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Photos: Remembering Jimmy Carter, the 39th US presidentPandillas de Haití atacan a periodistas que cubrían la reapertura del principal hospital del país
First round of Al Shaqab International League to be held this weekendCountry music star Zach Bryan halted his performance at the Tacoma Dome in Washington on Saturday night when a concertgoer threw a mystery object onto the stage. The 28-year-old was performing alongside another musician when an object was seen flying onto the stage. WATCH THE VIDEO ABOVE: Daniel Ricciardo joins country singer Zach Bryan on stage in Melbourne. Know the news with the 7NEWS app: Download today Bryan picked up the object, stopped the show, and confronted the audience. “Who threw this? Who was it? Does anyone know? Who was it?” he asked the crowd who remained silent. Realising he would not get an answer, the Grammy-winning artist then said: “Don’t throw s*** at concerts, huh!” prompting cheers from the audience. The Something in the Orange singer added, “And if you guys do know who threw it, we can get them out of here — if we ever find out who did it.” The incident sparked mixed reactions online after a fan-recorded video was shared across all social media platforms. Some criticised Bryan’s response, with one user calling him “such a baby” and another saying, “his 15 minutes are over”. “Whoever threw it had everyone sign an NDA, we’ll never know,” one teased. “Dude is losing it,” another said. “Nobody’s getting hurt, chill and have a good time,” a third chimed in. But others came to his defence, declaring nobody deserved to have things thrown at them. “I’ll never understand you paying for the concert and throwing something at the artist ... am I missing something here?” one asked. “Regardless of what you think of him, just don’t throw s*** at any artist during a concert. If not for the artist, at least for the people around you,” a second agreed. The controversy follows recent allegations made by Bryan’s former partner, Barstool Sports podcaster Brianna LaPaglia, known as Chickenfry, regarding their tumultuous relationship. Bryan and LaPaglia dated from July 2023 to October 2024. Following their breakup, LaPaglia accused Bryan of emotional abuse, claiming he took their shared cat, Stump, out of spite. She also alleged he was unfaithful, stating he picked out an engagement ring for her while “cheating the whole time”. LaPaglia later threatened to release footage of Bryan allegedly throwing objects at her, criticising him for posting photos of their shared pet online. “If this man posts this fing cat one more time, then I’m gonna post videos of you whipping s*** at my face,” she said on Instagram November 17. Bryan, for his part, has not publicly responded to the accusations. LaPaglia suggested on her BFFs podcast that his silence is strategic, as he knows she has evidence to back her claims. The fallout from their relationship has divided fans. Some defended Bryan, citing his music and public persona, while others have expressed concern or disapproval over LaPaglia’s allegations.Caprock Group LLC lowered its position in Tenaris S.A. ( NYSE:TS – Free Report ) by 2.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,593 shares of the industrial products company’s stock after selling 387 shares during the period. Caprock Group LLC’s holdings in Tenaris were worth $464,000 as of its most recent SEC filing. Several other hedge funds have also recently bought and sold shares of the company. Cadence Wealth Management LLC grew its holdings in Tenaris by 26.7% in the third quarter. Cadence Wealth Management LLC now owns 17,566 shares of the industrial products company’s stock valued at $558,000 after purchasing an additional 3,699 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in Tenaris by 21.5% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 21,737 shares of the industrial products company’s stock valued at $691,000 after acquiring an additional 3,845 shares during the last quarter. Covestor Ltd purchased a new position in Tenaris during the 3rd quarter valued at about $40,000. Assetmark Inc. raised its position in Tenaris by 0.9% during the third quarter. Assetmark Inc. now owns 439,553 shares of the industrial products company’s stock worth $13,973,000 after acquiring an additional 4,053 shares during the last quarter. Finally, Mediolanum International Funds Ltd purchased a new stake in shares of Tenaris in the third quarter valued at about $17,129,000. 10.45% of the stock is owned by hedge funds and other institutional investors. Analysts Set New Price Targets A number of research analysts have recently weighed in on TS shares. StockNews.com cut shares of Tenaris from a “buy” rating to a “hold” rating in a research note on Tuesday. Stifel Nicolaus dropped their price target on Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $38.67. Tenaris Stock Performance Shares of TS opened at $37.42 on Friday. The company has a market capitalization of $21.76 billion, a price-to-earnings ratio of 8.15 and a beta of 1.43. Tenaris S.A. has a 1 year low of $27.24 and a 1 year high of $40.72. The company’s 50 day simple moving average is $33.02 and its 200 day simple moving average is $31.62. Tenaris Cuts Dividend The firm also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, November 20th. Stockholders of record on Tuesday, November 19th were issued a dividend of $0.54 per share. This represents a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, November 19th. Tenaris’s dividend payout ratio (DPR) is 23.53%. About Tenaris ( Free Report ) Tenaris SA, together with its subsidiaries, produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, line pipes, cold-drawn pipes, and premium joints and couplings; and coiled tubing products for oil and gas drilling and workovers, and subsea pipelines. See Also Receive News & Ratings for Tenaris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tenaris and related companies with MarketBeat.com's FREE daily email newsletter .
