Markus Andrews

Social Security beneficiaries who receive more money than they are owed will now face a 100% default withholding rate from their monthly checks.
The new policy goes into effect on March 27, the Social Security Administration said.
The change marks a reversal from a 10% default withholding rate that was put into effect in 2024.

Fertnig | E+ | Getty Images

If you receive more Social Security benefits than you are owed, you may face a 100% default withholding rate from your monthly checks once a new policy goes into effect.
The change announced last week by the Social Security Administration marks a reversal from a 10% default withholding rate that was put in place last year after some beneficiaries received letters demanding immediate repayments for sums that were sometimes tens of thousands of dollars.

The discrepancy — called overpayments — happens when Social Security beneficiaries receive more money than they are owed.
The erroneous payment amounts may occur when beneficiaries fail to report to the Social Security Administration changes in their circumstances that may affect their benefits, according to a 2024 Congressional Research Service report. Overpayments can also happen if the agency does not process the information promptly or due to errors in the way data was entered, how a policy was applied or in the administrative process, according to the report.
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The Social Security Administration paid about $6.5 billion in retirement and disability benefit overpayments in fiscal 2022, which represents 0.5% of total benefits paid, the Congressional Research Service said in its 2024 report. The agency also paid about $4.6 billion in overpayments for Supplemental Security Income, or SSI, benefits in that year, or about 8% of total benefits paid.
The Social Security Administration recovered about $4.9 billion in Social Security and SSI overpayments in fiscal 2023. However, the agency had about $23 billion in uncollected overpayments at the end of the 2023 fiscal year, according to the Congressional Research Service.

By defaulting to a 100% withholding rate for overpayments, the Social Security Administration said it may recover about $7 billion in the next decade.  
“We have the significant responsibility to be good stewards of the trust funds for the American people,” Lee Dudek, acting commissioner of the Social Security Administration, said in a statement. “It is our duty to revise the overpayment repayment policy back to full withholding, as it was during the Obama administration and first Trump administration, to properly safeguard taxpayer funds.”

New overpayment policy goes into effect March 27

The new 100% withholding rate will apply to new overpayments of Social Security benefits, according to the agency. The withholding rate for SSI overpayments will remain at 10%.
Social Security beneficiaries who are overpaid benefits after March 27 will automatically be subject to the new 100% withholding rate.
Individuals affected will have the right to appeal both the overpayment decision and the amount, according to the agency. They may also ask for a waiver of the overpayment, if either they cannot afford to pay the money back or if they believe they are not at fault. While an initial appeal or waiver is pending, the agency will not require repayment.

Beneficiaries who cannot afford to fully repay the Social Security Administration may also request a lower recovery rate either by calling the agency or visiting their local office.
For beneficiaries who had an overpayment before March 27, the withholding rate will stay the same and no action is required, the agency said.

Some call 100% withholding rate ‘clawback cruelty’

The new overpayment policy goes into effect about one year after former Social Security Commissioner Martin O’Malley implemented a 10% default withholding rate.
The change was prompted by financial struggles some beneficiaries faced in repaying large sums to the Social Security Administration.
At a March 2024 Senate committee hearing, O’Malley called the policy of intercepting 100% of a benefit check “clawback cruelty.”
At the same hearing, Sen. Raphael Warnock, D-Ga., recalled how one constituent who was overpaid $58,000 could not afford to pay her rent after the Social Security Administration reduced her monthly checks.

Following the Social Security Administration’s announcement that it will return to 100% as the default withholding rate, the National Committee to Preserve Social Security and Medicare said it is concerned the agency may be more susceptible to overpayment errors as it cuts staff.
“This action, ostensibly taken to cut costs at SSA, needlessly punishes beneficiaries who receive overpayment notices — usually through no fault of their own,” the National Committee to Preserve Social Security and Medicare, an advocacy organization, said in a statement.

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Revolving debt, which mostly includes credit card balances, jumped 8.2% in January, according to the Federal Reserve’s latest consumer credit report.
Altogether, consumer debt, including student loans, auto loans and credit card debt, now stands at $5 trillion.
Higher prices driven by tariffs could stretch household budgets even more in the months ahead, experts say.

