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Old Austin Tales: Forgotten Video Arcades of The 1970s & 80s
In the late 1980s and early 1990s when I was a young teen growing up in far North Austin, it was a popular custom for many boys in the neighborhood to assemble at the local Stop-N-Go after school on a regular basis for some Grand Champion level tournaments in Street Fighter 2 and Mortal Kombat. The collective insistence of our mothers and fathers to get out of the house, get some exercise, and refrain from playing NES or Sega on the television only led us to seek out more video games at the convenience store down the road. Much allowance and lunch money was spent as well as hours that should have been devoted to homework among the 8 or 9 regular boys in attendance, often challenging each other to 'Best of 5' matches. I myself played Dhalsim and SubZero, and not very well, so I rarely ever made it to the 5th match. The store workers frequently kicked us out for the day only to have us return when they weren't working the counter anymore if not the next day. There is something about that which has been lost in the present day. While people can today download the latest games on Steam or PSN or in the app store on your smartphone, you can't just find arcade games in stores and restaurants like you used to be able to. And so the fun of a spontaneous 8 or 10 person multiplayer video game tournament has been confined to places like bars, pool halls, Pinballz or Dave&Busters. But in truth it was that ubiquity of arcade video games, how you could find them in any old 7-11 or Laundromat, which is what killed the original arcades of the early 1980s before the Great Crash of 1983 when home video game consoles started to catch up to what you saw in the arcade. I was born in the mid 1970s so I missed out on Pong. I was kindergarten age when the Golden Age of Arcade Games took place in the early 1980s. There used to be a place called Skateworld on Anderson Mill Road that was primarily for roller skating but had a respectable arcade in its own right. It was there that I honed my skills on the original Tron, Pac Man, Galaga, Pole Position, Defender, and so many others. In the 1980s I remember visiting all the same mall arcades as others in my age group. There was Aladdin's Castle in Barton Creek Mall, The Gold Mine in Highland, and another Gold Mine in Northcross which was eventually renamed Tilt. Westgate Mall also had an arcade but being a north austin kid I never went there until later in the mid 1990s. There were also places like Malibu Grand Prix and Showbiz Pizza and Chuck-E-Cheeze, all of which had fairly large arcades for kids which were the secondary attraction. If you're of a certain age you will remember Einsteins and LeFun on the Drag. They were there for a few decades going back way before the Slacker era. Lesser known is that the UT Student Union basement used to have an arcade that was comparable to either or both of those places. Back in the pre-9/11 days it was much easier to sneak in if you even vaguely looked like you could be a UT student. But there was another place I was too young to have experienced called Smitty's up further north on 183 at Lake Creek in the early 1980s. I never got to go there but I always heard about it from older kids at the time. It was supposed to have been two stories of wall to wall games with a small snack bar. I guess at the time it served a mostly older teen crowd from Westwood High School and for that reason younger kids my age weren't having birthday parties there. It wasn't around very long, just a few years during the Golden Age of Arcades. It is with almost-forgotten early arcades like that in mind that I wanted to share with y'all some examples of places from The Golden Age of the Video Arcade in Austin using some old Statesman articles I've found. Maybe someone of a certain age on here will remember them. I was curious what they were like, having missed out by being slightly too young to have experienced most of them first hand. I also wanted to see the original reaction to them in the press. I had a feeling there was some pushback from school/parent/civic groups on these facilities showing up in neighborhood strip malls or next to schools, and I was right to suspect. But I'm getting ahead of myself. First let's list off some places of interest. Be sure to speak up if you remember going to any of these, even if it was just for some other kid's birthday party. Unfortunately some of the only mentions about a place are reports of a crime being committed there, such as our first few examples. Forgotten Arcade #1 Fun House/Play Time Arcade - 2820 Guadalupe June 15, 1975
ARCADE ENTHUSIASM A gang fight involving 20 30 people erupted early Saturday morning in front of an arcade on Guadalupe Street. The owner of the Fun House Arcade at 282J Guadalupe told police pool cues, lug wrenches, fists and a shotgun were displayed during the flurry. Police are unsure what started the fisticuffs, but one witness at the scene said it pitted Chicanos against Anglos. During the fight the owner of the arcade said a green car stopped at the side of the arcade and witnesses reported the barrel of a shotgun sticking out. The crowd wisely scattered and only a 23-year-old man was left lying on the ground. He told police he doesn't know what happened.
ARCADE ROBBED A former employee of Play Time Arcade, 2820 Guadalupe, was charged Tuesday in connection with the Tuesday afternoon robbery of his former business. Police have issued a warrant for the arrest of Ronnie Magee, 22, of 1009 Aggie Lane, Apt. 306. Arcade attendant Sam Garner said he had played pool with the suspect an hour before the robbery. He told police the man had been fired from the business two weeks earlier. Police said a man walked in the arcade about 2:45 p m. with a blue steel pistol and took $180. Magee is charged with first degree aggravated robbery. Bond was set on the charge at $15,000.
First it was called Fun House and then renamed Play Time a year later. I'm not sure what kind of arcade games beyond Pong and maybe Asteroids they could have had at this place. The peak of the Pinball craze was supposed to be around 1979, so they might have had a few pinball machines as well. A quick search of youtube will show you a few examples of 1976 video games like Death Race. The location is next to Ken's Donuts where PokeBowl is today where the old Baskin Robbins location was for many years. Forgotten Arcade #2 Green Goth - 1121 Springdale Road May 15, 1984
A 23-year-old man pleaded guilty Monday to a January 1983 murder in East Austin and was sentenced to 15 years in prison. Jim Crowell Jr. of Austin admitted shooting 17-year-old Anthony Rodriguez in the chest with a shotgun after the two argued outside the Green Goth, a games arcade at 1121 Springdale Road, on Jan. 23, 1983. Crowell had argued with Rodriguez and a friend of Rodriguez at the arcade, police said. Crowell then went to his house, got a shotgun and returned to the arcade, witnesses said. When the two friends left the arcade, Rodriguez was shot Several weeks ago Crowell had reached a plea bargain with prosecutors for an eight-year prison term, but District Judge Bob Perkins would not accept the sentence, saying it was shorter than sentences in similar cases. After further plea bargaining, Crowell accepted the 15-year prison sentence.
I can't find anything else on Green Goth except reports about this incident with a murder there. There is at least one other report from 1983 around the time of Crowell's arrest that also refer to it as an arcade but reports the manager said the argument started over a game of pool. It's possible this place might have been more known for pool. Forgotten Arcades #3 & #4 Games, Etc. - 1302 S. First St Muther's Arcade - 2532 Guadalupe St August 23, 1983
Losing the magic touch - Video Arcades have trouble winning the money game It was going to be so easy for Lawrence Villegas, a video game junkie who thought he could make a fast buck by opening up an arcade where kids could plunk down an endless supply of quarters to play Pac-Man, Space Invaders and Asteroids. Villegas got together with a few friends, purchased about 30 video games and opened Games, Etc. at 1302 S. First St in 1980. .,--.... For a while, things, went great Kids waited in line to spend their money to drive race cars, slay dragons and save the universe. AT THE BEGINNING of 1982, however, the bottom fell out, and Villegas' revenues fell from $400 a week to $25. Today, Games, Etc. is vacant Villegas, 30, who is now working for his parents at Tony's Tortilla Factory, hasn't decided what he'll do with the building. "I was hooked on Asteroids, and I opened the business to get other people hooked, too," Villegas said. "But people started getting bored, and it wasn't worth keeping the place open. In the end, I sold some machines for so little it made me sick." VILLEGAS ISNT the only video game operator to experience hard times, video game manufacturers and distributors 'It used to be fairly common to get $300 a week from a machine. Now we rarely get more than $100 . Pac-Man's a lost cause. Six months ago, you could resell a Pac-Man machine for $1,600. Now, you're lucky to get $950 if you can find a buyer." Ronnie Roark says. In the past year, business has dropped 25 percent to 65 percent throughout the country, they say. Most predict business will get even worse before the market stabilizes. Video game manufacturers and operators say there are several reasons for the sharp and rapid decline: Many video games can now be played at home on television, so there's no reason to go to an arcade. The novelty of video games has worn off. It has been more than a decade since the first ones hit the market The decline can be traced directly to oversaturation or the market arcade owners say. The number of games in Austin has quadrupled since 1981, and it's not uncommon to see them in coin-operated laundries, convenience stores and restaurants. WITH SO MANY games to choose from, local operators say, Austinites be came bored. Arcades still take in thousands of dollars each week, but managers and owners say most of the money is going to a select group of newer games, while dozens of others sit idle. "After awhile, they all seem the same," said Dan Moyed, 22, as he relaxed at Muther's Arcade at 2532 Guadalupe St "You get to know what the game is going to do before it does. You can play without even thinking about it" Arcade owners say that that, in a nutshell, is why the market is stagnating. IN THE PAST 18 months, Ronnie Roark, owner of the Back Room at 2015 E. Riverside Drive, said his video business has dropped 65 to 75 percent Roark, . who supplied about 160 video games to several Austin bars and arcades, said the instant success of the games is what led to their demise. "The technology is not keeping up with people's demand for change," said Roark, who bought his first video game in 1972. "The average game is popular for two or three months. We're sending back games that are less than five months old." Roark said the market began dropping in March 1982 and has been declining steadily ever since. "The drop started before University of Texas students left for the summer in 1982," Roark said. "We expected a 25 percent drop in business, and we got that, and more. It's never really picked up since then. - "It used to be fairly common to get $300 a week from a machine. Now we rarely get more than $100. 1 was shocked when I looked over my books and saw how much things had dropped." TO COMBAT THE slump, Roark said, he and some arcade owners last year cut the price of playing. Even that didn't help, he said. Old favorites, such as Pac-Man, which once took in hundreds of dollars each week, he said, now make less than $3 each. "Pac-Man's a lost cause," he said. "Six months ago, you could resell a Pac-Man machine for $1,600. Now, you're lucky to get $950 if you can find a buyer." Hardest hit by the slump are the owners of the machines, who pay $3,500 to $5,000 for new products and split the proceeds with the businesses that house them. SALEM JOSEPH, owner of Austin Amusement and Vending Co., said his business is off 40 percent in the past year. Worse yet, some of his customers began returning their machines, and he's having a hard time putting them back in service. "Two years ago, a machine would generate enough money to pay for itself in six months,' said Joseph, who supplies about 250 games to arcades. "Now that same machine takes 18 months to pay for itself." As a result, Joseph said, he'll buy fewer than 15 new machines this year, down from the 30 to 50 he used to buy. And about 50 machines are sitting idle in his warehouse. "I get calls every day from people who want to sell me their machines," Joseph said. "But I can't buy them. The manufacturers won't buy them from me." ARCADE OWNERS and game manufacturers hope the advent of laser disc video games will buoy the market Don Osborne, vice president of marketing for Atari, one of the largest manufacturers of video games, said he expects laser disc games to bring a 25 percent increase in revenues next year. The new games are programmed to give players choices that may affect the outcome of the game, Os borne said. "Like the record and movie industries, the video game industry is dependent on products that stimulate the imagination," Osborne said "One of the reasons we're in a valley is that we weren't coming up with those kinds of products." THE FIRST of the laser dis games, Dragonslayer and Star Wan hit the market about two months ago. Noel Kerns, assistant manager of The Gold Mine Arcade in Northcross Mall, says the new games are responsible for a $l,000-a-week increase in revenues. Still, Kerns said, the Gold Mine' total sales are down 20 percent iron last summer. However, he remain optimistic about the future of the video game industry. "Where else can you come out of the rain and drive a Formula One race car or save the universe?" hi asked. Others aren't so optimistic. Roark predicted the slump will force half of all operators out of business and will last two more years. "Right now, we've got a great sup ply and almost no demand," Roark said. "That's going to have to change before things get- significantly better."
