(Reuters) -Illinois state treasurer Michael Frerichs urged Exxon Mobil shareholders to vote against the election of CEO Darren Woods, as the oil major pursues a lawsuit against two shareholders, a filing showed on Monday.
Frerichs also recommended voting against Exxon’s Lead Independent Director Joseph Hooley at the company’s annual shareholder meeting scheduled to take place on May 29.
Exxon, which is frequently the focus of critical shareholder resolutions, struck back earlier this year when it filed a lawsuit seeking to block a vote on a climate proposal submitted by two small activist investors.
While the investors responded by dropping the proposal, Exxon has refused to drop the legal action against them.
“The actions taken by the company signify poor judgment and oversight by board leadership,” Frerichs said in a letter dated May 9, according to the filing.
Last Friday, Glass Lewis had recommended investors vote against Hooley, citing concerns about Exxon’s “unusual and aggressive tactics” in pursuing a lawsuit against activist investors.
“By telling people to vote against our board, these groups are making it clear they have no interest in creating long-term shareholder value,” an Exxon spokesperson said in response to Frerichs’ letter.
A spokesperson for Frerichs’ office said he would vote against Hooley and Woods with the shares he directly controls, including assets in the state’s college-savings plans, only about 82,000 shares in all, rather than larger state pools.
(Reporting by Sourasis Bose and Seher Dareen in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta)
Salesforce, Inc. (NYSE:CRM – Get Free Report) CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $276.59, for a total transaction of $4,148,850.00. Following the completion of the sale, the chief executive officer now owns 12,602,327 shares in the company, valued at $3,485,677,624.93. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Home Depot’s sales continued to soften in the first quarter as the nation’s largest home improvement retailer was not only constrained by high mortgage rates and higher inflation for its customers, but it also had to deal with a delayed start to spring.
Sales slipped 2.3% to $36.42 billion for the period ended April 28, just shy of the $36.65 billion that analysts polled by Zacks Investment Research expected. It was the third consecutive quarter of declining sales for the retailers, which saw sales skyrocket during the pandemic.
Customer transactions dipped 1% in the quarter, with shoppers also spending a bit less, averaging $90.68 per receipt compared with $91.92 a year earlier.
Sales at store open at least a year, a key gauge of a retailer’s health, declined 2.8% globally, and 3.2% in the U.S.
The S&P 500 could be on the verge of a sharp move down, as inflation isn’t cooling much further from here, according to Stifel analysts.
In a note, the investment firm predicted the S&P 500 would fall to 4,750 in the second or third quarter of this year. That implies around a 10% decline from the benchmark index’s current levels at around 5,222 on Monday.
Inflation will likely remain stubbornly high, the strategists predicted, as the economy is coming out of what they described as a “pseudo-recession” that took place from early 2022 and lasted through the middle of 2023. That accounted for the bulk of the disinflation seen to date, and economic activity has since revved up.
“We have been wary of a broad S&P 500 correction in the middle quarters of 2024. While most strategists were expecting a recession last year or eagerly attempting to call the start of one in the next year, we have been of the view that the ~5 quarters 1Q22 to 2Q23 were a ‘pseudo-recession’ and the Fed has already harvested all the normal post-recession disinflation we would expect,” the firm wrote.
Who: Plaintiff Kimberley Dennie filed a class action lawsuit against Bank of America.
Why: The lawsuit claims Bank of America does not legitimately investigate fraud claims, instead sending out form letter denials making customers responsible for banking fraud.
Where: The Bank of America fraud claims lawsuit was filed in federal court in North Carolina.
A consumer filed a class action lawsuit against Bank of America saying the bank does not legitimately investigate fraud claims, instead sending out form letter denials arguing its customers are responsible for banking fraud.
The lawsuit alleges that the company often denies Bank of America fraud claims — even when they are submitted properly — by claiming that fraudulent payments were actually made by an authorized card user.
AT&T’s application to end its landline phone obligations in California is likely to be rejected by state officials following protest from residents worried about losing access to phone lines.
An administrative law judge at the California Public Utilities Commission (CPUC) recommended rejection of the application in a proposed decision released Friday. The CPUC is set to vote on finalizing the proposed decision at its June 20 meeting.
Administrative Law Judge Thomas Glegola found that AT&T’s application to end its Carrier of Last Resort (COLR) obligation should be dismissed with prejudice. State rules require a replacement COLR in order to relieve AT&T of its duties, but there is no other COLR in AT&T’s wireline territory “and no potential COLR volunteered to replace AT&T,” he wrote.
