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MARVIN Baird yesterday thanked a sheriff for not jailing him — so he can go to his uncle’s funeral. The ex-Scheme star, 45, risked a prison term after admitting a heroin charge. 1 Gordon Cunningham passed away on December 4 Credit: BBC But the let-off from law chief Murdoch McTaggart means he can say farewell to Gordon Cunningham, 61, who also featured in the 2010 BBC series. Kilmarnock Sheriff Court was told Baird has not taken any drugs, apart from diazepam, for a year and wants to “continue his own path to recovery” in the community. Sheriff McTaggart said to the career criminal: “You have a significant record but I appreciate you are taking steps.” He handed him a community payback order, including drug tests, adding: “As long as you do that, then that will be the end of this matter.” Read More Scottish News STREET DRAMA Woman, 64, dies after collapsing in Wetherspoons beer garden DOG HORROR Man left 'scarred for life' after being bitten by XL Bully in brutal attack Speaking from the dock, Baird said: “I appreciate that. My mum’s youngest brother died — his funeral is on Christmas Eve.” Cops found Baird smoking heroin at his home last year. Mr Cunningham died on December 4. His family were seen in The Scheme, set in the town’s Knockinlaw and Onthank estates. Most read in The Scottish Sun lew's new love Lewis Capaldi grows close to influencer as they party with Noel Gallagher STRIP SEARCH Gers ‘to ditch Castore for major kit brand' next season but there’s a catch CRYSTAL BALL Celtic vs Rangers score predictions as SunSport writers have their say CUP CROCK Rodgers issues major update on Johnston ahead of Rangers cup final showdown We told last week how the star of BBC's hit documentary has passed away aged 61 as his heartbroken family pay tribute. Gordon, along with his wife Annie, daughter Kimberley, and sons Chris and Brian, became familiar faces as they navigated various challenges, including Brian's stint in prison and Chris's run-ins with drug dealers. Fans of The Scheme claim star is unrecognisable as he makes an unexpected social media return The family was also shown enjoying their first holiday abroad together. Posts on Facebook confirmed the sad news of Gordon's passing.Los Angeles Chargers rookie wide receiver Ladd McConkey, listed as questionable due to a shoulder issue, is expected to play Monday night against the visiting Baltimore Ravens, NFL Network reported. McConkey missed practice on Thursday and was limited on Friday and Saturday. Star linebacker Khalil Mack, who was questionable because of a groin injury and was a limited participant, also is expected to play, according to the report. The Chargers (7-3) made several moves Monday ahead of the game against the Ravens (7-4), placing tight end Hayden Hurst (hip) on injured reserve, activating cornerback Deane Leonard (hamstring) off IR, signing cornerback Eli Apple from the practice to the active squad, and elevating linebacker Caleb Murphy and safety Tony Jefferson for game day. McConkey, 23, has started nine of 10 games and has 43 receptions on 63 targets for 615 yards and four touchdowns. The Chargers drafted the 6-foot, 185-pound McConkey in the second round of the 2024 NFL Draft out of Georgia. Mack, 33, is a three-time first-team All-Pro, an eight-time Pro Bowl selection and the 2016 NFL Defensive Player of the Year. He has started the nine games he has played and has 26 tackles and 4.5 sacks this season. For his career, Mack has 617 tackles, 106 sacks, 141 tackles for loss, 178 quarterback hits, three interceptions -- two returned for touchdowns -- 32 forced fumbles and 13 fumble recoveries in 160 games (159 starts). He has played for the Raiders (2014-17), Chicago Bears (2018-21) and Chargers. Hurst, 31, has started two of seven games in his first season with the Chargers. He has seven receptions on 12 targets for 65 yards. A first-round pick (25th overall) by Baltimore in the 2018 NFL Draft out of South Carolina, Hurst has 202 receptions for 1,967 yards and 15 TDs in 86 games (41 starts) for the Ravens (2018-19), Atlanta Falcons (2020-21), Cincinnati Bengals (2022), Carolina Panthers (2023) and Chargers. Apple, 29, has two tackles in three games this season, his first with the Chargers. The 10th overall selection in the 2016 draft, Apple has 383 career tackles and six interceptions in 101 games (82 starts) for the New York Giants (2016-18), New Orleans Saints (2018-19), Panthers (2020), Bengals (2021-22), Miami Dolphins (2023) and Chargers. Leonard, who turned 25 last Tuesday, has four tackles in four games this season. His 21-day practice window on IR opened Wednesday. --Field Level Media Get any of our free daily email newsletters — news headlines, opinion, e-edition, obituaries and more.
Diddy’s Assault Of Cassie Left Stevie J In ShockEAST RUTHERFORD, N.J. (AP) — The New York Giants organization got exactly what it deserved in getting blown out by Baker Mayfield and the Tampa Bay Buccaneers. The Giants were embarrassed in Sunday's 30-7 loss , taunted by Mayfield after a touchdown run just before halftime. And then they saw their fans walk out on them again when the Bucs extended their lead to 30-0 and sent New York (2-9) to its sixth straight loss. The losing streak is the longest for the Giants since 2019, when they dropped a franchise-record nine straight games to finish 4-12. That led to the firing of coach Pat Shurmur after two seasons. Third-year coach Brian Daboll is clearly in trouble, with the Giants guaranteed a second straight losing season. They were 6-11 in a 2023 season that featured a lot of injuries. Daboll, who denies he has lost the team, isn't the only one whose job is in jeopardy. General manager Joe Schoen is on the hot seat and so is this entire franchise, which is celebrating its 100th year. It's one thing to lose. It's quite another to give up, and that's what the organization did when it decided to bench Daniel Jones a week ago and then release him on Friday after the 27-year-old asked co-owner John Mara to let him walk away. While he wasn't playing well, Jones was the Giants' best quarterback. He gave them more a of chance to win than either Tommy DeVito or Drew Lock. Removing him from the picture was all but certain to make the Giants worse, even if it was a good business decision. If Jones was hurt and unable the pass his physical before the 2025 season, the team would have been on the hook for