Stock Markets

The Trump voters in swing states who are returning to the fold

Published

11 months ago

January 14, 2024

The Trump voters in swing states who are returning to the fold

© Reuters. Memorabilia are displayed at the home of Trump supporter Camilla Moore, in Atlanta, Georgia, U.S., December 15, 2023. REUTERS/Megan Varner

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By Tim Reid, Nathan Layne and James Oliphant

(Reuters) – Donald Trump begins 2024 as the clear frontrunner for the Republican presidential nomination despite facing scores of criminal charges, a dynamic that would doom most other candidates and has confounded his political opponents.

Those criminal charges include indictments for his efforts to overturn the 2020 election culminating in the Jan. 6, 2021 attack on the U.S. Capitol by his supporters.

To try to understand his enduring appeal, Reuters spoke to five Trump supporters in five general election battleground states: Nevada, Georgia, Arizona, Pennsylvania, and Michigan.

Trump currently leads Democratic President Joe Biden in several swing state general election polls, suggesting he will be highly competitive in a likely re-match next November.

Although all five Republicans voted for Trump in 2016 and 2020, three began 2023 open to other Republican candidates, including two who said they initially planned to vote for Florida Governor Ron DeSantis.

As voting in the Republican nomination contest kicks off in the Iowa caucuses on Jan. 15, four now see Trump as their party’s best hope to defeat Biden in November. They cite Trump’s isolationist foreign policy, criminal charges, and hard line on immigration as key reasons for their return.

None are full-blown “election deniers” backing Trump’s false claims that he, and not Biden, won the 2020 election. But they say the U.S. election system needs greater oversight.

All said they saw Trump as a strong leader and none considered him racist, despite past comments decrying Haiti and some African nations as “shithole” countries which stirred widespread criticism and recent accusations that migrants were “poisoning the blood” of America, language used by Nazi dictator Adolf Hitler about Jewish people. The Trump campaign has dismissed criticism of the former president’s language as “nonsensical, arguing that similar language was prevalent in books, news articles and on TV.

MARK LIPP, BUSINESS CONSULTANT, NEVADA

A year ago Mark Lipp, 68, knew who he wanted to vote for in the Republican presidential primaries: Florida Governor Ron DeSantis, “because there was so much commotion around the name Trump.”

Yet Lipp – who sold his fiber-optic cable business in 2014 and lives in an 8-bedroom, 12-bathroom mansion in Las Vegas – is today all in for Trump.

Lipp says his return to Trump began with Russia’s invasion of Ukraine. In March 2023, DeSantis downplayed the invasion, calling it a “territorial dispute”.

“That really made me wonder about DeSantis’s knowledge of international politics and how it affects the United States. It really concerned me,” Lipp said.

Lipp, an observant Jew who grew up in the Bronx and who has an Israeli wife, said that as 2023 progressed he came to see Trump as the only presidential candidate capable of dealing with Russia’s invasion of Ukraine, and growing friction with China.

When the Palestinian militia group Hamas attacked Israel on October 7, 2023, killing over 1,200 Israelis and triggering a war in Gaza, Lipp said that sealed the deal for him.

“Trump has a business background and he’s a great negotiator. He has a strong personality. These conflicts can be resolved through negotiation, and Trump is the right man at the right time.”

CAMILLA MOORE, RETIRED CITY MANAGER, GEORGIA

When Trump’s mugshot lit up news broadcasts last August after he was booked on felony charges related to his efforts to overturn his 2020 election loss in Georgia, Camilla Moore said she was bombarded with calls and messages from other Black people who said they could relate to the former president.

“The Black community can really sympathize with what Trump is going through because this is (our)history,” said Moore, 64, who lives outside Atlanta. “Black people know about trumped-up charges, someone who’s been unfairly targeted by the law.”

Trump’s legal woes differ greatly from the historic inequities Black Americans have experienced in the criminal justice system.

As chair of the Georgia Black Republican Council, Moore says she is required to stay neutral in the primary but would happily vote for Trump if he is the nominee. She liked Trump’s record on the economy and said the Ukraine and Gaza conflicts made her appreciate his “unpredictable” approach to foreign leaders, believing it would have averted those wars.

Moore said Fulton County District Attorney Fani Willis, who brought the charges against Trump in Georgia, is overstepping her jurisdiction in prosecuting a federal election matter.

Moore views the federal prosecution of Trump for election subversion differently, saying she would accept a verdict if the evidence was overwhelming and the trial conducted fairly.

With talk of compromise and civility, Moore sounds like a Republican from another era. The hallway of her home is adorned with pictures of presidents from both parties, including a framed invitation to former Democratic President Barack Obama’s 2009 inauguration, which she attended as a member of the Georgia Republican Party’s executive committee.

“I always respect the office of the president, regardless of who sits in it,” she said. “Because we are Americans, right?”

