NoneFORT WASHINGTON, Pa., Dec. 09, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, today announced results for its fourth quarter ended October 31, 2024. FY 2024’s Fourth Quarter Financial Highlights (Compared to FY 2023’s Fourth Quarter): Full FY 2024 Financial Highlights (Compared to Full FY 2023): Douglas C. Yearley, Jr., chairman and chief executive officer, stated: “I am very pleased with our fourth quarter results, which cap the strongest year ever for Toll Brothers. For the full year, we generated a record $10.6 billion of home sales revenue, earned $15.01 per diluted share and grew contracts by 27% in both units and dollars. In the fourth quarter, we delivered 3,431 homes and generated $3.3 billion in home sales revenues, up 25% in units and 10% in dollars compared to last year’s fourth quarter. Our fourth quarter adjusted gross margin was 27.9%, beating guidance by 40 basis points, and our SG&A expense was 8.3% of home sales revenues, or 30 basis points better than guidance. Our strong margin performance and better than projected home sales revenues drove earnings of $4.63 per diluted share in the quarter, up 13% compared to last year. We also signed 2,658 net contracts at an average price of $1,000,000, up 30% in units and 32% in dollars compared to last year’s fourth quarter. Our performance this year and in the fourth quarter demonstrates the power of our luxury brand, the financial strength of our buyers, and the success of our strategies of increasing our spec home production and widening our geographies, price points and product lines. “Since the start of our fiscal 2025 six weeks ago we have seen strong demand, which is encouraging as we approach the beginning of the spring selling season in mid-January. We are well positioned with communities in over 60 markets across 24 states featuring the widest offering of luxury homes and serving the most affluent customers in our industry. Last year, we increased community count by 10% and are targeting a similar increase in fiscal 2025. We also owned or controlled approximately 74,700 lots at year end, providing sufficient land for further growth in fiscal 2026 and beyond. “In fiscal 2024, we generated a return on beginning equity of 23.1%, driven by our record earnings and strong cash flows that allowed us to return approximately $720 million of capital to shareholders. Our healthy balance sheet, low leverage, and ample liquidity, including significant projected cash flows from operations in fiscal 2025, should allow us to continue investing in our business while returning cash to shareholders well into the future.” Additional Information: (1) See “Reconciliation of Non-GAAP Measures” below for more information on the calculation of the Company’s net debt-to-capital ratio. Toll Brothers will be broadcasting live via the Investor Relations section of its website, investors.TollBrothers.com , a conference call hosted by chairman and chief executive officer Douglas C. Yearley, Jr. at 8:30 a.m. (ET) Tuesday, December 10, 2024, to discuss these results and its outlook for the first quarter and FY 2025. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select “Events & Presentations.” Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software. The call can be heard live with an online replay which will follow. ABOUT TOLL BROTHERS Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations. In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired CompaniesTM list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com . Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com). From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license. FORWARD-LOOKING STATEMENTS Information presented herein for the fourth quarter ended October 31, 2024 is subject to finalization of the Company’s regulatory filings, related financial and accounting reporting procedures and external auditor procedures. This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; demand for our homes; our build-to-order and spec home strategy; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims. Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to: Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements. Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section. Inventory at October 31, 2024 and October 31, 2023 consisted of the following (amounts in thousands): (1) Includes the allocated land and land development costs associated with each of our model homes in operation. Toll Brothers operates in the following five geographic segments, with operations generally located in the states listed below: Note: Due to rounding, amounts may not add. Unconsolidated entities: Information related to revenues and contracts of entities in which we have an interest for the three-month and twelve-month periods ended October 31, 2024 and 2023, and for backlog at October 31, 2024 and 2023 is as follows: RECONCILIATION OF NON-GAAP MEASURES This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s adjusted