a $23 million cap hit. The problem is the players care about now. By getting rid of Jones and elevating DeVito to the starting role, the front office was telling the team it didn't care about winning with seven games left in the season. So the players gave a lackluster effort. Defensive tackle Dexter Lawrence called the team soft. Rookie receiver Malik Nabers said he was sick of losing. Left tackle Jermaine Eluemunor said he saw a lack of effort by some players. What they all were saying was they were angry at being betrayed. Money is never more important than winning, and the Giants made that mistake. At this point in the season? Nothing. Story continues below video The offense once again. The Giants have scored a league-low 163 points, including only 60 in six games at MetLife Stadium, where they are winless this season. They have scored in double figures at home twice. Daboll's team has been held scoreless in the first half in three of 11 games and it has been held without a first-half touchdown seven times. Daboll said he will continue to call the offensive plays. S Tyler Nubin. The rookie has had a team-high 12 tackles in each of the last two games. His 81 tackles for the season are just two behind team leader Bobby Okereke. RB Tyrone Tracy. The rookie leads Giants running backs with 587 yards on 116 carries — a 5.1-yard average for the fifth-round pick. But holding onto the ball has been a big issue. Tracy's fumble in overtime cost New York a chance to win in Germany against Carolina. He also lost the ball in the third quarter at the Bucs 5-yard line with New York down 23-0. It earned him a seat on the bench. LT Jermaine Eluemunor (quad) and OLB Azeez Ojulari (toe) left Sunday's game in the first quarter. Chris Hubbard filled in at tackle and the Giants luckily got back DL Kayvon Thibodeaux this past week after he missed five games with a broken wrist. DeVito was banged up but Daboll expects him to start against the Cowboys. 10 — The Giants have gone 10 consecutive games without an interception, tying the NFL record held by the 1976-77 San Francisco 49ers and the 2017 Oakland — now Las Vegas — Raiders. The Giants and Raiders now share the single-season mark. A national showcase on Thanksgiving Day for the NFC-worst Giants at Dallas. AP NFL: https://apnews.com/hub/NFL
By Anna Helhoski, NerdWallet The battle to get here was certainly an uphill one, but people are generally feeling better about the economy and their finances than they once did. On top of that, the economy has been easing into an ideal, Goldilocks-like position — not running too hot or cooling too quickly. Throughout 2024, consumer sentiment data showed people were fairly positive about the economy and their own finances, even if there’s remaining frustration over elevated prices compared to four years ago. Looking ahead, households are feeling more optimistic about their personal finances in the next year, as the share of those expecting to be in a better financial situation a year from now hit its highest level since February 2020. Combine positive personal vibes with a strong economic picture and it looks like 2024 wasn’t so bad for consumers, after all. But that doesn’t mean there weren’t bumps in the road or potential roadblocks ahead. To cap off the year, NerdWallet writers reflect on the top trends in personal finance and the economy this year — and what they think might be ahead in 2025. Elizabeth Renter, NerdWallet’s economist What happened: In 2024, U.S. consumers have proven resilient following a period of high inflation and ongoing high interest rates. Wage growth has been strong, owing in part to rising productivity. This has driven robust spending throughout the year, which has kept the economy growing at a healthy pace. The labor market has remained steady, though cooler than 2023, and price growth continues to moderate towards the Federal Reserve’s 2% inflation goal. What’s ahead: Barring significant changes to economic policy and significant shocks, the U.S. economy is expected to grow at a moderate rate in the coming year. Inflation will continue to moderate and the labor market will remain relatively healthy, all due in part to continued slow and deliberate rate cuts from the Fed. However, there are risks to this path. Higher tariffs and tighter immigration policies are likely, but the extent of these changes are yet unclear. The potential policy scenarios are many, and the economic outcomes complex. Increased tariffs are generally inflationary, and stricter immigration policies could impact the labor supply and economic growth. Consumers and small business owners with their eyes to the new year should focus on the things within their control. Margarette Burnette, consumer banking and savings writer What happened: High-yield savings accounts and certificates of deposit offered elevated rates in 2024, rewarding savers with strong returns. Following the Federal Reserve rate cuts in the second half of the year, high-yield accounts had modest rate decreases, but they continued to outperform traditional savings accounts and CDs. What’s ahead: We’re watching for further Federal Reserve rate cuts, which could lead to more decreases in savings rates. Sara Rathner, credit cards writer What happened: Credit card debt levels hit record highs, with consumers turning to credit cards to pay for necessities. While the economy is doing well, many individuals have struggled to make ends meet, as incomes haven’t kept up with certain costs. What’s ahead: We may see some policy and regulation changes with the incoming administration that could affect folks when it comes to credit cards, debt and consumer protections. Ryan Brady, small business writer What happened : New businesses continued to blossom in 2024 as business applications remained well above pre-pandemic levels. Confidence in the future state of the U.S. economy also spiked after the presidential election, but that optimism was tempered by concerns over rising costs and labor quality. What’s ahead: All eyes are on the incoming administration as small-business owners brace for turbulence resulting from potential tariffs, tax policy changes and dismantled government regulations. We’re also watching the possibility of interest rate cuts in 2025 and small-business owners’ growing reliance on new technologies, such as AI. Holden Lewis, mortgages writer What happened: Home buyers struggled with elevated mortgage rates, rising house