Total outstanding consumer debt stood at $5 trillion as of January, according to the Federal Reserve’s G.19 consumer credit report released on Friday. That is up slightly from a month earlier but down 0.6% compared to a year ago.
Revolving debt, which mostly includes credit card balances, jumped 8.2% year over year, while nonrevolving debt, such as auto loans and student loans, rose 3%.

“Some small cracks are starting to emerge,” said Ted Rossman, senior industry analyst at Bankrate.
Overall, “consumers are still spending, of course,” Rossman said.
However, “sentiment has been depressed — and has taken another few steps down in recent weeks due to tariff worries,” he added.
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The G.19 report shows “significant-but-not-crazy growth in revolving credit, and moderate growth in nonrevolving and overall credit,” according to Matt Schulz, chief credit analyst at LendingTree.

But economists say Trump’s tariffs on imports from China, Mexico and Canada are bound to raise prices for consumers, which is fueling concern among households. One recent consumer survey found that 86% of Americans said trade tensions are likely to hit their wallets and another 22% have also started stockpiling certain items, regardless of whether they can afford it.
In the last year, credit card debt rose to a record $1.21 trillion, with 34% of credit card borrowers saying they expect to take on more debt this year, according to a separate poll of 2,000 adults in February by CreditCards.com.

How to get a handle on credit card debt

Credit cards are also one of the most expensive ways to borrow money. The average credit card currently charges more than 20%, near an all-time high.
“If you have credit card debt — and about half of cardholders do — my best advice is to sign up for a balance transfer card with a lengthy 0% promotion,” Rossman said. Cards offering 12, 15 or even 21 months with no interest on transferred balances are one of the best weapons Americans have in the battle against credit card debt, experts often say.
Working with a reputable nonprofit credit counseling agency is another solid option, Rossman added.
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In 2024, 52% of couples who were surveyed said their engagement ring featured a lab-grown diamond, according to the 2025 Real Weddings Study by The Knot.
In the first quarter of 2025, an unbranded, round, 1-carat lab-grown diamond cost, on average, $845, according to Paul Zimnisky, a global diamond industry analyst. A similar natural diamond would cost about $3,895.
Here’s what to know if you are shopping for an engagement ring.

Fg Trade | E+ | Getty Images

More couples are saying “yes” to lab-grown diamonds.
In 2024, 52% of couples surveyed said their engagement ring featured a lab-grown diamond, according to the 2025 Real Weddings Study by The Knot. The popularity of lab-grown diamonds increased by 6% from last year and by 40% since 2019, the bridal site found.

In addition to data from prior reports, the Knot 2025 Real Weddings Study includes insights from nearly 17,000 couples in the U.S. who got married in 2024 and data from couples getting married in 2025.
Many couples end up buying a lab-grown diamond ring because of the lower price tag, according to experts. On average, a proposer looking to buy a lab-grown engagement ring could expect to spend about $4,900 compared with $7,600 for a mined diamond ring, the Knot found.
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In general, lab-grown diamonds can sell for around one-tenth the price of a comparable natural diamond, according to Paul Zimnisky, a global diamond industry analyst and founder of Paul Zimnisky Diamond Analytics.
In the first quarter of 2025, an unbranded, round, 1-carat lab-grown diamond costs about $845, according to Zimnisky’s proprietary data and analysis. A similar natural diamond would cost about $3,895.

Lab-grown diamonds possess the same chemical properties and hardness as naturally mined diamonds, and thus are subject to the same “four C’s” — cut, color, clarity and carat — grading system as natural gems.
The big question — can you tell if a diamond was human-made or mined?
Both stones are optically the same, meaning they will look the same to the naked eye, experts say. However, under the proper testing conditions, scientists and jewelers with the expertise can tell them apart, according to Ulrika F.S. D’Haenens-Johansson, a research scientist and senior manager of diamond research at the Gemological Institute of America.
If you’re in the market for an engagement ring this year, here are some key factors you should consider about lab-grown diamonds versus a natural diamond, according to experts.

