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World News

As Haitian Chief’s Funeral Nears, Anger Burns within the Streets

CAP-HAÏTIEN, Haiti – Hours before mourners were due to pay tribute to assassinated President Jovenel Moïse at a state funeral on Friday – a moment many hoped would help heal a broken nation – the northern city of Cap-Haïtien burned with anger and frustration exposing the deep divisions in Haiti.

Black smoke from burning tires billowed across the streets on Thursday, a common form of protest in a country divided on geography, wealth and power. Large crowds of demonstrators ran through the narrow colonial streets and shouted: “You killed Jovenel and the police were there.”

Mistrustful of the elite who had come out of the capital, angry men tried to prevent the arrival of mourners from outside the city by throwing a cinder block at the leading car of a motorcade that had navigated through the fire and later over a concrete telephone pole A street.

“We sent someone alive, they sent him back a body,” shouted Frantz Atole, a 42-year-old mechanic, promising violence. “This country will not be silent.”

The state funeral planned for the Moïse family homestead, less than half an hour from downtown Cap-Haïtien, was to attract diplomats from around the world and officials from across the country. But the uproar before the ceremony raised questions about safety and whether everyone who wanted to pay tribute to Mr. Moïse would actually come to the funeral.

Two weeks after Mr Moïse was riddled with bullets in his own bedroom in the capital, Port-au-Prince – killed by a group of Colombian mercenaries, authorities say – the country is still circling the country with unanswered questions and seething with rage. Several members of Mr Moïse’s own security department were also questioned and taken into custody.

A new government was installed in the capital this week, with leaders vowing to get to the bottom of the horrific murders and to reach consensus between the country’s warring political factions and its angry civil society groups. But the unrest Thursday threatened to turn hopes for consensus into a naive, unrealized dream.

“The Port-au-Prince bourgeoisie is responsible. You are the reason for all of this, ”said Emmanuella Joseph, a 20-year-old high school student who cried into a washcloth by the roadside at the end of an ongoing protest. “All I ask is to close all roads so they don’t come.”

She added lamentably that the president’s killers were outsiders who had long interfered in the fate of the country. “What kind of nation comes and kills a president?”

Others shouted that the police and the Presidential Guard, whose members were not injured in the attack on the President’s home, were involved in the murder.

Cap-Haïtien was dressed in mourning on Thursday. It was once the capital of the French colony of St. Domingue, which claimed one of the world’s most brutal slave plantation economies and was later overwhelmed by the world’s most successful slave rebellion. Banners hung over the streets reading “Justice for President Jovenel” and “Thank you, President Jovenel. You gave your life for the struggle of the people and it will go on. “

In the immediate vicinity of the city’s main stone square, where rebel leaders were executed more than two centuries ago, mourners queued to sign books of condolence and light candles before a large photo of the president was taken in a government building.

“We live in such a fragile time,” said Maxil Mompremier in front of the Notre Dame de L’Assomption cathedral from colonial times, where Moïse’s supporters had previously gathered for a service. “Nobody understands what happened. Lots of people are scared. “

The assassination of the President of Haiti

Mr Moïse comes from the north of the country and was not known in the country’s center of power, Port-au-Prince, when he was elected as a candidate for the 2015 elections by the ruling party. Born in the nearby town of Trou-du-Nord, he later began his entrepreneurial career in Port-de-Paix, where he became President of the Chamber of Commerce.

The fact that he was killed far away in Port-au-Prince sparked old divisions between the less developed north and the capital and economic center of the country and deepened the rifts between the country’s small elite and its destitute majority.

“It occurs incessantly in the entire history of Haiti,” said Emile Eyma Jr., a historian from Cap-Haïtien, speaking of the resentments of the northerners. “It is dangerous that both the question of color and the question of regionalism are used as weapons for purely political reasons.”

The president’s wife, Martine Moïse, who was injured in the attack, has announced that her family will pay for the funeral. Planes arrived at the usually sleepy airport all day, with more to arrive on Friday.

