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Mexico sets tomato export prices to ease trade spat with Trump
(Bloomberg) — Mexico set minimum prices for fresh tomato exports to the US, seeking to regain full access to the market after the Trump administration imposed an anti-dumping duty. New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis Three Deaths Reported as NYC Legionnaires' Outbreak Spreads All Hail the Humble Speed Hump A New Stage for the Theater That Gave America Shakespeare in the Park Chicago Schools' Bond Penalty Widens as $734 Million Gap Looms Setting the floor avoids generating 'a distortion in the prices' of tomato exports, the Mexican government said in a decree published in the federal gazette late Friday. US growers have accused Mexican counterparts of selling at unfairly low prices, and the US withdrew this year from a trade agreement regulating the exports. While the US Commerce Department announced the anti-dumping duty of more than 17% last month, President Donald Trump delayed a broad tariff hike for 90 days to create space for a trade deal with Mexico. 'The Mexican government is trying to help growers avoid an increase in anti-dumping duties in the future,' said Georgina Felix, director of operations at the Arizona-based Fresh Produce Association of the Americas. The US withdrew in July from a 2019 agreement that suspended investigations into whether Mexico was dumping tomatoes on the US market, ending the mandatory price floor for tomato imports at their first point of sale in the US. The minimums imply a price jump of almost 40% for round 'bola' tomatoes and 26% for the cherry and grape varieties, even greater than the duty imposed by the US, Juan Carlos Anaya, general director of the Agricultural Markets Consulting Group in Mexico City, told Imagen Radio. The Pizza Oven Startup With a Plan to Own Every Piece of the Pie Digital Nomads Are Transforming Medellín's Housing Russia's Secret War and the Plot to Kill a German CEO It's Only a Matter of Time Until Americans Pay for Trump's Tariffs The Game Starts at 8. The Robbery Starts at 8:01 ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
8 minutes ago
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Analyst says popular meme stock is an exercise in futility
Analyst says popular meme stock is an exercise in futility originally appeared on TheStreet. Meme stocks come and go. Then they come back and go again. A whiff of positive news – a good line in an earnings report, a hint of a merger, a rumor potentially started by a trader looking to unload a position at a profit – can bring any meme stock back to the fore. With the second busiest week of earnings season now over, that kind of action was visible this week, prompting one researcher to issue a fresh warning about an old meme stock that recently caught fire again. What are meme-stocks? While meme stocks create new stories and legends with each passing cycle, the truth about many of these companies is that they are working their way towards nothing—the abyss that awaits when social sentiment finally wanes and the balance sheet is all that is left. Think Bed, Bath & Beyond, which was trading at less than $4 per share in 2020 when it got caught up in the meme mania ignited by video-game retailer GameStop () . Share prices surged past $50 per share before the public's attention turned and the company began an inexorable death spiral, buried under a mountain of debt and other problems. Bed Bath & Beyond filed for protection from creditors under Chapter 11 of the U.S. bankruptcy code in April of 2023 and subsequently closed its 360 stores. But it's hardly alone. AMC Entertainment () was an OG meme stock with GameStop. Three years ago, it was trading at over $130 per share, but now it trades at less than three bucks a share, roughly 50 percent off its 52-week high. GameStop, meanwhile, trades roughly where it was a year ago but is off by over 30 percent from its most recent peak in mid-May. While yesterday's meme stocks are likely to rekindle some interest periodically, they have been replaced by names like Opendoor, Krispy Kreme, GoPro, and Kohl's, all of which have ridden the tsunami that can happen when social media and active traders mix. David Trainer, founder and president at New Constructs, a Nashville-based independent investment research firm, has said for years that meme stocks are all about a trader's willingness to focus on hype and hope and ignore numbers. He believes the numbers win out in the end, but he acknowledges that plenty of stocks overcome bad news to be back in the market's good graces even while they are on a fiscal path to oblivion. A meme stock with surprise earnings is a hot ticket Peloton Interactive () —which has been in the realm of meme stocks since it became a darling of the pandemic—got just that kind of boost on August 7, when it reported a profit for its fiscal fourth quarter, boosting shares by about 10% while the market ignored a warning that sales of exercise machines and digital subscriptions are set to decline, requiring some layoffs and a relocation of operations to cut costs. The fitness-equipment maker registered a $21.6 million profit (5 cents a share), compared to a loss of $31.9 million a year earlier. According to a FactSet survey, analysts on average were expecting a loss of 7 cents a share, slightly better than a year ago. But before the positive earnings surprise, Trainer was already calling for Peloton to suffer the ultimate meme stock fate, featuring the stock on the August 4 edition of 'The Danger Zone' on the Money Life with Chuck Jaffe Constructs brings together discounted cash-flow analysis and forensic accounting to evaluate securities on a scale of 'most attractive' to 'most dangerous.' The firm's stock-picking has been rated by SumZero at or near the top of multiple investment categories, most notably leading consistently in consumer discretionary stocks; SumZero is a buy-side community in which more than 15,000 professional portfolio managers compete for rankings. Peloton: 'Dangerous' from its birth as an IPO New Constructs first featured