Citi Shares Climb to Highest Since 2008 on Stock Buyback Plan
The bank plans to repurchase at least $4 billion of shares this quarter, Chief Financial Officer Mark Mason said Tuesday on a call with analysts. That's more than the $3.75 billion the firm bought back in the entire first half of the year, and the plans helped push the stock briefly past $90 for the first time since the financial crisis.
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Yahoo
10 minutes ago
- Yahoo
Social Security Claims Spiking — 5 Reasons To Follow Suit
There's no one-size-fits-all approach to claiming Social Security benefits. Retirees face various circumstances that impact when to take benefits. A recent surge in claims may prompt more retirees to ponder whether now is the time to begin payouts. Be Aware: Check Out: The Social Security Administration (SSA) reported an 18% increase in claims between January and May 2025 compared to the same period in 2024, according to NPR. Worse yet, the SSA recently reported trust funds will deplete by 2034, a year sooner than previously stated. Concerned Americans may want to take action now to receive benefits. Here are five reasons why. You're Concerned About the Solvency of Social Security Waiting to claim Social Security is typically beneficial for most, as monthly benefits increase for each year they wait until reaching 70. That makes spikes in claims concerning. 'Because for most individuals, it's financially smart for them to postpone claiming as long as they're financially able to,' Jack Smalligan, senior policy fellow at the Urban Institute, said to NPR. However, if you're concerned about potential insolvency, that increase may mean nothing. Claiming benefits now, even reduced, may provide peace of mind in receiving monthly payouts. Be aware, though, that if we incur a worst-case scenario, benefits may be reduced once trust funds are drained. Trending Now: You Can Grow the Funds Now Choosing to delay Social Security can be a wise move for retirees not needing the funds. After all, monthly benefits grow until you reach 70. Such people may be high-earners able to live on other resources. Increases in claims can call that strategy into question. 'The analysis in late April by Social Security Administration staff found that the uptick in Social Security claims was especially pronounced among high-earning 62-year-olds,' according to NPR. Taking benefits now may allow you to grow the money more. Work with a financial advisor to identify growth opportunities. Health Is a Concern for Your Family Health concerns are often a decision-driver in claiming benefits. Although delaying claims increases benefits, that may be fruitless for retirees currently facing significant medical concerns. Receiving benefits now may help retirees manage the rising costs of medical care. A reported 22% of people aged 65 and over have medical debt, and 44% of those aged 50-64 have such debt, according to the Kaiser Family Foundation (KFF). Getting monthly payouts now could mean the difference between indebtedness and peace of mind. You're Facing Credit Card Debt Growing credit card debt is a concern at any age. Facing it at retirement is problematic, as there may be less income to repay credit cards. More older Americans are dealing with high-interest debt, with 52% of those aged 50 to 64, 42% of those aged 65 to 74, and 35% of those over 75 facing credit card indebtedness. While a last resort option, claiming benefits now can help retirees repay debt. Paired with wise money management, receiving monthly payouts now can provide breathing room to manage other responsibilities. Cost of Living Is a Concern The rising cost of living is a concern for all Americans, but moreso for retirees, as their ability to earn more is limited. Claiming Social Security benefits now can help financially strained retirees avoid high-interest debt without sacrificing the things they need. Inflation may not be rising meteorically, but cost of living has dramatically increased in recent years. Taking Social Security now, and before full retirement age, may help strapped retirees dealing with stubborn prices that are stretching their budgets too thin. Claiming Social Security benefits is a personal decision. In some cases, it may pay to get payouts now. If you do change your mind, you can retract your claim within the first year, though conditions exist. Speak with a financial advisor if you're trying to decide whether now is the time to receive benefits. More From GOBankingRates How Far $750K Plus Social Security Goes in Retirement in Every US Region This article originally appeared on Social Security Claims Spiking — 5 Reasons To Follow Suit
Yahoo
10 minutes ago
- Yahoo
Pennsylvania man with cerebral palsy says bungled renos meant to improve his life have 'ruined' it instead
