Stock market today: Wall Street’s rally stalls as Nasdaq pulls back from its recordThe slump in the number of people heading to the shops during Boxing Day sales signals a return to declining pre-pandemic levels, an analyst has said. Boxing Day shopper footfall was down 7.9% from last year across all UK retail destinations up until 5pm, MRI Software’s OnLocation Footfall Index found. However, this year’s data had been compared with an unusual spike in footfall as 2023 was the first “proper Christmas” period without Covid-19 pandemic restrictions, an analyst at the retail technology company said. It found £4.6 billion will be spent overall on the festive sales. Before the pandemic the number of Boxing Day shoppers on the streets had been declining year on year. The last uplift recorded by MRI was in 2015. Jenni Matthews, marketing and insights director at MRI Software, told the PA news agency: “We’ve got to bear in mind that (last year) was our first proper Christmas without any (Covid-19) restrictions or limitations. “Figures have come out that things have stabilised, we’re almost back to what we saw pre-pandemic.” There were year-on-year declines in footfall anywhere between 5% and 12% before Covid-19 restrictions, she said. MRI found 12% fewer people were out shopping on Boxing Day in 2019 than in 2018, and there were 3% fewer in 2018 than in 2017, Ms Matthews added. She said: “It’s the shift to online shopping, it’s the convenience, you’ve got the family days that take place on Christmas Day and Boxing Day.” People are also increasingly stocking-up before Christmas, Ms Matthews said, and MRI found an 18% increase in footfall at all UK retail destinations on Christmas Eve this year compared with 2023. Ms Matthews said: “We see the shops are full of people all the way up to Christmas Eve, so they’ve probably got a couple of good days of food, goodies, everything that they need, and they don’t really need to go out again until later on in that week. “We did see that big boost on Christmas Eve. It looks like shoppers may have concentrated much of their spending in that pre-Christmas rush.” Many online sales kicked off between December 23 and the night of Christmas Day and “a lot of people would have grabbed those bargains from the comfort of their own home”, she said. She added: “I feel like it’s becoming more and more common that people are grabbing the bargains pre-Christmas.” Footfall is expected to rise on December 27 as people emerge from family visits and shops re-open, including Next, Marks and Spencer and John Lewis that all shut for Boxing Day. It will also be payday for some as it is the last Friday of the month. A study by Barclays Consumer Spend had forecast that shoppers would spend £236 each on average in the Boxing Day sales this year, but that the majority of purchases would be made online. Nearly half of respondents said the cost-of-living crisis will affect their post-Christmas shopping but the forecast average spend is still £50 more per person than it was before the pandemic, with some of that figure because of inflation, Barclays said. Amid the financial pressures, many people are planning to buy practical, perishable and essential items such as food and kitchenware. A total of 65% of shoppers are expecting to spend the majority of their sales budget online. Last year, Barclays found 63.9% of Boxing Day retail purchases were made online. However, a quarter of respondents aim to spend mostly in store – an 11% rise compared with last year. Karen Johnson, head of retail at Barclays, said: “Despite the ongoing cost-of-living pressures, it is encouraging to hear that consumers will be actively participating in the post-Christmas sales. “This year, we’re likely to see a shift towards practicality and sustainability, with more shoppers looking to bag bargains on kitchen appliances and second-hand goods.” Consumers choose in-store shopping largely because they enjoy the social aspect and touching items before they buy, Barclays said, adding that high streets and shopping centres are the most popular destinations.
