Traders Race to Ship Copper to US Before Trump's New Tariff Hits
Copper traders are scrambling to get cargoes into the US before the new tariff comes into effect. Some are looking to shift deliveries into Hawaii and Puerto Rico to cut shipment times. Shipments from Asia to New Orleans typically take over a month, so any traders sending metal now would risk being caught on the wrong side of the tariff. The journey to Hawaii meanwhile is roughly ten days.
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Yahoo
a minute ago
- Yahoo
President Trump working on executive order intending to 'preserve' college sports from 'threat'
WASHINGTON — A draft of the long-discussed presidential executive order intends to 'preserve' college athletics from 'unprecedented threat' and destruction, it says, by implementing new policies related to athlete compensation, antitrust protection, athlete employment, state law uniformity and Olympic sport participation. The draft, though not believed to be the final version, is expected to align closely with the order that President Donald Trump has long been exploring and offers a window into his thinking. It is unclear when, or even if, Trump will announce an executive order, which for four months has been discussed in the public sphere. The draft was provided to Yahoo Sports by three different congressional sources, all confirming that the document is believed to have originated from the White House. Attempts to reach White House staff were unsuccessful. Here's how President Trump wants federal government involved The draft, seven pages long and titled 'SAVING COLLEGE SPORTS,' outlines directives from Trump to members of his Cabinet to create policy related to various aspects of college athletics. Those aspects primarily include directing the attorney general and Federal Trade Commission to: (1) provide college leaders with protection from antitrust law around the 'long-term availability' of scholarships and opportunities for athletes; (2) prevent 'unqualified and unscrupulous agents' from representing athletes; and (3) support uniformity by, presumably, preempting the varying name, image and likeness state laws. The draft also requests the assistant to the president for domestic policy work with the U.S. Olympic team to provide 'safeguards' for NCAA Olympic sports; and directs the secretary of education and National Labor Relations Board to implement policy 'clarifying that status' of athletes, presumably as students and not employees. In its introduction, the order purports that such directives are necessary to preserve an industry in chaos and on the brink of destruction. 'It is no exaggeration to say that America's system of collegiate athletics plays an integral role in forging the leaders that drive our Nation's success,' the order says. 'Yet the future of college sports is under unprecedented threat.' Court rulings, the order says, have "eliminated limits on athlete compensation, recruiting inducements, and transfers between universities, unleashing a sea change that threatens the viability of college sports.' While some of these changes are 'long overdue,' the order says that the inability to maintain rules 'will destroy what Americans recognize today as college sport.' 'It is the policy of my Administration that college sports should be preserved,' the draft reads. Pushback vs. presidential order: 'College athletes don't need Trump's help' The order says the House settlement 'provides little assurance' in preserving the sport and expects it to be 'upended soon' by new litigation over increased compensation and fewer rules. The order describes a potential athlete-employment model as making the industry "financially untenable.' Steve Berman, one of the co-lead plaintiff attorneys in the House settlement, released a statement to Yahoo Sports calling a potential executive order as 'unwarranted' and describing it as flouting the president's "own philosophy on the supposed 'art of the deal.'" 'Plain and simple, college athletes don't need Trump's help, and he shouldn't be aiding the NCAA at the expense of athletes,' Berman, managing partner and co-founder of Hagens Berman, said in a statement to Yahoo Sports. 