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Bernstein says crypto industry set to rebound from this latest ‘winter’ like it has before

January 3, 2023 Published by Tanaya Macheel

US Top News and Analysis

If history is any indication, crypto prices will rally exponentially when this crypto winter is over, according to Bernstein. Bitcoin finished 2022 at $16,664, posting a 64% loss for the year and ending more than 75% off its November 2021 all-time high. Even at the current lows, however, the cryptocurrency is up roughly 60% from its 2014 bottom and is 5 times greater than its 2018 lows. “Prior to 2022, crypto has gone through two winters in its 13-year history and the track record of buying into crypto stress has been spectacular,” said Bernstein analyst Gautam Chhugani in a note Monday. “Crypto as an industry has a great track record of fighting back from its lows and taking punches when down.” In 2014, bitcoin posted a 58% loss for the year and fell as low as $284 after beginning the year at $747. It went on to post annual returns of 36%, 120% and 1,375% in the following three years. In 2018, it fell 74% for the year, falling to as low as $3,157 at one point from its starting price for the year of $14,043. In the following three years it rose 95%, 305% and 60%. Ether showed a similar recovery. “We believe crypto is probably amongst the few industries that can clock frontier-tech-like growth, in a broadly maturing tech landscape,” he added. “Today, crypto touches less than 5% of total internet users with significant headroom for application led adoption.” That focus on applications is part of a critical shift crypto has undergone in the current cycle, according to Chhugani. The industry has pivoted from the “early days of ‘crypto-currency'” and is now more focused on applications and utility , he said. He also added that any criticism that crypto applications are “in a speculative feedback loop and thus, we have not seen any mainstream consumer applications beyond speculation” is “fair” but can be solved. “Investors should continue to focus on the long-term consumer adoption of crypto” which “should mirror the growth of the internet, as blockchain applications become more mainstream,” he said. “Crypto today has 200 million holders, but around 10 million monthly active wallets using apps,” he added. “As blockchains scale and applications mature, we expect the monthly user base to grow 10-100x over the long term. We expect gaming, social and NFT-based digital commerce & brands to lead adoption.”

We’re buying the dip in a health insurance stock that jumped in 2022

January 3, 2023 Published by Jeff Marks, Jim Cramer

US Top News and Analysis

We’re buying 10 shares of Humana (HUM) at roughly $492 apiece. Following Tuesday’s trade, Jim Cramer’s Charitable Trust will own 110 shares of HUM, increasing its weighting in the portfolio to 1.96% from 1.78%. We are putting some of our approximately 10% cash position to work Tuesday afternoon, looking for buying opportunities in stocks of profitable companies with dependable earnings power that trade at reasonable valuations. Humana is our choice. Even with a nearly 4% decline Tuesday, shares were up more than 5% in the past 12 months. This criterion brought us to managed care, a reliable group that is getting hit hard in Tuesday’s selloff. Wall Street turned on the industry in the morning. Cigna (CI) was downgraded to equal weight, equivalent to a hold rating, at Wells Fargo. CVS Health (CVS) was downgraded to in-line, or hold, by Evercore ISI. The analysts’ action is bringing down shares of all the operators Tuesday. However, the pullback in Humana represents an opportunity, and we’re buying back half of the shares we trimmed slightly above $500 in early October . Here’s why. Part of the thesis for the CVS downgraded was increased competition in the Medicare Advantage (MA) space. A lot of that is coming from the revamped offering by Humana, which Evercore sees as a market share gainer. Humana gaining share in MA has been part of our bullish thesis for months, so we view Evercore’s call as confirmation. It’s also consistent with what Humana disclosed in December when it announced that “based on annual enrollment period activity to date,” it was increasing guidance for MA growth from 325,000 to 400,000 members to “at least 500,000″ members. This was big news because the revised guidance represents net membership growth of at least 10.9%, which puts the company back on track toward growth above the industry rate. In the Wells Fargo note, the analyst believes Cigna has limited opportunities for price-to-earnings multiple expansion this year after a strong 2022. But it was noted that Humana is a name to favor in the group. According to Factset, Cigna is expected to grow earnings by about 7% year over year in 2023, compared to Humana’s estimate of 11.7%. Humana trades at a higher multiple of about 17.5x those 2023 estimates. But it’s worthy of that premium due to its consistent double-digit earnings growth rate that is insensitive to shifts in the economy and interest rates. (Jim Cramer’s Charitable Trust is long HUM. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Traders on the floor of the New York Stock Exchange (NYSE) in New York, on Tuesday, Jan. 3, 2023.