Assad’s fall has rewards for Israel. It’s focused on the risks.1 / 6 Indo Farm Equipment | The farming equipment maker is set to launch its mainboard IPO on December 31, aiming to raise ₹260 crore. The issue will include a fresh issue of ₹185 crore and an offer-for-sale of ₹75 crore. The price band for the offer has been fixed at ₹204-215 per share, with the subscription closing on January 2. 2 / 6 Technichem Organics | The IPO for this small and medium enterprise (SME) is worth ₹25.25 crore and will open on December 31. The price band for the issue has been set at ₹52-55 per share. The IPO will close on January 2, 2025. 3 / 6 Leo Dry Fruits and Spices Trading | The company will launch its ₹25.1 crore IPO on January 1, closing on January 3. The price band for the book-built issue has been fixed at ₹51-52 per share. This IPO will kick off the new year for public offerings. 4 / 6 Fabtech Technologies Cleanrooms | The pharmaceutical company is aiming to offer 32.64 lakh shares in an IPO on January 3. The price band for the issue has not yet been announced. The IPO will close on January 7, 2025. 5 / 6 Listings Next Week | Six companies are scheduled to list next week, including Ventive Hospitality, Senores Pharmaceuticals, and Carraro India on December 30. Unimech Aerospace and Manufacturing will list on December 31, marking the start of the new year for IPO debuts. 6 / 6 Grey Market Premiums | Shares of Unimech Aerospace are trading at a premium of over 80% in the grey market, while Senores Pharmaceuticals is trading at a 60% premium. Ventive Hospitality shares are seeing a premium of 10%, while Carraro India shares have not seen any premium. The grey market activity indicates strong investor interest in these IPOs.
The striker has taunted the club on social media. Everton striker Neal Maupay has sparked outrage among Toffees fans by taking a swipe at his parent club in a post on social media. Maupay also had a dig at Everton when he departed on loan to Marseille in the summer and his latest taunt has further angered the Premier League club’s supporters. The 28-year-old said on X after Sean Dyche’s side had lost 2-0 to Nottingham Forest at Goodison Park on Sunday: “Whenever I’m having a bad day I just check the Everton score and smile.” Former boxer Tony Bellew was among the Toffees’ supporters who responded to Maupay, with the ex-world cruiserweight champion replying on X with: “P****!” Maupay endured a miserable spell at Everton, scoring just one league goal in 29 appearances after being signed by the Merseysiders for an undisclosed fee in 2022. He departed on a season-long loan to his former club Brentford for the 2023-24 season and left Goodison for a second time in August when Marseille signed him on loan with an obligation to make the deal permanent. After leaving Everton in the summer, Maupay outraged their fans by posting on social media a scene from the film Shawshank Redemption, famous for depicting the main character’s long fight for freedom.
