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goldira01 · 5 years ago

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A Quantum Leap

Today, dear readers, we take off our quarantine masks and put on our thinking caps. Well … figuratively speaking, at least. Keep those masks on for now, please.

Why our thinking caps? Because President Trump’s 2021 budget requests $237 million in funding for quantum computing. Roughly $25 million of that budget request comes directly from the U.S. Department of Energy — you know, the guys that helped bring us the internet 60 years ago?

While Trump’s budget still has a long way to go — i.e., through a Democrat-controlled House of Representatives — even he knows that quantum computing is the future of technology as we know it.

And that future is exceedingly bright, especially for investors who get in early.

That’s great, Mr. Great Stuff, real great. More spending on technology while we fight a virus? You’re starting to sound like Bold Profits. So, what is this “quantum computing” … and why should I care?

Why should you care? Hmm … because if we had quantum computers right now, we may already have a cure or vaccine for COVID-19. How’s that, Mr. Doubting Mustafa?

So far, everything you’ve ever seen, written, read or interacted with on a computer or the internet is made up of ones and zeros at its core. Get enough of these ones and zeros together, and you can publish a free e-zine on BanyanHill.com and deliver it to thousands of people on the internet.

But quantum computing? Now that’s a horse of a different color.

Quantum computing will change everything we know about computers, the internet, smartphones, cybersecurity, artificial intelligence (AI), health care, virus management … and even the weather.

It’s a complex topic that deserves a much more in-depth explanation if you’re into future technology. Though, I know you’re itching to hear the market side of things. (Quantum profits? In my portfolio?!) Tech investors, listen up…

The Takeaway:

Essentially, quantum computing is the next leap forward in our digital evolution. President Trump knows this, and it’s why he’s pushing for millions in new funding.

Now, your question should be: How do I get in on the emerging quantum computing mega trend?

I’m glad you asked! The answer is a lot simpler than you might expect…

Right now, only a handful of tech companies have the financial wherewithal to dive into quantum computing research in a meaningful way. Here are three to get you started:

Alphabet Inc. (Nasdaq: GOOGL): The Google parent always has a lot of goofy pet projects in the works, but the company’s quantum computing project is no joke. Codenamed “Bristlecone,” Alphabet’s new quantum computing semiconductor has 72 quantum bits, or qubits. These are the building blocks of quantum chips, just like bits are for current chips. The company leads the arms race in quantum computing power.

IBM Corp. (NYSE: IBM): Good old “Big Blue” built one of the world’s first successful quantum computers. While that computer has since been overshadowed by Alphabet’s Bristlecone, IBM remains at the forefront of developing a “commercial available universal quantum computer for business and science” … at least, according to the company’s quantum research page. A breakthrough in quantum computing could be just what IBM needs to return to relevancy in the data center and AI markets.

Intel Corp. (Nasdaq: INTC): You didn’t think the world’s original semiconductor behemoth would be left out of the quantum computing revolution, did you? Intel is already rolling out quantum semiconductors. Unfortunately, all of those chips need to operate at temperatures near absolute zero. That’s one hell of a cooling system. However, Intel is reportedly close to creating a 128 qubit chip, which would put it well ahead of Alphabet in the quantum processing race.

I know that’s a lot to take in … especially with our brains on autopilot after being locked inside for the past month. So, let me make this easier for you:

If you want expert, cutting-edge stock research on everything from AI to quantum computing, click here now!

The Good: Shwedy Results

In what should surprise literally no one, IT security and services firm, Check Point Software Technologies Ltd. (Nasdaq: CHKP) beat earnings and revenue expectations this morning.

This stay-at-home market has been a boon for Check Point, with the company beating Wall Street’s first-quarter expectations by $0.04 per share. Revenue of $486.5 million also topped the consensus estimate.

“Despite the COVID-19 pandemic, we sustained elevated business activity levels and delivered results in the upper half of our guidance with strength coming from the Americas,” said CEO Gil Shwed.

But, while the prior quarter benefited greatly from the new work-at-home economy, Shwed warned that “it’s hard to predict what effect this changing environment will have on the future.”

I get it. The future is hard to predict, especially right now. But, as long as this lockdown stays in effect, Check Point will continue to benefit handsomely.

The Bad: No Meat for You

“Stock rally + food service exposure + increased retail competition = downside risk,” says UBS analyst Steven Strycula. And you thought you were done with math today!

Strycula’s “new math” is in reference to Beyond Meat Inc. (Nasdaq: BYND). And, after BYND’s recent 100% surge, the UBS analyst believes now is the time to ditch BYND stock. He cut BYND from hold to sell and slashed his price target from $90 to $73.

In short, Strycula’s reasoning is that Beyond Meat has relied on restaurant deals to boost its bottom line. With practically every restaurant in the U.S. shut down, Beyond Meat will take a hit to its bottom line.

I admit that UBS has a point over the short term at least. Over the long term, however, the COVID-19 pandemic has the potential to change the eating habits of millions. As Great Stuff reported on Friday, CFRA Research told clients: “Most infectious disease outbreaks are transmitted from animals to humans.”