Pros and cons to a lab-grown diamond

A major advantage to lab-grown diamonds over natural diamonds is the lower cost. Prices for lab-grown diamonds have been dropping as manufacturers increase the supply.
“The price has become enticing for a lot of people,” said Amanda Gizzi, director of public relations and events at the Jewelers of America, a trade organization.
However, there are other factors to consider when it comes to lab-grown diamonds:

Ethics: For some shoppers, lab-grown stones helped provide an option for those concerned about “blood diamonds,” or diamonds mined in war zones and used to fund conflict and human rights abuses. However, experts noted that the diamond industry has come a long way from how diamonds are sourced. The Kimberley Process is an international trade regime created in 2003 to add oversight to the diamond supply chain and eliminate the trade of diamonds sold by rebel groups or their allies.

Environmental impact: While lab-grown diamonds have gained a reputation for being a “greener” way to purchase diamonds, it’s uncertain how truly sustainable they are. “Lab-grown [diamonds] require higher energy consumption because they’re growing in a laboratory that [is] powered by fossil fuels,” Gizzi said. If sustainability is important, Zimnisky said, consider a second-hand or repurposed diamond for “the lowest environmental impact.”

Value over time: Engagement rings are typically purchased for sentimental reasons and are not considered investments. But it’s worth noting that lab-grown diamonds do not hold their value and will likely sell for less than what you initially paid for, Gizzi said. A high-quality natural diamond or gemstone may hold its value, or even appreciate.

What to consider when ring shopping

The first thing you should do is set a realistic budget, said Lauren Kay, executive editor at The Knot.
“You should determine what price you’re comfortable with,” she said.
The rule of thumb about spending “three months’ salary” on a diamond ring is an outdated myth, she said.
Gizzi agreed: “I haven’t used that in a decade.” 

Whether you pick a lab-grown diamond or a natural one, “buy the best diamond that your budget can afford,” as the ring is a piece of jewelry your significant other will appreciate for a long time, Gizzi said.
“It’s not something that you’re going to upgrade a year later,” Gizzi said.
If you’re in the process of buying a ring, here are two more things to consider when shopping for engagement rings:
1. The four C’s
The four C’s, the color, carat, clarity and cut, can influence the overall cost of the diamond. Knowing which of the qualities matters most to you and your significant other can help you bring down the overall cost, The Knot’s Kay said.
2. The metal
The metal of the ring you choose can also influence the price, Kay said. For example, while platinum and white gold look similar, platinum is “rarer and stronger” and can cost more, she said.
But you also want to consider the longevity of the jewelry piece, she said. Even though white gold can be a cheaper metal and can lower upfront costs, you may want to consider long-term maintenance into the price, she said.
For instance, a durable metal like platinum is unlikely to change color over time, Gizzi said. White gold, on the other hand, will require you to periodically re-plate the ring to restore the original finish.

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In order to meet budget goals, Congress will likely have to implement Medicaid cuts.
One way of restricting access to the program would be to add work requirements.
If such a change were put in place, some individuals would no longer qualify for Medicaid.

Protect Our Care supporters display “Hands Off Medicaid” message in front of the White House ahead of President Trump’s address to Congress on March 4 in Washington, D.C. 
Paul Morigi | Getty Images Entertainment | Getty Images

Cuts to Medicaid will have to be on the menu if House Republicans want to meet their budget goals, the Congressional Budget Office said in a report this week.
The chamber’s budget blueprint includes $880 billion in spending cuts under the House Energy and Commerce Committee, which oversees the program.

Medicaid helps cover medical costs for people who have limited income and resources, as well as benefits not covered by Medicare such as nursing home care.
To curb Medicaid spending, experts say, lawmakers may choose to add work requirements. Doing so would make it so people have to meet certain thresholds, such as 80 hours of work per month, to qualify for Medicaid coverage.
Republicans have not yet suggested specific changes to Medicaid. However, a new KFF poll finds 6 in 10 Americans would support adding work requirements to the program.
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Imposing work requirements may provide a portion of lawmakers’ targeted savings. In 2023, the Congressional Budget Office found implementing work requirements could save $109 billion over 10 years.

Yet that change could also put 36 million Medicaid enrollees at risk of losing their health-care coverage, estimates the Center on Budget and Policy Priorities. That represents about 44% of the approximately 80 million individuals who participate in the program. The estimates focus on adults ages 19 to 64, who would be most likely subject to a work requirement.
The idea of work requirements is not new. Lawmakers have proposed work hurdles to qualify for other safety net programs, including the Supplemental Nutrition Assistance Program, or SNAP.  