home sales gross margin, adjusted net income, adjusted diluted earnings per share and the Company’s net debt-to-capital ratio. These four measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the home building business. The Company’s management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other home builders that may use similar non-GAAP financial measures. The Company’s management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other home builders to the extent they provide similar information. Adjusted Home Sales Gross Margin The following table reconciles the Company’s home sales gross margin as a percentage of home sales revenues (calculated in accordance with GAAP) to the Company’s adjusted home sales gross margin (a non-GAAP financial measure). Adjusted home sales gross margin is calculated as (i) home sales gross margin plus interest recognized in home sales cost of revenues plus inventory write-downs recognized in home sales cost of revenues divided by (ii) home sales revenues. The Company’s management believes adjusted home sales gross margin is a useful financial measure to investors because it allows them to evaluate the performance of our home building operations without the often varying effects of capitalized interest costs and inventory impairments. The use of adjusted home sales gross margin also assists the Company’s management in assessing the profitability of our home building operations and making strategic decisions regarding community location and product mix. Forward-looking Adjusted Home Sales Gross Margin The Company has not provided projected first quarter and full FY 2025 home sales gross margin or a GAAP reconciliation for forward-looking adjusted home sales gross margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the first quarter and full FY 2025. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our first quarter and full FY 2025 home sales gross margin. Adjusted Net Income and Diluted Earnings Per Share Reconciliation The following table reconciles the Company’s net income and earnings per share (calculated in accordance with GAAP) to the Company’s adjusted net income and diluted earnings per share (a non-GAAP financial measure). Net Debt-to-Capital Ratio The following table reconciles the Company’s ratio of debt to capital (calculated in accordance with GAAP) to the Company’s net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders’ equity. The Company’s management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company’s operations. CONTACT: Gregg Ziegler (215) 478-3820 gziegler@tollbrothers.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a0456db-a1d7-41b3-b790-3e0a1448ad2bNone
JERUSALEM (AP) — Israel approved a United States-brokered ceasefire agreement with Lebanon's Hezbollah on Tuesday, setting the stage for an end to nearly 14 months of fighting linked to the ongoing war in the Gaza Strip. Israeli warplanes meanwhile carried out the most intense wave of strikes in Beirut and its southern suburbs since the start of the conflict and issued a record number of evacuation warnings. At least 24 people were killed in strikes across the country, according to local authorities, as Israel signaled it aims to keep pummeling Hezbollah before the ceasefire is set to take hold at 4 a.m. local time on Wednesday. Another huge airstrike shook Beirut shortly after the ceasefire was announced. Israel's security Cabinet approved the ceasefire agreement late Tuesday after it was presented by Prime Minister Benjamin Netanyahu, his office said. U.S. President Joe Biden, speaking in Washington, called the agreement “good news” and said his administration would make a renewed push for a ceasefire in Gaza. An Israel-Hezbollah ceasefire would mark the first major step toward ending the regionwide unrest triggered by Hamas’ attack on Israel on Oct. 7, 2023. But it does not address the devastating war in Gaza, where Hamas is still holding dozens of hostages and the conflict is more intractable. U.S. President-elect Donald Trump has vowed to bring peace to the Middle East without saying how. The Biden administration spent much of this year trying to broker a ceasefire and hostage release in Gaza but the talks repeatedly sputtered to a halt . Still, any halt to the fighting in Lebanon is expected to reduce the likelihood of war between Israel and Iran, which backs both Hezbollah and Hamas and exchanged direct fire with Israel on two occasions earlier this year. Israel says it will ‘attack with might’ if Hezbollah breaks truce Netanyahu presented the ceasefire proposal to Cabinet ministers after a televised address in which he listed a series of accomplishments against Israel’s enemies across the region. He said a ceasefire with Hezbollah would further isolate Hamas in Gaza and allow Israel to focus on its main enemy, Iran, which backs both groups. “If Hezbollah breaks the agreement and tries to rearm, we will attack,” he said. “For every violation, we will attack with might.” The ceasefire