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  • Paramount-Skydance Merger: Executives Reveal Streaming Strategies

    Skydance Media and RedBird Capital Partners have shared their strategic plans for Paramount Global’s streaming business following the recent announcement of a merger between Paramount and Skydance.

    During a Monday briefing, executives outlined their approach to the direct-to-consumer (DTC) business, which includes technological enhancements and potential streaming partnerships. They also discussed plans for the “New Paramount” expected to form upon the transaction’s completion.

    “Streaming is an incredibly important part of the business and very much the future of the business,” stated David Ellison, who will lead the combined company as CEO. 

    Paramount’s current DTC services include Paramount+, Pluto TV, and BET+. Paramount+ alone had over 71 million subscribers in the first quarter of this year, despite not yet reaching profitability.

    Ellison expressed intentions to rebuild the Paramount+ platform, leveraging technological expertise and strategic relationships to expand the DTC business. “We believe we can expand our DTC business with our technological prowess and relationships,” he said.

    One focus is improving Paramount+’s recommendation algorithms to “increase time spent on the platform, reduce churn, and drive lifetime value for all shareholders.” Other technological opportunities include unifying cloud providers across all distribution services for efficiency and optimizing the company’s advertising technology.

    Jeff Shell of RedBird Capital, slated to serve as president of the merged company, highlighted the importance of content strategy. “We will evaluate how much money we’re generating from our content, what content belongs where, and what content we should license to ourselves or others,” Shell said.

    The “New Paramount” also plans to explore partnerships with other streaming platforms. “We’re evaluating all options to be a winner in DTC, which means being part of the ultimate bundle,” Shell noted. The market has seen an increase in streaming service bundles, such as Comcast’s “StreamSaver” and Disney’s package of Disney+, Hulu, and Max.

    Paramount and Skydance aim to complete their merger in the first half of 2025, pending regulatory approvals and the outcome of Paramount’s 45-day “go-shop” period.

    The companies estimate the enterprise value of New Paramount at approximately $28 billion.**Paramount-Skydance Merger: Executives Reveal Streaming Strategies**

    Skydance Media and RedBird Capital Partners have shared their strategic plans for Paramount Global’s streaming business following the recent announcement of a merger between Paramount and Skydance.

    During a Monday briefing, executives outlined their approach to the direct-to-consumer (DTC) business, which includes technological enhancements and potential streaming partnerships. They also discussed plans for the “New Paramount” expected to form upon the transaction’s completion.

    “Streaming is an incredibly important part of the business and very much the future of the business,” stated David Ellison, who will lead the combined company as CEO. 

    Paramount’s current DTC services include Paramount+, Pluto TV, and BET+. Paramount+ alone had over 71 million subscribers in the first quarter of this year, despite not yet reaching profitability.

    Ellison expressed intentions to rebuild the Paramount+ platform, leveraging technological expertise and strategic relationships to expand the DTC business. “We believe we can expand our DTC business with our technological prowess and relationships,” he said.

    One focus is improving Paramount+’s recommendation algorithms to “increase time spent on the platform, reduce churn, and drive lifetime value for all shareholders.” Other technological opportunities include unifying cloud providers across all distribution services for efficiency and optimizing the company’s advertising technology.

    Jeff Shell of RedBird Capital, slated to serve as president of the merged company, highlighted the importance of content strategy. “We will evaluate how much money we’re generating from our content, what content belongs where, and what content we should license to ourselves or others,” Shell said.

    The “New Paramount” also plans to explore partnerships with other streaming platforms. “We’re evaluating all options to be a winner in DTC, which means being part of the ultimate bundle,” Shell noted. The market has seen an increase in streaming service bundles, such as Comcast’s “StreamSaver” and Disney’s package of Disney+, Hulu, and Max.

    Paramount and Skydance aim to complete their merger in the first half of 2025, pending regulatory approvals and the outcome of Paramount’s 45-day “go-shop” period.

    The companies estimate the enterprise value of New Paramount at approximately $28 billion.