'Step back, Mr. President. These fabulous athletes don't need your help. Let them make their own deals. And the Supreme Court with your appointee, Justice Kavanaugh, condemned the NCAA's compensation rules as a violation of the antitrust laws. Why give them immunity, Mr. President, in light of that ruling?" The order gives the attorney general and Federal Trade Commission 60 days to make necessary revisions to new policy and gives the secretary of education and secretary of the treasury 120 days to develop financial education for athletes. Any timing on the release of the order — if it is released at all — remains a murky topic. College sports remains a political football for Trump, senate Republicans and Democrats Trump has been determined to get involved in college athletics. Most recently, he held a golf outing with two of the sport's most notable names, SEC commissioner Greg Sankey and Notre Dame athletic director Pete Bevacqua. Reports of an executive order surfaced in late April, as well as plans to form a presidential commission to study the industry. In fact, the executive order appears to create a commission (though it does not describe it as such) of 'individuals and organizations involved in collegiate athletics, including athletes, schools, conferences, governing bodies, and leaders with experience relating to college sports, as well as the Congress and State governments' to assure that college sports is being preserved. Trump's plans — both the order and commission — were 'paused' in May as congressional lawmakers urged White House leadership to give them more time to agree to college sports legislation. A congressional bill governing the sport is believed to be a more permanent solution than an executive order that is subject to legal challenges. The pause in White House action in May provided a runway for House and Senate negotiations over college sports legislation. More movement has taken place in the House, where a bipartisan bill, the SCORE Act, is expected to soon go before a full House committee for vote, at which point it could land on the House floor — the furthest that any all-encompassing college sports legislation has advanced since the NCAA's lobbying effort began five years ago. However, the bill faces steep odds in gaining enough Democrat support for passage in the Senate, where filibuster rules require a 60-vote minimum. There are 53 Republicans in the Senate. The Senate has been working toward the introduction of its own legislation, led by Sen. Ted Cruz, who, much like Trump, has made college sports regulation a priority. He's been in negotiations now for months with several Democrats, most notably Chris Coons, Richard Blumenthal and Cory Booker. No agreement has been reached despite more than a year of intense talks. Though at first deemed to be a 'bipartisan issue,' college sports legislation has created significant enough differences among Democrats and Republicans that no single bill has reached the House or Senate floor despite the introduction of more than a dozen pieces of legislation over five years. Dividing the two parties is an array of issues, most notably the idea of preventing athletes from being deemed employees. Democrats are less inclined in such a provision because of their relationship with trial lawyers and labor unions, Cruz said during an interview in September of 2023. On the same day and at the same event, Chris Murphy, a Democrat from Connecticut, and Rep. Lori Trahan, a Democrat from Massachusetts, pushed college leaders to examine a model to share revenue with athletes and collectively bargain with them. 'You might disagree,' Murphy said, 'but I think it feels and smells a lot like employment at the highest level of the sport.' Despite pushback from many conference commissioners, NCAA executives and university presidents, many school athletic administrators and coaches are more openly speaking about their desire to bargain with athletes, detailed in a story by Yahoo Sports last month. There are other problematic concepts. For instance, the oversight and enforcement of the college athletics industry (should the NCAA or College Sports Commission be granted such authority or a federal entity, something that many Democrats support); guarantees around long-term athlete healthcare for lower-resourced Division I schools that cannot afford such (will the power conference schools subside?); and how limited is the liability or antitrust protection for the leadership of college sports? Meanwhile, as lawmakers continue negotiations, college administrators are mired in legal negotiations of their own related to the new House settlement and revenue-sharing concept. The settlement's primary goal — to shift athlete pay from NIL booster collectives to the schools — is at risk of crumbling as House plaintiff attorneys contend that college leaders are violating terms of the settlement by denying certain collective contracts.
Yahoo
a minute ago
- Yahoo
Retail traders are resurrecting a pandemic-era penny stock this week. Here's what's going on with Opendoor.