deal calls for a two-month initial halt in fighting and would require Hezbollah to end its armed presence in a broad swath of southern Lebanon, while Israeli troops would return to their side of the border. Thousands of additional Lebanese troops and U.N. peacekeepers would deploy in the south, and an international panel headed by the United States would monitor all sides’ compliance. But implementation remains a major question mark. Israel has demanded the right to act should Hezbollah violate its obligations. Lebanese officials have rejected writing that into the proposal. Biden said Israel reserved the right to quickly resume operations in Lebanon if Hezbollah breaks the terms of the truce, but that the deal "was designed to be a permanent cessation of hostilities.” Netanyahu’s office said Israel appreciated the U.S. efforts in securing the deal but “reserves the right to act against every threat to its security.” Hezbollah has said it accepts the proposal, but a senior official with the group said Tuesday that it had not seen the agreement in its final form. “After reviewing the agreement signed by the enemy government, we will see if there is a match between what we stated and what was agreed upon by the Lebanese officials,” Mahmoud Qamati, deputy chair of Hezbollah’s political council, told the Al Jazeera news network. “We want an end to the aggression, of course, but not at the expense of the sovereignty of the state.” of Lebanon, he said. “Any violation of sovereignty is refused.” Warplanes bombard Beirut and its southern suburbs Even as Israeli, U.S, Lebanese and international officials have expressed growing optimism over a ceasefire, Israel has continued its campaign in Lebanon, which it says aims to cripple Hezbollah’s military capabilities. An Israeli strike on Tuesday leveled a residential building in the central Beirut district of Basta — the second time in recent days warplanes have hit the crowded area near the city’s downtown. At least seven people were killed and 37 wounded, according to Lebanon's Health Ministry. Strikes on Beirut's southern suburbs killed at least one person and wounded 13, it said. Three people were killed in a separate strike in Beirut and three in a strike on a Palestinian refugee camp in southern Lebanon. Lebanese state media said another 10 people were killed in the eastern Baalbek province. Israel says it targets Hezbollah fighters and their infrastructure. Israel also struck a building in Beirut's bustling commercial district of Hamra for the first time, hitting a site that is around 400 meters (yards) from Lebanon’s Central Bank. There were no reports of casualties. The Israeli military said it struck targets in Beirut and other areas linked to Hezbollah's financial arm. The evacuation warnings covered many areas, including parts of Beirut that previously have not been targeted. The warnings, coupled with fear that Israel was ratcheting up attacks before a ceasefire, sent residents fleeing. Traffic was gridlocked, and some cars had mattresses tied to them. Dozens of people, some wearing their pajamas, gathered in a central square, huddling under blankets or standing around fires as Israeli drones buzzed loudly overhead. Hezbollah, meanwhile, kept up its rocket fire, triggering air raid sirens across northern Israel. Israeli military spokesman Avichay Adraee issued evacuation warnings for 20 buildings in Beirut's southern suburbs, where Hezbollah has a major presence, as well as a warning for the southern town of Naqoura where the U.N. peacekeeping mission, UNIFIL, is headquartered. UNIFIL spokesperson Andrea Tenenti told The Associated Press that peacekeepers will not evacuate. Israeli forces reach Litani River in southern Lebanon The Israeli military also said its ground troops clashed with Hezbollah forces and destroyed rocket launchers in the Slouqi area on the eastern end of the Litani River, a few kilometers (miles) from the Israeli border. Under the ceasefire deal, Hezbollah would be required to move its forces north of the Litani, which in some places is about 30 kilometers (20 miles) north of the border. Hezbollah began firing into northern Israel, saying it was showing support for the Palestinians, a day after Hamas carried out its Oct. 7, 2023, attack on southern Israel, triggering the Gaza war. Israel returned fire on Hezbollah, and the two sides have been exchanging barrages ever since. Israel escalated its campaign of bombardment in mid-September and later sent troops into Lebanon, vowing to put an end to Hezbollah fire so tens of thousands of evacuated Israelis could return to their homes. More than 3,760 people have been killed by Israeli fire in Lebanon the past 13 months, many of them civilians, according to Lebanese health officials. The bombardment has driven 1.2 million people from their homes. Israel says it has killed more than 2,000 Hezbollah members. Hezbollah fire has forced some 50,000 Israelis to evacuate in the country’s north, and its rockets have reached as far south in Israel as Tel Aviv. At least 75 people have been killed, more than half of them civilians. More than 50 Israeli soldiers have died in the ground offensive in Lebanon. ___ Chehayeb and Mroue reported from Beirut. Associated Press reporters Lujain Jo and Sally Abou AlJoud in Beirut, and Aamer Madhani in Washington, contributed. ___ Find more of AP’s war coverage at https://apnews.com/hub/israel-hamas-war Josef Federman, Kareem Chehayeb And Bassem Mroue, The Associated PressGoogle announces quantum computing chip breakthrough