Furthermore, meat processing is shutting down around the world. You already know that China struggles with pork production. Now, we have Tyson Foods Inc. (NYSE: TSN) shutting down processing plants due to the virus.

These stories are clearly a short-term boost for BYND, driving investor sentiment more than the company’s bottom line. So, UBS isn’t wrong … for now. But the problems surrounding meat production amid COVID-19 give insight into Beyond Meat’s future. And that future is trending in the meatless wonder’s favor.

The Ugly: Way(Above)Fair Value

Remember when Wayfair Inc. (NYSE: W) reported a wider-than-expected quarterly loss, issued guidance far below expectations with negative quarterly margins?

Yeah, neither does Wall Street.

Wayfair stock has gone on a 400% bender since its Ides of March lows. But someone on Wall Street finally came to their senses.

Stifel analyst Scott Devitt responded to Wayfair’s insanity by downgrading the stock from buy to hold. According to Devitt, the stock passed his price target of $115 last week, and it’s time for a break.

Well … it’s not a resounding rebuke of the stock’s 400% surge, but I’ll take what I can get.

Wayfair’s main problem is that it has to spend — a lot — to stay fresh in consumers’ minds. The company directly competes with everyone from Amazon to Walmart … but it doesn’t have the same brand recognition.

In short, Wayfair’s revenue boost from online shopping amid the pandemic is eaten up by advertising costs.

I swear, I’m so tired of seeing Wayfair ads on Facebook. I can’t imagine how much this is costing the company … oh, wait, I can: negative margins.

The point is, Wayfair is nothing special. It offers products that you can find virtually everywhere else. The only reason it gets attention is because people can’t shop outside. As such, I fully expect Wayfair to see a sharp drop in sales once this lockdown is over. And that’s bad news for W shares.

Today’s Chart of the Week once again comes courtesy of Earnings Whispers on Twitter, with a whole lotta earnings season shakin’ goin’ on.

Hey, I can’t be the only one who gets excited about this kind of stuff. If you’ve never felt the brisk energizing action of corporate earnings, well, maybe you’re a more well-adjusted person than lil ol’ me.

Roughly 30% of the S&P 500 Index is set to report earnings this week, with more than a third of the Dow also spilling its beans. Not to mention, this week features the trillion-dollar tech titans face off. All eyes are on Amazon.com Inc. (Nasdaq: AMZN), a beacon of all online shopping supply chains, and Apple Inc. (Nasdaq: AAPL), bellwether of the “gotta get it now” crowd.

Google’s parent Alphabet already sowed doubts about its ad-dependent business slowing down. (And if you want to talk “we live and breathe ads,” why, Facebook Inc. (Nasdaq: FB) is just getting started … show me another Wayfair ad, I dare you, Zuckerberg!)

Here’s what else is kicking off this week:

AMD has yet another chance to upheave its consumer computer chip rival Intel.

Tesla Inc. (Nasdaq: TSLA) fanatics and traders alike will go ape-$#^! no matter what Elon Musk and co. end up reporting.

We hear from Spotify Technology S.A. (NYSE: SPOT), the streaming underdog and longtime Great Stuff Granted, I don’t think too many families are out there spending quarantine together around the radio. Guess I might as well huddle around to stream for Roosevelt’s fireside chats while I’m at it…

We get to see how much useless (or not-so-useless) stuff people have been buying on eBay.

It’s an all-airline affair with the best bailed-out buds, along with a look at how Boeing Co. (NYSE: BA) is holding up with the air industry’s collapse (plus, you know, its other production and PR debacles).

Finally, we round out the week with the Clorox Co. (NYSE: CLX) and Abbive Inc. (NYSE: ABBV) — two of Great Stuff’s stocks to beat the Wuhan virus … when we still called it that.

It’s sure to be a topsy-turvy week of earnings … but it’s not like you expected otherwise, right? Stick with Great Stuff and Banyan Hill, and we’ll help you dispel the earnings excellence from the hype and hogwash.

If you’re looking to venture out hunting for market bargains, just remember: You never have to go alone! Take a guide. They’re handy. They’ve been through choppy and unexpected markets before. And no matter what kind of earnings apocalypse we may be due for, you’ll want to keep your wits about you.

Click here now to find your guide.

That’s a wrap for today, but you can always catch us on social media: Facebook and Twitter. We hope you’re staying well out there!

Until next time, stay Great!

Regards,

Joseph Hargett

Editor, Great Stuff

#Timor Invest

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artofpeacelove · 5 years ago

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With more than 231,000 reported cases of COVID-19 in the United States alone, working together to contain the virus is the collective goal. But while measures of social distancing and quarantining have been invoked far and wide to protect ourselves and others, it bears mentioning that, for many, said strategies have compromised livelihood. With a number of states formally instructing citizens to stay inside, away from public gatherings and their own jobs (unless deemed essential), countless businesses have either closed down or pivoted operations in such a way that slashes staffing needs. A common result? Many people have been laid off because of the coronavirus and its economic impact.

