an increase of 13.71%. Investors have shown increased interest in NYMTM, rallying behind the stock as it climbs to new heights, reflecting a strong performance in the face of market dynamics. The 52-week high serves as a testament to the company’s resilience and the positive sentiment surrounding its financial prospects.

InvestingPro Insights

New York Mortgage Trust Inc Preferred (NYMTM) has reached a significant milestone with its stock price hitting a 52-week high. This achievement is particularly noteworthy given the company’s current financial landscape. According to InvestingPro data, NYMTM boasts a substantial dividend yield of 8.07%, which aligns with one of the InvestingPro Tips highlighting that the company “pays a significant dividend to shareholders.” This attractive yield may be a key factor driving investor interest and contributing to the stock’s recent performance.

Despite the stock’s strong showing, it’s important to note that NYMTM faces some challenges. The company’s revenue for the last twelve months stands at $151.99 million, with a concerning operating income margin of -32.06%. This negative margin correlates with another InvestingPro Tip indicating that “analysts do not anticipate the company will be profitable this year.”

For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide valuable insights into NYMTM’s financial health and future prospects. These additional tips could be particularly useful for understanding the stock’s potential trajectory beyond its current 52-week high.

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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Isabella Bank Corp director Jill Bourland acquires shares worth $199

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In a recent transaction, Jill Bourland, a director at Isabella Bank Corp (OTC:ISBA), acquired additional shares of the company’s common stock. The transaction, dated October 16, 2024, involved the purchase of 9.5238 shares at a price of $21 per share, totaling approximately $199.

Following this acquisition, Bourland’s total direct ownership in Isabella Bank increased to 4,872.5363 shares. This figure includes shares acquired through the company’s quarterly dividend reinvestment program, as noted in the filing.

Isabella Bank Corp, headquartered in Mount Pleasant, Michigan, operates as a state commercial bank. The bank continues to focus on providing financial services to its local community and beyond.

In other recent news, Isabella Bank Corp revealed a potential loss of around $1.6 million due to negative balances in deposit accounts linked to a single customer. The total exposure to this customer, including loans and lines of credit, amounts to $4.0 million. Piper Sandler maintained a Neutral rating on the bank’s shares following this disclosure. The bank also declared a third-quarter cash dividend of $0.28 per common share. In addition, Piper Sandler raised its price target for Isabella Bank from $20.00 to $22.00 and increased its earnings per share estimates for 2024 and 2025 to $1.80 and $2.10, respectively. These recent developments underscore the bank’s commitment to enhancing shareholder value and its resilience in navigating challenging situations.

InvestingPro Insights

As Jill Bourland increases her stake in Isabella Bank Corp (OTC:ISBA), investors may find additional context in the company’s financial metrics and market performance. According to InvestingPro data, Isabella Bank currently boasts a market capitalization of $158.11 million and trades at a price-to-earnings ratio of 9.81, suggesting a potentially attractive valuation relative to earnings.

The bank’s dividend policy stands out as a key strength. An InvestingPro Tip highlights that Isabella Bank has maintained dividend payments for 17 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the current dividend yield of 5.27%, which may be particularly appealing to income-focused investors in the current market environment.

Despite a challenging economic backdrop, Isabella Bank remains profitable, with an operating income margin of 26.1% for the last twelve months as of Q2 2024. However, another InvestingPro Tip indicates that net income is expected to drop this year, which investors should monitor closely.

It’s worth noting that Isabella Bank’s stock is trading near its 52-week high, with the current price at 95.51% of that peak. This performance aligns with the company’s recent positive price returns, including a 20.91% total return over the past six months.

For investors seeking a deeper understanding of Isabella Bank’s financial health and market position, InvestingPro offers additional insights with over 10 more tips available for this stock.

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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