Latest news with #Hartnett
Time Out
2 days ago
- Entertainment
- Time Out
Michelin-starred chef Angela Hartnett is opening a new restaurant at the Royal Opera House
Get prepped for a proper coming together of icons, as much-loved chef Angela Hartnett is set to open a brand new restaurant at London landmark, the Royal Opera House. The Michelin-starred founder of Mayfair's Murano will be launching the new venture in September. The restaurant will be on the fifth floor of the Royal Opera House and will also spill out onto the venue's terrace bar. The restaurant will serve lunch and dinner and the Turin-inspired terrace bar will be open throughout the day, serving drinks and nibbles and offering impressive rooftop views of Covent Garden. You don't have to be heading off to an opera to gain entry either - anyone will be able to visit. Speaking about the restaurant, Hartnett said: 'Opening at the Royal Opera House – such an iconic London institution – is a real privilege. We're creating something entirely new for the space: relaxed, with food that celebrates exceptional produce and simplicity. Most of all we want the restaurant and bar to be for everyone, not just for those attending a performance.' The menu for the restaurant hasn't been released yet, but we're promised 'sophisticated yet simple, Italian-inspired cooking'. Sounds more than good to us. Angela Hartnett founded Murano in 2008, one of London 's best Italian restaurants. It gained its Michelin star in 2009 - just a few months after opening. Hartnett then went on to launch the more casual Cafe Murano, which has sites in Covent Garden, St James's and Bermondsey. She currently hosts the Dish podcast with presenter Nick Grimshaw.
CNBC
4 days ago
- Business
- CNBC
International stocks are the best trade for the next five years, according to Bank of America investor survey
Investors are really pumped about the future of international stocks. Bank of America's latest fund manager survey showed investors expect equities outside the United States will prove the best-performing asset class over the next five years. "Less than [one quarter] think U.S. assets will continue to dominate ranked returns, and just 5% anticipate bonds to perform best," strategist Michael Hartnett wrote. The rest of the world is trouncing the U.S. stock market this year. The iShares MSCI All-Country World Index ex-U.S. ETF ( ACWX ) is up 15% in 2025, far outpacing the S & P 500's 2.6% advance. That marks the ACWX's largest outperformance over the S & P 500 since the fund's inception in 2008. This comes as positioning in the U.S. dollar reached lows not seen in more than 20 years. ACWX .SPX YTD mountain ACWX vs SPX in 2025 Investors have been pulling away from the dollar this year as many of President Donald Trump's policies, particularly on trade, put the U.S. currency's safe-haven status into question. Trump earlier this year unveiled steep tariffs on imported goods, many of which were later halted for 90 days while the U.S. entered into trade negotiations with leading partners. Along with heightened tensions in the Middle East and Europe, that's led investors to load up on gold. Hartnett noted that "'long gold' is the most crowded trade for the third month running (per 41% of investors), confirming that the 24-month streak for 'long Magnificent 7' (now 23%) as most crowded trade has come to an end." Investors surveyed also rotated more into emerging markets and global equities in June, Hartnett added. "In June, investors are most overweight Eurozone, EM, and banks vs most underweight U.S. stocks, the U.S. dollar, and energy," he said. Elsewhere Tuesday morning on Wall Street, Truist lifted its price target on Etsy by 9%, to $60 from $55, implying about 11% upside compared with Monday's closing price, saying investors should buy the dip in the stock. "While the company does have exposure to the De Minimis exemption being eliminated in China, we believe it's relatively better insulated than some of its competitors including Temu (owned by PDD, [not rated]) and Shein (private) which have started raising prices on goods as a result of the Chinese Tariffs, and the end of the De Minimis exemption," analyst Youssef Squali wrote.
