Stock Markets
How Biden plans to fight Trump in 2024, hoping for a repeat win
© Reuters. FILE PHOTO: U.S. President Joe Biden gestures as he delivers a speech during a campaign event at the Mother Emanuel AME Church, the site of the 2015 mass shooting, in Charleston, South Carolina, U.S., January 8, 2024. REUTERS/Kevin Lamarque/File Photo
By Trevor Hunnicutt, Nandita Bose and Andrea Shalal
WASHINGTON (Reuters) – U.S. President Joe Biden is getting the opponent he thinks he was made to beat in 2024.
Donald Trump’s decisive victory in the first two Republican presidential contests in Iowa and New Hampshire make almost certain what Biden’s re-election campaign has predicted for months.
It’s a rematch they say they are confident Biden will win, even as public opinion polls show him tied with Trump and Americans are angry over high prices and question his age, his economic plans and his policies on the border and in the Middle East.
To beat Trump again, as he did in 2020, Biden’s team is focused on warning that Trump poses a serious threat to U.S. democracy, and that abortion and other personal freedoms are at stake. They are banking on that approach winning over independents and sparking enthusiasm among lukewarm Democrats.
Biden, 81, made the controversial decision to run for a second term in large part because he was convinced he would face Trump, 77, and because he thinks he is the Democrat who can beat him in the November election.
“If Trump wasn’t running, I’m not sure I’d be running,” Biden said at a fundraising event last month. “We cannot let him win.”
Biden campaign manager Julie Chavez Rodriguez told reporters on Wednesday that “the results out of New Hampshire confirm that Donald Trump has all but locked up the GOP nomination and the election-denying anti-freedom MAGA movement has completed its take over of the Republican Party.”
Exit polls show that most Republican voters don’t care about Trump’s string of criminal indictments and many believe untrue claims that Biden did not win the 2020 election fairly.
That has persuaded many in Biden’s camp that there is little reason to try to reach Trump supporters in a bruising campaign.
At this point, most Americans either love Trump or hate him, Biden campaign aides said – and the same is true of Biden. The 2024 election will be focused on who can find their voters and turn them out.
Trump has accused Biden and Democrats of “fearmongering” and this month called Biden’s record “an unbroken streak of weakness, incompetence, corruption and failure.”
The Trump campaign did not respond to a request for comment.
Biden versus Trump would be the seventh U.S. presidential rematch in history, but the first since Republican President Dwight Eisenhower faced Democrat Adlai Stevenson for the second time in a row in the 1956 election.
THE ECONOMY VS. DEMOCRACY
Facing complaints from some Democrats that the campaign was unfocused, Biden’s team has added election veterans.
Earlier this month, White House infrastructure coordinator and former New Orleans Mayor Mitch Landrieu became national co-chair of the campaign and a Democratic presidential campaign veteran, Dan Kanninen, came on to run efforts in the battleground states that are hotly contested because they can swing either to Republicans or Democrats.
On Tuesday, the campaign pulled in White House deputy chief of staff Jen O’Malley Dillon and senior adviser Mike Donilon, both of them veterans who are regarded as having successfully piloted Biden’s 2020 campaign.
Biden and Vice President Kamala Harris in coming weeks will visit key states most likely to decide the election. The campaign now has staff in each of the seven closely contested states they regard as battlegrounds, including Pennsylvania, Michigan and Wisconsin.
Biden will focus mostly on economic issues and also give more fiery speeches about the threat he believes Trump poses to democracy.
Harris started a nationwide tour in the battleground state of Wisconsin on Monday focused on Republicans’ anti-abortion measures. The campaign is focused on Americans impacted by the conservative Supreme Court’s reversal of the landmark Roe V. Wade ruling that had guaranteed women’s right to abortion services.
Harris, the country’s first Black vice president, is also tasked with revving up support from young and Black voters, where support for Biden has waned.
TRUMP FEARS RAISE CASH
Biden’s fundraising off Trump’s Iowa and New Hampshire results started immediately.
“This election was always, going to be you and me vs. extreme MAGA Republicans,” a Biden post on social media proclaimed the night of the Iowa results. “It was true yesterday and it’ll be true tomorrow. So if you’re with us, chip in now.”
Biden allies predict a new rush of funds will dwarf the $97 million that the campaign and the Democratic Party raised in the last three months of 2023.