“It is not clear why AT&T filed this Application, under existing rules, and then attempted to convince the Commission that it should ignore its rules, based on flawed and erroneous assertions regarding the law and regulatory policy that slowed down the adjudication of this proceeding,” Glegola wrote.
For years, President Joe Biden was flying west to east with the prevailing winds, economically speaking. During Covid, politicians (primarily Democrats) closed down large portions of the economy. When Covid ended, the economy “grew” because that’s what happens when you go from a partially closed economy to an entirely open one.
The truth is that Biden’s economic numbers were never any good. And now that the easy-growth environment of the post-Covid era is well behind us, Biden — and the country — face a terrible economic reckoning.
Lowe’s (LOW – Free Report) closed at $232.98 in the latest trading session, marking a -0.87% move from the prior day. The stock’s change was less than the S&P 500’s daily loss of 0.02%. Elsewhere, the Dow saw a downswing of 0.21%, while the tech-heavy Nasdaq appreciated by 0.29%.
Shares of the home improvement retailer have appreciated by 1.28% over the course of the past month, underperforming the Retail-Wholesale sector’s gain of 1.42% and the S&P 500’s gain of 1.29%.
The investment community will be closely monitoring the performance of Lowe’s in its forthcoming earnings report. The company’s upcoming EPS is projected at $2.94, signifying a 19.89% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $21.07 billion, down 5.7% from the prior-year quarter.
The specter of stagflation has returned. On April 25th, The Bureau of Economic Analysis announced that GDP only grew by 1.6% in the first quarter of this year, well below expectations.
Consumer spending on goods actually declined in the quarter as ordinary Americans are financially tapped out. The report also showed inflation remains stubbornly high, continuing a recent trend of resurgent inflation running about twice the Federal Reserve’s target rate.
American small businesses are the biggest victims of the stagflationary economy, which is being weighed down by big government policies. This was the most important storyline coming out of this Month’s National Small Business Week.
President Biden is claiming a small business “boom” under his administration. The reality is entrepreneurs grapple with a triple threat: a decelerating economy, soaring inflation, and escalating credit expenses due to his bad policies.
American consumers have a record $1.2 trillion of credit card debt. They are experiencing declining real wages and face a cost-of-living crisis. They can’t afford to keep up their discretionary spending, which small businesses rely on to survive and thrive.
Gen Z have been relentlessly mocked for spending money they don’t have on avocado toasts, designer bags and luxury holidays—and then complaining that they’ll never be able to save up enough for a house deposit. But in reality, research echoes that the youngest generation of workers really do have it worse financially.
A new study from credit reporting agency TransUnion found those in their early 20s are earning less, have more debt and see higher delinquency rates than millennials did at their age.
The research compared the credit usage of 22 to 24 year olds to millennials, who were 22-24 years old 10 years ago. It found that 20-somethings today are taking home around $45,500, while millennials at their age were earning $51,852 when adjusting for inflation.
Despite earning less, young people today are being forced to dig deep for basic necessities like food groceries and gas thanks to inflation, with interest rates currently at a 23-year high in the U.S.
Last week, President Biden said he would withdraw military aid to Israel if it commenced military operations to go into Rafah and go after Hamas. There were many reactions to this announcement because it seemed to perfectly encapsulate the incoherent Israel policy the Biden administration has been developing since Hamas’ brutal attack last October that touched off the war in Gaza.
On one hand, the American people are broadly supportive of Israel and the moral justification for this war. Lest anyone forget, Hamas is still holding American citizens hostage at this very moment. On the other, the hard-left grassroots that are an important part of the Democrat Party’s coalition are radically pro-Palestinian and eager to engage in street violence domestically to prove the point. It’s also worth noting that the hard-left shock troops aren’t just emblematic of the party’s activist heart — their efforts to destabilize colleges and worse are being funded by George Soros, the Tides Foundation, Rockefeller Brothers Fund, and those that hold the purse strings for billions of dollars of funding for Democrats and their lefty causes.
The issue is drastically polarizing the Democratic coalition. For instance, normally America’s celebrities are engaged in overt social media campaigning for Democrats six months out from an election. Well, here’s a video of Jewish actor Michael Rapaport, an avowed Trump hater, unendorsing Biden in characteristically profane fashion.
