CTM CPAs & Business Advisors merges practice with Withum
Headquartered in Lincolnshire, Illinois, CTM offers a its clients a comprehensive suite of accounting, tax and consulting services.
With the development, its team, including four partners and approximately 50 team members, will join Withum.
However, the team will continue to operate from their current location at 1 Overlook Point, Suite 190.
CTM's expertise spans across financial statement preparation, tax planning and preparation, business valuations, succession planning, and bill pay solutions, among others.
The firm also offers new tax strategies and approaches to aid the clients in achieving their financial objectives.
CTM managing partner Steven Edelheit said: 'We are very eager to become part of the Withum team. Our client promise has always been to build lasting relationships through exceptional client service to help them reach their goals.
'Joining forces with Withum will offer our valued clients and dedicated staff more opportunities to thrive and achieve success under the Withum brand.'
The union with CTM is set to expand Withum's franchise practice and bolster its industry strengths.
The sectors that will benefit from this merger include restaurants, professional services, real estate, construction, manufacturing and distribution, and not-for-profit organisations.
Withum managing partner and CEO Pat Walsh said: 'Uniting our firms grows our portfolio of franchise clients as CTM's team brings additional depth of service and expertise in this area.
'Their approach to client service, proven by a similar tenure in the profession, blends seamlessly with ours. Together, we share a people-first mentality with a vision of providing best-in-class solutions through a dynamic approach to problem-solving for our clients' growth and success."
Headquartered in Princeton, New Jersey, Withum was established in 1974. It boasts 26 offices and generates an annual revenue of $578m.
The firm offers advisory, tax, and audit services on a local-to-global scale and is an independent member of HLB International, a worldwide network of independent advisory and accounting firms.
In November 2024, Withum launched a new AI-focused website, withum.ai, to offer businesses services around AI strategy, implementation, engineering, and AI adoption and governance.
"CTM CPAs & Business Advisors merges practice with Withum" was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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Regeneron Pharmaceuticals (REGN) stock rose more than 5% before the bell on Friday after beating Wall Street estimates for its second-quarter revenue and profit. The pharmaceuticals company was helped by robust demand for its blockbuster eczema product, Dupixent. Reuters reports: Read more here. Moderna beats Q2 estimates, announces cost cuts and layoffs Moderna (MRNA) stock fell 5% in premarket trading on Friday after the company lowered its 2025 sales forecast on the top end to $1.5 billion to $2.2 billion. The vaccine maker's quarterly results were better than feared, however. Moderna's adjusted loss of $2.13 per share was smaller than the $2.97 a share loss expected. Revenue of $142 million dropped 41% year over year but also came in ahead of estimates of $112.9 million, per LSEG data. Reuters reports: Read more here. Moderna (MRNA) stock fell 5% in premarket trading on Friday after the company lowered its 2025 sales forecast on the top end to $1.5 billion to $2.2 billion. 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Stock likely remains relatively range bound as we await the more impactful ruling on the Google revenue sharing deal." We knew the tariff hit was coming on Apple (AAPL). It came, and it was ugly. The earnings call wasn't that eventful, mostly Tim Cook trying to soothe concerns that Apple will be a player in AI. I did like Apple was another tech player calling out an acceleration in their cloud business (similar to Microsoft (MSFT) and Alphabet (GOOGL). Overall, I like how the Evercore ISI summed things up this evening: "Apple delivered a better than expected quarter and the services growth and commentary around limited impact from the Epic ruling will chip away at part of the services bear case. Stock likely remains relatively range bound as we await the more impactful ruling on the Google revenue sharing deal." Apple 'significantly growing' AI investments, sees $1.1 billion tariff hit in current quarter Apple (AAPL) executives offered some color on the iPhone maker's quarterly results Thursday and the outlook ahead amid tariffs and the impact of Google's antitrust lawsuit: Listen to the earnings call live here. Apple (AAPL) executives offered some color on the iPhone maker's quarterly results Thursday and the outlook ahead amid tariffs and the impact of Google's antitrust lawsuit: Listen to the earnings call live here. First Solar raises annual sales outlook, expects higher prices due to tariffs Reuters reports: Read more here. Reuters reports: Read more here. Strategy results show company buoyed by bitcoin in Q2 Strategy (MSTR) stock rose less than 1% after the company soared past estimates, lifted by a Q2 rally in bitcoin (BTC-USD). For the second quarter, the Michael Saylor-led firm reported cash and cash equivalents of $50.1 million, below Bloomberg consensus estimates for $1.11 billion. 