The Securities That Banks Are Backing Away From: Credit Weekly
Capital One Financial Corp. redeemed a $500 million preferred share this week, resulting in the market shrinking on a net basis this year, according to data compiled by Bloomberg. If the trend continues, this will be the second year in a row that the market for US bank preferreds has shrunk, something that hasn't happened since the lenders were replacing obsolete capital after the global financial crisis.
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Yahoo
36 minutes ago
- Yahoo
Why Donald Trump's Trump Steaks Failed After Just 2 Months
Before Donald Trump became president -- back when the thought of running hadn't even crossed his mind and "The Apprentice" excelled in the reality television world -- he briefly headed a company selling one of America's favorite dinners: steaks. Trump Steaks got its welcome to the world back in 2007, selling various steak cuts, hamburger patties, and hot dogs. You couldn't just go into your local Walmart and pick up one of "The World's Greatest Steaks" (the tagline of Trump Steaks). Instead, you could only order through Sharper Image -- a website, store, and catalog ordering service focused on home and lifestyle products -- and the QVC shopping channel. This added an element of exclusivity to Trump's product before even getting into the specifics of the beef's certification and origin. Trump Steaks did have the certifications that generally mark a quality steak. When picking steak at the grocery store, you're looking for Prime grading -- the best you can get in terms of USDA grades of beef. All products from Trump Steaks carried the USDA Prime seal and were supplied by Sysco-owned Buckhead Beef. So with a reputable source and such a great certification, there's no reason why this company wouldn't take off, right? Read more: 7 Costco Meats You Should Buy And 5 You Should Avoid After about two months on the Sharper Image site beginning in May 2007, Trump Steaks had sold virtually no steaks for such a large project. As a result, the steaks were pulled from Sharper Image's catalog and from QVC shortly thereafter. Trump Steaks' availability, which depended directly on Sharper Image, ended up being a hindrance. Without being able to pick up the steaks at local stores, not everyone could easily purchase the product. There also didn't seem to be a lot of desire from existing Sharper Image customers to shell out big bucks for frozen steaks. Additionally, Sharper Image filed for bankruptcy just a year after the Trump Steaks stunt. At the end of the day, Trump Steaks genuinely did not wow its consumers as Donald Trump promised. Looking back on the reviews of Trump Steaks, many people bought a cut and were disappointed by the bland taste and grainy texture. One anonymous consumer even noted, "Nothing in this collection seems to justify the asking price. There are better steaks out there" (via GQ). Even folks that felt the products weren't too bad still thought they were way overpriced. When you're paying at least $100 (plus shipping) for Donald Trump's product, you at least deserve an experience that matches the description. Otherwise, it makes complete sense to toss Trump Steaks to the side and opt for something reliable, like shopping for meats with your local butcher for a better quality steak. For more food and drink goodness, join The Takeout's newsletter. Get taste tests, food & drink news, deals from your favorite chains, recipes, cooking tips, and more! Read the original article on The Takeout.
New York Times
39 minutes ago
- New York Times
The latest on Malik Beasley's legal trouble
A deal involving seven teams highlights the weekend. Meanwhile, Houston is parting ways with one of its young assets. Jacob Kupferman / Getty Images Jason Miller / Getty Images By Mike Vorkunov, Jon Krawczynski and James L. Edwards III Lawsuits and liens have trailed free agent guard Malik Beasley since he entered the league in 2016, and he has drawn concerns from at least one team about his off-court life. Now, he faces even more scrutiny. Beasley, 28, is a person of interest in a gambling investigation out of the U.S. Attorney's Office for the Eastern District of New York, his attorney, Steve Haney, confirmed to The Athletic over the weekend. No charges or formal allegations have been filed against him. 'This is simply an investigation,' Haney said. 'At this point, Malik has not been charged with any crime and there has been no formal accusation of wrongdoing. Hopefully, everyone will afford him that same presumption of innocence that everyone else deserves.' The investigation into Beasley came at what should have been a moment of triumph for him. After playing for five teams over his last four seasons, he was set to cash in this month following a strong campaign with the Detroit Pistons, where he averaged 16.3 points per game and made a career-high 41.6 percent of his 3s. The Pistons had been in talks with Beasley and his agent leading up to June 30's official start of free agency, and were prepared to offer him a three-year, $42 million contract that included a team option for the last year, according to two sources briefed on the negotiations. But the NBA reached out to the club several days before free agency began and let it know about the federal investigation involving Beasley. The Pistons quickly pivoted away and are now unlikely to sign him. The league has not said whether it has also investigated Beasley. The NBA has previously said it is cooperating with the federal