The AP Top 25 men’s college basketball poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . HEMPSTEAD, N.Y. (AP) — Kijan Robinson scored 28 points off of the bench to lead Hofstra past Saint Joseph’s (N.Y.) 114-46 on Friday. Robinson added five rebounds and seven assists for the Pride (7-3). Eric Parnell scored 19 points, shooting 6 for 7 (4 for 5 from 3-point range) and 3 of 3 from the free-throw line. Khalil Farmer shot 5 for 7 (3 for 4 from 3-point range) and 3 of 3 from the free-throw line to finish with 16 points. Alec Tabada finished with 14 points for the Golden Eagles. Robinson led Hofstra with 20 points in the first half to help put them up 53-27 at the break. Hofstra pulled away with a 26-3 run in the second half. Parnell led the way with a team-high 15 second-half points. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Suspect in weekend assault on senior convicted of 2023 sex crime involving teen girl
After delay, Trump signs agreement with Biden White House to begin formal transition handoff
A heavy spell of snow brought an end to prolonged dry spell in plains of Kashmir. The sight of each flake of snow dancing down from the sky brought smiles to people, however their joy was short-lived! Snowfall brought life to a standstill in Kashmir as essential services were disrupted. Amid snowfall, there was a lukewarm response from authorities to clear roads and footpaths. With snow-covered roads, commuters faced a tough time navigating slippery roads. There were several accidents as cars skidded off the roads. Snow was not cleared on most of the roads in J&K’s summer capital Srinagar. Situation in rural areas was the worst. As Srinagar city is getting a makeover into a Smart City with generous funding by Government of India, response to natural phenomena like snowfall has to be prompt. Imagine JCB machines, which are used for excavation of soil, being pressed into service for snow clearance at Srinagar’s commercial hub Lal Chowk! The hi-tech snow clearance machines were nowhere visible as snow draped Kashmir. Even snow was not cleared on most of the footpaths especially in Srinagar posing serious risk to pedestrians as they had to walk on roads. Despite the forecast of snowfall, no mock drill or meeting was conducted to effectively conduct snow clearance and maintain essential services. Accumulation of snow on major roads and flyovers caused massive traffic jams. Authorities could not deal with 8 to 12 inches of snowfall and were caught off-guard. With more snowfall forecast in the first week of January, it is going to be a challenging task for people. Owing to its unique topography, J&K is a multi-hazard region prone to natural disasters like earthquakes, floods, landslides, avalanches, high velocity winds, and snowstorms. Most parts of the region fall under the high seismic Zones IV and V making it highly vulnerable to earthquakes. For the last several years, J&K has been witnessing erratic weather patterns. From dry and warm winters to drought and flood-like situations, the union territory is facing the brunt of climate change and vandalisation of forests, water bodies and wetlands. As per weather experts, Kashmir will witness harsh winter this season. And the prediction came true as Kashmir reeled under freezing temperatures and Srinagar shivered with minus 8.5 degree Celsius on December 20—the third-coldest since 1891. Srinagar’s all-time low for December is minus 12.8 degrees Celsius, recorded on December 13, 1934. The situation took a dangerous turn with freezing of drinking water pipes and erratic power supply. Taking serious note of the situation, Chief Minister Omar Abdullah cancelled all his engagements in Jammu and decided to stay in Srinagar to oversee the functioning of the power department and other essential services. “In light of the severe cold spell in the Kashmir valley & the resultant difficulties with water & electricity supply, I have decided to cancel my forthcoming programmes in Jammu & station myself in Srinagar for the next week to personally monitor the functioning of the Power department & other important departments,” the chief minister said in a post on X. Omar chaired a high-level meeting at the civil secretariat in Srinagar and directed for providing seamless services during winter and ensuring connectivity besides providing relief and essential supplies to the people. Officers told the CM that a sufficient number of hi-tech snow clearance machines have been