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"As a result, our BTC $ Gain now exceeds $13 billion, and the increase in the price of bitcoin in the second quarter drove second quarter operating income of $14 billion and Q2 diluted EPS of $32.60." Apple reports earnings, revenue ahead of forecasts Apple reported results Thursday that beat forecasts on the top and bottom lines as the iPhone maker boasted about double-digit revenue growth across its iPhone, Mac, and Services businesses, as well as growth in all of its geographic segments. Earnings per share came in at $1.57, ahead of the $1.43 Wall Street had expected, while revenue tallied $94 billion, up 10% from last year and ahead of forecasts for $89.2 billion. Its Services revenue totaled $27.4 billion, a new record, and comprised nearly 30% of its total revenues in the quarter. Apple stock was up about 2% following the results. Apple reported results Thursday that beat forecasts on the top and bottom lines as the iPhone maker boasted about double-digit revenue growth across its iPhone, Mac, and Services businesses, as well as growth in all of its geographic segments. Earnings per share came in at $1.57, ahead of the $1.43 Wall Street had expected, while revenue tallied $94 billion, up 10% from last year and ahead of forecasts for $89.2 billion. Its Services revenue totaled $27.4 billion, a new record, and comprised nearly 30% of its total revenues in the quarter. Apple stock was up about 2% following the results. Roku reports surprise profit in Q2, revenue beats expectations Roku's (ROKU) second quarter results got a boost from an expanding user base and advertising sales, the company reported Thursday. The company reported profits of $0.07 per share, above the $0.17 per share loss analysts expected. 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Coinbase reported second quarter revenue of $1.5 billion, below the $1.59 billion analysts had forecast, while trading volume and transactions revenue both fell shy of expectations. Subscriptions and services revenue in the second quarter totaled $656 million. Adjusted EBITDA in the second quarter totaled $514 million, down from $596 million a year ago. In the third quarter, the company expects subscriptions and services revenue to fall within a range of $665 million-$745 million. Since the April 9 bottom in the stock market, Coinbase shares have roughly doubled; ahead of Thursday's results, the stock was up more than 50% this year. Reddit stock soars as company posts fastest quarterly revenue growth in 3 years Reddit (RDDT) stock jumped as much as 13% after hours after the social media company reported its fastest revenue growth in three years. Profits reached $0.48 per share in the second quarter, above the $0.19 per share projected by Wall Street analysts. Revenue grew 78% to $500 million, higher than the $425 million expected. Yahoo Finance's Laura Bratton reports: Read more here. Reddit (RDDT) stock jumped as much as 13% after hours after the social media company reported its fastest revenue growth in three years. Profits reached $0.48 per share in the second quarter, above the $0.19 per share projected by Wall Street analysts. Revenue grew 78% to $500 million, higher than the $425 million expected. Yahoo Finance's Laura Bratton reports: Read more here. Amazon posts earnings beat but stock slips Amazon (AMZN) profits and sales beat estimates for the second quarter, the company reported: AWS revenue rose 17% to hit $30.8 billion versus an expected $30.7 billion. It topped $26.2 billion in Q2 last year. The company's report follows Google's (GOOG, GOOGL) and Microsoft's (MSFT) own blowout announcements, highlighting growth across their respective cloud businesses on the back of increased customer spending on AI. Rival Microsoft reported that its Azure business generated $75 billion in fiscal 2025. Amazon widened its guidance for operating income on the lower end. For the third quarter, Amazon expects the operating income to come in between $15.5 billion and $20 billion, potentially indicating a headwind from tariffs. The initial reaction on the Street was downbeat, with Amazon stock slipping 2% after hours. Read more here. Amazon (AMZN) profits and sales beat estimates for the second quarter, the company reported: AWS revenue rose 17% to hit $30.8 billion versus an expected $30.7 billion. It topped $26.2 billion in Q2 last year. The company's report follows Google's (GOOG, GOOGL) and Microsoft's (MSFT) own blowout announcements, highlighting growth across their respective cloud businesses on the back of increased customer spending on AI. Rival Microsoft reported that its Azure business generated $75 billion in fiscal 2025. Amazon widened its guidance for operating income on the lower end. For the third quarter, Amazon expects the operating income to come in between $15.5 billion and $20 billion, potentially indicating a headwind from tariffs. The initial reaction on the Street was downbeat, with Amazon