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GOP senators introduced a resolution this week to block the Biden administration’s new student loan repayment plan, known as SAVE.
The U.S. Department of Education announced on Tuesday that more than 4 million people have already signed up for the program, which is expected to dramatically reduce loan bills.

Senator Bill Cassidy, R-La., seen at the U.S. Capitol on Feb. 11, 2021.
Joshua Roberts | Reuters

Republican Sens. Bill Cassidy of Louisiana; John Thune of South Dakota; and more than a dozen other GOP colleagues introduced a Congressional Review Act resolution this week to overturn the Biden administration’s new, more affordable student loan repayment plan.
“Once again, Biden’s newest student loan scheme only shifts the burden from those who chose to take out loans to those who decided not to go to college, paid their way or already responsibly paid off their loans,” Cassidy said in a statement.

President Joe Biden’s plan, known as the Saving on a Valuable Education, or SAVE, plan, is expected to dramatically shrink many borrowers’ bills, with some seeing their monthly obligation fall to zero dollars.
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The U.S. Department of Education announced Tuesday that more than 4 million people have already signed up for the program.
Consumer advocates criticized Republican efforts to roll back the aid.
“We condemn this move to block a plan that will provide significant financial relief to low-income borrowers and communities of color,” said Jaylon Herbin, director of federal campaigns at the Center for Responsible Lending.

The Education Department has warned that the Covid pandemic had left millions of borrowers financially worse off and that Biden’s student loan forgiveness plan was necessary to avoid a historic rise in delinquencies and defaults.
After the Supreme Court stuck down the debt cancellation policy in June, Biden rolled out a number of other relief measures for borrowers, including the SAVE plan.
The Congressional Review Act allows Congress to block new regulations with a joint resolution from the House and Senate. However, the president can veto the resolution.
As a result, “this attempt to block the SAVE plan will not be successful,” said higher education expert Mark Kantrowitz. More

During a campaign event in Iowa in early August, Republican presidential hopeful Ron DeSantis made it clear he was against student loan forgiveness.
“Why should a truck driver have to pay for somebody that got a degree in zombie studies?” the Florida governor asked.
But scholars in the field defend the subject, pointing out that zombies are an important symbol in our culture, with ramifications for the U.S. criminal justice system, the history of slavery, neuroscience and more.

Florida Gov. Ron DeSantis laughs during a press conference in Auburndale, Florida, Jan. 30, 2023.
Paul Hennessy | Lightrocket | Getty Images

During a campaign event in Iowa in early August, Republican presidential hopeful Ron DeSantis made it clear that he was against student loan forgiveness.
Given broad criticism on the issue from Republicans, the Florida governor’s view is not unusual. His example, however, was.

“Why should a truck driver have to pay for somebody that got a degree in zombie studies?” DeSantis asked.
The governor’s comment, which he has made several times over the years, seems a twist on the popular argument from the right that working-class Americans shouldn’t be forced to pay the tax bill for canceling the debt of those who have benefited from higher education.
But less clear is why DeSantis is taking aim at “zombie studies.”
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“To my knowledge, there are no academic majors in zombie studies,” said higher education expert Mark Kantrowitz.

There are, however, several colleges that offer classes on zombies, as well as a growing body of academic research, CNBC found. Scholars in the field defend the subject, pointing out that zombies are an important symbol in our culture, with ramifications for the U.S. criminal justice system, the history of slavery, neuroscience and more.
“The figures that haunt our popular narratives are a society’s way of working through shared experiences and problems,” said Sarah Juliet Lauro, an associate English professor at the University of Tampa. Lauro edited a collection of zombie scholarship, “Zombie Theory: A Reader,” in 2017.