Michael Nagle | Bloomberg | Getty Images

Endeavor shares fall after video shows UFC boss Dana White hitting wife on New Year’s Eve

January 3, 2023 Published by Lillian Rizzo

US Top News and Analysis

In this article

EDR

Dana White appears at the UFC 282 post-fight press conference on December 10, 2022, at the T-Mobile Arena in Las Vegas, NV.

Amy Kaplan | Icon Sportswire | Getty Images

Media and entertainment company Endeavor saw its shares fall on Tuesday after a video showing Dana White, the president of its Ultimate Fighting Championship business, slapping his wife.

Endeavor shares were down more than 8% on Tuesday afternoon.

This week, a video published by TMZ showed White getting into an altercation with his wife, Anne, at a New Year’s Eve party in Cabo San Lucas, Mexico. In the video, it appears the two are arguing before Anne White slaps Dana White. He then slaps her.

Endeavor and the UFC didn’t immediately respond to requests for comment.

White issued a public apology Monday, according to media reports. Anna White also issued a separate statement to TMZ, calling it isolated incident.

White is synonymous with UFC, having served as its president since 2001.

In 2014, White spoke out about domestic violence after Ray Rice of the NFL assaulted his fiance, saying you “don’t bounce back from putting your hands on a woman,” according to media reports. “Been that way in the UFC since we started here.”

Following the comments, White also revealed the UFC screens people for domestic violence.

Hollywood powerhouse Endeavor began as a talent agency and was co-founded by one of the industry’s most recognizable agents, Ari Emanuel. Endeavor has bulked up over the years through a series of acquisitions, owning and managing live events like the Miami Open and the Miss Universe international beauty pageant.

Endeavor acquired a controlling interest in the UFC, a popular mixed martial arts league, in 2016. It took full ownership of UFC in 2021, the year Endeavor had its initial public offering, according to a securities filing.

This New Year, check out 10 ways America is different from 50 years ago

January 3, 2023 Published by

Latest & Breaking News on Fox News

FROM HAIRCUTS TO HOUSING COSTS – Now that 2023 is here, take a look back at how America has changed over the last 50 years. Continue reading…

CHILLING OUT! – An orphaned polar bear who was found roaming in Prudhoe Bay, Alaska, rolls around with glee after being brought to the Alaska Zoo. See the video…

‘PLENTY WE CAN CONTROL’ – Tony Robbins recently joined “Tucker Carlson Tonight” to discuss smart self-improvement tips and insights for 2023. Continue reading…

‘BE KIND TO ONE ANOTHER’ – This New Year, here are 10 messages of advice and inspiration — including a few surprises. Continue reading…

‘WE LOVE OUR COUNTRY’ – Kirk Cameron delivers a powerful message to an overflow crowd who arrived for a reading of his children’s book at a New York-based library. Earlier, Cameron had been denied or ignored by over 50 public libraries in America for a story-time reading. Continue reading…

‘R-E-S-P-E-C-T’ – On Jan. 3, 1987, this singer was the first woman inducted into the Rock & Roll Hall of Fame. Continue reading…

‘FANTASTIC CONDITION’ – Theodore Roosevelt’s Smith & Wesson revolver, which is well over a century old, has sold at auction. Check out the winning bid … Continue reading…

NEW YEAR BRAIN TEASER – Can you find three empty Champagne flutes in this seek-and-find puzzle? Test your mind…

WHAT’S COOKING? – Whip up these sour cherry BBQ wings from well-known chef Tom Colicchio for a tasty game day appetizer. Try the recipe…

[World] Handcuffed man tries to escape from moving police car

January 3, 2023 Published by

BBC News world-us_and_canada

Dramatic video shows one prisoner’s attempt to break free from custody on a California highway.

Mega Millions jackpot surges to $785 million. If there’s a winner, this is the tax bill

January 3, 2023 Published by Sarah O'Brien

US Top News and Analysis

Anadolu Agency | Anadolu Agency | Getty Images

Mega Millions players may be daydreaming about what they’d do with an extra $785 million, the game’s current jackpot amount.

One way they should count on using it if they win? Sharing a slice with the IRS.

After no tickets matched all six numbers drawn Friday night, the jackpot climbed again, marking the fourth time in the game’s history that the top prize has gone above $700 million, according to Mega Millions officials. In the previous three instances, those jackpots ended up being worth more than $1 billion when they were won.

The jackpot has been rolling higher through twice-weekly drawings since mid-October with no winner. If someone nabs it in the next drawing — set for Tuesday night — this $785 million prize would rank as the sixth-largest lottery prize ever won and the fourth-largest Mega Millions prize.