Currently, the unemployment rate is slated to hit 30 percent by the end of the second quarter, making it even higher than the peak of the Great Depression, which reportedly reached around 25 percent. And on April 2, the Labor Department reported that a record-shattering 6.6 million unemployment claims were filed the week prior. These numbers and projections mean we’ve entered a new professional territory where not much about one’s employment status feels too safe or certain. So, whether you’ve been laid off because of the coronavirus or feel your job is in a precarious-at-best position, we’ve called in financial reinforcements to guide you in the best next steps to take.

Before getting into the financial nitty-gritty, though, know that letting yourself feel the wave of emotions—upset, terrified, furious—that come with getting laid off and having your financial future thrown into absolute uncertainty can help you process and prepare for emerging on the other side. This is true under the best of conditions, but especially so during a pandemic. “Getting let go or laid off, especially during an already high-anxiety moment, is very overwhelming,” says Amanda Clayman, LCSW, financial therapist and Prudential’s Financial Wellness Advocate. “But where you are now will not last forever. Know it’s not linear: Having a good day yesterday and a bad day today doesn’t mean you’re backsliding. This is what normal processing looks like. Take care of where you are today.”

“It’s like our financial lives were sandcastles on the beach and the tide rushed in and ruined them. We will be able to rebuild, but it’s unclear when.” —Paco de Leon, financial expert

It’s also crucial to recognize that we’re in an unprecedented situation that’s unfolding at rapid speed, and many unknowns cloud when we can get back to work. “It’s like our financial lives were sandcastles on the beach and the tide has quickly rushed in and ruined them,” says Paco de Leon, financial expert and founder of The Hell Yeah Group. “Eventually we will be able to rebuild, but it’s unclear when ‘eventually’ is and how we’ll do it in a way that will prepare us for the next crisis.”

How does the rebuilding process work, then? “In the same way those folks have strung together income streams before the crisis, they’ll have to figure out how to string it together during the crisis,” says de Leon. “They’ll have to rely on emergency assistance, social programs, relief programs, community, and the kindness of strangers.” Below, find a breakdown of those programs and forms of assistance, like the stimulus package, the basics of unemployment benefits, and other financial tips to aid you after being laid off because of coronavirus.

What’s in the stimulus package, and will it benefit you?

It’s very helpful to know up front what aid we’re receiving from the $2 trillion government stimulus package that passed last week. The plan states that single adults earning up to $75,000 will receive a one-time $1,200 check with decreasing returns through $99,000 earned; married couples earning up to $150,000 will receive $2,400 with decreasing returns through $198,000 earned; and parents will receive $500 for each child under age 17. These allocations are based on your 2019 tax return, or 2018 if you’ve yet to file your taxes this year. Currently, though, it looks like checks won’t begin to hit our bank accounts until mid to late April.

While those payments are currently one-time-only, some facets of the package aren’t: Those who have been laid off because of the coronavirus but don’t otherwise qualify for unemployment benefits are eligible for $600 a week to be delivered through July 31, 2020, via pandemic unemployment compensation.

No matter what kind of government assistance you do or don’t apply for, though, the following 12 tips are helpful for navigating a layoff at any time. But in the this COVID-19 era of uncertainty? They’re more important than ever. Here’s what experts what you to know.

12 best next steps for financial health if you’ve been laid off because of the coronavirus

1. File for unemployment benefits

The amount you stand to receive differs from state to state, and the length of payment varies between 12 to 28 weeks, also depending on the state. In order to receive your funds, you must first file a claim by going to your state’s designated website (search for your state + unemployment benefits, and you find the correct destination easily) and creating an account. Then you file a claim by outlining your recent job history, how you were let go from that job, and any information you have about whether you’ll return.

But before you roll your eyes at all the red tape, know that there’s been a concerted effort from the top to expand these benefits. “The government has made changes to benefits and is allowing more flexibility with granting benefits during this time of crisis,” says financial expert Angela Holliday, president of Frost Investment Services. Now, unemployed workers who wouldn’t normally qualify for state benefits will be eligible to receive the aforementioned $600 a week for four months. Under that umbrella are self-employed workers, those seeking part-time work, people who quit their job or can’t get to work because of the pandemic, or people who don’t have sufficient work history to otherwise qualify for benefits.

2. Investigate alternate health-care coverage

Though our country’s health-care system is a hot mess that’s been known to keep people in toxic jobs and marriages, losing your insurance during a global pandemic isn’t just unideal—it’s dire. If you’ve been laid off because of the coronavirus, investigate how you can be protected under the Affordable Care Act or other coverage options that provide assistance.

“If you don’t have health care but have an emergency, most hospitals have ‘charity’ funds or can apply for emergency Medicaid coverage for you,” says Financial Gym founder and CEO Shannon McLay. “You can also always go on a payment plan with health-care providers should you need to.”

