SoFi Stock Down 24% YTD: Is Now the Right Time to Buy the Dip?
Shares of SoFi Technologies, Inc. SOFI have declined 24% year to date compared with the industry 's 16% decline.
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Canada News.Net
5 hours ago
- Canada News.Net
Trump delays TikTok shutdown again, eyes deal with China
WASHINGTON, D.C.: President Donald Trump has granted TikTok another reprieve, extending the deadline for its Chinese parent company, ByteDance, to sell its U.S. operations. The move allows the popular short-video app to keep running in the country until at least mid-September, despite a law mandating a sale or shutdown in the absence of significant progress. Trump this week extended the deadline by 90 days to September 17, signing an executive order that delays enforcement of the law for the third time. The Republican president had already twice granted a reprieve from federal enforcement of a law that mandated the sale or shutdown of TikTok. The law was supposed to take effect in January unless ByteDance showed meaningful progress toward divesting the app's U.S. assets. Trump has said he wants to keep the app, which helped him connect with young voters during the 2024 presidential election, available in the United States. He has also voiced optimism that Chinese President Xi Jinping would approve a deal to preserve the app, although it's unclear how prominently the issue features in broader trade talks between Washington and Beijing. "We are grateful for President Trump's leadership and support in ensuring that TikTok continues to be available," TikTok said in a statement posted on its website. The company added that it is working closely with the office of U.S. Vice President JD Vance on the matter. "President Trump will sign an additional executive order this week to keep TikTok up and running," White House press secretary Karoline Leavitt said on Tuesday. "President Trump does not want TikTok to go dark," she added, noting that the administration will use the next three months to finalise the sale and ensure American users' data remains secure. Trump said that he would "probably, yeah" extend the deadline. "Probably have to get China approval but I think we'll get it," he told reporters aboard Air Force One. "I think President Xi will ultimately approve it." A 2024 law had required TikTok to cease operations in the U.S. by January 19 unless ByteDance had completed a sale or made significant progress. Trump, now in his second term, opted not to enforce the deadline. He extended it first to April, then to June 19, and now to September. In March, Trump said he would consider easing tariffs on China to help advance a deal to transfer TikTok's U.S. operations to a domestic entity. The proposed structure involved spinning off the platform into a new firm, majority-owned and run by U.S. investors. That plan stalled after Beijing signalled disapproval, particularly in response to Trump's newly announced tariffs on Chinese goods. Some Democratic lawmakers argue that Trump lacks the legal authority to keep delaying enforcement, and say the deal under consideration may not satisfy legal standards set in the 2024 law.
Globe and Mail
17 hours ago
- Globe and Mail
President Trump's Plan to End Taxes on Overtime Pay Could Become Reality Sooner Than You Think
President Trump made a lot of attention-grabbing promises during his campaign for a second term, and in his five months since retaking office, he's met with varying degrees of success in enacting them. Ending taxes on Social Security benefits, for example, appears no nearer than it was on Trump's first day in office. But he's made considerable headway with some of his other agenda items, including ending taxes on overtime pay. We could see this enacted yet this year, but there are still some important details to be ironed out. The "One, Big, Beautiful Bill" could end taxes on overtime as soon as this year House Republicans recently drafted the "One, Big, Beautiful Bill" that incorporates several of President Trump's key campaign promises, like an end to taxes on tips and overtime pay. It would create an above-the-line deduction for these items, so you wouldn't owe any income taxes on them. The House version of the bill clarifies that the tax deduction for overtime pay would apply only to overtime compensation that is paid to an individual in excess of the regular rate they receive for their work. This deduction wouldn't be available to highly compensated employees (HCEs) and those without a work-eligible Social Security number. The bill narrowly passed the House, and lawmakers initially hoped it would make it to the president's desk by July 4, 2025. But the Senate is determined to make its mark on the legislation as well, and at least some senators, like Ron Johnson (R-WI), feel the July 4 deadline isn't realistic. The Senate is already making changes The Senate's version of the "One, Big, Beautiful Bill" isn't finalized yet, but we've already had a peek at some of the changes it hopes to make. While the general idea of no taxes on overtime pay remains in the latest version of the bill, the Senate has added one important restriction. The tax deduction for overtime pay would be limited to $12,500 per person or $25,000 for married couples filing a joint return. While this should be adequate for most people, it may be disappointing if you earn a lot of money from overtime. The House version of the bill didn't have any restrictions on the overtime tax deduction. There are also income phaseouts that reduce the deduction by $100 for every $1,000 your modified adjusted gross income (MAGI) exceeds $150,000 for a single adult or $300,000 for a married couple. Individuals with MAGIs of $275,000 or more and married couples with MAGIs of $550,000 or more wouldn't be eligible to claim the deduction. It's not a done deal yet Senate Republicans can only afford to lose three Republican votes if they want the bill to pass, and right now, there are several who are voicing concerns about the bill in its current state. This means that it likely won't be passed in the next couple of weeks at least. There isn't a vote scheduled currently. If it does pass, the overtime tax deduction will take effect for the 2025 tax year, according to the current bill. However, it would only remain in place through the 2028 tax year. After that, it would be up to lawmakers to decide whether to continue the deduction or not. The $23,760 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.
Globe and Mail
18 hours ago
- Globe and Mail
'Roadblock': Paramount Stock (NASDAQ:PARA) Surges as the Trump Settlement Sputters
As it turns out, entertainment giant Paramount (PARA) was actually fairly close to a deal with President Trump over the 60 Minutes lawsuit. But, when the deal was fairly close, a 'roadblock' emerged and put a halt to the whole matter, at least for now. Investors reacted with surprising strength, and perhaps even more surprising positivity. Paramount shares gained nearly 2.5% in the closing minutes of Friday's trading. Confident Investing Starts Here: The settlement had reached $35 million, reports noted, when Paramount suddenly found itself paralyzed by indecision. That delay caused Trump lawyers to pivot and pull back to their original demand, calling for a $50 million settlement. The biggest problem seems to be that the Federal Communications Commission (FCC) is also involved in this, and needs to sign off on the merger with Skydance as well. Reports suggested that Paramount brass believes that the FCC's sign-off on the deal needs to be contingent on settling the case, but by like token, the idea that requiring FCC approval as part of the settlement looks a lot like a bribe. Trump's legal team, reports note, has already been clear that the Trump suit and the FCC case are two separate matters. But with outside organizations looking to launch their own lawsuits should the settlement go through, looks may count for more here than anyone expected. South Park Losses Mount Meanwhile, as Paramount faces the prospect of losing South Park exclusivity, it quietly pulled another old episode from the field. The pull this time showed up in the Canadian and Australian markets, reports noted, and this time, featured Butters' Very Own Episode pulled from Paramount+. Why, however, is a bit of a mystery. Several South Park episodes are apparently a bit too spicy for streaming, in retrospect, with around a dozen classic episodes set to be pulled from the catalog and relegated to a 'ban list', reports noted. The reports got stranger as an Australian viewer noted that the Paramount+ listing had been pulled, but the episode could still be watched by watching through Paramount+ on Amazon (AMZN) Prime Video. Is Paramount Stock a Good Buy Right Now? Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on two Buys, eight Holds and five Sells assigned in the past three months, as indicated by the graphic below. After a 18.62% rally in its share price over the past year, the average PARA price target of $12.08 per share implies 2.23% downside risk. See more PARA analyst ratings Disclosure Disclaimer & Disclosure Report an Issue