  • Morgan Stanley’s Wilson Predicts a 10% Stock Market Correction

    Traders should prepare for a significant pullback in the stock market due to uncertainties surrounding the US presidential campaign, corporate earnings, and Federal Reserve policies, according to Mike Wilson of Morgan Stanley.

    “I think the chance of a 10% correction is highly likely sometime between now and the election,” Wilson said in an interview with Bloomberg Television on Monday. He anticipates a volatile third quarter.

    The S&P 500 Index started the week at record highs and could set its 35th closing record of the year if it finishes Monday in positive territory. The benchmark has gained 17% since January, driven by expectations of two Fed rate cuts this year and excitement around artificial intelligence. Even Wilson, historically bearish, has softened his stance.

    However, more Wall Street professionals are becoming cautious as the third quarter approaches—a typically turbulent period—amid signs that the rally might be overheating.

    Scott Rubner of Goldman Sachs expects a challenging two-week period starting in August if corporate earnings disappoint. Andrew Tyler from JPMorgan Chase’s trading desk expressed slightly less confidence due to weakening economic data. Scott Chronert of Citigroup also warned of a potential pullback.

    “Your likelihood of upside from now until year-end is very low, much lower than normal,” Wilson said, estimating a 20% to 25% chance that stock prices will end the year higher than they are now.

    Wilson’s previously bearish outlook for 2023 didn’t materialize, leading him to raise his S&P 500 target to 5,400 points by mid-2025 from 4,500 through December. Despite this, the index has already surpassed that level, marking a dramatic shift in his outlook.

    Bearish views have proven risky for equity strategists as US stocks continue to set records. Marko Kolanovic, a notable skeptic, recently left JPMorgan.

    “In the beginning of the year, we moved away from being too bearish. But at the end of the day, this is a tough gig,” Wilson said. “That’s not an excuse, it’s what we get paid to do. Sometimes we get it right, sometimes we get it wrong. It doesn’t put any pressure on me to do my job any differently.”

    Wilson emphasized that his role is to provide clients with solid analysis and frameworks for investment decisions, a process that won’t change.

    Wilson believes a market pullback could create buying opportunities, advising investors to focus on individual stocks rather than indexes. He and his team recommend high-quality growth stocks, large-cap companies with strong balance sheets, and firms that can deliver on earnings. While momentum will continue, finding affordable shares in these categories is challenging.

    “If they were to come in 10%, then we’d probably get interested again,” Wilson said.

  • United Airlines Flight Loses Wheel During Takeoff in Los Angeles

    A United Airlines jet lost a landing gear wheel during takeoff from Los Angeles but safely landed in Denver, the airline announced. No injuries were reported, and an investigation is underway.

    “The wheel has been recovered in Los Angeles, and we are investigating what caused this event,” United Airlines stated on Monday. This marks the second such incident for the airline this year.

    The aircraft involved, a nearly 30-year-old Boeing 757-200, was carrying 174 passengers and 7 crew members. Boeing ceased production of the 757 in 2004.

    Earlier this year, in March, a United Airlines Boeing 777-200 lost a tire mid-air after taking off from San Francisco. It landed safely at Los Angeles International Airport, despite the wheel falling onto a car in an airport employee parking lot, breaking a window but causing no injuries.

    Monday’s incident is part of a series of recent issues involving United Airlines planes. In March, another aircraft made an emergency landing at Los Angeles International Airport due to a hydraulic system problem. That same month, a flight rolled off the taxiway while attempting to land in Houston, and another flight carrying 167 passengers made an emergency landing in Houston after engine flames burst out mid-flight.

    Earlier this year, US flight issues gained attention when an Alaska Airlines Boeing 737 MAX 9 had a door plug blow off mid-air after taking off from Portland, Oregon, forcing an emergency landing and injuring several people.

    In April, United Airlines reported a $200 million hit to its earnings in the first quarter, partially blaming the Alaska Airlines incident, which led to grounding many of its Boeing planes, contributing to the losses.

  • Fed Chair Jay Powell’s Focus on Cooling Job Market Fuels Rate Cut Speculation

    Federal Reserve Chairman Jay Powell on Wednesday signaled increased attention to a cooling job market, a development that has boosted hopes among market watchers for imminent interest rate cuts.

