Stock Markets
Explosive cases flow to US Supreme Court from ‘bold’ regional court
By Andrew Chung
(Reuters) – When three conservative judges sitting on a New Orleans-based U.S. appeals court declared the funding mechanism approved by Congress for the federal consumer financial watchdog agency unconstitutional, they said the nation’s history of separating powers among the branches of government compelled their ruling.
It turns out these judges – all appointed by Republican former President Donald Trump – got the history wrong, the U.S. Supreme Court decided on May 16 in a 7-2 decision authored by conservative Justice Clarence Thomas, saving the Consumer Financial Protection Bureau from an existential threat.
It was one of several far-reaching decisions by the 5th U.S. Circuit Court of Appeals that the Supreme Court has reviewed during its current term, which began in October and is expected to conclude by the end of June.
The Supreme Court, which itself has a 6-3 conservative majority, has yet to issue rulings in most of this term’s highest-profile cases arising from the 5th Circuit, including one on the abortion pill and two on gun rights.
“It speaks to the importance of those cases that they’re getting put off towards the end,” said Adam Feldman, a legal scholar who tracks court data on his Empirical SCOTUS blog. “When you have these polarizing decisions coming out of the 5th Circuit, there’s probably a lot of movement on both sides of the (Supreme Court) to look at those, and so it’s like a fight for those middle votes.”
The Supreme Court is set to issue its next rulings on Thursday and Friday.
The 5th Circuit is one of the 13 federal appellate courts – and perhaps the most conservative of them – that are one step below the Supreme Court. It handles appeals from federal trial courts in the Republican-led states of Louisiana, Mississippi and Texas.
Cases from the 5th Circuit have represented an increasing share of the Supreme Court’s workload in recent years, according to Feldman. It heard 10 cases from the 5th Circuit this term, deciding two thus far, including the CFPB reversal. The only lower court with more cases reviewed, at 12, is the San Francisco-based 9th Circuit, which spans nine western states including California and two U.S. territories.
‘A FAVORABLE FORUM’
The fact that such a panoply of cases covering hot-button issues is coming out of the 5th Circuit is the result of conservative plaintiffs choosing to bring litigation before a court they “perceive as a favorable forum,” according to Adam Unikowsky, a prominent Washington lawyer who has argued frequently before the Supreme Court.
In turn, the 5th Circuit has not been shy about ruling against federal regulations and statutes, including the federal ban on gun possession by people subject to court-issued domestic violence restraining orders.
“There’s a lot of bold litigation being brought in the 5th Circuit, and bold decisions,” Unikowsky said.
Supreme Court justices signaled reservations about 5th Circuit decisions during arguments in some major cases still to be decided, including the one involving domestic violence gun curbs.
Others involved the 5th Circuit backing restrictions on access to the abortion pill and siding with two Republican-led states that accused Democratic President Joe Biden’s administration of violating constitutional free speech protections by urging social media platforms to remove certain posts that federal officials deemed misinformation.
On the other hand, the conservative justices expressed sympathy toward 5th Circuit decisions that faulted U.S. Securities and Exchange Commission in-house adjudications as a violation of the constitutional right to a jury trial and backed a Texas man who challenged a federal ban on “bump stock” devices that make semiautomatic weapons fire rapidly like machine guns.
The Supreme Court rejected several decisions by the 5th Circuit in emergency matters without hearing arguments – halting the sales of homemade “ghost gun” kits, letting U.S. Border Patrol agents remove fencing placed by Texas officials along the Mexican border, and lifting restrictions on Biden administration officials in the social media misinformation case.
THE CHIEF JUSTICE
Some legal experts said that the various reversals and rejections indicate that the Supreme Court will not simply rubber-stamp 5th Circuit’s actions, despite the conservative leanings of both courts. During its 2022-2023 term, the justices heard nine cases from the 5th Circuit, upholding that court’s decisions only twice.
This dynamic may be due in part to conservative Chief Justice John Roberts, who, according to Feldman, does not want the public to view the Supreme Court as one that predictably rules in favor of conservatives.