Well there is a lot to take from that long article, among other things, that the author confused "Dragonslayer" with "Dragon's Lair". I lol'd. Anyone who has been to Emo's East, formerly known as The Back Room, knows they have arcade games and pool, but it's mostly closed when there isn't a show. That shouldn't count as an arcade, even though the former owner Ronnie Roark was apparently one of the top suppliers of cabinet games to the area during the Golden Era. Any pool hall probably had a few arcade games at the time, too, but that's not the same as being an arcade. We also learn from the same article of two forgotten arcades: Muthers at 2522 Guadalupe where today there is a Mediterranean food restaurant, and another called Games, Etc. at 1302 S.First that today is the site of an El Mercado restaurant. But the article is mostly about showing us how bad the effects were from the crash at the end of the Golden Era. It was very hard for the early arcades to survive with increasing competition from home game consoles and personal computers, and the proliferation of the games into stores and restaurants. Forgotten Arcades #5 #6 & #7 Computer Madness - 2414 S. Lamar Blvd. Electronic Encounters - 1701 W Ben White Blvd (Southwood Mall) The Outer Limits Amusements Center - 1409 W. Oltorf March 4, 1982
'Quartermania' stalks South Austin School officials, parents worried about effects of video games A fear Is haunting the video game business. "We call it 'quartermania.' That's fear of running out of quarters," said Steve Stackable, co-owner of Computer Madness, a video game and foosball arcade at 2414 S. Lamar Blvd. The "quartermania" fear extends to South Austin households and schools, as well. There it's a fear of students running out of lunch money and classes to play the games. Local school officials and Austin police are monitoring the craze. They're concerned that computer hotspots could become undesirable "hangouts" for students, or that truancy could increase because students (high-school age and younger) will skip school to defend their galaxies against The Tempest. So far police fears have not been substantiated. Department spokesmen say that although more than half the burglaries in the city are committed by juveniles during the daytime, they know of no connection between the break-ins and kids trying to feed their video habit But school and parental worries about misspent time and money continue. The public outcry in September 1980 against proposals to put electronic game arcades near two South Austin schools helped persuade city officials to reject the applications. One proposed location was near Barton Hills Elementary School. The other was South Ridge Plaza at William Cannon Drive and South First Street across from Bedlchek Junior High School. Bedichek principal B.G. Henry said he spoke against the arcade because "of the potential attraction it had for our kids. I personally feel kids are so drawn to these things, that It might encourage them to leave the school building and play hookey. Those things have so much compulsion, kids are drawn to them like a magnet Kids can get addicted to them and throw away money, maybe their lunch money. I'm not against the video games. They may be beneficial with eye-hand coordination or even with mathematics, but when you mix the video games during school hours and near school buildings, you might be asking for problems you don't need." A contingent from nearby Pleasant Hill Elementary School joined Bedichek in the fight back in 1980, although principal Kay Beyer said she received her first formal call about the games last Week from a mother complaining that her child was spending lunch money on them. Beyer added that no truancy problems have been related to video game-playing at a nearby 7-11 store. Allen Poehl, amusement game coordinator for Austin's 7-11 stores, said company policy rules out any game-playing by school-age youth during school hours. Fulmore Junior High principal Bill Armentrout said he is working closely with operators of a nearby 7-1 1 store to make sure their policy is enforced. The convenience store itself, and not necessarily the video games, is a drawing card for older students and drop-outs, Armentrout said. Porter Junior High principal Marjorie Ball said that while video games aren't a big cause of truancy, "the money (spent on the games) is a big factor." Ball said she has made arrangements with nearby businesses to call the school it students are playing the games during school hours. "My concern is that kids are basically unsupervised, especially at the 24-hour grocery stores. That's a late hour for kids to be out. I would like to see them (games) unplugged at 10 p.m.," adds Joslin Elementary principal Wayne Rider. Several proprietors of video game hot-spots say they sympathize with the concerns of parents and school officials. No one under 18 is admitted without a parent to Chuck E. Cheese's Pizza Time Theatre at 4211 S. Lamar. That rule, says night manager David Dunagan, "keeps it from being a high school hangout. This is a family place." Jerry Zollar, owner of J.J. Subs in West Wood Shopping Center on Bee Cave Road, rewards the A's on the report cards of Eanes school district students with free video games. "It's kind of a community thing we do in a different way. I've heard from both teachers and parents . . . they thought this was a good idea," said Zollar. Electronic Encounters in Southwood Mall last year was renovated into a brightly lit arcade. "We're trying to get away from the dark, barroom-type place. We want this to be a place for family entertainment We won't let kids stay here during school hours without a written note from their parents, and we're pretty strict about that," said manager Kelly Roberts. Joyce Houston, who manages The Outer Limits amusements center at 1409 W. Oltorf St. along with her husband, said, "I wouldn't let my children go into some of the arcades I've visited. I'm a concerned parent, too. We wanted a place where the whole family could come and enjoy themselves."
Well you can see which way the tone of all these articles is going. There were some crimes committed at some arcades but all of them tended to have a negative reputation for various reasons. Parents and teachers were very skeptical of the arcades being in the neighborhoods to the point of petitioning the City Government to restrict them. Three arcades are mentioned besides Chuck-E-Cheese. Electronic Encounters in Southwood Mall, The Outer Limits amusements center at 1409 W. Oltorf, and Computer Madness, a "video game and foosball arcade" at 2414 S. Lamar Blvd. Forgotten Arcade #8 Smitty's Galaxy of Games - Lake Creek Parkway February 25, 1982
Arcades fighting negative image Video games have swept across America, and Williamson and Travis counties have not been immune. In a two-part series, Neighbor examines the effects the coin-operated machines have had on suburban and small-town life. Cities have outlawed them, religious leaders have denounced them and distraught mothers have lost countless children to their voracious appetites. And still they march on, stronger and more numerous than before. A new disease? Maybe. A wave of invading aliens from outer space? On occasion. A new type of addiction? Certainly. The culprit? Video games. Although the electronic game explosion has been mushrooming throughout the nation's urban areas for the past few years, its rippling effects have just recently been felt in the suburban fringes of North Austin and Williamson County. In the past year, at least seven arcades armed with dozens of neon quarter-snatchers have sprung up to lure teens with thundering noises and thousands of flashing seek-and-destroy commands. Critics say arcades are dens of iniquity where children fall prey to the evils of gambling. But arcade owners say something entirely different. "Everybody fights them (arcades), they think they are a haven for drug addicts. It's just not true," said Larry Grant of Austin, who opened Eagle's Nest Fun and Games on North Austin Avenue in Georgetown last September. "These kids are great" Grant said the gameroom "gives teenagers a place to come. Some only play the games and some only talk. In Georgetown, if you're from the high school, this is it." He said he's had very few disturbances, and asks "undesirables" to leave. "We've had a couple of rowdies. That's why I don't have any pool tables they tend to attract that type of crowd," Grant said. Providing a place for teens to congregate was also the reason behind Ron and Carol Smith's decision to open Smitty's Galaxy of Games on Lake Creek Parkway at the entrance to Anderson Mill. "We have three teenage sons, and as soon as the oldest could drive, it became immediately apparent that there was no place to go around here," said Ron, an IBM employee who lives in Spicewood at Balcones. "This prompted us to want to open something." The business, which opened in August, has been a huge success with both parents and youngsters. "Hundreds of parents have come to check out our establishment before allowing their children to come, and what they see is a clean, safe environment managed by adults and parents," Ron said. "We've developed an outstanding rapport with the community." Video arcades "have a reputation that we have to fight," said Carol. Kathy McCoy of Georgetown, who last October opened Krazy Korner on Willis Street in Leander, agrees. "We've got a real good group of kids," she said. "There's no violence, no nothing. Parents can always find their kids at Krazy Korner." While all the arcade owners contacted reported that business is healthy, if not necessarily lucrative, it's not as easy for video entrepreneurs to turn a profit as one might imagine. A sizeable investment is required. Ron Smith paid between $2,800 and $5,000 for each of the 30 electronic diversions at his gameroom. Grant said his average video game grosses about $50 a week, and his "absolute worst" game, Armor Attack, only $20 a week. The top machines (Defender and Pac-Man) can suck in an easy $125 a week. That's a lot of quarters, 500 to be exact but the Eagle's Nest and Krazy Korner pass half of them on to Neelley Vending Company of Austin which rents them their machines. "At 25 cents a shot, it takes an awful lot of people to pay the bills," said Tom Hatfield, district manager for Neelley. He added that an owner's personality and the arcade's location can make or break the venture. The game parlor must be run "by an understanding person, someone with patience," Hatfield said. "They cannot be too demanding on the kids, yet they can't let them run all over them." And they must be located in a spot "with lots of foot traffic," such as a shopping center or near a good restaurant, he said. "And being close to a school really helps." "Video games are going to be here permanently, but we're going to see some operations not going because of the competition," which includes machines in virtually every convenience store and supermarket, Hatfield said.
This article talks about three arcades. One in Georgetown called Eagles Nest, another in Leander called Krazy Korner, and a third called Smitty's Galaxy of Games on Lake Creek Parkway "on the fringes of North Austin". This is the one I remember the older kids talking about when I was a little kid. There was once a movie theater across the street from the Westwood High School football stadium and behind that was Smitty's. Today I think the building was bulldozed long ago and the space is part of the expanded onramp to 183 today. Eventually another unrelated arcade was built next to the theater that became Alamo Lakeline. It was another site of some unrecorded epic Street Fighter 2 and Mortal Kombat tournaments in the 90s. But the article written before the end of the Golden Era tell us much about the pushback I was talking about earlier. Early arcades were seen as "dirty" places in some circles, and the owners of the arcades in Williamson County had to stress how "clean" their establishments were. This other article from a couple of weeks later tells of how area school officials weren't worried about video games and tells us more arcades in Round Rock and Cedar Park. Apparently the end of the golden age lasted a bit longer than usual in this area. At some point in the next few years the bubble burst, and places like Smitty's were gone by the late 80s. But the distributors quoted earlier were right that arcade games weren't going completely away. In the mid 1980s LeFun opened up next in the Scientology building at 2200 Guadalupe on the drag. Down a few doors past what used be a coffee shop and a CVS was Einsteins Arcade. Both of those survived into the 21st century. I remember the last time I was at Einsteins I got my ass beat in Tekken by a kid half my age. heheh That's all for today. There were no Bonus Pics in the UT archive of arcades (other than the classical architectural definition). I wanted to pass on some Bonus newspaper articles (remember to click and zoom in with the buttons on the right to read) about Austin arcades anyway but first a small story. I mentioned earlier the secret of the UT Student Union. I have no idea what it looks like now but in the 90s there was a sizable arcade in with the bowling alley in the basement. Back in 1994 when I used to sneak in, they featured this bizarre early attempt at virtual reality games. I found an old Michael Barnes Statesman article about it dated February 11, 1994. Some highlights:
Hundreds of students and curiosity-seekers lined up at the University of Texas Union to play three to five minutes of Dactyl Nightmare, Flying Aces or V-Tol, three-dimensional games from Kramer Entertainment. Nasty weather delayed the unloading of four huge trunks containing the machines, which resemble low pulpits. Still, players waited intently for a chance to shoot down a fighter jet, operate a tilt-wing Harrier or tangle with a pterodactyl. Today, tickets will go on sale in the Texas Union lobby at 11:30 a.m. for playing slots between noon and 6 p.m. Players, fitted with full helmets, throttles and power packs, stood on shiny gray and yellow platforms surrounded by a circular guard rail. Seen behind the helmet's goggles were computer simulated landscapes, not unlike the most sophisticated video games, with controls and enemies viewed in deep space. "You're on a platform waiting to fight a human figure," said Jeff Vaughn, 19, of Dactyl Nightmare. "A pterodactyl swoops down and tries to pick you up. You have to fight it off. You are in the space and can see your own body and all around you. But if you try to walk, you have to use that joy stick to get around." "I let the pterodactyl carry me away so I could look down and scan the board," said Tom Bowen of the same game. "That was the way I found out where the other player was." "Yeah, it's cool just to stand there and not do anything," Vaughn said. The mostly young, mostly male crowd included the usual gaming fanatics, looking haggard and tense behind glasses and beards. A smattering of women and children also pressed forward in a line that snaked past the lobby and into the Union's retail shops. "I don't know why more women don't play. Maybe because the games are so violent," said Jennifer Webb, 24, a psychology major whose poor eyesight kept her from becoming a fighter pilot in real life. "If the Air Force won't take me, virtual reality will." "They use stereo optics moving at something like 60 frames a second," said computer science major Alex Aquila, 19. "The images are still pretty blocky. But once you play it, you'll want to play it again and again." With such demand for virtual reality, some gamesters wondered why an Austin video arcade has not invested in at least one machine.