prices and a shortage of homes for sale. On top of that, a new rule required buyers to negotiate their agents’ commissions. What’s ahead: The Federal Reserve is expected to cut short-term interest rates, but mortgage rates might not necessarily fall by a similar amount. Buyers will probably have more properties to choose from, and the greater supply should keep prices from rising a lot. Interest rates on home equity loans and lines of credit should fall, making it less expensive to borrow to fix up homes — either to sell, or to make the home more comfortable and efficient. Sam Taube, investing writer What happened: The stock market had a great year. The S&P 500 is up more than 25% due to falling interest rates, fading recession fears, AI hype, and the possibility of lighter taxes and regulations under the new administration. Cryptocurrency also saw big gains in 2024; the price of Bitcoin crossed the $100,000 mark for the first time in December. What’s ahead: A lot depends on how fast the Fed reduces rates in 2025. Another key unknown is Trump’s second term. Regulatory rollbacks, such as those he has proposed for the banking industry, could juice stock prices — but they also could create systemic risks in the economy. His proposed tariffs could also hurt economic growth (and therefore stock prices). Finally, it remains to be seen whether trendy AI stocks, such as NVIDIA, can continue their momentum into next year. It’s the same story with crypto: How long will this bull market last? Caitlin Constantine, assistant assigning editor, insurance What happened: Many people saw their home and auto insurance premiums skyrocket in 2024. In some states, homeowners are finding it harder to even find policies in the first place. Meanwhile, life insurance rates have started to decrease post-pandemic. We also saw more insurers offering online-only policies that don’t require a medical exam. What’s ahead: Auto and home insurance costs will likely continue to rise, although auto premiums may not rise as dramatically as they have over the past few years. And if you’re in the market for life insurance, expect to see competitive life insurance quotes and more customizable policies. Eliza Haverstock, student loans writer What happened: Borrowers received historic student loan relief, but lawsuits derailed an income-driven repayment plan used by 8 million whose payments are indefinitely paused. Uncertainty will carry into 2025 as a result of the presidential administration change. What’s ahead: Trump has pledged to overhaul higher education and rein in student loan relief. The fate of the SAVE repayment plan, student loan forgiveness options, FAFSA processing and more remain in the balance. Meghan Coyle, assistant assigning editor, travel What happened: People are willing to pay more for big and small luxuries while traveling, and airlines and hotels are taking note. Many airlines raised checked bag fees early in 2024, credit card issuers and airlines invested in renovated airport lounges, and major hotel companies continued to add luxury properties and brands to their loyalty programs. What’s ahead: Southwest will say goodbye to its open seating policy and introduce new extra-legroom seats, a major departure for the airline. Alaska Airlines and Hawaiian Airlines will unveil a unified loyalty program in 2025. Spirit Airlines may attempt to merge with another airline again after its 2024 bankruptcy filing and two failed mergers under President Biden’s administration. Travelers will find that they’ll have to pay a premium to enjoy most of the upgrades airlines and hotels are making. Laura McMullen, assistant assigning editor, personal finance What happened: This year, dynamic pricing expanded beyond concerts and travel to online retailers and even fast-food restaurants. This practice of prices changing based on real-time supply and demand received plenty of backlash from consumers and prompted the Federal Trade Commission to investigate how companies use consumers’ data to set prices. What’s ahead: Beyond an expansion of dynamic pricing — perhaps with added oversight — expect subscription models to become more prevalent and demand for sustainable products to grow. Shannon Bradley, autos writer What happened: New-car prices held steady in 2024 but remained high after a few years of sharp increases — the average new car now sells for about $48,000, and for the first time ever the price gap between new and used cars surpassed $20,000 (average used-car prices are now slightly more than $25,000). Overall, the car market returned to being in the buyer’s favor, as new-car inventories reached pre-pandemic levels, manufacturer incentives began making a comeback and auto loan interest rates started to decline. What’s ahead: The future of the car market is uncertain and depends on policies implemented by the incoming administration. Questions surround the impact of possible tariffs on car prices, whether auto loan rates will continue to drop, and if federal tax credits will still be available for electric vehicle buyers. Jackie Veling, personal loans writer What happened: Buy now, pay later continued to be a popular payment choice for U.S. shoppers, even while facing headwinds, like an interpretive ruling from the CFPB (which determined BNPL should be regulated the same as credit cards) and Apple’s discontinuation of its popular Apple Pay Later product. Large players like Affirm, Klarna and Afterpay continued to offer interest-free, pay-in-four plans at most major retailers, along with long-term plans for larger purchases. What’s ahead: Though more regulation had been widely anticipated in 2025, the change in administration suggests the CFPB will play a less active role in regulating BNPL products. For this reason, and its continued strength in the market, BNPL will likely keep growing. Taryn Phaneuf, news writer What happened: Easing inflation was a bright spot in 2024. In June, the consumer price index fell below 3% for the first time in three years. Consumers saw prices level off or decline for many goods, including for groceries, gas and new and used vehicles. But prices haven’t fallen far enough or broadly enough to relieve the pinch many households feel. What’s ahead: The new and higher tariffs proposed by the Trump administration could reignite inflation on a wide range of goods. Taryn Phaneuf, news writer What happened: Rent prices remain high, but annual rent inflation slowed