The approach shows an ideological difference between the U.S. and European social democracies that accept a baseline responsibility to provide social safety nets, said Farah Khan, a fellow at Brookings Metro’s Center for Community Uplift.
“We view welfare as uniquely polarized based on which party comes into power,” Khan said.
When one party frames it as a moral failing to be poor because you haven’t worked hard enough, that ignores structural inequalities or systemic injustices that may have led individuals to those circumstances, she said.

Medicaid work requirements prompt coverage losses

Loss of coverage has been a common result in previous state attempts to add Medicare work requirements.
When Arkansas implemented a work requirement policy in 2018, around 1 in 4 people subject to the requirement, or around 18,000 people total, lost coverage in seven months before the program was stopped, according to the Center on Budget and Policy Priorities. When New Hampshire attempted to implement a work requirement policy with more flexible reporting requirements, 2 in 3 individuals were susceptible to being disenrolled after two months.
“Generally, Medicaid work requirements have resulted in coverage losses without incentivizing or increasing employment and are a policy that is really unnecessary and burdensome,” said Laura Harker, senior policy analyst at the Center on Budget and Policy Priorities.
The “administrative barriers and red tape” from work requirements broadly lead to coverage losses among both working individuals and those who are between jobs or exempt due to disabilities, illnesses or caretaking responsibilities, according to the Center on Budget and Policy Priorities.

Notably, around 9 in 10 Medicaid enrollees are already working or qualify for an exemption, Harker said.
Separate research from the American Enterprise Institute finds that in a given month, the majority of working-age people receiving Medicaid who do not have children do not work enough to meet an 80-hour-per-month requirement.
Consequently, if work requirements are imposed on nondisabled, working-age Medicaid recipients, that would affect a large number of people who are not currently in compliance, said Kevin Corinth, deputy director at the Center on Opportunity and Social Mobility at the American Enterprise Institute.
Either those individuals would increase their work to remain eligible or they wouldn’t, and they would be dropped off the program, Corinth said.
“If you put on work requirements, you’re going to affect a lot of people, which could be good or bad, depending on what your view of work requirements are,” Corinth said.
Lawmakers may also cut Medicaid in other ways: capping the amount of federal funds provided to state Medicaid programs; limiting the amount of federal money per Medicaid recipient; reducing available health services or eliminating coverage for certain groups. More

In this photo illustration, a Coterra Energy Inc. logo is seen on a smartphone screen.
Pavlo Gonchar | SOPA Images | LightRocket | Getty Images

The Trump administration’s tariff policy rattled stocks last week, and uncertainty weighed on the major averages.
Amid the ongoing volatility, investors seeking stable returns can consider adding some dividend stocks to their portfolios. The recommendations of top Wall Street analysts could help inform investors as they pick stocks that have a steady record of paying dividends and can enhance overall returns.

Here are three dividend-paying stocks, highlighted by Wall Street’s top pros on TipRanks, a platform that ranks analysts based on their past performance.
Coterra Energy
This week’s first dividend pick is Coterra Energy (CTRA), an exploration and production company with operations focused in the Permian Basin, Marcellus Shale and Anadarko Basin. The company recently delivered upbeat fourth-quarter earnings. Dividends and share repurchases totaled $1.086 billion in 2024, representing 89% of the full-year free cash flow.  
Further, the company hiked its dividend by 5% to 22 cents per share for the fourth quarter of 2024. CTRA stock offers a dividend yield of 3.3%.
Following the Q4 2024 print, Mizuho analyst Nitin Kumar reiterated a buy rating with a price target of $40, calling CTRA stock a “top pick.” The analyst stated that the company yet again posted better-than-expected earnings per share and cash flow per share (CFPS), thanks to higher oil production and solid volumes.
Kumar noted that Coterra reaffirmed its initial outlook for 2025 that was issued in November, but changed the spending mix by slightly lowering Permian Basin expenditure by $70 million and boosting Marcellus spending by $50 million. The analyst explained that this modest change in the capex spending mix is in line with the company’s outlook for commodity prices and reflects CTRA’s flexibility in capital allocation.