The gameplay looked like this. Bonus Article #1 - "Video fans play for own reasons" (Malibu Grand Prix) - March 11, 1982 Bonus Article #2 - "Pac-Man Cartridge Piques Interest" - April 13, 1982 Bonus Article #3 - "Video Games Fail Consumer" - January 29, 1984 Bonus Article #4 - "Nintendoholics/Modems Unite" - January 25, 1989 Bonus Article #5 and pt 2 "Two girls missing for a night found at arcade" (truly dedicated young gamers) - August 7, 2003
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With bitcoin estimated to cross the $40,000 mark and possibly running as far as $146,000, this would shore up the company’s reserves. GM One reason why investors have been wary of the EV sector is the mounting debt and huge cash burn. This has made investors question the profitability of stocks in the electric vehicle space. With more EV stocks coming through the market through SPACS, investors are already mulling the idea that this may be a bubble. However, one company that many believe to have potential in the EV space is GM. Apart from having the infrastructure necessary to build cars, the company is can leverage its brand to ensure loyalty from customers. In addition, while other EV stocks such as Tesla and NIO may be fully stretched, share prices of General Motors are cheap, plus the company is been raking in profits. In November, GM announced it plans to invest $27 billion in EV and autonomous vehicles through 2025. GM also plans to release 30 EV models globally by 2025. For comparison, Tesla currently has exactly four EV models. Earlier this week, the company signed a deal with Microsoft for its autonomous vehicles. GM continues to execute well on its Core and Future businesses and remains one of the best-positioned companies in our coverage over the long run. The stock is a good buy for the long haul. AMD As the digitalization of the world continues at an astronomic pace, microchips would continue to play a more prominent role. Already, there is a shortage of chips worldwide which means demand and prices would surge. One company poised to benefit from this growing demand is AMD. The company has managed to chip away at Intel's CPU dominance thanks to its superior product line, which is based on a smaller manufacturing node, allowing it to deliver better computing performance and reduce power consumption. The use of chips would continue to grow as more people are drawn to cryptocurrency mining, online gaming, and data center storage. AMD was one of the biggest winners in2020, and the trend is expected to continue well into this year. It is also one stock that may not be affected by the rotation into value as microchips would continue to be in demand. TSM Taiwan Semiconductor is a dedicated foundry that manufactures semiconductors for other companies. It aims to lead in both semiconductor technology and manufacturing, providing an open collaboration platform to build enduring trust with its customers. The core strategy of Taiwan Semiconductor is its flexible business model. TSM does not need to design its own chips and prove its performance against the competitors; it only has to provide the technology and base for producers looking to make the best and fastest chips suited to their products' needs. By maintaining high-quality manufacturing processes and offering a collaborative platform to its customers, Taiwan Semiconductor ensures that it caters to producers across the spectrum even as technology rapidly evolves. The company has experienced strong growth: From 2015 to 2019, net revenue increased by a solid 26.9%, while net income increased 12.7%. However, as smart technology has become ever more central to lives the company's growth has begun to heat up. In Q3 2020, the company boosted its net revenue by 21.6% year over year, while net income increased by 35.9%. ETSY Etsy provides an online e-commerce platform where creators of arts and crafts, vintage items, and other unique goods go to sell their products. Etsy has something that many high-growth companies don't -- a profitable business model. It boasts a trailing-12-month operating margin of 16%, making this unique online marketplace a buy today even at its premium valuation. It has outmaneuvered eBay (EBAY), avoided the Amazon (AMZN) crush, and dodged competition from Overstock.com (OSTK) and Wayfair (W). When it reported third-quarter results on Oct. 28, Etsy reported a 128% leap in revenue to $451 million, well above Wall Street estimates of $412.7 million. Adjusted earnings came in at 70 cents, vs. estimates of 57 cents. In addition, gross merchandise sales jumped 119% to $2.6 billion. Sunpower Interest in renewable energy sources has soared immensely and continues to rise with each passing day. Two key forces are behind this surge: Increased awareness and urgency to address climate change, and falling costs of generation using renewables. Among renewable sources, solar energy looks most promising, due to its more predictable generation pattern. Solar's share in electricity generation is expected to rise from roughly 3% currently to more than 20% by 2050. SunPower (NASDAQ: SPWR) is one stock poised to benefit from these trends. With a huge government push, California leads the way in solar adoption. Still, only 9% of homes in California have solar installations, representing a huge untapped market. In the new homes segment, SunPower has headway, having already worked with 18 of the top 20 builders in California. The company captures more than half of California's new homes market. Its low-cost model positions it well to compete on pricing. The company can leverage its vast customer base to sell its storage products. Moreover, its leading position in the commercial and California's new homes market provide SunPower an edge over others in these segments. PLUG Plug power provides hydrogen fuel cell turnkey solutions to electric mobility and stationary power markets. The company continues innovating end-to-end hydrogen fuel solutions by harnessing its unique capabilities and is the largest buyer of liquid hydrogen in North America. Though the company has not posted any profit, many hedge funds are bullish on the stock, with analysts having high recommendations. The company’s $1.5bn deal with South Korean conglomerate SK Group into American hydrogen company has certainly drawn a lot of attention, with many investors gauging the company’s profitability. Plug Power’s core business is providing fuel cell-powered forklifts for commercial customers. However, it has expanded to hydrogen production following its acquisition of two hydrogen companies. These acquisitions expand the plug’s addressable market which has already exceeded $30 billion. The resulting vertical integration of the acquisitions makes Plug Power an even stronger company as can now provide the hydrogen that powers its vehicles. This definitely allows Plug to leverage on its already existing customer base which includes some of the best companies in the country. Plug Power raised its 2024 guidance to $1.2 billion in revenue and $200 million in operating income. Shares of PLUG have risen by 111% in the last month. Tesla Returning to the green-energy theme, Tesla is one stock that has significant upside. The company is positioned to benefit from the clean energy drive of the Biden administration. Apart from that, Tesla is the leader in its sector and continues to increase its delivery numbers. Tesla is now the most valuable auto company in the world. It has recently surpassed Facebook (FB) by market capitalization. The stock has recently received upgrades from analysts and if the EV market continues to evolve, Tesla would continue to be in the pole position, which gives it significant market share and of course revenue. GrowGeneration Corp. For those looking at balance sheets and income statements, GrowGeneration Corp is one highly profitable marijuana stock to watch in 2021. The company has the largest chain of specialty hydroponic and organic garden centers in the U.S. with 36 storefront locations. In essence, the company supplies products necessary for growing cannabis and works closely with major marijuana companies in the U.S. market. Shares of Grow Generation returned a whopping 880.98% in 2020, posting the fastest-growing quarterly results in the industry. It is expected that the company would continue its momentum this year. The shares of the company have so far risen by 20% this year. Additionally, the company continued strategic acquisition and expansion plans in the quarter, giving GrowGen more growth potential for 2021. It was easily one of the best performing cannabis stocks for 2020. In essence, GRWG stock showed greater market stability than other pot stocks in the U.S. in 2020. Thanks for reading! Checkout Afroxyz's page for more.
Jan/19/2021 news: __ Prominent arms supplier Mr. Davo, MOD, and Army officials charged with embezz. __ Public officials required to disclose transactions __ Tougher drivers' license law __ New settlement in Artsakh __ Drone engineering __ High tech++ __ POW & casualties __ Gambling bust __ more news
Your 12-minute Tuesday report in 2793 words.
NSS investigates corruption in MoD and Army / prominent arms supplier charged
Arms supplier Davit Galstyan, aka Mr. Davo, who acted as former Defense Minister Davit Tonoyan's adviser, has been reportedly charged as part of 4 felony investigations. NSS said: several officials of the Ministry of Defense used their position to reach an agreement with the employees of a number of private companies, including "Moston Engineering" company owned by Mr. Davo. A decision has been made to involve Davo as a defendant. He has been charged with embezzlement. Galstyan goes through 4 felony cases regarding arms supplies made by his company. Evidence was obtained showing that officials from the General Chief of Staff office and Ministry of Defense abused their powers to embezzle at a large scale. https://www.civilnet.am/news/2021/01/19/Դավիթ-Գալստյանին-մեղադրանք-է-առաջադրվել-խոշոր-չափերով-յուրացման-համար-նա-անցնում-է-չորս-քրեական-գործերով/416572 Who is Mr. Davo? His name began circulating in 2007 when Prime Minister Serj Sargsyan ordered the privatization of Defense-related companies "Neytron" and "Bagavan". Both were purchased by an offshore firm managed by Davo in Seychelles Island. He used the companies to form a new company DG Arms which announced plans to produce bullets. In 2009 it accumulated debt and got sued. The UN Security Council wrote a report, stating that Davo's DJ Arms illegally supplied arms to Libya, by using Armenia and other countries. In 2011, Davo transported weapons from Albania to Libya with the help of a company managed by the Albanian Defense Ministry, says the UN Security Council. In 2013, a Ukrainian company decided to sue Davo's company in Armenia for $1.3 million. Several of Davo's properties were frozen. Fast forward to 2018. Pashinyan met Davo to discuss the production of Kalashnikov weapons in Armenia. Davo signed a contract with the Russian Kalashnikov company and opened the factory. Full report in the article: www.civilnet.am/news/2019/02/19/Ո՞վ-է-Հայաստանում-«Կալաշնիկով»-արտադրողը-Լիբիա-մատակարարած-զենքից-մինչև-վճարումներ-Պորոշենկոյի-ընկերությանը/354981
former president Robert Kocharyan & Co trial resumes
Context: Kocharyan (president) and his co-defendants Seyran Ohanyan (chief of general staff), Yuri Khachaturov (deputy MoD), and Armen Gevorgyan (Kocharyan assistant), were charged with toppling the constitution in 2008 by illegally using the military against civilian protesters during a period before the March 1st, 2008 emergency was declared. Kocharyan and his assistant are also charged with large-scale bribery in a case involving a mining businesswoman who testified about the multi-million-dollar bribe allegedly paid by her. The trial has been repeatedly delayed by defendants for almost 2 years under various pretense, at one point prompting prosecutors to ask the court to punish defendants for the delays. Prosecutors want to advance to the evidence stage. The trial resumed today. The defense asked the judge to dismiss the general prosecutor from the case, citing concerns that "he is following orders". Prosecutors denied the claim. The defendants began discussing the 44-day war during the trial. Prosecutors complained and described it out-of-topic. The two sides shouted at each other, prompting an intervention by the judge. https://armenpress.am/arm/news/1040640.html , https://armenpress.am/arm/news/1040671.html , https://youtu.be/bQry4ljbgdA , https://factor.am/329591.html , https://factor.am/329597.html , https://factor.am/329607.html
Parliament votes: anti-corruption bill to make transactions transparent
Parliament voted 84-0-2 to approve a government bill to establish the Expenditure Declaration Institute. Single transactions over ֏2 million ($3,900) will need to be disclosed by public officials. If there are multiple smaller transactions instead, these transactions must be published if they exceed ֏3 million. To fight against corruption in which a public official buys property as a gift for a friend but uses it for personal benefit, the official will be required to disclose the property that is legally owned by a friend but brings any kind of revenue to the official, or a property that was gifted but is being managed by the official. https://armenpress.am/arm/news/1040597.html
Parliament voted 115-0-4 to approve a LHK bill. If a debtor fails to pay his debt, the guarantor who had earlier vouched for the debtor will bear subsidiary liability, but only after the claim is made against the debtor. The guarantor's property can be confiscated only after such an attempt is made against the debtor's property. More: https://armenpress.am/arm/news/1040611.html
Parliament votes։ radioactive convention
Parliament voted 88-0 to ratify a CIS convention about improving communication between CIS member-states while transporting radioactive materials. It should improve safety by providing mutual assistance to detect safety issues, safer transport, info, etc. https://armenpress.am/arm/news/1040596.html
Parliament votes: convention about children
Parliament voted 85-0 to ratify a child protection convention against child trafficking and pedophilia. "With the ratification of the Protocol, the Republic of Armenia is obligated to pay due attention to the views and recommendations of the Committee on the complaints of persons under its jurisdiction." https://armenpress.am/arm/news/1040602.html
reforms: driver's license tests and exams
As part of recent reforms, the process of obtaining a driver's license will become harder. The written exams will be available in English, Russian, Farsi, and Arabic. The exams will last 30 minutes instead of 15, with 20 questions instead of 10. Moped will require a license. A, A1, and B1 license requires a behind-the-wheel test in special racetracks. B license requires a test on the streets. All other licenses require both: on the streets and in racetracks. A, B, BE licenses require medical approval if the applicant has certain impairments. Certain commercial licenses require a medical test for everyone. Foreign citizens must present a document proving their status as a legal resident. https://armenpress.am/arm/news/1040661.html , https://youtu.be/MJWe0ad9lqc
post-reform stats: how many drivers received points and suspension?
