Tag Archives: money

A tangled market web of Tesla-bitcoin-ARK Investment could spell trouble for investors, warns strategist

Tuesday is shaping up to be a tough one for technology stocks, after a selloff greeted investors to start the week.

The Nasdaq Composite
COMP,
-2.03%
— up 40% over the past 12 months — tumbled 2.5% on Monday over concerns rising bond yields could make those tech stocks look pricey. When so-called “risk-free” yields are climbing, it is that much tougher to justify equity valuations that seem lofty.

Leading techs lower in premarket is electric-car maker Tesla
TSLA,
-5.41%,
down 6% after a roughly 8% drop on Monday. Our call of the day comes from Saxo Bank’s head of equity strategy, Peter Garnry, who has been warning clients that Tesla is tangled up in a “risk cluster” that involves bitcoin and Cathie Wood’s ARK Investment Management firm.

Tesla announced a $1.5 billion bitcoin investment earlier this month. Along with Tesla weakness, bitcoin was down 10% early Tuesday, which some attributed to criticism from Treasury Secretary Janet Yellen (see below). That crypto drop will “obviously illustrate the earnings volatility that Elon Musk has delivered to Tesla,” said Garnry.

Read: Tesla bitcoin gambit already made $1 billion, more than 2020 profit from car sales, estimates analyst

Meanwhile, Tesla “is also the biggest position across all ARK Invest ETFs which added pressure to its biggest fund the ARK Disruptive Innovation Fund
ARKK,
-6.11%
losing 6% yesterday. This is exactly the risk cluster that we have been worrying about and wrote about two weeks ago,” said the strategist.

Read: Stocks aren’t in a bubble, but here’s what is, according to fund manager Cathie Wood

In the Saxo note that deep-dived into the hugely popular, actively managed fund’s holdings, Garnry highlighted ARK’s concentration in biotech names that he said could be risky if the market decides to reverse. And Tesla shares represents 6.7% of total assets under management across ARK’s five actively managed ETFs, according to the data Saxo crunched two weeks ago.

“What it means is, that a correction in equities for whatever reasons, could be higher interest rates or prolonged COVID-19 lockdowns, could set in motion selloffs across either biotechnology stocks or Tesla shares and cause performance to deteriorate which could start net outflow of AUM and then the feedback loop has started,” said Garnry, at the time.

For her part, Wood, the chief executive of ARK Invest and manager of the popular ARK Innovation exchange-traded fund, last week said she was surprised by how fast companies are adopting bitcoin, and that her “confidence in Tesla has grown.”

The markets

Stocks
DJIA,
-0.43%

SPX,
-0.78%

COMP,
-2.03%
are selling off, led by techs, with European stocks
SXXP,
-0.49%
sinking apart from some travel stocks. Asian markets had a mixed day
000300,
-0.32%.
Oil prices
CL00,
-0.19%
are rising, while the closely watched yield on the 10-year Treasury note
TMUBMUSD10Y,
1.360%
is trading at around 1.35%.

The chart

Treasury Secretary Yellen may have let some steam out of bitcoin
BTCUSD,
-13.19%
after repeating some concerns about the cryptocurrency in an interview with the New York Times’ Dealbook. Bitcoin was last down 13% to $48,886, taking a bunch of other cryptos down with it.

The buzz

All eyes on Federal Reserve Chair Jerome Powell, who is kicking off two-day testimony on Capitol Hill. With more than 10 million Americans still jobless, “Mr. Powell will go out of his way, I am sure, to put tapering to bed and rightly so, as I dread to think what a taper-tantrum of the 2020s will look like,” said Jeffrey Halley, senior market analyst, Asia Pacific, Oanda.

We’ll also get the latest home-price indexes from S&P CoreLogic Case-Shiller and the Federal Housing Finance Agency, along with an update on consumer confidence.

Shares of home-improvement retailer Home Depot
HD,
-4.49%
are dropping despite upbeat results.

Shares of special-purpose acquisition company Churchill Capital
CCIV,
-31.65%,
also known as a blank-check company, are sinking. After weeks of rumors, Churchill finally announced a deal to buy electric-vehicle company Lucid Motors.

Mourning 500,000-plus American lives lost to COVID-19, President Joe Biden observed a moment of silence late on Monday and urged the public to “mask up.”

Social-media group Facebook
FB,
+0.83%
says it will restore links to news articles in Australia, five days after proposed media law changes in the country.

Random read

“I can mouth obscenities at people and they don’t have a clue.” Redditors on pandemic positives.

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MyPillow CEO Mike Lindell says he’s losing money amid Dominion lawsuit

  • Dominion Voting Systems sued MyPillow and its CEO, Mike Lindell, seeking $1.3 billion in damages.
  • The defamation lawsuit claims Lindell boosted sales for his business while pushing false claims.
  • Lindell told Insider he actually expected boycotts to cost him tens of millions of dollars in sales.
  • Visit the Business section of Insider for more stories.

MyPillow CEO Mike Lindell says he expects to lose $65 million in pillow revenue this year because of retailer boycotts over his claims that the 2020 US election was rigged.