In a May Reuters/Ipsos poll, 74% of U.S. registered Republican voters expressed a favorable view of the Supreme Court, compared to 21% of Democrats.
“I think (Roberts) is pushing to get some of these diverse coalitions (of justices), to rule narrowly. And in doing that, I don’t think that that’s necessarily great news for some of these aggressive 5th Circuit decisions,” Feldman said.
Sterling Construction Company, Inc. (NASDAQ:) has reached an impressive milestone, with its stock price soaring to an all-time high of $137.93. This peak represents a significant achievement for the company, reflecting a robust performance and investor confidence. Over the past year, Sterling Construction has witnessed a remarkable 84.48% increase in its stock value, underscoring the company’s strong market presence and the positive reception of its strategic initiatives. Investors and market analysts alike are closely monitoring STRL’s progress, as it continues to build on its momentum in the construction sector.
In other recent news, Sterling Infrastructure, Inc. announced two key changes in its leadership. The company revealed the upcoming retirement of board member Charles R. Patton, effective from September 1, 2024. Patton, who has been a part of Sterling’s Board since 2013, will step down after over a decade of service, during which he contributed to the Corporate Governance & Nominating Committee and the Compensation Committee.
In parallel, Sterling Infrastructure named Dan Govin as its new Chief Operating Officer. Govin, who brings over three decades of experience in the energy infrastructure industry, is set to lead the company’s strategic and operational initiatives. His past roles include Regional President at Quanta Services (NYSE:) and Senior Vice President of Operations.
In related developments, Sterling Real Estate Trust, a North Dakota-based real estate investment trust, recently held its annual shareholders’ meeting. During the meeting, eight trustees were elected, including Gregory P. Hammes, Timothy L. Haugen, and Michelle L. Korsmo, among others. Additionally, the appointment of RSM US, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified by the shareholders. These are among the latest developments at Sterling Infrastructure, Inc. and Sterling Real Estate Trust.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
CRH (NYSE:) PLC, a global leader in building materials, has reached an all-time high, with its stock price soaring to $91.22. This significant milestone underscores the company’s robust performance and investor confidence in its growth trajectory. Over the past year, CRH has seen an impressive 66.73% increase in its stock value, reflecting strong market demand and the successful execution of its strategic initiatives. The company’s ability to achieve this record price level amidst a dynamic economic environment speaks volumes about its resilience and the positive outlook shared by its stakeholders.
In other recent news, CRH Plc has seen a series of positive developments. Stifel, a financial services firm, has increased its EBITDA projections for the company by 4% for the years 2024 and 2025, following a positive outlook on CRH’s earnings. This includes the expected contributions from the newly acquired Adbri, which is predicted to add an additional 1% and 2% to the EBITDA in 2024 and 2025, respectively.
In addition, Deutsche Bank has raised its price target for CRH, maintaining a Buy rating on the stock, following the company’s acquisition of a majority stake in Adbri. This move is anticipated to enhance CRH’s materials solutions offerings in Europe.
Furthermore, CRH has appointed Lauren Schulz as its new Chief Communications Officer, a move expected to enhance the company’s global communications strategy.
Additionally, CRH has filed a notification regarding transactions by persons discharging managerial responsibilities, providing transparency into the dealings of the company’s management.
Lastly, CRH has reported strong growth in adjusted EBITDA and margin for the second quarter of 2024, and has raised its full-year adjusted EBITDA guidance to a range of $6.82 billion to $7.02 billion. These recent developments demonstrate the company’s resilience and strategic approach in a competitive market.
InvestingPro Insights
The ascent of CRH PLC in the stock market is not just a reflection of past performance but also a beacon for future potential, as suggested by InvestingPro data and insights. With a market capitalization of $60.88 billion and a forward-looking P/E ratio of 17.69, CRH is positioned competitively within the Construction Materials industry. Its commitment to shareholder returns is evident through a consistent dividend growth, having raised its dividend for the last four years, and a dividend yield of 1.39% as of the last twelve months leading up to Q2 2024. These financial gestures indicate management’s confidence in the company’s profitability, which is further supported by a strong gross profit margin of 34.85%.
