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Home Blog Page 11908

Lululemon to acquire at-home fitness company Mirror for $500 million

Lululemon Athletica Inc.  LULU:NASDAQ  announced  on June 29, 2020   it has entered into a definitive agreement to acquire MIRROR, a leading in-home fitness company that creates an interactive workout platform that features live and on-demand classes, in front of a technologically advanced mirror for a purchase price of $500 million.

In home   fitness apps have been extremely popular due to the   global pandemic.

Mirror is an  home app that will compete with Peloton Interactive Inc (PTON:NASDAQ). Peloton reported earnings in May with sales rising 66% from a year ago to $524.6 million. Many gyms have closed so in home apps and hone gym equipment is very popular due to gyms closing across the world.

“The acquisition of Mirror is an exciting opportunity to build upon that vision,” McDonald said Monday. He added that the fitness company expects to do more than $100 million in revenue this year, and it will either break even or be slightly profitable in 2021.

Lululemon Athletica Inc (LULU:NASDAQ) closed up in extended Hours  7:02:07 PM EDT 294.35 +4.82 (+1.66%).

According to analysts listed on CNBC, 10 analysts have a strong buy rating,   13 analyst have a buy rating, and 12 analysts have a hold rating.

Director Glenn Murphy made an uninformative buy 13 days ago.

According to Tip Ranks, 27 analysts offering 12-month price targets for Lululemon Athletica in the last 3 months. The average price target is $320.79 with a high forecast of $378.00 and a low forecast of $192.00. The average price target represents an 8.98% increase from the last price of $294.35. Source: Click Here-

Calvin McDonald is the Chief Executive Officer of Lululemon athletica Inc., an athletic apparel company, and serves as a member of the company’s Board of Directors. Mr. McDonald is a growth-oriented leader who has a proven track record helping large organizations scale by integrating how brands engage with customers where they shop — in stores, across digital channels, and from their home. Prior to joining Lululemon in August 2018, Mr. McDonald served for five years as president and CEO of Sephora America’s, a division of the LVMH group of luxury brands, during a period of double-digit growth. Source

Warren Buffett Berkshire Hathaway in $10B all Cash deal for Dominion Energy assets

Warren Edward Buffett is an American investor, business tycoon, and philanthropist, who is the chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth of US$88.9 billion as of December 2019, making him the fourth-wealthiest person in the world.

The  $10 Billion all Cash deal has  Dominion Energy NYSE:D selling nearly all of its  Gas Transmission & Storage segment assets to Berkshire Hathaway BRK.A,  BRK.B.

That includes more than 7,700 miles of natural gas storage and transmission pipelines and about 900 billion cubic feet of gas storage that Dominion currently operates.

According to SA Editor Stephen Alpher  

Dominion now expects 2020 operating earnings of $3.37 to $3.63 per share. The company’s previous guidance was $4.25 to $4.60 per-share.  The company now expects to target an approximately 65% payout ratio to be effective upon completion of the transaction. This new payout ratio implies a 2021 dividend payment of around $2.50 per share vs. current $3.76.  Beginning in 2022, the company expects annual dividend-per-share increases of approximately 6 percent per year.   This represents a significant increase from previous long-term dividend per-share growth guidance of 2.5 percent.

There’s a reason investors call Warren Buffett “the Oracle of Omaha.” For decades, Buffett has beaten the market with the investments he’s made through his holding company, Berkshire Hathaway. Thankfully, every quarter Buffett and his colleagues at Berkshire have to disclose the company’s holdings in a 13-F filing, so the average investor can see where “the Oracle” is putting his money.

For Berkshire Hathaway the move greatly increases its footprint in the natural gas business. With the purchase, Berkshire Hathaway Energy will carry 18% of all interstate natural gas transmission in the United States, up from 8% currently.

Tesla Stock Going To $2000. Tesla Is Now Worth More Than Toyota, Disney, And Coke

 

Tesla Is Now Worth More Than Toyota, Disney, and Coke, making Tesla (TSLA) the most valuable auto company on the planet, ahead of Toyota (TM). Tesla now surpasses  the market  of Dow components Merck (MRK) ,   Disney (DIS), Cisco (CSCO),  Coca-Cola (KO), along with  Exxon Mobil (XOM).

Tesla (TSLA)now is more valuable than most every company in the S&P 500.

Tesla shares reached new highs   Thursday, July 2nd, 2020 when they announced the delivery for  90,650 vehicles in the second quarter, beating Wall Street expectations.Shares drove up 9% to $1,219.02

Tesla Inc. (TSLA) Nasdaq Elon Musk is a South African-born American entrepreneur and businessman who founded X.com in 1999 (which later became PayPal), SpaceX in 2002 and Tesla Motors in 2003.

