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Americans want more off-road-style vehicles and automakers are here for it

Mon, 08 Aug 2022 11:10:54 GMT

SUVs have been on a long strange trip.

The segment really got started after World War 2 when the Willys "Jeep" became a civilian and gave Americans an affordable new way to enjoy the great outdoors.

It was followed by more vehicles from the Jeep brand and the likes of International Harvester Scout and Ford Bronco in the 1960s, the latter of which was first to adopt the "Sports-Utility Vehicle" description in its marketing.

More refined models were added to the mix with and started getting used as family cars, then AMC changed the game by turning the Concord car into the four-wheel-drive Eagle in 1981.

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The Toyota Rav4 kicked the crossover craze into gear in the 1990s while the cool factor of the Jeep Grand Cherokee and Ford Explorer lured people away from sedans, station wagons and minivans by the hundreds of thousands, even if the dirt parking lot at the soccer field was as far as they would ever go off the pavement.

Today, SUVs of all sorts account for over half of the vehicles sold in the U.S., which means they are officially mainstream, so automakers have found a new way to make them fashionable again: By going back to the future.

Aping the continued success of brands like Jeep, Subaru and Land Rover, many companies are turning their street-smart utility vehicles back into off-roaders with new trims that improve their rough road capability, or at least make it look like they do. There is even a minivan along for the ride and the new trend is arriving just as more Americans are getting involved in outdoor activities, driven in part by the coronavirus pandemic.

Here are a few of the latest SUVs aimed at the "active lifestyle" customers automakers are looking to appeal to today:

The subcompact Trailblazer Activ is available in front-wheel-drive or all-wheel-drive and gets tougher styling than the other trims, plus improved ground clearance and designed for more rugged terrain than the rest of the lineup can handle.

TEST DRIVE: 2021 CHEVROLET TRAILBLAZER ACTIV

Ford has created a new Timberline trim for the Explorer and Expedition that makes them more suitable for off-road use, with underbody protection, all-terrain tires and all-wheel-drive and four-wheel-drive systems tuned to be better on rough surfaces. Signature dark green upholstery adds a woodsy feel to the Expedition that best lives up to the model's name.

Honda's new TrailSport trim launched on the Passport midsize crossover SUV, but will spread to other Honda SUVs. For now, it's a mostly cosmetic upgrade that includes more aggressive front and rear styling and a slightly wider track for its all-season-tires, but Honda says that later versions will get functional modifications, as well.

TEST DRIVE: THE 2022 HONDA PASSPORT TRAILSPORT TRUCKS UP

Mazda's new Alabama-built compact crossover SUV was designed to handle light off-roading in all trims, but the Meridien builds on that with additional features like all-terrain tires and rocker panel protection.

The SUV may have stolen the minivan's mojo, but the ultimate people carrier is back with a vengeance. The Sienna Woodland comes with a standard hybrid all-wheel-drive system good for 35 mpg and gets the requisite increased ground clearance -- from 6.3 inches to a whopping 6.9 inches -- and redesigned front and rear fascias expected of one of these packages, plus a standard tow hitch and roof racks to help bring along enough gear for the seven passengers inside.

TEST DRIVE: THE 2022 TOYOTA SIENNA WOODLAND IS THE MONSTER TRUCK OF MINIVANS

Larry Kudlow on the Inflation Reduction Act: There is not one good thing in this bill

Mon, 08 Aug 2022 21:17:48 GMT

The Schumer-Manchin reconciliation bill, falsely titled the "Inflation Reduction Act," is really a pathetic piece of legislation. It is the ultimate big government socialism bill. It defines the Democratic Party as the radical left. There is no inflation reduction.

There are no incentives for growth or prosperity. It punishes successful people. It intensifies the war against fossil fuels. It adds to the war against the rest of business and industry. It increases the regulatory state that defines "modern socialism" and it furthers the Democratic campaign to end free-market capitalism.