MAI Capital Management lowered its stake in shares of FactSet Research Systems Inc. ( NYSE:FDS – Free Report ) by 30.8% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 886 shares of the business services provider’s stock after selling 395 shares during the period. MAI Capital Management’s holdings in FactSet Research Systems were worth $407,000 as of its most recent SEC filing. Several other hedge funds also recently modified their holdings of the stock. Ninety One UK Ltd grew its position in FactSet Research Systems by 0.9% in the 2nd quarter. Ninety One UK Ltd now owns 1,216,461 shares of the business services provider’s stock worth $496,645,000 after purchasing an additional 10,928 shares in the last quarter. Boston Trust Walden Corp raised its stake in shares of FactSet Research Systems by 9.3% during the 3rd quarter. Boston Trust Walden Corp now owns 296,329 shares of the business services provider’s stock worth $136,267,000 after purchasing an additional 25,294 shares during the period. PineStone Asset Management Inc. grew its position in FactSet Research Systems by 0.4% during the third quarter. PineStone Asset Management Inc. now owns 274,003 shares of the business services provider’s stock valued at $126,000,000 after buying an additional 1,030 shares during the period. Tandem Investment Advisors Inc. increased its stake in shares of FactSet Research Systems by 1.4% during the 2nd quarter. Tandem Investment Advisors Inc. now owns 250,028 shares of the business services provider’s stock worth $102,079,000 after purchasing an additional 3,485 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in FactSet Research Systems by 21.5% during the second quarter. Dimensional Fund Advisors LP now owns 235,387 shares of the business services provider’s stock valued at $96,113,000 after purchasing an additional 41,717 shares during the period. Hedge funds and other institutional investors own 91.24% of the company’s stock. Wall Street Analyst Weigh In FDS has been the topic of a number of research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $503.00 price objective on shares of FactSet Research Systems in a research note on Friday, November 15th. UBS Group lifted their target price on FactSet Research Systems from $485.00 to $525.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Stifel Nicolaus increased their price objective on FactSet Research Systems from $451.00 to $469.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Redburn Atlantic downgraded FactSet Research Systems from a “neutral” rating to a “sell” rating and dropped their price target for the company from $420.00 to $380.00 in a research report on Wednesday, October 9th. Finally, BMO Capital Markets raised their target price on shares of FactSet Research Systems from $471.00 to $521.00 and gave the company a “market perform” rating in a research note on Friday, November 15th. Five investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $450.00. FactSet Research Systems Stock Up 0.4 % Shares of NYSE:FDS opened at $487.62 on Friday. FactSet Research Systems Inc. has a 12-month low of $391.84 and a 12-month high of $499.87. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.65. The stock’s 50-day moving average price is $466.05 and its 200-day moving average price is $435.59. The stock has a market capitalization of $18.52 billion, a P/E ratio of 35.08, a price-to-earnings-growth ratio of 3.09 and a beta of 0.75. FactSet Research Systems ( NYSE:FDS – Get Free Report ) last issued its earnings results on Thursday, September 19th. The business services provider reported $3.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.62 by $0.12. The firm had revenue of $562.20 million for the quarter, compared to analysts’ expectations of $547.06 million. FactSet Research Systems had a net margin of 24.38% and a return on equity of 34.77%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business earned $2.93 earnings per share. On average, equities analysts anticipate that FactSet Research Systems Inc. will post 17.2 earnings per share for the current year. FactSet Research Systems Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, November 29th will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Friday, November 29th. FactSet Research Systems’s dividend payout ratio (DPR) is currently 29.93%. Insider Activity In other news, EVP Christopher R. Ellis sold 13,952 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $456.15, for a total value of $6,364,204.80. Following the completion of the transaction, the executive vice president now owns 23,515 shares in the company, valued at $10,726,367.25. This trade represents a 37.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink . Also, insider John Costigan sold 1,622 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $481.00, for a total value of $780,182.00. Following the completion of the sale, the insider now directly owns 299 shares in the company, valued at approximately $143,819. The trade was a 84.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here . Over the last three months, insiders have sold 26,984 shares of company stock valued at $12,230,877. Company insiders own 1.10% of the company’s stock. About FactSet Research Systems ( Free Report ) FactSet Research Systems Inc, a financial data company, provides integrated financial information and analytical applications to the investment community in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company delivers insight and information through the workflow solutions of research, analytics and trading, content and technology solutions, and wealth. Featured Stories Want to see what other hedge funds are holding FDS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FactSet Research Systems Inc. ( NYSE:FDS – Free Report ). Receive News & Ratings for FactSet Research Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FactSet Research Systems and related companies with MarketBeat.com's FREE daily email newsletter .