Zombie lessons center on free will

Eric Smaw, a philosophy professor at Rollins College in Winter Park, Florida, teaches a course called “Zombies, Serial Killers, and Madmen.” He is well aware of the governor’s dismissal of his work.
“My guess is that DeSantis chose zombie studies to suggest that colleges are wasting time and money teaching about fictional creatures instead of practical knowledge that will get students jobs,” Smaw said.
But there is no doubt the topic has real-word significance, he said.
Smaw’s coursework and research focuses on disruptions to human consciousness, including from infections similar to the one caused by the ophiocordyceps unilateralis fungus, also known as the zombie-ant fungus. According to an article in The Atlantic, “when the fungus infects a carpenter ant, it grows through the insect’s body, draining it of nutrients and hijacking its mind.” Similar diseases and viruses can impact humans and lead to what is known as “homicidal automatism,” in which people unknowingly kill others, Smaw said.

If our behavior is completely determined by our neurology, then we are not free.

professor of philosophy at Rollins College

In one famous legal case that Smaw goes over with his students, a Canadian man who murdered his mother-in-law and severely injured his father-in-law was later acquitted because the attacks occurred while the man was sleepwalking. He had no memory of the events when he woke up, and he didn’t have any motive.
“For hundreds of years, we jailed and executed people suffering from insanity because we did not recognize that they have diminished mental capacities,” Smaw said. “The more we learn about homicidal automatism, the more likely it is that we will develop more humane ways of responding to it, and even preventing it from happening.”
Beyond these extreme cases, Smaw said, the study of zombies provides an opportunity to explore ideas around human autonomy and free will.

“There are many interesting philosophical and cultural considerations that arise in the course,” Smaw said. “One question is: Can humans act freely according to their own choices, or do they act only according to their neurology?”
“If our behavior is completely determined by our neurology, then we are not free.”
Meanwhile, at Saint Xavier University in Chicago, Tatiana Tatum, a science professor, teaches a class called “Biology of Zombies.” She said the topic helps her explain how the human body works.
“There is an innate fear of death that intrigues people, and an intense sense of survival,” Tatum said. “These juxtaposing feelings find a great home in zombie stories.”
Her course lessons include chemical zombification, bacterial zombification and fungal zombification. “We also discuss a bit of neuroscience,” she added.

Eye of newt, fin of … pufferfish?

Some researchers claim the organs of pufferfish, which contain the potent poison tetrodotoxin, in the past have been used to create “zombie” potions in some parts of the world.
Bildagentur-online | Universal Images Group | Getty Images

Tatum’s class is hardly confined to science fiction or hypotheticals. She teaches her students about a poison that can actually bring on zombie-like symptoms. The concoction is made up of tetrodotoxin, a potent toxic substance found in pufferfish.
“It blocks the flow of sodium ions, but leaves the potassium channels unaltered,” Tatum said. “This allows the victim to stay conscious but in a paralyzed, coma-like state.”
There is evidence that similar poisons have been used.
In a 1986 article in Harvard Magazine, journalist Gino Del Guercio said there are poison makers in Haiti, traditionally considered the birthplace of the zombie myth, who mix together ingredients such as pufferfish, dried toad and human bones, wearing nose plugs to protect themselves.
“For rural Haitians, zombification is an even more severe punishment than death, because it deprives the subject of his most valued possessions: his free will and independence,” Del Guercio wrote.

‘Who’s afraid of zombie studies?’

Lauro, the University of Tampa professor, is scheduled to give a talk in Frankfurt, Germany, this month called, “Who’s Afraid of Zombie Studies?”
“The talk is pretty much entirely about this DeSantis nonsense, as well as what DeSantis is doing to education in Florida,” Lauro said.
DeSantis’ policies have led to an increase in book bans, and Florida’s Department of Education recently rejected an Advanced Placement course on African American studies.

Since DeSantis has taken aim at Black history, I think we can connect the dots on why the idea of ‘zombie studies’ gets under his skin so much.

