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
The Cannabist Company Celebrates the Biden Administration’s Monumental Decision to Reschedule Cannabis
NEW YORK–(BUSINESS WIRE)–The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQX: CBSTF) (FSE: 3LP) (The Cannabist Company or the Company), one of the largest and most experienced cultivators, manufacturers, and retailers of cannabis products in the U.S., released the following statements in response to President Biden and his administration’s decision to move cannabis from a Schedule I Controlled Substance to a Schedule III Controlled Substance under the federal Controlled Substances Act.
This is a truly momentous and historic occasion for the entire cannabis community. Our federal government has finally formally accepted that cannabis has medicinal value and is following the science that we in this industry have understood and poured our collective passion into while supporting this movement and building our businesses. Once finalized, this change will make state-regulated cannabis more accessible and affordable for our customers and patients. The end of the 280E tax code for cannabis businesses will allow us to operate our business more sustainably and reinvest more deeply into our teams, innovation, and product development to benefit the communities we serve, said David Hart, CEO, The Cannabist Company.
We are proud to have worked closely with the Biden Administration through every step of this 20-month-long process. Reclassifying cannabis is an important and pragmatic step on the path to full legalization, said Adam Goers, SVP “ Corporate Affairs, The Cannabist Company & the Founder and Co-Chair of the Coalition for Cannabis Scheduling Reform (CCSR). This move will not only eliminate the draconian taxation of cannabis businesses under 280E, but it will open research opportunities, protect public health and safety, and further signal that cannabis is being normalized under federal law.
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About The Cannabist Company (f/k/a Columbia Care (OTC:))
The Cannabist Company, formerly known as Columbia Care, is one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 15 U.S. jurisdictions. The Company operates 123 facilities including 92 dispensaries and 31 cultivation and manufacturing facilities, including those under development. Columbia Care, now The Cannabist Company, is one of the original multi-state providers of cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the Company launched Cannabist, its retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber. For more information, please visit www.cannabistcompany.com.
Caution Concerning Forward Looking Statements
This press release contains certain statements that constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to taxation of the Company as well as the Company’s ability to execute on retail, wholesale, brand and product initiatives. These forward-looking statements or information, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information. In addition, securityholders should review the risk factors discussed under Risk Factors in Columbia Care’s Form 10-K for the year ended December 31, 2023, as, filed with Canadian and U.S. securities regulatory authorities and described from time to time in subsequent documents filed with applicable securities regulatory authorities.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240516901782/en/
Investor Contact
Lee Ann Evans
SVP, Capital Markets
investor@cannabistcompany.com
Media Contact
Lindsay (NYSE:) Wilson
SVP, Communications
media@cannabistcompany.com
Source: The Cannabist Company Holdings Inc.
On Thursday, UBS reaffirmed its Neutral stance on Dow Inc. (NYSE:), maintaining a price target of $61.00. The chemical giant Dow is expected to reach a higher earnings corridor, with mid-cycle earnings potentially near approximately $9 billion in EBITDA, compared to the consensus estimates of roughly $6.3 billion and $7.5 billion for the years 2024 and 2025, respectively. Dow has several projects underway that are projected to contribute an additional $1.2 billion in incremental EBITDA by the middle of the decade. Furthermore, the company’s net-zero Alberta cracker is anticipated to add around $1 billion by 2030.
Dow’s strategy also includes a commitment to sustainability, with goals to reduce scope 1 and 2 emissions by about 30% by 2030, aiming for net zero by 2050. The company plans to decrease water usage and increase the shift towards circular plastics, with a target of over 3 million tons per year by 2030. These initiatives are part of a broader ‘transform the waste’ strategy that is expected to yield an additional $0.5 billion.
In addition to environmental goals, Dow is also focusing on increasing its low-cost feedstock mix to approximately 70%, up from the current 65%, and expanding product capacity by about 15%. While UBS acknowledges that Dow is making significant investments in the right areas, there is still uncertainty regarding the timing of the turn in the cycle for a number of Dow’s product markets. The company’s forward-looking strategy aims to position it strongly for future market conditions.