investigation. The contract would have been a windfall, although Beasley has already made nearly $60 million over his nine seasons in the NBA, including $6 million with Detroit this past season. But he has a line of creditors who have taken to courts to try to recoup the money they believe they were owed. He has been sued at least five times over the last eight years, according to available public records, and has more than a dozen different liens filed against him. Read more here. GO FURTHER Malik Beasley facing complaint from former agency amid gambling investigation Maddie Malhotra / Getty Images The Boston Celtics front office isn't done making moves. How can we be so sure? By all indications, Brad Stevens will at least get his team under the second apron — and as of late Wednesday night, the team was still above it by about $332,000. It wouldn't take much maneuvering to dip under that threshold, but it would take more work if Stevens is motivated by the prospect of escaping the luxury tax. With Jayson Tatum injured, it could be smart for the Celtics to get out of the luxury tax now and begin the process of resetting the repeater tax. They would need to stay out of the luxury tax for two straight seasons to do so. Whatever comes next, the Celtics' supporting cast already has been crushed this offseason. Over the last two weeks, they have said goodbye to three rotation players from last season and could soon lose a fourth in free agent Al Horford. That total doesn't include Tatum, who is set to miss much of next season with an Achilles injury. The Boston front office hasn't done much to replace the departed players. Free-agent signings Josh Minott and Luka Garza were end-of-bench players for the Minnesota Timberwolves. Anfernee Simons and Georges Niang, acquired via trades, could be flipped again to help Boston shed more salary. While prioritizing their salary-cap situation this summer, the Celtics have allowed their talent level to shrivel up. Who's left on the roster? Read more here. GO FURTHER Celtics depth chart: More changes coming, but where does the roster stand? Trevor Ruszkowski / Imagn I've mentioned this before, but the Pacers painted themselves into a corner once they extended Andrew Nembhard last summer. By taking Nembhard's salary from $2 million to $18 million for 2025-26, Indiana put itself in a position where paying Myles Turner any kind of market rate would certainly put it into the luxury tax. (That extension, by the way, paid Nembhard two years and $56 million in new money; he's a good player, but this was roughly double what Nickeil Alexander-Walker got in free agency … for a guy they already had under contract.) Setting things up to be a tax team works better if your team is owned by Steve Ballmer as opposed to Herb Simon. We'll never know if the Pacers would have shelled out if Tyrese Haliburton hadn't been injured, but they've also never paid a cent of luxury tax in their history. The smart money was on that streak continuing. The Pacers, however, still have outs to survive this, particularly in the trade market. The first step is to turn Turner's departure into a sign-and-trade with Milwaukee, thereby generating a $24.5 million trade exception that they can use until next July. It likely will cost them a second-round pick, but it's worth it. Indiana also reacquired its 2026 first-round pick from the Pelicans just before the Haliburton injury, greatly lessening the worst-case scenarios for this coming season. That reacquisition also makes possible my favorite fake trade: Indiana sending a lightly protected 2027 first to Dallas for Daniel Gafford. He would need to fit into a trade exception created by a Turner sign-and-trade, but Gafford is a starting-caliber center who's tough and runs all day, plus he's signed for four years, and his money won't put Indiana into the tax. The Raptors have officially signed Sandro Mamukelashvili to a 2-year contract. A one-year deal with Orlando for Moe Wagner gives him a de facto no trade clause while he rehabs from a torn ACL. Wagner will have full Bird rights next summer to re-sign with the Magic, who also employ his younger brother (and roomate!), Franz. There is no denying the price the Bucks have paid to get Myles Turner to Milwaukee, a price that will show up on their salary cap sheet for the next five seasons. But as far as Turner's game is concerned, that should be a nearly perfect fit. Not only does Turner have the skills that made Brook Lopez indispensable for seven seasons, but also Turner is younger and more athletic. He might not be the lead ballhandler (Milwaukee will need to continue to search for help in that department) the Bucks lost when Damian Lillard tore his left Achilles tendon in Game 4 of Milwaukee's first-round loss to the Pacers, but if deployed correctly, Turner will be able to do all the things — plus a few more — that made Lopez one of the team's most important players. And that could allow the Bucks to evolve moving forward. Read my detailed breakdown of the Bucks' new signing. GO FURTHER What does Myles Turner bring to the Bucks? Breaking down the fit on both ends of the floor Kevin Dietsch / Getty Images The Washington Wizards entered the mix in the last 24 hours, and the idea of Jonathan Kuminga as a possible fit in Washington's rebuild has gained real momentum, according to league sources. The Miami Heat, Chicago Bulls, Milwaukee Bucks and Brooklyn Nets have also registered varying levels of interest in Kuminga, league sources said. This is a difficult