Sarah Juliet Lauro
associate English professor at the University of Tampa

The governor did not immediately respond to requests for comment.
Lauro theorizes that the myth of a still-living body separated from its soul began in Africa, around the time of slavery. From there, the stories made their way to the Caribbean via the transatlantic slave trade.
“The zombie first comes to wider awareness during the U.S. occupation of Haiti, and from there, the legend that ‘dead men’ are forced to work in the cane fields for free in Haiti,” Lauro said.
The first wave of zombie fiction hit the U.S. in the late 1920s, during the time of the Great Depression. At the start of the country’s worst economic disaster, Lauro argues, the government largely abandoned the poor, and the myth of the zombie became a way to critique how workers are oppressed by capitalism. Zombies eventually made their way to Hollywood, at first in films about disempowered workers and then later contagion and cannibalism.

But Lauro argues in her book “The Transatlantic Zombie” that the stories are always in some way about slavery and resistance to slavery, given the myth’s origin.
“Since DeSantis has taken aim at Black history, I think we can connect the dots on why the idea of ‘zombie studies’ gets under his skin so much,” she said.
At the same time, Lauro said the governor was giving the subject too much airtime on the campaign trail: “No university or college that I’ve ever heard of has ever offered a degree in zombie studies.”
But, she said, “If any of your readers want to hire me to start a program in zombie studies, they can look me up: I’m about ready to leave this state until we get a new governor.” More

After a three-year reprieve, interest began accruing again on federal student loans on Sept. 1.
In October, millions of borrowers will make their first student loan payment since before the Covid-19 pandemic hit.
Since interest accrual on federal student loan works differently depending on your loan type and life status, borrowers should learn what the recent changes mean for them, experts say.

Drazen Zigic | Istock | Getty Images

1. In-school borrowers

For student loan borrowers who are still in school, they may or may not see the interest on their debt accrue again this month. It depends on their loan type, Kantrowitz said.
Undergraduate subsidized student loans should not start racking up interest until after you’ve graduated and finished your six-month grace period. On the other hand, the interest on unsubsidized loans, common for graduate students, begin collecting interest as soon as they’re disbursed.
Likewise, holders of these loans will see their debt grow if they’ve returned to school for another degree, even if they enroll in an in-school deferment. Many borrowers are automatically put into this status.

2. Recent graduates

Most graduates get a so-called grace period after they’ve finished school before they need to start making their student loan payments. This period is usually six months, although in some cases, it’s nine months.
You won’t see the interest on your undergraduate subsidized loans collect until you’ve exited this window. Again, unsubsidized loans continue to grow.
Months during the pandemic-era pause count toward your grace period, Kantrowitz said.

3. Those struggling

Struggling borrowers may have options when it comes to keeping their interest suspended.
They should first see if they qualify for a deferment, experts say. That’s because their loans may not accrue interest under that option, whereas they almost always do in a forbearance.
If you’re unemployed when student loan payments resume, you can request an unemployment deferment with your servicer. If you’re dealing with another financial challenge, meanwhile, you may be eligible for an economic hardship deferment.

Those who qualify for a hardship deferment include people receiving certain types of federal or state aid and anyone volunteering in the Peace Corps, Kantrowitz said.
With both a hardship and an unemployment deferment, interest generally doesn’t accrue on undergraduate subsidized loans. Unsubsidized loans will rack up interest.
The maximum amount of time you can use an unemployment or hardship deferment is usually three years, per type.
Other, lesser-known deferments include the graduate fellowship deferment, the military service and post-active duty deferment and the cancer treatment deferment. You should ask your servicer if your loans will continue to grow under these varied options because each case is different. More

Higher mortgage rates have created a so-called golden handcuff effect.
Nearly 82% of homeowners feel “locked-in” by their existing low-rate mortgage, according to data from Realtor.com.
But there is a tipping point, recent reports show — and 5.5% is the “magic” number.

After bottoming out below 3% in January 2021, the average rate for a 30-year, fixed-rate mortgage now sits above 7% — which is just too high for many homeowners to consider selling.
At today’s rates, most homeowners would need to finance a new home at a higher rate than the rate they currently hold, adding hundreds of dollars a month to their mortgage payment. That has created an incentive to stay where they are.