The analyst also contends that “CTRA’s exposure to natural gas prices is often underappreciated in our view, especially when the outlook for the commodity is strengthening.”
Kumar ranks No. 347 among more than 9,400 analysts tracked by TipRanks. His ratings have been profitable 58% of the time, delivering an average return of 10.8%. See Coterra Energy Stock Buybacks on TipRanks.
Diamondback Energy
Let’s look at another dividend-paying stock, Diamondback Energy (FANG) – an independent oil and natural gas company with a focus on the Permian Basin. Last year, the company strengthened its business with the acquisition of Endeavor Energy Resources. On Feb. 24, Diamondback announced market-beating fourth-quarter results.
The company announced an 11% increase in its annual base dividend to $4.00 per share. It declared a Q4 2024 base cash dividend of $1.00 per share, payable on March 13.
In reaction to the impressive results, Siebert Williams Shank analyst Gabriele Sorbara reaffirmed a buy rating on FANG stock with a price target of $230. The analyst noted that the Q4 results reflected the company’s strong operational execution, with better-than-anticipated production and lower spending. Also, Q4 free cash flow (FCF) surpassed Sorbara’s estimate by 9.8% and the Street’s consensus expectation by 13%.
Sorbara also mentioned the company’s better-than-feared outlook for 2025, with the possibility for upside revision to the FCF outlook of over $5.9 billion at $70/bbl WTI price level.
Overall, Sorbara is optimistic about FANG stock and believes that it is well-positioned “with a strong sustainable FCF yield supported by its best-in-class Permian Basin assets, which are strengthened further with the recently announced Double Eagle IV acquisition.”
Sorbara ranks No. 217 among more than 9,400 analysts tracked by TipRanks. His ratings have been successful 51% of the time, delivering an average return of 18.4%. See Diamondback Energy Insider Trading Activity on TipRanks.
Walmart
Big-box retailer and dividend king Walmart (WMT) reported top and bottom line beats in the fiscal fourth quarter. However, the company cautioned investors about a slowdown in profit growth amid subdued consumer spending and forex headwinds.
Interestingly, Walmart announced a 13% increase in its annual dividend to 94 cents per share (quarterly dividend of $0.235 per share). This marks the 52nd consecutive year of dividend increases for the company.
Following the results, Evercore analyst Greg Melich reiterated a buy rating on Walmart stock but lowered the price target to $107 from $110 to reflect the lower EPS expectations. Specifically, the analyst slightly reduced his calendar year 2025 and 2026 EPS estimates by 10 cents and 5 cents, respectively, due to forex pressures, the impact of the Vizio acquisition and a higher effective tax rate compared to the previous year.
Despite the near-term headwinds, Melich remains bullish on WMT stock and highlighted multiple strengths, including the retailer’s value proposition, robust merchandising capabilities and improved customer experience.
The analyst thinks that Walmart is well-positioned to continue to gain market share and expand its earnings before interest and tax margin, backed by ad revenues, automation and operating leverage.
Melich believes that the post-earnings pullback in WMT stock presents a “second chance for those wanting quality growth, in our view, with the flywheel set in motion as a result of value leadership and innovation.”
Melich ranks No. 537 among more than 9,400 analysts tracked by TipRanks. His ratings have been profitable 68% of the time, delivering an average return of 12.8%. See Walmart Ownership Structure on TipRanks. More

Many investors don’t plan for future taxes when funneling money into pre-tax 401(k) plans and traditional individual retirement accounts.
But as balances grow, “your IRA is an IOU to the IRS,” said certified public accountant Ed Slott.
However, your pre-tax IRA could offer planning opportunities in retirement, experts say.

Guido Mieth | Moment | Getty Images

‘Your IRA is an IOU to the IRS’

Traditional IRAs are the oldest and most common type of IRA, owned by 31.3% of U.S. households as of mid-2023, according to research from the Investment Company Institute.
Nearly two-thirds of families with traditional IRAs have accounts with retirement plan rollovers, and 43% made contributions on top of rolled over funds, ICI found.  
These accounts continue to grow, and many retirees don’t have a plan to withdraw the money, experts say.