The traffic enforcement law was changed recently. All drivers have 9 points that they can waste annually before being suspended. The most serious violations result in instant suspension. This was partly done so "rich" drivers wouldn't "get away" with paying only monetary penalties. In 2020, some 2175 drivers got suspended for 6 months. 414,825 citations were issued to deduct points. Traffic safety violations by year: 2018: 1.6 million 2019: 1.9 million 2020: 1.7 million https://www.armtimes.com/hy/article/204606
update: Artsakh residents closed a Qarvachar road for Azeri vehicles
Context: two roads used to connect Artsakh to Armenia. The northern road was traveling through Qarvachar (Kelbajar), which is one of the 7 adjacent regions that is now under Azeri control. It used to connect Armenia's Vardenis to northern Artsakh. After the war, only Lachin road is available, so Artsakh's northern residents must travel long distances via Lachin to visit Armenia. Yesterday, a group of residents from Artsakh's northern Drmbon village closed a road that travels through the village into the Qarvachar region. Azeris were using this Armenian road to connect to Qarvachar. In exchange for using the Armenian road in Drmbon, the residents want Azeris to unblock the northern Qarvachar road so Artsakh residents can once again have the second road to connect to Armenia's Vardenis. Russian peacekeepers met the residents to hear their complaints. Residents said the closure of the 90km northern Qarvachar road forces them to travel 500km via Lachin. Russian peacekeepers said their job is only to provide peace and monitor infrastructure, and that such issues would need to be resolved at higher levels. The peacekeeper promised to do his part in resolving the issue. https://armenpress.am/arm/news/1040627.html , https://youtu.be/UZVJyNsmEt0
POWs and diplomacy
Artsakh MFA Babayan sent letters to international institutes to pressure Azerbaijan to reveal information about POWs. He accused Azerbaijan of illegally holding captive 64 soldiers who were captured during skirmishes in the Hadrut region. https://armenpress.am/arm/news/1040631.html Arab human rights foundation Maat has urged Azerbaijan to return Armenian POWs. "The actions of the Azerbaijani authorities are a gross violation of international humanitarian law." https://armenpress.am/arm/news/1040645.html The human rights ombudsman met the German ambassador to discuss issues relating to POWs. https://armenpress.am/arm/news/1040684.html Parliamentary Defense Committee chairman: recently we met the families of POWs and missing soldiers to present the progress and hear their opinions. When the topic of POWs is publicly raised on certain platforms, it only harms the process of the speedy return of POWs. This issue has no immediate solution. (likely in response to some opposition MPs who left the Parliament floor yesterday after fiery speeches). https://armenpress.am/arm/news/1040682.html
protesters block opposition BHK's entry to Syunik province
A group of demonstrators were against the BHK leadership's visit to Syunik. They also criticized the former regime PM candidate Vazgen Manukyan for calling Gyumri protesters "hobos" and accused him of "plundering Gyumri" in the past. BHK leadership met the protesters and accused Pashinyan of violating the November 9th statement by pulling troops from Syunik borders, "which is a violation of one of the Statement paragraphs which states that troops can remain in their positions." The residents accused the BHK MP of misrepresenting the Statement, saying that "the Armenian troops are being removed from the Artsakh-side of the border and not Syunik... You would have done the same thing if you were in Nikol's place." https://youtu.be/GwEttPsYZ4I , https://factor.am/329542.html
explosion on Syunik borders
Two emergency crew workers received wounds after a bomb explosion in a bordering area near the south-eastern part of Syunik. The crews were searching for war casualties when the incident took place. https://armenpress.am/arm/news/1040669.html
Search crews found the bodies of 7 soldiers and 1 civilian in the Hadrut, Jabrayil, and Davit Bek regions. The Hadrut civilian was identified by relatives. The identities of others are being checked by medical teams. https://armenpress.am/arm/news/1040613.html
jobs for Artsakh refugees living in Armenia
Labor Ministry: we'll help Artsakh residents to find jobs. There are two programs that teach skills and help find work. 660 people have already applied. We consulted with businesses to find available positions. The applicant will be paid ֏100,000/month to receive skills. We will pay the business ֏34,000/mo to teach the skills. The second program will help refugees to find community work and get paid ֏8,000/day. https://armenpress.am/arm/news/1040656.html
new settlements will be built in Artsakh with local materials
Most of the masonry produced in the Martakert mine will be used for building a new settlement in Artsakh. The government and "Future Generation Foundation" are still discussing the location and design of the new settlement. The work will begin this Spring. The new mine near Martakert will replace two others that went under Azeri control during the war. https://armenpress.am/arm/news/1040642.html
Lachin school returns to daily life
Lachin corridor has several Armenian villages that remain under Armenian control. The school in Aghavno village has resumed its operations after renovating the damaged building. The attendance is twice lower than in pre-war time but the numbers grow as more families return. https://armenpress.am/arm/news/1040647.html
Pashinyan met the new Healthcare Ministry officials
Pashinyan: It should be noted that during now-former Minister Torosyan's tenure, the Healthcare Ministry was one of our most effective departments. Since 2018, large-scale people-oriented reforms have been implemented. The goal was to expand the quality and scope of the health services. There was a time when we were criticized for the handling of COVID. Critics would show other countries and say "Here is how to fight the coronavirus." But we are confident that we have taken the balanced road. Our approach was justified in reality. (he is saying that some countries initially had lower infections numbers but eventually "caught up", despite causing more harm to their economies with stricter closures in the initial period) Our next challenge was the war. We currently have a problem with identifying the bodies. Despite the complications, the work has recently gained a very acceptable pace. Our new Healthcare Minister is Anahit Avanesyan, who was the Deputy Minister and was part of Torosyan's team. Her appointment is a result of our trust in them. I wish her good luck. I hope that the pace of reforms in the healthcare sector will increase. https://armenpress.am/arm/news/1040635.html
Armenia saw the smallest decline in the EAEU trade bloc when it comes to industrial production. It stood at $3.766 billion after a -0.2% decline. EAEU -2.8%. Russia -3%. Belarus -0.7%. Kazakh -0.8%. Kyrgyz -5.5%. https://armenpress.am/arm/news/1040581.html
massive illegal gambling network busted
Police said: Poker gambling was organized in a Yerevan building without a license. Dealers were hired. Drugs were circulated. The organizer was making ֏600K/day by receiving 4% of the winning amount. 10 people were detained. ֏5.5 billion in total damages and unpaid fees. https://armenpress.am/arm/news/1040695.html , https://youtu.be/Z5GZnivFKqQ
hikers trapped on snowy mountains
A group of hikers got stuck on a mountain near Dzoraglukh, Aragatsotn, and couldn't climb down. Emergency crews were sent to hospitalize them. https://factor.am/329755.html
Ministry addresses concerns about grain harvest / Subsidy for high-yield wheat seed
"Armenia is self-sufficient in a number of crops. The gap is filled with imports. The supply of grain has not stopped even in the most difficult conditions of the epidemic and the war," said Economy Ministry in response to concerns that Armenia could face "hunger". "The concerns about hunger was raised back in March 2020 when it was claimed that Armenia, just as other countries facing pandemic-related difficulties, could face hunger by November. At the time, we assessed the situation, and the EAEU bloc not only met the demand but produced 46 million tons in excess and decided to export it to non-member states. The EAEU ensures its members have supplies before exporting." "We're constantly in touch with food importers and storage operators to monitor the supplies. We haven't recorded deficiencies." "Armenia is self-sufficient in fruits, vegetables, eggs, goat and lamb meat, somewhat beef. We import poultry, wheat, legumes." "25% of Armenia's demand was met by imports from Artsakh. The 2019 harvest was mostly collected in 2020 and brought to Armenia just before the war. There is a subsidy program that distributes free seeds and fuel to Artsakh farmers." "In the Autumn of 2020, we launched a program to help farmers in Armenia. The purchase of high-quality wheat seeds is being subsidized by the government. 5,000 tons of seed will be planted in 20,000 hectares. On average, the wheat yield is 1.8 tons. We plan to increase it to 3 tons." https://armenpress.am/arm/news/1040580.html
meeting between Pashinyan and Dutch ambassador
They spoke about high tech and possible investments from the Netherlands. The ambassador will inform Dutch business circles about opportunities. The two spoke about the proposed unblocking of trade routes in the region. https://armenpress.am/arm/news/1040696.html
high-tech industry
High Tech Minister Arshakyan held a meeting to present Armenian tech companies that won as part of the "Virtual Bridge" initiative, which was organized by the Draper University, AGBU, and the Ministry. "Each of these companies has the opportunity to attract large investments and conquer markets in Armenia and abroad. On January 28, they will have the opportunity to present their programs to international investors." "The ministry will soon announce new business grant programs." https://armenpress.am/arm/news/1040598.html
drone production in Armenia: ArMath in the air
ArMath is a high-tech program that teaches robotics and engineering to students across Armenia. They launched a new "ArMath in the skies" program to teach students "drone production and love towards high tech." All 65 cities in Armenia and Artsakh will have a workshop. Anyone between the ages of 15-18 can join. The project will cost ֏422 million. Each workshop will operate for a year and build 7 drones. 750 students will be trained annually. "The army will receive 2,500 trained personnel within 2 years." https://armenpress.am/arm/news/1040664.html
1910: famous Armenian writer Hrachya Kochar was born. 2007: Armenian-Turkish journalist and activist Hrant Dink was killed in Turkey for being Armenian and supporting the recognition of the Armenian genocide. https://armenpress.am/arm/news/1040575.html
Kond is looking for architects
Kond is an old district in Yerevan with dozens of cultural-historical monuments. The government wants to "turn it into a tourist spot, revive and develop it", so they launched an auction to find the best sketch-design for development. Briefly about the planned work: 1) Arranging access and attractiveness of all entrances to the district 2) Development of a system for easier communication within the district 3) Specialized cafes (artists, architects, etc.) open and closed, Visitor Information Center. 4) Open public areas with relevant themes. 5) Disability access. 6) No cars. (more details in links) https://armenpress.am/arm/news/1040600.html , https://www.armtimes.com/hy/article/204696
What did the FED reveal yesterday after the meeting? FedEx reports today after Lennar smashed earnings results. Is today the stimulus deadline? Let’s talk about this and other stock market news ~Very Long Post~ Hello everyone and Good Morning! So, let’s start with the recap of yesterday, as we saw the Nasdaq Composite leading the way up 0.5% and closing at a new record high, with the broad stock market SP500 also finishing in the green, up 0.18% and ended over the 3700 level for just the 2nd time in history, while the Dow Industrial lagged and lost 0.15%. We also saw the VIX continuing to drop 1.7%, back to some more normal levels after the recent spike near 25. Despite the broad market rally yesterday, about 55% of companies were losing ground on average volume, as we saw the Tech and Consumer Discretionary sectors leading the way, while the only sector losing more than 1% for the day was the Utilities sector. As only Large-Cap growth companies from the tech sector finished in the green, while small-caps and especially value play lagged behind. You can see in this HEAT MAP that most of the big tech names, Microsoft, Amazon, NFLX and even Alibaba which has suffered lately finished up well into the green, while the industrials and utilities were a big block of red. We also got some economic data yesterday, with business inventories rising more than expected as sales increased by 0.9% month over month. We also saw retail sales falling 1.1% in November from the previous month, but this may be misleading, as sales actually rose by more than 4% year over year and by almost 6% after stripping out auto, gas and retail sales. We also continue to see the housing demand market being strong as the housing market index was down from the previous month, but came in at the second highest level ever. One last number that we got was a reading on the December PMI, which came in at 55.7, below expectations and the last month number. This was the lowest reading in three months as growth momentum keeps slowing down as more restrictions are re-imposed, but this is still a strong expansion of the manufacturing and services. Today we will get some critical economic data, starting with initial and continuing jobless claims and housing starts, while we will also see get other important numbers later in the day. So, we also got the AAII survey yesterday, which for me personally, was a good indicator that stocks may still go up, as the bullish number of investors declined by 4.6%, with most of them switching to a neutral view of the stock market. There are still a lot more investors that are bullish compared to the historical average of 38% but, this is an improving in the last weeks, as this is a very good contrarian indicator. When more people tend to be bearish that is usually a good sign that you should just go and buy stocks, as you can mostly buy them at a discount, while when to many people are bullish, there is a significantly bigger risk of a pullback or correction nearing the stock market. Yesterday we saw the FED keeping rates unchanged and signaling that they will continue to keep a near-zero rate through 2023 to support the economic recovery. They also announced that the economy is expected to contract by only 2.4% in 2020, that is a big improvement from a contraction of 3.7% previously expected. They also expect the economy to grow by 4.2% next year and by more than 3% in 2022, with both revisions also being up from the previous estimates. They also vowed to keep buying bonds until there is substantial economic progress in the US, so they are expected to continue to buy $120B, with $80B in Treasury securities and another $40B in mortgage-backed securities. Other revisions in the projected economic data also showed an improved outlook in the unemployment rate, which is expected to drop to 3.7% by 2023. The FED Chief Powell also reinforced the commitment to aid the economy with even more easing if it deems it necessary while also suggesting they will give ample warning before tapering bond purchases. This was happening while the congress was still haggling over details on a bigger $900B relief BILL. We also saw a major change from the last day as now it is expected that it will include a 600$ stimulus check and extended unemployment benefits. I think this must be agreed on as soon as today if it stands a chance of passing by the end of the week, even if Congress leaders have repeatedly told they will remain in session as long as needed, even working through the weekend, they should just put their act together and pass the stuff they can agree on so that uncertainty goes away, at least for the moment. We also have some interesting earnings reports coming today with FedEx, BlackBerry and General Mills. FedEx is expected to post an EPS of over 4$, that would be up almost 60% over last year with an operating Margin of 7.1%. FedEx has also just received an upgrade from Credit Suisse based on accelerating e-commerce trends with a longer and stronger holiday season than expected. JABIL just reported while writing this post a nice surprise due to the high demand in the new Apple lineup, with a beat of 34 cents on earnings and almost $800M on revenues. The stock skyrocketed after the release. We also got Lennar earnings after the close yesterday, as they beat the estimates easily, while also offering better numbers in new orders and guidance. As they expect more than 62K deliveries and 24% gross margins in FY 2021, that is up from 53K and a 20.6% gross margin in FY2020, this pushed the stock up 3% in after hours, in an unexpected move to the upside for me, despite my expectations for a great quarter for the company. In other stock market news, we saw Roku gaining more than 5% in after-hours, after they finally reached an agreement with Warner Media to make HBO Max available directly to their streaming business. Meanwhile, gambling seems to be getting a boost every other day, as the most recent comment from Cuomo, made investors feel like gambling could become a big source of income for the state of New York. This boosted companies like DraftKings and Penn Gaming even more, as gambling is coming faster than expected in the entire country. DraftKings also managed to strike a deal to launch a brand-new retail gift card just in time for the holiday season. This will be available in multiple convenience stores and is a good way for DraftKings to attract even more users to their platform in my opinion. We Also saw companies lose ground yesterday like Fiverr which dropped in early trading before recovering to finish -2% for the day, after a report that Facebook is eyeing an entry into the gig business, this would be a major competitor that could eat up a lot of growth that Fiverr expected Let’s hope for another great day in the market as the FUTURES seem to be pointing at a good open, hopefully some green action continues after that. Thank you everyone for reading! Hope you enjoyed the content! Be sure to leave a comment down below with your opinion on the stock market! Have a great day and see you next time!