There is not one good thing in this bill. The biggest winners are regulatory agencies like the EPA and the IRS, Medicare price controls and special interest rent-seeking corporate handouts. This bill has the potential to increase inflation and deepen recession. It will not reduce deficits or debt. This bill has no common sense. This bill is dumb — very, very dumb.

There's a thousand details that we don't yet know everything about and more will be revealed with our guests tonight, Senator Rob Portman and Ranking Republican Budget leader, Congressman Jason Smith. They'll be on in a moment.

AMID INFLATION, PEOPLE DESPERATE FOR CASH ARE TURNING TO PAWN SHOPS

My biggest concern is the big government socialism aspect of the huge growth in the federal government, and its regulatory octopus tentacles manipulated by left-wing bureaucrats, who in many cases can never be replaced without major governmental reforms.

The IRS is the best example, with an $80 billion budget increase and a doubling of its agents to go out there and chase down Uber drivers, the gig economy, small businesses, waitresses and pretty much anything that moves.

The basic Democratic assumption behind the massive IRS expansion is that successful people are cheating the system. They're all tax cheats. They're evil. They sit around conniving how to not pay taxes; like Elon Musk, who paid $11 billion in personal taxes last year, but presumably the new IRS will descend on him like locusts.

You see, Democrats have come to believe, as Obama said years ago, that "you didn't build that" on your own. That our economic system doesn't work without government management through taxing, regulating, spending, borrowing, money-printing. Entrepreneurs don't exist in the Democratic Party model and if they do, they're not paying their fair share and their success must be redistributed, Soviet-style. Let's make everybody equally poor, except of course the wealthy Democratic politicians who milk the system for all it's worth.

Know what the problem with the IRS tax cheat idea is? The tax system designed by Congress is impenetrable and indecipherable. Line up ten tax accountants and none of them will agree on crucial tax provisions. That's the problem. It's not tax cheats. It's terrible government tax policy.

A nice simplified low flat tax rate system would eliminate the need for 150,000 IRS agents and what's incredible on this topic is that, once again, the Congress in this session has significantly increased the number of tax credits, refundable credits, deductions, carve-outs, all sorts of political favors and corporate welfare, which will make the tax code immensely more complex and indecipherable.

In other words, "there they go again" and once this revenue grab fails, maybe the next Congress will ask for another 80,000 IRS agents.

FED COULD APPROVE 100-BASIS POINT INTEREST RATE HIKE AFTER JOBS SHOCKER, CITI SAYS

The whole IRS story epitomizes what is wrong with the DC swamp, and Congress, and the Executive Branch, and the massive regulatory state that is to be foisted on ordinary Americans.

The EPA bureaucracy is another big winner, with vast new powers. The healthcare bureaucracy is another big winner, with vast new powers.

You know who's not a big winner in this bill? Smart young men and women who come up with brilliant new ideas that turn into massive new advanced technologies, inventions or innovations. Their entrepreneurship will be punished — not rewarded — by taxes or rules and regulations or inflation.

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The dopey dopes that spawned this stupid bill do not understand incentives to work, invest, create and take risks. Tax or regulate something and you get less of it. That's what these dummies have done. Less growth, less prosperity, less liberty, less freedom, less happiness, but I think I know something they don't.

The cavalry is coming. This bad stuff can all be overturned. In the name of freedom, let's hope it is.

This article is adapted from Larry Kudlow's opening commentary on the August 8, 2022, edition of "Kudlow."

Tyson raises prices of chicken as demand shifts from expensive beef cuts

Mon, 08 Aug 2022 21:07:21 GMT

According to Tyson Foods, chicken has risen in popularity as consumers shy away from expensive beef cuts.

During an earnings call on Monday, Tyson CEO Donnie King told analysts that despite the challenging economic environment, where costs of its goods continue to increase, "consumer demand for protein remains relatively steady."

However, some people are shifting away from high-priced meats as food prices continue to surge. Grocery prices alone increased 12.2% in June compared to a year ago, outpacing the overall Consumer Price Index.

On Monday, the meat producer reported that it saw "specific strength" in its chicken segment as well as with specific cuts of meat, such as breakfast sausage and bacon, throughout the three-month period ending on June 30, even though it raised prices on its meat to offset higher costs.