But anger burned in the streets of this city.

“We’ll protest all night,” Mr. Atole vowed as the tires burned on a bridge behind him. “We’ll make it difficult for them in town.”

Harold Isaac contributed to the coverage.

Categories
Entertainment

‘Within the Heights,’ The place the Streets Explode With Dance

“The streets were made of music,” Usnavi, the hero of “In the Heights.” says to a group of children near the start of the movie.

His description of Washington Heights may be true, but it tells only a part of the story: In this film, the streets are paved with dance. The most invigorating ingredient in this movie is its ardent, joyful commitment to bodies in perpetual motion. It doesn’t matter if they’re dancing or just moving through those streets. “In the Heights” is a dance film in which movement, as it passes down from one generation to the next, represents the pulse and velocity of a neighborhood.

Whether it’s mambo on 2 — a New York style, in which dancers break forward and back on the second beat of the measure — or just a simple walk, how does rhythm radiate out of the body? Where does a step find its bounce?

Immediately, in the film’s nimble opening moments, we are swept into the rhythm of Washington Heights, a neighborhood at the northern tip of Manhattan, with Usnavi (Anthony Ramos) leading the way. As he stands with his back to the window in his bodega, a flurry of choreography ignites the street behind him. He steps outside and finds himself at the center of ecstatic action — bodies pirouette around him, and just beyond, spread across the street and sidewalks, is a synchronized sea of dancers with swiveling hips, emphatic, circling arms and undulating spines flying through a tapestry of movement, including mambo on 2, Afro-Cuban and son Cubano. It’s breathtaking.

The last time I felt such a sense of release watching dancers spill onto the streets in a movie was in “Fame.” Like “In the Heights,” which tells the story of immigrants from the Caribbean and other parts of Latin America, “Fame” (1980) was about more than dance. But after all these years, what sticks? Dance, dance and Debbie Allen.

“In the Heights” is both a remarkable recording of different dance genres — mambo on 2, certainly, but also litefeet, a street style born in Harlem known for its rapid-fire, seemingly weightless footwork; as well as contemporary dance and even touches of ballet — and a rich document of New York and East Coast dancers.

The film’s creators have been facing complaints about the casting of its main actors, with a lack of dark-skinned Afro-Latino actors in prominent roles. (Lin-Manuel Miranda apologized for falling short in “trying to paint a mosaic of this community.”) The dancers, though, are a more diverse group — both in terms of skin tone and styles. Rennie Harris, the Philadelphia hip-hop legend, makes an appearance. So do Jhesus Aponte, the celebrated Puerto Rican dancer; Nayara Nuñez, a Cuban dancer featured in the film “Dancing for My Havana”; and Karine Plantadit, a former Alvin Ailey dancer who starred in Twyla Tharp’s “Movin’ Out.” And on and on.

The choreographic mastermind of “In the Heights” is Christopher Scott. (He previously worked with the film’s director, Jon M. Chu, on the web series “The LXD: The Legion of Extraordinary Dancers.”) Scott, who comes from the street dance world of Los Angeles and is not Latino, worked with a team of associate choreographers who specialized in a range of styles, including Latin dance, hip-hop, ballet and contemporary dance. He didn’t want to let the dance world down.

“So often in the commercial world, dance is misrepresented,” Scott said in an interview. “It’s like I’m going to get the best flexers New York has to offer, because I want flexers to watch it with pride and look at themselves reflected and represented at the highest level.”

His team of associate choreographers is solid: Eddie Torres Jr. for Latin dance, with Princess Serrano as assistant Latin choreographer; Ebony Williams for ballet, contemporary dance, Afro and dancehall; Emilio Dosal, a popper who is versatile in many styles and brings the hip-hop element to the film; and Dana Wilson, who had a hand in everything — like all of the choreographers — but specifically worked with the actors to help them nail the physicality of their characters.