Business Wire
09-06-2025
- Business
- Business Wire
Leading Proxy Advisory Firm Glass Lewis Recommends Shareholders Vote 'FOR' Both of PENN Entertainment's Director Nominees on the WHITE Proxy Card
WYOMISSING, Pa.--(BUSINESS WIRE)--PENN Entertainment, Inc. (Nasdaq: PENN) ('PENN' or the 'Company') today announced that leading independent proxy advisory firm Glass, Lewis & Co. ('Glass Lewis') has recommended that shareholders vote 'FOR' PENN's two director nominees – Johnny Hartnett and Carlos Ruisanchez – on the Company's WHITE proxy card in connection with the Company's upcoming 2025 Annual Meeting of Shareholders (the 'Annual Meeting') on June 17, 2025. In its report dated June 9, 2025, Glass Lewis noted: 1 '… the addition of Hartnett and Ruisanchez appears likely to enhance board oversight of PENN's capital allocation and digital strategy...' 'Based on our review, we believe certain aspects of Clifford's profile may overlap with existing or anticipated members of the board … the board's assertion that his background is not sufficiently differentiated – and its unanimous decision not to support him despite backing two other dissident nominees – raises questions as to whether he would bring distinctive value at this time.' '… we do not find sufficient evidence that the board acted in bad faith or with the primary purpose of entrenchment. The Company did evaluate all three HG Vora nominees, including through interviews, and provided detailed rationale for its decisions.' 'PENN operates in the highly regulated gaming industry, where director nominees must undergo multi-jurisdictional licensing reviews. These constraints delayed HG Vora's ability to submit nominations…' Additionally, Glass Lewis' report makes clear that there are two Board seats available for election to the PENN Board: 'The Dissident's third nominee, William Clifford, is not eligible for election at this meeting absent a reversal of the board's recent decision to reduce its size or a favorable court ruling, neither of which appears likely to occur prior to the meeting date.' '[PENN] made its board size and class size decision [for the 2025 Annual Meeting] in the context of an already full board with a retiring director. Moreover, the Company's rationale … aligns with how the board has historically filled (or declined to fill) vacated seats … we do not find clear and compelling evidence that the board acted in bad faith…' PENN issued the following statement: We are pleased Glass Lewis recognizes the Board's thorough review of all three of HG Vora's nominees, our responsiveness to shareholder feedback regarding refreshment and the rigorous regulatory oversight of the gaming industry, in particular the restrictions imposed related to our engagement with HG Vora. Glass Lewis also acknowledges the strength and depth of the skills and experience our directors bring, in addition to our significant refreshment efforts. As we communicated to shareholders on May 19, 2025, we made the decision not to solicit proxies for the PENN White Card over the HG Vora Gold Card given that votes for Messrs. Hartnett and Ruisanchez on either card will be counted at the Annual Meeting. Following their elections, 75% of PENN's directors will have joined the Board since 2019. The PENN Board and management team remain committed to prioritizing the best interests of all shareholders, and look forward to further advancing PENN's strategy to deliver long-term value with a strengthened Board following the Annual Meeting. For additional information, please reference PENN's Annual Meeting materials. About PENN Entertainment, Inc. PENN Entertainment, Inc., together with its subsidiaries ('PENN,' or the 'Company'), is North America's leading provider of integrated entertainment, sports content, and casino gaming experiences. PENN operates in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting and iCasino offerings under well-recognized brands including Hollywood Casino ®, L'Auberge ®, ESPN BET ™, and theScore BET Sportsbook and Casino ®. PENN's ability to leverage its partnership with ESPN, the 'worldwide leader in sports,' and its ownership of theScore ™, the top digital sports media brand in Canada, is central to the Company's highly differentiated strategy to expand its footprint and efficiently grow its customer ecosystem. PENN's focus on organic cross-sell opportunities is reinforced by its market-leading retail casinos, sports media assets, and technology, including a proprietary state-of-the-art, fully integrated digital sports and iCasino betting platform, and an in-house iCasino content studio (PENN Game Studios). The Company's portfolio is further bolstered by its industry-leading PENN Play™ customer loyalty program, offering its over 32 million members a unique set of rewards and experiences. Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as 'expects,' 'believes,' 'estimates,' 'projects,' 'intends,' 'plans,' 'goal,' 'seeks,' 'may,' 'will,' 'should,' or 'anticipates' or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Specifically, forward-looking statements include, but are not limited to, statements regarding: the Company's expectations of future results of operations and financial condition, including, but not limited to, projections of revenue, Adjusted EBITDA, Adjusted EBITDAR and other financial measures; the assumptions provided regarding the guidance, including the scale and timing of the Company's product and technology investments; the Company's expectations regarding results and customer growth and the impact of competition in retail/mobile/online sportsbooks, iCasino, social gaming, and retail operations; the Company's development and launch of its Interactive segment's products in new jurisdictions and enhancements to existing Interactive segment products, including the content for the ESPN BET and theScore BET and the further development of ESPN BET and theScore BET on our proprietary player account management system and risk and trading platforms; the benefits of the Sportsbook Agreement between the Company and ESPN; the Company's expectations regarding its Sportsbook Agreement with ESPN and the future success of ESPN BET; the Company's expectations with respect to share repurchases; the Company's expectations with respect to the integration and synergies related to the Company's integration of theScore and the continued growth and monetization of the Company's media business; the Company's expectations that its portfolio of assets provides a benefit of geographically-diversified cash flows from operations; management's plans and strategies for future operations, including statements relating to the Company's plan to expand gaming operations through the implementation and execution of a disciplined capital expenditure program at our existing properties, the pursuit of strategic acquisitions and investments, and the development of new gaming properties, including the development projects and the anticipated benefits; improvements, expansions, or relocations of our existing properties; entrance into new jurisdictions; expansion of gaming in existing jurisdictions; strategic investments and acquisitions; cross-sell opportunities between our retail gaming, online sports betting, and iCasino businesses; our ability to obtain financing for our development projects on attractive terms; the timing, cost and expected impact of planned capital expenditures on the Company's results of operations; and the actions of regulatory, legislative, executive, or judicial decisions at the federal, state, provincial, or local level with regard to our business and the impact of any such actions. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include: the effects of economic and market conditions in the markets in which the Company operates or otherwise, including the impact of global supply chain disruptions, price inflation, changes in interest rates, economic downturns, changes in trade policies, and geopolitical and regulatory uncertainty; competition with other entertainment, sports content, and gaming experiences; the timing, cost and expected impact of product and technology investments; risks relating to operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; our ability to successfully acquire and integrate new properties and operations and achieve expected synergies from acquisitions; the availability of future borrowings under our Amended Credit Facilities or other sources of capital to enable us to service our indebtedness, make anticipated capital expenditures or pay off or refinance our indebtedness prior to maturity; the impact of indemnification obligations under the Barstool SPA; our ability to achieve the anticipated financial returns from the Sportsbook Agreement with ESPN, including due to fees, costs, taxes, or circumstances beyond the Company's or ESPN's control; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the Company and ESPN to terminate the Sportsbook Agreement between the companies; the ability of the Company and ESPN to agree to extend the initial 10-year term of the Sportsbook Agreement on mutually satisfactory terms, if at all, and the costs and obligations of such terms if agreed; the outcome of any legal proceedings that may be instituted against the Company, ESPN or their respective directors, officers or employees; the ability of the Company or ESPN to retain and hire key personnel; the impact of new or changes in current laws, regulations, rules or other industry standards; the impact of activist shareholders; adverse outcomes of litigation involving the Company, including litigation in connection with our 2025 annual meeting of shareholders; our ability to maintain our gaming licenses and concessions and comply with applicable gaming law, changes in current laws, regulations, rules or other industry standards, and additional factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the U.S. Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law. Considering these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur. 1 Permission to use quotations was neither sought nor obtained.