3. Create a new budget

To keep yourself accountable, set aside an hour or two in your day to examine where your money goes. “First re-acquaint and understand where you stand financially: how much you have, how much you need, and where you can pull cash flow from,” says financial advisor Kathy Entwistle, financial advisor and SVP at UBS. “Make sure to take a look at your credit-card statements or activity online. Just as you would block off your schedule for workouts, block out your schedule to review your plan.”

“First re-acquaint and understand where you stand financially: how much you have, how much you need, and where you can pull cash flow from.” —financial advisor Kathy Entwistle

Then, use the information to create a new budget for yourself. And if the thought of number-crunching frightens you, well, there are a number of apps for that (De Leon is partial to Tiller HQ). “Not only is now a time to get back to basics and fundamentals in our everyday lives by cooking all our meals and simplifying ways to entertain ourselves and exist, now’s a time to get back to basics with your finances: what’s coming in, what’s going out, and examining the places you can impact either side will be helpful,” says De Leon.

Emphasis on “either side.” Seeing how you spend not only tells you where you can make new choices and save, but where you factually will save. For example, if you usually pay for public transportation or grab a Starbucks coffee on the way to work, one small silver lining of the quarantine life is that those expenses are cut for you.

4. Investigate what relief services are available for monthly expenses

“Relief programs are…being created by companies, banks, lenders, internet-service providers, and cable providers,” says De Leon. “Spending time to find out about what is available for relief to help reduce expenses might be very helpful in the short-term.”

To kick off your inquiries, consult your list of expenses Entwistle suggested you create, and take note of what the recurring big-ticket items are. Make a list, and then prioritize it. For example, now would be a really terrible time to lose connection and communication to other human beings, so checking in with phone and internet relief programs is a really great place to start.

5. Don’t be afraid to reach out to your community

“Cities and communities around the country are coming together to create relief funds to help the most vulnerable people in the population,” says De Leon. “Connect with your community to find out who has leads.”

For starters, service workers may want to check to see if their city has a Virtual Tip Jar. And small business owners may consider starting a GoFundMe goal for relief. Be vocal, be curious, and be confident that people want to help if they can.

6. Avoid resorting to retail therapy because you’re panicked

According to Clayman, retail therapy targets two specific things: distraction and a feeling of productivity, which are both things you might be low on if you’ve been laid off because of the coronavirus. “Retail therapy engages that old hunter-gatherer part of the brain that tells us we’re engaged in a search for a reward or resource,” Clayman says. “It’s a fully absorbing task—that’s is the distraction piece—and one that provides a mood-boosting dopamine payoff when we buy. In a world where so many efforts are complex, long-term efforts, this search-and-purchase can provide temporary relief.”

That said, you can still mimic the soothing short-term effects of retail therapy without spending money in a way that Holliday warns may open you up to long-term debt. To find those, Clayman says to identify ways you can distract yourself that will give way to a sense of achievement. “You might try out jigsaw puzzles, or crosswords, make an encouraging sign to go in your window, or attempt an ambitious new recipe,” she says. “As for being productive, the opportunities right now are endless. You might write letters to facility-bound seniors, learn to sew face masks out of a spare set of bed sheets, or tackle that closet re-org you’ve been meaning to do for the last six months.”

7. Contact your creditors and lenders

“Learn about what relief they can offer as a result of the crisis now–don’t wait until you start missing payments,” says Holliday. “By negotiating relief up front, you can avoid negative credit bureau reporting, but continue to monitor your credit to make sure you don’t have any delinquencies. And with the Federal Reserve dramatically cutting rates, find out if refinancing debt at a lower rate is possible. Most utilities like electricity, phone, gas, won’t terminate services during a crisis.”

“By negotiating relief upfront, you can avoid negative credit bureau reporting, but continue to monitor your credit to make sure you don’t have any delinquencies.” —financial expert Angela Holliday

If you need a helping hand when it comes to refinancing or any other needs, the National Foundation for Credit Counseling has a Coronavirus Financial Toolkit and nonprofit counselors at the ready.

8. Review and reconsider your debt payments

On an up note, there might be relief in place for at least some of your debts, particularly student loans. Right now the stimulus package is set to suspend federal student loan payments without interest accruing through September 30.

And regardless of these leniences, if you’re still making payments for student loans or other debts—credit card, auto loans, or whatever—you might want to make adjustments to how much you’re paying. “Don’t pay anything other than the minimum until you get back on your feet and are in a better position to get back on track and put together a plan to reduce your debt,” says Entwistle. “These are debts that you will want to be able to eliminate once you have your cashflow back in place and you have an emergency fund set aside.”

9. Consider applying for a grant

“Now would be the time for artists in particular to look into grant options, emergency or otherwise, as another piece of the income pie,” says De Leon. If you’re unsure and overwhelmed of where to start with that, a running doc of grant resources is available, with a tip of the hat to Baltimore Jewelry Center for sharing.

10. Make use of your time affluence

If you’re in a stable enough financial place to do so, consider that, after being laid off because of the coronavirus, you may have a wealth of time or “time affluence.” And if you have the energy to be productive, creative, or at least very thoughtful, that’s not nothing.