deployed by the R&B Department, SMC, MED, BRO, and NHAI, with additional machines on standby to handle heavy snowfall. The CM emphasised the need for a robust mechanism to minimise public inconvenience during severe weather conditions. He instructed the concerned authorities to focus on clearing key routes, including inter-district highways and roads leading to hospitals, power grids, water supply systems, and fire and emergency services. It is praiseworthy that the CM showed seriousness and passed required directions but the problem is with implementation. There has to be a proactive approach by officers on the ground to deal with winter vagaries. Proper planning is needed to deal with snowfall, rains or floods. Concerned Deputy Commissioners have an important part to play to ensure timely and effective responses to deal with weather-related challenges in their respective districts. The problem is we don’t learn lessons from disasters. We act only after the disasters. Its glaring example is the devastating floods of 2014. J&K needs effective disaster management mechanisms from village to colony levels. Though we have beautifully composed comprehensive disaster management plans, the question is about its proper implementation on the ground. This can only happen when there is coordination between different departments, roles of each officer are defined and importantly accountability is fixed to complete tasks. Where there is a will, there is a way! Despite limited resources, our ancestors effectively braved challenges and dealt with severe winter vagaries. We have resources, machines and technology but no will! Author is Executive Editor, Greater KashmirChina to help Pakistan in blue economy: PM
Tech founders and Silicon Valley VCs who supported — and threw their money behind — Donald Trump are being handsomely rewarded by the President-elect. Shortly after winning the 2024 election, Trump appointed one of his biggest supporters, Elon Musk , to head up a new agency called the U.S. Department of Government Efficiency, or DOGE. Now, Trump is rewarding another wealthy tech founder for their loyalty: investor and podcaster David Sacks. "I am pleased to announce that David O. Sacks will be the 'White House A.I. & Crypto Czar,'" Trump announced in a post on his social media platform Truth Social. "In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness." According to Trump, Sacks' role will be to "safeguard Free Speech online" and "work on a legal framework" for the cryptocurrency industry. Trump also shared that Sacks would lead the Presidential Council of Advisors for Science and Technology. Sacks will be involved in crucial policy aspects of both a burgeoning technology in AI and a crypto industry ripe with fraud but expecting favorable treatment after throwing its support behind Trump. "Congrats to czar @DavidSacks!" OpenAI's Sam Altman posted on X shortly after the announcement from Trump. Who is David Sacks? Regular users of Musk's X , formerly Twitter, may have seen Sacks pop-up on the platform from time to time. Sacks' opinions obsessing over Russia's war with Ukraine have previously gone viral. He has often been critiqued for his seemingly pro-Russia and anti-Ukraine positions as well as fearmongering over a potential World War III. However, Sacks and Musk actually have history with each other — and a similar background. Like Musk, Sacks emigrated to the U.S. from South Africa. And in 1999, Sacks worked with Peter Thiel at PayPal, joining Musk as a member in the "PayPal Mafia," a group of early PayPal employees and founders who went on to find greater success founding their own tech startups. David Sacks and Elon Musk in 2006. In 2008, Sacks co-founded Yammer, a social media platform for enterprises. Microsoft acquired Yammer in 2012 for $1.2 billion. Microsoft would go on to integrate Yammer within its Microsoft 365 products. Since then, Sacks has invested in a number of tech startups and companies. He founded a VC firm called Craft Ventures in 2017. In 2020, Sacks started the All-In podcast alongside Jason Calacanis, Chamath Palihapitiya, and David Friedberg. The podcast, where the four entrepreneurs discuss business and current events, has gained popularity in tech circles. Over time, the show has shown increasing support for right-wing politics, including hosting Trump for an interview in June and featuring Sacks broadcasting live from the Republican National Convention during the summer. Sacks, specifically, has been increasingly making a name for himself in right-wing circles, opposing prominent progressive politicians and public servants over recent years. And while Sacks previously said that Trump's role in the Jan. 6 storming of the Capitol disqualified the former president from serving again, the VC quickly changed his tune and hosted a high-ticket fundraiser for Trump's campaign earlier this year. For Sacks, it appears like the pro-Trump move has paid off — barring any future falling outs with the 47th President.