The choreographers used their personal contacts to find performers. They’re real people. “Princess and I were reaching out to everyone that we knew in the community — of all ages, because we needed the older with the young,” Torres said. “And I mean, like, everyone. Casting dancers was so last minute, honestly. It wasn’t, ‘You have three months.’ This was like, ‘Can you come in tomorrow? I need you.’”

Originally, Scott hoped to hire Torres as a performer. But when they talked, Torres blew Scott away with his knowledge of Latin dance, specifically mambo. Torres said his father created the syllabus and technique of mambo on 2 in the 1970s; his mother, the flamenco dancer Nélida Tirado, appears in the film. (Torres uses the word “mambo,” not “salsa,” which to him is something you eat, not something you dance.)

“It became a history lesson every single day,” Scott said. “And it changed my life.”

For Torres, the film was an “opportunity to show the world the real Latin dancing, not the commercialized side of it all,” he said. “To really bring an authentic vibe to the whole film, the film needed roots. It needed a foundation to really grow.”

In the club scene, which focuses on New York mambo, Scott wanted Torres, who choreographed it, to have his moment. On the first day of rehearsals, Scott decided not to tell the dancers who the stars of the film were. “They weren’t pampered,” he said. “The dancers were like, ‘No, it’s not that’ and ‘fix your arm.’ And it was stressful for the actors. But I wanted to make sure that Eddie had the space to not dumb anything down.”

The result is thrilling: The camera, here and elsewhere, creates the sensation of being inside of the dance. (“Fame” was like that, too: messy, visceral, real.)

The movie makes room for many movement sensibilities. “Paciencia y Fe” is a sweeping, dream ballet featuring Abuela Claudia (Olga Merediz) on a subway train that moves from the past to the present. Choreographed mainly by Williams, a former member of Cedar Lake Contemporary Ballet who has danced with Beyoncé and on Broadway, it’s a contemporary piece. But Williams wanted to instill the sequence with a feeling of the culture. “For me, Latin movement has lots of circles, movement of the hips and freedom of the neck,” she said. “I wanted it to carry all those things.”

The choreography had to come from a real place. The galvanizing spectacle, “96,000,” a homage to Busby Berkeley shot at Highbridge Pool in Washington Heights on a rainy, bone-chilling day, is a case in point. For a moment, Scott was contemplating bringing in a synchronized swimming group, but he couldn’t find one that represented the Latino community.

Instead the scene featured “90 dancers who have never done anything like that,” Scott said. It was gratifying, he added, to work on a project that was “going to be a little raw” and “a little rough” — one that’s “not going to be easy.”

For all the splendor of the pool dance, what makes it memorable is that grit and brazenness — the sense of moving and splashing, as if time were running out.

Whenever the story starts to become ponderous (and it does at times), dance comes to the rescue, rebooting the senses. The numbers feel wholly alive, which has to do with the spontaneity of the dancers, most of whom come from the New York scene. This is not Los Angeles commercial dance, which, while incredibly precise, can tend toward the slick. But at the start, Scott wasn’t sure. After his first New York audition, he was worried.

“They didn’t look great doing the choreography that I brought to the audition,” he said. “I was kind of like, ‘Oh, no.’ So we did an audition in L.A., and it was night and day. It was a very clean. Everyone that you would expect at an audition — just killing the combo. But it lacked that personality, it lacked the rawness, it lacked New York.”

Scott realized that he needed to let go of what he was used to in order to get the look and feel he wanted, because, as he said, “We’re trying to create real moments even though they’re dancing in the street.”

There’s nothing worse than a perfect, over-rehearsed performance, and this film proves it: The dancing has depth and feeling because the dancers perform as if they don’t know, or care, that they’re being watched. Toward the end comes “Carnaval del Barrio,” a seven-minute dance set in a courtyard on a blistering day. It’s a display of the kind of sweaty, sticky dancing that fervently sums up the joy of being alive. In this celebration of mingling cultures, generations of bodies spill out of every pocket of the yard.