    During his testimony to the House Financial Services Committee, Powell noted a shift in focus. “For a long time, we’ve had to focus heavily on the inflation mandate,” he said, referencing the Fed’s dual responsibilities of maintaining stable prices and maximum employment. “But I think now we’re getting to the place where the labor market is getting pretty much in balance to where it needs to be, and so we’re looking at both sides.”

    The Fed has maintained interest rates at their highest levels in 23 years for nearly a year to combat inflation. Now, with inflation starting to cool, Powell has acknowledged the growing risks associated with a cooling labor market.

    This shift became more evident last Friday when a new report showed the unemployment rate in June had increased by a tenth of a percent for the second consecutive month, reaching 4.1%. Although still historically low, this figure is up from 3.4% early last year.

    Powell’s comments suggest a rate cut could be on the horizon, possibly as soon as September. However, he stopped short of specifying a timeline, emphasizing the need for more data on cooling inflation.

    “I am not prepared to say that yet,” Powell said, adding that while he has some confidence that inflation is trending toward the Fed’s target, the central bank needs to be sure inflation is moving back to the goal of 2%.

    Powell’s remarks came during his semiannual testimony to Congress, following his appearance before the Senate Banking Committee on Tuesday. Throughout his testimony, Powell also defended the independence of the Federal Reserve during an election year.

    House Financial Services Committee Chair Patrick McHenry urged Powell to ensure that politics do not influence the Fed’s monetary policy. Republican lawmaker Mike Lawler questioned whether a potential rate cut in September could be perceived as politically motivated so close to an election. Powell firmly rejected this notion.

    “It is just not appropriate for us to get into thinking about election cycles,” he said, pledging to remain at his post following the November election, regardless of the outcome. “This is my fourth presidential election at the Fed, and I can tell you, we come to work the next day and do our jobs.”

  • Democratic Stalemate Over Biden Candidacy Intensifies

    The Democratic Party is facing a significant internal conflict.

    On one side stands President Biden, affectionately known as “Uncle Joe” by his supporters. He has built a diverse coalition of progressive, Black, and Hispanic voters and lawmakers. Biden frequently emphasizes that he has defeated former President Donald Trump once and can do so again.

    However, there is a growing faction within the party, including key figures like former House Speaker Nancy Pelosi and former President Barack Obama, who believe Biden is too old for another term. Recent polls indicate that a majority of Democrats share this sentiment, particularly in light of Biden’s recent debate performance.

    The party’s divisions were on full display this week. On Friday, the Congressional Hispanic Caucus PAC endorsed Biden, while several Democratic lawmakers voiced their opposition. House Minority Leader Hakeem Jefferies expressed his support for the president, yet some key Democratic donors threatened to cut off funding, citing concerns over the campaign’s current financial state.

    “This won’t end well unless it ends soon,” one Democratic strategist commented, highlighting the party’s internal strife. “We’re a divided nation, but even worse, we’re a divided party.”

    Since Biden’s debate on June 27, the situation has oscillated between steadfast support—Biden declaring, “I am not going anywhere”—and bold opposition, such as Senator Jon Tester (D-Mont.) stating, “I believe President Biden should not seek re-election.”

    Amid backroom discussions about the party’s prospects in November, Biden has encountered supportive crowds. At a recent rally in Detroit, the audience chanted, “Don’t you quit!”

    The Democratic Party’s fracture was emphasized as Republicans unified behind Trump at the RNC, just days after an attempted assassination attempt further complicated the political landscape.

    “It’s a worst-case scenario for Democrats as Republicans unify, energize, and mobilize,” said Julian Zelizer, a history and public affairs professor at Princeton University. “The polls don’t get better as more Democrats publicly articulate the problems with Biden. Meanwhile, Biden doubles down.”

    The situation is further complicated by the question of succession if Biden steps aside. Some Democrats suggest Vice President Harris should become the nominee due to her experience and ability to mobilize key voter bases. However, others doubt her viability, particularly in critical states like Wisconsin and Michigan.

    Certain donors advocate for an open convention next month in Chicago, though strategists warn this could create more chaos, especially if Harris is perceived as being bypassed.