Of course, the advertised amount is only what you’d get if you were to choose to take your winnings as an annuity spread over three decades. The lump-sum cash option — which most winners choose — for this jackpot is $403.8 million, as of mid day Tuesday.

Regardless of how you’d decide to receive your windfall, taxes would take a bite out of it.

$96.9 million in taxes would be shaved off cash option

Assuming you’re like most winners and were to choose the cash option, a mandatory 24% federal tax withholding would reduce the $403.8 million by $96.9 million. That would reduce your take to $306.9 million.

However, you could expect to owe more to the IRS at tax time. The top federal income tax rate is 37% and applies to income above $578,125 for individual tax filers and $693,750 for married couples who file a joint tax return.

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What to do if you win the lottery

Saving

This means that unless you were able to reduce your taxable income by, say, making large tax-deductible charitable contributions, you would owe another 13% — or about $52.5 million — at tax time. That would bring your winnings down to $254.4 million.

There also could be state or local taxes depending on where the ticket was purchased and where you live. Those levies range from zero to more than 10%.

Most Mega Millions players, though, won’t have to worry about paying millions of dollars to the IRS or state coffers: The odds of a single ticket matching all six numbers to land the jackpot is about 1 in 302.6 million.

Meanwhile, the Powerball jackpot is $291 million (with a cash option of $147.9 million) for Wednesday night’s drawing. The chance of hitting the motherlode in that game is slightly better: 1 in 292 million.

Home price increases weakened sharply in November, posting the smallest annual gain in 2 years

January 3, 2023 Published by Diana Olick

US Top News and Analysis

A sign is posted in front of a home that is for sale on December 19, 2022 in Los Angeles, California.

Mario Tama | Getty Images

Home prices are falling into a deep winter chill, as higher mortgage rates push more buyers to the sidelines.

Prices in November were still 8.6% higher than during the same month in 2021, but it was the first year-over-year reading in single digits in 21 months, according to CoreLogic. It is also the lowest rate of appreciation since November 2020.

Prices are now 2.5% below the spring 2022 peak and are expected to continue to move lower this year. CoreLogic’s forecast has price movement falling into negative territory by spring before rebounding to about 2% to 3% growth in the fall.

“Although home price growth has been slowing rapidly and will continue to do so in 2023, strong gains in the first half of last year suggest that total 2022 appreciation was only slightly lower than that recorded in 2021,” said Selma Hepp, deputy chief economist at CoreLogic. “However, 2023 will present its own challenges, as consumers remain wary of both the housing market and the overall economic outlook.”

Mortgage rates are back on the rise again after a brief reprieve in November and early December. Rates had more than doubled over the summer, with the average rate on the popular 30-year fixed loan exceeding 7%. It hit a high of 7.37% at the end of October, according to Mortgage News Daily. In November and December it fell back, hitting a low of 6.13% in mid-December, but is now back up over 6.5%.

“Potential homebuyers are grappling with the idea of buying amid possible further price declines and a continued inventory shortage. Nevertheless, with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023,” added Hepp.

Florida, South Carolina and Georgia saw the highest home price gains in the nation, as buyers continue to flock to the Sun Belt. Washington, D.C., ranked last, with prices up just 1.2% year over year.

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U.S. housing market faces tough winter as 2022 comes to a close

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Apple’s market cap falls under $2 trillion as sell-off continues

January 3, 2023 Published by Kif Leswing

US Top News and Analysis

In this article

AAPL

Tim Cook walks in the Paddock prior to the F1 Grand Prix of USA at Circuit of The Americas on October 23, 2022 in Austin, Texas.

Jared C. Tilton | Getty Images

Apple shares fell more than 3% during intraday trading on Tuesday, giving the iPhone maker a market capitalization under $2 trillion for the first time since May.

Apple first hit a $2 trillion valuation in August 2020, as the pandemic boosted its sales of computers and phones for remote work and school. It briefly hit a market value over $3 trillion during trading in January 2022.

Apple struggled with iPhone 14 Pro shipments during the holiday season because of Covid restrictions on its primary factory in China. Investors are also wary of rising interest rates and declining consumer confidence, which could hurt demand for Apple’s premium-priced products.

A recent report from supply chain analyst Trendforce said it saw Apple’s iPhone shipments declining 22% in the December quarter. Apple has told suppliers to make fewer components for products including AirPods, Apple Watch and MacBook laptops, according to Nikkei.

Apple is the last big company to give up its $2 trillion valuation. Previously, Microsoft hit the $2 trillion mark but retreated from it in 2022.

