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Wells Fargo warns of 10% correction in S&P 500

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S&P 500 rose

Wells Fargo (NYSE:WFC) head of strategy Chris Harvey said he expects the S&P 500 to correct 10% in the next three to six months, bringing it to about 3,700 points, close to its November lows. Wells Fargo maintained its year-end target for the index at 4,200 points.

The reason for this decline in the stock market is the worsening economic conditions as a result of the Fed rate hike, the potential capital and liquidity problems caused by the banking crisis, the increasing dependence of consumers on credit to maintain spending.

The so-called “economic malaise” expected by Wells Fargo even before the Silicon Valley Bank crash last month will turn into an outright recession in the second half of the year. Meanwhile, the inversion of the yield curve and consumers’ growing reliance on credit are contributing to the bank’s bearish view of the market.

The economist noted that the U.S. stock market was virtually unscathed in the first quarter of 2023, even as investors were haunted by recession fears, warnings of falling earnings and an unprecedented banking crisis.

Wells Fargo noted that the S&P 500 is up about 7 percent since the beginning of the year because of falling Treasury bond yields and anticipated monetary policy easing by the Federal Reserve.

But the market’s recent rally has begun to slow as investors prepare for a dismal reporting season and concerns about the stability of the financial system remain.

Earlier we reported that artificial intelligence stocks in China fell sharply.

Stock Markets

The Cannabist Company Celebrates the Biden Administration’s Monumental Decision to Reschedule Cannabis

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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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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.

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UBS maintains ‘neutral’ on Dow with $61 price target

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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.

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BJ’s restaurants CIO sells shares worth over $56k

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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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