What did the FED reveal yesterday after the meeting? FedEx reports today after Lennar smashed earnings results. Is today the stimulus deadline? Let’s talk about this and other stock market news ~Very Long Post~ Hello everyone and Good Morning! So, let’s start with the recap of yesterday, as we saw the Nasdaq Composite leading the way up 0.5% and closing at a new record high, with the broad stock market SP500 also finishing in the green, up 0.18% and ended over the 3700 level for just the 2nd time in history, while the Dow Industrial lagged and lost 0.15%. We also saw the VIX continuing to drop 1.7%, back to some more normal levels after the recent spike near 25. Despite the broad market rally yesterday, about 55% of companies were losing ground on average volume, as we saw the Tech and Consumer Discretionary sectors leading the way, while the only sector losing more than 1% for the day was the Utilities sector. As only Large-Cap growth companies from the tech sector finished in the green, while small-caps and especially value play lagged behind. You can see in this HEAT MAP that most of the big tech names, Microsoft, Amazon, NFLX and even Alibaba which has suffered lately finished up well into the green, while the industrials and utilities were a big block of red. We also got some economic data yesterday, with business inventories rising more than expected as sales increased by 0.9% month over month. We also saw retail sales falling 1.1% in November from the previous month, but this may be misleading, as sales actually rose by more than 4% year over year and by almost 6% after stripping out auto, gas and retail sales. We also continue to see the housing demand market being strong as the housing market index was down from the previous month, but came in at the second highest level ever. One last number that we got was a reading on the December PMI, which came in at 55.7, below expectations and the last month number. This was the lowest reading in three months as growth momentum keeps slowing down as more restrictions are re-imposed, but this is still a strong expansion of the manufacturing and services. Today we will get some critical economic data, starting with initial and continuing jobless claims and housing starts, while we will also see get other important numbers later in the day. So, we also got the AAII survey yesterday, which for me personally, was a good indicator that stocks may still go up, as the bullish number of investors declined by 4.6%, with most of them switching to a neutral view of the stock market. There are still a lot more investors that are bullish compared to the historical average of 38% but, this is an improving in the last weeks, as this is a very good contrarian indicator. When more people tend to be bearish that is usually a good sign that you should just go and buy stocks, as you can mostly buy them at a discount, while when to many people are bullish, there is a significantly bigger risk of a pullback or correction nearing the stock market. Yesterday we saw the FED keeping rates unchanged and signaling that they will continue to keep a near-zero rate through 2023 to support the economic recovery. They also announced that the economy is expected to contract by only 2.4% in 2020, that is a big improvement from a contraction of 3.7% previously expected. They also expect the economy to grow by 4.2% next year and by more than 3% in 2022, with both revisions also being up from the previous estimates. They also vowed to keep buying bonds until there is substantial economic progress in the US, so they are expected to continue to buy $120B, with $80B in Treasury securities and another $40B in mortgage-backed securities. Other revisions in the projected economic data also showed an improved outlook in the unemployment rate, which is expected to drop to 3.7% by 2023. The FED Chief Powell also reinforced the commitment to aid the economy with even more easing if it deems it necessary while also suggesting they will give ample warning before tapering bond purchases. This was happening while the congress was still haggling over details on a bigger $900B relief BILL. We also saw a major change from the last day as now it is expected that it will include a 600$ stimulus check and extended unemployment benefits. I think this must be agreed on as soon as today if it stands a chance of passing by the end of the week, even if Congress leaders have repeatedly told they will remain in session as long as needed, even working through the weekend, they should just put their act together and pass the stuff they can agree on so that uncertainty goes away, at least for the moment. We also have some interesting earnings reports coming today with FedEx, BlackBerry and General Mills. FedEx is expected to post an EPS of over 4$, that would be up almost 60% over last year with an operating Margin of 7.1%. FedEx has also just received an upgrade from Credit Suisse based on accelerating e-commerce trends with a longer and stronger holiday season than expected. JABIL just reported while writing this post a nice surprise due to the high demand in the new Apple lineup, with a beat of 34 cents on earnings and almost $800M on revenues. The stock skyrocketed after the release. We also got Lennar earnings after the close yesterday, as they beat the estimates easily, while also offering better numbers in new orders and guidance. As they expect more than 62K deliveries and 24% gross margins in FY 2021, that is up from 53K and a 20.6% gross margin in FY2020, this pushed the stock up 3% in after hours, in an unexpected move to the upside for me, despite my expectations for a great quarter for the company. In other stock market news, we saw Roku gaining more than 5% in after-hours, after they finally reached an agreement with Warner Media to make HBO Max available directly to their streaming business. Meanwhile, gambling seems to be getting a boost every other day, as the most recent comment from Cuomo, made investors feel like gambling could become a big source of income for the state of New York. This boosted companies like DraftKings and Penn Gaming even more, as gambling is coming faster than expected in the entire country. DraftKings also managed to strike a deal to launch a brand-new retail gift card just in time for the holiday season. This will be available in multiple convenience stores and is a good way for DraftKings to attract even more users to their platform in my opinion. We Also saw companies lose ground yesterday like Fiverr which dropped in early trading before recovering to finish -2% for the day, after a report that Facebook is eyeing an entry into the gig business, this would be a major competitor that could eat up a lot of growth that Fiverr expected Let’s hope for another great day in the market as the FUTURES seem to be pointing at a good open, hopefully some green action continues after that. Thank you everyone for reading! Hope you enjoyed the content! Be sure to leave a comment down below with your opinion on the stock market! Have a great day and see you next time!
Ronald Reagan is the 73-year-old Republican candidate and the current President. His running mate is current Vice President George Bush.
Walter Mondale is the 56-year-old Democratic candidate and the previous Vice President. His running mate is US Representative from New York Geraldine Ferraro.
Issues and Background
Within a year of taking office, President Reagan signed comprehensive tax reform legislation that exemplified his economic philosophy. The top marginal income rate was cut from 70% to 50%, and the rate on the lowest taxable bracket was reduced from 14% to 11%. The capital gains tax was reduced from 28% of 20%. Legislation in 1982, prompted by increases in the deficit, prevented the full tax cut aspirations of the 1981 legislation from going into effect. Reagan and his supporters credit his economic policies with the strong economic recovery since the beginning of 1983.
The last couple years have seen very large federal budget deficits, with the 1983 peak at a level unseen since immediately following World War II, even relative to GDP. Mondale has chosen to make this arguably his biggest domestic campaign issue. Mondale has argued that the "question of the deficit and getting interest rates down is the most important domestic problem of our time - nothing else compares with it." He has spoken in stark terms about the alleged stakes, saying:
The President's point that growth will cure the deficit is obviously not the case. The deficit will get worse even with growth. Thus it is a very severe problem that threatens our future, saddles our kids with a with a trillion dollars worth of debt, is making us into a debtor nation, is destroying our position in international commerce, driving up interest rates, and is making the budget increasingly unmanageable.
Further, Mondale has gone further in his gambit on making the deficit an election issue by pledging to raise taxes. In his nomination acceptance speech, Mondale said:
Whoever is inaugurated in January, the American people will have to pay Mr. Reagan's bills. The budget will be squeezed. Taxes will go up. And anyone who says they won't is not telling the truth to the American people. I mean business. By the end of my first term, I will reduce the Reagan budget deficit by two-thirds. Let's tell the truth. That must be done - it must be done. Mr. Reagan will raise taxes, and so will I. He won't tell you. I just did.
Specifically, the Mondale deficit reduction plan calls for $85 billion in new tax revenues and $105 billion in cuts in projected spending. The entirety of the new tax revenue is to be earmarked for a special fund to reduce the deficit. Any further new spending will be "pay as you go," requiring new revenue to cover the spending. The planned spending cuts are mostly decreases in the planned growth of spending, including for the military and Medicare, rather than outright cuts.
According to Mondale campaign advisers, a typical family of four with a gross annual income of $25,000 (OOC: ~$62,000 in 2020 dollars, same format for further parentheticals) will not see their taxes go up. However, by 1989, families making $25,000 to $35,000 (~$62,000 to $86,000) will see a tax increase of about $95 (~$200) families making up to $45,000 (~$111,000) will pay roughly $200 (~$500) more and families making $100,000 (~$250,000) will pay about $2,600 (~$6,400) more.
Republicans have of course criticized the Mondale plan sharply. Vice President Bush called it a "program for failure" that would stall the recovery. Reagan insists that deficit reduction must come through economic growth and reductions in wasteful government spending. Reagan describes a tax increase as a "last resort."
Religion and issues of morality have come up several times during this campaign. President Reagan favors a Constitutional amendment that would permit organized prayers in public schools that students can opt-out of. Mondale opposes the amendment. President Reagan also supports a Constitutional amendment banning abortions except when the life of the mother is at risk. Mondale is personally opposed to abortion but believes it should be a woman's individual choice. Mondale's running mate Geraldine Ferraro has received pushback for her statement that, "the President goes around calling himself a good Christian; I don't for a minute believe it," criticizing Reagan's policies as "unfair" and "discriminatory."
In fall 1983, following an internal power struggle in the country and pleas from other Caribbean nations, the United States invaded Grenada alongside several Caribbean nations. The invasion was successful, resulting in the establishment of a new interim government. Elections are intended to take place in the coming months. The Reagan Administration justified the intervention on the basis of protecting US medical students on the island. The UN General Assembly voted 108 to 9 to call the intervention a "flagrant violation of international law." Mondale raised questions about the invasion early on, but in the past couple months has spoken favorably of it.
The United States along with three European nations introduced a peacekeeping force into Lebanon in 1982, in the broader context of the Lebanese Civil War. US diplomatic and military forces have been the victim of a number of suicide bombings, in particular the 1983 bombings of Beirut barracks, killing 241 US military personnel. Mondale has been sharply critical of Reagan with respect to these bombings, arguing that there was plenty of warning to prevent them. Mondale has further argued that overall US policy in Lebanon has been marked by "unbelievable disorganization." In January, Mondale called for the withdrawal of US marines from Lebanon. Reagan argues that the US presence in Lebanon helped facilitate the withdrawal of Palestinian guerrilla fighters.
At no point in his first term thus far has President Reagan met with his Soviet counterpart, Konstantin Chernenko. Mondale has frequently criticized Reagan for this, and has promised he would hold annual summit meetings with Soviet leaders. Reagan has said that he would like a summit, but needs to feel sure it will produce results before it happens. More broadly, Reagan has described the necessary policy towards the Soviet Union as one of "credible deterrence and peaceful competition," though he has also not held back in his criticism of the Soviet Union, calling it just last year an "evil empire."
In 1979, the Sandinista National Liberation Front in Nicaragua overthrew the Somoza dictatorship and established a new government. Since then, counterrevolutionary forces including former pro-Somoza forces as well as disillusioned former Sandinistas, have engaged in armed conflict against the Sandinista government. Reagan cancelled economic aid to Nicaragua upon taking office, but has since said that there have been attempts to get along with the new government. However, Reagan has been sharply critical of Nicaragua's accused military buildup and "meddling" in El Salvador.
Mondale has criticized Reagan's "failed policies" in Central America and has promised that if elected, he would end all US military exercises in Central America, withdraw combat forces from Honduras, and "end the covert activities directed toward Nicaragua."
A CIA booklet became public this October which has raised questions about the nature of US covert activities in Nicaragua. As reported by the New York Times:
A Central Intelligence Agency document that became public this week tells Nicaraguan rebels how to win popular support and gives advice on political assassination, blackmail and mob violence. The 44-page booklet, titled ''Psychological Operations in Guerrilla Warfare,'' is a primer on insurgency. Most activity of this sort in Nicaragua has been paid for by the United States through the C.I.A. The primer explains how to kidnap and kill officials, blow up public buildings and blackmail ordinary citizens.
Ferraro and her husband have come under intense media scrutiny over their financial history, with accusations ranging from tax avoidance to connections to organized crime, pornography, and gambling. In response, the couple has relented in releasing several years of tax returns, and Ferraro has allowed the media hours of her time to ask questions related to her and her husband's finances. Most accusations against them have proven to be exaggerated, though there are still lingering questions regarding certain accounting errors that were made. For more technical details, see coverage by the New York Times or Washington Post.
Particularly following what some considered to be a sub-par first debate performance, some Democrats are openly raising the question of whether Reagan, 73, is too old to continue serving as President. Asked at a White House event whether age should be considered a legitimate issue, Reagan said jokingly of Mondale, "I'll challenge him to an arm-wrestle any time." Reagan's more vigorous second debate performance has led to a diminishing of the age discussion.