stock slipping 2% after hours. Read more here. Apple Q3 earnings to give Wall Street better view of tariff impact Yahoo Finance's Daniel Howley previews what to watch when Apple reports earnings after the bell: Read more here. Yahoo Finance's Daniel Howley previews what to watch when Apple reports earnings after the bell: Read more here. Reddit set to report Q2 earnings as Wall Street scrutinizes daily active user growth Reddit (RDDT) will report second quarter results after the bell on Thursday. One key metric to watch will be daily active users, which disappointed Wall Street over the last two quarters. Changes to Google Search's algorithm could further disrupt the platform's users. Yahoo Finance's Laura Bratton breaks down what the Street is hoping to hear from Reddit: Read more here. Reddit (RDDT) will report second quarter results after the bell on Thursday. One key metric to watch will be daily active users, which disappointed Wall Street over the last two quarters. Changes to Google Search's algorithm could further disrupt the platform's users. Yahoo Finance's Laura Bratton breaks down what the Street is hoping to hear from Reddit: Read more here. Unilever's personal care business delivers solid results, but ice cream was the standout Unilever (UL) beat sales growth forecasts in the second quarter but reported a 50% drop in free cash flow year over year. The ice cream business outperformed in Q2, with sales rising 7.1%, led by double-digit growth in its Magnum brand. Unilever's ice cream business is on track to be spun off in November. The new company will be called The Magnum Ice Cream Company, and Unilever will retain a 20% stake in the company. Reuters reports: Read more here. Unilever (UL) beat sales growth forecasts in the second quarter but reported a 50% drop in free cash flow year over year. The ice cream business outperformed in Q2, with sales rising 7.1%, led by double-digit growth in its Magnum brand. Unilever's ice cream business is on track to be spun off in November. The new company will be called The Magnum Ice Cream Company, and Unilever will retain a 20% stake in the company. Reuters reports: Read more here.
Yahoo
23 minutes ago
- Yahoo
Buffered ETFs gain steam in valuation-wary markets
As a new round of U.S. tariffs send markets tumbling, could a once-overlooked ETF hedge offer investors the safety net they're seeking? Buffered ETFs, also known as defined outcome products, have gained traction in recent years by offering partial downside protection in exchange for capped gains. Each fund is structured to shield investors from a set percentage of losses, typically 10% to 20%, over a fixed period. In return, gains are limited, and the terms reset at the end of each outcome window. Buffered ETFs struggled to gain traction after their late 2018 debut — and for good reason. From 2019 through 2021, the S&P 500 returned an average of 24% annually, leaving little appeal for products that cap upside. But a sharp downturn in 2022 changed the equation. With the index falling nearly 20% that year, investors poured nearly $10 billion into buffered ETFs, breathing new life into the once-overlooked product. READ MORE:Top 10 dividend stocks of the past yearThe case for investing in emerging markets, despite underperformanceThe 'granular' investing strategy with big tax savings for HNW clientsWall Street builds S&P 500 'no dividend' fund in new tax dodge During times of declining equities, investors often rely more heavily on bonds. But in recent years that strategy hasn't always worked out, according to Charles Champagne, head of ETF strategy at Allianz Investment Management. "When you have an equity and fixed income portfolio, if equities are in a tougher market, you expect your fixed income to offset those losses, and that just really hasn't happened in the past [couple of years]," Champagne said. "So these products really help in that capacity." To build buffered ETFs, issuers like Allianz use options to shape both downside protection and upside limits. They start by buying a deep-in-the-money call to mirror market exposure. Then, to create the buffer, they buy an at-the-money put and sell an out-of-the-money put, defining how much loss the fund will absorb. To offset the cost of this protection, they sell a call option, which in turn sets the cap on gains. This options mix allows issuers to offer defined outcomes over a set time frame, typically one year. While buffered ETFs offer downside protection, their complex structure and active management often result in higher fees. First Trust and Innovator dominate the market, with flagship products like BUFD and PJAN charging expense ratios of 0.95% and 0.79%, respectively. Smaller issuers such as Allianz offer slightly lower costs — its most popular fund, JANW, carries a 0.74% fee — but costs remain high compared to the rest of the ETF market. Champagne said he expects those ratios to decline as the funds grow, but that will take time. "There is a cost to us managing these portfolios that we have to apply to the expense ratio. And then, like anything, economies of scale will eventually start to kick in," Champagne said. "And as