Stock Markets
Trump to speak to Christian group, then court Black vote in Philadelphia
By Nathan Layne
PHILADELPHIA (Reuters) -Republican presidential candidate Donald Trump will speak on Saturday to an influential group of conservative Christian activists who advocate for restricting abortion, before heading to Philadelphia for a rally aimed at courting Black voters.
The former president is scheduled to give the keynote speech at an event organized by the Faith & Freedom Coalition, a group overseen by longtime Trump ally Ralph Reed, at 1:30 p.m. ET (1730 GMT) in Washington.
The gathering will highlight issues important to conservative Christian voters ahead of the Nov. 5 election, and participants will likely be eager to hear more about Trump’s stance on abortion.
Trump has tried to carve out a political middle ground on the subject, which has become a liability for Republicans in recent elections.
He has claimed credit for appointing three right-wing justices to the Supreme Court who helped overturn the Roe v. Wade decision two years ago this Monday, eliminating a nationwide right to abortion in a moment of triumph for conservatives.
Trump has more recently said he would not support a federal ban on abortion, however, preferring to leave the issue to individual states.
That stance does not sit well with many evangelical voters, an important voting bloc for Trump. Reed has said his group would continue to work towards restrictions at both the state and federal levels.
Later on Saturday, Trump will hold a campaign rally at Temple University in a historically Black area of Philadelphia, long a stronghold for Democrats. Trump won just 5% of the vote in precincts within a half-mile radius of Temple’s main campus, according to the Philadelphia Inquirer.
The Trump campaign has made courting Black and Hispanic voters, who make up more than half of Philadelphia’s population, a priority this cycle, encouraged by some opinion polls that indicate he made be gaining ground with these voters.
While Trump has little chance of winning the city — President Joe Biden, a Democrat, won 81.4% of the votes in Philadelphia County in 2020 — Trump could still boost his chances by narrowing the margin in Philadelphia and surrounding counties so critical to the overall tally in Pennsylvania, a battleground state.
Trump’s campaign said he will use his Philadelphia speech to talk about Biden’s handling of inflation, the southern border and crime, all key tenets of the Republican’s campaign for a second term.
William Rosenberg, a political science professor at Drexel University, said he believed Trump’s main goal was projecting his outreach to Black voters nationally, similar to the rally he held in the Bronx borough of New York City last month.
“It’s a play to get on national TV to say you are in Philadelphia to make the case that this is a Black community,” Rosenberg said. “Then perhaps you convince some swing voters that Donald Trump is not so bad.”
Democrats have set up posters, billboards and kiosks in Philadelphia and on the Temple campus to promote Biden’s policies, including his efforts to forgive student debt, as well as to criticize Trump’s record with the Black community.
State lawmaker Malcolm Kenyatta, a Democrat, said Black voters remember Trump’s history promoting the bigoted conspiracy theory that questioned whether Barack Obama, the country’s first African-American president, was born in the United States, and policies that he pursued that hurt the Black working class.
“Donald Trump is in a Black place, but Donald Trump does not give a damn about Black people,” Kenyatta said at a press event at a Biden campaign office in Philadelphia, adding that Trump would “get the type of welcome he deserves” from the city.
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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