During an episode of “Real Time with Bill Maher,” James Carville, a Democrat and political strategist, expressed his opinion that Speaker Mike Johnson and other “Christian nationalists” are a bigger threat to America than al-Qaeda. In a more recent rant posted on X, Carville urged young people to recognize the potential dire consequences of not voting for Biden in this year’s November election, at least as he sees it:
If Trump, and Roberts, and Alito, and Gorsuch, and Thomas, and Leonard Leo, and the Heritage Foundation — if they get a hold [of power], there will be no government left, there will be no rights left, you will live under theocracy, you’ll end up [with] Christian Nationalism. My advice to tell these young people is to get off your motherf**king a** and go vote because you should vote like your entire future, and the entire future of this United States depends on it because, quite frankly, it does, and that’s not an exaggeration.
Now Zakaria is telling Democrats that it’s time to face the ‘reality’ that Joe Biden is probably going to lose the election in November.
He comes right out and says that he personally doesn’t want Trump to win, but that barring some unforeseen event, Trump is likely to walk away with the win.
A political action committee for a ubiquitous home improvement company is doing some financial renovations in the wake of fraud, according to a new financial filing.
“The PAC has taken action to prevent this from happening in the future by closing that bank account and opening a new account,” said a report to FEC from May 8. “In addition, the PAC is using positive pay through the bank to prevent any future occurrences.”
The $7,500 charge was “fraudulent activity on the bank account and has been reversed,” the report said.
There’s been some chatter over social media that Virginia could be in play for the 2024 presidential election, despite how it’s gone for the Democratic presidential candidate every year since 2008. That being said, it’s only regarded as “Likely Democratic.” But, the campaign for former and potentially future President Donald Trump looks to be hopeful about every state, even and including the bright blue ones. On Monday, RealClearPolitics featured a conversation between reporter Phil Wegmann and co-founder Tom Bevan from Friday, with Wegmann discussing some of those hopes from the Trump campaign as it pertains to New York and New Jersey, specifically when it comes to reactions to antisemitic protests on college campuses.
As Bevan pointed out, especially since President Joe Biden had been in Wisconsin that week and Trump had been in Michigan andWisconsin, it looks like the race could come down to those two states, as well as other key battlegrounds. Polling released before and since then has shown that the race is particularly close and competitive in those two states as well as overall. Trump is leading Biden by +0.6 in Wisconsin and by +0.8 in Michigan, per RCP’s averages.
“It does seem that in this ‘Blue Wall’ of the upper Midwest, Trump’s leading, but not by very, very much. And that’s where they’re gonna spend the majority of their time and effort and money,” Bevan offered, as he also wondered “is that where the Trump folks think this race is going to be decided, in one of those two states,” when speaking to Wegmann about Wisconsin and Michigan.
House Republicans are teeing up a number of pro-law enforcement bills to hit the floor during National Police Week, looking to hammer home their law-and-order platform ahead of the 2024 election.
Lawmakers will vote on a slew of police-related legislation over the coming days, including bills to increase protections for law enforcement officers as well as resolutions denouncing the Biden administration over what Republicans consider to be “soft-on-crime” policies. The law enforcement bills will also include a number of provisions seeking to crack down on the rise of illegal immigration at the southern border, which has become a hot-button topic on Capitol Hill.
Governor JB Pritzker’s administration is shedding more light on plans to close a state prison in Chicago’s south suburbs as early as September, and possibly move another.
Capitol News Illinois reports top officials with the Illinois Department of Corrections on Friday laid out the agency’s plans to close and rebuild two state prisons that are in dire states of disrepair.
Pritzker announced the plan in March, but IDOC officials have been slow to release details. Now, the agency is acknowledging it’s aiming to close the Stateville Correctional Center at the end of summer.
Organized labor is pushing back on the plan. AFSCME Council 31 represents most state prison workers. The union’s Deputy Director Mike Newman cast doubt on the state’s assurances that prison employees would be guaranteed jobs at other facilities.
This is what happens when United States senators try to speak on topics they know absolutely nothing about.
Senator Ben Cardin of Maryland made an absolute fool of himself on X where he tweeted out his support for banning “high-ammo stocks”, whatever that is. Senator Cardin claims that we “owe it” to young people to strip them of their rights? Young people deserve senators that understand the Bill of Rights and at least make a basic attempt to understand the topics that they speak on. Instead we have Senator Ben Cardin.
It’s time to pass mandatory background checks, bans on assault weapons and high-ammo stocks.
We owe it to young people everywhere.
— Senator Ben Cardin (@SenatorCardin) May 12, 2024
Less than two weeks until its scheduled adjournment, state lawmakers and Gov. JB Pritzker appear to be at-odds in budget negotiations.