“We are all being given a nonrenewable resource right now: time,” says De Leon. “I think creative people need to realize that this is a gift, and how and what they spend their time doing now can be a source of income later. Use this time to seriously consider and think about how you can create a sustainable life in the future—in good times and bad. Or, use this time creating something now that can be monetized later.”

11. If you can, set aside unexpected income toward an emergency fund

Stressing hard on if you can. If you’re able to coast for a while, or you can just put $25 aside a week (see: curbing a takeout habit), this is a good time to either build or add to your safety net.

“If you receive unexpected money or if you are expecting a tax refund, plan on adding it to this fund,” says Holliday.

12. Focus on what you can control

“Though this is undoubtedly a trying time, try your best not to panic,” says Holliday. “This was out of your control—so try to focus on what you can control.” You could open a small “Fun and BS account” with a debit card with a low balance that gives you an “allowance” for feel-good pleasures like food delivery. Treat yourself to a podcast to help your financial health, or get a budget buddy to help you stay accountable and swap financial tips. You can keep track of your spending with small as-needed adjustments, like cutting a streaming service for a month to see if you miss it.

“And finally, know you can add as much free stuff as you want,” says Clayman. “I often say to my clients, ‘Think of necessity as a friendly muse: You may find creative inspiration when you [embrace cutting back expenses] as a positive learning experience as opposed to something negative you have to do.’”

COVID-19 is upending the wellness industry when we need it most, and this is how you can support your favorite small business in the meantime—with or without money.

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#12 smart financial next steps if you were laid off because of the coronavirus #according to the pros

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tortuga-aak · 7 years ago

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Virtu, the 'ultimate play' on volatility on Wall Street, is set for a rough quarter (VIRT)

REUTERS/Brendan McDermid

We won't know exactly how Virtu Financial fared during the third quarter until November 7, when the high-frequency trader unveils its earnings, but one UBS analyst is betting things won't look good.

Times are tough for high-speed traders, which do better when during more volatile market conditions. The firm posted weak earnings for the second quarter, which came in below Wall Street's estimates. Alex Kramm, an analyst at UBS, said the third quarter will be even worse.

The bank slashed its expectations for the firm's Q3 earnings per share by nearly 80% to $.04 from $.19. The firm delivered $.13 per share to investors in the second quarter of 2017.

"We view VIRT as the ultimate play on our belief that trading volumes remain cyclically depressed and are poised to increase as the debate around global interest rates plays out and geopolitical uncertainty continues," UBS said.

Virtu acquired KCG, another high-frequency trading firm, earlier this year. Low volatility and rising technology costs have forced a number of HFTs to merge or close up shop. UBS thinks the acquisition will weigh on Q3 EPS.

"While VIRT announced that it had already taken actions to achieve half of the expected run rate synergies of $250mm exiting the 3Q, we believe that those actions will weigh heavily in the near-term, resulting in a messy quarter," Kramm said.

As liquidity providers, HFTs are scanning the markets for opportunities in which buyers and sellers aren't matched up. But when volatility is too low, like it has been for the past four months, those opportunities are hard to come by because there are fewer price swings. Cifu addressed this low volatility environment during the firm's last earnings call on August 10.

"We remain confident that the core results are a consequence of the terrible environment for a market-maker," Cifu said. "While we are not happy with the results, we are proactively managing our business to grow and to continue to earn an acceptable return in this environment."

Markets haven't gotten more active since Q2. Average equities volatility were down 17% compared to Q3 of 2016 and volatility for commodities were down 27%, according to UBS. There were some bright spots, however. FX volatility was up 2% over quarter 2 of 2017.

UBS has not changed its $18 price target for Virtu, a stock for which the bank has a buy rating. It is looking to the fourth quarter to see where the company stands when Virtu and KCG are fully integrated.

"We believe this demonstrates the potential of the combined firm as costs are removed and the company delevers," Kramm wrote. "As such, we believe the dividend will remain secure, and there could still be upside in a more normalized environment."

NOW WATCH: The head of a $55 billion fund at First Eagle points out the risks everyone else on Wall Street is missing

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soorasaab · 8 years ago

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Apple Inc is likely to pay graphics chip designer Imagination Technologies just one third of its current royalty rate as the smartphone giant wind downs their supply deal over the next two years, UBS estimated on Wednesday.

UBS analysts predicted that Imagination would become loss-making by fiscal 2019 without any Apple royalty contributions and that the British chip designer will have to consider potential cost-cutting moves to redress the balance.

Earlier this month, the British designer of graphical processing units used in smartphones said its largest customer would stop using its technology within 15 to 24 months, causing the stock to lose nearly two thirds of its value in a single day.

The move sent shudders through Apple's supply chain and has sparked investor jitters over whether Apple may rely more on its own in-house chip technology rather than external suppliers.