The Atlanta Hawks were fined $100,000 by the NBA on Tuesday after a league investigation into star guard Trae Young missing an NBA Cup game two weeks ago. The NBA found the Hawks violated the league's Player Participation Policy when the 26-year-old American missed a November 12 contest at Boston. The probe, which included a review by an independent physician, determined the Hawks held Young out of a game, in which he could have played, under the medical standard clause of the policy, which is aimed at having top NBA talent play in regular-season contests. The Hawks, who beat Boston 117-116, said Young was unavailable due to tendinitis in his right Achilles tendon. Three-time NBA All-Star Young, who has not missed another game this season, has averaged 21.9 points, 3.6 rebounds and an NBA-best 11.9 assists so far this season. At 7-11, the Hawks are 11th in the Eastern Conference. The NBA also fined Sacramento Kings head coach Mike Brown $35,000 for aggressively pursuing a referee during his team's 108-103 home loss to Brooklyn on Sunday. The Kings are 8-10, 12th in the Western Conference after dropping four games in a row. js/bsp
( ) stock jumped higher late Monday, after the database software company reported fiscal third quarter earnings that easily beat expectations, powered by a 22% jump in sales. MongoDB said in a news release that it earned an adjusted $1.16 per share on sales of $529.4 million for the October-ended quarter. Analysts polled by FactSet projected the New York-based company would post adjusted earnings of 67 cents per share on sales of $498 million. For the same period a year earlier, MongoDB posted adjusted earnings of 96 cents per share on sales of $433 million. MongoDB's year-over-year sales growth accelerated, compared to the previous quarter, for the first time since the company's July 2023 quarter. For the current quarter, MongoDB guided for sales of $517 million at the midpoint of its range. Analysts were projecting $509 million in sales for the January-ending quarter prior to MongoDB's results, according to FactSet. "We continue to see success winning new business due to the superiority of MongoDB's developer data platform in addressing a wide variety of mission-critical use cases," MongoDB Chief Executive Dev Ittycheria said in a news release. He added that the company is investing in "our legacy app modernization and AI offerings as our document model and distributed architecture are exceptionally well suited for customers looking to build highly-performant, modern applications." On the , MongoDB stock is up more than 10% at 386.64 in recent after-hours action. MongoDB Stock: Technical Ratings Prior to earnings, MongoDB gained 2% in Monday trading. MongoDB stock broke out above a 297.68 buy point on Nov. 13 and is now pushing above a with recent gains, according to IBD MarketSurge. Coming into the report, MongoDB stock had an IBD Composite Rating of 64 out of 99, according to . The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better. Further, MongoDB's IBD Relative Strength Rating was 68 out of 99. The RS Rating means that MongoDB has outperformed roughly two-thirds of all stocks in IBD's database over the past year.Granite Construction Incorporated ( NYSE:GVA – Get Free Report ) declared a quarterly dividend on Wednesday, December 11th, RTT News reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.13 per share by the construction company on Wednesday, January 15th. This represents a $0.52 annualized dividend and a dividend yield of 0.58%. The ex-dividend date is Tuesday, December 31st. Granite Construction has a dividend payout ratio of 10.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Granite Construction to earn $5.68 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 9.2%. Granite Construction Stock Performance GVA opened at $89.10 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.56 and a quick ratio of 1.46. The business has a fifty day simple moving average of $92.92 and a 200 day simple moving average of $78.50. Granite Construction has a 1 year low of $43.92 and a 1 year high of $105.20. The company has a market capitalization of $3.89 billion, a PE ratio of 40.87 and a beta of 1.41. Analyst Upgrades and Downgrades Separately, The Goldman Sachs Group raised their target price on shares of Granite Construction from $61.00 to $70.00 and gave the stock a “sell” rating in a report on Wednesday, October 9th. Read Our Latest Stock Report on GVA About Granite Construction ( Get Free Report ) Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects. See Also Receive News & Ratings for Granite Construction Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Construction and related companies with MarketBeat.com's FREE daily email newsletter .
HAMILTON, Canada The UN envoy for Iraq on Friday described the country as "more secure, stable and open" while expressing confidence for it to overcome challenges. "Today's Iraq is not the same as the Iraq of 20 years ago, or even five years ago," Mohamed Al Hassan, the UN special representative and head of the UN Assistance Mission for Iraq (UNAMI), said at a UN Security Council session. "Despite the many obstacles facing, I am fully confident that this great country, deeply rooted in history and the cradle of human civilization, is capable of overcoming crises and facing challenges towards forging a more secure, bright and hopeful future," he said. He hailed the Iraqi government’s efforts under Prime Minister Mohammed Shia Al-Sudani, and said: "Iraq's government has shown strong resolve to keep Iraq out of widening regional conflict, standing firm as a strong voice for peace and stability." "In a region that is ‘on fire’, Iraq’s government has shown strong resolve to keep the country out of the widening regional conflict, while standing firm as a strong voice for regional peace and stability," Al Hassan said. He further noted that the Iraqi government strives "to position Iraq as a vital corridor for transportation, energy, and trade, leveraging regional partnerships." "Such initiatives underscore Iraq’s efforts to foster regional integration and prosperity," he added. Despite the developments, Al Hassan also said that "corruption continues to prevail in Iraq’s socio-economic life." "The country does require comprehensive changes and reform that will bolster accountability, promote competency, improve transparency and fortify governance systems," he said, while voicing confidence that Iraqi authorities would take steps in this direction. He also noted the importance of "state institutions promoting and supporting human rights." On relations with Kuwait, Al Hassan said the UN has "encouraged the continuation of negotiations and communication between the two brotherly neighbors." "We expressed the UN's readiness to offer its services should both sides choose to avail themselves," he said. UNAMI is a political mission established by the 2003 UN Security Council Resolution 1500 at the request of the government of Iraq. It has been on the ground ever since, with its role greatly expanded in 2007 with the passage of Resolution 1770. UNAMI is mandated to advise and assist the government and people of Iraq on a number of fronts. This includes advancing inclusive, political dialogue and national reconciliation, assisting in the electoral process and in the planning for a national census, facilitating regional dialogue between Iraq and its neighbors, and promoting the protection of human rights and judicial and legal reform.