The Democratic governor is requesting legislative approval of a $52.7 billion budget for the upcoming fiscal year, accompanied with approximately $800 million in tax increases. Those increases, namely extending an expiring cap on losses that corporations can claim on taxes to gain $526 million and increasing the tax on sportsbooks’ revenues from 15% to 35% to collect another $200 million, are meeting resistance in Springfield.
Gov. JB Pritzker speaks at the Hoogland Center for the Fine Arts Thursday, May 2, 2024.
During a May 13 news conference, Pritzker said Democrats and Republicans — often clashing with the governor — were both raising concerns. Mathematically, however, he just needs Democratic backing since the party holds super-majorities in both the House and Senate.
The governor and Democrats have often been in lockstep throughout his first five years in office, yet tweaks to his budget proposals have occurred in prior budget negotiations. Pritzker said at an unrelated event in Chicago that he welcomes changes as long as they keep spending in-check.
“My one principle around this budget is its got to be balanced,” he said. “We’re not going to overspend, we’re not gonna start sweeping dollars from accounts that had been done before I became governor. And we’re not gonna go back to the old practices of, you know, making us a credit unworthy state.”
In preparation for legislative resistance, Deputy Gov. and former local state senator Andy Manar sent out a letter to department heads last week requesting their help in identifying $800 million in collective budget cuts. Their focus, he wrote, should be on items such as “grant programs and other discretionary spending that has increased in recent years.”
Others leading counter efforts to Pritzker’s spending plan include the Sports Betting Alliance, a nationwide advocacy group representing gaming interests such as DraftKings and FanDuel. The alliance claims the new rate will lead to an uptick in illegal offshore sports betting.
Last year, Illinois collected $150 million in tax revenues from sports wagering meaning the increased rate would bring in $350 million to the state’s coffers. Pritzker said the 35% is subject to the sportsbooks themselves and not on those placing bets, a point that he’s had to clarify with lawmakers.
Scheduled adjournment for the spring session is set for May 24, but lawmakers have built a contingent schedule tacking on a week in case negotiations are still ongoing. If negotiations are not wrapped up by the end of the month, a three-fifths vote in both chambers will be necessary. FY25 starts on July 1, 2024.
Jerry Nowicki of Capitol News Illinois contributed to this report.
Contact Patrick M. Keck: 312-549-9340, pkeck@gannett.com, twitter.com/@pkeckreporter.
JEFFERSON CITY — Democrats blocked business in the Missouri Senate overnight, preventing Republicans from sending voters a ballot question that, if approved, would limit future changes to the state constitution.
Republicans brought up the plan shortly before 2:40 p.m. on Monday. Democrats then began holding off action through a talking filibuster, which reached the 15-hour mark at about 5:40 a.m. Tuesday.
Stakes are high: legislators face a 6 p.m. Friday deadline to complete regular business for the year. With the potential ballot question pending before the Senate, the chamber cannot act on any unrelated bills.
Texas Gov. Greg Abbott responded to a Sunday article in Daily Mail that detailed the large number of cops ditching California for the pastures of Texas, which might not be greener but are certainly more friendly to law enforcement. Morale is low among peace officers in the Golden State as soft-on-crime woke district attorneys like LA’s George Gascón and Alameda County’s Pamela Price, along with criminal-loving measures like Proposition 47, make them feel undermined and unwelcome.
Thousands of them are getting out of Dodge, the outlet reported:
…the Golden State is hemorrhaging thousands of police every year, with numbers down by more than 5,000 since 2019.
There are now fears that high-crime Californian cities are suffering a brain drain in law enforcement, leaving the public unprotected as criminals run riot.
Ray Bottenfield, a former Santa Monica College Police Captain who retired to Hewitt, Texas, admitted it had become increasingly difficult to retain or recruit officers due to the lack of support from the state.
A fresh poll from The New York Times brought more bad news for President Biden as he struggles to catch up to former President Trump in the key battleground states that will decide November’s election.
The poll found Trump leading in five out of six swing states, with Wisconsin the lone place where Biden is ahead. More concerning for Biden is that the poll found the president is losing support among young voters and Black and Hispanic voters, all of whom are critical to his coalition to win reelection.
While Republicans took a victory lap, Democrats cautioned it was one poll nearly six months out from Election Day. But Biden allies acknowledged the president has work to do if he is to win reelection in November.
“With the usual stipulations about polls six months out, Biden is behind,” said Jim Kessler, co-founder of the left-leaning think tank Third Way. “They need to be in a better place on the border, crime and inflation to win. They have a story to tell on each and further actions they can take, but they need to get cracking.”