The pandemic darling Opendoor has plunged in price since its IPO. However, the stock price has surged over 100% in price in recent trading sessions. Retail traders are piling in after a hedge fund manager announced a bullish position. A hedge fund manager's X post, eager retail investors, and some good old-fashioned r/WallStreetBets due diligence have created the perfect recipe for a new meme stock this week. Opendoor stock has soared 90% in the last five days, with shares of the company now trading at $1.73. The move is an unexpected reversal for the online home flipper, which went public via a Chamath Palihapitiya SPAC back in 2020 and has largely been discarded by Wall Street as a languishing penny stock. Once valued at a market cap of over $15 billion and a peak stock price of $35, shares fell from grace post-pandemic as the housing market cooled and the company experienced inventory write-downs. It's yet to post an annual profit since going public. Just two months ago, the company received a warning from Nasdaq that it could be delisted after the stock price failed to break above $1 for 30 consecutive days. In June, Opendoor announced a special meeting for later this month to discuss a reverse stock split in the order of 1‑for‑10 or as much as 1‑for‑50 in order to boost the value of its outstanding shares. This embedded content is not available in your region. What's driving the latest rally? A main driver behind Opendoor's recent rally was a recent X post from EMJ Capital founder Eric Jackson, in which he detailed his firm's position and investment thesis for the stock, as well as an $82 price target. The Canadian hedge fund manager is confident that Opendoor is a deep value turnaround company, with the potential to grow revenues from roughly $5 billion in 2024 to $12 billion by 2029. Jackson cited Opendoor's cost cutting efforts and market leadership, as well as potential rate cuts as positive catalysts for the stock. He also called for management reforms within the company and better operational execution. In Jackson's view, the stock has the potential to become a "100-bagger," returning over 1,000%. It's not Jackson's first time betting on an unloved stock. He's known for his bullish stance on Carvana back in 2023, when shares of the company were trading at $11. His bullish call paid off, as Carvana is now trading at over $350 a share. Retail investors answered the call after Jackson posted his Opendoor thesis and revealed his position. The stock's trading volume is currently nearing 250 million, well above its 90-day average of roughly 85 million, according to Yahoo! Finance data. As of Thursday morning, Opendoor was the third most trending stock on the site. And even before Jackson's announcement, investors on r/WallStreetBets had been chatting about the stock, with one user posting two months ago that they had opened a $155,000 position in OpenDoor. On the investing forum StockTwits, Opendoor is rated "extremely bullish" on the site's sentiment tracker, with message volume surging over the past 24 hours. Opendoor also has another hallmark of a classic meme stock: high levels of short interest, with 135.8 million shares, or 22% of its float, loaned to short-sellers. It's a signal that institutional investors are betting against Opendoor and creates a potential set-up for a short squeeze, where rising prices force short sellers to buy back shares and cause the stock to rally even more. While retail investors might be betting on a comeback, Wall Street sees a tough path ahead for the stock in the sluggish US housing market. Goldman Sachs gives Opendoor a $0.90 price target and a sell rating. Read the original article on Business Insider Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
a minute ago
- Yahoo
Reported birthday card from Trump to Epstein shines new light on their friendship as fallout from files release mounts
Donald Trump reportedly helped celebrate Jeffrey Epstein's 50th birthday with a bawdy greeting accompanied by a hand-drawn image of a naked woman. A report from The Wall Street Journal on Thursday uncovers new details about the relationship between the president and disgraced financier and convicted sex offender, whose death and connections to Trump are at the center of an explosive feud between his allies and right-wing figures demanding more information about the case. A letter bearing Trump's name, which was reviewed by The Journal, contains several lines of typewritten text framed by a drawing of a naked woman. His signature is a squiggly 'Donald' below her waist, mimicking pubic hair, according to the report. The letter concludes: 'Happy Birthday — and may every day be another wonderful secret.' In an interview with The Journal, Trump denied writing the letter or drawing the picture: 'This is not me. This is a fake thing. It's a fake Wall Street Journal story.' Donald Trump and Jeffrey Epstein pictured in 1992. A new report shed new light on the friendship between the two men (NBC News) 'I never wrote a picture in my life. I don't draw pictures of women,' he told the conservative-leaning newspaper, which is owned by Rupert Murdoch, who has over the years supported Trump. 