Imagination is in talks with Apple on a new licensing deal. UBS forecasts Apple is likely to ratchet down the royalty rate it currently pays of around $0.30 to closer to $0.10 - the rate Imagination charges customers such as MediaTek.

Valuing London-listed Imagination using discounted cash flows, UBS analysts estimated its Apple business is worth 75 pence, while, without Apple, the stock is worth just 35 pence. That totals 110 pence, using a sum-of-the-parts valuation.

The stock currently trades at 103.19 pence.

Apple, the world's most valuable company, commands a market capitalisation of $741 billion that is around 2,000 times greater than Imagination's GBP 288 million ($370 million).

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caveartfair · 8 years ago

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Controversy Continues around Dana Schutz Painting—and the 9 Other Biggest News Stories This Week

Catch up on the latest art news with our rundown of the 10 stories you need to know this week.

01 A painting by Dana Schutz on view at the Whitney Biennial has caused a firestorm of controversy over the white artist’s use and depiction of Emmett Till as a subject.

(via Artsy, Black Contemporary Art, artnet News, and The Guardian)

Schutz’s Open Casket (2016) is an abstracted painting of Till, the 14-year-old African-American boy who was tortured and lynched by two white men in Mississippi in 1955 for reportedly flirting with a white store clerk. Till’s murderers were promptly acquitted. The day the Whitney Biennial opened to the public, artist Parker Bright stood in front of Schutz’s painting wearing a shirt that read “Black Death Spectacle,” blocking the work from view for several hours. The British artist Hannah Black subsequently published a public letter calling for the piece to be removed and destroyed, writing that “it is not acceptable for a white person to transmute Black suffering into profit and fun, though the practice has been normalized for a long time.” The biennial’s curators, Chris Lew and Mia Locks, rejected calls to remove the work because they “believe in providing a museum platform for artists to explore these critical issues.” Schutz has also stood by the piece, although this week a widely-circulated fake letter (purportedly penned by the artist herself) requested its removal from the biennial. In The Guardian, Schutz responded, “I don’t know what it is like to be black in America, but I do know what it is like to be a mother. Emmett was Mamie Till’s only son.” But as Antwaun Sargent wrote for Artsy, “the controversy surrounding this work is, at its core, about the failure of the art world to truly represent black humanity, despite its recent insistence on ‘diversity.’”

02 Art Basel and UBS released a new report on the art market Wednesday at Art Basel in Hong Kong, finding that overall sales for the global art market fell 11% in 2016, to $56.6 billion.

(Artsy)

The U.S. remained the largest market for art, with a market share of 40% (down three percentage points from the prior year). The U.K. was second with a 21% share, with China breathing down its neck at 20%. Still, the U.S. suffered a 16% decline in sales in 2016 to $22.9 billion, due largely to lower auction results. The report, titled The Art Market | 2017, was prepared by longtime arts economist and founder of Arts Economics Clare McAndrew, whose research, previously for the TEFAF Report, has been a guidepost for the art market. McAndrew highlighted several risks to the art market that could be exacerbated by the increasing dominance of the ultra-wealthy and thinning ranks of more modest collectors who help support the emerging end of the market. “Since 2009, we’ve really seen the top end pull away and get more disconnected from the everyday businesses of the market,” she wrote. In this year’s report, she links that trend to growing wealth inequality.

03 The fifth edition of Art Basel in Hong Kong opened with 242 galleries from 34 countries participating.

(Artsy)

The art world has placed an ever-increasing focus on Asia over the past half-decade, with a flood of new collectors from China and Southeast Asia entering the market. At Art Basel in Hong Kong’s opening day, a sense pervaded that the pivot of the industry’s attention to the region was complete—and that this fair now stands on equal footing with its sisters in Basel and Miami Beach. “This is a milestone year for the fair,” said Art Basel Global Director Marc Spiegler, reflecting on the five years since his fair purchased Hong Kong art fair ART HK, which was five years old at the time. Many galleries have moved to or expanded in the city in the time since, and the fair itself has increased in visitorship from just 20,000 attendees in 2008 to 70,000 in 2016. This year a similarly sized crowd is expected. “I don’t think any of us imagined the show would gain so much attention so quickly,” said Spiegler. At least according to early results, that attention is ever more quickly turning into sales.

04 Trisha Brown, the boundary-pushing postmodern choreographer and dancer who revolutionized her medium, has died at age 80.

(via the New York Times)

Brown passed away in San Antonio, Texas on March 18th; she had been undergoing treatment for vascular dementia since 2011. Her pioneering body of work includes several seminal works of choreography and solo and group performances that eschewed theatricality and formalism in favor of experimental movement. Further innovations included the removal of music from her compositions, letting the sounds of her dancers’ moving bodies score performances instead. Several of these works were presented in famously unconventional settings: Walking on the Wall (1971) featured seven dancers suspended from the Whitney’s ceiling and striding vertically across the gallery walls as if defying gravity; Roof Piece (1971) saw dancers scattered across 12 Soho roofs. Brown was a fixture of the 1970s and ’80s New York avant-garde community and is known for collaborating with artists outside dance—including Donald Judd, Laurie Anderson, and Robert Rauschenberg—on sets and other aesthetics. She was named Chevalier dans l’Ordre des Arts et Lettres by the French government in 1988 and a MacArthur fellow in 1991. In 2012, Brown announced that she would no longer create work; since then, aspects of her influential oeuvre have been presented at the Donald Judd Foundation, BAM, the Getty, LACMA, and more. Countless choreographers and creatives who came after her, such as David Gordon, Mark Morris, and Stephen Petronio, have cited Brown and her work as an essential influence.