Eastern Ontario police arrest Scarborough resident found with nearly $50K of cocaineDolphins defeat Browns to keep playoff hopes aliveBethlehem marks second subdued Christmas Eve during war in Gaza, /PRNewswire/ -- Gravity Oilfield Services Inc. ("Gravity" or the "company"), a growth-oriented water and power infrastructure company backed by affiliates of Clearlake Capital Group, L.P. ("Clearlake"), announced today that it has agreed to sell its Gravity Water Midstream division to (NYSE: DKL) ("Delek Logistics"). Gravity Water Midstream provides gathering, transportation, recycling, storage, and disposal solutions for produced water in the Midland Basin in and the Basin in . "The acquisition of Gravity Water Midstream by Delek Logistics creates a path to continue to build incredible scale in our water midstream platform in the Midland Basin," said , CEO of Gravity. "I am thankful to the employees of Gravity for their focus on service and dedication to building one of the largest commercial water management platforms in the Midland and Williston Basins. Building this water midstream platform would not be possible without the incredible support and partnership of Clearlake. I am excited to welcome in this new era for water management in the Midland and Williston Basins under the capable leadership of Delek Logistics." While Gravity is divesting its water midstream assets, the company will retain ownership and operation of its power infrastructure assets, continuing its commitment to providing critical power generation offerings. Clearlake and Gravity partnered in 2017 to pursue produced water midstream opportunities. Over the last several years, Gravity has focused on organically growing its water infrastructure business to support producers in the Midland and basins, and its water business segment has quickly grown into one of the largest commercial operators of disposal wells in the Midland Basin. Gravity Water Midstream developed a system comprised of 200+ miles of permanent pipeline, 46 SWD facilities, and 14 fresh water facilities with over six million barrels of storage capacity, all of which form an extensive and interconnected network. "We valued the opportunity to partner with the Gravity team as they executed a vision to build a leading water midstream platform in the Midland and Williston Basins," said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner and Managing Director, of Clearlake. "We'd like to thank Rob and the entire Gravity Water Midstream team for their hard work and commitment to growing the business organically over the last several years." & Co served as exclusive financial advisor and Vinson & Elkins LLP served as legal counsel to Gravity in connection with the transaction. Gravity is a growth-oriented provider of energy infrastructure services to U.S. onshore oil and natural gas exploration and production companies, providing water midstream solutions, critical power generation offerings and other production focused services. Gravity has significant coverage density in the Permian Basin and benefits from a national footprint supported by facilities, operations and management personnel in several other key domestic resource plays including the Bakken, Eagle Ford, SCOOP/STACK, DJ Basin, Haynesville and Marcellus, among others. More information is available at . Founded in 2006, Clearlake Capital Group, L.P. is an investment firm founded operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake's operational improvement approach, The firm's core target sectors are industrials, technology, and consumer. Clearlake has over $85 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, , , and , UAE. More information is available at and on X . For Gravity , (281) 640-3043 Marketing Communication Manager For Clearlake , (845) 507-0571 Lambert View original content to download multimedia: SOURCE Gravity Oilfield Services Inc.; Clearlake Capital Group
Tweet Facebook Mail Police are bracing for underworld retaliation as the search continues for two killers who gunned down a 30-year-old man in Sydney's CBD over the weekend. Emergency services were called to Baptist Street in Surry Hills, near Cleveland Street, following reports of shots fired about 7.45pm on Friday. Police said the man, identified as Nidal Acherkouk, was shot while sitting alone in his car at a BP service station nearby. READ MORE: Djokovic raises eyebrows with Australian Open coach pick Police are bracing for underworld retaliation as the search continues for two killers who gunned down a 30-year-old man in Sydney's CBD over the weekend. (Nine) CCTV shows the moment two armed shadowy figures ambush the man in his car. The victim then fled to Bathurst Street, but collapsed and died of his injuries in front of pub and restaurant patrons. Police believe the gunmen went to lengths to conceal their identity by wearing a mask, as well as a black ponchos to disguise their shape and figure. A man has died after a public place shooting in Sydney's inner city. (Nine) Former NSW Police officer Glenn Gorrick said it begs belief a member of the public wasn't injured in the attack. "It's an absolute miracle," he told Today . Gorrick said the shooting being carried out in a public place was not only brazen, but a warning to other members of organised crime. "I have good confidence that there's going to be more retaliatory behaviour by these criminal gangs," he said. "It's all over drug territory, it's all over family issues. It's just been going on for so long." Yesterday, police said the attack was "meticulously well-planned" with both men dressed head-to-toe in black with no skin showing The victim died from his injuries in front of pub and restaurant patrons. (Nine) Police also located a Porsche set alight at a nearby unit complex on Kensington Road in Kensington, and initial inquiries suggest the two incidents are linked. Superintendent Andrew Garner said the victim had linked to "organised crime entities". "This was an outrageous incident and it demonstrated a high level of reckless indifference to the public that were around that area at the time," Garner said. "We're working very hard to identify and arrest those involved ... we're coming for you." DOWNLOAD THE 9NEWS APP : Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play .SOUTH DAKOTA STATE 75, MISSOURI STATE 55