In June 1981, the Associated Press and Los Angeles Times reported on a rare lung infection in 5 young previously healthy gay men in Los Angeles. Since then, over 6,000 cases of "acquired immune deficiency syndrome" (AIDS) have been reported to public health officials. In April of this year, the cause of the disease was discovered, a retrovirus known as HTLV-III. According to the CDC, "most cases have been reported among homosexual men with multiple sexual partners, abusers of intravenous drugs, and Haitians, especially those who have entered the country within the past few years." The case fatality rate is extremely high. Scientists say the virus is mainly spread through sexual contact. There were two major developments just recently in October. First, the New York Times reported that saliva may be a possible source of transmission, though it remains unlikely that it is a "key mode of spread." Second, under pressure from Mayor Dianne Feinstein, San Francisco public health officials ordered a number of bathhouses and sex clubs geared towards homosexual men closed. Officials at the Department of Health and Human Services argue that this disease has become a top research priority for them, and that they expect to spend many millions of dollars on research grants and other efforts. However, some groups like the National Gay Task Force have criticized the government sharply and say that not nearly enough is being done. Many criticisms of the government and other institutions and groups of people are covered in the essay from last year famous in the gay community, "1,112 and Counting" by Larry Kramer, published in the New York Native. Neither Reagan nor Mondale have spoken of this disease on the campaign trail. OOC Note: There is no indication that AIDS was an issue in the presidential election. Even gay newspapers from this time did not relate the crisis much if at all to the presidential election. To the extent that government policy was discussed, it was often local policy. Why mention it then? Well, it's a similar situation to Japanese internment and the 1944 election. I know some of you will bring this up no matter what, understandably, and so I'd like to at the very least calibrate the discussion to the year of the election with proper context and background.
Platforms (Important note if this is influencing your vote: These are just excerpts, not everything is included and inclusion of a point in one set of excerpts does NOT mean the other party took the opposing stance or didn't mention it; also, especially in the modern era, a Presidential candidate may disagree with the party platform) Read the full 1984 Republican platform here. 10 Excerpts:
"We reaffirm our conviction that State and local governments closest to the people are the best and most efficient"
"The Republican Party pledges to continue our efforts to lower tax rates, change and modernize the tax system, and eliminate the incentive-destroying effects of graduated tax rates ... We therefore support tax reform that will lead to a fair and simple tax system and believe a modified flat tax—with specific exemptions for such items as mortgage interest—is a most promising approach"
"The President is denied proper control over the federal budget ... To remedy this, we support enhanced authority to prevent wasteful spending, including a line-item veto"
"We need coordination between fiscal and monetary policy, timely information about Fed decisions, and an end to the uncertainties people face in obtaining money and credit ... The Gold Standard may be a useful mechanism for realizing the Federal Reserve's determination to adopt monetary policies needed to sustain price stability"
"The greatest danger today to our international trade is a growing protectionist sentiment"
"The Republican Party has deep concern about gratuitous sex and violence in the entertainment media, both of which contribute to the problem of crime against children and women"
"We Republicans emphasize that there is a profound moral difference between the actions and ideals of Marxist-Leninist regimes and those of democratic governments, and we reject the notions of guilt and apology which animate so much of the foreign policy of the Democratic Party"
"Stable and peaceful relations with the Soviet Union are possible and desirable, but they depend upon the credibility of American strength and determination"
"We ... reaffirm our support for a human life amendment to the Constitution, and we endorse legislation to make clear that the Fourteenth Amendment's protections apply to unborn children"
"We affirm our country's absolute fight to control its borders ... Those desiring to enter must comply with our immigration laws ... Failure to do so not only is an offense to the American people but is fundamentally unjust to those in foreign lands patiently waiting for legal entry ... We will preserve the principle of family reunification"
"Instead of runaway deficits, a Democratic Administration will pursue overall economic policies that sharply reduce deficits, down interest rates, free savings for private investment, prevent another explosion of inflation and put the dollar on a competitive footing"
"We will pursue international negotiations to open markets and eliminate trade restrictions, recognizing that the growth and stability of the Third World depends on its ability to sell its products in international markets"
"The Environmental Protection Agency should receive a budget that exceeds in real dollars the agency's purchasing power when President Reagan took office, since the agency's workload has almost doubled in recent years"
"After four years in which the roll of dishonor in the Administration has grown weekly and monthly—from Richard Allen to Rita Lavelle, from Thomas Reed to James Watt—it is time for an end to the embarrassment of Republican cronyism and malfeasance"
"Violent acts of bigotry, hatred and extremism aimed at women, racial, ethnic and religious minorities, and gay men and lesbians have become an alarmingly common phenomenon ... A Democratic Administration will work vigorously to address, document, and end all such violence"
"In the year made famous by George Orwell, we can see the realization of many of his grimmest prophecies in the totalitarian Soviet state, which has amassed an arsenal of weapons far beyond its defensive needs"
"Sadly, Mr. Reagan has opted for the all too frequent American response to the unrest that has characterized Central America-military assistance ... Over the past 100 years, Panama. Nicaragua, and Honduras have all been occupied by U.S. forces in an effort to suppress indigenous revolutionary movements"
"A Democratic President will pursue a foreign policy that advances basic civil and political rights—freedom of speech, association, thought and religion, the right to leave, freedom of the integrity of the person, and the prohibition of torture, arbitrary detention and cruel, inhuman and degrading treatment—and that seeks as well to attain basic, economic, social, and cultural rights"
"We support tough restraints on the manufacture, transportation, and sale of snub-nosed handguns, which have no legitimate sporting use and are used in a high proportion of violent crimes"
"...the Reagan Administration has acted as if deficits do not count ... The deficits are huge and are expected to get larger—and they are a major negative factor in everything from high interest rates to the third world debt crisis"
READ THIS FIRST: Official Frequently Asked Questions and Answers - Important Up to Date Information You Need To Know about EIDL
\*LAST UPDATED 8/01**)
OFFICIAL FREQUENTLY ASKED QUESTIONS AND ANSWERS FOR EIDL
PURPOSE: This post will be a master thread with everything we have collectively learned on EIDL about the loan and the application process. It will be updated on an ongoing basis and will always contain the most current information. Things change frequently at the SBA with policy and you should check back on this thread on a regular basis. Please post any questions not covered and I will respond and add them here. INDEX OF QUESTIONS:
How do I get in touch with customer service phone support?
What are my chances of being approved for this loan? Can I know in advance?
I received a decline letter for “Business activity not eligible”. What can I do?
How is the loan amount calculated? How can I request a specific amount?
What is the maximum loan amount?
When will I get my portal invite?
I finally got a portal invite and accepted and submitted an amount. My application says it is "processing", now what?
I understand that processing really means "underwriting", but how long will it actually take? What is the normal amount of time?
Does contacting my congressmen or senator actually work?
I accidentally entered the wrong revenue or COGS on my application and my offer amount was lower than I expected, is it possible to change this?
I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! Is it too late?
Who are you, cue378? Can you help me?
My loan as obligated or already funded, I made a mistake with my COGS or revenue and I am not happy with the amount. Can I change it?
How do I show support for the volunteers and moderators for EIDL
I received my portal link, but when I go to create an account it just takes me to the login page. What can be done?
I was declined for "unsatisfactory credit". What are my options?
What documents are required? Will a loan officer contact me?
What is the status of the Advance/Grant program? Can I still get a grant?
What are the eligible uses of EIDL funds?
I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". What does this mean and what can I do?
What is CAWEB and how can it help me track my loan disbursement and other status?
1. QUESTION: How do I get in touch with customer service phone support? ANSWER: The highest level of official customer service is known as "tier 2" and can be reached by calling 1-800-659-2955 and asking for Tier 2. (NOTE: As of 5/29 the previous direct number is currently out of service) They are unfortunately, a very limited means of support. They are able to check your application status and see the current "stage" and leave notes in your file, but unable to directly make any changes or escalate anything in a meaningful way. Most are very nice and well meaning people but are usually poorly informed and often provided contradictory information between calls. The important thing to understand is that notes left by T2 do not actually notify a loan officer or anyone, they are simply waiting to be read if someone happens to open your file and takes the time to review the case notes. So if a T2 says they requested a change do not assume it was or will be made. 2. QUESTION: What are my chances of being approved for this loan? Can I know in advance? ANSWER: The loan is relatively easy to get approval for by loan standards. The exact underwriting criteria the SBA is using was leaked by some helpful people (hat tip to u/Sbaleaky) and thus you can have a good understanding what your chances are. Underwriters look for the following: -Minimum Credit Score of 570. They will pull from experian. Close to Vantage 3 model found on nav DOT com or TransUnion numbers on credit karma. They do NOT use FICO. Credit score is largest factor for approval for this loan and no exceptions are made for under 570. -If economic injury was sustained based on formula described in QUESTION 4. If this is a negative number you will be auto declined. (SEE QUESTION 5) The SBA does not consider potential revenue lost or general expenses in the loan amount. -Tax liens or tax issues are NOT a disqualifying factor or taken into consideration for COVID19 disaster. -Business start date must be prior to 1/31/20 -open bankruptcies = Declined. Closed OK. -Arrest for felony < 5 years = Declined -Arrest for misdemeanor < 5 years = Declined -Sole proprietors with delinquent child support > 60 days = Declined -Any business principals with 50% or more ownership with delinquent child support > 60 days = Declined -Your business must pass verification in some way that it is a valid operation. If they can find it on google it will suffice. Otherwise you may have to provide documents to prove it's a legit business. -Your business type must not be on the list for ineligible business activity. See list on FAQ. -All owners on application must be either US citizens or Permanent Residents. E-2 Investor visa is NOT eligible and any attempts to appeal or add a co-borrower who is a citizen or LPR will be unsuccessful. Corporations, Partnerships, and Limited Liability Entities (LLE): Alien-owned corporations, partnerships, and LLEs properly registered and licensed in the state where the disaster occurred are eligible. If any member, partner, or shareholder, owning 20 percent or more of the applicant business is in the USA they must be a qualified alien. If the alien resides outside the USA an exception may be made. 3. QUESTION: I received a decline letter for “Business activity not eligible”. What can I do? ANSWER: EIDL has a list of restricted business categories, if your type is NOT on this list and you still received this letter you may have been improperly classified. The following applicants are not eligible for EIDL assistance.
7-Eleven Franchise Stores, despite what corp office says. (advance is OK)
Lending or Investment Concerns (except for real estate investments held for rental)
Multi-level Sales Distribution (Pyramid) Concerns c. Speculative Activities d. Non-profit Organizations that are not considered a Private Non-Profit
Consumer and Marketing Cooperatives. However, other cooperatives and small agricultural cooperatives meeting applicable size standards are eligible f. Not a small business concern (except for PNP of any size) g. Gambling Concerns. Concerns that derive more than one-third of their annual gross revenue from legal gambling activities.
Casinos, Racetracks, Etc. Businesses whose purpose for being is gambling (such as casinos, racetracks, poker parlors, etc.) are not eligible for EIDL assistance regardless of their ability to meet the one-third criteria established for otherwise eligible concerns.
Loan packagers who derives more than one-third of their annual volume from the preparation of applications seeking financial assistance from SBA
Religious Organizations.
Political or Lobbying Concerns.
Pawn shops, when 50 percent or more of previous year’s income was derived 50 30 9 71 Effective Date: May 31, 2018 from interest
Real Estate Developers. Establishments primarily engaged in subdividing real property into lots and developing it for resale on their own account.
Life Insurance Companies.
Concerns Engaged in Illegal Activities (as defined by Federal guidelines). p. Government-owned concerns, except for businesses owned or controlled by a Native American tribe.
Concerns with Principals Incarcerated, on Parole or Probation: remain ineligible if the parole or probation is lifted solely because it is an impediment to obtaining a loan.
Concerns engaged in live performances of, or the Sale of Products, Services, of a Prurient Sexual Nature.
Businesses considered as hobbies.
Concerns Involved in Change in Ownership Situations: Concerns which had a substantial change of ownership (more than 50 percent) after the impending economic injury became apparent, and no contract for sale existed prior to that time are ineligible .
4. QUESTION: How is the loan amount calculated? How can I request a specific amount? ANSWER: There is no way to request a specific amount, the eligible amount is calculated automatically by formula based on your inputs. There are three known formulas:
Standard Small Business: Revenue minus COGS divided by 2 minus advance, subject to maximum of 150K
Not for Profit: 6 months operating expenses year prior to 1/31/20
Business that collects rental property income, your offer is calculated by lost rents due to the disaster, not the standard formula. If your offer is lower than expected you may have been wrongly classified into this formula.