CARLOS RUIZ, SMALL BUSINESS OWNER, ARIZONA

Carlos Ruiz sells custom-cut raw material to manufacturers including aircraft and medical device makers. The MBA and metallurgy graduate founded his Tucson-based company 21 years ago and runs it with his wife and three other employees.

Ruiz, 60, began 2023 supporting DeSantis, impressed by his record in Florida and his landslide re-election as governor in 2022, at a time when many Trump-backed Republicans lost.

“Early on, I thought Trump’s had his four years, and there’s other candidates like DeSantis emerging,” Ruiz said from his office in a business park on the outskirts of Tucson.

Then two issues rallied Ruiz behind Trump again.

The first was the increase in migrants crossing the Mexican border, 60 miles south of Ruiz’s home. Since Biden took office, arrests of migrants at the border have reached record highs.

“We don’t know who these people are,” Ruiz said, adding many are young men, some of whom could be terrorists. Despite Trump’s hard line rhetoric on immigration, there is no evidence that potential terrorists have crossed the border.

Ruiz praised policies introduced by Trump when he was president including building some new sections of border wall, and keeping asylum seekers in Mexico.

“Trump introduced common-sense policies that changed the attraction for all of these people coming into the country. He’s already proved he can do it and the policies were working.”

The second issue that swung Ruiz back behind Trump was the multiple criminal charges against him. Ruiz likened the indictments to Biden and the Democrats using “banana republic” tactics against Trump.

“That gives the green light to every tyrant at all levels of government to do the same thing to anybody,” Ruiz said, echoing the words of Trump in campaign speeches.

The Biden administration has denied any involvement in pursuing cases against Trump.

MEGAN CHUDEREWICZ-ADAMS, SALES MANAGER, PENNSYLVANIA

Megan Chuderewicz-Adams, 43, had been a staunch Trump supporter when COVID-19 hit and school shutdowns caused her to question whether he was deferring too much to Dr. Anthony Fauci, the top U.S. infectious disease official who became the face of America’s pandemic response under Trump.

But ultimately Chuderewicz-Adams, the married mother of a five-year-old son in a Pittsburgh suburb, decided the blame for what she viewed as overly restrictive COVID policies shouldn’t lie with Trump, but with her state’s governor.

“I think we suffered more in Pennsylvania than we would have living in another state,” said Chuderewicz-Adams, a sales and marketing manager for a property developer.

While she says DeSantis did a “great job” running Florida, where he came out against many COVID restrictions, she doesn’t think he is worthy of unseating Trump.

Chuderewicz-Adams ran successfully for the Plum Borough School District board in November 2021. She campaigned on “parental choice” and against “indoctrination,” part of a wave of conservative women who sought school board seats to contest mask and vaccine mandates and to curtail the instruction of sexuality and racial identity in public schools.

Chuderewicz-Adams likes that Trump speaks without a filter, dismissing the uproar over his “poisoning the blood” comments as alarmist. And she thinks it wrong to single Trump out for the Jan. 6 attack. “It wasn’t a good day,” she said. “But I don’t hold one man responsible.”

RANDY JOHNSON, TOWNSHIP SUPERVISOR, MICHIGAN

As the supervisor of Adams Township, a section of rural Michigan of about 2,300 mainly working-class residents, Randy Johnson is the person you call if you have a zoning complaint or a problem with a neighbor.

Johnson, 65, looks around the township and doesn’t like what he sees: Families that don’t have enough to eat, who can’t afford reliable cars or to heat their homes. He worries about military veterans. “We’re in a downward spiral,” he said.

To Johnson, migrants crossing across the U.S. southern border deserve some of the blame. He said they are soaking up government resources that could be better used somewhere else.

“Why is it our government would help somebody who isn’t an American, isn’t sitting here and hasn’t grown up here their whole life?” he said.

Johnson likes Trump’s tough stance on migration, and believes Trump will slow the crossings and deport as many migrants as feasibly possible.

Like many of Trump’s supporters, Johnson said he wishes Trump would tone down his rhetoric, but he’s not ready to abandon him for DeSantis, whom he also admires.

Johnson stops short of calling the 2020 election rigged but harbors suspicions about Biden’s victory. Press Johnson harder and he will tell you those who stormed the U.S. Capitol were simply “voicing their opinion.”

Johnson can’t foresee any way Trump could legitimately lose again to Biden. He fears violence should the Republican fail to return to the White House.

It’s why the Second Amendment – the right to bear arms – is in the Constitution, he said: “Not to protect yourself from your neighbor but to protect yourself from your government.”

Stock Markets

14 lessons from 2024 to remember in 2025: BofA

Published

16 hours ago

December 22, 2024

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

Published

16 hours ago

December 22, 2024

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

Stock Markets

Starbucks workers’ union strikes across US as talks hit impasse

Published

16 hours ago

December 22, 2024

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.