Freight Technologies Announces Adjournment of Annual Meeting of StockholdersFlorida becomes first state to back radical change to its tap water over brain damage fears READ MORE: Judge says US drinking water with fluoride poses 'hazard' to brains By ALEXA LARDIERI U.S. DEPUTY HEALTH EDITOR DAILYMAIL.COM Published: 19:04, 22 November 2024 | Updated: 19:57, 22 November 2024 e-mail 1 View comments Florida has become the first state to recommend removing fluoride from its public water systems because of the risks it poses to children's brains. The mineral has been increasingly part of public debate since a bombshell government report published earlier this year and comments made by Health and Human Services nominee Robert F Kennedy Jr. The report concluded consuming high levels of fluoride can harm brain development in children and is associated with a lower IQ. Based on an analysis of previously published research, the report marks the first time a federal agency has determined 'with moderate confidence' there is a link between fluoride and IQ. Florida's Surgeon General Dr Joseph Ladapo said: 'It is clear more research is necessary to address safety and efficacy concerns regarding community water fluoridation. 'The previously considered benefit of community water fluoridation does not outweigh the current known risks, especially for special populations like pregnant women and children.' Dr Ladapo, who was shrouded in controversy over his response to the Covid-19 pandemic and vaccine resistance, isn't the first official to call for the removal of fluoride, which was added to water to strengthen teeth and improve oral health. RFK Jr said removing the mineral from water would be the first act he takes as an official in the new Trump administration. The staunch anti-vaxxer has called fluoride 'industrial waste' and claimed it is associated with bone fractures, arthritis, bone cancer , thyroid disease and neurodevelopmental disorders. However, much of the literature around water fluoridation shows the practice is safe. The above image shows a woman filling a glass of water from a tap, amid concerns over the quality of tap water (stock) Based on self-reported data from Florida, more than 70 percent of residents who rely on community water systems receive fluoridated water. Adding fluoride to water has been touted as a great public health achievement, but doubt over its benefits and concerns of its health impact have been on the rise. In Dr Ladapo's announcement, he said 'Floridians should be aware of safety concerns related to systemic fluoride exposure,' including some of those that have been promoted by RFK. Read More Fluoride in water is of limited benefit because improvements in toothpastes have reduced the positive effects, study suggests Those are, he said, ADHD risk in children, behavioral problems in children born to mothers who consumed fluoride while pregnant, sleep distribution, premature puberty in girls, thyroid disorders, reduced IQ and increased bone fracture risks. The announcement continued: 'Due to the neuropsychiatric risk associated with fluoride exposure, particularly in pregnant women and children, and the wide availability of alternative sources of fluoride for dental health, the State Surgeon General recommends against community water fluoridation.' Water fluoridation is standard national policy in the US, England and Canada, but other developed countries such Germany, Sweden, Scotland and Switzerland have discontinued it, arguing people now get enough fluoride through other sources, like toothpaste and mouthwash. And earlier this year, a US federal judge ruled the EPA should reevaluate national regulations on fluoride, which makes teeth more resistant to substances that can wear down enamel and make them thin, weak and more prone to cavities and dental infections. This map, from 2020, shows fluoride levels in untreated groundwater supplies. Fluoride is a naturally-occurring mineral and is often already present in many water supplies. Areas marked with a yellow or red dot have more than twice the level of fluoride in groundwater than recommended Health authorities have long listed water fluoridation as one of the top 10 public health achievements of the 20th century. In addition to preventing cavities and infections, the NIH says it has spared Americans hundreds of millions of dollars in dental medical costs. Originally introduced to the water supply in 1944, the government has moved to add it to most public water systems, meaning roughly 72 percent of Americans that consume public water drink fluoride. Since national fluoridation came around, rates of dental problems in children have declined, and the program is praised by dentists. Critics, however, argue the potential harms caused by fluoride do not outweigh any benefits it may provide, and Americans get enough fluoride from other sources. Dr Ladapo's advisory said fluoride is already widely available in toothpaste, mouthwashes and applications from dentists. Florida is not the first state to go down this path. Hawaii does not add the mineral to its water because lawmakers are split whether it will improve oral health in the state, which has the highest rate of tooth decay in children. Hawaii Sens Mike Gabbard and Donna Mercado Kim have rejected fluoride recommendations, saying it equates to unnecessary mass-medication.' 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Australia's House of Representatives passes bill banning children younger than age 16 from social media
