Stock Markets
Texas Panhandle fire expands to 1 million acres, becoming state’s largest ever
© Reuters. FILE PHOTO: A drone view of the grasslands burning from the Smokehouse Creek Fire in Roberts County, Texas, U.S., February 28, 2024. REUTERS/Nathan Frandino/File Photo
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By Nathan Frandino, Rich McKay and Brendan O’Brien
CANADIAN, Texas (Reuters) – Fire crews on Thursday fought to contain a deadly wildfire that has burned more than 1 million acres (404,686 hectares) of grasslands, timber and residential areas in Texas’ northern Panhandle region, making it the largest recorded fire in the state’s history.
The blaze, dubbed the Smokehouse Creek Fire, had doubled in size since Wednesday and was 3% contained on Thursday morning, according to the Texas A&M Forest Service. Firefighters used a brief lull in the strong winds that have swept the area to erect barriers and tackle hot spots of downed trees and thick grass.
On Thursday, Jason Wilhelm, 36, was using a frontloader to clear the lot in Canadian, a small town about 100 miles (161 km) northeast of Amarillo, where the house he shared with his wife and five children had stood a few days earlier. Charred grass and blackened trees were all that remained.
His wife was able to gather pictures, cash and some sentimental items from the home before the blaze roared through on Monday. “It was heartbreaking,” Wilhelm said.
Rain and snow falling in the area on Thursday offered a “shot of moisture” before the air dries out on Friday and high winds return over the weekend, said Steve Hannah, an Amarillo-based meteorologist with the National Weather Service. Gusts could reach 40 miles per hour by Sunday, he said.
The Smokehouse Creek Fire has now burned through an area larger than the state of Rhode Island.
The number of structures destroyed and people evacuated is still unclear, but dozens of homes have been reportedly leveled. The fire has so far killed one person, according to Texas A&M. The victim was described by local media as an 83-year-old woman in Hutchinson County, northeast of Amarillo.
Lee Haygood, 57, the owner of a ranch about 25 miles southeast of Canadian who managed to save all his cattle, was counting his blessings on Thursday but also wondering how he would feed them.
“We didn’t lose any cattle, but we lost 75% of our grassland,” he said. “It’ll take a full growing season to come back, not until maybe the fall.”
In contrast with ranchers north of Canadian, Haygood on Monday was given only a few hours warning about the approaching wildfire. He moved his herd of 200 Hereford bulls off the four square miles of grazing land and penned them into the single green wheat field he had left, hoping it would not ignite.
Fellow ranchers have already started sending semi-tractor trailers full of hay and meal to his ranch. “We are truly blessed,” he said.
Several smaller wildfires were burning in other parts of the Panhandle region. The next largest fire in the area, the Windy Deuce fire, has burned 142,000 acres and was 30% contained on Thursday, according to Texas A&M.
On Tuesday, the Windy Deuce had crept to within a few miles of the U.S. Energy Department’s Pantex plant, the nation’s primary nuclear weapons assembly facility, located near Amarillo, prompting officials to evacuate non-essential personnel and suspend operations.
But the leading edge of that blaze shifted to the north and west, away from Pantex, on Wednesday, allowing routine activities at the plant to resume.
“Operations at the Pantex Plant returned to normal Wednesday,” the facility said in an online notice. “There is no imminent wildfire threat to the plant at this time.”
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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