It was shot in just one day. “People were coming up to me on set with bloody knees saying, ‘I just need to bandage up real quick because I’ve got to get back in,’” Scott said.

Even after the shoot, no one left the set. “We kept dancing,” Torres said. “We were all jumping in a huddle. I can’t explain it, but our spirits were lifted — it was energy that just came through us. It was so authentic. I love ‘on 2’ and I love mambo, but when I say authentic, I mean that it’s a cultural dance. It’s a dance that you grew up with at home. You don’t know what it is to take a class. You’re brought up along with this music. And that is as raw as it gets.”

Categories
World News

Inventory futures dip barely after Wall Avenue’s worst week since February

Dealer on the floor of the NYSE.

Source: NYSE

Stock futures fell back in overnight trading on Sunday after last week’s sell-off triggered by inflationary fluctuations.

The futures on the Dow Jones Industrial Average were down 60 points. S&P 500 futures and Nasdaq 100 futures also traded in slightly negative territory.

Bitcoin price fell more than 7% to around $ 44,000 after Tesla CEO Elon Musk hinted in a Twitter exchange on Sunday that the electric vehicle maker may have dumped its Bitcoin holdings. Last week, for environmental reasons, Tesla decided to stop Bitcoin for car purchases.

Wall Street has had one of the wildest weeks of 2021, with the S&P 500 down 4% midweek on heightened inflation fears. The broad equity benchmark ended the week after a consecutive rally with a loss of 1.4%. The tech-heavy Nasdaq Composite, which was particularly hard hit by higher price pressures, fell 2.3% last week. The blue chip Dow fell 1.1% over the period. All three benchmarks had their worst week since February 26th.

“Not only [last] The week’s events are a warning sign of how uncomfortable inflationary pressures can get, but also a warning sign of how overbought the stock markets have become, “JPMorgan chief executive officer Nikolaos Panigirtzoglou said in a note.

Last week’s data showed that the consumer price index was up 4.2% yoy in April. This was the fastest rate since 2008, adding to fears that the Federal Reserve may be forced to taper its loose monetary policy if price pressures persist.

The Fed’s minutes of its last meeting, released on Wednesday, may provide some clues as to how policymakers are thinking about inflation.

Elsewhere, the first quarter earnings season ends with more than 90% of the S&P 500 companies reporting their results. So far, 86% of the S&P 500 companies have reported a positive EPS surprise. That would be the highest percentage of positive earnings surprises since 2008 when FactSet started tracking this metric.

Walmart, Home Depot and Macy’s will all be making profits on Tuesday.

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Categories
Business

One Strategy to Get Folks Off the Streets: Purchase Motels

With offices booming in San Francisco and plenty of overtime opportunities, Mr. Sanchez said that at its peak it could hit a maximum of $ 22 an hour, or just over $ 60, adjusted for inflation. He wasn’t worried about the rent either. He stayed in his family’s public housing unit until his mid-twenties and had a cheap after-hours life that consisted of floating around the neighborhood and hanging out with friends near the BART stop on 24th Street. “I was always on the street,” he said.

When he moved out of his family’s home, an event sparked by his brother’s murder in a drug deal, what he described as a series of falling wages, broken relationships, and unstable housing conditions began to rock him back and forth in the Bay Area and ended up pitching a tent in front of a church a block away.

“I started partying and stuff,” he said. “Starting cocaine and smoking weed.”

Mr Sanchez says he’s only got two formal leases for a few months each, and has seen enough wives and girlfriends in the process that he can’t say exactly how many of their names he tattooed and covered up.

“Bad call,” he said. “I have a heart for people.”

Mr. Sanchez jumped from rooms to floors and couches, saying he was functionally homeless even when he wasn’t on the street. At some point he moved to Sacramento, which is cheaper to rent, but had moved into landscaping and painting after his back injury, and that was only $ 10 an hour.