In addition to its financial health, CRH’s operational efficiency is highlighted by an EBITDA growth of 13.63% in the same period. Notably, analysts have revised their earnings upwards for the upcoming period, signaling potential for continued growth. For investors seeking more detailed analysis, there are additional InvestingPro Tips available, including insights into CRH’s share buyback strategy and its performance relative to industry peers. These tips, accessible through the InvestingPro platform, offer a comprehensive view of the company’s strengths and investment potential.
For those monitoring CRH’s trajectory, the stock is trading near its 52-week high, at 99.14% of its peak, with a previous close at $89.27. The company’s next earnings date is set for November 7, 2024, which will provide further clarity on its performance and outlook. With a fair value estimate of $101 by analysts and an InvestingPro fair value of $74.35, investors are presented with a nuanced picture of CRH’s valuation. As the market anticipates CRH’s next financial disclosures, the InvestingPro platform remains a valuable resource for real-time data and expert analysis.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
In a remarkable display of market confidence, Nelnet Inc (NYSE:) stock has achieved an all-time high, reaching a price level of $115.64. This milestone underscores a period of significant growth for the company, which has seen its stock value surge by 27.28% over the past year. Investors have rallied behind Nelnet’s strong performance, propelling the stock to new heights and reflecting optimism in the company’s future prospects. The all-time high represents not just a peak for the year but an unprecedented value in the company’s trading history, marking a momentous occasion for both Nelnet and its shareholders.
In other recent news, Nelnet Inc. has been under the spotlight following strong Q2 earnings and subsequent adjustments by TD Cowen. The firm increased Nelnet’s price target to $98.00, up from $96.00, while maintaining a Hold rating on the stock. This follows Nelnet’s Q2 2024 earnings report, which highlighted an EPS of $1.44, surpassing TD Cowen’s estimate of $1.33. The improved earnings were largely due to reduced operating expenses and a lower provision for losses. However, these gains were slightly offset by a decrease in fee income and a lower net interest income.
In recent developments, Nelnet disclosed its quarterly financial results to the Federal Deposit Insurance Corporation (FDIC). The report provides a snapshot of the financial health of Nelnet Bank, its wholly-owned subsidiary, and includes critical data such as assets, liabilities, and income. This commitment to transparency and regulatory compliance allows investors to gauge Nelnet’s financial stability and growth prospects.
Furthermore, Nelnet’s bank subsidiary, Nelnet Bank, also disclosed its quarterly financials. The report, known as the Call Report, is a significant indicator of the subsidiary’s contribution to Nelnet’s overall financial status. This routine disclosure aligns with the requirements of the Securities Exchange Act of 1934, providing a clear view of Nelnet Bank’s financial standing as of the last quarter.
InvestingPro Insights
In light of Nelnet Inc’s (NNI) recent achievement of an all-time high stock price, several InvestingPro Tips and real-time data points provide further context to the company’s financial health and market performance. Notably, Nelnet has demonstrated a robust track record by raising its dividend for 9 consecutive years and maintaining dividend payments for 18 consecutive years, which signals a strong commitment to shareholder returns. Additionally, analysts remain optimistic about the company’s profitability, expecting net income to grow this year.
From a data standpoint, Nelnet’s current market capitalization stands at $4.15 billion with a price-to-earnings (P/E) ratio of 26.88, which adjusts to a lower ratio of 22.02 when considering the last twelve months as of Q2 2024, reflecting a more favorable valuation for investors. The company’s revenue growth has been modest at 0.7% over the last twelve months, yet it experienced a more significant quarterly surge of 12.82% as of Q2 2024. Importantly, Nelnet’s stock is trading near its 52-week high, at 99.06% of this peak, and has seen a large price uptick of 31% over the last six months. These figures underscore the company’s strong market presence and potential for continued growth.
For those interested in deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/NNI, which can provide investors with more nuanced insights into Nelnet’s performance and future outlook.
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?
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Forex2 years ago
Unbiased review of Pocket Option broker
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Commodities2 years ago
Copper continues to fall in price on expectations of lower demand in China
- Stock Markets2 years ago
Morgan Stanley: bear market rally to continue