05 A new study has found that women museum directors are both underrepresented and underpaid in comparison to their male counterparts in the United States.

(Artsy)

The new study, released Wednesday by the Association of Art Museum Directors (AAMD) revealed the disparity remains particularly acute at wealthy institutions, despite incremental progress in narrowing the gap. The AAMD found that 48% of the 210 museum directors who responded to the 2016 study were women, up 5% since data was last gathered in 2013. Across all institutions, women directors earned an average of 73 cents for every dollar paid to men in the same position. Wealthier museums—defined as those with operating budgets over $15 million—revealed more dramatic gender inequity. Roughly 30% of such institutions are directed by women; by comparison, women helm 54% of museums with budgets under $15 million. And the gender gap at wealthy institutions actually widens as their coffers deepen. Of the 13 highest-budget institutions in the United States, 12 have male museum directors. As such, the study bolsters calls for New York’s Metropolitan Museum of Art to appoint a woman as director, following the resignation of Thomas Campbell.

06 Art supply sales spiked in January as protesters crafted signs for the women’s marches held across the United States.

(via the New York Times)

Consumer research group NPD reported that, in the week leading up to the Women’s March on Jan. 21st, sales of poster boards jumped by 33% and foam boards by 42% over the same week last year. In all, more than 6.5 million poster boards were sold during the month of January. Other poster-making materials were also in greater demand between Jan. 15th and Jan 21st, including glue (up 27%), specialty markers (up 24%), and permanent markers (up 12%). The boost in sales led to a shortage of art supplies in certain areas—a Washington woman who organized a sign-making event recalled “calling around for posters, and everyone was sold out for a five-mile radius.” One D.C.-based organizer even picked up bedsheets and pillowcases thrown away by hotels as an alternative to poster board.

07 A British man has been charged for attacking a more than two-hundred-year-old painting by Thomas Gainsborough in London’s National Gallery.

(via The Guardian)

Last Saturday, March 18th, 63-year-old Keith Gregory entered The National Gallery and slashed The Morning Walk (1785) by legendary Romantic-era portrait and landscape-painter Thomas Gainsborough with a screwdriver. The following day, London police announced that Gregory, who has no fixed home, was charged with causing criminal damage. After last week’s attack, museum staff evacuated the wing where the large-scale painting hung (and which was also featured in the James Bond film Skyfall) for two hours. The masterpiece was swiftly removed from the wall and was, as of Sunday, in the process of being examined by the museum’s on-staff conservators, who have confirmed that damage “is limited to two long scratches which have penetrated the paint layers but not the supporting canvas,” said a spokeswoman for the museum. As of this Friday, the motive for the attack remains unknown.

08 Following the resignation of Met director Thomas Campbell earlier this month, interim chief executive Daniel Weiss has detailed a plan to close the museum’s $15 million budget deficit.

(via the Wall Street Journal)

In what is being construed as a bid by Weiss for a permanent appointment to the Metropolitan Museum of Art’s top job, the former college president laid out a plan to close the rapidly ballooning deficit over two or three years. The strategy slows spending without sacrificing growth by tripling the revenue from gift shops and moving forward consecutively with costly building projects rather than tackling them simultaneously. A $600-million expansion of the museum to house its contemporary art collection has also been mothballed. The Met first announced a deficit last year and enacted several measures to eliminate it, including a string of nearly 100 layoffs. The overall logic of Weiss’s plan isn’t a substantive deviation from Campbell’s previous proposals, although the interim chief executive has said there will be no additional layoffs.

09 An international fund to protect cultural heritage in conflict zones has launched with an initial sum of $75 million—including $1 million donated by a U.S. art collector.

(via The Art Newspaper)

The fund officially launched on Monday and has already raised three-quarters of a planned $100 million total. France and the United Arab Emirates spearheaded the initiative, which was modeled off a similar project aimed at combating AIDS, tuberculosis, and malaria. The two countries were also responsible for a large portion of the contributions thus far—$30 million from France and $15 million from the UAE. This money will go towards safeguarding heritage in conflict zones and combating looting, in parallel to efforts by UNESCO, which will be represented on the fund’s board. Private donors from the United States have also been key to its development; the Mellon Foundation and World Monuments Fund both contributed, as did Thomas Kaplan, a billionaire and art collector connected to the Gulf region, who gave $1 million.

10 An artist who created an incendiary anti-Trump billboard in Arizona has reported receiving death threats over the work.

