Archive

January 27, 2025

Browsing

In this video, Mary Ellen reviews the new uptrend in the S&P 500, and highlights what’s driving it higher. She then shares new pockets of strength that are poised to take off, and what to be on the lookout for ahead of next week’s M7 earnings reports.

This video originally premiered January 24, 2025. You can watch it on our dedicated page for Mary Ellen’s videos.

New videos from Mary Ellen premiere weekly on Fridays. You can view all previously recorded episodes at this link.

If you’re looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.

An undersea fiber optic cable between Latvia and Sweden was damaged on Sunday, likely as a result of external influence, Latvia said, triggering an investigation by local and NATO maritime forces in the Baltic Sea.

“We have determined that there is most likely external damage and that it is significant,” Latvian Prime Minister Evika Silina told reporters following an extraordinary government meeting.

Latvia is coordinating with NATO and the countries of the Baltic Sea region to clarify the circumstances, she said separately in a post on X.

Latvia’s navy earlier on Sunday said it had dispatched a patrol boat to inspect a ship and that two other vessels were also subject to investigation.

Up to several thousand commercial vessels make their way through the Baltic Sea at any given time, and a number of them passed the broken cable on Sunday, data from the MarinTraffic ship tracking service showed.

One such ship, the Malta-flagged bulk carrier Vezhen, was closely followed by a Swedish coast guard vessel on Sunday evening, MarineTraffic data showed, and the two were heading in toward the southern Swedish coastline.

It was not immediately clear if the Vezhen, which passed the fiber optic cable at 0045 GMT on Sunday, was subject to investigation.

A Swedish coastguard spokesperson declined to comment on the Vezhen or the position of coastguard ships.

“We are in a stage where we cannot give any information,” the spokesperson said. “Exactly how we are involved we cannot say.”

Bulgarian shipping company Navigation Maritime Bulgare, which listed the Vezhen among its fleet, did not immediately reply when called and emailed by Reuters outside of office hours.

NATO cooperation

Swedish navy spokesperson Jimmie Adamsson earlier told Reuters it was too soon to say what caused the damage to the cable or whether it was intentional or a technical fault.

“NATO ships and aircrafts are working together with national resources from the Baltic Sea countries to investigate and, if necessary, take action,” the alliance said in a statement on Sunday.

Swedish Prime Minister Ulf Kristersson said his country was cooperating closely with NATO and Latvia.

“Sweden will contribute important capabilities to the ongoing effort to investigate the suspected incident,” Kristersson said on X.

NATO said last week it would deploy frigates, patrol aircraft and naval drones in the Baltic Sea to help protect critical infrastructure and reserved the right to take action against ships suspected of posing a security threat.

The military alliance is taking the action, dubbed “Baltic Sentry”, following a string of incidents in which power cables, telecom links and gas pipelines have been damaged in the wake of Russia’s invasion of Ukraine in February 2022.

Finnish police last month seized a tanker carrying Russian oil and said they suspected the vessel had damaged the Finnish-Estonian Estlink 2 power line and four telecoms cables by dragging its anchor across the seabed.

Finland’s prime minister in a statement said the latest cable damage highlighted the need to increase protection for critical undersea infrastructure in the Baltic Sea.

The cable that broke on Sunday linked the Latvian town of Ventspils with Sweden’s Gotland island, and was damaged in Sweden’s exclusive economic zone, the Latvian navy said.

Communications providers were able to switch to alternative transmission routes, the cable’s operator, Latvian State Radio and Television Centre (LVRTC), said in a statement, adding it was seeking to contract a vessel to begin repairs.

“The exact nature of the damage can only be determined once cable repair work begins,” LVRTC said.

A spokesperson for the operator said the cable, laid at depths of more than 50 metres (164 ft), was damaged on early Sunday but declined to give an exact time of the incident.

Unlike seabed gas pipelines and power cables, which can take many months to repair after damage, fiber optic cables that have suffered damage in the Baltic Sea have generally been restored within weeks.

A Swedish Post and Telecom Authority spokesperson said it was aware of the situation but had no further comment.

This post appeared first on cnn.com

American Express’ affluent cardholders got comfortable spending more freely again late last year, Chief Financial Officer Christophe Le Caillec told CNBC.

Spending on AmEx cards jumped 8% year over year in the fourth quarter after slowing from a 7% growth rate early in the year to 6% during the second and third quarters, according to the firm’s earnings presentation.

While the year-end pickup was seen across all customer segments and geographies, it was especially fueled by millennials and Gen Z users, where transaction volumes jumped 16%, up from 12% in the third quarter.

Older groups were more restrained with their cards. Gen X customers spent 7% more in the fourth quarter, while baby boomers saw billings rise just 4%.

“We had very strong growth from Gen Z and millennials, and that 2 percentage point acceleration gives us a lot of optimism for 2025,” Le Caillec said.

Elevated transaction levels have continued into the first three weeks of this year, he added.

Younger Americans are said to spend more on experiences rather than goods, and that is reflected in the results from AmEx, which along with rival card issuer JPMorgan Chase, dominate the market for high-end credit cards.

Travel and entertainment billings rose 11% in the quarter, compared with 8% for good and services. The boost in travel came from airline spending, which rose 13%, with spending for business class and first class airfares up 19%, according to Le Caillec.

AmEx shares fell more than 2% in midday trading Friday after the company reported earnings and revenue that were roughly in line with analysts’ expectations. Shares of the New York-based company have been on a tear over the past year, hitting a 52-week high on Thursday.

“We are encouraged by accelerating billings growth as we believe it will be a key factor for Amex to meet its aspirational target of at least 10% revenue growth,” William Blair analysts led by Cristopher Kennedy wrote Friday in a research note. “We remain buyers on any pullback.”

This post appeared first on NBC NEWS