In early 2020, he slept on the floor of a friend’s hotel room and made about $ 1,000 a month in social security benefits and a little extra doing yard and gutter cleaning jobs every hour. One day he met a woman he knew and she offered to let him sleep in her tent next to an episcopal church one block from his children’s apartment. He said yes and soon got his own tent.

“I said, ‘Oh, is it like that? It’s not that bad, ”he said.

Homelessness, as experienced by Gregory Sanchez, is a relatively new phenomenon. In the early 1980s, scientists began documenting people sleeping in parks and bus stops. Then as now, researchers attributed this to a mix of falling wages, rising housing costs, and a frayed safety net associated with addiction and untreated mental illness.

Another factor that has largely been lost in history has been the loss of single occupancy hotels, which served as a crucial source of last resort housing. This has led the tenants to oppose Somerton’s conversion. When Mr Lembi asked the city for permission to renovate Somerton from residential to tourist hotel in 1984, it was challenged by Randy Shaw, a longtime housing attorney who founded the Tenderloin Housing Clinic in 1980 and still operates it today . He eventually negotiated an agreement that allowed the two dozen long-term residents to stay at the Hotel Diva.

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Business

Athletes Pitch Wall Road’s Scorching New Toy, however Not Simply to Their Followers

He and his partner at Slam Corp, hedge fund manager Himanshu Gulati, want to acquire a company in the sports, media, or health and wellness industries – but not a sports team, he said. (Mr. Rodriguez was also an investor in telehealth company Hims and Hers, which went public in a SPAC deal and valued the company at $ 1.6 billion last year.)

Rich Kleiman, manager and corporate advisor to Kevin Durant, the all-star striker for the Brooklyn Nets, said an athlete on an advisory board of a SPAC could help get a meeting with a company. Mr. Durant, he said, had been approached about such an agreement but decided against it because he would have little control over the direction of the company.

While Mr. Durant, who, together with Mr. Kleiman, runs a growing media and investment company, Thirty Five Ventures, puts up applicants, other athletes assert themselves independently.

Forest Road, an investment firm, was the entry point for Mr. O’Neal, who was already an investor there, when he contacted its managing director Zachary Tarica to get involved in his growing SPAC business. Mr. O’Neal was an advisor on his first SPAC, which last month announced plans to purchase Beachbody, a digital fitness company, valued at $ 2.9 billion. He is now an advisor to a second Forest SPAC.

Kevin Mayer, a former executive director of Walt Disney and TikTok who advised the first SPAC and heads the second, described Mr. O’Neal as a “real businessman” despite cautioning against investing in a particular company just because it is a famous one Person was involved.

“If anyone asked me, there is no way you should invest in this SPAC because there is a sports star or individual,” he said. “You should look at the entirety of the investment.”

Securities regulators have taken note of the celebrity endorsement trend, which has also attracted non-athletes from Sammy Hagar to Jay-Z. The Securities and Exchange Commission issued an investor warning on March 10, warning retail investors not to buy shares in a SPAC just because of some bold names attached to it.

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Business

To Plug a Pension Hole, This Metropolis Rented Its Streets. To Itself.

The city of Tucson, Arizona decided last year to pay the rent for five golf courses and a zoo to itself. In California, West Covina agreed to pay the rent on its own streets. In Flagstaff, Arizona, a new lease includes libraries, fire stations, and even the town hall.

These are risky financial agreements, born out of desperation, made to meet rising pension payments that cities can no longer afford. Starved by the pandemic, cities are essentially using their own property as a kind of security to raise money to pay their workers’ pensions.

Here’s how it works: the city sets up a front company to hold assets and then rent them out. The company then issues bonds and sends the proceeds back to the city, which sends the money to their pension fund to cover the shortfall. These bonds attract investors desperate for yield in a world with near zero interest rates by offering a yield that is slightly higher than that of similar financial assets. The pension fund, in turn, invests the money raised by these bonds in other assets that are expected to generate higher returns over time.

If they can execute the strategy, cities that issue these bonds can cut their pension bills by an amount that is the difference between what they earn and what they pay off. But as with any strategy based on long-term assumptions, there is risk.