Agricultural businesses: 6 months operating expenses year prior to 1/31/20
If the formula results in a negative number or less than your advance you will be declined for "ECONOMIC INJURY NOT SUSTAINED" 5. QUESTION: What is the maximum loan amount? ANSWER: As of last update it is currently 150K cap. This will not change anytime soon and there will be no way to request more at present. The only way to avoid the cap is if your loan was already being obligated prior to the change by the SBA from 500K. If I hear anything new on this it will be updated here. 6. QUESTION: When will I get my portal invite? ANSWER: Portal invites are a fully automated process and not strictly sequential but follow general group patterns. If you see someone that has a higher number than you get a portal invite it does NOT mean you were "passed over". 7. QUESTION: I finally got a portal invite and accepted and submitted an amount. My application says it is "processing", now what? ANSWER: This is when the actual loan process starts and underwriting begins. Your application will be assigned a loan officer for review using the criteria listed in question 2. The exact process is as follows (hat tip u/sbaleaky and u/LOL_Face_69) with the actual stages from start to finish. Keep in mind that once you accept in the portal a number of things are going on behind the scenes, which is why "processing" can take a great deal of time. Once you see a loan amount in your portal, this is NOT a "pre-approved offer". It is simply a potential amount you are eligible for based on the stated formula if you pass underwriting.
Initial Call Needed (credit not ran)
Credit Pulled (waiting for automated portal invitation, this is by far the longest part of the process)
Quoted (received portal invite with an eligible amount)
Offer Accepted (you confirmed and submitted an amount in the portal)
Submitted Deal (waiting to be assigned to a Loan Officer)
LO assigned and makes decision: Declined, Duplicate, Approved
[The following takes place behind the scenes and will not reflect in your portal, but will still say "processing"]
Approved: T2 Rep can now see your loan is approved on their screen. This means the Loan Officer has approved the deal and it is now going to the Senior Loan Officer. If the SLO does not approve the deal then it will go to declined.
Obligating: SLO known as a "team leader" reviews the work of the first LO to ensure everything was done correctly. Once they sign off on the deal the loan is now fully approved. The loan is being sent to the E-Tran system to receive a loan number. The loan has not yet received a loan number from E-Tran while obligating. This is the most common phase where hang ups in "processing" can error called "error in obligating". Usually due to small technical issues or errors in your information that need to be sorted.
Obligated: A loan number from E-Tran has been obtained and now closing documents can be drafted and sent to the borrower. This is when your portal would change from "processing" to approved. There may be a delay between when your offer is obligated to when it actually shows approved. I have seen it happen in as fast as 10 minutes or as long as 12 hours. You can also see approved but not have docs available. Docs will not show up until you get an email with the approval. The delay on this can be a few hours or more.
Funding: Docs are signed and the loan is automatically moved to funding stage to have treasury issue an ACH. This happens very quickly and you should see the ACH sent right after with the funds arriving in 24-48 hours on banking days. At this point you can track the disbursement with your loan number from the docs using CAWEB to see if the ACH has been sent. See CAWEB question.
Funded: Process complete, funds are successfully in your bank account. Congrats
Note: The exception to this process is that some applications which are considered easy (based on unknown factors) to approve are subject to full automation and may go straight to approval bypassing the above steps. This only happens in rare cases. You may also see a status that says, "On-Hold" Amount $0: This status typically is when your loan was temporarily declined and is still in the reconsideration department pending possible reconsideration approval. It most commonly relates to credit based issues or problems pulling your credit report from Experian. 8. QUESTION: I now understand that processing really means "underwriting", but how long will it actually take? What is the normal amount of time? ANSWER: The amount of time it is normal for your portal to say "processing" is highly variable as a hundred different factors are involved behind the scenes. Once you submit for processing you are in queue to be assigned a loan officer**.** If your application has been in underwriting for greater than 20 days it may merit investigate, but not necessarily indicate a problem with your chances of approval. Do NOT panic if it seems "stuck" with no communication from anyone. This is normal.
UPDATE: As of 7/20 the current queue/wait time to be assigned a loan officer, get approved, and have closing docs drafted is 14-18 days. Some are seeing immediate automated approvals same day, this only happens in around 30% of cases. The rest must be manually processed. You are NOT "stuck" if you are still within this time range.
9. QUESTION: Does contacting my congressmen or senator actually work? ANSWER: Yes, the SBA treats congressional inquiry very carefully and will flag and sometimes white glove your application. Often they will assign a special case worker during the process. The important thing is when your local congressional office reaches out they do NOT contact the local district SBA but this email: [[email protected]](mailto:[email protected]). This email is NOT for use by applicants but only official government purposes. 10. QUESTION: Help! I accidentally entered the wrong revenue or COGS on my application and my offer amount was lower than I expected, is it possible to change this? ANSWER: Yes, butonly if you meet the following two conditions:
You should NOT have already accepted an amount and submitted for processing in the portal. *If you already did see note below.
You have documentation to backup the changes such as Federal Tax Returns 2018 or 2019 or P&L Statements. Tax returns are preferred if available but not required if the offer is showing as eligible in the portal.
The important thing here is DO NOT accept the offer in the portal if you need to revise your numbers.
*IF YOU HAVE ALREADY ACCEPTED THE OFFER: Call tier 2 support as soon as you possibly can and ask them to make the following note in your file: Loan Officer, DO NOT approve this file without calling me, the applicant, because my (revenue or COGS) figures are wrong. I have supporting docs to make the changes. Please contact me ASAP. 11. QUESTION: I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! Is it too late? Answer: Unfortunately tier 2 is currently giving absolutely terrible advice in this situation. They are telling people to accept the offer in the portal to speak with a loan officer to make the revision. The problem is that once you accept you set the process in motion and then it gets obligated by treasury it is impossible to adjust. The proper time is prior to accepting. Often times loan officers never are needed, never reach out or even read these notes. I see it every day and people are stuck its the "kiss of death" advice. If you already accepted you may have time but would need to work quickly from date of submit. UPDATE: As of 6/15 there is now a way to fix this. See question 13. 12. QUESTION: Who are you, cue378? Can you help me? ANSWER: I am a small business owner sharing the information, strategies, and general knowledge I have gained over the course of 4 months and helping in almost 1000 cases. I do not work at the SBA nor do I have any affiliation with the SBA. Do to an extreme flood of requests for help, I will not be able to answer PM's or chat requests. Some people have asked how they can support my efforts. While I do not ask for donations, another volunteer decided to setup a tip jar in case people want to show their support. To be clear any assistance I offer is entirely free without any expectations. Please note, anything donated prior to contacting me in an effort to gain faster help/special attention won't yield those results, while appreciate your support I keep everything fair to others who don't donate. The tip jar can be found HERE. 13. QUESTION: My loan was obligated, already funded, or I already accepted the amount in the portal. I made a mistake with my COGS or revenue and I am not happy with the amount. Can I change it? ANSWER: As of 6/12 loan modifications are now being allowed. You can contact [[email protected]](mailto:[email protected]) and request a "Loan Modification increase". It is a 3-4 week process that requires documentation. A second loan will be given for the difference from the first one. It will be processed as a 20xx series loan in the old system/portal. For more details email me. Note if you have not yet accepted the offer the normal process is much faster. 14. QUESTION: How do I show support for the volunteers and moderators forEIDL ANSWER: For supporting Cue378, there is a tip jar listed above. If you wish to show support to our community moderators, you may reach out to them direct at u/tahoechick36 and u/Scorpio14534to ask how you can show your appreciation for their time and efforts. It takes a great deal work run the community and they are putting in a near full time effort outside their normal occupations. 15. QUESTION: I received my portal link, but when I go to create an account it just takes me to the login page or I get the error: "The user account has not been confirmed yet. What can be done? ANSWER: If you takes you back to the login screen instead of letting you create an account, try following the steps HERE 16. QUESTION: I was declined for "unsatisfactory credit". What are my options? ANSWER: You have a few options.
You can bring your vantage 3 score over 570 by paying down cards, when you are ready you can request the SBA re-pull your report and reactivate your account via [[email protected]](mailto:[email protected])
*You can request to add a co-borrower that has a higher score than 570 with no open bankruptcy and run their credit to reactivate your application.
*As of July 20th the SBA is no longer allowing the use of a Co-Borrower for reconsideration of an insufficient credit denial. Further details and updates on this situation are available in the threadHERE. 17. QUESTION: What documents are required? Will a loan officer contact me? ANSWER: In many cases no documentation is required and everything is self certified. Most commonly an LO will need to contact you to clarify some things about your business or request specific documents, or confirm your public business presence. In about 1/3 cases you will receive no communication from a loan officer and approvals are automated. For denials you lose self certification ability and you will be required to furnish full documentation. 18. QUESTION: What is the status of the Advance/Grant program? Can I still get a grant? ANSWER: As most of you already know, the EIDL Advance/Grant program has ended and the full 20 billion in funding for the advance has been exhausted. The option has been removed from new applications. Getting funding for the advance as a new applicant at this time will not be possible. For older applications please see this post for more information: https://www.reddit.com/EIDL/comments/hr3l41/eidl_news_714_update_regarding_the_current_status/ 19. QUESTION: What are the eligible uses of EIDL funds? ANSWER: These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. What are all the possible uses of the funds? The wording ‘obligations that are unable to be met due to lack of revenue’ seems to be a catch all, but how much so? The EIDL working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion. If you have more specific questions on the allowable usage of EIDL funds, one of our moderators, u/Scorpio14534 who is also a licensed professional CPA that is very knowledgeable on this matter is open to email requests. They can be reached here: [[email protected]](mailto:[email protected]) 20. QUESTION: I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". What does this mean and what can I do? ANSWER: This occurs when the numbers entered on your application for COGS are greater than your revenue. The SBA calculates economic injury based on the formula in question number 4. You can also be denied for this reason if the resulting number is less than your advance amount. Please note that the SBA is only taking into account revenue earned prior to the disaster date of 1/31/20 to calculate your economic injury. If your only revenue was earned after that date as a newer business you may not qualify, but it is possible to use a 12 month projection which you can submit to reconsideration. If the numbers on your application were correct, you would not be eligible for an EIDL. If you made an error you can request an amendment and reactivation of your application. 21. QUESTION: What is CAWEB and how can it help me track my loan disbursement and other status? ANSWER: You can use the Capital Access Finance System to track your EIDL after your documents have been signed and submitted through funding. It allows you to see disbursement status and other details related to your loan. ****Hat tip tou/tahoechick36for this amazing write up*\* Using the Capital Access Finance System to track your EIDL after your documents have been signed and submitted through funding. Visit caweb.sba.gov or click the link at the top of EIDL Setting up an account: You need a SBA Loan # to set up an account - for EIDL it appears on the first page of your documents, in the upper left hand area, and says "SBA Loan # XXXXXXXXXX.” SBA loan #'s are 10 digits. Your Application # will NOT work for account set-up. If you have a PPP Loan, you can use your SBA # for this loan to set up an account. Sometimes this # is easy to figure out, sometimes not. That has to do with an intermediary (like your bank) being involved, but if you can track down an actual SBA Loan #, you can go ahead and get registered without your EIDL loan number.
On the home page click on "Not Enrolled?" in the top left. This takes you to a screen to enter info. You may come to hate this screen, this process is very finicky.
Look at the rules for creating a User ID and Password by clicking on "Rules..." next to the fields.
Write your exact ID & password down somewhere - if you ever get locked out and call the SBA for help, they are going to tell you that Borrowers are not supposed to be able to access CAFS CAWeb. Apparently we still can, so don't make this a big deal or maybe that will change!
For user type - select "borrower" from the drop down menu.
Fill in the highlighted fields with your info. Click on the "ZIP LOOKUP" button after you enter your zip code. This auto populates some other boxes, and registration won't work if you don't do this.
For the country code in the phone number section enter "1" for the United States.
Financial commitment ID is your Loan # - 10 digits.
If you don't have a landline, it has been reported that just entering your mobile number in both fields works. You will have to select 3 of their security questions, enter the Captcha image info, then hit "submit" at the bottom.
If it didn't like the info you have entered, it will give you an error message for what part it didn't like, and you will have to try again, which requires re-entering quite a bit of the information. It's a pain. But if it takes it, you're in! There may be a verification step now as well. Finding your loan on CAWeb
On the caweb homepage, login (if you aren't already), it will be personalized and show your name. You have to scroll down and check the "Agree to Terms" box when you are logging in.
Click on "Borrower" in the top left, then click on "Borrower Search". This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status.
PPP loans typically appear as "Active Un-Disbursed" - if your PPP is already funded don't worry about that. Your EIDL will show up as "Disbursed Current" if funds are on their way. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. Logging out and back in again will sometimes refresh the status. Loan status will say "Active Un-Disbursed" until Treasury send the funds to your bank, then it changes to "Disbursed Current".
It depends on your bank when they post in your account (same day, next day, time).
If your banking info didn't verify, the transaction will fail to go through, and the status will revert.
If you are not funded within 3-4 banking days, there is likely a problem - check your info in your portal, call the SBA, and then email Cue if needed.
If you click on your loan# in the list, it opens up a page with details about your loan.
There's even a box at the bottom to check if you want electronic account statements only, but if you check that, a warning pops up about "all attached to this loan will be affected by this change", so we recommend not selecting that option just yet.