Trump raised $45 million in the third quarter, the latest figures available, not including Republican Party fundraising.
“The Trump inevitability is a fundraising bonanza for Biden and I know a lot of Republicans who agree with that,” said John Morgan, a Florida attorney and top fundraiser, who predicts the campaign could see $500 million in new cash.
“People fear they will lose their country, their democracy, their rights and there is a very high-level of motivation around that,” Morgan said.
Read Reuters’ full U.S. election coverage here:
Stock Markets
14 lessons from 2024 to remember in 2025: BofA
Investing.com — In a recent note, Bank of America outlined 14 key lessons from 2024 that investors should keep in mind as they head into 2025, warning that market momentum and stretched valuations could face headwinds in the year ahead.
While this year resembled the steady gains of 1996-97, rather than the bubble peaks of 1998-99, risks are mounting—from geopolitical tensions and rising debt to market fragility highlighted by the VIX.
BofA points to opportunities in Europe, China, and Japan but cautions that volatility, trade disputes, and macroeconomic uncertainty will shape the next leg of the market cycle.
Below are the 14 lessons that BofA highlighted.
1. 2024 was a strong year for markets, but it might only be the beginning.
2. The market’s performance in 2024 looked more like the steady gains of 1996-97 than the bubble peaks of 1998-99.
3. In a bubble environment, market leadership can persist for longer than investors can afford to stay underweight.
4. However, the combination of strong momentum and high valuations is already too stretched to avoid a potential bust.
5. The has shown that markets remain fragile, and a major shock may be overdue.
6. August 2024 suggests buying market dips and locking in volatility spikes; using smarter strategies like skewed delta positioning may be key for 2025.
7. Rising debt levels and persistent inflation mean bond vigilantes remain the most visible macroeconomic tail risk.
8. Market fragility, faster reactions, and elevated valuations suggest a repeat of the calm volatility seen in 2017 is unlikely.
9. A Trump election victory has reignited concerns around tariffs, with European companies favored by dollar strength potentially becoming the next trade targets.
10. European equities remain cheap and unloved—investors should be cautious about being caught short, as fewer crowded trades mean less volatility pain.
11. China’s outperformance over Japan in 2024 could continue if U.S. interest rates decline.
12. VIX options data indicates that positioning risks in the market have not gone away.
13. Eurozone bank dividends have outperformed the for much of the past year; investors may need to hedge against a different outcome in 2025.
14. The risk of sharp movements in the Japanese yen, driven by volatility, could cause instability for the in 2025.
Stock Markets
Class Action Lawsuit Reminder WOLF: Kessler Topaz Meltzer & Check, LLP Reminds Wolfspeed, Inc. (WOLF) Investors – A Securities Fraud Class Action Lawsuit Has Been Filed
RADNOR, PA. – (NewMediaWire) – December 21, 2024 – The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Wolfspeed (NYSE:), Inc. (Wolfspeed) (NYSE: WOLF) on behalf of those who purchased or otherwise acquired Wolfspeed securities between August 16, 2023, and November 6, 2024, inclusive (the Class Period). The lead plaintiff deadline is January 17, 2025.
CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP:
If you suffered Wolfspeed losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/wolfspeed-inc?utm_source=PR&utm_medium=link&utm_campaign=wolf&mktm=r
You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at info@ktmc.com .
DEFENDANTS ALLEGED MISCONDUCT:
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Wolfspeeds optimistic claims of potential growth of its Mohawk Valley fabrication facility and general demand for Wolfspeeds 200mm wafers in the electronic vehicle market fell short of reality; and (2) Wolfspeed had overstated demand for its key product and placed undue reliance on purported design wins while the Mohawk Valley facilitys growth had begun to taper before recognizing the $100 million revenue per quarter allegedly achievable with only 20% utilization of the fabrication, let alone the promised $2 billion revenue purportedly achievable by the facility.
Please CLICK HERE to view our video or copy and paste this link into your browser: https://youtu.be/zMLfnSRjg2Y
THE LEAD PLAINTIFF PROCESS:
Wolfspeed investors may, no later than January 17, 2025, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP encourages Wolfspeed investors who have suffered significant losses to contact the firm directly to acquire more information.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaints in this action were not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com .
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
info@ktmc.com
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
View the original release on www.newmediawire.com
Copyright 2024 JCN Newswire . All rights reserved.