“Even if they bought a cheaper house, their payments would go up,” said Nicole Bachaud, a senior economist at Zillow.
“These existing homeowners either can’t or are unwilling to sell their home because they can’t afford a mortgage on a new home,” Bachaud said.
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But there is a tipping point, recent reports found: Homeowners are nearly twice as willing to sell their home if their mortgage rate is 5% or higher, according to Zillow, and 71% of prospective homebuyers who plan to purchase their next home with a mortgage said they would not accept a rate above 5.5% — that is the “magic mortgage rate,” according to a survey by John Burns Research and Consulting.

Higher interest rates created a ‘golden handcuff’ effect

Since it’s unlikely rates will drop anytime soon, this has created a so-called golden handcuff effect. Similar to the financial incentives employers may offer to discourage employees from leaving a company, homeowners are now bound by their low mortgage rate. 

Most homeowners today have mortgages with interest rates below 4% or even below 3%, after moving or refinancing when rates hit record lows during the Covid pandemic.
Currently, there is “a stock of people sitting on very cheap mortgages,” said Tomas Philipson, a professor of public policy studies at the University of Chicago and former acting chair of the White House Council of Economic Advisers. 
Nearly 82% of home shoppers said they felt “locked in” by their existing low-rate mortgage, according to a separate survey by Realtor.com.

Bob and Terri Wood, of Mobile, Alabama, with their grandson.
Courtesy: Bob Wood

Bob Wood, 66, has been thinking of selling his home in Mobile, Alabama. The finance professor and his wife, Terri, purchased the 5,000-square-foot house with a pool nearly a decade ago.
“It’s probably time to downsize,” he recently told CNBC. They would also like to be closer to their grandchildren in Tennessee.
And yet, “we are in the 10th year of a 3.125% 15-year fixed mortgage,” he said. They don’t want to move now and give up that low rate to buy at a higher rate. “We just don’t want to pay that much in interest,” he said.
Wood said he’d be more likely to move if rates came down to “the 4%-5% range.”
“The reality of it is, until inflation comes down in a meaningful and sustainable way, mortgage rates are going to stay high,” said Greg McBride, Bankrate’s chief financial analyst. 
Because of that, there is a critical shortage of homes for sale, with year-to-date new listings roughly 20% behind last year’s pace, which is also putting more pressure on prices.

Rates may not drop below 3% ‘anytime soon — if ever’

“In many ways, we’re in uncharted territory right now,” said Jacob Channel, senior economist at LendingTree.
Between 1978 and 1981, mortgage rates similarly doubled from around 9% to more than 18%, compelling more homeowners to hold on to their homes.
However, “mortgage rates weren’t at record lows in the late ’70s before they started to skyrocket in the early ’80s, nor did home prices increase as rapidly,” Channel said.

But if history is any guide, “there is a good chance the housing market will eventually pick up steam again like it has in the past,” he added.
“While mortgage rates may not return to sub-3% levels again anytime soon — if ever — there’s no reason to think that they’ll stay as high as they currently are forever,” Channel said.
“Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes,” said Sam Khater, Freddie Mac’s chief economist.
Subscribe to CNBC on YouTube. More

Consumers eager to see headline acts, secure a summer rental or pursue student loan forgiveness may have fallen prey to bad actors this summer.
Those transactions were among the top schemes on Visa’s radar this summer, according to the company’s chief financial risk officer.
Here’s how to prevent your personal information or money from becoming compromised.

Taylor Swift performs onstage during “Taylor Swift | The Eras Tour” at SoFi Stadium on August 09, 2023 in Inglewood, California.
Kevin Winter/tas23 | Getty Images Entertainment | Getty Images

To quote Taylor Swift, “It’s a cruel summer” — especially for some consumers falling prey to common scams.
Swift fans eager to buy tickets may have found they were duped. Summer vacationers may have found the rental listings they wanted were not legitimate. And borrowers hoping for student loan relief may have fallen prey to scams after the Supreme Court struck down President Joe Biden’s broad federal student loan forgiveness plan.