That projection, Lindell told Insider in an interview Monday after being served with a defamation lawsuit from Dominion Voting Systems seeking $1.3 billion in damages, is evidence he isn’t pushing election-fraud claims for the money.

“I lost 20 retailers, and it’s cost me $65 million this year that I won’t get back, OK?” Lindell told Insider. “There’s your story. Print it right. Don’t try and twist this.”

The 121-page lawsuit alleges the pillow mogul used conspiracy theories about the election to turbocharge sales for his company, using conspiratorial phrases as discount codes and placing expensive advertisements with like-minded media outlets.

“Lindell — a talented salesman and former professional card counter — sells the lie to this day because the lie sells pillows,” Tom Clare, the defamation attorney representing Dominion Voting Systems, wrote in the lawsuit.

Dominion says Lindell used election conspiracy theories as a way to sell more pillows

Lindell has been an ardent supporter of former President Donald Trump for years. A former professional gambler who overcame an addiction to crack, he credits his company’s success to his aggressive advertising strategy, which pushed MyPillow’s revenue to over $300 million in 2019.

Dominion’s lawsuit says that advertising strategy involves intertwining his personal brand and that of his company to juice sales.

MyPillow has spent tens of millions of dollars advertising on pro-Trump media outlets such as Fox News and Newsmax — both also targets of litigation over election falsehoods. After Trump lost the November election, Lindell falsely claimed Dominion rigged the election. MyPillow sponsored a “March for Trump” tour (which was actually a bus) in which Lindell spoke at rallies claiming the election was stolen.

Dominion alleges in the lawsuit that the conspiracy theories are a platform for Lindell to sell more pillows.

“After hitting the jackpot with Donald Trump’s endorsement for MyPillow and after a million-dollar bet on Fox News ads had paid out handsome returns, Michael Lindell exploited another chance to boost sales: marketing MyPillow to people who would tune in and attend rallies to hear Lindell tell the ‘Big Lie’ that Dominion had stolen the 2020 election,” Clare wrote.

Lindell with President Donald Trump during a campaign rally in 2018.

Justin Sullivan/Getty Images


Lindell told Insider that MyPillow’s advertising strategy was distinct from his personal politics. He said MyPillow had advertising and sponsorship deals with the likes of CNN, MSNBC, The Washington Post, and The New York Times — all outlets he isn’t a fan of — as well as about 5,000 podcasts and radio and TV stations.

“I advertise everywhere,” he said. “And every spot either breaks even or makes money.”

A representative for The Times told Insider it last ran MyPillow advertisements in 2015. The other media outlets Lindell named didn’t immediately respond to requests for comment.

Lindell dismissed the notion that he had a “preconceived plan” to make money by claiming Dominion and Smartmatic, a rival election-technology company also implicated in conspiracy theories, rigged the presidential election. He said a retailer boycott from brands including Kohl’s and Bed Bath & Beyond would cost him tens of millions of dollars in revenue.

“Those stores combined did $65 million in business last year,” he said. “And now I won’t have them this year, or any year. They’re done.”

Lindell says he’s just trying to save America

Following the January 6 insurrection at the US Capitol, where a pro-Trump mob sought to stop Congress from certifying the election results, Lindell only doubled down on election-fraud claims.

He met with Trump in the Oval Office, taking notes with him apparently suggesting the president consider declaring martial law. He continued to push the theories in media appearances and funded a two-hour “docu-movie” based on them called “Absolute Proof.” He, like Trump before him, was eventually barred from Twitter.

He says he openly welcomes the lawsuit from Dominion, saying it would offer him an avenue to prove his claims of a rigged election.

“I am happy that I got served the papers today,” Lindell said.

To bolster its claims that Lindell tied election-related conspiracy theories to MyPillow sales, Dominion’s lawsuit includes a dozen pages of social-media users saying they’re purchasing MyPillow products to support Lindell’s election falsehoods.

“Mike Lindell is a true Patriot and an American hero for standing up for the truth. I’m buying more pillows using discount code NEWSMAX #ElectonFraudHappened #MikeLindell #MyPillowGuy #MyPillow,” one person wrote on Twitter. “The mypillow guy is being attacked by evil leftists. Go to mypillow.com and spend heavily,” another wrote.



Trump with Lindell in March during the daily briefing on the novel coronavirus.

MANDEL NGAN/AFP via Getty Images


Dominion’s lawsuit also claims Lindell used discount codes on his website that tied into right-wing conspiracy theories, including using “FightforTrump” as a discount code while Trump supporters literally fought officers at the Capitol and “Proof” after broadcasting his “docu-movie.”

But Lindell said advertising partners made those discount codes. “FightforTrump,” for example, was from a podcaster MyPillow worked with — one of the hundreds of radio hosts with which MyPillow has sponsorship deals.

He said that controversies over advertising typically increased sales for his company but that boycotts since January seemed poised to cause long-term damage to pillow sales.

“When I’m boycotted, people tend to buy more pillows — at least in the short term,” Lindell told Insider. “I always get a little lift for a couple of days when they attack the company. But now this time is different.”