As lead designer at  SpaceX, Elon oversees the development of rockets and spacecraft for missions to Earth orbit and ultimately to other planets. In 2008, the SpaceX Falcon 1 was the first privately developed liquid fuel rocket to reach orbit, and SpaceX made further history in 2017 by re-flying both a  Falcon 9  rocket and  Dragon  spacecraft for the first time.Source: Tesla

Elon is also CEO of  Neuralink, which is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.He also launched  The Boring Company, which combines fast, affordable tunneling technology with an all-electric public transportation system in order to alleviate soul-crushing urban congestion and enable high-speed, long-distance travel. The Boring Company built a 1.15 mile R&D tunnel in Hawthorne, and is currently constructing Vegas Loop, a public transportation system at the Las Vegas Convention Center.Previously, Elon co-founded and sold PayPal, the world’s leading Internet payment system, and Zip2, one of the first internet maps and directions services.Source: Tesla

Institutional Ownership stands at 54.8%

Major Holders

20.51%   % of Shares Held by All Insider

57.93%   % of Shares Held by Institutions

72.87%   % of Float Held by Institutions

1,319         Number of Institutions Holding Share

Top Institutional Holders

Holder   Shares   Date Reported   % Out       Value

Baillie Gifford and Company               12,076,416                     Mar 30, 2020           6.51%       6,328,041,984

Capital World Investors 10,714,131                     Mar 30, 2020           5.78%       5,614,204,644

Vanguard Group, Inc. (The)                   8,662,781                         Mar 30, 2020           4.67%       4,539,297,244

Blackrock Inc.         7,213,587                         Mar 30, 2020           3.89%       3,779,919,588

FMR, LLC                           4,615,556                         Mar 30, 2020           2.49%       2,418,551,344

Jennison Associates LLC 4,320,630                         Mar 30, 2020           2.33%       2,264,010,120

State Street Corporation                             3,095,851                         Mar 30, 2020           1.67%       1,622,225,924

JP Morgan Chase & Company         2,816,285                         Mar 30, 2020           1.52%       1,475,733,340

Goldman Sachs Group, Inc.                   2,702,701                         Mar 30, 2020           1.46%       1,416,215,324

BAMCO Inc.               1,615,174                         Mar 30, 2020           0.87%       846,351,176

 

CWEB Analysts see    (TSLA) Nasdaq as a potential  for long term growth and a great addition to one’s portfolio and upward of $2000   by 20121

Paul Jacobs Joins Governor Newsom’s Task Force on Business and Jobs Recovery

XCOM’s Chairman & CEO, Paul Jacobs, has been appointed to a state Task Force on Business and Jobs Recovery

“Chip maker’s former CEO to focus on networking startup XCOM, which just made its first acquisition. M87, a Seattle-area networking startup led by former T-Mobile executive Cole Brodman, was acquired last month by XCOM, a new company led by former Qualcomm CEO and chairman Paul Jacobs.

The news was revealed Monday by The Wall Street Journal in a story that details how Jacobs dropped plans to take Qualcomm private and is now focusing on San Diego-based XCOM.

M87 launched out of Austin, Texas in 2014 and relocated to Seattle in late 2016. That’s when Brodman, who spent 17 years at T-Mobile – including stints as CMO and CTO – took over as CEO.

M87 develops technology to help wireless carriers improve network performance by creating dynamic device-to-device mesh networks. It’s similar to what Jacobs, whose father founded Qualcomm, and a group of former Qualcomm execs are building at XCOM: “giving everyone’s phones the ability to route traffic like a cell tower,” as WSJ reported.” Source: XCOM  

CHAIRMAN & CHIEF EXECUTIVE OFFICER Paul E. Jacobs, Ph.D., founded XCOM in 2018. As former chief executive officer and executive chairman of Qualcomm, Dr. Jacobs spearheaded its efforts to develop and commercialize fundamental mobile technology breakthroughs that fueled the wireless internet and smartphone revolutions.   During his tenure as CEO, Qualcomm’s revenues quadrupled, and its market capitalization doubled.   Dr. Jacobs is a prolific inventor with over 80 U.S. patents granted or pending in the field of wireless technology and devices.

He served as a director of Qualcomm from June 2005 to March 2018, including as chairman of the board of directors from March 2009 to March 2018, and as executive chairman from March 2014 to March 2018.

Dr. Jacobs is a director of Dropbox, Inc., FIRST, and Heal, a private technology enabled medical care company.   He is an owner and vice chairman of the Sacramento Kings

Governor  Newsom Taps California Business, Labor, Health Care and Community Leaders for New Task Force on Business and Jobs Recovery

Published:  Apr 17, 2020

Governor appoints business and civic leader Tom Steyer Chief Advisor to the Governor on Business and Jobs Recovery

Task Force will be co-chaired by Governor’s Chief of Staff Ann O’Leary and Steyer

Brings together Californians from across diverse range of the state’s economy to develop recommendations for a plan that works for all Californians, with a focus on the regions and communities hardest hit by the pandemic

Former Federal Reserve Chair Janet Yellen, Disney Executive  Chairman Bob Iger, ILWU President Willie Adams,  President and CEO of the California Community Foundation Antonia Hernandez, former head of the Small Business Administration Aida  Ãlvarez and Apple CEO Tim Cook will be part of the Task Force stepping up to help California pave the way toward a fast, safe recovery of jobs

All of California’s former governors and California’s legislative leaders across both political parties join the task force

SACRAMENTO — Bringing together leaders across California’s diverse, innovative economic and social sectors to chart a path forward on recovery in the wake of COVID-19, Governor Gavin Newsom today announced the formation of a state Task Force on Business and Jobs Recovery. The Task Force will be co-chaired by Governor Newsom’s Chief of Staff Ann O’Leary and philanthropist, environmentalist, and businessman Tom Steyer, who was also appointed Chief Advisor to the Governor on Business and Jobs Recovery. He will receive no compensation for his service.

