Cleveland-Cliffs CEO: We're ready for the surge in automotive production
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CNBC
3 hours ago
- CNBC
Even many high-earning Americans don't feel wealthy. Here's why
About 14% of all U.S. households make $200,000 or more per year, according to 2023 Census data. But a significant salary hasn't translated to big account balances for some of these consumers — which experts have dubbed "HENRYs," or "high earners, not rich yet." Rising costs, debt and lifestyle creep can leave them feeling stuck, experts say. Nearly two-thirds, or 62%, of people with salaries over $300,000 a year struggle with credit card debt, a new survey from BHG Financial found. Other reports have found many six-figure earners still live paycheck to paycheck. "Earning doesn't actually make you feel rich; spending it does," said Sabrina Romanoff, a clinical psychologist. "If most people spent 99% of their paycheck, they'd feel quite rich. And it's the paradox here. When we're in accumulation mode, it's very difficult to feel rich." More from Personal Finance:Trump's 'big beautiful bill' created a new student loan plan: What to knowAffordable Care Act health plan enrollees could face 'subsidy cliff' in 2026Trump's 'big beautiful bill' includes these 2025 tax changes Americans say they would need to make $520,000 a year, on average, to feel rich, according to a 2024 Bankrate survey. The more money people earn, the more they say they need to feel comfortable. Americans making under $50,000 said they needed an average $157,000 a year to live comfortably, while those making at least $100,000 said they would need $246,000. Marie Incontrera, 39, worked as a professional composer, bandleader and pianist before launching her virtual assistant business in 2016. She then expanded her business during the pandemic into a digital marketing consulting agency. The career pivot has multiplied her income. Incontrera anticipates her business' revenue for 2025 to be around $1.4 million. She expects to take an owner's draw of $300,000 to $400,000 this year. "I had a pretty successful career as a musician through most of my 20s," Incontrera told CNBC. "But the thing they don't tell you about having a career as a musician in music school is that you can be playing Carnegie Hall, which I was, and I was making $15,000 a year." Despite her income going from $15,000 to $300,000 per year, Incontrera still doesn't feel rich. "I would have thought back then that the amount of money that I have in the bank right now, I would be rich, right? I would have just thought, 'Oh, yeah, she's made it' ... and I don't feel that way," she said. "I have more money anxiety, almost, now than I ever did in my 20s." "I feel very lucky. I feel privileged, but I do not feel rich," Incontrera said. "I know that I am on a hamster wheel with my business. I actually really love the hamster wheel. I love what I do, but I also realize that I can't stop." That's not unusual, experts say. "It can be pretty easy for someone to feel like, I'm making really good money, but I don't have a lot of discretionary income," said Kamila Elliott, CEO of wealth management firm Collective Wealth Partners in Atlanta, and member of the CNBC Financial Advisor Council. "One of the things I focus on with my clients is a budget should be a representation of your values," Elliott said. "The issue is you can't value everything ... You have to pick maybe one or two things where you're going to focus your discretionary spending and then take that extra and reroute that to savings so you can start feeling rich." Watch the video above to learn how spending habits can leave even high earners feeling like they're on a never-ending hamster wheel.