According to Reuters, the company raised chicken prices by slightly more than 20%.

PRICEY CHICKEN PUTS THIGHS ON RESTAURANT MENUS

The company reported that its sales gains "were largely driven by higher average sales price in chicken and prepared foods," underscoring the demand for the category.

"We delivered substantially improved earnings in our chicken segment as well as higher earnings in prepared foods, which partially offset a decline in beef and pork earnings," King told analysts.

WINGSTOP CEO TOUTS FALLING CHICKEN WING PRICES, COMPANY BENEFITTING FROM DEFLATION

Meanwhile, the company reported that it faced "softer consumer demand for premium cuts of beef" amid the challenging economic environment. As demand shifted, prices for the beef dipped.

According to Reuters, beef prices were down 1.2% in the quarter.

Still, King said the company's "diverse portfolio" allows them to "meet customer and consumer needs across a broad range of products and price points even as consumers shift between proteins and products."

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Overall, meat producers posted revenue of $13.5 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $13.31 billion.

The Associated Press contributed to this report.

Virginia man wins $1M in Mega Millions lottery after thinking he lost

Mon, 08 Aug 2022 20:28:36 GMT

This man didn’t win the top Mega Millions prize, but he still won big.

Malcolm Meredith, of Manassas, Virginia, bought a lottery ticket for the May 20 Mega Millions drawing, according to the Virginia Lottery.

Soon after the drawing, he showed his ticket to a person who told him it wasn’t a winner, according to an Aug. 4 press release.

MEGA MILLIONS DRAWING: ILLINOIS SPEEDWAY GAS STATION THAT SOLD WINNING TICKET IN LINE FOR BIG COMMISSION

FOX Business reached out to the Virginia Lottery for comment.

The agency revealed on its website that Meredith’s ticket had matched the first five numbers of the Mega Millions drawing, just not the Mega Ball number.

Meredith held onto the ticket and weeks later, he got a second opinion and found out he won.

Meredith took the ticket to the state lottery’s Northern Virginia Customer Service Center in Woodbridge, Virginia, where he learned he won $1 million, the release said.

"I was hoping and praying," Meredith told the Virginia Lottery.

NORTH CAROLINA FARMER WINS $100K LOTTERY AFTER HE CRAVED A STEAK

Meredith used the Easy Pick option, which meant the computer randomly selected his numbers, the Virginia Lottery reported.

VIRGINIA MAN WINS $250K LOTTERY PLAYING NUMBERS HE SAID HE SAW IN A DREAM

The winning numbers – for the $131 million jackpot at the time – were 33-40-59-60-69, with 22 as the Mega Ball number.

The odds of matching the first five numbers of the Mega Millions are one in 12,607,306, according to the Virginia Lottery.

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Meredith was the only person in the U.S. to match the first five numbers, the agency said.

He bought his ticket at a Harris Teeter grocery store in Manassas. The grocery store will also receive $10,000 for selling Meredith his winning ticket, the press release said.

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Personal loan rates tick up: 3-year loans still lower than same time last year

Mon, 08 Aug 2022 19:47:18 GMT

Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were higher for both 3- and 5-year loans compared to the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between August 1 and August 7:

Personal loans have become a popular way to consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical bills, take care of a major purchase or fund home improvement projects.

Rates for both 3- and 5-year fixed-rate personal loans rose over the last seven days, with rates for 3-year terms increasing by 0.31%, and rates for 5-year terms rising by 1.35%. Despite the increases, rates for 3-year personal loans are lower than they were a year ago. Borrowers can take advantage of interest savings with a 3-year personal loan right now. However, both loan terms offer interest rates significantly lower than higher-cost borrowing options like credit cards.

Whether a personal loan is right for you often depends on multiple factors, including what rate you can qualify for. Comparing multiple lenders and their rates could help ensure you get the best possible personal loan for your needs.

It's always a good idea to comparison shop on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest trends in personal loan interest rates from the Credible marketplace, updated monthly.