Taxpayers can still owe the pension fund money if the investments do not produce the expected return. And while most municipal debt is bulletproof because a government pledges to bail out its creditors if it defaults, bonds like the one issued by West Covina have no guarantees.

“It puzzles me that anyone would buy these bonds,” said Jessica Shewmaker, a member of West Covina City Council, when an investment banker came up with the idea of ​​a $ 1.2 million monthly bill from California last year Cover Public Employees’ Retirement System or CalPERS. “These are roads that haven’t been paved in 20 years.”

Across the country, cities and towns are increasingly pursuing more aggressive investment strategies as they struggle to fill funding gaps in their retirement programs. According to Pension Tracker, a project under the Public Policy Program at Stanford University, the total nationwide shortage of public pensions is around $ 4.7 trillion.

Many states have tried to improve their pension systems, which often means asking local governments to send in much more money. Few cities only have cash these days, but they can long-term borrowing from investors with terms so far in the future that it feels like free cash. For example, West Covina bonds do not have to be paid back for 24 years.

When a community borrows money for a public project such as a new road or bridge, it typically issues a general bond, often after getting voter approval. This is the backbone of local government finances and offers solid guarantees – courts can force borrowers to pay, even if it means a tax hike.

However, it is different when a municipality takes out loans to cover a pension shortage. Usually this is done with a pension obligation. These also require voter approval in some states, but typically offer fewer guarantees to their buyers.

It gets darker when municipalities adopt the West Covina approach. Because the bond is issued by the dummy company, it is often referred to as something else – in the case of West Covina, a “lease revenue bond” – and does not necessarily need voter approval.

The consequences of this approach became apparent after Detroit filed for bankruptcy in 2013 and failed to pay its creditors in full.

Like West Covina, Detroit had used bogus companies to borrow money after it was directed to fund its retirement. Several years later, in bankruptcy, Detroit attempted to reject the $ 1.4 billion bond, calling it a bogus transaction in which bogus companies circumvented a legal debt limit. When the dust settled, bondholders got about 14 cents on the dollar. The city’s retirees also cut their hair.

The website of the 20,000-strong Government Finance Officers Association, whose stated mission is to “achieve excellence in public finance,” yells pretty loud, “State and local governments shouldn’t issue POBs.”

That didn’t deter the governments. Nationwide, cities and states spent $ 6.1 billion in pension obligations in 2020 than any other year since 2008. This comes from data compiled by Municipal Market Analytics, a research company. States with significant new retirement loans last year included Arizona, Florida, Illinois, Michigan, and Texas. In California, cities borrowed more than $ 3.7 billion to bid farewell to various public pension funds, breaking the old state record of $ 3.5 billion set in 1994.

It’s making a big comeback for this type of debt, said Matt Fabian, a municipal Market Analytics partner who has been writing the deals for years. “They borrow money and basically put it in the market and play,” he said.

Mr Fabian said his company’s balance sheet almost certainly missed borrowing from local governments that were taking West Covina’s approach as those bonds used different names. Flagstaff rented its town hall, libraries, and fire stations last year to support a retirement contract marketed as a “certificate of attendance.” In January, Tucson did the same, renting two police helicopters, a zoo conservation center, five golf courses, and grandstands on the rodeo grounds, among other things. And a Chicago suburb, Berwyn, used “submitted tax securitization” to fund police pensions.

The street rent that West Covina, a former citrus farmer outpost about 20 miles east of Los Angeles that is now submerged in urban sprawl, pays the front company is essentially the money to service the debt. By issuing this debt, the city was able to make a lump sum payment of approximately $ 200 million to CalPERS.

Like many urban retirement plans that CalPERS manages, West Covina is only partially funded. CalPERS is treating the shortfall of roughly $ 200 million as a loan to West Covina that will charge 7 percent interest. That’s an exceptional rate in today’s environment, but CalPERS uses it because that’s the average return the pension system generates on its investments.