significantly compared to recent years, staying around 3.5% for much of 2024, according to Zillow, a real estate website that tracks rents. A wave of newly constructed rental units on the market seems to be helping ease competition among renters and forcing landlords to offer better incentives for signing a lease. What’s ahead: If it continues, a softening rental market could work in renters’ favor. But construction is one of several industries that could see a shortage of workers if the Trump administration follows through on its promise to deport undocumented immigrants. A shortage of workers would mean fewer houses and apartments could be built. Anna Helhoski, news writer What happened: After a contentious presidential campaign, former President Donald Trump declared victory over Vice President Kamala Harris. While on the campaign trail, Trump promised to lower inflation, cut taxes, enact tariffs, weaken the power of the Federal Reserve, deport undocumented immigrants and more. Many economists have said Trump’s proposals, if enacted, would likely be inflationary. In Congress, Republicans earned enough seats to control both houses. What’s ahead: It’s unclear which campaign promises Trump will fulfill on his own and with the support of the new Congress. He has promised a slew of “day one” actions that could lead to higher prices, including across-the-board tariffs and mass deportations. Most recently, Trump pledged to enact 20% tariffs on Canada and Mexico, as well as an additional 10% tariff on China. He has also promised to extend or make permanent the 2017 Tax Cuts and Jobs Act; many of its provisions expire by the end of 2025. Anna Helhoski, news writer What happened: Fiscal year 2023-2024’s funding saga finally came to an end in March, then six months later, the battle to fund the fiscal year 2024-2025 began. The Biden Administration waged its own war against junk fees . Antitrust enforcers pushed back against tech giants like Amazon, Apple, Google, and Meta; prevented the Kroger-Albertsons merger; nixed the Jet Blue-Spirit Airlines merger; and moved to ban noncompete agreements. The Supreme Court rejected a challenge to the constitutionality of the Consumer Financial Protection Bureau, as well as a challenge to abortion pill access. SCOTUS also overruled its landmark Chevron case, which means every federal regulatory agency’s power to set and enforce its own rules are now weaker. What’s ahead: The election’s red sweep means the GOP will control the executive and legislative branches of government. They’ll face the threat of at least one more potential government shutdown; a debt ceiling drama comeback; and the beginning of the debate over extending or making permanent provisions of the expiring 2017 Tax Cuts and Jobs Act. More From NerdWallet Anna Helhoski writes for NerdWallet. Email: anna@nerdwallet.com. Twitter: @AnnaHelhoski. The article What Trended in Personal Finance in 2024? originally appeared on NerdWallet .None10'000 Hours Extrapolation is a dangerous tendency in the stock market, and Four Corners ( NYSE: FCPT ) seems to be priced with extrapolation in mind. The restaurant REIT has put together a strong track record of steady, medium-paced growth and with a 16X forward multiple, it seems the market is extrapolating its history. S&P Global Market Intelligence While we believe FCPT is a reasonably well-managed company, it has been operating in an easy-mode environment for most of its history. An inflection point is coming to the restaurant landscape, which could slow growth and potentially upset FCPT’s nearly flawless historical rent collection. This article will discuss the following: FCPT leases, tenants and cashflows Restaurant industry tailwinds becoming headwinds Valuation relative to peers Investment alternatives better positioned than FCPT FCPT niche focus on restaurants Many triple net REITs have some restaurants in their portfolio, but Four Corners intentionally concentrated its portfolio in restaurants, which is a concept I actually like quite a bit. When companies focus their portfolios on specific niches, it allows investors to obtain pinpoint exposure. While at a company level, there is a lack of diversification, investors can create their own diversification. So while FCPT is mostly restaurant, if an investor owns it in a portfolio otherwise not exposed to restaurants, they can still be diversified. As such, I don’t see any problem with FCPT being so concentrated in restaurants and getting roughly half of its revenue from a single tenant (Darden). In fact, the targeted restaurant exposure has been a boon for the company due to the extreme strength of restaurants in the last 5 years, which has contributed to its AFFO/share growth outperformance over peers. FCPT scores well on traditional triple net statistics. Occupancy is full at 99.6% and tenants are consistently paying rent on time. FCPT Long lease terms along with moderate rent escalators provide decent organic growth. One of the sticking points of triple net REITs can be what happens on lease renewal. Some leases are signed above market rates as part of an initial sale-leaseback transaction which can cause poor rent recapture rates on renewal. Thus, we like to check current lease rates against market rates to ensure leases are at or below market. FCPT’s leases are at just over $22 rent per foot which is on the low end and tenant EBITDAR coverage of rent is healthy at just over 5X. Each of these metrics suggests current leases are toward the conservative end which bodes well for maintaining or growing lease income upon renewal. FCPT’s tenant roster is robust. FCPT Note that Darden ( DRI ) owns more brands than just Olive Garden, so FCPT’s exposure to them is even larger than the 35% of rent that comes from Olive Garden locations. This is an unusually concentrated tenant roster compared to other REITs, but both Darden and Longhorn are among the largest and most profitable in the sit-down dining space. The main weakness on the tenant roster is the 1.6% of ABR coming from Red Lobster, which is in the bankruptcy process. All 18 of FCPT’s leases with Red Lobster have been affirmed in hearings which indicates 2 things: Four wall EBITDA coverage is well over 1.0X at these particular locations 18 out of 18 affirmed suggests FCPT’s acquisition underwriting is perspicacious. These particular locations are clearly among the more profitable of Red Lobster’s broader operations. On the