Members of the Task Force include Senate President pro Tempore Toni Atkins, Assembly Speaker Anthony Rendon, Senate Minority Leader Shannon Grove, Assembly Minority Leader Marie Waldron, former Federal Reserve Chair Janet Yellen, Walt Disney Company Executive Chairman Bob Iger,  former head of the Small Business Administration Aida  Ãlvarez  and dozens of prominent leaders in business, labor, health care, academia and philanthropy.

Read the full list of  Task Force members here.

“This pandemic has forced millions of Californians out of jobs — with the most vulnerable hit the hardest,” said Governor Newsom.  “While we have made significant  progress in flattening the curve and increased preparedness of our health care delivery system, the actions taken have also impacted the economy, poverty and overall health care in California. We will use a gradual, science-based and data-driven framework to guide our re-opening timing while planning our economic recovery.  I am honored that dozens of leaders in business, labor, health, and philanthropy are stepping up to meet this moment by committing their time and talent to lift up all Californians. Through their leadership, and the leadership of California’s 40 million residents, I have no doubt we will emerge stronger from this crisis.”

The Task Force will work to develop actions government and businesses can take to help Californians recover as fast as safely possible from the COVID-19 induced recession and to shape a fair, green, and prosperous future.  They will meet twice a month throughout 2020 to develop options that would work  for all Californians, with a particular focus on those hardest hit by the pandemic.

“Governor Newsom has been a steady hand and shining example of how to lead during a crisis, and I am thrilled to help in this critical way,” said Tom Steyer. “In the coming weeks and months, we will bring together the public and private sectors, outside experts, organized labor, environmental groups, and activists to develop recommendations for a recovery plan that works for all Californians, with an emphasis on those communities hardest hit by the pandemic. Our goal is to present Governor Newsom with tangible actions that leverage the task force’s expertise to rebuild California, emphasize smart, green technologies and provide a model for just economic development for our country.”

The Task Force will craft ideas for short, medium, and long-term solutions that reflect communities across the state, and emphasize a fair and equitable recovery. There will be significant emphasis of the state’s strengths, including diversity and innovation. The Task Force will not only focus on our immediate recovery, but on actions to support a cleaner, more equitable and prosperous future for all Californians.  It will build on the important work of other groups including the Governor’s Council of Economic Advisors, the Higher Education Council and the Commission on the Future of Work. Both co-chairs of the Future of Work Commission,  President of SEIU Mary Kay Henry and Senior Partner of McKinsey & Company James Manyika, will serve on the new Task Force.

The Governor formed the Business and Jobs Recovery Task Force just days after he announced a multi-state Task Force with Oregon and Washington to coordinate the reopening of our regional economy. Governor Newsom outlined a road map to recovery with six indicators that should be met before California’s stay-at-home orders are modified.

The COVID-19 pandemic has had a devastating effect on California’s economy. The state has seen more than 2.8 million  unemployment claims since March 12, 2020 — not including undocumented residents or independent contractors. The impact has been particularly devastating for California’s small businesses. Source: Office of   Governor Gavin Newsom

The Rise of Jamie Dimon of JP Morgan and Making Chase the Most Successful Bank in the World

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Hedge Funds are bullish on JPMorgan Chase & Co.NYSE: JPM. The largest stake in JPMorgan Chase & Co. (NYSE:JPM) was held by Berkshire Hathaway, which reported holding $5196 million worth of stock at the end of September 2019. Fisher Asset Management holds a $543.8 million position.

JPMorgan Chase & Co. (NYSE:JPM) is a buy. The bank is the largest U.S Bank in total assets. While the bank reported a $2.9 billion profit 1st quarter 2020, it is down from $8 billion in profit from previous quarters. With that said the Coronavirus pandemic has affected earnings. JPMorgan Chase & Co was forced to set aside a credit provision to set aside loan losses in the future.

 

JPMorgan is a leading global financial services firm with assets of $2.7 trillion. JPMorgan is a leading has consistently gained market share. Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. invests  heavily   to keep the bank at the competitive advantage it holds today. The banks’ balance sheet  has substantial excess capital and liquidity. JPMorgan Chase & Co. (NYSE:JPM) has outpaced its peers substantially. JPMorgan Chase & Co. (NYSE:JPM) provided investors with a  3.8% dividend yield. This is a compelling reason to own the bank. The bank is a  bellwether for the global financial system. We see JPMorgan Chase & Co. (NYSE:JPM) as a good long-term investment.

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Photo Credit:Flickr:  The Global Financial Context: James Dimon

 

Can Netflix Stock Reach Above 700?

 

Netflix  is about to give its Second Quarter 2020 Earnings Interview July 16-2020.Netflix is the king of  online streaming. While other competitors like Disney and Amazon have tried to compete with Netflix, the stock  is up 59% for the year and   has rewarded shareholders. Morgan Stanley raises its price target to $575 with an overweight recommendation and a likely target of $775 per share.