The chart above shows average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender.

For the month of July 2022:

Rates on personal loans vary considerably by credit score and loan term. If you're curious about what kind of personal loan rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders. Checking your rates won't affect your credit score.

All Credible marketplace lenders offer fixed-rate loans at competitive rates. Because lenders use different methods to evaluate borrowers, it’s a good idea to request personal loan rates from multiple lenders so you can compare your options.

In July, the average prequalified rate selected by borrowers was:

Depending on factors such as your credit score, which type of personal loan you’re seeking and the loan repayment term, the interest rate can differ.

As shown in the chart above, a good credit score can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.

Many factors influence the interest rate a lender might offer you on a personal loan. But you can take some steps to boost your chances of getting a lower interest rate. Here are some tactics to try.

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

Personal loan repayment terms can vary from one to several years. Generally, shorter terms come with lower interest rates, since the lender’s money is at risk for a shorter period of time.

If your financial situation allows, applying for a shorter term could help you score a lower interest rate. Keep in mind the shorter term doesn’t just benefit the lender – by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

You may be familiar with the concept of a cosigner if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, finding a cosigner with good credit could help you secure a lower interest rate.

Just remember, if you default on the loan, your cosigner will be on the hook to repay it. And cosigning for a loan could also affect their credit score.

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders typically offer the most competitive rates – and can be quicker to disburse your loan than a brick-and-mortar establishment.

But don’t worry, comparing rates and terms doesn’t have to be a time-consuming process.

Credible makes it easy. Just enter how much you want to borrow and you’ll be able to compare multiple lenders to choose the one that makes the most sense for you.

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

Fed could approve 100-basis point interest rate hike after jobs shocker, Citi says

Mon, 08 Aug 2022 19:43:14 GMT

The scorching-hot July jobs report raises the risk of a full-percentage point interest rate increase when the Federal Reserve meets in September as policymakers try to crush inflation and cool the labor market, according to Citigroup economists.

Citigroup strategists led by Andrew Hollenhorst wrote in a Monday analyst note that the surprisingly strong jobs report, coupled with faster-than-expected wage growth, could "make a 75 basis-point hike in September very likely and raise the potential for further super-sized increases."

A 100 basis-point increase would be the first of its size since the Fed started announcing moves in the overnight federal funds rate in 1994 and would put the benchmark range between 3.25% and 3.50%.

"Our base case remains for a 75 basis-point hike in September, but we would not be too surprised by a 100 basis-point hike if core inflation comes in stronger than expected," he wrote.

US ECONOMY ADDS 528,000 JOBS IN JULY, BLOWING PAST EXPECTATIONS

U.S. employers unexpectedly added 528,000 jobs in July, the Labor Department said Friday, a surprisingly strong gain that defied fears of a slowdown in labor markets as they confront scorching-hot inflation and rising interest rates. Wage growth also accelerated, surging by 0.5% in the one-month period from June.

But the blowout jobs report, coupled with higher-than-expected wage growth, could ultimately pave the way to a third consecutive interest rate hike of 75 basis points – triple the usual size – when Fed policymakers meet in September.

Traders are already pricing in a 70% chance of another super-sized increase in the fall, according to the CME Group's FedWatch tool, which tracks trading.

IS THE UNITED STATES ENTERING A RECESSION?

Policymakers approved the second straight 75 basis-point hike in July and hinted in their post-meeting statement that additional increases are likely in the coming months as they remain "strongly committed to returning inflation to its 2% objective."

Chairman Jerome Powell said during his post-meeting press conference that another 75 basis-point hike could be appropriate in the future, but that it ultimately hinges on upcoming economic data. That includes the July jobs report and forthcoming reports on inflation and consumer expectations regarding inflation.

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"We're going to watch the data and the evolving outlook very carefully and factor in everything and make a decision in September about what to do," Powell said. "I'm not really going to provide any specific guidance about what that might be. But I mentioned that we might do another unusually large rate increase, but that's not a decision that we've made at all."