“Your IRA is an IOU to the IRS,” said Slott, who is also a certified public accountant.
Starting at age 73, pre-tax retirement accounts are generally subject to required minimum distributions, or RMDs, based on your previous year-end balance and a life expectancy factor.
By comparison, Roth accounts, which are funded with after-tax dollars and grow tax-free, don’t have RMDs until after the accountholder’s death. But these accounts are less common. As of mid-2023, only 24.3% of households had Roth IRAs, according to ICI.

Leverage ‘bargain basement rates’

Under the Tax Cuts and Jobs Act enacted by President Donald Trump, income tax brackets have been lower since 2018. That provision could be extended past 2025 under the current Republican-controlled Congress.
Slott argues it’s better to pay income taxes now at “bargain basement rates” than withdrawing from a pre-tax IRA when rates could be higher, depending on future legislative changes.
You can do that by contributing to Roth accounts or making so-called Roth conversions, which incur an upfront bill, but grow tax free. With Roth accounts, “there’s no obligation to share with Uncle Sam,” he said.
Plus, Roth accounts avoid tax issues for non-spouse heirs who inherit your IRA since most beneficiaries must follow the “10-year rule,” and empty accounts within 10 years of the original owner’s death.

Roth-only strategy could mean ‘fewer options’

While building a bucket of tax-free retirement savings is appealing to many investors, there could be some trade-offs, experts say. 
With only Roth accounts, “you’re taking away choice from individuals … because they have fewer options down the road,” certified public accountant Jeff Levine said at the Horizons conference session. 
You should aim to incur taxes at the lowest rates possible, Levine told CNBC. By paying all your taxes in advance, there’s no “dry powder” to withdraw from pre-tax accounts in future lower-income years. 

Plus, you could miss future tax planning opportunities, he said.
For example, if you’re philanthropic, you can make so-called qualified charitable distributions, or QCDs, at age 70½ or older, which transfer money directly from an IRA to an eligible non-profit, Levine said.
The move lowers your adjusted gross income since you can use the withdrawal to satisfy RMDs and helps reduce your pretax balance for smaller future required withdrawals.   More

Landis+Gyr Group AG’s residential and commercial FOCUS electric meter installation. 
Landis+Gyr Group AG

Company: Landis+Gyr Group AG (LAND-CH)

Business: Landis+Gyr Group is a Switzerland-based company primarily engaged in the electrical components and equipment manufacturing business. It specializes in metering solutions for electricity, gas, heat/cold and water for energy measurement solutions for utilities. Landis+Gyr product portfolio consists of advanced metering and intelligent energy management products, such as electricity meters, heating and cooling meters, grid management solutions and personal energy management solutions. In addition, the company offers various software services, managed services, cloud services, smart grid services, systems integration, training, as well as consulting and support services.
Stock Market Value: roughly 1.49B Swiss francs (CHF 51.60 per share)

Activist: Spectrum Entrepreneurial Ownership

Ownership: 5.01%
Average Cost: n/a
Activist Commentary: Spectrum Entrepreneurial Ownership (“SEO”) manages a concentrated portfolio of large minority investments, typically six to eight positions, in listed European companies with a focus on the DACH region (Germany, Austria and Switzerland). As a long-term and engaged anchor shareholder, SEO strives to unleash its portfolio companies’ full value potential. The firm targets small and mid-cap companies with multiple catalysts for value creation and prioritizes amicable engagement, typically sitting on the board of most of the companies where they have engagements. The fund’s stable capital base stems from family offices, endowments, pension funds, and other long-term institutional investors. SEO was co-founded in 2022 by Fabian Rauch and Dr. Ilias Läber. The two principals have a combined four decades of board experience in listed companies and each previously worked at Cevian Capital for roughly a decade.

What’s happening

Behind the scenes

Landis+Gyr is a Switzerland-based leading global provider of integrated energy management solutions, specializing in advanced metering infrastructure and smart grid technologies. Utilities and energy providers utilize Landis’ portfolio of smart metering tech, sensors, software and services to modernize and improve the efficiency of their infrastructure. While Landis is a very old company, founded in 1896, it was privately owned and invested in by a series of strategic and financial investors for much of its history. In 2011, Toshiba acquired a 60% stake in the company for U.S. $2.3 billion, but eventually opted to IPO the Swiss unit six years later. It began trading on the SIX Swiss Exchange on July 21, 2017, at 78 Swiss francs (CHF) per share, implying a market cap of CHF 2.3 billion.