Peloton in the Danger Zone prior to its IPO in September 2019; since then, the firm reports that its shares have fallen 72% while the Standard & Poor's 500 is up roughly 115%. But what put Peloton back in the Danger Zone recently is that meme-stock investors are tuning out the company's long-term results and looking at its recent performance. Shares are up more than 100% from last August, largely due to shrinking losses. New Constructs reported that, 'this turnaround story is already baked into the stock valuation, and at current prices, downside risk remains large,' driven by declining sales, high cash burn, the sale of assets, shareholder dilution, and 'a stock valuation that implies drastic margin improvement and rapid revenue growth.' Trainer, in his Danger Zone appearance on the August 4 edition of Money Life, said Peloton is 'making a little meme stock run here … and we just want to remind people that it's still a bad stock.' 'Peloton still has negative margins, negative economic book value, and it's trading as if its profits are going to dramatically increase and its revenues are going to grow 800%,' Trainer said. 'So like whatever turnaround you think there might be here, you know, we think it's all priced in.' Trainer said Peloton's 'business model is not a good business model,' noting that the bounce-back is a misdirect or a head fake and that Peloton is 'just left with something that's going to probably die pretty slowly.' He acknowledged that the stock could still have another meme stock run, possibly a dead-cat bounce and can survive for a while until he thinks the inevitable happens. He pegged the economic book value on PTON at a negative $6.60 per share, adding that it's first-mover advantage in the home exercise space is gone, and that he would value the company 'conservatively' at less than a dollar per share. Said Trainer: 'This one could really go bankrupt.'Analyst says popular meme stock is an exercise in futility first appeared on TheStreet on Aug 9, 2025 This story was originally reported by TheStreet on Aug 9, 2025, where it first appeared.
Yahoo
8 minutes ago
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IRS clashed with White House over pulling immigrants' data before Trump fired commissioner Billy Long: report
The Internal Revenue Service and the White House squabbled over the use of tax data to find suspected undocumented immigrants just hours before Trump administration officials pushed out IRS Commissioner Billy Long on Friday, according to a new report Saturday. On Thursday, the Department of Homeland Security sent a list to the IRS with more than 40,000 names that officials at the department believed were in the country illegally and asked that the IRS use confidential taxpayer information to confirm their addresses, anonymous sources told The Washington Post. In April, the Treasury Department, which oversees the IRS, agreed to an arrangement to facilitate the information sharing, going against the recommendations of IRS privacy lawyers. Officials at DHS have suggested that they may request that the IRS help them locate as many as seven million people. According to federal estimates, there are roughly 11 million undocumented immigrants in the U.S. The IRS said on Friday that it was able to verify fewer than three percent of the names sent in by immigration enforcement officials, according to The Post. The names that the agency was able to match were mostly those for which DHS shared an individual taxpayer identification number. Immigrants often use the number instead of a Social Security number to file their taxes. Undocumented immigrants pay taxes to the tune of tens of billions of dollars annually. White House officials asked for further information on the taxpayers identified by the IRS, such as whether any of them had made use of the earned income tax credit, which may reduce the tax burden for some filers with low incomes. However, the IRS chose not to provide that information, pointing to taxpayer privacy rights. The Post reported that Long had told executives at the agency that the IRS wouldn't provide confidential taxpayer information outside of the deal the IRS had struck with DHS. The paper noted that its sources were unaware whether the dispute over the IRS playing a part in the mass deportation effort was part of the reason for Long leaving his post. 'The Trump administration is working in lockstep to eliminate information silos and to prevent illegal aliens from taking advantage of benefits meant for hardworking American taxpayers,' a White House spokesperson told the paper. 'Any absurd assertion other than everyone being aligned on the mission is simply false and totally fake news,' the spokesperson said following the publication of the story. In a statement to The Post, DHS said the agreement with the IRS 'outlines a process to ensure that sensitive taxpayer information is protected, while allowing law enforcement to effectively pursue criminal violations.' 'After four years of Joe Biden flooding the nation with illegal aliens, these processes streamline pursuit of violent criminals, scrub these individuals from voter rolls, identify what public benefits these aliens are using at taxpayer expense, all while protecting American citizens' safety and data,' the statement continued. On Friday, Long said Trump was set to nominate him to be the ambassador to Iceland. He had been in his role at the IRS for less than two months. 'It is [an] honor to serve my friend President Trump and I am excited to take on my new role as the ambassador to Iceland. I am thrilled to answer his call to service and deeply committed to advancing his bold agenda. Exciting times ahead!' Long said in a statement on X. 'I saw where Former Superman actor Dean Cain says he's joining ICE so I got all fired up and thought I'd do the same,' he added. 'So I called @realDonaldTrump last night and told him I wanted to join ICE and I guess he thought I said Iceland? Oh well.' On Saturday, a White House official told The Post, 'Billy Long did a great job while at the IRS, and his promotion to ambassador was previously slated to happen.'