Business Insider
07-06-2025
- Business
- Business Insider
Stocks are on the verge of flashing 2 big sell signals as investors pile into the market at a historic pace, BofA says
Things have been good for stocks over the last two months. Maybe too good, according to a new report from Bank of America. Since its most recent low on April 8, the S&P 500 and Vanguard's Total World Stock Index are up 20% as investors have piled into the market at a near-record pace. On an annualized basis, 2025 has seen the second-highest inflows into global stocks ever, trailing only 2024, BofA's Chief Investment Strategist Michael Hartnett said in a client note Friday. For US stocks, it's the third-highest year ever, after 2024 and 2021. Yet, amid the bullish frenzy, Hartnett said global stocks are approaching two sell signals. The first is the amount of money flowing into global stock funds. If they hit 1% of their current assets under management within a four-week span, the sell signal is activated. Over the last four weeks, flows totaled 0.9% of the funds' AUM. To hit 1%, flows would have to hit $30 billion in the "coming weeks," Hartnett said. The second is a breadth indicator that says when 88% of the ACWI countries' indexes trade above both their 50-day and 200-day moving averages, it's a sign that things are frothy and investors should sell, Hartnett said. Currently, 84% of ACWI countries' indexes are higher than their moving averages, meaning the market is in "overbought territory," Hartnett said. Both of Hartnett's sell indicators are in line with the conventional wisdom of contrarian investing espoused by legends like Warren Buffett. When the market is overwhelmingly bullish, good news is already priced in. When investors are bearish, it's an opportunity to buy stocks at a discount, the thinking goes. But sentiment gauges have sent mixed signals over the last couple of months. While inflows are strong, the AAII Investor Sentiment Survey shows investors are still net bearish. Bank of America's own Bull/Bear indicator shows the market's aggregate attitude hovers somewhere between optimism and pessimism, with a slight tilt toward the former. Breadth indicators are broadly in line with Hartnett's measure. Stocks of all stripes are doing well. Like Hartnett, Liz Ann Sonders, the chief investment strategist at Charles Schwab, said in a May 27 report that the robust breadth levels could be a cause for concern in the near-term. "Early-April setup was ripe for rally on good news given washed out sentiment/breadth and deeply oversold market," she wrote in a note co-authored with Kevin Gordon, a senior strategist at Schwab. "Setup now is not at opposite extreme." While breadth and sentiment can be contrarian indicators, it should be noted that the momentum factor has been king over the last decade and a half. What has done well (mega-cap tech stocks and popular indexes) has continued to do well, and steep declines in the broader market have generally been short-lived. That could still be the case going forward. Beyond technical indicators, investors are also monitoring fundamental measures of the economy's health. The macroeconomic picture remains unclear as business owners and consumers digest President Trump's tariffs. Concerns persist about how the import taxes will affect consumer prices and growth. The US economy added 139,000 jobs in May, more than economists expected, but the number wasn't a sure sign that the labor market remains solid, as April and March data were revised down. Long-term Treasury yields also continue to rise as Trump's tax bill fuels investor concerns around inflation and the US budget deficit. A negative catalyst in the form of rising unemployment or higher inflation could spark a reversal in the ultra-bullish signals Hartnett is watching.
Yahoo
06-06-2025
- Business
- Yahoo
BofA's Hartnett Says Stocks Are Close to Setting Off Sell Signal
(Bloomberg) -- Global stocks are close to triggering a sell signal as both fund inflows and the market breadth are running too hot, says Bank of America Corp. strategist Michael Hartnett. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The Global Struggle to Build Safer Cars He cited a data point that stock and high-yield bond inflows have totaled 0.9% of fund managers' overall assets in the past four weeks. In his view, investors should sell if the ratio increases to more than 1%. At the same time, about 84% of country indexes are trading above their 50- and 200-day moving averages, suggesting the market is in overbought territory, Hartnett said. Global equities hit a record high this week on optimism around US-China trade negotiations and as robust economic data eased recession fears in the US. The focus later on Friday is on the US jobs report as investors look for confirmation of a healthy labor market. In terms of flows, global equity funds have attracted about $515 billion so far this year, tracking their second-biggest inflows on record, according to the weekly Bank of America note citing EPFR Global data. Hartnett has recommended international equities over US stocks, adding that the S&P 500's rebound is not supported by earnings growth. The index closed Thursday at 5,939.30 points, about 3% below its February record. --With assistance from Michael Msika. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