Google on Monday showed off a new quantum computing chip that it said was a major breakthrough that could bring practical quantum computing closer to reality. A custom chip called “Willow” does in minutes what it would take leading supercomputers 10 septillion years to complete, according to Google Quantum AI founder Hartmut Neven. “Written out, there is a 1 with 25 zeros,” Neven said of the time span while briefing journalists. “A mind-boggling number.” Neven’s team of about 300 people at Google is on a mission to build quantum computing capable of handling otherwise unsolvable problems like safe fusion power and stopping climate change. “We see Willow as an important step in our journey to build a useful quantum computer with practical applications in areas like drug discovery, fusion energy, battery design and more,” said Google CEO Sundar Pichai on X. A quantum computer that can tackle these challenges is still years away, but Willow marks a significant step in that direction, according to Neven and members of his team. While still in its early stages, scientists believe that superfast quantum computing will eventually be able to power innovation in a range of fields. Quantum research is seen as a critical field and both the United States and China have been investing heavily in the area, while Washington has also placed restrictions on the export of the sensitive technology. Olivier Ezratty, an independent expert in quantum technologies, told AFP in October that private and public investment in the field has totaled around $20 billion worldwide over the past five years. Regular computers function in binary fashion: they carry out tasks using tiny fragments of data known as bits that are only ever either expressed as 1 or 0. But fragments of data on a quantum computer, known as qubits, can be both 1 and 0 at the same time — allowing them to crunch an enormous number of potential outcomes simultaneously. Crucially, Google’s chip demonstrated the ability to reduce computational errors exponentially as it scales up — a feat that has eluded researchers for nearly 30 years. The breakthrough in error correction, published in leading science journal Nature, showed that adding more qubits to the system actually reduced errors rather than increasing them — a fundamental requirement for building practical quantum computers. Error correction is the “end game” in quantum computing and Google is “confidently progressing” along the path, according to Google director of quantum hardware Julian Kelly. With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.Team officials said they had agreed on a memorandum of understanding involving the amount of taxes to be paid for the former site of the Arlington International Racecourse. The village and local school boards still need to approve the agreement, which could happen next month. While it does not guarantee the team will build a stadium in Arlington Heights, the deal does shift some momentum back toward the suburban site and keeps the team’s options more open than before. “The Chicago Bears remain focused on investing over $2 billion to build a publicly owned enclosed stadium on Chicago’s lakefront while reevaluating the feasibility of a development in Bronzeville,” Bears officials said in a team statement released Monday. “That being said, we remain significant landowners in Arlington Heights and establishing a framework for potential future development planning, financing and property tax certainty has been a priority since the land was purchased. We continue to have productive conversations with the village and school districts and are aligned on a framework should we choose to explore a potential development.” Details of the deal were not released Monday. The Bears and the suburban taxing districts have been at loggerheads over the valuation of the Arlington Heights property, which the Cook County Board of Review set at about $125 million. The Bears have countered with appraisals ranging from $60 million to $71 million and categorizing the property as vacant residential land, which gets taxed at 10% of market value. Local school officials have said the land should be valued at $160 million and classified for commercial use, which puts it into a 25% tax bracket. Despite those differences and the team’s focus on building a new stadium in Chicago , the Bears has never closed the door on the Arlington Heights site, especially as the lakefront proposal has withered due to opposition from state leaders . Arlington Heights Mayor Tom Hayes called the deal a “significant step.” “We’ve had productive conversations with the Bears and the school districts, and we believe we’re in agreement on a framework for moving forward on the previously unresolved tax issues,” Hayes said. “I do anticipate this agreement would be formalized in the near future. It outlines a more clear path forward.” In addition to the site next to Soldier Field and the Arlington Heights property, which the team purchased last year, another site the Bears are looking at is the land once occupied by Michael Reese Hospital in Bronzeville near Lake Michigan. The Bears previously