Those are among the top schemes Visa has seen this summer as it works to monitor fraud, according to Paul Fabara, the company’s chief risk officer.
“A lot of it is related with the consumer trusting too much and not paying attention to what they’re clicking or saying yes to,” Fabara said.
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Visa has invested more than $10 billion in the past five years to thwart scams and employs about 1,000 professionals to monitor financial transaction risks.
“We have the opportunity to see what exactly is happening across the entire payment ecosystem,” while Visa’s algorithms can identify fraud by type, Fabara said.

Here are four of the prevalent schemes that have emerged this summer.

1. Concert and event ticket scams

Fans were especially eager to see big-ticket acts like Beyonce and Taylor Swift as they toured this summer. And some fraudsters were ready to take advantage, offering up fakes that left fans without funds or a ticket.
Some launched their own ticket sale sites, with URLs going up live just hours before a sold-out event starts, claiming creative reasons as to why they have a surplus of tickets. Others may have posed as sellers, and managed to offer tickets on bona-fide ticket platforms.
“That is where they strike big,” Fabara said. “Consumers feel that urgency a few hours before the concert.”
The prevalence of the scams has led officials like California Attorney General Rob Bonta to issue warnings for consumers to be vigilant.

2. Vacation lodging scams

Vacationers who sought rentals or other services in popular destinations may have found themselves prey to fake listings. Such vacation scams meant travelers could find themselves out money as well as a place to stay.
Some scammers have even gone as far as forging company logos to look like a legitimate vacation rental site, according to Visa. On individual listings, the schemes can create profiles that combine attributes of real people, and therefore appear credible in the public domain, Fabara noted.
“But at the end of the day, those listings are fake listings, which puts consumers at risk,” he said.
The prevalence of these scams has also prompted attorneys general to issue warnings this season.

3. Apartment rental scams

College students on the hunt for off-campus housing may find themselves prey to fake listings. More broadly, as rents have soared in some markets, apartment seekers hoping to find a deal may have found themselves susceptible to dupes.
Scammers are hoping apartment hunters will send money for application fees or a security deposit before they realize the listing isn’t legit.

Last week, New York Attorney General Letitia James and the Federal Trade Commission secured $1.6 million from online apartment search platform Roomster and its owners for defrauding millions of U.S. consumers with unverified apartment listings and fake reviews. New York is among six states suing the company alongside the FTC. Roomster did not immediately respond to a request for comment.
“Looking for an apartment can be stressful, and the last thing renters need is to be scammed by fake reviews and apartments that might not even exist,” James said in a statement.

4. Student loan forgiveness scams

With federal student loan repayment set to begin in October, some debtors looking for an easy out may be susceptible to forgiveness scams. Often, scammers are fishing for personal details they can use to steal your identity.
While getting help from a private, unaffiliated debt relief company may not necessarily lead to fraud, “seeking out unverified services is a common path to a student loan forgiveness scam,” the Federal Student Aid Office has warned.
Common warning signs include aggressive advertising language, big promises and requests for log-in or other confidential personal information.

How to protect yourself from fraud

Tashdique Mehtaj Ahmed | Moment | Getty Images

While the summertime schemes have put consumers at risk, there are themes that should be on their radars throughout the year, according to Fabara.
For example, the holiday season tends to coincide with an uptick in e-commerce schemes, while tax season tends to prompt false promises of outsize refunds from organizations that promise to file your taxes on your behalf.
“A lot of it is common sense,” Fabara said of consumer fraud prevention.
Here are some tips to keep in mind:

Keep your personal information to yourself. Do not share confidential information like your address, Social Security or credit card numbers unless you are certain the website or app is legitimate. 

Avoid clicking on unverified links. Some bad actors may use the name of legitimate businesses, but then take you to a website that has nothing to do with that business. Verify before entering any personal information that the site is legitimate. Better yet, avoid clicking on potentially suspicious links on social media and in emails and text messages.

Watch for AI/deep fake imitations. Fraudsters may use AI to create deep fakes, whereby reputable public figures seemingly endorse a company’s products or services on social media. While you may be swayed into thinking it’s a legitimate endorsement, “the reality is that’s not the case,” Fabara said.