Lindell outside the West Wing of the White House on January 15.

Drew Angerer/Getty Images


Lindell is nevertheless prepared to move forward with his claims, he said, so he could “save the country” from what he sees as the pernicious influence of communism. He said he didn’t believe the people demanding that retailers boycott MyPillow were real, claiming they’re bots.

“I’m not a stupid person. I have a huge company that I built from scratch. I’m an ex-addict, and I’m not going to back down from some big billion-dollar company that’s trying to steal our country,” he said.

“All I want is this election now. I don’t care how much money it costs me,” he added.

Lindell’s claims about the election are unsubstantiated

Most recently, Lindell returned to the spotlight after releasing the self-made documentary “Absolute Proof,” which purports that voter interference caused some states to “flip” from then-President Donald Trump to Joe Biden.

One data table in the film, for example, says nearly 200,000 votes from Wisconsin were improperly marked as absentee ballots and should therefore have been counted differently — even though multiple state and federal judges, including one appointed by Trump, approved the counting of those votes.

The film also claims that multiple countries, including China, Iran, and the UK, were complicit in generating election inconsistencies.



Lindell.

Jabin Botsford/The Washington Post via Getty Images


It’s not clear where the data shown in “Absolute Proof” is from. Lindell claims it came from “spyware the government has” and was rendered by a “mega computer” into charts and graphs. Federal agencies have said the 2020 election was “the most secure in history,” and judges have thrown out dozens of lawsuits challenging election results, finding no evidence of irregularities.

According to Lindell, “Absolute Proof” has been viewed more than 110 million times, though he declined to offer evidence for those viewership numbers. This year’s Super Bowl had about 96 million viewers.

Lindell told Insider he was not concerned with Dominion’s lawsuit against him, saying he had “bigger fish to fry” and “much bigger things” he was working on. He said he had a “massive team” of lawyers working on the case and already had all the evidence needed to prove his case.

“This is going to go to the Supreme Court. And when it does, it’ll be a 9-0 vote that our country was attacked,” Lindell said. “And then all the media outlets will finally come and go, wow: ‘Mike, you know what? You were right all along.'”

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Rakhi Sawant on walking out of Bigg Boss 14 finale with Rs 14 lakh: I have zero bank balance, need money for mother’s surgery

Rakhi Sawant is happy and satisfied with the way her journey on Bigg Boss 14 culminated. The Pardesiya girl was probably the only contestant this season to have taken an effort to entertain the audience. While Rubina Dilaik was announced as the winner, Rakhi Sawant walked out of the game show with Rs 14 lakh prize money.

The OG Bigg Boss champion spoke to indianexpress.com about her decision to quit in the finale, her experience and how host Salman Khan’s support helped her survive the game.

Excerpts from the conversation…

How does it feel to be touted as the ‘real entertainment queen’ of Bigg Boss?

I am so happy that I made the decision of coming back to the show. I really can’t express my gratitude for the way people have loved me. I have no regrets from my journey, especially on opening up about my marriage. All this while, I have been mum about it, and when you are in a show like Bigg Boss, and no one believes what you say, you tend to break down. I am thankful that I got the opportunity to open up about my life on the platform. The show gave me so much love that while I am here, I feel my soul is still in the house.

You were a part of the first season, and now this one. How different were both the journeys for you?

There were a lot of differences. When we did the first season, we had no idea about cameras or what kind of content works. People who kept a low profile like Rahul Roy went on to win the season. Now, there has been a natural upgrade, and contestants have realised the worth of entertainment. One has to fight, compete in tasks and assure they get enough audience votes to keep them safe. One has to be a package and not sit in a corner hoping to win. I am a born entertainer, and I did exactly what I do in real life. And I am so glad people loved me and made me reach so far.
Given you had so much love, what made you walk out of the show at the last moment, picking the money bag?

It was just a matter of a few hours, and at the end only one had to win. If I would have lost, I would be left with nothing. At least, I have a huge sum of money with me now. I have zero bank balance at the moment, and I needed the money for my mother’s medical needs. I have spent all my savings in the last few years on her surgeries, and needed financial backing. I have no regrets, as that moment all I could think of was the growing bills that I need to pay soon.

You were the only contestant who had no social media team or PR while inside the house.

It all happened so quickly that I got no time. I gave my phone to my maid, and she has no clue how to use social media. I didn’t even get time to shop for makeup and clothes. I am glad that even without a PR machinery, I managed to win audiences’ love.

A section of viewers feels that you spoke about your marriage and even created Julie just for content.

I spoke about my marriage during the low moments while in the house. As for Julie, Rahul Mahajan spoke ill about my profession and how my fans were cheap. I was really upset and did not know how to express myself. I was even lonely and had no one to talk. When I came back from my shower that day, Julie was in me. You may call it fake content or entertainment but Julie helped me survive the game. She is my strong alter ego.

You were also accused of crossing your lines with Abhinav Shukla, when you pulled his shorts strings.