QB Daniel Jones disagrees with the Giants' decision to bench him and says he wants to play
Light & Wonder, Inc. Announcement: If You Have Suffered Losses in Light & Wonder, Inc. (NASDAQ: LNW), You Are Encouraged to Contact The Rosen Law Firm About Your RightsBethlehem marks a second subdued Christmas during the war in Gaza BETHLEHEM, West Bank (AP) — Bethlehem is marking another somber Christmas Eve under the shadow of war in Gaza. Manger Square lacked its usual festive lights and crowds of tourists on Tuesday. Instead, the area outside the Nativity Church was quiet. The church was built atop the spot where Jesus is believed to have been born. The war, the violence in the occupied West Bank it has spurred and the lack of festivities has deeply hurt Bethlehem's economy. The town relies heavily on Christmas tourism. The economy in the West Bank was already reeling because of restrictions placed on laborers preventing them from entering Israel during the war. Middle East latest: Bethlehem marks a somber Christmas Eve amid war in Gaza TEL AVIV, Israel (AP) — The Palestinian city of Bethlehem is preparing for another somber Christmas under the shadow of war in Gaza. Most festivities cancelled and crowds of tourists absent in the Israeli-occupied West Bank. Winter is hitting the Gaza Strip and many of the nearly 2 million Palestinians displaced by the devastating 15-month war with Israel are struggling to protect themselves from the wind, cold and rain. According to Gaza’s Health Ministry, Israel’s bombardment and ground invasion has killed over 45,000 Palestinians, more than half of them women and children. The Health Ministry does not distinguish between fighters and civilians in its count. Heavy travel day off to a rough start after American Airlines briefly grounds all flights WASHINGTON (AP) — American Airlines briefly grounded flights nationwide due to a technical problem just as the Christmas travel season kicked into overdrive and winter weather threatened more potential problems for those planning to fly or drive. Government regulators cleared American flights to get airborne Tuesday about one hour after the Federal Aviation Administration ordered a national ground stop, which prevented planes from taking off. Meanwhile, the flight-tracking site FlightAware reported that 1,447 flights entering or leaving the U.S., or serving domestic destinations, were delayed. Twenty-eight flights were canceled. Millions of travelers are expected to fly over the next 10 days. The Transportation Security Administration expects to screen 40 million passengers through Jan. 2. Major storm pounds California's central coast, blamed for man's death and partially collapsing pier SANTA CRUZ, Calif. (AP) — A major storm has pounded California’s central coast bringing flooding and high surf that was blamed for fatally trapping a man beneath debris on a beach and later partially collapsing a pier, tossing three people into the Pacific Ocean. The storm was expected to bring hurricane-force winds and waves up to 60 feet Monday as it gained strength from California to the Pacific Northwest. Some California cities have ordered beachfront homes and hotels to evacuate early Monday afternoon. Forecasters have warned that storm swells would continue to increase throughout the day. Medellin Cartel victims demand truth and justice as cartel boss Fabio Ochoa walks free in Colombia BOGOTÁ, Colombia (AP) — The return of the notorious drug trafficker Fabio Ochoa to Colombia, following his deportation from the United States, has reopened old wounds among the victims of the Medellin cartel, with some expressing their dismay at the decision of Colombian authorities to let the former mafia boss walk free.Some of the cartel victims said on Tuesday that they are hoping the former drug lord will at least cooperate with ongoing efforts by human rights groups to investigate one of the most violent periods of Colombia’s history, and demanded that Colombian prosecutors also take Ochoa in for questioning. Caitlin Clark honored as AP Female Athlete of the Year following her impact on women's sports Caitlin Clark has been named the AP Female Athlete of the Year after raising the profile of women’s basketball to unprecedented levels in both college and the WNBA. She led Iowa to the national championship game, was the top pick in the WNBA draft and captured rookie of the year honors in the league. Fans packed sold-out arenas and millions of television viewers followed her journey on and off the court. Clark's exploits also put other women's sports leagues in the spotlight. A group of 74 sports journalists from AP and its members voted on the award. Other athletes who received votes included Olympic gold medalist Simone Biles and boxer Imane Khelif. Clark’s only the fourth women’s basketball player to win the award since it was first given in 1931. Amsterdam court sentences 5 men over violence linked to Ajax-Maccabi soccer game THE HAGUE, Netherlands (AP) — An Amsterdam District Court has issued sentences of up to six months in jail against 5 men who were involved in violent disorder after a soccer match between the Dutch club Ajax and Israel’s Maccabi Tel Aviv in November. The riots caused an international outcry and accusations of deliberate anti-Semitic attacks. The violence following a UEFA Europa League match left 5 people in hospital. More than 60 suspects