Dusty Costa and his wife planned to make some changes in their home to help ease his discomfort from living with cerebral palsy. But after paying nearly $70,000 for a home addition, they say they received used materials and shoddy work in return, and the couple told the contractors to stop coming. Now, they're left with a damaged, unfinished home and little recourse. "These people ruined our lives," Costas said to KDKA News. "I can sit here all day and say that 300 times over. They ruined our lives." The Costas' experience highlights how quickly a renovation can turn into a financial and emotional nightmare. Here's what happened. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it A renovation gone wrong leads to financial disaster Dusty Costa and his wife, Susan, told KDKA News that they hired a company called Eaton Home Improvements of Darlington, Pennsylvania, to renovate their home. But Costa says issues with the contractors began almost immediately. Despite paying for new materials, the workers started showing up with used supplies, including "five used windows and a used door for the shower," he told CBS News. "We paid, but we didn't know what we were getting. Normally, when you put an addition on your house, you get new stuff," Costa told CBS News, explaining that he had been told the project would cost $60,000, but that he ended up paying $66,000. Costa says the contractors made several mistakes throughout the project — including installing fixtures too high or upside down and creating plumbing issues, such as a pipe leak that damaged the dining room drywall. After repeated problems and mounting frustration, the Costas told the workers not to return. "We told them just not to come back," Susan said. But with the project left unfinished, the couple is now left with a home in disrepair. The floor is buckling, there are no counters, and both the bedroom and bathroom remain incomplete. They've launched a fundraiser in hopes of restoring their home to a livable condition. For Dusty, whose mobility is already limited, the uneven floors have made daily life even harder. 'I fall more than I can walk,' he said. After KDKA Investigates struggled to get in touch with the company, they eventually reached the co-owner's sister. She claimed the Costas still owed Eaton Home Improvements $8,000 and insisted the company's work was 'exceptional.' When asked for a copy of the contract, receipts for purchased materials, or bank deposit records, the woman said she couldn't promise her sister would return the call or provide documentation. As of now, no follow-up has been made. KDKA also searched the Pennsylvania Attorney General's database but found no record of the company being registered. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. Protecting against contractor disasters The Costas' experience underscores just how vulnerable homeowners can be when a renovation goes wrong — especially when safeguards aren't in place to hold contractors accountable. Hiring a contractor can be a confusing and overwhelming process, but taking a few key steps up front can significantly reduce the risk of fraud or unfinished work. Here are some important protections to consider: Verify licensing and registration. Make sure the contractor is properly licensed and registered to operate in your state. For example, the Pennsylvania Office of the Attorney General offers a Home Improvement Contractor Search tool. Many states offer similar resources online. Getting a signed contract. The contract should outline the full scope of the work, who is responsible for materials, whether materials will be new or used, a cost estimate, and a cap on how much the total cost can exceed that estimate (such as 10%). Checking references. Talk with past clients of the contractor. If possible, see if you can see their work in person to evaluate its quality. Pay in stages. Instead of paying a large sum up front, arrange to pay in installments as specific milestones are completed. This payment schedule should be outlined in the contract. Ensure permits are obtained. Most home improvement projects require permits. If a contractor avoids permits, that's a major red flag. Consider hiring an inspector. For larger projects, bring in a licensed inspector at key stages of construction to confirm the work meets code before making additional payments. Following these steps can help homeowners avoid falling into the same situation the Costas are now facing. For now, the couple remains hopeful that someone will step in to help them finish the job. 'I mean, we're bleeding dry here,' Costa said. 'That's why we need some money back or somebody to just come in — a good-hearted individual — to say, 'Here, let me lend you some help.'' What to read next Robert Kiyosaki warns of 'massive unemployment' in the US due to the 'biggest change' in history — and says this 1 group of 'smart' Americans will get hit extra hard. Are you one of them? How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Forbes
12 minutes ago
- Forbes
Second Quarter Earnings Season Update: Banks Beat