Do your due diligence on vendors. Sources like the Better Business Bureau and the Federal Trade Commission can provide background information on businesses, including whether there are consumer complaints against them. When seeking real estate deals, consumers should also perform searches to verify that key details about properties are accurate, according to Fabara. Verify the listing is in fact listed as available on real estate websites and not otherwise occupied. Also do a search for the address and make sure the photos match the property advertised online.

Set up real-time purchase alerts. By monitoring your accounts on a real-time basis, you can more quickly find any potential fraudulent compromises, Fabara said. Using your credit card has more robust purchase protections than a debit card.

Alert your financial institution if you see suspicious activity. While consumers may think of big-time purchases when it comes to fraud, often it starts with much smaller transactions of as little as $1, Fabara noted. By alerting your credit card company or other financial institution about even small unknown transactions, you can potentially save yourself further trouble. More

The logo of Nvidia at its corporate headquarters in Santa Clara, California, May 2022.
Nvidia | via Reuters

The macro backdrop is looking challenging as September begins, but analysts have highlighted several stocks that they feel confident about for the long term.
Here are five attractive stocks, according to Wall Street’s top experts, as rated by TipRanks, a platform that ranks analysts based on their past performance.

Nvidia

Let’s start with shares of chip giant Nvidia (NVDA), which are experiencing a phenomenal rise this year as a frenzy around generative artificial intelligence boosts demand for the company’s graphics processing units or GPUs. The company recently reported its fiscal second-quarter results, which crushed Wall Street’s expectations, as revenue more than doubled compared to the prior-year quarter.
JPMorgan analyst Harlan Sur noted that expectations were high, heading into the fiscal second-quarter print. Still, Nvidia delivered results and guidance that were way above estimates, thanks to the significant demand pull for the company’s data center products.
The analyst expects the company’s earnings power to grow by over 30% annually over the next few years, driven by continued strength in the data center segment, an incremental auto revenue pipeline of nearly $14 billion, and an incremental $1 billion to $2 billion from software, licensing and subscription revenues over the next 3 to 4 years.
Sur raised his price target to $600 from $500 and reaffirmed a buy rating on NVDA stock, saying, “The build out of generative AI and large language/transformer models are continuing to drive expanding demand for NVIDIA’s accelerated compute/networking platforms and software solutions.”
Sur ranks No. 95 among more than 8,500 analysts on TipRanks. His ratings have been successful 65% of the time, with each rating delivering an average return of 19.3%. (See Nvidia Hedge fund Trading Activity on TipRanks).

Marvell Technology

Another semiconductor stock in this week’s list is Marvell Technology (MRVL). The company managed to surpass analysts’ expectations for the fiscal second quarter, even as revenue declined compared to the year-ago period. Management expects sequential revenue growth to accelerate in the fiscal third quarter, fueled by AI and cloud infrastructure.
In reaction to the results, Deutsche Bank analyst Ross Seymore reiterated a buy rating on MRVL stock with a price target of $70. The analyst noted that the company delivered a modest top-line beat and in-line outlook, with solid acceleration in AI-related applications offsetting macro-related weakness.
“Overall, we continue to believe MRVL has a compelling portfolio of infrastructure products that address powerful secular growth trends in AI/Cloud (electo-optics & significant custom compute), 5G and Automotive,” said Seymore.
The analyst thinks that Marvell’s infrastructure products, coupled with an eventual cyclical recovery in the storage, wired and on-premise businesses, would help in significantly accelerating the company’s growth heading into calendar year 2024.
Seymore holds the 9th position among more than 8,500 analysts tracked on TipRanks. His ratings have been profitable 75% of the time, with each rating delivering an average return of 24.2%. (See Marvell Stock Chart on TipRanks)