liabilities side of the balance sheet, FCPT operates at 5.6X debt to EBITDA, which is right in line with the institutionally “recommended” level for REITs. Some combination of luck and skill allowed FCPT to not have to roll much of its debt during the higher interest rate environment, which has kept its weighted average cost of borrowing at 3.94%. FCPT This has been excellent for cashflows over the past few years, but does risk interest expense increasing going forward. With a 10-year Treasury yield at 4.4% today, debt that rolls will likely have to be refinanced at rates significantly more expensive than the current 3.94%. Below is FCPT’s debt maturity ladder: FCPT Given a generally strong balance sheet and ample cashflows, I don’t see material solvency risk or difficulty in refinancing, but interest expense will likely increase for the next few years as cheap debt rolls to more expensive debt. This will be a slight drag on AFFO/share. Overall, I think FCPT is a solid company with a good track record and above-average property quality. That said, there are 2 main reasons we are bearish on the name. Restaurant tailwinds becoming headwinds Valuation relative to peers Restaurants operating above sustainable levels According to the National Restaurant Association “Restaurant Industry Sales Forecast to Set $1.1 Trillion Record in 2024” The pandemic created a shift in consumer behavior, with a notable inflection point in restaurant sales. FRED Note the clear pre-pandemic trendline and then the upward inflection in slope starting in 2021. This is fueled by an increasing portion of consumers' food dollars being spent out of home. USDA Food away from home shot up after the pandemic. We don’t think this level of restaurant consumption is sustainable. So far, it was fueled by pandemic stimulus checks and dipping into savings. FRED With stimulus checks running out and personal savings rate already near all-time lows, consumers are going to have to tighten somewhere. Restaurant spending tends to be the flex slot of consumption. It is the first to ramp up when consumers are feeling better about their finances, but also the easiest valve to shut off. One can simply eat out less frequently to save money while still largely maintaining one’s lifestyle. Inflation is straining a large portion of Americans, and inflation is particularly potent for restaurants. Food inflation is well above overall CPI. USDA Labor, which is another key input to restaurant costs, is also running hot on inflation. FRED The result is that restaurants have raised prices materially to maintain margins. Consumers have not yet adjusted their behavior in response to the higher prices, and food spending has passed 30% of household income for lower income households. USDA This is not sustainable. Behavior will change. Cracks are already starting to show. Retail REITs are generally very strong right now, but a plethora of retail REITs are reporting weakness, specifically in restaurants. Here is an exchange from the Agree Realty ( ADC ) 3Q24 conference call: Linda Tsai : “There's a headline this morning that Denny's is closing 150 stores. Can you opine on what's happening with the restaurant chain?” Joel N. Agree “I continue to eat at them, not specifically Denny's. But Linda, we've been pretty clear that restaurants are not in our sandbox. Our restaurant exposure is on ground leases. We'll take the building back for free. But specifically, the furnitures, the fixtures, the mechanical, electrical and plumbing, the build-outs all amortized into the rental rates in 1 of the 2 probably most difficult retail business -- retail sectors to operate in the restaurant business is not our forte. Again, we're focused on fungible rectangles here. And generally, those rents are elevated and they're tenant specific. And so our focus has not been in the restaurant space. We didn't acquire one in Q3. I don't anticipate us acquiring one in Q4. We'll continue to enjoy the food and stay away from the real estate.” Linda Tsai “But any general thoughts on why they might be struggling now?” Joel N. Agree “Certainly. I mean, if you look at the elevated labor cost to constrained consumer at the low end, I mean, there's different value propositions here, but elevated labor costs led by the state of California, elevated consumers, also just the elevated consumer preference, frankly, excuse me, for eating at home, utilizing things such as DoorDash and Uber Eats. Those numbers have not come down to pre-COVID levels. And it's a difficult business, undeniably. But I would tell you, it's just not restaurants. What we're seeing today is a shakeout in that post-COVID free money world of retailers that probably had no value proposition in the first place, but had access to cheap capital that elongated their life cycle and we'll see continued elevated bankruptcies now while they have to refinance their ongoing obligations and their sales continue to erode. And so we're going to see that in the pet space, in the office supply space, in the sporting goods space, in the restaurant space. These are things that were inevitably delayed by free capital or nearly free capital that was out there. And now we're seeing the shakeout. And so it's back to capitalism, which I think is healthy.” Joey Agree seems to be quite bearish on restaurants along with a couple other asset types that were propped up by “free money”. CTO Realty ( CTO ) had excellent growth in 3Q24 yet still experienced weakness in restaurants. John James Massocca “Okay. And then maybe bigger picture, have you seen any change just given some of the macroeconomic uncertainty around retailer demand for either their existing space or to kind of take over move-outs or reposition space, et cetera?” John P. Albright (CTO’s CEO) “Not really. I mean, really, the only -- the softness that we're seeing is some of the restaurants, sales are down. And we're definitely monitoring that. But as a commentary on the economy, I would say, on the restaurants, that's where you're seeing more of the challenges and the softness.” Overall, it seems restaurant sales have been at an unsustainably high level and there is some pain ahead in the return to a more normal trend line. Due to FPCT’s greater than 5X tenant EBITDAR coverage of rent, the likely declines in tenant profits are unlikely to directly hurt FCPT’s contractual revenues. However, I see it impacting the REIT in 2 ways: Lower long-term growth Lower