assets continue to drive towards defined outcome ETFs, that will inevitably draw down that total cost to the investor through the expense ratio. But anytime you're dealing in options or exotic investments, there are additional costs that are factored into the total cost of the ETF." High costs aren't the only deterrent for some advisors when considering buffered ETFs. Carson McLean, the founder of Altruist Wealth Management in Charlotte, North Carolina, said that buffered ETFs often "overpromise and underdeliver" when it comes to real-world investing behavior. "They introduce complexity, hidden trade-offs (like forgone dividends and capped returns), and a timing dependency that most investors don't fully grasp," McLean said. "In my view, it's risk repackaging more than risk reduction." Advisors like Kyle Ray, the founder of Ridgeback Wealth Management in Peachtree City, Georgia, share a similar view of buffered ETFs. "I am not a fan of buffered ETFs for several reasons," Ray said. "They can be complex, costly and tax-inefficient due to short-term capital gains resulting from frequent options trading. Additionally, they carry liquidity risks and other drawbacks." More than one way to hedge For clients looking for downside protection, well-worn strategies are often still the best option, according to some advisors. McLean says a traditional bond-equity mix can still work well, especially when combined with thoughtful planning, disciplined rebalancing and guidance that keeps clients steady during market swings. With this approach, it's crucial to match the portfolio structure to the actual spending needs and time horizon of the client, he said. "That may not sound exciting, but it tends to work better than most engineered products," McLean said. Another approach involves using TIPS (Treasury inflation-protected securities) to build a laddered bond portfolio. With TIPS ladders, advisors purchase bonds that mature at regular intervals (often annually), helping to create a predictable stream of inflation-adjusted income over time. "While I do not advocate for timing market entries, now is a good time to assess whether you need high equity risk to achieve your financial goals," Ray said. "Currently, real yields on a 30-year ladder of TIPS are 2.4% above inflation. Purchasing a 30-year TIPS would be expected to more than double in real purchasing power if held to maturity. With real yields this high, investors should seriously consider whether they would get a fine result with fewer equities and less stomach acid." Investing with the right mentality Beyond the specific strategy, advisors say it's crucial to have the right mentality when it comes to long-term investing and the challenges it presents. "The bottom line answer is that no matter how you feel about market valuations, the market can either stay irrational a lot longer than you expect, or alternatively, corporate earnings can catch up with lofty valuations, bringing them back down to reality. Case in point are the earnings of companies like Meta and Microsoft," said Alex Caswell, a financial planner at Wealth Script Advisors in San Francisco. "I would encourage investors to think primarily about the risk/reward balance in their entire portfolio and commit to a long-term holding mentality," he added." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
25 minutes ago
- Wall Street Journal
Weak Jobs Report and Tariff Blitz Push U.S. Stocks Lower - Minute Briefing
Full Transcript This transcript was prepared by a transcription service. This version may not be in its final form and may be updated. Charlotte Gartenberg: Here's your closing bell brief for Friday, August 1st, I'm Charlotte Gartenberg for the Wall Street Journal. US markets were lower across the board today. The Dow Industrials fell 1.2% while the Nasdaq composite led losses with a drop of 2.2%. The declines were fueled by a weaker than expected July jobs report and President Trump's new tariff plan. The new tariffs affect a number of countries, including Canada, Switzerland, and Taiwan. The weak jobs report increased investor bets that the Federal Reserve will cut rates. After the report, President Trump said he directed his team to fire the top Bureau of Labor Statistics official. Among individual companies, shares of Amazon ended down 8.3% after the company's cloud computing arm reported disappointing growth. The industrial supplies company WW Grainger slid over 10% after cutting its profit outlook due to tariff related factors. The Solar Energy Company, First Solar rallied 5.3% on earnings and revenue guidance that beat expectations. Shares of Reddit jumped more than 17% after the social media platform swung to a quarterly profit driven by AI improvements. And the software company, Figma moved 5.6% higher after soaring 250% in its stock market debut yesterday. Heads Up, an artificial intelligence tool. Helped us make this episode by creating summaries that were based on WSJ Reporting and then reviewed and adapted by an editor. We'll have a lot more coverage of the day's news on the Wall Street Journal's. What's News Podcast? You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