Yahoo
4 hours ago
- Yahoo
J.P. Morgan Doubles Down on These 2 Stocks
Markets are riding high this week, reaching all-time records, as anticipation builds around a strong Q2 earnings season for tech. It's a sharp turnaround from the volatility that rattled investors just a few months ago. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Offering his take on the current landscape, JPMorgan global market strategist Jordan Jackson summed it up with one word: 'resilient.' He noted that companies responded to recent uncertainty with swift and decisive cost-cutting, freezing hiring, trimming workforces, and renegotiating supply chain burdens to weather the storm. 'When you look at the broader backdrop, you've got to look at resiliency in some of the earnings. And I think we'll see that in some of the tech earnings,' Jackson explained in a recent interview. Jackson's optimism doesn't stop at Q2. Looking ahead, he added, 'Markets appear to be, as we flirt with all time highs, sort of sanguine over the very, very near term. But… over the next 12 months, I think markets are going to be higher than where they are today, probably meaningfully so.' Doubling down on that positive outlook, JPMorgan's stock analysts are backing up Jackson's stance with specific Buy-rated picks they believe are primed to outperform. We tapped into the TipRanks database to see which names they've singled out and what caught their attention. Hewlett Packard Enterprise (HPE) The first JPM pick we'll look at here is Hewlett Packard Enterprises, which was founded as an independent entity when Hewlett-Packard split up in 2015. Hewlett Packard Enterprises, HPE, inherited its parent company's business in the server, storage, and networking segments – the very segments that have proven indispensable in today's tech environment of expanding AI and cloud computing. HPE is known as an innovator in its field, developing AI-native and edge-to-cloud systems to meet customers' needs in all areas of business operations. Those areas include everything from business intelligence to data collation and security, to edge computing and hybrid cloud ops, to the latest AI applications. Earlier this year, HPE announced a $14 billion merger with Juniper Networks, a transaction that is widely expected to boost HPE's AI-native and cloud capabilities. The acquisition was closed on July 2, and HPE believes the move will bring $600 million in cost synergies over the next three years. Turning to the company's financials, in fiscal 2Q25 (April quarter), we find that HPE's revenue, at $7.6 billion, was up 6% year-over-year and beat the forecast by $130 million. At the bottom line, the company's non-GAAP earnings came to $0.38 per share, or 5 cents per share better than had been anticipated. JPM's Samik Chatterjee, an analyst ranked amongst the top 3% of Street stock experts, sees HPE with both a sound foundation and bright prospects, and he describes that in a recent note. Writing of the stock, the tech expert says, 'We rate shares of HP Enterprise (HPE) at an Overweight (OW) rating, given its solid position across servers, storage, and networking — the latter of which has been bolstered by the acquisition of Juniper, increasing its mix of higher-margin, less cyclical revenue relative to broader IT hardware equipment. Importantly, we see this as not only providing further headroom for upside relative to revenue and earnings growth over the coming years, particularly with the latter further reinforced by sizable cost synergies, but also driving upward pressure on the multiple that investors are willing to ascribe to the shares, which is set against the backdrop of the shares historically trading at a discount relative to the broader peer group.' The Overweight (i.e., Buy) rating noted above comes along with a $30 price target, suggesting a gain of 46% by this time next year. (To watch Chatterjee's track record, click here) HPE shares have a Moderate Buy consensus rating, based on 15 recent analyst reviews with an almost even split of 8 Buys and 7 Holds. The stock is priced at $20.51 and its $24.38 average price target implies an upside of 19% in the next 12 months. (See HPE stock forecast) California Resources Corporation (CRC) The second stock on our JPM-backed list is an energy company, California Resources. This is one of the many independent exploration and production companies operating in the North America hydrocarbon sector; as its name suggests, California Resources focuses its activities in the State of California. That's a rich field for an oil and gas producer – California is the seventh-largest oil-producing state in the Union, and one of the world's largest oil and gas regions. CRC's operations are located mainly in the San Joaquin Basin, in the southern part of the state's Central Valley. CRC is currently working in 42 oil fields in this region, and 73% of the company's proven reserves are located here. CRC also has active operations in the Ventura Basin, the Los Angeles Basin, and the Sacramento Basin, among others. California Resources is a $4.4 billion company, with strong production numbers. In the first quarter of this year, the firm generated an 'average net production' of 141 thousand barrels of oil equivalent