Inside the Quiet, Extravagant Expansion of the Frick Collection
The Frick Collection, a beloved New York art museum known for its essential European paintings, will reopen on April 17 after a five-year hiatus for a $330 million renovation and expansion. Its magnificence is an artifact of the Gilded Age of the late 19th and early 20th centuries when Henry Clay Frick built his fortune with a rapidity comparable to today's tech moguls — and spent a considerable amount of his wealth assembling a crown jewel collection of Old Masters and erecting a suitably grand home for it.
Though Frick had never been reticent about displaying his wealth, the limestone mansion he completed in 1914 was an austere Beaux Arts take on French classical city houses, designed by the American architect Thomas Hastings. In Manhattan, it stretches a full block along Fifth Avenue across from Central Park, with asymmetrical wings enclosing a garden.
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44 minutes ago
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Joby Aviation Stock (JOBY) Takes Flight Upon Donald Trump's Executive Order
On Friday, June 6th, President Trump signed an Executive Order to 'unleash American drone dominance,' which included directing the Transportation Department to develop an Electric Vertical Takeoff and Landing (eVTOL) program to accelerate eVTOL operations in the U.S. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Aside from confirming the specter of space-age technology making its way onto American streets, as foreshadowed by content creators for generations, leading electric aircraft manufacturer Joby Aviation (JOBY) stands well-positioned to capitalize fully on the evolving opportunity. The company has been making headlines with major partnership announcements and impressive funding rounds. After analyzing recent developments and financial performance, I am bullish on the space and Joby Aviation's potential. Joby Aviation is playing a leading role in the transformation of the aviation industry through the development of electric vertical takeoff and landing (eVTOL) aircraft. The global eVTOL market was valued at approximately $760 million in 2024 and is projected to grow significantly, reaching an estimated $17.34 billion by 2035. Beyond aircraft manufacturing, Joby is building a comprehensive ecosystem that includes pilot training initiatives and proprietary dispatch software. This vertically integrated approach may offer substantial competitive advantages if executed effectively. While the company operates in a competitive landscape with peers such as Archer Aviation (ACHR) and EHang (EH), strategic partnerships—including a manufacturing collaboration with Toyota and operational agreements with Delta Air Lines—enhance its credibility. Additionally, contracts with the U.S. Department of Defense further diversify potential revenue streams and support the broader validation of its technology across both commercial and government sectors. Joby has been on a notable run lately, with shares climbing over 22% in the past month, thanks to several major announcements that have investors excited. One of the most significant catalysts came in May when Toyota made a substantial $250 million investment in the company, becoming Joby's largest shareholder in the process. Toyota's involvement brings decades of production expertise and operational know-how that could prove invaluable as Joby scales from prototype to mass production. Following that, Joby signed a memorandum of understanding with Saudi Arabia's Abdul Latif Jameel to explore a potentially massive $1 billion distribution deal. If finalized, this could represent a significant international expansion opportunity, with up to 200 Joby aircraft potentially deployed across Saudi Arabia. Perhaps most importantly for long-term prospects, Joby has been making steady progress through the complex Federal Aviation Administration certification process. The company recently advanced to the final phase of FAA type certification. It became the first electric vertical takeoff and landing (eVTOL) company to conduct routine pilot-on-board transition flights. This regulatory progress is crucial because it directly impacts when Joby can begin commercial operations and start generating meaningful revenue. The recent White House directive may be enough to help get these birds airborne even sooner. Joby's first-quarter net loss narrowed to $82 million from $95 million in the prior year, and the company beat earnings expectations by $0.07 per share. While cash burn continues, the trajectory suggests management is making progress on cost control as the company approaches its commercial launch. Further, its robust balance sheet is a key selling point. The company ended the first quarter of 2025 with $813 million in cash and short-term investments. The recent Toyota investment, combined with an additional $500 million commitment from the automaker, significantly strengthens this position. This financial cushion is particularly important given that Joby is still in the pre-revenue phase of its development. The company is projecting a cash burn of $500 million to $540 million in 2025, highlighting the significant capital requirements of introducing an entirely new form of transportation to the market. The current war chest provides roughly 1.5 years of operational runway at current spending levels. Even better, Joby carries zero debt, giving it tremendous financial flexibility as it works toward commercialization. The market opportunity, while potentially massive, remains largely theoretical. Consumer acceptance of air taxi services remains unproven, and regulatory frameworks for urban air mobility are still evolving. Yet, analysts following the company remain cautiously optimistic. Joby Aviation is rated a Moderate Buy overall, based on the most recent recommendations of seven analysts. Their 12-month average price target for JOBY stock is $8.86, representing a 4% downside from current levels over the next 12 months. However, various analysts are likely to shift their positions towards a more bullish stance once the full impact of Donald Trump's executive order is assimilated by market participants. Cantor analyst Andres Sheppard remains optimistic, recently reiterating an Overweight rating for JOBY stock with a $9 price target. He notes the company's strong liquidity and strategic partnerships with Toyota, Delta Air Lines, and the Department of Defense, which position JOBY as a leading contender in commercializing eVTOL technology. H.C. Wainwright's Amit Dayal shares a similar positive outlook, particularly following Toyota's significant $250 million investment aimed at supporting Joby's development efforts. Dayal anticipates a pivotal year in 2025 for the eVTOL industry, with milestones expected in certifications and piloted flights. The expectation is for Joby to produce 25–30 eVTOL units by the end of next year, with substantial revenue growth projected, reaching over $1 billion by 2029. Dayal also maintains a Buy rating with a $9 price target. Joby Aviation is a compelling investment opportunity in an embryonic industry poised to commercialize urban air transportation. The promise of flying cars, envisioned by countless visionaries over the past 100 years, is now becoming a reality, albeit gradually. JOBY has secured impressive partnerships, maintains a strong balance sheet, and is making meaningful progress toward commercialization. The company is poised to transition from an ambitious startup to a commercial aviation company. Key milestones to watch include progress on FAA certification, formalization of the Saudi Arabia partnership, and updates on manufacturing scale-up. The future of flight is here, and I am pretty bullish on the eVTOL space and the current market leaders, such as Joby, who are making it a reality. Disclaimer & DisclosureReport an Issue Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Popular Tijuana taqueria opens location in San Diego County