I don’t think there’s any line when it comes to love. I just wanted to have some good moments with him. Also, I did not cross any lines. I know my boundaries. I was given the task to be around him, and in a reflex moment, I did pull the strings, but his shorts didn’t fall off. So why make a hue and cry about it.

Apart from the audiences’ love you also had Salman Khan’s support throughout. What do you have to say about it?

He is a rockstar, and a legend in true self. He really supported me a lot, and I don’t think I would have managed to survive the game without him. When Jasmin hit me on my nose, I was in immense pain and wanted to leave but he gave me strength. Salman and the love of the audience helped me bear all the pain.

What has been the best and worst moments for you in Bigg Boss 14?

The worst was when Jasmin attacked me with the duck’s head. And I think every second I spent inside was best for me. I can still visualise each moment clearly. Bigg Boss is in my blood, in my DNA now, and whenever the show needs me, I will come running back.

Apart from Rakhi and Rubina, the other finalists of Bigg Boss 14 included Rahul Vaidya, Aly Goni and Nikki Tamboli.



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U.S.-Iran deal is ultimately possible because Iran needs money

Washington and Tehran will ultimately be able to strike a nuclear agreement because Iran needs relief from economic sanctions, according to a senior advisor at a U.S. think tank.

“I think, ultimately, a deal is possible because the Iranians need money,” said Richard Goldberg of the Foundation for Defense of Democracies.

The U.S. and Iran both appear interested to return to the negotiating table, but have not been able to agree on who should make the first move. The Biden administration last week offered to begin talks with Tehran, but Iran has repeatedly stressed that the U.S. must lift sanctions to kickstart the process. Washington has resisted those calls so far.

Additionally, Iran’s new deal with the International Atomic Energy Agency (IAEA) is “certainly not helpful” and falls short of what was previously allowed, Goldberg said.

Iran’s parliament passed a law that blocks IAEA inspections, but both sides on Sunday said “necessary verification and monitoring activities” will be able to continue for up to three months.

Tan Feng Qin of the National University of Singapore’s Middle East Institute said Iran is aware that preventing inspections could have disadvantages.

The three-month reprieve “gives some space and some time for the U.S. and Iran to try to work out the solution to the sequencing problem,” he told CNBC’s “Capital Connection.”

Goldberg also remains optimistic that a deal can be reached.

“All that you’re seeing, all the threats, the terrorism, threats in the Gulf, the seizing of tankers, the nuclear program, taking hostages, these are all various extortion tactics to get money and get sanctions relief,” he told CNBC’s “Squawk Box Asia” on Monday. “That means that a deal is possible.”

Iran’s foreign ministry did not respond to CNBC’s request for comment.

Sanctions hurting Iran’s economy

Heavy sanctions on Iran — imposed by the Trump administration after it withdrew from the 2015 agreement — have been devastating for Tehran’s economy.

According to the IMF, the last time Iran saw its GDP grow was in 2017, and the Islamic Republic only had access to $8.8 billion in foreign exchange reserves last year. That’s down from $12.7 billion in 2019 and $121.6 billion in 2018.

“They are suffering under the sanctions that President Trump imposed, the so-called maximum pressure campaign,” Goldberg said.

“Clearly, they need access to money, they need sanctions relief, and they want to drive a crisis to try to force Biden’s hand to get into some sort of talks that includes sanctions relief,” he added.

However, questions remain over what the deal will look like.

Iran has said that its violations of the Joint Comprehensive Plan of Action (JCPOA) are reversible and can be walked back. But Goldberg disagreed.

“There are a lot of steps that are not reversible,” he said. “The technical know-how they have acquired testing advanced centrifuges, that is something that we can’t put back into the bottle.”

He also pointed out that the deal came with expiration dates for curbs on Iran’s nuclear program.

“Since [the JCPOA is] already five years old, we’re not into the period where the deal is to Iran’s advantage anyway, and so that is a big question mark of whether the Biden administration and their European and Asian allies would want to go back to a deal or simply hold out and negotiate a new deal,” he said.

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Big GOP Donors Seek to Funnel Money to Anti-Trump Republicans to Prise Party from His Grip

Republicans are looking to inject large donations into the campaigns of candidates and politicians who have stood against Donald Trump as they seek to pry the party from his grip amid an escalating GOP civil war.

Representative Liz Cheney of Wyoming held a fundraising call with roughly 50 Republican donors on February 5 to discuss her 2022 re-election campaign after she joined House Democrats in voting to impeach Trump for inciting the Capitol riot.

Michael Epstein, a top Maryland GOP donor, told The Guardian that many donors on the call are expected to give the maximum amount of $5,800 to Cheney’s campaign to quash Trump’s effort to oust her. “We want to show a really big cycle for her to scare off competition,” he said. “We want people who make judgments based on what’s right.”

Trump’s loyal supporters and congressional allies have vowed to retaliate against congressional Republicans who supported Democratic efforts to impeach him for a second time, as well as those who stand against his political MAGA movement. In a fiery statement attacking Senate Minority Leader Mitch McConnell on Tuesday, Trump said “I will back primary rivals who espouse Making America Great Again and our policy of America First.”