With stay at home orders back on in many states due to the COVID-19 pandemic, Netflix is increasing its subscribership. With winning content choices for all and production ramping back up  as we try to move past the pandemic, the stock can only reach new highs. Local broadcasters will have an extremely hard time competing with Netflix because the advertising budgets have been cut that they rely on to produce shows.

The Focus:

Netflix is a global streaming entertainment service offering movies and TV series commercial-free, with unlimited viewing on any internet-connected screen for an affordable, no-commitment monthly fee. Netflix is a focused passion brand, not a do-everything brand: Starbucks, not 7-Eleven; Southwest, not United; HBO, not Dish. Source Netflix

Netflix margin structure and growth Netflix, Inc. (NASDAQ: NFLX)

We think we can grow to 60-90 million members in the US, based upon our trajectory to date and the continued growth of streaming entertainment. Our operating margin structure is set mostly top down. For any given future period, we estimate revenue, and decide what we want to spend, and how much margin we want in that period. Competitive pressures in bidding for content would lead us to have slightly less content than we would otherwise, rather than overspending. The same is true for our marketing budget. The output variable is membership growth that those spending choices influence.

We are targeting a 16% operating margin in 2020 and plan to steadily increase operating profit and margin from there as we balance growth with profitability.

With our rapid increase in content spending, and our growing emphasis on owned original productions, cash outlays are initially greater than content amortization, constraining free cash flow relative to profitability. We have generally funded these cash pre-pay needs with debt. We amortize content as quickly as justified, given industry norms and viewing history. Source: Netflix  

Netflix Chief Executive Officer Reed Hastings Reed Hastings co-founded Netflix in 1997. In 1991, Reed founded Pure Software, which made tools for software developers. After a 1995 IPO, and several acquisitions, Pure was acquired by Rational Software in 1997. Reed is an active educational philanthropist and served on the California State Board of Education from 2000 to 2004.Source: Netflix  

NASDAQ: NFLX     CWEB Analysts see the stock as a potential  for long term growth and a great addition to one’s portfolio and upward of $700 by 2021

 

Walmart Expands into The Insurance Business

 

Walmart Inc. (WMT) NYSE  has created “Walmart Insurance Services LLC” to sell insurance policies. Here is the job listed below on the retailer’s website.

Walmart Insurance Service, LLC s is hiring in the greater Dallas/Fort Worth area! Yes, you read that right, Walmart now has an insurance agency. Walmart, the Fortune #1 Company and the Nation’s largest private employer, is helping people save money and live better. Walmart strives to be a center of well-being in the communities we serve, and we have a unique, brand-new opportunity to help millions of people find the best Medicare insurance available. We need passionate health insurance professionals to help us build this new business from the ground up and achieve our mission.   Walmart Insurance Services LLC is looking to hire several Medicare Insurance Agents to begin the first week of August 2020. Source : Walmart Careers  

Walmart partners with  insurer Humana for its Walmart-branded Medicare prescription drug plan.  Walmart is now going to be an insurance broker.

As long as Walmart keeps up with consumer behavior, we believe the stock will rise to new highs. Looks like they are successfully implementing new strategies help consumers get what they need at the most competitive prices- especially during the COVID-19 pandemic.

In other news: Recently Walmart Formed Partnership with Tribeca turning 160 store parking lots into drive-in theaters. Starting in early August, NYSE: WMT Walmart is popping up safe, socially distanced drive-in events at Walmart Super Centers across America.

op 6  Institutional Holders

Holder   Shares   Date Reported   % Out       Value

Vanguard Group, Inc. (The)                   137,634,260               Mar 30, 2020           4.86%       15,638,004,621

Blackrock Inc.         90,196,443                     Mar 30, 2020           3.18%       10,248,119,853

State Street Corporation                             70,902,390                     Mar 30, 2020           2.50%       8,055,929,551

FMR, LLC                           22,899,929                     Mar 30, 2020           0.81%       2,601,889,932

Geode Capital Management, LLC                             21,186,737                     Mar 30, 2020           0.75%       2,407,237,057

Bank of America Corporation           20,967,213                     Mar 30, 2020           0.74%       2,382,294,741

Top  Five Mutual Fund Holders

Holder   Shares   Date Reported   % Out       Value

Vanguard Total Stock Market Index Fund                           41,720,918                     Mar 30, 2020           1.47%       4,740,330,703

Vanguard 500 Index Fund                       29,203,838                     Mar 30, 2020           1.03%       3,318,140,073

Vanguard Specialized-Dividend Appreciation Index Fund 18,031,710                     Jan 30, 2020               0.64%       2,064,450,477

SPDR S&P 500 ETF Trust 15,691,981                     Mar 30, 2020           0.55%       1,782,922,881

Vanguard Institutional Index Fund-Institutional Index Fund                     12,554,461                     Mar 30, 2020           0.44%                               1,426,437,858

 

NYSE: WMT      CWEB Analysts view the stock as a long term growth and a great addition to your investment portfolio with an upward momentum of $1000 by 2021 with direct competition to Amazon.

 

 Can a $100 Million Kanye West Deal Could Mean Trouble for The Gap

Gap NYSE: GPS CEO Sonya Stengel announced the 10-year apparel Kanye West on June 26th, 2020 the gaps brand identity has been falling and Kanye West appeal could help bring the brand into the forefront again.