InvestingPro Insights
As Dow Inc. (NYSE:DOW) continues to navigate the competitive landscape of the chemicals industry, recent data and analysis from InvestingPro provide an insightful look into the company’s financial health and market performance. With a market capitalization of $41.25 billion and a notable P/E ratio of 27.11 for the last twelve months as of Q1 2024, Dow is trading at a significant earnings multiple. This could suggest that investors have high expectations for the company’s future earnings growth.
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One of the key InvestingPro Tips highlights that management has been aggressively buying back shares, which could signal confidence in the company’s future prospects. Additionally, while analysts have revised their earnings expectations downwards for the upcoming period, Dow is still expected to be profitable this year with a predicted net income growth. This aligns with UBS’s outlook on Dow’s potential to reach higher earnings with its strategic initiatives.
Investors may also find the dividend yield of 4.74% as of the last dividend ex-date on February 28, 2024, to be a compelling aspect of Dow’s investment profile, particularly in an industry that suffers from weak gross profit margins like chemicals. With the stock trading near its 52-week high and a price percentage of 96.9% of that high, Dow’s stability and profitability over the last twelve months are evident in its performance metrics.
For those looking to delve deeper into Dow’s financials and future prospects, InvestingPro offers additional insights. Readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a total of 10 InvestingPro Tips for Dow at https://www.investing.com/pro/DOW, which may further inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Brian S. Krakower, the Chief Information Officer of BJ’s Restaurants Inc. (NASDAQ:), has recently sold 1,600 shares of the company’s common stock. The transaction, which took place on May 15, 2024, was executed at a price of $35.56 per share, resulting in a total sale value of $56,896.
Krakower’s sale reflects a straightforward cashing in of equity, as the company’s insider continues to hold a significant number of shares following the transaction. According to the filing, after the sale, Krakower still owns 7,652 shares of BJ’s Restaurants, which includes 5,339 unvested Restricted Stock Units.
Investors often monitor insider sales as they can provide insights into an executive’s perspective on the company’s current valuation. In the case of BJ’s Restaurants, the transaction by Krakower could be interpreted in various ways, but it remains a single data point in the broader context of the company’s financial health and market performance.
The sale comes at a time when the market is closely observing the movements of insiders to gauge the confidence level of those who are most familiar with the company’s operations. For BJ’s Restaurants, which operates in the competitive retail eating places sector, insider transactions are watched by investors seeking to understand the internal confidence in the company’s growth prospects and strategic direction.
Investors and analysts will continue to look at the future filings and market activities to inform their perspectives on BJ’s Restaurants’ stock and the decisions of its executives.
InvestingPro Insights
As BJ’s Restaurants Inc. (NASDAQ:BJRI) continues to navigate the competitive landscape of the retail eating places sector, certain metrics from InvestingPro provide a snapshot of the company’s financial position and market performance. With a market capitalization of 882.48 million USD and a P/E ratio of 37.19, the company is trading at a valuation that reflects investor expectations for future earnings growth. However, a closer look at the adjusted P/E ratio for the last twelve months as of Q1 2024 shows a lower figure of 30.02, suggesting a potential moderation in valuation expectations. Meanwhile, the company’s revenue growth has been relatively flat, with a slight increase of 0.21% over the last twelve months as of Q1 2024.
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An InvestingPro Tip for BJRI indicates that the company is trading at a high earnings multiple, which is supported by the P/E ratio data. This could be a point of consideration for investors who are evaluating the stock’s current price against its earning capacity. Additionally, the company’s gross profit margin stands at 13.94%, which aligns with another InvestingPro Tip highlighting BJRI’s weak gross profit margins. These insights may help investors understand the company’s profitability and cost management.
For those looking to delve deeper into BJRI’s financials and market performance, InvestingPro offers additional tips, including insights into dividend trends, earnings revisions, and stock price volatility. There are 12 more InvestingPro Tips available for BJ’s Restaurants, which can be accessed for a more comprehensive analysis. Investors interested in these detailed insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
With the next earnings date scheduled for July 25, 2024, market participants will be keen to see how BJRI’s financial results align with these metrics and tips. Until then, investors can continue to track the company’s performance to inform their investment decisions.
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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