market for restricted free agents. Kuminga isn't alone. The Josh Giddey, Quentin Grimes and Cam Thomas situations also remain without resolution as free agency nears its fifth day. Kuminga and his agent, Aaron Turner, are in search of a situation where Kuminga will be a featured part of the core with the belief of the franchise and coaching staff behind him. That isn't something Kuminga has consistently felt in his four years with the Warriors and — holding a degree of agency for the first time in his professional career — he's in patient pursuit of a situation that matches his ambitions. That could mean the process drags deeper into July. Mike Brown verbally agreed to his head coaching contract with the Knicks last night and is expected to sign it early next week, a league source told The Athletic . Thearon W. Henderson / Getty Images There's been increasing movement and conversation regarding Jonathan Kuminga, one of the most intriguing names remaining on the market. The Golden State Warriors, according to league sources, have been searching for a promising young player plus a first-round pick in return for Kuminga, should they ultimately choose to part with him in a sign-and-trade scenario. They extended the $7.9 million qualifying offer to the 22-year-old wing and maintain the ability to match any contract he signs. That gives them a level of leverage in a market devoid of significant cap space. They've drawn inbound calls in recent days, most notably from the Sacramento Kings, who floated an offer of Devin Carter, Dario Šarić and two second-round picks, league sources said. The Warriors have so far balked at what they felt was a buy-low attempt, league sources said. Read on for the latest Kuminga intel. GO FURTHER The latest on Jonathan Kuminga, the Warriors and his restricted free agency Moe Wagner has agreed to a one-year, $5 million deal to return to the Orlando Magic, a league source confirmed to The Athletic . Wagner, who was on track to be an NBA Sixth Man of the Year candidate before he suffered a season-ending ACL tear in December, will rejoin the team's big-man rotation of Wendell Carter Jr., Goga Bitadze and Jonathan Isaac when Wagner returns from his ACL rehab, which seems likely to occur sometime after the start of the regular season.I don't know how on earth the 76ers got Jabari Walker on a 2-way contract, but he is absolutely an NBA player and I wouldn't be shocked if he ends up in the Sixers' rotation. The fourth-year forward was a victim of a numbers game in the Blazers' frontcourt. But he rebounds, has some stretch capability and is still only 22 years old. My BORD$ formula had a value of $7.3 million on Walker. Meg Oliphant / Getty Images Jaxson Hayes has agreed to a one-year deal to return to the Lakers, a league source confirms to The Athletic. During a 16-game stretch around the time of the Luka Dončić-Anthony Davis deal, Hayes was terrific. The Lakers went 14-2 and he averaged 8.3 points, 5.6 rebounds and 1.4 blocks. Hayes struggled after a knee injury and, obviously, the playoffs were the playoffs. But with him and Deandre Ayton, the Lakers have two lob threats at center. The Lakers, as is, also believe in Maxi Kleber's value as a stretch big. He's recovering well from foot surgery last January and could give them another dimension in their center rotation. The Pelicans waiving guard Antonio Reeves only makes sense if they are stretching his money to add a player who makes roughly $5 million, with either their biannual exception or the rest of their nontaxpayer midlevel exception, and want to do it while staying below the luxury tax. Reeves was guaranteed $1.955 million for this coming season, and New Orleans would be just more than $5 million below the tax if his money were stretched. If so, waiving a second-year player who shot 39.5 percent from 3 as a rookie would be a continuation of the string of bizarre moves emanating from the Pelicans of late. Reeves instantly becomes a priority two-way target, if not a roster add for the minimum, especially for younger teams trying to build. Our Doug Haller reported last month that the Suns were expected to try to part ways with Bradley Beal, and now an Arizona Republic report says that a buyout is being discussed. Phoenix buying out would save at least $34 million from its cap number for the coming season and make it possible for the Suns to escape the luxury tax entirely, although the Suns might clear it by mere pennies. Beal must give back at least $13.8 million for the Suns to legally stretch him, as our Fred Katz reported recently, and if that were to happen, the Suns would have a cap charge of $19.4 million over the next five years — a far cry from his $53.7 million salary in 2025-26. GO FURTHER How Jalen Green and Devin Booker can co-exist in a Suns backcourt My colleague Sam Amick has confirmed via a league source reports that center Jonas Valančiūnas, whom the Sacramento Kings agreed to trade to the Denver Nuggets at the start of free agency, is considering a move to the EuroLeague and an offer to play for Greek club Panathinaikos Athens. Valančiūnas has two years and a little more than $20 million left on his deal. If the agreed-upon trade goes through (Sam says it's still on, per a league source), Denver would have to waive or buy Valančiūnas out of his $10.4 million for 2025-26 for him to exit. I'm sure the Kroenkes are salivating over saving that cash, but the only plausible big-man replacement move would be signing Al Horford. Nobody else is left on the market, and the