EBITDAR coverage ratios Both are quality factors which should filter into valuation. Valuation The average triple net REIT trades at 13.38X 2025 estimated AFFO. FCPT trades at 15.64X. Portfolio Income Solutions Source: Portfolio Income Solutions This greater than 2 turn premium made sense when the restaurant niche was relatively stronger than the average triple net property. Today, however, restaurants are one of the more at-risk triple net assets, with profitability of the sector peaking and consumer spending tightening back up. Given the subsector level challenges ahead, I don’t think FCPT should still trade at a premium to peers. Below we plotted the P/AFFO of each triple net on the Y axis and Debt to EBITDA on the X axis to obtain a sort of leverage neutral valuation. Portfolio Income Solutions Those above the line are relatively overvalued, while those below the line are cheap compared to peers on a leverage neutral basis. Valuation in the above graph is quality/growth agnostic, so those factors would also need to be considered in overall valuation. Within the sector, there are 5 companies that we believe provide a significantly better forward total return potential. Getty Realty ( GTY ) VICI Properties ( VICI ) W. P. Carey ( WPC ) Broadstone Net Lease ( BNL ) Gladstone Commercial ( GOOD ) We have written extensively on each of these, so feel free to check out the full articles in my archives . The REIT market has gotten egregiously underpriced making it a great time to get in to the right REITs. To help people get the most updated REIT data and analysis I am offering 40% off Portfolio Income Solutions, but you can only get it through this link. https://seekingalpha.com/affiliate_link/40Percent I hope you enjoy the plethora of data tables, sector analysis and deep dives into opportunistic REITs. Dane Bowler is the Chief Investment Officer and a registered investment adviser at the 2nd Market Capital Advisory Corporation. He has over a decade of experience running a proprietary portfolio with a specialization in REITs. On-site property tours and critical analysis of REIT management help inform his selection process. Dane leads the investing group Portfolio Income Solutions along with Simon and Ross Bowler. Features of the service include: a diversified high-yield REIT portfolio, data tables on every REIT, tax guidance, macro analysis, fair value estimates, and quick updates via chat on breaking news. Learn More . Analyst’s Disclosure: I/we have a beneficial long position in the shares of GOOD, BNL, WPC, GTY, VICI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. All articles are published and provided as an information source for investors capable of making their own investment decisions. None of the information offered should be construed to be advice or a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.The information offered is impersonal and not tailored to the investment needs of any specific person. Readers should verify all claims and do their own due diligence before investing in any securities, including those mentioned in the article. NEVER make an investment decision based solely on the information provided in our articles.It should not be assumed that any of the securities transactions or holdings discussed were profitable or will prove to be profitable. Past Performance does not guarantee future results. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions.Commentary may contain forward looking statements which are by definition uncertain. Actual results may differ materially from our forecasts or estimations, and 2MC and its affiliates cannot be held liable for the use of and reliance upon the opinions, estimates, forecasts, and findings in this article.S&P Global Market Intelligence LLC. Contains copyrighted material distributed under license from S&P2nd Market Capital Advisory Corporation (2MCAC) is a Wisconsin registered investment advisor. Dane Bowler is an investment advisor representative of 2nd Market Capital Advisory Corporation. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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WASHINGTON — President-elect Donald Trump on Friday named Oregon Rep. Lori Chavez-DeRemer to lead the Department of Labor in his second administration, elevating a Republican congresswoman who has strong support from unions in her district but lost reelection in November. Chavez-DeRemer will have to be confirmed by the Senate, which will be under Republican control when Trump takes office on Jan. 20, 2025, and can formally send nominations to Capitol Hill. She was born in Santa Clara, California, and her family later moved to Hanford. Chavez-DeRemer graduated from Hanford High School in 1986 and went on to earn a degree in business administration at Fresno State in 1990. Here are things to know about the labor secretary-designate, the agency she would lead if she wins Senate approval and how she could matter to Trump’s encore presidency. Related Story: Chavez-DeRemer’s Pro-Labor Record Chavez-DeRemer is a one-term congresswoman, having lost reelection in her competitive Oregon district earlier this month. But in her short stint on Capitol Hill she has established a clear record on workers’ rights and organized labor issues that belie the Republican Party’s usual alliances with business interests. She was an enthusiastic back of the PRO Act, legislation that would make it easier to unionize on a federal level. The bill, one of Democratic President Joe Biden’s top legislative priorities, passed the House during Biden’s first two years in office, when Democrats controlled the chamber. But it never had a chance of attracting enough Republican senators to reach the 60 votes required to avoid a filibuster in the Senate. Chavez-DeRemer also co-sponsored another piece of legislation that would protect public-sector workers from having their Social Security benefits docked because of government pension benefits. That proposal also has lingered for a lack of GOP support. Related Story: Labor Leaders Remain Cautious Chavez-DeRemer may give labor plenty to like, but union leaders are not necessarily cheering yet. Many of them still do not trust Trump. The president-elect certainly has styled himself as a friend of the working class. His bond with blue-collar, non-college educated Americans is a core part of his political identity and helped him chip away at Democrats’ historical electoral advantage