(via The Hill)

Last Friday, a billboard depicting a scowling President Trump surrounded by atomic explosions and dollar signs resembling Nazi swastikas went up on Grand Avenue in Phoenix, Arizona. Karen Fiorito, the California-based artist and activist behind the public artwork, expected it would stir up controversy. She didn’t anticipate, however, the menacing calls and death threats that have harassed she and her husband since the billboard was erected. “I've been called a communist, a Satan worshiper. I've been told I'm a very, very sick person,” she said. The back of Fiorito’s billboard, which shows five hands spelling the word “unity,” is less provocative. According to Fiorito the piece is “a form of resistance, a form of protest” but also a “call for people who feel like they’re in the minority to come together,” she said. Phoenix gallery owner and arts patron Beatrice Moore, who commissioned the artwork from Fiorito and owns the billboard, stated that the billboard would stay put as long as Trump is president.

—Artsy Editors

Cover image: Dana Schutz, Open Casket, 2016. Collection of the artist; Pretzel Gallery, New York and Contemporary Fine Arts, Berlin. Photograph by Bill Orcutt. Courtesy of the Whitney Museum of American Art.

from Artsy News

#Artsy News

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goldira01 · 5 years ago

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A Quantum Leap

Today, dear readers, we take off our quarantine masks and put on our thinking caps. Well … figuratively speaking, at least. Keep those masks on for now, please.

While Trump’s budget still has a long way to go — i.e., through a Democrat-controlled House of Representatives — even he knows that quantum computing is the future of technology as we know it.

And that future is exceedingly bright, especially for investors who get in early.

Why should you care? Hmm … because if we had quantum computers right now, we may already have a cure or vaccine for COVID-19. How’s that, Mr. Doubting Mustafa?

But quantum computing? Now that’s a horse of a different color.

Quantum computing will change everything we know about computers, the internet, smartphones, cybersecurity, artificial intelligence (AI), health care, virus management … and even the weather.

The Takeaway:

Essentially, quantum computing is the next leap forward in our digital evolution. President Trump knows this, and it’s why he’s pushing for millions in new funding.

Now, your question should be: How do I get in on the emerging quantum computing mega trend?

I’m glad you asked! The answer is a lot simpler than you might expect…

Right now, only a handful of tech companies have the financial wherewithal to dive into quantum computing research in a meaningful way. Here are three to get you started:

I know that’s a lot to take in … especially with our brains on autopilot after being locked inside for the past month. So, let me make this easier for you:

If you want expert, cutting-edge stock research on everything from AI to quantum computing, click here now!

The Good: Shwedy Results

In what should surprise literally no one, IT security and services firm, Check Point Software Technologies Ltd. (Nasdaq: CHKP) beat earnings and revenue expectations this morning.

“Despite the COVID-19 pandemic, we sustained elevated business activity levels and delivered results in the upper half of our guidance with strength coming from the Americas,” said CEO Gil Shwed.

But, while the prior quarter benefited greatly from the new work-at-home economy, Shwed warned that “it’s hard to predict what effect this changing environment will have on the future.”

I get it. The future is hard to predict, especially right now. But, as long as this lockdown stays in effect, Check Point will continue to benefit handsomely.

The Bad: No Meat for You

“Stock rally + food service exposure + increased retail competition = downside risk,” says UBS analyst Steven Strycula. And you thought you were done with math today!

The Ugly: Way(Above)Fair Value

Remember when Wayfair Inc. (NYSE: W) reported a wider-than-expected quarterly loss, issued guidance far below expectations with negative quarterly margins?

Yeah, neither does Wall Street.

Wayfair stock has gone on a 400% bender since its Ides of March lows. But someone on Wall Street finally came to their senses.

Well … it’s not a resounding rebuke of the stock’s 400% surge, but I’ll take what I can get.

In short, Wayfair’s revenue boost from online shopping amid the pandemic is eaten up by advertising costs.

I swear, I’m so tired of seeing Wayfair ads on Facebook. I can’t imagine how much this is costing the company … oh, wait, I can: negative margins.

Today’s Chart of the Week once again comes courtesy of Earnings Whispers on Twitter, with a whole lotta earnings season shakin’ goin’ on.

Here’s what else is kicking off this week:

AMD has yet another chance to upheave its consumer computer chip rival Intel.

Tesla Inc. (Nasdaq: TSLA) fanatics and traders alike will go ape-$#^! no matter what Elon Musk and co. end up reporting.

We get to see how much useless (or not-so-useless) stuff people have been buying on eBay.

Finally, we round out the week with the Clorox Co. (NYSE: CLX) and Abbive Inc. (NYSE: ABBV) — two of Great Stuff’s stocks to beat the Wuhan virus … when we still called it that.

Click here now to find your guide.

That’s a wrap for today, but you can always catch us on social media: Facebook and Twitter. We hope you’re staying well out there!

Until next time, stay Great!

Regards,

Joseph Hargett

Editor, Great Stuff

#Timor Invest

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