Nuggets have nothing to put into a trade. GO FURTHER Winners (Hawks), losers (July) and more from NBA free agency's first days No surprise on Houston waiving Jock Landale. In the absence of another trade, Houston needs to waive both his non-guaranteed deal and that of Nate Williams to get below the first apron, where the Rockets are currently hard-capped as a result of using their nontaxpayer midlevel exception on Dorian Finney-Smith. Williams has no trigger date on his guarantee, and the Rockets can keep him and stay under the apron if they move the contract of Cam Whitmore. If need be, Houston can also drag its feet on officially re-signing one of Jeff Green or Jae'Sean Tate while it figures out the resolution of that last roster spot. Steph Chambers / Getty Images For Deandre Ayton, who turns 27 at the end of July, the opportunity to re-establish himself couldn't be more clear. While his contract with the Lakers has a second-year player option, no one involved wants him to exercise it — the hope being that he far outplays that $8 million valuation and commands way more next summer. Team sources believe the Lakers have the right coaching staff to make that happen. In JJ Redick, they have a deadly serious head coach who also understands how to relate to players. Assistant Scott Brooks worked with Ayton in Portland two years ago, and Nate McMillan has either played or coached with or against virtually every personality type the NBA's ever concocted. And if not, the Lakers have maintained their flexibility for next summer and beyond. The Lakers weren't going to do better this summer than Deandre Ayton, not with what was on the market, not with the little they had to offer. If you polled 29 other general managers about whether they'd rather trade a first-round pick for Nic Claxton or if they'd rather pay Ayton $8 million, we can be pretty confident in the answer. And if there was hesitation, it wouldn't be because of the stuff on the court. It would be concerns about the culture, the fit, the commitment, the understanding about the required sacrifices that need to be made in order to win at the highest level. Read more of my column on the Ayton signing here. GO FURTHER Deandre Ayton fits with LeBron, Luka and the Lakers on the court. Will that be enough? Michael Reaves / Getty Images While things are slow ... I don't think the Knicks' tax apron situation has received enough attention. By adding Guershon Yaubsele via the taxpayer midlevel exception, the Knicks will trigger the second apron. It is going to take some serious limbo to stay beneath it. After agreeing to a minimum deal with Jordan Clarkson, New York has two open roster spots left. At the moment, they cannot sign a veteran to either one. The only players they could fit into those spots are ones they drafted — 2024 second-round Kevin McCullar (for $2,048,914) into one spot, and either 2025 second-rounder Mohamed Diawara, 2023 second-rounder James Nnaji or 2021 second-rounder Rokas Jokubaitis (for $1,272,870) into the other. Any other combination of salaries signed this summer would put the Knicks over the second apron. There are two possibilities to get around this. The most likely one is that Yabusele takes slightly less than the full nontaxpayer midlevel exception. If he takes just $36,641 below that number, the Knicks can put a veteran into McCullar's spot and fill the other with any of the second-rounders besides McCullar. The second possibility is that the Knicks sign non-McCullar second-rounders into both spots, but waive Ariel Hukporti's non-guaranteed deal and put a veteran into his place instead. In the meantime, one can see why New York picked up Hukporti's team option. Right now the difference between his $1.955 million salary and the $2.3 million veteran minimum is the glue holding New York's entire salary cap Jenga structure together. Page 2
Yahoo
42 minutes ago
- Yahoo
Billionaire Bill Ackman Has 51% of His Hedge Fund's $14.4 Billion Portfolio Invested in Just 3 Exceptional Stocks
Bill Ackman is a buy-and-hold investor focused on stocks trading below their intrinsic value. Ackman has established positions in or continued buying all three of these stocks in 2025. All three offer good value in today's market despite the rising stock prices. 10 stocks we like better than Uber Technologies › Bill Ackman likes to keep his hedge fund, Pershing Square Capital, invested in just a few high-conviction companies. Indeed, it's hard to generate market-beating returns if your investments are spread so thin your portfolio looks pretty similar to the overall stock market. But Ackman and his team hold stock in just 10 publicly traded companies. Ackman is willing to deploy billions of dollars at once to accumulate shares in his highest-conviction bets, and he likes to hold those stocks for a long time. As such, Pershing Square's monthly investor updates and quarterly disclosures with the SEC can be a great source of investing ideas. And Ackman's three best ideas right now account for more than half of Pershing Square's publicly traded portfolio. Here are Ackman's top three holdings. Ackman accumulated 30.3 million shares of Uber (NYSE: UBER) at the start of 2025 before announcing the new position on X in early February. Pershing Square's first-quarter 13-F filing revealed it was, in fact, Pershing Square's largest position. That position has only gotten bigger as Uber stock has climbed about 55% since the start of the year, reaching a new all-time high. A large part of that rally came after Ackman