Banks provided a strong start to the second quarter earnings season. During this busy earnings week, ... More the crucial technology companies begin to report, including Google's parent, Alphabet. (Photo by Smith Collection/Gado/Getty Images) The second-quarter earnings season kicks into gear this week. 110 S&P 500 companies are scheduled to report, with more banks but also expanding to other industries. Notable companies scheduled to release earnings include: Domino's Pizza (DPZ), Coca-Cola (KO), ServiceNow (NOW), United Rentals (URI), and Intel (INTC) Earnings Season At A Glance As forecasted in last week's earnings preview, the banks got the earnings season off to a strong start. According to FactSet, a robust 83% of S&P 500 companies are reporting earnings above the consensus estimates. S&P 500 Earnings Season Summary Earnings Estimates Summary Companies reporting and combining actual results with consensus estimates for companies yet to report, the S&P 500's blended earnings growth rate for the quarter is at 5.6% year-over-year, above the 4.9% expectations at the end of the quarter. Notably, the expected earnings growth rate for calendar year 2025 is 9.3%, and for 2026, the expectations are at 14.0%. S&P 500 Earnings Estimate Summary Market Performance The S&P 500 rose modestly last week. The Magnificent 7, consisting of Microsoft (MSFT), Meta Platforms (META), (AMZN), Apple (AAPL), NVIDIA (NVDA), Alphabet (GOOGL), and Tesla (TSLA), outperformed. Market Returns Magnificent 7 Because these companies are critical drivers of earnings growth and a significant percentage of the S&P 500's market capitalization, the Magnificent 7 remains the group to watch this earnings season. According to FactSet, the Magnificent 7 should experience 14.1% year-over-year earnings growth for the quarter, compared to 3.4% for the other stocks in the S&P 500. The first of the Magnificent 7 is scheduled to report results this week, with Tesla (TSLA) and Alphabet (GOOGL) after the close on Wednesday. Tesla enters the week with low expectations, but Alphabet is expected to report robust earnings growth. The details for Alphabet will be necessary, as the stock has been held back by worries that artificial intelligence (AI) will disrupt their search business. While this disruption seems inevitable, the ability of Google to monetize AI-driven search will be crucial. Magnificent 7: Q2 Estimated Earnings Growth Earnings Insights By Sector Positive earnings surprises from the financial sector were the most significant contributor to the improved earnings picture. Better-than-expected earnings from JPMorgan Chase (JPM), Travelers Companies (TRV), Wells Fargo (WFC), Citigroup (C), and Goldman Sachs (GS) were the most significant contributors last week, according to FactSet. Earnings Growth Estimates By Sector Sales growth is closely tied to nominal GDP growth, which combines after-inflation economic growth (real GDP) with inflation. Following better-than-expected data last week, sales growth of 4.4% is ahead of the 4.2% year-over-year expectation at the end of the quarter. If the estimates of second quarter nominal year-over-year GDP growth of 4.7% are correct, there could be further upside to sales growth. Better sales results in the financial and healthcare sectors were the most significant driver of the improvement in expected revenue growth last week, according to FactSet. Sales Growth Estimates By Sector Dollar Weakness Versus Tariff Drag The US dollar weakened relative to the same quarter in the previous year. On the margin, this should benefit companies' international earnings. According to FactSet, 41% of S&P 500 sales are from international sources. Goldman Sachs estimates that a 10% depreciation in the US dollar increases S&P 500 earnings per share by 2-3%. Furthermore, companies tend to have an easier time outperforming consensus sales growth estimates during periods of US dollar weakness. Notably, the technology sector has the highest international sales exposure of all the S&P 500 sectors. US Dollar Weakness What To Watch Next Week Earnings should be the main event next week. There are some economic releases scheduled, but all are likely second-tier barring a considerable surprise. The better-than-expected retail sales report last Thursday provided more evidence that the US economy remains resilient despite the tariff increases, which drove the betting odds of a 2025 recession even lower. Betting Odds Of 2025 US Recession Despite noting that he is unlikely to fire Federal Reserve Chair Powell, President Trump continues to pressure him and refuses to rule out the possibility if fraud is involved. This conflict has the potential to add market volatility, with betting markets indicating a 21% chance of Powell's removal. Betting Odds Of Fed Chair Powell's Removal News about the administration's trade negotiations and new tariff announcements will continue to be a focus. Significant new tariffs are currently scheduled to take effect on August 1, unless an acceptable trade agreement is reached. The Financial Times reported that President Trump was considering tariffs of 15-20% on imports from the European Union, an increase from the current 10% baseline tariff.