dismissed the old Michael Reese site as being too small and said the site also was unworkable because it’s next to Metra train tracks that pose a security risk, all of which Hayes pointed to as reasons he is bullish on Arlington Heights. “If the Bears come back, it’s going to be a much easier road,” Hayes said about the suburban site, adding he hopes progress is made between the taxing bodies and the team in the first half of next year. “We’re on the same sheet of music. All sides are ready to pursue the opportunity when the Bears turn back in our direction. I’m encouraged something could happen in the spring to enable a new stadium in Arlington Heights.” After the Bears released their statement, the three local school districts — Community Consolidated School District 15 in Palatine, Arlington Heights-based Township High School District 214 and Palatine-based High School District 211 — released a joint statement of their own Monday: “We continue to believe Arlington Heights remains an incredible opportunity, and we have a common understanding with the team on how to create a framework for potential development, financing, and property tax certainty in Arlington Heights that works for all parties. We look forward to future conversations.” The Bears bought the 326-acre former Arlington Park in 2023 for $197 million and announced plans for a $2 billion enclosed stadium as part of a $5 billion mixed-use development. But after new team President Kevin Warren took over that year, he said that local schools’ proposals for taxes on the site were a deal-breaker, and turned the team’s attention back to the city. With Mayor Brandon Johnson’s support, the team earlier this year proposed contributing $2 billion toward a $3.2 billion enclosed, publicly owned stadium to replace Soldier Field. That $3.2 billion figure doesn’t include the $1.5 billion in infrastructure money funded by the public that the team says would be needed to fully realize its vision for a year-round venue and surrounding park space. Gov. JB Pritzker and legislative leaders have thrown cold water on the idea , saying the state has priorities other than providing major funding to a private business. Both the lakefront and Arlington Heights plans would involve public dollars, something lawmakers have been cool on for both sites. But some northwest suburban state lawmakers said the recent developments were encouraging. Democratic state Sen. Mark Walker of Arlington Heights said that despite the team’s agreement with the school districts, bigger financial issues as to how the project would be paid for still need to be resolved. Team officials have said they would need public funding to help pay for infrastructure such as new expressway ramps for the Arlington Heights site. A previous proposal for a payment in lieu of taxes, or PILOT, in which the long-term taxes would be addressed, would require state legislation. But funding concerns could be exacerbated by a projected state budget hole of nearly $3.2 billion for the next fiscal year that would prevent the lawmakers from granting significant taxpayer subsidies. The concerns also include Johnson’s struggles to balance his proposed $17.3 billion budget, with aldermen earlier this month voting unanimously to spike his plan to implement a $300 million property tax hike. “I would think that the local communities, especially Arlington Heights, have more flexibility on providing property tax relief than would the city (of Chicago) at this point,” said Walker. “But the issues of capital and state funding are still out there and ... my guess is that the Bears would have to find another source for the big capital.” State Rep. Mary Beth Canty, who has continued to advocate for the Bears to move to Arlington Heights, called the memorandum of understanding “a positive step forward.” “I think this is a great opportunity and I think that they could do a lot of good here. They have the opportunity to be really good neighbors,” Canty, an Arlington Heights Democrat, said of the Bears. “I’ll be anxious to see what the boards have to say when they go over it in their meetings as I’m sure they’ll be required to do. But I think everybody is coming to the table thinking positively and also thinking about what does the community need, what does the community want and how can we deliver on those things in a way that moves everyone forward.” The agreement would cover taxes going forward, but the Bears continue to appeal the team’s 2023 tax bill to the Illinois Property Tax Appeal Board. The team also demolished the former race track stadium to lower its taxes, leaving the site vacant. Suburban school officials have always doubted the taxes were the determining factor in the team’s decision to play in Arlington Heights since they offered less than the estimated $9 million tax bill, a relatively small amount in what would be a multibillion-dollar deal. The taxes were raised after Cook County Assessor Fritz Kaegi raised the property’s assessed valuation to near the site’s $197 million purchase price. Ultimately, the assessor would have to approve any agreement on taxes.
NoneMichigan St. 78, California 72