were detained. The court on Tuesday sentenced one man to 6 months in prison, another to 2 1/2 months, two to 1 month and one to 100 hours of community service. France has a new government, again. Politics and crushing debt complicate next steps PARIS (AP) — France’s president and prime minister have managed to form a new government just in time for the holidays. Now comes the hard part. Crushing debt, pressure from the nationalist far right, wars in Europe and the Mideast. The hallenges abound for President Emmanuel Macron and Prime Minister Francois Bayrou. They already had a tumultuous 2024. The most urgent order of business is passing a 2025 budget. Financial markets, ratings agencies and the European Commission are pushing France to bring down its deficit. It is threatening the stability and prosperity of all countries that share the euro currency. Legendary Indian filmmaker Shyam Benegal dies at age 90 NEW DELHI (AP) — Shyam Benegal, a renowned Indian filmmaker known for pioneering a cinema movement that tackled social issues in the 1970s, has died after chronic kidney disease. He was 90. His contribution to cinema was recognized as a director, editor and screenwriter. He came into the limelight with films that challenged mainstream Bollywood by dealing with the social realities of a poor nation. He also was a mentor to top Indian actors. India's prime minister says he is “deeply saddened” by Benegal's death.Warren Buffett's Berkshire Hathaway ( BRK.A 0.99% ) ( BRK.B 0.95% ) has been one of Apple 's ( AAPL 0.59% ) largest shareholders in recent years. Buffett originally invested in Apple in late 2016, and by the end of 2023, Buffett's Berkshire held $174 billion worth of shares. But something seems to have changed Buffett's thinking toward the Apple investment. As of the third quarter, Berkshire's Apple stake had been cut to 300 million shares, down from over 905 million shares in 2023. Earlier this year, Buffett said that, "unless something really extraordinary happens," Berkshire would still own Apple shares when he was no longer CEO. It's worth noting that other billionaire investors were buying Apple shares in Q3, including Ole Andreas Halvorsen of Viking Global Investors and John Armitage of Egerton Capital. These mixed signals beg the question: Is Apple still an attractive investment, or should you follow Buffett's lead and take some profits? Apple's growth prospects Apple's total sales grew just 2% year over year in fiscal 2024 (which ended in September), but many investors have plowed into the stock this year after Apple unveiled new artificial intelligence (AI) features for its devices. The company just released Apple Intelligence in October, but investors are expecting improving sales growth, and the stock price has climbed nearly 19% year to date despite sluggish sales growth for Apple's device lineup. The AI update is seen as a major catalyst for iPhone specifically, which generates over half the company's revenue. Investors expect more iPhone users to upgrade to the latest products that have more powerful processors capable of running Apple Intelligence. The AI features require an Apple device with at least an M1 processor or later version. Higher demand for Apple devices would also fuel more demand for services, which generate double the gross profit margin compared to devices. It's for these reasons that Wall Street analysts expect Apple's annual revenue growth to improve to over 5% in fiscal 2025 before accelerating to over 8% in fiscal 2026. Earnings per share is expected to grow slightly faster at nearly 10% on annualized basis, given that higher-margin services now contribute at a higher rate to Apple's total sales. What about the stock's valuation? Apple has an incredibly strong brand and a loyal customer base. Its installed base of active devices reached another all-time high in the most recent quarter. Buffett cited the sticky relationship between the product and customer as a big reason why he originally invested in Apple, and if anything, Apple Intelligence will make the relationship even stickier. Given his stated views in the past, it is quite surprising that Buffett has suddenly decided to dump over half of Berkshire's investment. Buffett is not known to sell his winners just because they are a little expensive, but Apple's valuation is starting to look somewhat frothy. The shares fetch a high price-to-earnings (P/E) ratio of 37, compared to the S&P 500 average P/E of 30. At these levels, an investor shouldn't expect Apple's P/E to move higher, which means future returns will have to come from the company's earnings growth. At the Berkshire shareholders' meeting in May, Buffett mentioned that under current market conditions, he didn't mind building a larger cash position. That might still explain why he has continued to sell Apple, which remains Berkshire's largest investment even after dumping over half the position. Other billionaires that are buying the stock are clearly making the bet that Apple is going to report better earnings growth than the consensus estimate and justify the current valuation. Investors can find other large-cap tech companies growing earnings faster than Apple that trade at lower valuations and therefore might offer better return prospects. For this reason, I wouldn't call the stock a buy right now, but if I already hold shares, I wouldn't follow Buffett and sell either, since he may have unique reasons for selling, given the monumental size of the investment at the beginning of the year. For now, I would call Apple a hold, as its push into AI could surprise to the upside, as great businesses usually do.
A Comprehensive Guide to Gold Investment Companies
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