Palo Alto Networks

Next up is cybersecurity provider Palo Alto Networks (PANW), which reported better-than-anticipated fiscal fourth-quarter earnings. Revenue grew 26% year-over-year to $1.95 billion but slightly lagged estimates.
BMO Capital Markets analyst Keith Bachman, who ranks 584th out of over 8,500 analysts on TipRanks, noted that the company’s fiscal 2024 guidance of 19% to 20% year-over-year billings growth and an 37% to 38% adjusted free cash flow (FCF) margin was better than expectations of mid-teens billings growth and a FCF margin in the mid-30% range.
Bachman thinks that the trend of consolidating solutions with leading security vendors will continue as the threat landscape evolves and as generative AI emphasizes the need for data aggregation. He added that implementing a consolidated portfolio enhances the prospects for real-time threat detection and remediation.
The analyst highlighted that customers are increasingly adopting each of PANW’s three platforms (Strata, Prisma and Cortex), as they look for integrated solutions and unified data models. He increased his price target to $275 from $235 and reiterated a buy rating on Palo Alto.
“We believe that the strength of PANW’s portfolio and the consolidation of spend are key drivers of PANW’s long-term targets and net new NGS ARR [next-generation security annual recurring revenue] growth,” said Bachman.
The analyst has a success rate of 57% and each of his ratings has returned 7%, on average. (See Palo Alto Financial Statements on TipRanks).

Intuit

Financial software company Intuit’s (INTU) fiscal fourth-quarter results topped analysts’ forecast. That said, the company’s earnings outlook for the first quarter of fiscal 2024 missed expectations while revenue guidance was in line with estimates.
Deutsche Bank analyst Brad Zelnick explained that the company’s strong fiscal fourth-quarter results were driven by the outperformance of its small business unit, supported by solid growth in the QuickBooks Online (QBO) ecosystem.
At the innovation and investor day events scheduled to be held in September, the analyst expects management to reveal more details about Intuit’s AI investments over the past several years and advances in generative AI. He expects the company’s AI initiatives to create value for small business owners, consumers, and taxpayers, driving long-term growth and improved profitability.
Zelnick maintained his buy rating on INTU and increased the price target to $575 from $525, saying, “We see its AI-driven expert platform powering accelerated innovation with leverage, thus enabling sustained mid-teens or better EPS growth.”
Zelnick holds the 50th position among more than 8,500 analysts on TipRanks. His ratings have been profitable 71% of the time, delivering an average return of 15.4%. (See Intuit Insider Trading Activity on TipRanks) 

The Chefs’ Warehouse

We end this week’s list with The Chefs’ Warehouse (CHEF), a distributor of specialty foods, supplies and ingredients for chefs and restaurants.
BTIG analyst Peter Saleh pointed out that CHEF stock is trading at or near trough EV/EBITDA and P/E multiples (excluding Covid-era volatility) despite six guidance upgrades over the past 18 months, record sales, gross profit, operating income and EBITDA.
The analyst expects the company’s sales to grow 28.5% to $3.36 billion in 2023, backed by about an 8% rise in organic sales, with acquisitions contributing the remaining growth. He argued that while his estimate is more than twice the 2019 revenue of $1.59 billion, shares are trading about 25% below pre-pandemic levels. Overall, Saleh believes that CHEF shares are massively undervalued and underappreciated by investors.
Retaining a buy rating with a price target of $48, Saleh said, “Given the growth profile, including double-digit sales and EBITDA growth, we believe CHEF represents a unique opportunity for long-term investors, and we maintain the stock as our small/mid-cap Top Pick.”
Saleh ranks No. 402 out of more than 8,500 analysts tracked on TipRanks. Additionally, 60% of his ratings have been profitable with an average return of 11.1%. (See CHEF’s Technical Analysis on TipRanks) More

The U.S. Securities and Exchange Commission on Thursday delayed a decision on the first spot bitcoin exchange-traded funds.
The update comes two days after a federal appeals court sided with Grayscale in a lawsuit against the SEC for denying its application to convert the Grayscale Bitcoin Trust to an ETF.

Umit Turhan Coskun | Nurphoto | Getty Images

Even as the U.S. Securities and Exchange Commission delays a decision on several applications for the first spot bitcoin exchange-traded fund, many in the crypto industry are still feeling optimistic for a future blessing from the agency.
SEC filings dated Aug. 31 indicated the agency would give itself until mid-October to make decisions on several applications. But another extension could be possible, experts say.