The clothing line which will include t-shirts, basic clothing, and jogging clothing it is set to debut in 2021. Kanye West certainly has been in the forefront of the media lately announcing he was running for president. Penny changed his mind and retracted his decision.

Kanye West has been in a Twitter debacle with his wife Kim Kardashian and Kris Jenner about his health. West has been  diagnosed with Bipolar Disorder.   All of  this drama puts pins and needles for the brand identity of the gap. Gap may have no choice but to  stick with West in order to save the brand. West was successful when he launched a deal with Adidas and provided trendy apparel for the brand.

Net sales by brand for the first quarter 2020 compared to the first quarter 2019 were as follows:

  • Old Navy Global: Net sales were down 42%; store sales were down 60% with online sales up 20%. Since the onset of the COVID-19 pandemic, Old Navy has seen a meaningful acceleration in its digital business. The Company noted it expects the off-mall, strip real estate that makes up approximately 75% of the fleet to be an advantage as customers return to stores and expects traffic in these locations to ramp up more quickly than other formats.
  • Gap Global: Net sales were down 50%; store sales were down 64% with online sales down 5%. Prior to the onset of the pandemic, Gap brand performance continued to be pressured by inconsistent execution of product and marketing messages. However, the Company noted the brand did experience steady improvements in its online performance throughout the quarter, attributable to the Company’s strategy to migrate customers online as the brand’s fleet rationalization efforts continue.
  • Banana Republic Global: Net sales were down 47%; store sales were down 61% with online sales down 2%. While the move to casual fashion during the stay-at-home requirements has benefited other brands in Gap Inc.’s portfolio, this shift left Banana Republic disadvantaged in its product mix. As a result, Banana Republic is taking aggressive action to adjust to consumer preferences and improve inventory mix.

Athleta: Net sales were down 8%; store sales were down 50% with online sales up 49%. Customer response to Athleta was strong given the values-driven active and lifestyle space the brand participates in as well as the brand’s deep customer engagement through its powerful omni-channel model.

Cash Flow

The Company ended first quarter fiscal year 2020 with $1.1 billion in cash, cash equivalents, and short-term investments compared to $1.7 billion at the beginning of the quarter. Cash flow performance was impacted by the sales decline caused by the pandemic, partially offset by $500 million borrowed during the quarter under the Company’s unsecured revolving credit facility.   Financial reporting Source  

Sonia Syngal is the Chief Executive Officer of Gap Inc. leading the $16 billion business across all geographies and channels with a team of nearly 130,000 employees.Most recently, Sonia led Old Navy from $7B to $8B in sales in just three years, expanding its North American presence to more than 1,200 stores, scaling its ecommerce site to the no. 4 largest apparel site in the U.S. and building competitive omni-channel capabilities. Prior to that, she was Executive Vice President of Global Supply Chain and Product Operations, responsible for managing Gap Inc.’s global supply chain and redefining a best-in-class product-to-market model for its portfolio of brands.

 

 

Remarks by President Trump on Phase Four Negotiations and Covid Relief

11:07 A.M. EDTTHE PRESIDENT:   Okay, well, thank you very much.   You’ve asked to see what’s going on at our meetings, so I figured let you come in.   You’ll look and you’ll see we have a lot of – a lot of good things happening.   We have tremendous progress on vaccines and therapeutics.   We’re getting reports.   We’re studying the reports very closely.   I think people are going to be very pleasantly surprised with what’s going on on the vaccine front and the therapeutic front.   And that, to us, is always the first topic.

Secondarily, but very importantly, we’re working and negotiating with the Democrats on trying to get a plan that helps small businesses, helps people, helps this country.   And I think we’ve made a lot of progress on that.   And the discussions are going on.

Steve, do you want to say a few words as to where we are?

SECRETARY MNUCHIN:   Yes, Mr. President.   Mark and I have been working very hard over the last two weeks, with Mitch and Kevin, on really what we see as the focus is kids and jobs, the Recovery Act, CARES 4.0.

We’ve spent an unprecedented amount of money.   The good news is a lot of the $3 trillion, we still have left to put in the economy and put back to work.   We’re focused on starting with another trillion dollars.   We think that will make a big impact.

And the focus is, as I said, is really about kids and jobs and vaccines.   We’re going to make sure that we have a vaccine by the end of the year for emergency use.   And the plan is – we just updated the President and the Vice President; they signed off on this.   Mark and I will be meeting tomorrow with the Republicans at the lunch to give them a full briefing, and then we will also be reaching out to the Democrats to begin our discussions.

But we are committed that, by the end of this month, make sure that before the enhanced unemployment insurance expires, that we pass legislation so that we can protect Americans that are unemployed.

Now, we’ve said the number one issue is we have to finish the technical fix on enhanced unemployment.   We’re going to make sure that we don’t pay people more money to stay home than go to work.   We want to make sure that people who can go to work safely can do so.   We’ll have tax credits that incentivize businesses to bring people back to work.   We’ll have tax credits for PPE, for safe work environment.   And we’re going to have big incentives, money to the states for education, for schools that can open safely and do education.

So these are the priorities, as well as liability protection.   We want to make sure that frivolous lawsuits don’t prevent schools, universities, and businesses from reopening.

THE PRESIDENT:   Okay.   Mike?