Less than a month after he took over as India’s 22nd Finance Minister, Manmohan Singh presented a Union Budget in July 1991 , that changed the country’s economic trajectory with some of the hard decisions that were desperately needed. The Budget was prepared amid what he termed an acute and deep crisis that was unprecedented in independent India’s history. It is rare for a Finance Minister of any regime to make even a nuanced critique of their own party’s predecessors in office, especially if the party swore by those leaders’ indelible imprint. Manmohan Singh, inarguably India’s most educated leader, was not one to be weighed down by such expectations. In his historic speech to Parliament on July 24, 1991 , Dr. Singh explained in painstaking detail the need for India to embrace a new era of industrial delicensing and economic liberalisation, that paved the way for everything from cars, shoes, burgers and stock market trading accounts that Indians now take for granted, but didn’t hesitate in calling out past mistakes. Editorial on July 25, 1991: Sparing the poor Noting that the efforts of former PMs Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi, had given India a ‘well-diversified industrial structure’, Dr. Singh, however, didn’t hesitate to link the genesis of the crisis firmly to policies of the past, including the entry barriers for firms, proliferation of licensing and an increase in monopolies that hurt consumer interests. It is well known that Dr. Singh opened up the doors for foreign investments in myriad sectors during his time as Finance Minister, and subsequently as Prime Minister, when he pushed back on Left allies’ resistance on issues like easing telecom and insurance FDI limits and pursuing the critical India-U.S. nuclear cooperation deal. Related Stories ‘History will indeed remember you kindly’: Allies, former colleagues pay tributes to Manmohan Singh Manmohan Singh, gentleman politician who opened up India’s economy in 1991 However, few would remember his maiden Budget also set the foundations of India’s modern stock market boom as he announced the formation of the Securities Exchange Board of India (SEBI) to protect investor interests. Or that he talked passionately against protectionism and batted for consumer interests as well as wealth creators, even has he held strong reservations against “mindless and heartless” conspicuous consumerism — issues that resonate today as well. Former PM Manmohan Singh death reactions LIVE: Allies, former colleagues pay rich tributes It speaks volumes for his sagacity that he could take on the staunchest criticism with a dose of humour or literary references. So when the Left attacked him for drafting a budget policy on the diktats of the World Bank, he joked that the WB’s interests were indeed at work – elaborating it as West Bengal instead. He would also nonchalantly quote Victor Hugo, or Percy Shelley’s ‘Ode to the West Wind’ in response to journalists’ contentious queries, for instance. He also peppered his famous Budget speech with a gem about his wife being ‘very unhappy’ since he was appointed the FM. “The House will agree that it is not good for the health of our economy if the Finance Minister has strained relation with his own finance minister at home,” Dr. Singh joked, announcing a tax exemption for household items, particularly tiffin boxes. In his 2007 autobiography The Age of Turbulence: Adventures in a New World ’, former U.S. Federal Reserve chairman Alan Greenspan credited Dr. Singh for tearing a modest hole in India’s regimented economy in 1991 and demonstrating a little economic freedom and competition can exert extraordinary leverage on economic growth. That task, as any economist would admit in private, remains incomplete, and some of those themes resonate even today if not louder. Dr. Singh’s exit leaves a vacuum in public policy discourse, the absence of which may make it tougher for India to rip apart the hole he managed to tear, in what Mr. Greenspan called India’s Fabian socialism fabric. Published - December 27, 2024 01:07 am IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit death / politics / Indian National CongressCousins Properties Announces Pricing of Senior Notes Offering
In today’s rapidly evolving technological landscape, the role of technology in addressing social challenges is becoming increasingly significant. Harsh Vaidya, a seasoned Product Manager with expertise in SaaS cloud solutions and Agile methodologies, has been at the forefront of these developments. Specializing in large-scale projects that deliver societal benefits, Harsh’s work spans various industries, with a strong focus on creating platforms that facilitate access to essential services. One of his most impactful projects was the development of a custom Financial Aid Management System (FAMS) for the Arizona Department of Housing (ADOH), as part of a broader Homeowners Assistance Fund aimed at providing relief to homeowners during the economic hardships brought on by COVID-19. Understanding the Homeowner Assistance Fund (HAF) Program The Financial Aid Management System (FAMS) was implemented as part of the U.S. Treasury’s Homeowner Assistance Fund (HAF) program. This federal initiative was designed to relieve homeowners across the United States who were struggling with financial hardships due to the pandemic. The goal of HAF was to prevent foreclosures and forbearances by providing targeted financial assistance to homeowners in need. Each state had its own responsible body to manage the program—in the case of Arizona, this role fell to the Arizona Department of Housing (ADOH). Harsh’s employer secured contracts to implement FAMS for multiple states, including Arizona. The