A video billboard calling for the conviction of former U.S. President Donald Trump plays near the U.S. Capitol during his second impeachment trial on February 12, 2021 in Washington, DC.
Drew Angerer/Getty

The GOP has devolved into a civil war between the Trump wing and the establishment wing impatient to end his influence on the party.

Despite his election loss to President Joe Biden, recent polling shows that the ex-president has managed to hold on to his base of supporters. According to the latest USA Today/Suffolk poll, 46 percent of Trump voters say they would leave the GOP to join the former president’s new movement if he creates one, while just 27 percent would remain.

Nikki Haley, the UN ambassador under the Trump administration, is planning to hold virtual fundraisers in early March for her Pac, called Stand for America, as she considers a possible 2024 presidential run.

According to the Guardian, dozens of big Republican donors are interested in Haley because she harshly criticized the former president during his Senate impeachment trial. Haley’s Pac is also expected to back Cheney’s campaign and other Republicans who have publicly stood against Trump.

The number of donors seeking to back anti-Trump campaigns shows the growing movement of Republicans desperate to hold onto the conservative base and fend off attacks from within by the MAGA crowd.

Trump has left the White House with virtually no public platform, but his grip on the Republican Party is still evident in allies such as Matt Gaetz and Lauren Boebert, as well as the latest group of Senate candidates, including Josh Mandel.

“I’m all in to advance the America First Trump Agenda and to oust [Representative] Anthony Gonzalez!” said Mandel after announcing his bid to replace Ohio Senator Rob Portman. “In Washington, I will pulverize the Uniparty—that cabal of Democrats and Republicans who sound the same and stand for nothing,”

McConnell has acknowledged that he could be on a collision course with the ex-president on his path to regain a majority in the Senate. “My goal is, in every way possible, to have nominees representing the Republican Party who can win in November,” he told Politico last Saturday. “Some of them may be people the former president likes. Some of them may not be. The only thing I care about is electability.”

Newsweek reached out to Trump representatives for comment.

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Bitcoin miners raked in more than $1 billion in combined earnings last month. Here’s how they make money. | Currency News | Financial and Business News

Bitcoin miners earned a combined $1.1 billion in January.
  • Bitcoin mining is the process that allows new coins to enter circulation, adding to the crypto ecosystem.
  • Miners receive bitcoin as a reward for verifying “blocks” of transactions on the blockchain.
  • Last month, they earned more than $1 billion in combined earnings. Here’s how they do it. 
  • Visit the Business section of Insider for more stories.

Bitcoin is created on a decentralized network called the blockchain, where a vast network of digital “miners” work to verify transactions at any given time.

These miners earned a combined $1.1 billion in January, up 62% from December, when bitcoin’s price surged to $42,000. The road to making this amount of money is no easy feat.

What do bitcoin miners do?

Miners have the responsibility to audit transactions on the blockchain to ensure the legitimacy of the network. They also work to avoid the “double-spend” scenario, in which a bitcoin owner could sneakily spend the same coin twice through duplication or falsification.

Miners don’t necessarily work as a team. They work to compete with each other in order to add the next “block,” or a record of all bitcoin transactions, to the chain. A block contains a partial record of the most recent transactions and carries 1 MB (megabyte) worth of data.

The miner who receives a reward would be the first among a bunch to run through hordes of number combinations to solve a numeric problem, known as proof of work, to arrive at an acceptable 64-character code. The code of this winning block helps keep the blockchain secure. It would normally look something like the last line in this image: 

By being the first to solve the equation and successfully adding the next block to the chain, the miner is rewarded a certain amount of bitcoin. Only one such block can be added at a time, and each one takes about 10 minutes to verify and attach.

Over the course of the next 20 years, a total of 21 million coins will be released.

What are the rewards worth?

In 2009, the first time bitcoin was created, miners were rewarded with 50 bitcoin per block. But according to a mandate by Satoshi Nakamoto, rewards for mining are halved every four years. The rewards were cut to 25 bitcoin by 2012 and to 12.5 bitcoin by 2016.

As of February 2021, miners gain 6.25 bitcoin for every new block mined – equal to about $330,475 based on current value. They’re also allowed to keep the transaction fees from each trade carried out on that block, which is worth $20 per trade.

An estimated 1 million bitcoin miners are in operation, at present.

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3 Stocks That Could Double Your Money

It’s not that hard to double your money — if you have enough time. Even with a minuscule growth rate, you can double your money over hundreds or thousands of years. When it comes to stocks, even one growing at 4% annually will more than double over 20 years. But you probably clicked into this article looking for faster growers than that, right?

Here are three companies that could double your money — potentially within just a few years. See if any of them interest you as candidates for your long-term portfolio.

Image source: Getty Images.

1. General Electric

General Electric (NYSE:GE) has been undergoing a transformation over recent years, selling off its appliances business, spinning off its consumer credit card operations (as Synchrony Financial), and focusing primarily on its aviation, healthcare, and energy operations. Still, the pandemic delivered a blow, with much of its business slowing or stalling and total revenue for 2020 down 16% year over year. But the company has been steadily paying down debt and sees brighter days ahead, as more orders come in for aviation products due to the pandemic winding down and orders for renewable energy offerings such as wind turbines start rolling in, as well.