Russian airlines start stripping old jets for parts as sanctions continue

Mon, 08 Aug 2022 19:40:33 GMT

Russian airlines, including state-controlled Aeroflot, are stripping jetliners to secure spare parts they can no longer buy abroad because of Western sanctions, four industry sources told Reuters.

The steps are in line with advice Russia's government provided in June for airlines to use some aircraft for parts to ensure the remainder of foreign-built planes can continue flying at least through 2025.

Sanctions imposed on Russia after it sent its troops into Ukraine in late February have prevented its airlines from obtaining spare parts or undergoing maintenance in the West.

Aviation experts have said that Russian airlines would be likely to start taking parts from their planes to keep them airworthy, but these are the first detailed examples.

At least one Russian-made Sukhoi Superjet 100 and an Airbus A350, both operated by Aeroflot, are currently grounded and being disassembled, one source familiar with the matter said.

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The source declined to be identified due to the sensitivity of the issue.

The Airbus A350 is almost brand new, the source said.

Most of Russia's fleet of aircraft consists of Western passenger jets.

Equipment was being taken from a couple of Aeroflot's Boeing 737s and Airbus A320s, as the carrier needs more spare parts from those models for its other Boeing 737s and Airbus A320s, the source said.

The Russian Ministry of Transport and Aeroflot did not reply to requests for comment.

‘Matter of time’

Russian-assembled Sukhoi Superjets are also heavily dependent on foreign parts. An engine has already been removed from one Superjet to allow another Superjet to continue flying, the first source said.

To be sure, engines are frequently swapped between aircraft and are usually supplied under separate contracts, industry experts said. They are not considered part of the core airframe.

It is "only a matter of time" before Russia-based planes are cannibalized, a Western aviation industry source said.

Newer generations of jets — A320neo, A350 and Boeing 737 MAX and 787 — have technology that has to be constantly updated.

Within a year of the sanctions coming into effect, it will be a "challenge" to keep modern jets in service even for Russia's highly developed and competent engineering base, Western sources have said.

The practice of removing parts to keep another plane flying is commonly known as turning the disused planes into "Christmas trees." Although relatively rare, it is most often linked to financial difficulties and has never happened on the same scale as the widespread reshuffle being predicted in Russia in order to address the impact of sanctions.

Jetliners may be made operational again provided parts taken away are put back, though this would not necessarily reconstitute the traceability needed for jets to re-enter global markets.

RUSSIA'S WAR ON UKRAINE: 5 REASONS WHY PUTIN WON'T STOP

Many parts have a limited life that must be logged.

Nearly 80% of Aeroflot's fleet consists of Boeings and Airbuses — it has 134 Boeings and 146 Airbuses, along with nearly 80 Russia-made Sukhoi Superjet-100 planes as of end last year, based on the latest data available.

According to Reuters calculations based on data from Flightradar24, some 50 Aeroflot planes — or 15% of its fleet, including jets stranded by sanctions — have not taken off since late July.

Three out of seven Airbus A350s operated by Aeroflot, including one now being used for parts, did not take off for around three months, the Flightradar24 data shows.

Russian carriers flying fewer routes due to Western sanctions means there are unused jets grounded that can be stripped, a second industry source said.

"Western manufacturers understand that almost all Superjets are being operated in Russia," said Oleg Panteleev, head of the Aviaport aviation think-tank. "You can simply stop producing and shipping spare parts — and it will hurt."

Dismantling

The Russian aviation industry's development plan up to 2030 estimated that Russia could face the biggest challenges with A350 and Bombardier Q series as maintenance on them is carried out overseas.

The Russian government's advice envisages "partial dismantling of … certain parts of the aircraft fleet," which would keep two thirds of the foreign fleet operational by end-2025.

The main challenge will be keeping engines and sophisticated electronic equipment in working order, said Panteleev.

"It will be hard to get them repaired," he said.

Aeroflot, once among the world's top airlines but now reliant on state support, experienced a 22% fall in traffic in the second quarter of this year from a year ago, the company's data showed, after sanctions prevented it from flying to most Western destinations.