THE VICE PRESIDENT:   Well, Mr. President, I just want to – I want to say how much we appreciate the leadership in the House and Senate.   Today’s conversation is a continuation of your commitment to do whatever it takes to get the American people, American businesses, and communities through this very challenging time.

The outbreaks across the Sun Belt are serious, but because of the support that we’ve had from, frankly, leaders in both political parties in the Congress of the United States, we’re meeting this moment with expanded testing, personal protective equipment, and, as you said, Mr. President, with the development and distribution of therapeutics and a rapid development of vaccines.   That will all continue.

But it’s important that the Congress come together and provide additional resources for families that have been impacted, businesses that have been impacted.   We’ll make sure our healthcare workers and our states have the resources that they need.   But also, Mr. President, we’re going to continue to advance policies that’ll make it possible for us to open up America again and open up America’s schools.

And I look forward, I know as you do, in working with the leaders that are gathered here and members of Congress in both political parties, to deliver another important elements of a recovery package that will keep on working until we bring our country all the way back and reach that day that we someday put this coronavirus in the past.

THE PRESIDENT:   Okay.   Mitch, please.

LEADER MCCONNELL:   Yeah, tomorrow begins the process of socializing what we’ve been discussing with the administration over the last two weeks with our members.   And if you’re looking for a theme here, think liability protection for those who have been trying to deal with the pandemic.   We don’t need an epidemic of lawsuits on the heels of the pandemic we’re already struggling with.

Kids in school, jobs, and healthcare will be the theme of the proposal that we hope to come together and present to our Republicans.   And then, as the Secretary of the Treasury indicated, obviously you can’t pass the bill in the Senate without the Democrats, and we’ll begin to talk with them as well.

THE PRESIDENT:   Kevin?

LEADER MCCARTHY:   Yes.   I mean, just to sum up what we’re looking at: If you’re sitting at home and you’re concerned that you don’t have a job, we want to make sure you’re able to come back.   We don’t think any federal money should be spent that gives you a disincentive to work.   We want to make sure we have incentives to keep going.

For those small businesses, we want to make sure you can stay open.   We want to make sure your kids can go back to school, but go back safely – not just for the children, but for the teachers as well.

We continue to make strides to make sure we get to a vaccine – that we find a cure for this virus that we did not invite, that came from a foreign land.   And I think that’s the focus that we have to be a part of.

Mitch talks about – and I think it’s fundamental not just for schools, but for any businesses striving – whether they can open back up or not.   They should not have an attack from any lawsuits.   We need to give the protection that we rebuild, restore, and renew this country to where we were before, and I know we can do it together.

That’s why we’re working here.   We’ll be reaching out to the Democrats.   And I hope, for that moment in time, they put politics aside; that we look at one nation, that we don’t sit back inside of a rule within a Senate that a minority denies the ability to have this debate, that denies the ability to help America unite and solve this problem once and for all.

We are making great strides when it comes to therapies,  what – this Warp Speed.   History will write about this.   When we get to the moment in time that we have this vaccine, they’ll write about how fast it would and no other country could do what we did because of the ingenuity of this nation.   And that’s the focus of what we’re trying to do for the safety of this country, for our students, for our teachers, and for our businesses that we’re back to work again, stronger and safer and more united.

THE PRESIDENT:   It came from China.   It should have never been allowed to get out.   They could have stopped it.   They could have stopped it easily.   They chose not to.   And we’ll have further reports on that.   But it came from China.   They could have stopped it, but they didn’t.   They stopped it from going into China, but they didn’t stop it from going to the rest of the world.   It didn’t stop it from going to Europe, to us.

They should have stopped it.   They could have stopped it.   They weren’t transparent at all; they were the opposite.   It’s not good.

I spoke with the President of France this morning, and I spoke with – I spoke with the President of Egypt, and we had a very, very good conversation, both of us.   And all of us, and all of us together – I’ve had many conversations with leaders all over the world over the weekend, and over the last couple of weeks in particular.   And this is a pandemic that is flaring up all over the place.   Countries thought they were in good shape and then, all of a sudden, they have a big flare-up.

I see that over the weekend – I guess on Friday – there was a worldwide number of death – worldwide.   Because when you watch the news – the local news – and you see it, and it’s – it’s, like, all about the United States.   They never like to talk about what’s going on in the world.   But you look at Mexico, Brazil, many countries in Europe, many countries – all over – Russia.   Russia has a got a tremendous problem.   It’s – what’s going on is terrible.   It’s terrible.   But this is a worldwide problem.

And we’re helping the world with ventilators.   We’re helping a lot of countries.   They don’t have ventilators, and we’re sending thousands of ventilators to different countries.   But I do want people to understand this is a worldwide problem caused by China, but it’s a worldwide problem.

Countries are going through hell, and it’s going to – we’re going to give you a lot briefings in the next week and over the next few weeks as to – I think it’s very important to do it, the vaccines and the therapeutics.   I think I’m going to bring some of the great companies that are working, and very successfully in the past have worked on these things, and they’re going to tell you very specifically what they’re doing and how they’re doing.   But we think we’re doing very well in that regard.