(FOX 5/KUSI) — Tacos el Franc, one of Tijuana's most renowned taquerias, opened its first location in the United States this Wednesday in a shopping plaza in National City.••• Lee este artículo en español The new location is located in Westfield Plaza Bonita, right at the plaza's east entrance. Two Baja California restaurants receive Michelin stars The taco chain is known for its Tijuana-style meats, and its menu includes asada, adobada, cabeza, suadero, tripa, campechano, and lengua, as well as vegetarian tacos and other dishes. Its name comes from the French ancestry of the family that founded the company. Founder Javier Valadez worked at a taco stand in Tijuana in 1974 and opened the first Tacos el Franc in 1996. Visit The San Diego Guide to find unique places and experiences The taqueria has been recognized by the Michelin Guide and gained even more fame when it was featured in the popular Netflix series, Taco Chronicles. The Tijuana location is located at the intersection of downtown and Zona Río. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
an hour ago
- Yahoo
Mike Lee reinstates language to sell Utah public land in Trump tax bill
WASHINGTON — Sen. Mike Lee, R-Utah, reinstated language to make public land in Utah eligible for sale, adding the proposal back to President Donald Trump's massive tax package after it was removed by GOP leaders in the House last month. The proposal would pave the way to sell off a small percentage of Utah's public lands, as well as other Western states, to be used for affordable housing and increase revenue for conservation projects. The public land sale proposal is tucked into a larger section of energy-related provisions headed by Lee as chairman of the Senate Energy and Natural Resources Committee, which released its portion of Trump's reconciliation bill on Wednesday. 'This is President Trump's agenda: cut the Green New Scam, reduce the deficit, and unleash American energy,' Lee said in a statement. 'We're cutting billions in unused Biden-era climate slush funds, opening up energy and resource development, turning federal liabilities into taxpayer value, while making housing more affordable for hardworking American families. This is how we make government smaller, freer, and work for Americans.' The move comes after the House stripped language to sell more than 211,000 acres across Utah and Nevada, an amendment led by Utah Rep. Celeste Maloy, R-Utah, who said she drafted the provision upon request from local officials. However, the language was ultimately removed from the House version amid pushback from some Republicans as well as concerns it did not adhere to strict reconciliation rules. Under the reconciliation process, all provisions in the massive package must adhere to what is known as the 'Byrd rule,' which prohibits policies that are unrelated to budget changes or that outweigh budgetary effects. To comply with the Byrd rule, Lee made substantive changes to Maloy's amendment that would refrain from using specific maps to target land in the western states. The updated language also excludes specific acreage, instead instructing the interior secretary to sell off between just 0.5% to 0.75% of federal lands in specific states. The states listed include Utah as well as Alaska, Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Washington, and Wyoming. However, the bill carves out specific guardrails for what land can be sold, excluding at least 15 categories of protected land from the list. That means national parks, monuments, and land dedicated to wilderness reserves would not be included. Instead, GOP aides stressed it would only sell 'unused or underused federal lands adjacent to cities or metropolitan areas.' To adhere to Byrd Rule requirements that policies must contribute to deficit reduction, the provision would stipulate that the money made from land sales goes toward conservation efforts, maintenance projects, infrastructure improvements for roads and utilities, and school funding. Maloy worked with Lee to draft the updated version of the land sales to be included in the final package, arguing it was crucial to affordable housing projects in the two western states. The proposal was also backed by Trump, who campaigned on the issue throughout the 2024 election. About 63% of Utah's land is owned by the federal government, the most of any state in the country aside from Nevada. But the initial proposal was met with pushback from some Republicans who have historically opposed public land sales, such as Rep. Ryan Zinke, R-Mont., the co-chairman of the newly created Public Lands Caucus. Lee's office worked closely with Montana Sens. Steve Daines and Tim Sheehy to assuage concerns from the state delegation about public land sales. The reconciliation language exempts Montana from any sales, but much of the framework was inspired by the Montana senators' suggestions to ease concerns about lack of a public process. The provision would require the interior secretary to consult with state and local governments as well as any Indian tribes before facilitating any sort of sale, according to the bill. That way, aides noted, it created a 'public participant process.' Democrats have also expressed opposition to the proposal, including Sen. Catherine Masto Cortez, D-Nevada, who contended much of the land being sold couldn't be converted into housing anyway. 'Their reconciliation package included federal land sales…that weren't even near areas where you could actually do affordable housing,' Masto said to Interior Secretary Doug Burgum during a Senate hearing on Wednesday. The land is 'in the middle of the desert. There's no infrastructure. I don't know any builder who is going to build housing in the middle of the desert, it makes no sense.' The proposal is also likely to face pushback from some public lands organizations. More than 100 groups penned a letter to Lee and other Senate leadership earlier this week urging them not to include language that would greenlight any land sales. However, GOP aides argued the land sales would help with housing affordability crises in Western states, especially for those who live close to national parks where housing prices are expensive. The public land sales proposal is tucked into a larger section of energy-related provisions, which also includes provisions paving the way for increased lease sales in Alaska, permitting reform, repealing Biden-era clean energy policies, and more. The full section must now be approved by the Senate parliamentarian, who will determine whether the contents adhere to the Byrd Rule and can be included in the final reconciliation package.