Stock Markets
Starbucks workers’ union strikes across US as talks hit impasse
By Savyata Mishra, Gursimran Mehar and Renee Hickman
(Reuters) -Some members of the Starbucks (NASDAQ:) workers’ union that represents more than 10,000 baristas walked off their jobs in multiple U.S. cities on Friday, citing unresolved issues over wages, staffing and schedules.
The five-day strike, which began on Friday and closed Starbucks cafes in Los Angeles, Chicago and Seattle, will expand to Columbus (WA:), Denver, and Pittsburgh through Saturday, the union said in a statement.
This is the latest in a series of labor actions that have picked up pace across service industries following a period when workers at manufacturers in the automotive, aerospace and rail industries won substantial concessions from employers.
At Starbucks, the Workers United union, which represents employees at 525 stores across the U.S., said late on Thursday that walkouts would escalate daily, and could reach “hundreds of stores” nationwide by Christmas Eve.
“It’s estimated that 10 stores out of 10,000 company-operated stores did not open today,” Starbucks said, adding that there was no significant impact to store operations on Friday.
Around 20 people joined a picket line at a Starbucks location on Chicago’s north side, buffeted by snow and wind, but cheering in response to the honking horns of passing cars.
A few confused customers tried to walk into the closed store before strikers began chanting, but union member Shep Searl said the reaction had been mostly positive.
Searl said 100% of the unionized workers at the Starbucks location in Chicago’s Edgewater neighborhood were participating in the strike, and according to the workers, they have been subject to numerous unfair labor practices including write-ups, “captive-audience” meetings and firings.
The union member said they made about $21 an hour and added, “that would have been a great wage in 2013”.
It is an inadequate wage, the baristas said, given inflation and the high cost of living in a large city, especially since they rarely get 40-hour work weeks.
WORKERS SNUB OFFER
Negotiations between the company and Workers United began in April, based on an established framework agreed upon in February, which could also help resolve numerous pending legal disputes.
The company said on Thursday it has held more than nine bargaining sessions with the union since April, and reached more than 30 agreements on “hundreds of topics”, including economic issues.
The Seattle-headquartered firm said it is ready to continue negotiations, claiming the union delegates prematurely ended the bargaining session this week.
The union, however, said in a Facebook (NASDAQ:) post on Friday that Starbucks had yet to present a serious economic proposal with less than two weeks remaining until the year-end contract deadline.
The workers’ group also snubbed an offer of no immediate wage hike and a guarantee of a 1.5% increase in future years.
“Workers United proposals call for an immediate increase in the minimum wage of hourly partners by 64%, and by 77% over the life of a three-year contract. This is not sustainable,” Starbucks said on Friday.
In response to Starbucks’ statement on the proposals, Michelle Eisen, a Starbucks barista and bargaining delegate, said, “Starbucks’ characterization of our proposals is misleading and they know it. We are ready to finalize a framework that includes new investments in baristas in the first year of contracts”.
Separately, the baristas’ union said on Friday that it filed a new labor practice charge against the coffee house, alleging Starbucks “refused to bargain and engaged in bad faith bargaining” over economic issues.
Hundreds of complaints have been filed with the National Labor Relations Board (NLRB), accusing Starbucks of unlawful labor practices such as firing union supporters and closing stores during labor campaigns. Starbucks has denied wrongdoing and said it respects the right of workers to choose whether to unionize.
WORKING ON A TURNAROUND
Last month, the NLRB said that Starbucks broke the law by telling workers at its flagship Seattle cafe that they would lose benefits if they joined a union.
“It’s (the strike) taking place during one of the busiest times of the year for Starbucks, which could magnify its impact while bringing unwanted public scrutiny into the company’s labor practices,” Emarketer analyst Rachel Wolff said.
The coffee chain is working on a turnaround under its newly appointed top boss, Brian Niccol, who aims to restore “coffee house culture” by overhauling cafes and simplifying its menu among other measures.
“Given how much Starbucks is already struggling to win over customers, it can ill afford any negative publicity – or impact to sales – that the strike could bring,” Wolff said.
The Starbucks workers’ strike comes in the same week as Amazon.com (NASDAQ:) workers at seven U.S. facilities walking off the job on Thursday, during the holiday shopping rush.
There were 33 work stoppages in 2023, the most since 2000, though far lower than in past decades, data from the U.S. Bureau of Labor Statistics showed.
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