LOS ANGELES, CA - AUGUST 12: Cars line up at a COVID19 test site at Dodger Stadium on Wednesday, Aug. 12, 2020 in Los Angeles, CA. (Kent Nishimura / Los Angeles Times)
Cars at the drive-through coronavirus testing site at Dodger Stadium on Aug. 12. (Kent Nishimura / Los Angeles Times)

In Monterey County, 26% of the county’s COVID-19 cases are in East Salinas, a largely Latino community of farmworkers, service employees and others living in crowded conditions as they work on the pandemic front lines.

It’s a very different story in the county’s wealthy seaside communities, including Monterey, Carmel and Pacific Grove. Combined, these locales have a population that slightly exceeds that of East Salinas — but they have only about 2% of the county’s coronavirus cases.

In Los Angeles County, Bell, a city that is 93% Latino, has had more than 4 times the number of cases as Manhattan Beach, which has about the same number of residents but is 81% white.

Until last week, these sorts of stark differences would not have stood in the way of a county’s

Read More

PITTSBURGH, Oct. 14, 2020 /PRNewswire/ — The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data




Net income (loss) from continuing operations




Net income from discontinued operations



Net income




Diluted earnings (loss) per common share from continuing operations




Diluted earnings per common share from discontinued operations



Diluted earnings per common share





     “PNC delivered solid third quarter results against the backdrop of a continuing uncertain economy. Noninterest income increased, expenses were well managed and we continued to generate positive operating leverage. Deposits grew while loans declined as a result of lower commercial loan utilization rates, despite

Read More

Power Index Premier® NY with Lifetime Income Builder Combines Principal Protection with a Lifetime Income Guaranteed to Rise for up to 15 Years

AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG) and a leading provider of annuities, today announced the launch of the Power Index Premier NY Index Annuity with Lifetime Income Builder.

Developed exclusively for the state of New York, Power Index Premier NY is currently the only index annuity that gives New York residents the option of a living benefit rider. Guaranteed living benefit (GLB) riders typically provide lifetime income that can help keep pace with rising retirement costs. The Lifetime Income Builder GLB rider, available exclusively with Power Index Premier NY, delivers lifetime income that is guaranteed to grow every year that income is deferred for up to 15 years.

In an environment of heightened economic and market uncertainty, Americans are

Read More

If you’ve ever looked into your projected Social Security benefit, you know that living solely off your government check isn’t a great option. On average, Social Security only replaces about 40% of your working income, which spells a massive pay cut if that’s your only source of cash in retirement. To head off a major lifestyle downgrade, you need savings — at least enough to double the income you’ll make off Social Security alone.

There is good news, though. If you have time on your side, it only takes a few hundred bucks monthly invested in an S&P 500 index ETF to meet that savings goal.

Why double your Social Security income?

Financial experts estimate that most people will need 80% of their working income to cover living expenses in retirement. That number assumes you’ll stop making 401(k) contributions and spend less on transportation and eating out.

Man in suit wearing glasses holding money.

Image source: Getty

Read More

Noam Galai | Getty Images

Wells Fargo on Wednesday reported disappointing earnings for the third quarter as low rates put pressure on the bank’s net interest income.

Here’s how the banking giant’s numbers stacked up against Wall Street expectations:

  • Earnings: 42 cents per share vs. a Refintiv estimate of 45 cents per share
  • Revenue: $18.86 billion vs. $17.978 billion forecast

Shares of Wells Fargo were down 1.9% in the premarket.

“Our third quarter results reflect the impact of aggressive monetary and fiscal stimulus on the US economy,” Wells Fargo CEO Charles Scharf said in a statement. “Strong mortgage banking fees, higher equity markets, and declining sequential charge-offs positively impacted our results, while historically low interest rates reduced our net interest income and our expenses continued to remain elevated.”

The bank’s net interest income fell by 19% to $9.368 billion from the year-earlier period. That steep decline comes as the Federal

Read More

Wells Fargo  (WFC) – Get Report posted third-quarter earnings that missed analysts’ forecasts as low interest rates resulted in a drop in net interest income, and on higher-than-expected pandemic-related operational costs.  