GE chairman and CEO Larry Culp summed up the company’s year saying: “As 2020 progressed, we significantly improved GE’s profitability and cash performance despite a still-difficult macro environment. The fourth quarter marked a strong free cash flow finish to a challenging year, reflecting the results of better operations as well as strong and improving orders in Power and Renewable Energy.”

General Electric had been a longtime payer of meaningful dividends, but it slashed its payout by 90% a few years ago, when it was struggling. It has been slowly growing it again, and its dividend recently yielded 0.34%. If its free cash flow remains solid and keeps growing, it won’t be surprising to see significant dividend increases ahead. That, along with stock-price appreciation, should help the stock double investors’ money.

2. Pinterest

Pinterest (NYSE:PINS) shares surged more than 250% in 2020, and recently sported a price-to-earnings (P/E) ratio topping 200. So yes, this stock has priced in some great expectations. Thus, it may not double in the near future — but its long-term future appears quite promising. The company’s platform allows users to share visual inspirations of foods, fashions, styles, crafts, home decor, and more. There are a lot of these users, too — more than 450 million, in fact, who use the site at least monthly. Altogether, users have saved close to 300 billion “pins.”

The company has a terrific business model, as it’s capital-light: The site already exists and it costs relatively little to support many more users. It’s reaping profits from digital advertising on its site, and unlike many other sites, where users find ads annoying, on Pinterest users are looking for ideas that many ads offer. If they have pinned many home decor items, they will likely be extra receptive to ads for home decor items.

In Pinterest’s last quarter, its revenue surged 76% year over year, with net income soaring 682%. You can’t expect such growth rates to continue for long, but the company does project a 70%-plus year-over-year growth rate for revenue in the coming first quarter. Such growth rates can make a steep P/E ratio more palatable — especially for long-term investors. This is a very promising company with a bright future. If Pinterest is able to further monetize its huge user base, that can be a powerful catalyst for further growth.

3. Zynga

Mobile video game specialist Zynga (NASDAQ:ZNGA) is another company with a good shot at doubling in value within a handful of years. You may be familiar with some of its offerings: Words With Friends, Zynga Poker, CSR Racing, Empires & Puzzles, Toon Blast, Toy Blast, Merge Dragons, and Merge Magic.

Zynga recently reported a strong 2020, with revenue up 49% year over year and operating cash flow rising 63%, and cash and investments topping $1.5 billion. The company has already been acquiring other businesses with existing game franchises, and that cash pile can finance further buys. The company is eying Asia to boost its top and bottom lines, and it’s also aiming to increase in-game purchases by players.

Like Pinterest, Zynga’s shares may not appear cheap, but the company’s forward-looking P/E ratio was recently only in the 30s, and its recent price-to-sales ratio near six was only about 36% higher than its five-year average. Conservative investors might seek more clearly undervalued stocks than Pinterest and Zynga, but risk-tolerant ones can justify the premium prices with the rapid growth rates.

A little time digging around online can turn up many more portfolio candidates capable of doubling in value over the course of a few years. You might want to dig deeper into one or more of these three companies, too.



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Katharine McPhee, 36, hits back at troll who claimed she married David Foster, 71, for his money

Katharine McPhee hit back at trolls who claimed she’s only married to husband David Foster for his money.

The singer, 36, took to Instagram on Sunday to wish her other half, 71, a happy Valentine’s Day, but while she was delighted to celebrate the occasion some critics felt it necessary to troll her over their age difference.

The throwback photo of herself with David showed them enjoying a day at the beach, and she looked stunning in a red bikini as he kissed her neck.

‘Obviously!’ Katharine McPhee, 36, hit back at a troll who claimed she only married husband David Foster, 71, for his money after she shared sweet Valentine’s Day tribute on Sunday

She wrote: ‘My forever Valentine!! My best friend, my favorite person, my motivator, my everyday! @davidfoster I looove you cookie. #happyvalentinesday’

However, one troll hit out at her writing: ‘There for the money’, in response Katharine simply responded ‘obviously’.

It wasn’t all negative, though, as David’s daughter Erin shared an amusing comment that the photo was ‘a little sexual for me, but cute’, which amused Katharine as she responded with laughing emojis.

Sweet: The throwback photo of herself with David showed them enjoying a day at the beach, and she looked stunning in a red bikini as he kissed her neck

Negative: However, one troll hit out at her writing: ‘There for the money’, in response Katharine simply responded ‘obviously’

Approval: It wasn’t all negative, though, as David’s daughter Erin shared an amusing comment that the photo was ‘a little sexual for me, but cute’

In another exchange, one fan of Katharine told her: ‘Bet you posted this photo crying for your body and missing it.’

She told them that she wasn’t ‘cuz I’m wearing red’, but a different fan criticised the commenter for their remark about her figure, slamming them for their ‘awful and stupid’ message that they saw as body shaming.