Today, Landis is trading well below its IPO price, down over 35%. It is also significantly undervalued, trading around 7.5-times enterprise value/EBITDA, compared to its Nasdaq-listed pure-play peer Itron (roughly 15-times) with which it functionally has a duopoly in the United States, each controlling 35% to 40% of the market. In July 2024, SEO acquired a 5% interest in Landis from Kirkbi, becoming the second largest shareholder. Shortly after, Landis requisitioned an extraordinary general meeting to elect to the board Fabian Rauch, co-founder and managing partner of SEO, in August 2024. Two months later, on Oct. 30, 2024, the company announced a strategic review of its business portfolio which includes the following key elements: (i) increasing focus on its Americas business; (ii) reviewing value creation opportunities for its Europe, Middle East and Africa (EMEA) business; and (iii) evaluating a potential change in listing location to the United States. However, several things have sent the stock price down since then, including Landis reducing its FY24 revenue guidance by 8% and the announcement that it will exit its electric vehicle charging business in EMEA, resulting in expected impairment charges of $35 million to 45 million. Regarding the reduction of guidance, despite Landis continually messaging that post-Covid growth was unsustainable due to pent-up demand, the warnings fell on deaf ears. Shares fell nearly 22% on Feb. 11, 2025, the date of the announcement.
Focusing on the Americas makes a lot of sense. Landis generated $1.963 billion of revenue from three geographic segments: Americas (58%), EMEA (34%), and Asia-Pacific (8%). Despite EMEA contributing a third of revenue, it delivered just 8% of adjusted earnings before interest, taxes, depreciation and amortization, less EBITDA than its significantly smaller Asia-Pacific unit. Exploring additional possibilities for growth in the Americas and winding down its EMEA business through either a sale or spinoff of this business could be highly accretive to shareholder value. A change in listing location, likely to a U.S. exchange, would also make sense considering that this Swiss company is generating most of its profits in the region. This is a strategy which Cevian pushed for at both CRH and Pearson, and it has been a popular activist catalyst in Europe in recent years.
Landis is a story of a failed equity with somewhat of an insular board. Welcoming Fabian Rauch was the first strong signal that the board wanted change. Announcing a value-creating plan shortly thereafter was the second signal. The third happened in November 2024, when the company replaced CEO Werner Lieberherr with Peter Mainz. Finally, the fourth signal happened in January 2025 when the company announced that its chairman Andreas Umbach will not stand for re-election and will be replaced by Audrey Zibelman.
Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. More

President Donald Trump is expected to sign an executive order excluding certain student loan borrowers from the Public Service Loan Forgiveness program.

U.S. President Donald Trump delivers remarks in the Oval Office of the White House in Washington, D.C., U.S., March 7, 2025. 
Leah Millis | Reuters

President Donald Trump is expected to sign an executive order Friday excluding certain student loan borrowers from the popular Public Service Loan Forgiveness program.
A White House official said Friday that the PSLF program includes borrowers who work for organizations that “engage in illegal, or what we would consider to be improper, activities.”

PSLF, which President George W. Bush signed into law in 2007, allows many not-for-profit and government employees to have their federal student loans canceled after 10 years of payments.
In his first few months in office, Trump has cracked down on illegal immigration as well as diversity efforts across the public and private sector. Many nonprofits work in these spaces, providing legal support or doing advocacy and education work.

Consumer advocates were quick to criticize Trump’s move.
“Donald Trump is weaponizing debt to police speech that does not toe the MAGA party line,” Mike Pierce, co-founder and executive director of the Student Borrower Protection Center, wrote on X. “Our Democracy is on fire.”
The White House did not immediately respond to a request from CNBC for comment.
Correction: A White House official said the PSLF program includes borrowers who work for organizations that “engage in illegal, or what we would consider to be improper, activities.” A previous version of this story misattributed the quote. More