New England Realty: Q2 Earnings Snapshot
The Allston, Massachusetts-based company said it had profit of $35.59 per share.
The real estate investor posted revenue of $21.2 million in the period.
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San Francisco Chronicle
2 minutes ago
- San Francisco Chronicle
Thousands march against plan to build massive bridge linking Sicily to Italy's mainland
ROME (AP) — Thousands of people marched in the Sicilian city of Messina on Saturday to protest a government plan to build a bridge that would connect the Italian mainland with Sicily in a massive 13.5-billion-euro ($15.5 billion) infrastructure project. Protesters staunchly oppose the Strait of Messina Bridge project over its scale, earthquake threats, environmental impact and the specter of mafia interference. The idea to build a bridge to connect Sicily to the rest of Italy has been debated off and on for decades but always delayed due to these concerns. The project, however, took a major step forward when a government committee overseeing strategic public investments approved the plan this week. Transport Minister Matteo Salvini, the project's main political backer, called it 'the biggest infrastructure project in the West.' Salvini cited studies estimating the project would create up to 120,000 jobs annually and help stimulate economic growth in economically lagging southern Italy, as billions more are invested in surrounding road and infrastructure improvements. Opponents are not convinced by these arguments. They are also angry that about 500 families would have to be expropriated in order for the bridge to be built. 'The Strait of Messina can't be touched,' protesters shouted as they marched in Messina. Many carried banners that said 'No Ponte' (No Bridge). Organizers estimated crowd size at 10,000 people. The proposed bridge would span nearly 3.7 kilometers (2.2 miles) with a suspended section of 3.3 kilometers (more than 2 miles). It would surpass Turkey's Canakkale Bridge by 1,277 meters (4,189 feet) to become the longest suspension bridge in the world. Preliminary work could begin as early as late September or early October, pending approval from Italy's Court of Audit. Full construction is scheduled to begin in 2026, with completion targeted between 2032 and 2033. Plans for a bridge have been approved and canceled multiple times since the Italian government first solicited proposals for one in 1969. Premier Giorgia Meloni's administration revived the project in 2023. With three car lanes in each direction flanked by a double-track railway, the bridge would have the capacity to carry 6,000 cars an hour and 200 trains a day — reducing the time to cross the strait by ferry from up to 100 minutes to 10 minutes by car. Trains would save 2/12 hours in transit time, Salvini said. The project could also support Italy's commitment to raise defense spending to 5% of GDP targeted by NATO, as the government has indicated it would classify the bridge as defense-related. Italy argues that the bridge would form a strategic corridor for rapid troop movements and equipment deployment, qualifying it as 'security-enhancing infrastructure.' Italy's president has also insisted that the project remain subject to anti-mafia legislation that applies to all large-scale infrastructure projects. Salvini pledged that keeping organized crime out of the project was a top priority.
Axios
2 hours ago
- Axios
Sin City tourism slump signals wider economic slowdown
Tourism is down by roughly 11% in Las Vegas this year, with visitor numbers, convention attendance and hotel occupancy all lower than usual, according to the Las Vegas Convention and Visitors Authority. Why it matters: Las Vegas' financial health, with its large gambling market attractive to those with disposable income, is typically considered an indicator of the broader U.S. economy's strength. The lower numbers, released last week, come alongside President Trump's escalating trade war that has frustrated travelers and a broader decline in international tourism to the U.S. By the numbers: The destination experienced an 11% year over year decline in visitation, seeing roughly 400,000 fewer visitors in June of 2025, when compared to June of 2024. Context: More broadly, international spending in the U.S. tourism market is expected to fall by $12.5 billion this year, according to the World Travel & Tourism Council, a UK-based organization that researches the global tourism industry. The projection estimated the industry will make $169 billion this year, down from $181 billion in 2024. The shortfall reflects a 22.5% drop compared to the previous peak. What they're saying: "This is a wake-up call for the U.S. government," Julia Simpson, president of the World Travel & Tourism Council, said in a statement. "While other nations are rolling out the welcome mat, the U.S. government is putting up the 'closed' sign," she added. The Trump administration did not immediately respond to Axios' request for comment. Zoom out: The president's trade war and its frequently changing deadlines have helped alienate traditional American allies, as Axios' Emily Peck previously reported.
Miami Herald
3 hours ago
- Miami Herald
Analyst says popular meme stock is an exercise in futility
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. 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 (GME) . 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 (AMC) 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. Peloton Interactive (PTON) -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 podcast. Related: Top analyst sends message on pending ugly earnings miss (plus one big beat) New 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 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." Related: Analyst says popular pet-food company's stock is spoiled The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