Securing supplies from countries that have not imposed sanctions on Russia is unlikely to help, as companies from Asia and the Middle East fear a risk of secondary sanctions against them by Western governments, the sources said.

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"Each single part has its own (unique) number, and if the documents will have a Russian airline as the final buyer, then no one would agree to supply, neither China nor Dubai," the first source said, adding that all parts have to be made known to Boeing and Airbus before they are supplied to the end-user.

White House denies more IRS funding could increase audits on lower-income Americans

Mon, 08 Aug 2022 19:24:39 GMT

The Biden administration on Monday pushed back against concerns that an extra $80 billion in funding for the IRS that Democrats included in their latest health care and climate change spending package could increase audits on lower-income households.

When asked about the possibility of more audits on middle-class Americans, the White House pointed to a letter written by IRS Commissioner Chuck Rettig last week, in which he maintained that additional funding for the tax-collecting agency will not increase audits on households earning less than $400,000.

"These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans," Rettig wrote in the letter. "As we have been planning, our investment of these enforcement resources is designed around Treasury’s directive that audit rates will not rise relative to recent years for households making under $400,000."

Providing the IRS with an influx of funding has been a top priority for President Biden and is one of the most prominent provisions of the Inflation Reduction Act that Senate Democrats passed along party lines early Sunday.

DEMOCRATS' MINIMUM CORPORATE TAX WOULD HIT THESE INDUSTRIES THE HARDEST

The Democrats projected that enhancing IRS funding could add an extra $124 billion in federal revenue over the next decade by hiring more tax enforcers who can limit tax evasion by rich individuals and corporations. Roughly $1 trillion in federal taxes goes unpaid yearly because of errors, fraud and a lack of resources to adequately enforce collections, the IRS estimated last year.

But Republican lawmakers have sounded the alarm over the proposal, warning that it could have serious ramifications for lower-income workers.

That's because the IRS disproportionately targets low-income Americans when it conducts tax audits each year. In fact, households with less than $25,000 in earnings are five times as likely to be audited by the agency than everyone else, according to a recent analysis of tax data from fiscal year 2021 by the Transactional Records Access Clearinghouse (TRAC) at Syracuse University.

The reason for that is a rise in what is known as "correspondence audits," meaning the IRS conducts reviews of tax returns via letters or phone calls rather than more complex face-to-face audits. Just a fraction – 100,000 of the 659,000 audits in 2021 – were conducted in person.

According to the Syracuse study, more than half of the correspondence audits initiated by the IRS last year – 54% – involved low-income workers with gross receipts of less than $25,000 who claimed the earned income tax credit, an anti-poverty measure.

STRATEGISTS, TAX EXPERTS WEIGH IMPLICATIONS OF MANCHIN-BACKED BILL ON MIDTERM ELECTIONS

Even taxpayers with a total positive income that ranged from $200,000 to $1 million had one-third the odds of being audited by the IRS compared to the lowest-income wage earners. About 9 million taxpayers reported these high-income levels in 2021, but fewer than 40,000 of their returns were audited, or roughly 4.5 out of every 1,000. That contrasts sharply with lower-income Americans, who faced an audit rate of 13 out of every 1,000.

The discrepancy is primarily due to high-income taxpayers having complex investments that can easily shroud the gaps between taxes owed and paid vs. taxes reported and paid.

"Barring an unlikely significant change in the composition of IRS enforcement, the stepped-up IRS enforcement would subject taxpayers across the income spectrum to more scrutiny and greater audit risk," the conservative Heritage Foundation said in a recent blog post.

Still, Rettig argued that hiring more enforcement officers and modernizing the agency's antiquated technology could actually help the IRS to avoid auditing honest taxpayers.

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"Large corporate and high-net-worth taxpayers often engage teams of sophisticated representatives pursuing unsettled or sometimes questionable interpretations of tax law," he said. "The integrity and fairness of our tax administrative system relies upon the ability of our agency to maintain a strong, visible, robust enforcement presence directed to these and other similarly situated noncompliant taxpayers."