in households with unionized workers. But he was also the president who chose business-friendly appointees to the National Labor Relations Board during his 2017-21 term and generally has backed policies that would make it harder for workers to unionize. He criticized union bosses on the campaign trail, and at one point suggested members of the United Auto Workers should not pay their dues. His administration did expand overtime eligibility rules, but not nearly as much as Democrats wanted, and a Trump-appointed judge has since struck down the Biden administration’s more generous overtime rules. And though Trump distanced himself from the Heritage Foundation’s Project 2025 during the campaign, he has since his victory warmed to some of the people involved in that conservative blueprint that, broadly speaking, would tilt power in the workplace even more toward employers and corporations. Among other ideas, the plan also would curb enforcement of workplace safety regulations. After Trump’s announcement Friday, National Education Association President Becky Pringle lauded Chavez-DeRemer’s House record but sounded a note of caution. “Educators and working families across the nation will be watching ... as she moves through the confirmation process,” Pringle said in a statement, “and hope to hear a pledge from her to continue to stand up for workers and students as her record suggests, not blind loyalty to the Project 2025 agenda.” AFL-CIO President Liz Shuler praised Chavez-DeRemer’s “pro-labor record in Congress,” but said “it remains to be seen what she will be permitted to do as Secretary of Labor in an administration with a dramatically anti-worker agenda.” Labor Department’s Potential Spotlight Labor is another executive department that often operates away from the spotlight. But Trump’s emphasis on the working class could intensify attention on the department, especially in an administration replete with tremendously wealthy leaders, including the president-elect. Trump took implicit aim at the department’s historically uncontroversial role of maintaining labor statistics, arguing that Biden’s administration manipulated calculations of unemployment and the workforce. Related Story: If she is confirmed, Chavez-DeRemer could find herself standing between the nonpartisan bureaucrats at the Bureau of Labor Statistics and a president with strong opinions about government stats and what they say about the state of the economy — and the White House’s stewardship. Her handling of overtime rules also would be scrutinized, and she could find herself pulled into whatever becomes of Trump’s promise to launch the largest deportation force in U.S. history, potentially pitting Trump’s administration against economic sectors and companies that depend heavily on immigrant labor. Adding Diversity to the Cabinet Chavez-DeRemer was the first Republican woman elected to Congress from Oregon. She joins Secretary of State-designate Marco Rubio, the Florida senator, as the second Latino pick for Trump’s second Cabinet. Trump’s first labor secretary, Alexander Acosta, also was Latino.Cyber Monday 2024: Date, start time, best early deals and more from this year's online salesNoneTrump tariffs threaten to crack open North American economies
Throughout the last three months, 4 analysts have evaluated Rigetti Computing RGTI , offering a diverse set of opinions from bullish to bearish. The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 4 0 0 0 0 Last 30D 1 0 0 0 0 1M Ago 3 0 0 0 0 2M Ago 0 0 0 0 0 3M Ago 0 0 0 0 0 The 12-month price targets, analyzed by analysts, offer insights with an average target of $3.0, a high estimate of $4.00, and a low estimate of $2.00. Marking an increase of 9.09%, the current average surpasses the previous average price target of $2.75. Decoding Analyst Ratings: A Detailed Look An in-depth analysis of recent analyst actions unveils how financial experts perceive Rigetti Computing. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets. Analyst Analyst Firm Action Taken Rating Current Price Target Prior Price Target Craig Ellis B. Riley Securities Raises Buy $4.00 $3.50 David Williams Benchmark Maintains Buy $2.50 $2.50 Craig Ellis B. Riley Securities Raises Buy $3.50 $3.00 Quinn Bolton Needham Maintains Buy $2.00 $2.00 Key Insights: Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Rigetti Computing. This information offers a snapshot of how analysts perceive the current state of the company. Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Rigetti Computing compared to the broader market. Price Targets: Delving into movements, analysts provide estimates for the future value of Rigetti Computing's stock. This analysis reveals shifts in analysts' expectations over time. For valuable insights into Rigetti Computing's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table. Stay up to date on Rigetti Computing analyst ratings. If you are interested in following small-cap stock news and performance you can start by tracking it here . All You Need to Know About Rigetti Computing Rigetti Computing Inc is engaged in the business of full-stack quantum computing. Its proprietary quantum-classical infrastructure provides ultra-low latency integration with public and private clouds for high-performance practical quantum computing. The company has developed the industry's first multi-chip quantum processor for scalable quantum computing systems. Geographically, it derives a majority of its revenue from the United States. Rigetti Computing: Financial Performance Dissected Market Capitalization Analysis: Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity. Revenue Growth: Rigetti Computing's revenue growth over a period of 3 months has faced challenges. As of 30 September, 2024, the company experienced a revenue decline of approximately -23.41% . This indicates a decrease in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Information Technology sector. Net Margin: Rigetti Computing's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of -623.76%, the company may encounter challenges in effective cost control. Return on Equity (ROE): Rigetti Computing's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of -12.11%, the company may face hurdles in achieving optimal financial performance. Return on Assets (ROA): Rigetti Computing's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of -9.28%, the company may face hurdles in achieving optimal financial performance. Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.18 . The Significance of Analyst Ratings Explained Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter. Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error. Breaking: Wall Street's Next Big Mover Benzinga's #1 analyst just identified a stock poised for explosive growth. This under-the-radar company could surge 200%+ as major market shifts unfold. Click here for urgent details . This article was generated by Benzinga's automated content engine and reviewed by an editor. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.There are lots of reasons some people who want to get into the stock market never actually start buying shares. One is a lack of funds. But in reality it is possible to invest with just a few hundred pounds (or even less). Another is a lack of knowledge. But, although experience can help, the way I am buying shares now is the same way I would if I had my first stock market moment all over again. How I invest £500 When I have £500 to invest, what I do with it depends on how much else I may already have invested. That is because an important risk management principle is diversifying across different shares in case one (or more!) is disappointing. So, as I already have a portfolio of different shares, I am happy to put £500 into a single share. But I do not – ever – put all of my money into one company. If £500 was all I had, therefore, I would spread it over different shares. I want to invest efficiently, so I use a . In some situations, I use a or may consider using a . What I am looking for Before I start buying shares, I want to make sure I know as well as I can what I am getting into. So I stick to areas I think I understand, meaning I am better able to assess a company’s position and prospects. If I do not understand an area, I can always take time to do some research and improve my knowledge of it before investing. Next, I look for companies I think have a competitive advantage and a target market I expect to remain sizeable over time. One mistake new and experienced investors alike can make is not paying enough attention to a company’s accounts. If it has lots of debt on the balance sheet, that can make it unattractive. Profitable companies have gone bankrupt before now simply because they cannot repay their debt. I also look at . A good business can make for a poor investment if I overpay for its shares. Putting my money where my mouth is One share I think exemplifies my approach is my holding in asset manager ( ). The market for asset management is large and I expect that it will remain that way for the long term (which is my , by the way). With a strong brand, long asset management experience, and millions of customers in multiple markets, I see M&G as having competitive advantages. It aims to maintain or raise its dividend per share each year (although in practice that is never a sure thing). With a 10% dividend yield, the share is a lucrative source of for me. Will that last? One risk I see is that customers pulling more funds out than they put in could hurt profits. In M&G’s non-Heritage business, that happened in the first half of the year. I will be keeping an eye on that risk, as I do like the !Analysis: Win or lose at UNC, Belichick's NFL legacy cemented
WASHINGTON — Federal prosecutors moved Monday to dismiss the criminal charges against President-elect Donald Trump that accused him of plotting to overturn the 2020 election and to abandon the classified documents case against him, citing longstanding Justice Department policy that says sitting presidents cannot face criminal prosecution. The decision by special counsel Jack Smith, who had fiercely sought to hold Trump criminally accountable for his efforts to subvert the 2020 election, represented the end of the federal effort against the former president following his election victory this month despite the election-related cases and multiple other unrelated criminal charges against him and is headed back to the White House. The decision, revealed in court filings, also amounts to a predictable but nonetheless stunning conclusion to criminal cases that had been seen as the most perilous of the multiple legal threats Trump has faced. It reflects the practical consequences of Trump’s victory, ensuring he enters office free from scrutiny over his hoarding of top secret documents and his efforts to overturn the 2020 presidential election he lost to Democrat Joe Biden. Smith’s team emphasized that the move to abandon the prosecutions, in federal courts in Washington and Florida, was not a reflection of their view on the merits of the cases but rather a reflection of their commitment to longstanding department policy. “That prohibition is categorical and does not turn on the gravity of the crimes charged, the strength of the Government’s proof, or the merits of the prosecution, which the Government stands fully behind,” the prosecutors wrote in Monday’s court filing in the election interference case. The decision was expected after Smith's team began assessing how to wind down both the 2020 election interference case and the separate classified documents case in the wake of Trump's victory over Vice President Kamala Harris. The Justice Department believes Trump can no longer be tried in accordance with longstanding policy that says sitting presidents cannot be prosecuted. Trump has cast both cases as politically motivated, and had vowed to fire Smith as soon as he takes office in January. The 2020 election case brought last year was once seen as one of the most serious legal threats facing the Republican as he vied to reclaim the White House. But it quickly stalled amid legal fighting over Trump’s sweeping claims of immunity from prosecution for acts he took while in the White House. The U.S. Supreme Court in July ruled for the first time that former presidents have broad immunity from prosecution, and sent the case back to U.S. District Judge Tanya Chutkan to determine which allegations in the indictment, if any, could proceed to trial. The case was just beginning to pick up steam again in the trial court in the weeks leading up to this year’s election. Smith’s team in October filed a lengthy brief laying out new evidence they planned to use against him at trial, accusing him of using “resorting to crimes” in an increasingly desperate effort to overturn the will of voters after he lost to Biden.