The first fan claimed they hadn’t shared the comment to ‘make her feel bad’, and Katharine reassured them that they hadn’t as she wrote back: ‘I actually got it. I liked the comment.’ 

Chat: In another exchange, one fan of Katharine told her: ‘Bet you posted this photo crying for your body and missing it’, but while they were criticised by others she said she ‘liked’ it

Katharine is currently preparing to welcome her first child, after announcing her pregnancy with husband David. 

The Smash star also took to her Instagram Story with a photo of Foster in a helicopter, writing: ‘Happy Valentine’s to my cutie pants! I love you Puppy.’ 

She later shared a throwback from their London wedding in June of 2019, as they shared their first kiss as husband and wife.

Happy Valentine’s Day! The Smash star also took to her Instagram Story with a photo of Foster in a helicopter, and a throwback from their London wedding in June of 2019

McPhee officially confirmed her pregnancy on Instagram in December with a mirror selfie of her baby bump wrapped in a baby blue overcoat, which she wore off one shoulder. 

She appeared to hint that she’s having a boy, not only with the color of the coat, but with a blue butterfly emoji framed by two blue heart emojis in the caption. 

The House Bunny actress first hinted at her pregnancy in October, taking to her Instagram Story with a gift from Italian aperitif brand Aperol.

Mom-to-be: A source told People in October that she and Foster are expecting their first child together (pictured in November, 2019)

She said in the unboxing video: ‘I won’t be drinking this for a while. Wink, wink. But I’m so excited.’

It came just days after a source told People that she and Foster were expecting their first child together.

Another insider told Us Weekly in August, that the couple was ‘definitely trying’ for a baby, and his daughters ‘fully expect [McPhee] to have a child and fully support it.’  

Foster has five daughters from previous relationships, including Allison, 50, Amy, 47, Sara, 40, Erin, 38, and Jordan, 34. 

Insta official: McPhee officially confirmed her pregnancy in December on Instagram with a mirror selfie of her baby bump wrapped in a baby blue overcoa



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Vaccination rates follow the money in states with big wealth gaps

The affluent town of Woodbridge, Conn., has less than half the population of neighboring Ansonia, and yet it’s home to more people who have received a Covid-19 vaccine. The inequity is stark: In Woodbridge, where residents have a median household income of $138,320 a year, 19.3% of the population had been vaccinated as of Feb. 4, according to Connecticut health department data. In Ansonia, where the median income is $45,563 a year, just 7.1% have received their first shot.

Connecticut has the most glaring disparity in vaccination rates between its richest and poorest communities — a difference of 65% — according to a STAT analysis of local-level vaccine data in 10 states with the biggest wealth gaps. Four other states — California, Florida, New Jersey, and Mississippi — also have vaccinated a significantly higher proportion of people in the wealthiest 10% of counties.

The discrepancies vary: In California, 156 shots have been given to residents in the richest areas for every 100 vaccines in the poorest counties, while in Mississippi, 111 vaccines have been given to residents of the richest counties for every 100 doses in the poorest places.

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In Washington, D.C., the vaccination rate in the wealthiest two wards is more than double that in the two least wealthy.

The findings back up, with hard data, anecdotal reports from around the country that wealthy people have been able to gain access to vaccines ahead of low-income people. “We’re seeing individuals who have privilege and access who are edging out the people who don’t,” said Tekisha Dwan Everette, executive director of Health Equity Solutions in Connecticut and a member of the governor’s Covid-19 advisory task force in that state.

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But the analysis also reveals that some states appear to be distributing vaccines more equitably than others. Among states with the greatest wealth gaps, Texas, Tennessee, New Mexico, Pennsylvania, and Illinois did not show a significant county-level income divide in vaccination rates. The analysis excluded states, including Georgia, Louisiana, and Massachusetts, that do not publicly share county-level data on vaccine recipients.

Because counties can contain diverse populations, the analysis is not a definitive indicator of equity, however. Several experts said they expected more precise data would reveal wealth inequalities even in those states with equitable county-level data. And in a number of these states, racial disparities were still evident.

Olivia Goldhill / STAT
Sources: State and Washington, D.C., health departments

Any gap in vaccinating rich versus poor inevitably exacerbates racial divides. Black and Latino people are far more likely to live in poverty than white people, and despite having died at higher rates throughout the pandemic, they are receiving fewer vaccines than white people.

The data suggest that, in some states, the first wave of vaccines has favored the rich. “There really are two Conneticuts. We, as a state, need to put more focus on that,” said Tiffany Donelson, chief executive of the Connecticut Health Foundation.

Inequity has been a feature of the pandemic since the start, said Everette, citing Covid-19 testing sites that have been more accessible to wealthier populations. “Instead of learning from that lesson, we’re recreating the privilege,” she said.

Simply locating vaccination sites in diverse and lower-income areas isn’t enough: “People are traveling outside their own geographic region to get a vaccine in another place,” she said.

Similar issues have been seen in California. “We’ve heard those stories of people in LA driving to Compton or to another part where there are other sites,” said Anthony Wright, executive director of Health Access California.

