Stock Markets
VP Harris hits fundraising trail amid ongoing calls for Biden to leave race
By Trevor Hunnicutt and Jeff Mason
JOINT BASE CAPE COD, Massachusetts/REHOBOTH BEACH, Delaware (Reuters) -U.S. Vice President Kamala Harris will headline a fundraiser in Massachusetts on Saturday as President Joe Biden faces continued pressure from fellow Democrats and big money donors to end his floundering campaign.
Biden and top aides on Friday vowed to continue with the campaign, even as major donors signaled they were unwilling to open their checkbooks unless the 81-year-old president stepped aside.
The crisis of confidence in Biden’s ability to win the Nov. 5 election has placed a huge spotlight on Harris, widely believed to be the most likely replacement if he steps down.
Her fundraising events, including the one on Saturday in Provincetown, Massachusetts, are getting added interest from donors who want to signal they are willing to coalesce around her potential bid for the White House, according to three Democratic fundraisers.
The fundraiser, expected to fetch $2 million, is being hosted by celebrity wedding planner Bryan Rafanelli and is expected to draw some 800 people, according to a source familiar with the planning.
Transportation Secretary Pete Buttigieg is expected to speak at the event, with celebrities and singers such as Jennifer Coolidge, Billy Porter and Darren Criss among the guests, the source said.
Thirty-five congressional Democrats, representing more than 10% of the party’s members in Congress, have now publicly called on Biden, who is isolating at his Delaware home with a case of COVID-19, to drop out following a disastrous debate last month against Republican former President Donald Trump that raised questions about the incumbent’s ability to win the election or carry out his duties for another four years.
Biden’s doctor on Saturday said the president still has mild COVID-19 symptoms, such as a cough and hoarse voice, but his vital signs are normal and he continues to perform his duties.
Democratic former President Bill Clinton and former U.S. Secretary of State Hillary Clinton have privately been supportive of Biden’s decision to stay in the race and have been actively encouraging donors to stay with him, NBC News reported on Saturday, citing two sources familiar with the matter.
Separately, U.S. Representative Mark Takano of California on Saturday became the latest Democratic congressman to call on Biden to step aside as a presidential candidate.
MORE FUNDRAISERS SCHEDULED
Biden’s campaign hoped to raise some $50 million in big-dollar donations in July for the Biden Victory Fund but was on track for less than half that figure as of Friday, according to two sources familiar with the fundraising efforts.
The campaign called reports of a July fundraising slump overstated, noting that it anticipated a drop-off in large donations due to vacations. It said the campaign still has 10 fundraisers on the schedule this month.
Harris assured major Democratic donors on Friday that the party would prevail in the presidential election as more lawmakers called for Biden to stand down.
“We are going to win this election,” she said on a call arranged on short notice to calm donors, according to a person on the call. “We know which candidate in this election puts the American people first: Our president, Joe Biden.”
Harris attended the call “at the direct request of senior advisers to the president,” one of the people said, an account confirmed by another person familiar with the matter.
Stock Markets
Billionaire hedge fund manager Loeb shifts portfolio, eyes possible Republican U.S. election wins
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%.
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.
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.
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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