By repaying most of its “loan” from CalPERS, West Covina doesn’t have to worry about the 7 percent interest rate, at least for now. The Risk: If CalPERS misses its investment objective, West Covina will again underfund the plan, CalPERS will treat the shortfall as a new loan and the whole process will start over.

When West Covina considered its deal, the city’s investment banker, Brian Whitworth of Hilltop Securities, estimated the city would pay 4 percent for the borrowing. With CalPERS generating a 7 percent return, the city would save an estimated $ 45 million.

“It’s a pretty good saving on a $ 200 million bond,” he said.

No one asked for a prediction of what could happen if CalPERS didn’t reach 7 percent. Instead, Mayor Tony Wu grilled Mr Whitworth about why he believed West Covina had to pay 4 percent when El Monte next door only paid 3.8 percent.

The proposal was passed 4 to 1 and Ms. Shewmaker voted against because she viewed the plan as a gimmick to avoid bringing the matter to voters who she believed would likely not approve a deal that would West Covina debt would increase sixfold.

Mr. Wu, now a councilor, said the city had to borrow because it was tied to unsustainable pension plans and CalPERS refused to negotiate simpler terms. The longtime mortgage business owner said it was “crazy” for CalPERS to base everything on 7 percent when real rates were much lower. But he said challenging CalPERS would be a waste of time.

“It sounds very logical, but it’s not going to happen because those in power don’t want to lose it,” he said. “They will fight us a lot. They’re going to sue us to hell. Your lawyers will laugh at the bank. “

Categories
Business

Why a quick meals inventory might be Wall Avenue’s subsequent brief squeeze

The Jack in the Box inventory could soon live up to its name.

Growing brief interest in stocks in the West Coast-based fast food chain appears to be preparing the stock for a brief press, Danielle Shay, director of options at Simpler Trading, told CNBC’s Trading Nation on Friday.

“I like Jack in the Box here, but for a short-term option trade,” Shay said.

While the stock isn’t far from its all-time highs, which would normally prevent Shay from buying in, it made an exception due to the unusual activity. According to FactSet, Jack in the Box currently has 9.2% short interest.

“With something like that that has a short interest, it has the potential for short press and profit,” Shay said. “This is why I like to trade shorter term calls on the profit line. That way I can only take advantage of the dynamics of the profit report and the increase in [implied volatility]. “

For investors looking to trade longer-term in this space, Shay suggested McDonald’s stock.

“If you look at a weekly McDonald’s chart, it has been consolidating for a while. I think that consolidation is going to break out on the upside. I’m aiming for $ 240,” she said. “It’s more of a long-term trade so you can sell put credit spreads on a regular basis [or] Buy long calls 90-120 days. “

McDonald’s stock lost less than half of 1% on Friday at $ 213.90.

“Indoor restaurants will take a while,” Shay said. “People will worry that they can leave. They can’t open to full capacity. … For me personally, I’d rather focus on the fast-food chains whose model is already geared specifically towards drive-thru is. “

Limited-service restaurants are now a better choice than their full-service counterparts, agreed Piper Sandler’s Craig Johnson.

“There you start to see that some of the sales in the same store are really positive,” he said in the same interview with Trading Nation, pointing to a table with Chipotle Mexican Grill.

“This is a long-term winner. It’s a name we’ve had on our model portfolio for a while, and we still think it should be bought,” Johnson said, noting the stock was above its 50 and 200 Days moving averages lies in an upward channel and strong performance compared to the S&P 500.

“This stock seems to have even more room to run,” he said. Chipotle finished trading 1% on Friday.

Johnson’s second choice was Chili’s mother Brinker International.

“On a weekly chart looking back a few years, you’ll see that you’ve finally reversed a downward trend from those 14’s highs and are now making new highs,” he said.

Brinker’s performance is also improving compared to the S&P and “confirms to us that something positive is happening here,” said Johnson. The Brinker share closed on Friday by about half, 1% lower.