State policies can help address inequalities. Texas vaccination hubs are required to set aside a portion of vaccines for vulnerable communities, work with local leadership, and distribute the vaccine in racially diverse areas, said Imelda Garcia, chair of the Texas Expert Vaccine Allocation Panel. By contrast, in California, counties are expected to focus on equity, but aren’t given specific requirements on how to do so, said California Covid-19 vaccine task force spokesperson Darrel Ng.

But the vaccine rollout in Texas, though it hasn’t reflected income inequality, has disproportionately benefited white residents, the state’s data show. Racial data hasn’t been recorded for all vaccinations, said Garcia, and more complete data collection could show more equitable distribution: “The data doesn’t reflect what’s occurring. I can tell the data is missing.”

Similar concerns about missing data apply to the county-level analysis, as several states with the greatest divides have not released this information. Tracking and sharing this data is one way to improve equality, said Julie Swann, head of the department of industrial and systems engineering at North Carolina State University. “If we start measuring who they’re reaching in terms of race, ethnicity, or income, then they’ll do the extra things necessary to reach everyone.”

The rush to vaccinate people as quickly as possible likely limited equity in the first phase of the rollout. “[States] were worried they’d lose their allocation if they did not move quickly,” said Swann. “Everyone freaked out.”

Vaccine distribution so far has predominantly focused on health care workers and those over 75. “Equity is our north star for vaccine distribution and as the state rolls out its new vaccine distribution network, we will be able to more precisely target our efforts to vaccinate disproportionately impacted communities,” said California’s Ng.

But the lack of equality in the first phase for health care workers is also indicative of disadvantages faced by poorer communities. Fewer people will be vaccinated in areas with a scarcity of hospitals, which are often poorer, rural areas. California’s Central Valley, for example, has a far less robust health care system than Silicon Valley.

“Those areas more heavily resourced with health care infrastructure and workers, by definition got more of the vaccine,” said Wright, of Health Access California.

Connecticut is taking several steps to address the vaccine inequality, said state health department spokesperson Maura Fitzgerald, including setting aside vaccines for those in vulnerable communities, and creating a vaccine phone line for residents without the internet.

In New Jersey — where STAT found the vaccination rate is 28% higher in the richest counties — the health department is working with partners including places of worship and senior centers to provide education and access to vaccines through mobile clinics and potentially door-to-door vaccinations in areas badly affected by Covid-19, said state health department spokesperson Donna Leusner. Washington, D.C., has partnered with hospitals, community health centers, and other organizations to help achieve equity, wrote a health department spokesperson and around 20% to 30% of vaccine supply is targeted to diverse populations including homeless shelters and faith-based initiatives.

Meanwhile, Mississippi health department spokesperson Liz Sharlot said the state is working with Black pastors, historically Black colleges and universities, and prominent African American doctors to address the disparity. And Florida — where the vaccination rate is 23.6% higher in the richest counties — is working with places of worship and other sites in underserved communities where the vaccine can be administered, said a health agency spokesperson. Florida vaccine allocations per county are based on the size of the population over 65 years old.

While older people are more vulnerable to Covid-19, distributing the vaccines based on age can contribute to inequities. In Connecticut, the northeast section of Hartford has a life expectancy of 68.9 years, compared to 84.6 years in West Hartford Center, so a smaller share of its residents have been eligible for vaccination so far. The state opened vaccinations to those aged 65 to 75 only this week. “In Hartford, you’re missing a substantial piece of the population,” said Donelson, of the Connecticut Health Foundation.

Online reservation systems have also contributed to the disparities. A vaccine distribution system that gives appointments to those who can book them fastest inevitably rewards those with the time and connections. People often have to call around five different health care centers to try get onto a vaccination list, said Georges Benjamin, executive director of the American Public Health Association. “It tells you a lot about the lack of planning,” he said.

Online booking systems require a computer, Wi-Fi, and the ability to navigate a complicated system, said Wright. Richer people are more able to take time off work and have easier access to the transportation needed to be vaccinated.

“People who are wealthier will be more dialed into the vaccination rollout,” he said. “It shows how much more we need to do to make proactive efforts to reach the most vulnerable.”

STAT’s methodology

STAT examined discrepancies in 10 states with the highest wealth gap, as measured by the Gini coefficient, that provided county-level or equivalent local data on population vaccination rates.

For each state, we examined the vaccine distribution rates in the richest 10% and poorest 10% of counties. For most states, we used federal data on median household income. In Connecticut, we used vaccine data and median household income for cities and towns. And we analyzed the median household income and vaccination rates for each ward in Washington, D.C. In New Jersey, which has 22 counties, we compared the richest and poorest three counties.

STAT used vaccination rates posted on local health department websites from Feb. 6 to 10. Connecticut, Florida, and New Jersey provided the percentage of residents who had received their first doses; Mississippi provided the vaccine doses administered by county of residence; California provided the vaccine doses administered per 10,000 residents; Washington, D.C. provided the number of residents fully vaccinated by ward.

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Dr. Dre’s Estranged Wife Takes Aim at Alleged Mistresses Over Money

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