announced Pershing Square's position. But the long-term prospects look good for Uber, too. While some see autonomous vehicles as a threat to Uber's ride-sharing business, it could turn out to be an opportunity for the company. That's because Uber has, by far, the largest customer base for taxi services. It counted 170 million total monthly active users as of the end of the first quarter. And its market share is growing thanks to the network effect and giving users more ways to use its service. That's an incredible asset that most companies building autonomous vehicles would love to tap into. Alphabet's Waymo, the leading self-driving car company, has already inked several deals with Uber to operate in multiple cities. In the meantime, Uber is executing on its financial goals. Gross bookings increased 14% last quarter. With improved operating leverage, the company managed to grow earnings before interest, taxes, depreciation, and amortization (EBITDA) 35%. With limited cash expenditures, it managed to produce 66% growth in free cash flow (converting over 100% of EBITDA). Despite the strong run-up in price, shares of Uber look fairly valued at an enterprise value less than 23 times forward EBITDA estimates as of this writing. Considering management expects EBITDA growth above 30% over the next couple of years, that's a very attractive price. Ackman has built a position in Canadian alternative asset manager Brookfield (NYSE: BN) over the last four quarters. On top of asset management, the company operates businesses across several segments, including real estate, renewable power facilities, and infrastructure. Those cash-flowing businesses give it capital to invest in additional operating businesses. Brookfield Wealth Solutions, its insurance business, provides additional capital via float for management to invest. That's a strategy Warren Buffett used to grow Berkshire Hathaway, and one Ackman has expressed interest in himself. Overall, Brookfield has grown distributable earnings per share at an average rate of 19% per year over the past five years. There's no reason to expect that rate to slow significantly over the next few years, as management uses its considerable cash flows from asset management, insurance, and its operating businesses to buy profitable assets while returning additional cash to shareholders through buybacks. Management is targeting $6.33 in earnings per share by 2029, a 16% compound annual growth rate. It grew 30% in the first quarter. Despite the strong growth expectations, the stock trades for just 19 times trailing earnings per share. That's well below comparable comparable companies and appears to undervalue the growth potential of the business. After a deal to acquire an increased stake in Howard Hughes (NYSE: HHH) through Pershing Square in May, Ackman now serves (once again) as executive chairman for the company's board. Ackman put up $900 million of Pershing Square's cash in exchange for 9 million shares of the stock, giving it a 46.9% economic stake in the company and 40% control of the vote. The bigger part of the deal is that Ackman is able to take Howard Hughes and transform its existing real estate operations into a diversified holding company a la Berkshire Hathaway. Ackman has said one of his first moves will be to buy or build an insurance business. In the meantime, Howard Hughes' core business looks undervalued. Management estimated the net asset value of its master planned communities, condos, and operating assets (minus its corporate debt) at about $5.8 billion per share at the end of last year. The $900 million cash infusion from Pershing Square's investment will bring its net asset value even higher, but the company's total market cap sits at just $4 billion as of this writing. Howard Hughes generates strong operating cash flow through the sale of its plots to homebuilders and rental income from its commercial and multifamily buildings. Since it controls the entire acreage of its master planned communities, it's able to build just enough to meet demand for office buildings and multifamily housing, ensuring strong returns on capital spending. The rest of its cash can go toward new investments, especially now as a diversified holding company. The new structure does come with some drawbacks, though. Howard Hughes will have to pay Pershing Square $3.75 million every quarter on top of a 0.375% incentive fee for increasing the value of the business above inflation. That said, Howard Hughes opens the door for average investors to put their money to work directly with Ackman and gain access to private deals he might make instead of following along with Pershing Square's public moves. And with the stock trading below management's estimate for net asset value, it may be a good opportunity for investors. Before you buy stock in Uber Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Uber Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $699,558!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $976,677!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 30, 2025 Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Adam Levy has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, Berkshire Hathaway, Brookfield, Brookfield Corporation, Howard Hughes, and Uber Technologies. The Motley Fool has a disclosure policy. Billionaire Bill Ackman Has 51% of His Hedge Fund's $14.4 Billion Portfolio Invested in Just 3 Exceptional Stocks was originally published by The Motley Fool Connectez-vous pour accéder à votre portefeuille