'It's not my language. It's not my words,' Trump told the newspaper. A typewritten note styled as an imaginary conversation between Trump and Epstein, written in the third person, is reportedly included inside the outline of the naked woman. In the imagined conversation, Trump reportedly says 'we have certain things in common, Jeffrey,' to which Epstein replies, 'Yes, we do, come to think of it.' 'Enigmas never age, have you noticed that?' Trump writes, according to The Journal, which claims to have reviewed pages from a leather-bound album of birthday cards, examined by Department of Justice officials who investigated Epstein and his former girlfriend Ghislaine Maxwell, who was found guilty of child sex trafficking and other offenses in 2022. The revelation follows a disastrous week for the Trump administration as the president repeatedly tries to dismiss the so-called Epstein files as a Democratic 'hoax.' Thursday's report illustrates a closer than previously reported relationship between the president and Epstein, who was accused of sexually abusing dozens of minors before he was found dead in his jail cell in 2019. A Department of Justice memo on July 6 had effectively closed the case, affirming that no such 'client list' exists despite demands from Trump's supporters and allies for a full accounting of Epstein's death and alleged ties to a wider child trafficking conspiracy implicating powerful figures. On the campaign trail, Trump repeatedly promised to release FBI files related to Epstein, who was found dead in his jail cell on on August 10, 2019 while awaiting trial on sex trafficking charges. But the president's promises fell flat. Attorney General Pam Bondi, on Trump's directive, also promised to release the files, but after months of delays, the memo from the Justice Department and FBI said agencies would not be releasing any more documents relating to the case. Bondi had claimed the files were 'sitting on her desk' in February. She invited right-wing influencers to the White House for a photo-op at the end of that month, where they held up binders containing 'Phase 1' of the Epstein files, largely made up of already publicly available information about the case. Epstein died while in prison facing sex trafficking charges. While conspiracies have swirled about his 'client list,' Trump officials have recently said that no list exists () Bondi continued to stall. In May, she claimed there were 'tens of thousands of videos of Epstein with children or child porn,' which fueled further conspiracy theories that powerful people were being protected, and that 'Phase 1' binders were allegedly buying time. The administration's failure to release any other details about the investigation has been a major blow for Trump's supporters — including those within Trump's own administration. Deputy FBI director Don Bongino, who last year amplified conspiracy theories that Epstein was murdered, almost walked over the memo, according to reports. Trump has spoken out against those questioning him about the release of the Epstein files. (AP) While the White House likely hoped MAGA's fury would blow over quickly, outrage has only intensified. Frustrated, Trump lashed out at his supporters this week and reportedly complained in private that they won't 'shut the f*** up' about the Epstein files. Trump has spent several days publicly calling the Epstein case 'boring' and 'bulls***' as he questioned the loyalty of gullible 'weaklings' who demanded more from his Justice Department. 'Let these weaklings continue forward and do the Democrats work, don't even think about talking of our incredible and unprecedented success, because I don't want their support anymore!' Trump said in a Truth Social fury post. Even the White House has tried to temper the fury. On July 17, White House press secretary Karoline Leavitt was asked whether the president would appoint a special prosecutor to oversee the Epstein case. 'The president would not recommend a special prosecutor in the Epstein case,' Leavitt said. 'That's how he feels. And as for his discussions with the attorney general, I'm not sure.' Trump's friendship with Epstein spanned the late 1980s, 1990s and early 2000s, and Trump's phone number — as well as First Lady Melania Trump's — were included in Epstein's infamous leaked address books. Trump's name also appeared seven times in passenger logs for Epstein's planes. The pair reportedly fell out in 2004, when Epstein and Trump both tried to buy a Palm Beach estate. The next year, the FBI began investigating Epstein for child sex trafficking. He pleaded guilty to a state charge of soliciting sex from a minor in 2008. Trump distanced himself from his former friend after Epstein's arrest in 2019, when Trump was president. 'Well, I knew him like everybody in Palm Beach knew him,' Trump said on July 9, 2019, one day after Epstein's arrest. 'I mean, people in Palm Beach knew him. He was a fixture in Palm Beach. I had a falling out with him a long time ago. I don't think I've spoken to him for 15 years. I wasn't a fan.' Asked three days later what contributed to that 'falling out,' Trump said 'the reason doesn't make any difference, frankly.' One month later, Epstein was found dead in his cell at the Metropolitan Correctional Center in New York City.