Those two items – I think, frankly, therapeutic, I like almost better at this point.   You go in and you make people better.   Now, we have had some very good luck with remdesivir, and that’s been successful.   And others have been successful.   The plasma has been successful.   But we are – we’re really coming up with some very good answers, meaning, they are.   All over the world, they’re working.   And we’re working very closely all over the world on the vaccines and the therapeutics.

So we’re going to have some of the heads of these great companies coming in.   Johnson & Johnson is doing very well, in particular.   They seem to be doing very well.   But numerous are doing very well.   It’s something that I really feel certain – I guess you can never use “totally certain” but pretty damn certain that they’re going to have the vaccine, they’re going to have therapeutics, and it’s going to start taking place very shortly, and that will be a great thing.   For the world, that will be a great thing.

But this is happening all over the world, not just the United States.   And it’s a tough one.   It’s very tough.   It’s very sad when you see the death.   It’s all death that could have – could’ve been stopped by China.   If they wanted to stop it, they could’ve stopped it.

Okay, thank you very much, everybody.   Please.   Thank you.   Thank you.

Q       How important, President – how important is the payroll tax cut?

THE PRESIDENT:   The what?

Q       How important is the payroll tax cut in phase four?

THE PRESIDENT:   I think it’s very important.   I think it’s a very important thing.   It’s very good.   It’s been proven to be successful.   It’s a big saving for the people.   It’s a tremendous saving, and I think it’s an incentive for companies to hire their workers back and to keep their workers.   So the payroll tax cut, to me, is very important.   We’re working on it.   And I don’t think that there’s too much dispute as to the level of importance, John.   It’s a very important thing.   Okay?

It’s one of – that’s one of many elements we’re discussing.   We’re discussing probably a total of 10 different elements.   But payroll tax cut is a very important one.

Q       Are they signing on it?

THE PRESIDENT:   Oh, absolutely.   No, I think – I think, hopefully, we’ll get there, but we’re talking about a lot of things, not just the payroll tax cut.

Q       So you’re bringing back the coronavirus briefings?   Is that – do I understand you correctly?

THE PRESIDENT:   Well, we had very successful briefings.   I was doing them, and we had a lot of people watching – record numbers watching.   In the history of cable television – television, there’s never been anything like it.

And we were doing very well, and I thought it would be, sort of, automatic.   And a lot of – a lot of positive things were happening.   And, frankly, a lot of the country is doing well.   A lot of the people don’t say it, as you understand.

But we’ve have had this big flare-up in Florida, Texas, a couple of other places.   And so I think what we’re going to do is I’ll get involved and we’ll start doing briefings, whether it’s this afternoon or tomorrow – probably tomorrow – and I’ll do briefings.   And part of the briefing, I think much more so than last time – because last time, we were nowhere with vaccines or therapeutics.   And let’s say that ended six weeks ago, and we’ll start them again.   And I think it’s a great way to get information out to the public as to where we are with the vaccines, with the therapeutics, and, generally speaking, where we are.

And so I think we’ll start that probably starting tomorrow.   I’ll do it at 5 o’clock, like we were doing.   We had a good slot.   And a lot of people were watching, and that’s a good thing.   I think that Kayleigh will continue hers at 11 o’clock, just like they were.  And I’ll be discussing the – as I call it, the China virus, the China plague.   I’ll be discussing it, and I’ll also be discussing perhaps some other things.

But, you know, we’re doing very well in so many different ways, but unfortunately, this is something that’s very tough, but we’re going to get it solved, and I think we’re going to get it solved in numerous ways, but the two best would be vaccines and therapeutics.   So we’ll – we’ll be having that.

Q       Mr. President, on Portland and other cities that are experiencing violence –

THE PRESIDENT:  Yeah.

Q       – there was a report out this morning that you’re considering sending 175 federal troops to these cities to help local law enforcement.   Can you fill us in on that?

THE PRESIDENT:   Well, it depends on what your definition of “troops” is.   I mean, we’re sending law enforcement.   Portland was totally out of control.   The Democrats – the liberal Democrats running the place had no idea what they were doing.   They were ripping down – for 51 days, ripping down that city, destroying the city, looting it.   The level of corruption and what was going on there is incredible.   And then the governor comes out: “We don’t need any help.”

How about Chicago?   I read the numbers were many people killed over the weekend.   We’re looking at Chicago too.   We’re looking at New York.   Look at what’s going on.   All run by Democrats, all run by very liberal Democrats.   All run, really, by radical left.

But we can’t let this happen to the cities.   New York was up 348 percent – the crime rate.   So the governor has to do something about it.   And if the governor is not going to do something about, we’ll do something about it.

But what’s happening in New York, a place I love – I love New York.   And look at what’s going on over there.   The woman who was shot because she said, “Could you please not light off fire crackers?”   And they turned around and shot her eight times, and she died.   That’s not our civilization.   That’s not about us.

And then the police are afraid to do anything.   I know New York very well.   I know the police very well – New York’s Finest.   And the fact is they’re restricted from doing anything.   They can’t do anything.

Q       So what are you planning on doing?

THE PRESIDENT:   Well, I’m going to do something – that, I can tell you.   Because we’re not going to let New York and Chicago and Philadelphia and Detroit and Baltimore and all of these – Oakland is a mess.   We’re not going to let this happen in our country.   All run by liberal Democrats.

Q       Send more federal law enforcement to some of these cities?