What did the FED reveal yesterday after the meeting? FedEx reports today after Lennar smashed earnings results. Is today the stimulus deadline? Let’s talk about this and other stock market news ~Very Long Post~ Hello everyone and Good Morning! So, let’s start with the recap of yesterday, as we saw the Nasdaq Composite leading the way up 0.5% and closing at a new record high, with the broad stock market SP500 also finishing in the green, up 0.18% and ended over the 3700 level for just the 2nd time in history, while the Dow Industrial lagged and lost 0.15%. We also saw the VIX continuing to drop 1.7%, back to some more normal levels after the recent spike near 25. Despite the broad market rally yesterday, about 55% of companies were losing ground on average volume, as we saw the Tech and Consumer Discretionary sectors leading the way, while the only sector losing more than 1% for the day was the Utilities sector. As only Large-Cap growth companies from the tech sector finished in the green, while small-caps and especially value play lagged behind. You can see in this HEAT MAP that most of the big tech names, Microsoft, Amazon, NFLX and even Alibaba which has suffered lately finished up well into the green, while the industrials and utilities were a big block of red. We also got some economic data yesterday, with business inventories rising more than expected as sales increased by 0.9% month over month. We also saw retail sales falling 1.1% in November from the previous month, but this may be misleading, as sales actually rose by more than 4% year over year and by almost 6% after stripping out auto, gas and retail sales. We also continue to see the housing demand market being strong as the housing market index was down from the previous month, but came in at the second highest level ever. One last number that we got was a reading on the December PMI, which came in at 55.7, below expectations and the last month number. This was the lowest reading in three months as growth momentum keeps slowing down as more restrictions are re-imposed, but this is still a strong expansion of the manufacturing and services. Today we will get some critical economic data, starting with initial and continuing jobless claims and housing starts, while we will also see get other important numbers later in the day. So, we also got the AAII survey yesterday, which for me personally, was a good indicator that stocks may still go up, as the bullish number of investors declined by 4.6%, with most of them switching to a neutral view of the stock market. There are still a lot more investors that are bullish compared to the historical average of 38% but, this is an improving in the last weeks, as this is a very good contrarian indicator. When more people tend to be bearish that is usually a good sign that you should just go and buy stocks, as you can mostly buy them at a discount, while when to many people are bullish, there is a significantly bigger risk of a pullback or correction nearing the stock market. Yesterday we saw the FED keeping rates unchanged and signaling that they will continue to keep a near-zero rate through 2023 to support the economic recovery. They also announced that the economy is expected to contract by only 2.4% in 2020, that is a big improvement from a contraction of 3.7% previously expected. They also expect the economy to grow by 4.2% next year and by more than 3% in 2022, with both revisions also being up from the previous estimates. They also vowed to keep buying bonds until there is substantial economic progress in the US, so they are expected to continue to buy $120B, with $80B in Treasury securities and another $40B in mortgage-backed securities. Other revisions in the projected economic data also showed an improved outlook in the unemployment rate, which is expected to drop to 3.7% by 2023. The FED Chief Powell also reinforced the commitment to aid the economy with even more easing if it deems it necessary while also suggesting they will give ample warning before tapering bond purchases. This was happening while the congress was still haggling over details on a bigger $900B relief BILL. We also saw a major change from the last day as now it is expected that it will include a 600$ stimulus check and extended unemployment benefits. I think this must be agreed on as soon as today if it stands a chance of passing by the end of the week, even if Congress leaders have repeatedly told they will remain in session as long as needed, even working through the weekend, they should just put their act together and pass the stuff they can agree on so that uncertainty goes away, at least for the moment. We also have some interesting earnings reports coming today with FedEx, BlackBerry and General Mills. FedEx is expected to post an EPS of over 4$, that would be up almost 60% over last year with an operating Margin of 7.1%. FedEx has also just received an upgrade from Credit Suisse based on accelerating e-commerce trends with a longer and stronger holiday season than expected. JABIL just reported while writing this post a nice surprise due to the high demand in the new Apple lineup, with a beat of 34 cents on earnings and almost $800M on revenues. The stock skyrocketed after the release. We also got Lennar earnings after the close yesterday, as they beat the estimates easily, while also offering better numbers in new orders and guidance. As they expect more than 62K deliveries and 24% gross margins in FY 2021, that is up from 53K and a 20.6% gross margin in FY2020, this pushed the stock up 3% in after hours, in an unexpected move to the upside for me, despite my expectations for a great quarter for the company. In other stock market news, we saw Roku gaining more than 5% in after-hours, after they finally reached an agreement with Warner Media to make HBO Max available directly to their streaming business. Meanwhile, gambling seems to be getting a boost every other day, as the most recent comment from Cuomo, made investors feel like gambling could become a big source of income for the state of New York. This boosted companies like DraftKings and Penn Gaming even more, as gambling is coming faster than expected in the entire country. DraftKings also managed to strike a deal to launch a brand-new retail gift card just in time for the holiday season. This will be available in multiple convenience stores and is a good way for DraftKings to attract even more users to their platform in my opinion. We Also saw companies lose ground yesterday like Fiverr which dropped in early trading before recovering to finish -2% for the day, after a report that Facebook is eyeing an entry into the gig business, this would be a major competitor that could eat up a lot of growth that Fiverr expected Let’s hope for another great day in the market as the FUTURES seem to be pointing at a good open, hopefully some green action continues after that. Thank you everyone for reading! Hope you enjoyed the content! Be sure to leave a comment down below with your opinion on the stock market! Don't forget to check out myYouTube Channel! Have a great day and see you next time!
What did the FED reveal yesterday after the meeting? FedEx reports today after Lennar smashed earnings results. Is today the stimulus deadline? Let’s talk about this and other stock market news ~Very Long Post~ Hello everyone and Good Morning! So, let’s start with the recap of yesterday, as we saw the Nasdaq Composite leading the way up 0.5% and closing at a new record high, with the broad stock market SP500 also finishing in the green, up 0.18% and ended over the 3700 level for just the 2nd time in history, while the Dow Industrial lagged and lost 0.15%. We also saw the VIX continuing to drop 1.7%, back to some more normal levels after the recent spike near 25. Despite the broad market rally yesterday, about 55% of companies were losing ground on average volume, as we saw the Tech and Consumer Discretionary sectors leading the way, while the only sector losing more than 1% for the day was the Utilities sector. As only Large-Cap growth companies from the tech sector finished in the green, while small-caps and especially value play lagged behind. You can see in this HEAT MAP that most of the big tech names, Microsoft, Amazon, NFLX and even Alibaba which has suffered lately finished up well into the green, while the industrials and utilities were a big block of red. We also got some economic data yesterday, with business inventories rising more than expected as sales increased by 0.9% month over month. We also saw retail sales falling 1.1% in November from the previous month, but this may be misleading, as sales actually rose by more than 4% year over year and by almost 6% after stripping out auto, gas and retail sales. We also continue to see the housing demand market being strong as the housing market index was down from the previous month, but came in at the second highest level ever. One last number that we got was a reading on the December PMI, which came in at 55.7, below expectations and the last month number. This was the lowest reading in three months as growth momentum keeps slowing down as more restrictions are re-imposed, but this is still a strong expansion of the manufacturing and services. Today we will get some critical economic data, starting with initial and continuing jobless claims and housing starts, while we will also see get other important numbers later in the day. So, we also got the AAII survey yesterday, which for me personally, was a good indicator that stocks may still go up, as the bullish number of investors declined by 4.6%, with most of them switching to a neutral view of the stock market. There are still a lot more investors that are bullish compared to the historical average of 38% but, this is an improving in the last weeks, as this is a very good contrarian indicator. When more people tend to be bearish that is usually a good sign that you should just go and buy stocks, as you can mostly buy them at a discount, while when to many people are bullish, there is a significantly bigger risk of a pullback or correction nearing the stock market. Yesterday we saw the FED keeping rates unchanged and signaling that they will continue to keep a near-zero rate through 2023 to support the economic recovery. They also announced that the economy is expected to contract by only 2.4% in 2020, that is a big improvement from a contraction of 3.7% previously expected. They also expect the economy to grow by 4.2% next year and by more than 3% in 2022, with both revisions also being up from the previous estimates. They also vowed to keep buying bonds until there is substantial economic progress in the US, so they are expected to continue to buy $120B, with $80B in Treasury securities and another $40B in mortgage-backed securities. Other revisions in the projected economic data also showed an improved outlook in the unemployment rate, which is expected to drop to 3.7% by 2023. The FED Chief Powell also reinforced the commitment to aid the economy with even more easing if it deems it necessary while also suggesting they will give ample warning before tapering bond purchases. This was happening while the congress was still haggling over details on a bigger $900B relief BILL. We also saw a major change from the last day as now it is expected that it will include a 600$ stimulus check and extended unemployment benefits. I think this must be agreed on as soon as today if it stands a chance of passing by the end of the week, even if Congress leaders have repeatedly told they will remain in session as long as needed, even working through the weekend, they should just put their act together and pass the stuff they can agree on so that uncertainty goes away, at least for the moment. We also have some interesting earnings reports coming today with FedEx, BlackBerry and General Mills. FedEx is expected to post an EPS of over 4$, that would be up almost 60% over last year with an operating Margin of 7.1%. FedEx has also just received an upgrade from Credit Suisse based on accelerating e-commerce trends with a longer and stronger holiday season than expected. JABIL just reported while writing this post a nice surprise due to the high demand in the new Apple lineup, with a beat of 34 cents on earnings and almost $800M on revenues. The stock skyrocketed after the release. We also got Lennar earnings after the close yesterday, as they beat the estimates easily, while also offering better numbers in new orders and guidance. As they expect more than 62K deliveries and 24% gross margins in FY 2021, that is up from 53K and a 20.6% gross margin in FY2020, this pushed the stock up 3% in after hours, in an unexpected move to the upside for me, despite my expectations for a great quarter for the company. In other stock market news, we saw Roku gaining more than 5% in after-hours, after they finally reached an agreement with Warner Media to make HBO Max available directly to their streaming business. Meanwhile, gambling seems to be getting a boost every other day, as the most recent comment from Cuomo, made investors feel like gambling could become a big source of income for the state of New York. This boosted companies like DraftKings and Penn Gaming even more, as gambling is coming faster than expected in the entire country. DraftKings also managed to strike a deal to launch a brand-new retail gift card just in time for the holiday season. This will be available in multiple convenience stores and is a good way for DraftKings to attract even more users to their platform in my opinion. We Also saw companies lose ground yesterday like Fiverr which dropped in early trading before recovering to finish -2% for the day, after a report that Facebook is eyeing an entry into the gig business, this would be a major competitor that could eat up a lot of growth that Fiverr expected Let’s hope for another great day in the market as the FUTURES seem to be pointing at a good open, hopefully some green action continues after that. Thank you everyone for reading! Hope you enjoyed the content! Be sure to leave a comment down below with your opinion on the stock market! Have a great day and see you next time!
This statistic presents the Gross Gaming Revenues (GGR) as a share of Gross Domestic Product (GDP) in selected European countries in 2019. The GGR is a key metric used within the gambling industry Kindred Group has reported that just over 4% of its gross winnings came from high-risk players during the most recent financial quarter as it became the first top-tier operator to report the share of revenue that is derived from harmful gambling. In the three months to 31 December, 2020, the Unibet 💵 Gambling losses per country. in terms of gross gambling revenue. Coronavirus Impact on Gambling. Europe and North America will account for losses of similar magnitude, around US$20 billion. In total, the 2020 estimate is of US$380.4 billion as the total revenue. In 2019, the Gross Gaming Revenue accounted for 18.1 billion euros. Gambling activities have a long history in Italy, dating back to the days of the Roman Empire. So, it's no surprise that Italian players are fans of gambling. Across the country, gambling, betting, and lotteries are legal. Gross Gambling Revenue By Country, roulette diametre 60mm, casino drive annonay, liv boeree poker pro labs. 445. permanent Wager: 20x Min deposit: €20. 50x WR-54. Bonus Code: None Required. Read our full review. £100 + 25 Spins. January 7, 2018 * T&C. Payment Method. Free Spins. The Best of Europe: share online gross gambling revenue (GGR) from mobile gaming 2008-2023 Online poker: gross gaming revenue generated in Spain 2014-2019 Further related statistics US online gambling produced $247.5 million in revenues in 2017. New Jersey’s online gambling industry continues to grow. In 2017, the combined revenue of Atlantic City’s online casinos and poker sites was $245 million. That’s a 21% increase from 2016 when New Jersey’s iGaming niche generated $195 million. How much does gambling bring in a year? In 2017 the overall gross revenue was $158.54 billion, in 2018 however this reached $161.24 billion. In 2017 the largest share came from Pari-Mutuel betting. Online gaming activities in Spain has grown in 2019, as the numbers released by the Dirección General del Ordenación del Juego /DGOJ/, the national gambling regulator, show gross gaming revenue /GGR/ of €748.5 million, up by 7.1% year-on-year.. 2019 Growth. Despite Q4 revenue in decline, growth across all but two verticals managed to push annual revenue up, sports betting having the If you have a question about your gambling, or the gambling of someone close to you, our FAQs from gambling consumers during lockdown may provide valuable information. Try the new Gambling Commission website we're working on, and give us feedback.