per day (Mboe/d). Of this total, 79% was oil and the remainder was natural gas and natural gas liquids. The first quarter production figure was flat from the final quarter of 2024, but it was up nearly double the 76 Mboe/d reported in 1Q24. In CRC's first-quarter earnings report for this year, the last report released, the company generated $912 million in top-line revenues. This was up an impressive 101% year-over-year, and beat expectations by more than $50 million. At the bottom line, the company realized a non-GAAP EPS of $1.07, which was 30 cents better than the forecast. The company's free cash flow of $131 million was up 11% from the prior quarter. Watching this stock for JPM, analyst Zach Parham sees plenty of value here for investors. He is impressed by the company's prospects for further growth in the second half of this year, writing, 'We believe the stock is undervalued on a sum-of-the-parts basis… We see the potential for value to be realized if drilling permit approvals resume in California, something we believe is possible in 2H25. Additionally, CRC has a unique set of non-PDP assets (Carbon Management, the Elk Hills Power Plant, and Huntington Beach real estate) that we value at an incremental ~$16 per share. CRC also has a number of unique catalysts in 2H25+ that should provide a pathway to further value creation, including 1) the expected first injection of CO2 from CRC's Carbon Management Business (CMB), 2) the potential passage of CA AB 881, which would allow for the construction of CO2 pipelines in CA and provide a pathway for CRC to further grow its CMB, 3) the potential restart of drilling permit approvals in CA, providing an opportunity for CRC to slow production declines, and 4) a potential PPA at the CRC-owned Elk Hills Power Plant.' These comments support Parham's Overweight (i.e., Buy) rating on the shares, while his $63 price target points toward a gain of 26% going into next year. (To watch Parham's track record, click here) California Resources has earned a Strong Buy consensus rating from the Street's analysts, based on 10 reviews that feature a lopsided split of 9 Buys and 1 Hold. The stock is currently selling for $50, and its $58 average price target suggests that the shares have an upside of 16% on the one-year horizon. (See CRC stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. Disclaimer & DisclosureReport an Issue Sign in to access your portfolio
Yahoo
5 hours ago
- Yahoo
$4,000 Is Ethereum's Last Hurdle Before Price Discovery, Says Galaxy Digital's Mike Novogratz
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Michael Novogratz, CEO of Galaxy Digital on Thursday said Ethereum (CRYPTO: ETH) has a chance to outperform Bitcoin (CRYPTO: BTC) over the next three to six months as institutional capital begins to rotate deeper into Ethereum. What Happened: The remarks came during an interview with CNBC, where Novogratz discussed macroeconomic tailwinds and capital inflows driving momentum in the crypto market. Galaxy's bullish stance on Ethereum is also evident in its onchain activity. Trending: Be part of the breakthrough that could replace plastic as we know it— According to blockchain intelligence platform Arkham, Galaxy Digital currently holds over 52,000 ETH valued at approximately $193.95 million, making it the firm's second-largest crypto position after Bitcoin. "If ETH takes out 4,000, it goes into price discovery," Novogratz said. "The market was really short ETH, and now we have major treasury companies raising capital and buying Ether. There's not a lot of supply." Why It Matters: Bitcoin remains the largest holding in Galaxy's crypto portfolio at over 13,500 BTC, worth $1.57 billion, followed by 328,959 Solana (CRYPTO: SOL) worth roughly $59.3 million. Other holdings include stablecoins like USDC (CRYPTO: USDC) and USDT (CRYPTO: USDT), and real-world asset tokens like Sonic (CRYPTO: S). Galaxy's total visible crypto portfolio value sits just below $1.9 billion, Arkham data shows. That figure has surged alongside Bitcoin's rise above $115,000 and Ethereum's rally toward the $4,000 noted that the broader macro environment, defined by political pressure on the Fed to lower rates and a global reflation push from countries like China, has created a tailwind for 'inflation trades' like gold, silver, and crypto assets. "We're in price discovery in many of these markets," Novogratz said. "Bitcoin could easily reach $130K to $150K, but Ether's supply dynamics and growing adoption make it compelling." Galaxy's ETH holdings support this outlook. The fund has added significantly to its Ethereum position during the past two quarters, according to Arkham's historical balance chart, with an observable increase in mid-2024. The broader Ethereum ecosystem has seen renewed interest with the rise of ETH-based treasuries, staking products, and upcoming scalability upgrades. With ETF applications pending and layer-2 activity rising, institutional ETH accumulation is expected to continue. Read Next: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image: Shutterstock This article $4,000 Is Ethereum's Last Hurdle Before Price Discovery, Says Galaxy Digital's Mike Novogratz originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
