Stock Markets
‘We will fight,’ Harris says in MLK Day speech, warning of threats to US freedom
© Reuters. FILE PHOTO: U.S. Vice President Kamala Harris gestures as she boards Air Force Two after attending the 43rd ASEAN Summit at the Soekarno-Hatta International Airport in Tangerang, Indonesia on September 7, 2023. Yasuyoshi Chiba/Pool via REUTERS/File Photo
By Trevor Hunnicutt and Nandita Bose
COLUMBIA, South Carolina (Reuters) -U.S. Vice President Kamala Harris warned Americans that their freedom is under threat as she commemorated Martin Luther King Jr. Day in early-voting South Carolina on Monday, wielding the civil-rights icon’s legacy to urge Black voters to join Democrats to win the 2024 election.
Harris headlined an annual event by the NAACP, the nation’s oldest civil rights group, which included a prayer service and a march to the South Carolina House of Representatives in Columbia. She pressed one of Democrats’ central election messages – President Joe Biden and his Democrats need voters’ help to protect Americans’ rights from Republicans.
Harris said that freedom in the country is under “profound threat,” citing the Supreme Court’s overturning of Roe v. Wade, long lines for voting and the prevalence of gun violence. She quoted King’s late widow, Coretta Scott King, who said “Freedom is never truly won. You earn it and win it in every generation.”
Voters need to “roll up our sleeves,” she said. “We were born for a time such as this.”
“We will fight,” Harris concluded. “And when we fight we win.”
Ahead of her speech, a group of chanting protesters, some waving Palestinian flags, massed outside the venue, a sign of the dissent within the Democratic Party over Biden’s Israel policy.
Biden marked the holiday by volunteering for Philabundance, a hunger relief group in Philadelphia, Pennsylvania, a state his aides regard as must-win in November, where he loaded packages with fresh fruit and milk onto a conveyer belt in a warehouse.
Republicans, including that party’s front-runner, former President Donald Trump, are wrapping up their Iowa campaigns on the day of their first nominating contest. The state is honoring King by “exercising true grassroots democracy,” said Jeff Kaufmann, the chair of the Republican Party in Iowa.
Biden, top Democrats and some Republicans have warned that Trump’s role in the Jan. 6, 2021 attacks on the U.S. Capitol and his pledge to punish his political enemies suggest he could destroy democratic norms in the country if he wins the White House again.
Trump has dismissed the accusations against him as politically motivated and accused Biden of being a threat to democracy.
Biden will do a syndicated radio show interview with Black civil rights advocate Reverend Al Sharpton on SiriusXM on Monday afternoon, according to the show’s producers.
Harris, the country’s first Black vice president and its highest-ranking Black and Asian elected official, is tasked with outreach to people of color and younger voters, groups whose support for Biden has waned.
Long the Democratic Party’s most reliable backers, these voters are wavering over economic anxiety and policy disappointments in divided-government Washington. Echoing other recent public-opinion polls, an Economist/YouGov survey this week found only 67% of Black U.S. adults had a favorable view of Biden.
LIFT EVERY VOICE
Hundreds gathered on Monday morning at Zion Baptist Church in Columbia, South Carolina, a historic Black church dating to the 19th century, ahead of remarks by U.S. House of Representatives Minority Leader Hakeem Jeffries, the top Democrat in the chamber and Representative James Clyburn, a Democrat whose endorsement helped Biden win the South Carolina nominating contest in 2020.
As the sounds of a Hammond organ rang through the sanctuary, the audience swayed and sang “Lift Every Voice and Sing,” a hymn also known as the “Black National Anthem.”
Once a major global entry port for enslaved people, South Carolina is where the first volleys of the U.S. Civil War were launched in 1861. Under post-war Jim Crow laws, the state’s schools and public facilities were segregated through law and intimidation, while Black people were largely excluded from voting and serving in elected office.
The movement associated with King, the NAACP and others used non-violent protest and public pressure to overturn the Jim Crow system.
Still, economic inequality remains pronounced, as in much of the United States. Six decades after the federal government started forcing South Carolina to end legal segregation, some 24% of Black residents in the state live in poverty, compared to 10% of white South Carolinians.
BIDEN’S SOUTH CAROLINA WIN
Biden asked the Democratic National Committee to put South Carolina first in the party’s nominating schedule this year, elevating a state where more than half of Democrats are Black and all but shutting out a serious primary challenge.
Democrats hold their primary here on Feb. 3, followed by Republicans on Feb. 24.
The president’s triumph in the state’s 2020 Democratic contest rescued a broke and flailing campaign, convincing rivals that no one could match his strength with the Black voters who vote 9-to-1 for the party in national elections, a larger share than any other ethnic group.
More than a quarter of the state’s population is Black, about twice the national average.
Now, Biden wants an overwhelming win here over long-shot challengers to quiet doubts about his re-election bid, which has been plagued by voter concern over the economy, the country’s direction and his age, 81. Trump is 77.
Lachanda Reeves Canty, 48, of Columbia, said Biden’s age is a concern not because of his ability to do the job but because he brings the perspective of an older man to challenges being faced by younger people.
“The Democratic Party has to do something to get the energy among the younger voters,” Reeves Canty said. After voting for Biden in 2020, she said she is leaning toward supporting him again.
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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