“It looks like a lot of these restaurants are looking for another leg in really good tech,” said Johnson.

New York City restaurants reopened for indoor use on Friday at 25% capacity.

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Categories
Business

Biden $1.9 trillion Covid stimulus has Primary Road’s assist

Vice President Kamala Harris from left, United States President Joe Biden and Senate Majority Leader Chuck Schumer, a Democrat from New York, wear protective masks as they meet with Democrats in the Oval Office of the White House in Washington on Wednesday, February 3 Senators meet, 2021, to discuss Covid-19 stimulus relief.

Stefani Reynolds | Bloomberg | Getty Images

America’s small business owners have been hard hit by the Covid-19 pandemic, and despite two rounds of federal loan programs aimed at helping smaller employers, a majority on Main Street are still calling for more help.

Sixty-three percent of small business owners support the $ 1.9 trillion Covid aid package currently being promoted by President Joe Biden’s administration and debated in Congress. This comes from the most recent quarterly CNBC | SurveyMonkey Small Business Survey.

These include 46% of Republican small business owners who support the new Democratic government’s first major legislative proposal. In fact, Biden’s aid package has far more Republican support than Biden himself. Only 14% of Republican small business owners say they are okay with the way Biden does his job as president.

The support for more relief comes from the fact that small business owners’ confidence has fallen to a new all-time low since the quarterly tracking survey began in 2017. The Small Business Confidence Index fell from 48 out of a possible 100 in the fourth quarter of last year to 43 quarters. In addition, the number of small business owners who said they could continue to operate for more than a year under current terms and conditions fell from 67% in the fourth quarter to 55%.

The CNBC | SurveyMonkey Small Business Survey for the First Quarter of 2021 was conducted January 25-31 using the SurveyMonkey platform and received responses from 2,111 small business owners across the country.

The debate about more federal aid has become more partisan among small business owners after the departure of former President Donald Trump. In the fourth quarter, a whopping 83% of small business owners expressed their support for a $ 900 billion package that was passed by Congress and signed by Trump in late December.

“There are more Republicans than Democrats who own small businesses,” said Laura Wronski, research science manager at SurveyMonkey. “When we did the last poll, it was after the election, but it was still in the meantime that … maybe there was still a bit of doubt on people’s minds [about the outcome]. I think people’s perceptions may have hardened while they were a little more up for grabs in December. Since this is the opening speech from the Biden administration, it will be easier to say yes or no. “

Support for the latest package may also have waned, Wronski says, as the federal minimum wage may have been raised, a measure that is typically unpopular with business owners. The survey found that 54% of small business owners oppose raising the federal minimum wage to $ 15 / hour, while 44% support the increase.

Main Street business outlook declines sharply

Overall, small business confidence was hurt by a sharp drop in the number of small business owners who said terms and conditions were “good” (from 39% in Q4 2020 to 29% this quarter), as well as a sharp rise in The Number the small business owners who expect possible changes in tax, trade, regulatory, and even immigration policies to negatively impact their businesses in the coming year – all due in large part to a “loss of confidence” by Republican small business owners.

Vronsky noted that a year ago, only 17% of Republicans expected government regulations to negatively affect their business. This quarter, that number is 82%, which is essentially more than quadrupling from last year. In the first quarter of 2020, 40% of Democrats said changes in regulation would have a negative impact on their businesses, and this quarter that number dropped to 12%. “This is a good example of how increasing confidence in the Democrats cannot offset the loss of confidence in the Republicans. The extent is so different between the two groups in terms of how their perceptions change from year to year,” she said.

Republican small business owners’ confidence has completely collapsed since Trump lost the 2020 election to Biden. The small business confidence index for Republicans is 32, 25 points lower than in the third quarter of 2020, the last poll before the elections. It’s also 9 points lower than the lowest confidence level for any Democratic small business owner during Donald Trump’s presidency.

Conversely, the confidence of small business owners who identify as Democrats rose to 63, up 17 points from the pre-election poll.