FOX Business' Jacqui Heinrich contributed to this report

Dems' Inflation Reduction Act will have 'very little' impact on gas prices: Lipow

Mon, 08 Aug 2022 19:19:58 GMT

Lipow Oil Associates President Andy Lipow weighed in on the Inflation Reduction Act and foreign affairs, Monday, arguing that Saudi Arabia insulted the U.S. and the European Union with its paltry oil increase, and telling "Cavuto: Coast to Coast" that the consumer response is now causing oil to fall to pre-Russian invasion of Ukraine levels.

ANDY LIPOW: …It really was an insult to not only the United States, but to the European Union as well in order to temper the energy crisis that we’ve seen rise over the last couple of months. Now we’re seeing that the consumer is responding with demand destruction and oil prices are now falling. Crude oil is below its pre- Russia invasion of Ukraine level.

AS BIDEN ASKS SAUDIS FOR OIL HELP, US ENERGY REPS SAY THEY'RE TIRED OF 'VILIFICATION'

It appears gasoline demand is off 3% compared to this time last year and we’re also seeing demand destruction in other parts of the world, where they simply can’t afford the high price of energy and you see rolling power blackouts in Pakistan, requests to reduce demand in Bangladesh…

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Bed, Bath & Beyond stock on best nine day stretch on record

Mon, 08 Aug 2022 19:02:05 GMT

Meme investors are back and pushing Bed, Bath & Beyond onto new winning streaks.

Dow Jones Market Data shows shares jumped more than 80% in two days. Even so, shares are down 25% year to date.

Experts say there is no fundamental reason behind the spike, though Benzinga speculated that AMC Entertainment’s decision last week to issue a special "APE" dividend of preferred shares may have renewed interest in meme investing.

AMC DECLARES SPECIAL DIVIDEND, POSTS QUARTERLY LOSS

Bed, Bath & Beyond was the top searched stock during the past one- and seven-day periods on Reddit’s WallStreetBets discussion board, according to Quiver Quantitative.

WallStreetBets 12.4 million members often bet on heavily shorted stocks of down-on-their-luck companies, gambling that short sellers will dump their shares when prices rise. Short sellers make money when a stock continues to fall but can lose large when shares gain.

Nearly half of Bed, Bath & Beyond’s shares are shorted.

More than 10.8 million shares changed hands when the markets opened Monday, and volume continued throughout the day.

The turnaround is share prices is stunning. Shares hit a 52-week low of $4.38 on July 1, and there was speculation that the company could go bankrupt.

Former CEO Mark Tritton left on June 29, along with Chief Merchandising Officer Joseph Hartsig. They were replaced by Sue Gove and Mara Sirhal, respectively.

Gove is a board member and founder of Excelsior Advisors, LLC, a retail consulting and advisory firm. Sirhal previously served as general manager of the company’s Harmon unit.

ANALYSTS SAY BED BATH & BEYOND STORES TURNED DOWN AIR CONDITIONING TO SAVE MONEY

The changes came after Bed, Bath & Beyond reported sales fell 25% to $1.46 billion for the fiscal first quarter ended May 28.

The net loss widened to $358 million from $51 million.

The company had benefited from COVID-19 stay-at-home restrictions. Net sales jumped 49% in the first quarter of 2021, but have been slowing since as restrictions eased and people began returning to work.

Sales slipped 26% in Q2 2021, 28% in Q3 2021 and 22% in Q4 2021.

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Moody’s and Standard & Poor’s both lowered their rating on the domestic merchandise retailer last month.

Moody’s said "operating performance is expected to weaken further over the course of 2022 as the company must clear excess inventory while continuing to contend with supply chain and inflation challenges."

S&P said Bed, Bath & Beyond’s "prospects for normalizing business trends in the second half of the year have diminished."

Bed, Bath & Beyond helped lift other meme stocks.

AMC Entertainment and GameStop are both up.

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Bed, Bath and Beyond did not respond to a request for comment about the spike in its share price.