THE PRESIDENT:   We’re going to have more federal law enforcement – that, I can tell you.   In Portland, they’ve done a fantastic job.   They’ve been there three days, and they really have done a fantastic job in very short period of time.   No problem.   They grab them; a lot of people in jail.   They’re leaders.   These are anarchists.   These are not protestors.   People say “protestors”; these people are anarchists.   These are people that hate our country.   And we’re not going to let it go forward.

And I’ll tell you what: The governor and the mayor and the senators out there, they’re afraid of these people.   That’s the reason they don’t want us to help them.   They’re afraid.   I really believe they’re actually maybe even physically afraid of these people – because what they’re doing is incredible.

We didn’t just go there.   This wasn’t like it started right away.   We went there after 51 days.   We said, “We can’t let that happen anymore.”   But these are anarchists.   And the politicians out there, yes, they’re weak, but they’re afraid of these people.   They’re actually afraid of these people.   And that’s why they say, “We don’t want the federal government helping.”

How about Chicago?   Would you say they need help after this weekend?   Do you know the numbers?   Did you hear the numbers?   Many, many shot.   Many, many killed.   I’m not talking about one, two.   Was it 18 people killed?   I think more than that.   And you add it up over the summer – this is worse than Afghanistan, by far.   This is worse than anything anyone has ever seen.   All run by the same liberal Democrats.   And you know what?   If Biden got in, that would be true for the country.   The whole country would go to hell.   And we’re not going to let it go to hell.

Thank you very much, everybody.

Source:    WhiteHouse.gov

Conagra A Safe Bet For Your Portfolio

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Conagra Brands, Inc. (NYSE: CAG) Board of directors approved a quarterly dividend payment of $0.2125 per share of CAG common stock to be paid on June 3, 2020 to stockholders of record as of the close of business on April 30, 2020.

Tip Ranks reports “Based on 8 analysts offering 12-month price targets for Conagra Brands in the last 3 months. The average price target is $36.17 with a high forecast of $41.00 and a low forecast of $32.00.[i]

Conagra owns many of the iconic brands we see in supermarkets around the world. The company is always offering new products in the food industry to keep up with consumer demand.

Jeffries and Co. has upgraded Conagra   because people eating at home more and spending more on items that Conagra sells. Due to the  pandemic many have lost their jobs and need to economize. They will  not be spending their funds on eating out as often, therefore benefiting Conagra Foods.

Mr. Sean M. Connolly is President and Chief Executive Officer of Conagra Brands. Prior to joining Conagra Brands, Mr. Connolly was President and CEO of The Hillshire Brands Company. Mr. Connolly also held a   position as  CEO for Sara Lee North American Retail and Food service, as well as President of Campbell Soup North America.[ii]

 

Top Institutional Holders

Holder   Shares   Date Reported   % Out       Value

Vanguard Group, Inc. (The)                   58,610,204                     Mar 30, 2020           12.03%   1,719,623,385

Blackrock Inc.         40,450,150                     Mar 30, 2020           8.30%       1,186,807,401

Capital World Investors 38,056,615                     Mar 30, 2020           7.81%       1,116,581,084

Price (T.Rowe) Associates Inc           29,996,118                     Mar 30, 2020           6.16%       880,086,102

Macquarie Group Limited                         29,156,361                     Mar 30, 2020           5.99%       855,447,631

State Street Corporation                             21,866,481                     Mar 30, 2020           4.49%       641,562,552

Top Mutual Fund Holders

Holder   Shares   Date Reported   % Out       Value

Delaware Group Equity Funds II- Value Fund               13,750,024                     Feb 28, 2020             2.82%       366,988,140

Vanguard Total Stock Market Index Fund                           13,688,139                     Dec 30, 2019             2.81%       468,681,879

American Balanced Fund                           13,612,296                     Mar 30, 2020           2.79%       399,384,764

Vanguard Mid-Cap Index Fund     12,527,259                     Mar 30, 2020           2.57%       367,549,779

Fundamental Investors Inc                     11,484,805                     Mar 30, 2020           2.36%       336,964,178

Vanguard 500 Index Fund                       10,014,368                     Mar 30, 2020           2.06%       293,821,557

Price (T.Rowe) Equity Income Fund                   8,760,000                         Mar 30, 2020           1.80%

 

[i] https://www.tipranks.com/stocks/cag/price-target

[ii] https://www.conagrabrands.com/our-company/corporate-leadership/sean-connolly

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Data by  YCharts

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Conagra was up 2.2%, to $34.29 Monday morning, while Campbell was up 0.8%, to $49.52.  Barron’s  has made much the same argument in recent weeks 257,018,400

 

Credit Suisse set a target price of $36 for Conagra, up from the company’s price of $33.33 on June 15. Mr. Moskow said faster-than-expected deceleration of at-home food consumption from the easing of social distancing restrictions represents the biggest downside risk to Credit Suisse’s target price for Conagra.

 

CWEB Analysts see the stock as a potential  for long term growth and a great addition to one’s portfolio and upward of $60 by 20121

CWEB.com is not registered as an investment adviser with the U.S. Securities and Exchange Commission. Rather, CWEB.com relies upon the “publisher’s exclusion” from the definition of investment adviser as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.