The San Francisco-based bank reported net income of $2.04 billion, or 42 cents a share, for the third quarter, vs. $4.61 billion, or 92 cents a share, in the comparable year-earlier quarter. Analysts polled by FactSet had been looking for earnings of 44 cents a share.

Net interest income was $9.4 billion, down $2.3 billion and below analysts’ forecasts of $9.6 billion. Non-interest income was $9.5 billion, down $891 million. Average deposits rang in at $1.4 trillion, up $107.7 billion, or 8% from a year earlier.

Revenue came in at $18.9 billion, down from $22 billion in the third quarter of 2019 though above FactSet estimates of $18 billion. 

The net income figure included $1.2 billion of

Read More

New study findings from Allianz Life indicate SECURE Act driving strong interest in lifetime income options in retirement, particularly among nervous Gen Xers

Key findings snapshot:

  • 71% of employer-sponsored participants would like an option that offers guaranteed income for life in their plan

  • 75% of Gen Xers expressed interest in protection options as part of their employer-sponsored plan

  • 55% of participants are worried that money in their employer-sponsored plan will run out during retirement, with 69% of Gen Xers expressing the same concern

Americans with employer-sponsored retirement plans continue to express high levels of interest in guaranteed lifetime income options according to a recent study* from Allianz Life Insurance Company of North America (Allianz Life). The findings indicate that 71% of participants in an employer-sponsored plan would like an option that offers guaranteed income for life in their plan, while 58% said they would like an annuity as part of

Read More

(Postal Trust Realty – Properties)

2020 has been a very difficult year for most REITs. The popular Vanguard REIT ETF (VNQ) is still down double digits this year. Retail, commercial, and lodging REITs have been hit the hardest as COVID lockdowns have led to a decline in rental revenue. However, there are a few niche segments of the REIT industry that have been almost entirely unimpacted by the crisis. One of which is Postal Realty Trust (PSTL).

PSTL is one of the most unique REITs on the market. The company has one tenant, the U.S. Postal Service and, currently, owns about 700 properties and 3.9M sqft of postal properties. These properties are all over the country and have a 100% occupancy rate. PSTL is a relatively new REIT that was launched last year and, as you can see below, has had roughly flat performance since inception:

ChartData by YCharts


Read More

Billionaire Jennifer Pritzker may have abandoned President Donald Trump for the Democrats, but she’s still siding with the Republicans on her cousin’s coveted graduated income tax proposal.

The retired Army National Guard colonel on Tuesday contributed $500,000 to the Coalition to Stop the Proposed Tax Hike Amendment, a group opposed to what Democratic Gov. J.B. Pritzker and his supporters prefer to call the “Fair Tax.”

That’s twice what Jennifer Pritzker donated to committees backing Trump four years ago before breaking with the Republican president on LGBTQ issues.

This time around, the transgender advocate has contributed lesser amounts to support Democratic presidential candidates Mayor Pete Buttigieg during the primary and then Joe Biden.

The donation from Jennifer Pritzker, the first transgender billionaire, to the Coalition to Stop the Proposed Tax Hike Amendment was reported to state election officials on Tuesday. In a statement, she warned the amendment could eventually be used

Read More

All investors want to make as big a return as they can from the stock market. Alongside time in the market and costs incurred, the percentage return achieved is one of the biggest contributors to growing your money. If you want to generate wealth through the stock market, you need to improve your performance and your returns. I’m aiming to make returns of 25% a year from income and growth shares.

a person holding a cup of coffee on a table: Image of person checking their shares portfolio on mobile phone and computer

© Provided by The Motley Fool
Image of person checking their shares portfolio on mobile phone and computer

Pick quality income and growth shares 

To have any chance of reaching the ambitious target of 25% annual growth, I’ll need to pick quality shares. I think one way to do this is to look at shares that currently combine both income and growth. I’ll want to see that a company has a history of being able to consistently increase dividend

Read More