The broader market is down Tuesday, with the S&P 500 index falling nearly 1% during trading. At just over $124 per share, Apple would hit its latest 52-week low if it closes at the current price.

In 2022, Apple underperformed the S&P 500 index, which declined more than 18%. Apple’s share price fell nearly 27% in 2020.

Jeremy Renner in intensive care after surgery

January 3, 2023 Published by CNBC News

Jeremy Renner attends the “Hawkeye” Special Screening at AMC Lincoln Square Theater on November 22, 2021 in New York City.

Dimitrios Kambouris | Getty Images

Jeremy Renner was in intensive care Monday after undergoing surgery, his representative said.

The actor, 51, was injured Sunday while plowing snow near Reno, Nevada, and air-flighted to a nearby hospital, the Washoe County Sheriff’s Office said Sunday evening, confirming an earlier statement by Renner’s representative.

On Monday, the actor’s spokesperson said that Renner had “suffered blunt chest trauma and orthopedic injuries” that required surgery.

The Washoe County Sheriff’s Office said it responded to a report of a traumatic injury in the area of Mount Rose Highway in Reno, Nevada, at around 9 a.m. local time (12 p.m. ET) Sunday.

It said Renner was the only person injured.

The office’s Major Accident Investigation Team is looking into the incident, it said.

It was not clear exactly where he was hurt. Renner has a home in Nevada, according to The Associated Press.

In 2015, he posted a photo to Instagram of a snowcat vehicle, which is used in snowy conditions. It was not immediately clear whether the vehicle was involved in Sunday’s incident.

Renner is well-known for his role as Hawkeye as part of Marvel’s Avengers squad. He is also a two-time Oscar nominee for his performances in “The Hurt Locker” and “The Town.”

Renner’s representative said Monday that his family wanted to express their gratitude to his doctors and nurses, first responders, and others.

“They are also tremendously overwhelmed and appreciative of the outpouring

source

Bank of America picks for the first quarter include Domino’s Pizza and this luxury retailer

January 3, 2023 Published by Samantha Subin

US Top News and Analysis

As the new calendar year kicks off, Bank of America is recommending several stocks to bet on in the new quarter. Rates hikes from the Federal Reserve, crippling inflation and geopolitical tensions abroad dominated investor sentiment in 2022, bringing stocks their worst yearly performance since 2008 . That market volatility is far from over, with Bank of America expecting little upside for the S & P 500 in 2023. But some stocks are better positioned to weather the uncertainty in the months ahead, with the bank outlining its top 10 ideas for the first quarter in a note to clients Tuesday. Here are some of the stocks included: Consumer discretionary stocks suffered in 2022 as fears of a slowdown in spending loomed. Despite these concerns, Coach owner Tapestry held up better than the broader market, falling about 6%. The company’s mix of products and styles that weather all seasons protects it from markdown risks, said analyst Lorraine Hutchinson. Continued product innovation should also support higher ticket prices, which have failed to receive pushback from clients in the past. “We highlight Tapestry as a top pick given its sustainable pricing power and solid capital return plan,” she wrote, expecting shares to gain as much as 18% from Friday’s close. “We see opportunity for continued Average Unit Retail gains as data analytics drive further choice count rationalization and more effective discounting.” Domino’s Pizza grappled with staffing issues that hampered delivery speed and its ability to meet consumer demand in 2022. Those headwinds should subside in the new year, with analyst Sara Senatore expecting “meaningful improvement” to earnings and sales in 2023. Shares of the restaurant stock tumbled more than 38% last year, but could rally 29% based on the bank’s 12-month price target of $448. “We expect the initiatives introduced in 2022 to improve delivery driver availability (more flexible scheduling, faster hiring, greater use of restaurant-supplied cars) to gain further traction in 2023, boosting comps for company-operated and franchised stores and growing volumes for the supply chain business,” Senatore wrote. Consumer staples stocks outperformed in 2022 as investors searched for safety in companies able to protect against slowing consumer spending. That included Procter & Gamble , which saw shares fall just 7.3%. Bank of America expects those tailwinds to continue, projecting more than 12% upside for the Ivory soap maker, compared with Friday’s close. “P & G has spent the time since the last recession narrowing its product portfolio and expanding price points both up and down the value ladder, helping to temper trade down risks,” wrote analyst Bryan Spillane. Humana was another 2022 outperformer that Bank of America recommends for the first quarter, with shares rallying more than 10% last year. Bank of America’s price target implies 25% upside from Friday’s close. — CNBC’s Michael Bloom contributed reporting