system was customized to address the unique requirements of each state while adhering to the overarching guidelines set by the U.S. Treasury. Harsh played a pivotal role in managing the implementation of FAMS specifically for Arizona, tailoring the platform to meet ADOH’s operational needs while maintaining compliance with HAF regulations. Leading with Vision and Collaboration As the Product Manager for the Arizona-specific FAMS platform, Harsh led the overall product development, directing three Agile teams to execute a vision that was both ambitious and critical for the well-being of Arizona’s citizens. The project, a collaboration involving ADOH, the Governor’s office, and other key stakeholders, required meticulous planning and execution. Harsh’s leadership was central to ensuring the platform’s success, particularly in integrating third-party solutions and developing a sophisticated case management system. The complexity of the case management system was a defining feature of the project. With multiple financial aid programs available, citizens applied for varying amounts of assistance based on their unique situations. The system was built with a complex business rule engine to accurately adjudicate these cases, following the guidelines provided by the U.S. Treasury for HAF. The engine was further customized to align with ADOH’s specific requirements, ensuring that all applications were processed correctly and efficiently. Implementing Complex Case Management Systems The FAMS platform was designed to handle a variety of scenarios, from mortgage payment assistance to utility disconnects. This flexibility was made possible by the robust case management system, which included a series of complex rules and workflows to guide the adjudication process. For example, the system could differentiate between applicants seeking one-time mortgage assistance and those needing long-term utility payment support. This granular level of control was essential for ensuring that each applicant received the appropriate level of support. Additionally, the system featured a dynamic reporting dashboard that allowed ADOH administrators to monitor the status of applications, track fund disbursements, and generate reports for compliance purposes. Harsh’s oversight ensured that these functionalities were not only technically sound but also aligned with the strategic objectives of both ADOH and the broader HAF program. Enhancing User Experience Through Integration and Automation One of the major challenges of implementing FAMS was ensuring a seamless user experience, given the complexity of the application and adjudication process. To address this, Harsh led the integration of third-party solutions such as ID.me and SmartyStreets. ID.me was used to streamline the identity verification process, making it easier for users to authenticate their identities without lengthy manual procedures. Similarly, SmartyStreets was integrated to validate address data in real-time, reducing errors and ensuring that the platform could deliver aid efficiently to the right recipients. Harsh also played a crucial role in automating several aspects of the platform, reducing the manual workload for ADOH staff and allowing them to focus on higher-priority tasks. For instance, the system automatically flagged incomplete applications and sent follow-up reminders to users, significantly improving completion rates. These enhancements not only improved the overall efficiency of the platform but also contributed to a better user experience, making it easier for citizens to navigate the complex aid application process. Delivering Tangible Benefits to Society The impact of the FAMS platform on Arizona’s citizens was profound. By the time the platform was fully operational, it had processed thousands of applications, helping countless residents avoid foreclosure and maintain their homes during an economically challenging period. The platform’s success was not just a technical achievement—it was a testament to the power of technology in driving social change and improving people’s lives. Moreover, the system’s ability to handle complex cases, automate routine processes, and provide real-time reporting set a new standard for how financial aid management systems should operate. Harsh’s role in this success cannot be overstated. His strategic vision, combined with his hands-on leadership, ensured that the platform delivered on its promise to support those in need. Navigating the Challenges of Cross-Functional Collaboration The successful delivery of the FAMS platform required close collaboration between multiple stakeholders, including state officials, technology partners, and community organizations. Harsh facilitated Joint Application Design (JAD) sessions to bring together the ADOH, the client partner, and housing agencies to identify pain points and refine the platform’s features. These sessions were instrumental in shortening development cycles by approximately 25% and increasing the accuracy of release dates by around 20%, ensuring that the platform met the needs of its users effectively. This emphasis on cross-functional collaboration was a key factor in overcoming the many challenges that arose during the project. From navigating regulatory complexities to balancing the needs of different stakeholders, Harsh’s ability to foster open communication and drive consensus was critical to the platform’s success. Recognition and Future Potential The success of the FAMS platform has had a ripple effect beyond Arizona. As Harsh and his team continue to implement this solution in other states, the lessons learned and best practices developed by Harsh and his team will serve as a blueprint for future