Stock Markets
CIA’s Burns: armed mutiny shows damage Putin has done to Russia
© Reuters. A view of debris of a downed Russian military plane, purportedly shot down by Wagner troops, in a field near Bugaevka, Voronezh Region, Russia, June 24, 2023, in this screengrab from social media video obtained by REUTERS
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By Guy Faulconbridge
(Reuters) -U.S. CIA Director William Burns said on Saturday that the armed mutiny by mercenary leader Yevgeny Prigozhin was a challenge to the Russian state that had shown the corrosive effect of President Vladimir Putin’s war in Ukraine.
Putin this week thanked the army and security forces for averting what he said could have turned into a civil war, and has compared the mutiny to the chaos that plunged Russia into two revolutions in 1917.
For months, Prigozhin had been openly insulting Putin’s most senior military men, using a variety of crude expletives and prison slang that shocked top Russian officials but were left unanswered in public by Putin.
“It is striking that Prigozhin preceded his actions with a scathing indictment of the Kremlin’s mendacious rationale for the invasion of Ukraine and of the Russian military leadership’s conduct of the war,” Burns said in a lecture to Britain’s Ditchley Foundation – a non-profit foundation focused on U.S.-British relations – in Oxfordshire, England.
“The impact of those words and those actions will play out for some time – a vivid reminder of the corrosive effect of Putin’s war on his own society and his own regime.”
Burns, who served as U.S. ambassador to Russia from 2005 to 2008 and was appointed CIA director in 2021, cast Prigozhin’s mutiny as an “armed challenge to the Russian state”.
He said the mutiny was an “internal Russian affair in which the United States has had and will have no part.”
Since a deal was struck a week ago to end the mutiny, the Kremlin has sought to project calm, with the 70-year-old Putin discussing tourism development, meeting crowds in Dagestan, and discussing ideas for economic development.
CIA RECRUITMENT
Russia will emerge stronger after the failed mutiny so the West need not worry about stability in the world’s biggest nuclear power, Foreign Minister Sergei Lavrov said on Friday.
But Burns said that the war had already been a strategic failure for Russia by laying bare its military weakness and damaging the Russian economy for years to come, while the NATO military alliance was growing bigger and stronger.
Burns said Russia’s “future as a junior partner and economic colony of China” was being shaped “by Putin’s mistakes.”
He said disaffection in Russia with the war in Ukraine was creating a rare opportunity to recruit spies – and the CIA was not letting it pass.
“Disaffection with the war will continue to gnaw away at the Russian leadership beneath the steady diet of state propaganda and practiced repression,” Burns said.
“That disaffection creates a once-in-a-generation opportunity for us at the CIA – at our core a human intelligence service. We’re not letting it go to waste.”
The Kremlin said in May that its agencies were tracking Western spy activity after the CIA published a video encouraging Russians to make contact via a secure internet channel.
The short video in Russian was accompanied by a text saying the agency wanted to hear from military officers, intelligence specialists, diplomats, scientists and people with information about Russia’s economy and its leadership.
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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