Stock Markets

Israel vows to hit Hezbollah after rocket kills 12 on football field

Published

2 months ago

July 29, 2024

By Avi Ohayon

MAJDAL SHAMS, Golan Heights (Reuters) -Thousands of mourners attended funeral ceremonies on Sunday for the 12 children and teenagers killed by a rocket strike in the Israeli-occupied Golan Heights as Israel vowed swift retaliation against the Hezbollah militia in Lebanon.

Hezbollah denied responsibility for the attack on Majdal Shams, the deadliest in Israel or Israeli-annexed territory since Palestinian militant group Hamas’ Oct. 7 assault sparked the war in Gaza. That conflict has spread to several fronts and now risks spilling into a wider regional conflict.

Israeli jets hit targets in southern Lebanon overnight but a stronger response was expected following a meeting of the security cabinet at 6 p.m. (1500 GMT). Prime Minister Benjamin Netanyahu returned from a visit to the United States.

U.S. Secretary of State Antony Blinken said there was every indication that the rocket, which hit a sports field where children were playing football, had been fired by Hezbollah and said Washington stood by Israel’s right to defend itself.

But he said the U.S. did not want a further escalation of the conflict, which has seen daily exchanges of fire between the Israeli military and Hezbollah along the border.

Britain expressed concern at further escalation while Egypt said the attack could spill “into a comprehensive regional war.”

On the ground, families gathered for funerals in the Druze village of Majdal Shams in the Golan Heights, territory captured from Syria by Israel in the 1967 Middle East war and annexed in a move not recognised by most countries.

Members of the Druze faith, which is related to Islam, Christianity and Judaism, make up more than half the 40,000-strong population of the Golan Heights. Large crowds of mourners, many in traditional high white and red Druze headwear, surrounded the caskets as they were carried through the village.

“A heavy tragedy, a dark day has come to Majdal Shams,” said Dolan Abu Saleh, head of the Majdal Shams local council, in comments broadcast on Israeli television.

Hezbollah initially had announced it fired rockets at Israeli military sites in the Golan Heights, but said it had “absolutely nothing” to do with the attack on Majdal Shams.

ISRAEL BLAMES HEZBOLLAH

However, Israel said the rocket was an Iranian-made missile fired from an area north of the village of Chebaa in southern Lebanon, placing the blame squarely on the Iranian-backed group and saying Hezbollah was “unequivocally responsible”.

It was not immediately clear if the children and teenagers killed in the strike were Israeli citizens, but Israeli officials have vowed retaliation.

“The rocket that murdered our boys and girls was an Iranian rocket and Hezbollah is the only terror organization which has those in its arsenal,” Israel’s foreign ministry said.

Two security sources told Reuters Hezbollah was on high alert and had cleared out some key sites in both Lebanon’s south and the eastern Bekaa Valley in case of an Israeli attack.

Lebanon’s Middle East Airlines said it was delaying the arrival of some flights from Sunday night to Monday morning, without stating why.

In the southern port city of Tyre, a little over 20 km (12 miles) from the border, beachgoers were still streaming to the coast. “There’s fear that Israel will react, but people are living their life normally,” said Ali Husseini, manager of a beachside business in Tyr.

Israeli forces have been exchanging fire for months with Hezbollah fighters in southern Lebanon but both sides have appeared to be avoiding an escalation that could lead to all-out war, potentially dragging in other powers including the United States and Iran.

However, Saturday’s strike threatened to tip the standoff into a more dangerous phase. United Nations officials urged maximum restraint from both sides, warning that escalation could “engulf the entire region in a catastrophe beyond belief.”

Lebanon has asked the U.S to urge restraint from Israel, Lebanon’s foreign minister Abdallah Bou Habib told Reuters. Bou Habib said the U.S. had asked Lebanon’s government to pass on a message to Hezbollah to show restraint as well.

ALL-OUT WAR FEARED

Iran’s foreign ministry warned Israel on Sunday against what it called any new adventure in Lebanon.

Syria’s foreign ministry said it held Israel “fully responsible for this dangerous escalation in the region” and said its accusations against Hezbollah were false.

Two diplomats focused on Lebanon said all efforts were now needed to avoid an all-out war.

The conflict has forced tens of thousands of people in both Lebanon and Israel to leave their homes. Israeli strikes have killed some 350 Hezbollah fighters in Lebanon and more than 100 civilians, including medics, children and journalists.

The Israeli military said after Saturday’s attack the death toll among civilians killed in Hezbollah attacks had risen to 23 since October, along with at least 17 soldiers.

Hezbollah is the most powerful of a network of Iran-backed groups across the Middle East and opened a second front against Israel shortly after Hamas’ Oct. 7 assault.

Iraqi groups and the Houthis of Yemen have both fired at Israel, which earlier this month attacked the Red Sea port of Hodeidah in retaliation for a strike on Tel Aviv that killed one person. Hamas has also carried out rocket attacks on Israel from Lebanon, as has the Lebanese Sunni group, the Jama’a Islamiya.

Druze communities live on both sides of the line between southern Lebanon and northern Israel as well as in the Golan Heights and Syria. While some serve in the Israeli military and identify with Israel, many feel marginalized in Israel and some also reject Israeli citizenship.

Stock Markets

Sterling Construction stock soars to all-time high of $137.93

Published

19 hours ago

September 19, 2024

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.

Stock Markets

CRH stock soars to all-time high, reaching $91.22

Published

19 hours ago

September 19, 2024

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.

Stock Markets

Nelnet stock soars to all-time high of $115.64 amid robust growth

Published

19 hours ago

September 19, 2024

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.