deployments. The project’s impact has been recognized both within the company and by its external partners, highlighting the importance of combining technical innovation with a deep understanding of social needs. Leveraging AI and Machine Learning for Enhanced Aid Distribution Building upon his research in AI-driven predictive modeling and bias reduction in financial software systems, Harsh has been exploring ways to enhance the FAMS platform through artificial intelligence integration. His 2024 paper on "The Impact of AI Integration on Efficiency and Performance in Financial Software Development" provides insights into how machine learning algorithms can be implemented to improve the accuracy of aid distribution and reduce processing times. By applying similar principles to those outlined in his work on "AI-Driven Multi-Modal Demand Forecasting," the platforms like these could potentially incorporate predictive analytics to anticipate spikes in aid applications and automatically adjust resource allocation accordingly. This forward-thinking approach aligns with his published research on reducing bias in predictive models, ensuring that automated systems maintain fairness and equity in financial aid distribution. Future Technology Roadmap and Cloud Integration Drawing from his expertise in cloud computing platforms, as demonstrated in his 2020 publication on "Effectiveness and Future Trend of Cloud Computing Platforms," Harsh envisions a more scalable and resilient version of FAMS that leverages distributed cloud architecture. This aligns with his recent work on "The Impact of Emerging Technologies on Conceptualizing and Delivering New Business Offerings" (2024), which explores how blockchain and IoT technologies could be integrated into financial aid systems to enhance security and transparency. The potential implementation of blockchain technology could provide an immutable audit trail for aid disbursement, while IoT integration could streamline the verification process for property-related claims. These technological advancements, combined with his research on managed ETL platforms for improving data integration efficiency, point toward a future where financial aid management systems can operate with greater automation, security, and responsiveness to community needs. About Harsh Vaidya Harsh Vaidya’s journey in product management is characterized by a passion for leveraging technology to solve complex problems and drive positive change. With a strong background in SaaS cloud solutions and Agile project management, Harsh has consistently delivered innovative solutions that meet both business and societal needs. His work on the FAMS platform is just one example of how he blends strategic vision with hands-on leadership to achieve impactful results. Harsh’s career is driven by a commitment to creating products that not only fulfill market demands but also contribute to the greater good. Looking ahead, he aims to continue leading projects that make a tangible difference in people’s lives, inspiring others in the industry to consider the social impact of the products they develop. His dedication to leveraging technology for social good sets him apart as a leader in the field of product management.
Grades: Nebraska 44, Wisconsin 25None
Steady leadership, unmatched wisdom: India’s sports community mourns Dr Singh’s demiseRoyal Bank of Canada ( TSE:RY – Free Report ) (NYSE:RY) – National Bank Financial issued their FY2026 earnings per share estimates for Royal Bank of Canada in a report issued on Tuesday, November 19th. National Bank Financial analyst G. Dechaine forecasts that the financial services provider will post earnings of $14.40 per share for the year. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $12.35 per share. Royal Bank of Canada ( TSE:RY – Get Free Report ) (NYSE:RY) last announced its earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$2.95 by C$0.31. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. The company had revenue of C$14.63 billion during the quarter, compared to analysts’ expectations of C$14.27 billion. Check Out Our Latest Report on Royal Bank of Canada Royal Bank of Canada Stock Down 0.0 % Shares of TSE:RY opened at C$174.71 on Thursday. The company has a market cap of C$246.34 billion, a P/E ratio of 15.47, a P/E/G ratio of 3.42 and a beta of 0.84. The business has a fifty day simple moving average of C$170.00 and a 200-day simple moving average of C$156.75. Royal Bank of Canada has a 52 week low of C$115.57 and a 52 week high of C$175.32. Royal Bank of Canada Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 22nd were given a $1.42 dividend. The ex-dividend date of this dividend was Thursday, October 24th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.25%. Royal Bank of Canada’s dividend payout ratio is currently 50.31%. Insider Transactions at Royal Bank of Canada In related news, Director David Ian Mckay sold 74,852 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total value of C$12,320,115.24. Also, Senior Officer Douglas Antony Guzman sold 7,500 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of C$166.96, for a total value of C$1,252,207.50. Following the transaction, the insider now owns 25 shares of the company’s stock, valued at C$4,174.03. This represents a 99.67 % decrease in their ownership of the stock. In the last quarter, insiders have sold 144,770 shares of company stock valued at $23,959,265. Royal Bank of Canada Company Profile ( Get Free Report ) Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses. Featured Stories Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter .
Prosecutors: DC police officer’s talk with Proud Boys leader grew secretive as arrest neared