The update came two days after a federal appeals court sided with Grayscale in a lawsuit against the SEC for denying its application to convert the Grayscale Bitcoin Trust to an ETF.
“It is clear that bitcoin is something that retail investors want access to,” former SEC chair Jay Clayton said on CNBC’s “Squawk Box” on Friday, noting that “an approval is inevitable.”
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The Grayscale ruling isn’t necessarily a green light for a spot bitcoin ETF, said Bryan Armour, director of passive strategies research at Morningstar. But pending applications from Blackrock, Fidelity and others “have increased the probability overall.”
U.S. investors currently have access to bitcoin futures ETFs, which invest in bitcoin futures contracts, or agreements to buy or sell the asset later for an agreed-upon price. The long-awaited bitcoin spot ETF, however, would invest in the digital currency directly.

Spot bitcoin ETF would be a ‘watershed moment’

“I think the spot bitcoin ETF is a watershed moment for bitcoin,” said Douglas Boneparth, a New York-based certified financial planner and president of Bone Fide Wealth. He is also a member of CNBC’s Financial Advisor Council.
“It’s a very serious statement to see BlackRock submit that application,” he said, and many crypto advocates believe it’s the beeline for a bitcoin spot ETF product.

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Limit ‘high-risk assets’ in your portfolio

A bitcoin spot ETF would provide easier access to the asset, allowing investors to buy and sell the digital currency through a brokerage account. However, “easier accessibility to something doesn’t mean you should dive in headfirst,” Boneparth said.  
If bitcoin spot ETFs are approved, investors should treat them like any other asset, he said. You should always do your own research and your own due diligence before taking risks with your money.

Easier accessibility to something doesn’t mean you should dive in headfirst.

Douglas Boneparth
President of Bone Fide Wealth

When investors are weighing “high-risk assets” such as bitcoin, the financial services industry may suggest limiting a portfolio to 1% to 5% exposure, Boneparth said. He personally limits speculative assets — such as bitcoin, private equity, hedge funds and more — to 5% to 10% of investable assets, he said.

There’s upside potential with a small percentage

A small allocation can still have significant upside potential, said Ivory Johnson, a CFP and founder of Delancey Wealth Management in Washington, D.C. He also suggests limiting bitcoin exposure.
“If bitcoin has the potential to double and you have a 2% allocation, that’s huge,” said Johnson, a member of CNBC’s FA Council. If the price plunges by 50%, you only lose 1% of your portfolio, he said.
Of course, your target investment allocations should always depend on your individual risk tolerance, timeline and your goals, Boneparth added. More

Since March 2020, the interest rate on federal student loans was set to zero.
That ends today.
Now borrowers will see their loans return to their pre-pandemic rates, typically between 3% and 7%.

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The interest on federal student loans has started accruing again.
Since March 2020, the interest rate on most government-owned education debt was set to zero, and people faced no penalties for not making payments.

Now borrowers will see their loans return to their pre-Covid pandemic rates, typically between 3% and 7%. The interest rates on federal student loans are fixed once disbursed, but vary depending on when they’re taken out.
Borrowers’ first loan payments are due in October.
“Millions of federal student loan borrowers are starting to adjust to the reality of having to figure out how to bake their student loan payments into their budget once again,” said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit.
The typical monthly student loan bill is around $350.
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Nearly all people eligible for the pause on bills have taken advantage of it, with less than 1% of qualifying borrowers continuing to make payments on their education debt, according to an analysis by higher education expert Mark Kantrowitz.
As a result of the policy, the average borrower likely saved around $15,000 in student loan payments during the pause, including around $5,000 in interest charges.
Student loan borrowers can check their interest rate at Studentaid.gov or with their servicer.
Some people will continue to benefit from a break on interest, including those with unsubsidized undergraduate loans who are in an in-school deferment or grace period. Borrowers facing unemployment or other economic hardship can also apply for deferments that may keep their interest on hold. More