    “There’s no easy way to get from A to B, and I think that’s the main reason why Biden doesn’t want to go anywhere,” said one major Democratic donor.

    Biden’s inner circle recalls the 2016 race when he considered running against Hillary Clinton but was dissuaded by party leaders, including former President Obama. In his book “Promise Me, Dad,” Biden reflected on his high favorability ratings and strong performance in key swing states, contrasting with Clinton’s weaknesses.

    All of this likely influences Biden’s current decision-making. Despite the growing opposition, he remains resolute. As Biden recovered from a bout of COVID, his advisers continued to champion his candidacy.

    “When you give me polls, I’m going to give you direct voter contact,” Jen O’Malley Dillon, Biden’s campaign co-chair, told staff on Friday. “The people that the President is hearing from are saying, ‘Stay in this race and keep going and keep fighting, and we need you.’”

    Trump’s speech at the Republican National Convention served as a rare unifying moment for Democrats. 

    “We just have to get our s— together because damn it, we can beat this guy,” a strategist remarked.

  • Global Tech Outage Costs Could Exceed $1 Billion: Who Will Foot the Bill?

    A global tech outage on Friday traced back to cybersecurity firm CrowdStrike, has raised questions about who will bear the financial burden of the damages, which could surpass $1 billion.

    Described by one cybersecurity expert as potentially the “largest IT outage in history,” the incident caused the cancellation of over 5,000 commercial airline flights worldwide. It disrupted many businesses from retail to package deliveries and hospitals, resulting in significant revenue losses, decreased productivity, and increased labor costs.

    The outage was triggered by faulty code in a CrowdStrike software update. Despite their apology, CrowdStrike has not indicated whether they will compensate affected customers. When asked about this, the company did not address the issue of compensation.

    Experts predict demands for compensation and potential lawsuits. “If you’re a lawyer for CrowdStrike, you’re probably not going to enjoy the rest of your summer,” said Dan Ives, a tech analyst at Wedbush Securities.

    Billion-Dollar Consequences

    While exact costs are still uncertain, Patrick Anderson, CEO of Anderson Economic Group, estimates the financial impact could easily top $1 billion. Anderson referenced a previous hack of CDK Global, which serves US car dealerships, as a benchmark, noting that while that incident was industry-specific, the recent outage has broader implications.

    “This outage is affecting far more consumers and businesses, leading to significant out-of-pocket costs,” Anderson said. Airlines, in particular, face substantial losses from canceled flights and increased labor and fuel costs due to delays.

    Despite CrowdStrike’s prominent position in the cybersecurity industry, with annual revenues just under $4 billion, the financial hit could be severe. However, legal protections in customer contracts might shield CrowdStrike from liability. James Lewis of the Center for Strategic and International Studies suggested, “I would guess that the contracts protect them.”

    Lewis pointed to a recent case where a judge dismissed SEC charges against SolarWinds following a Russian hack, suggesting that similar protections might apply to CrowdStrike.

    Customer Retention Uncertain

    The impact on CrowdStrike’s customer base remains unclear. Dan Ives from Wedbush Securities estimates that less than 5% of customers might seek alternatives. “CrowdStrike is so entrenched that switching would be a gamble,” he noted. The real challenge for CrowdStrike could be the reputational damage, which might hinder new customer acquisition.

    “Today, CrowdStrike has become a household name, but not in a good way. This will take time to settle down,” Ives remarked.

    CrowdStrike CEO George Kurtz, in an interview on CNBC, emphasized the company’s focus on resolving the issues and expressed optimism about customer understanding. “My goal right now is to make sure every customer is back up and running,” he said.

    Despite Kurtz’s assurances, competitors may use the incident to attract CrowdStrike’s clients. “It’s a very competitive business. Rivals will be quick to claim this has never happened to them,” said Eric O’Neill, a cybersecurity expert and former FBI counterintelligence operative. He added, “CrowdStrike is an excellent company doing important work. I hope they survive this. If they don’t, the only winner will be the cybercriminals.”

  • Market Outlook: Key Earnings and Economic Data in Focus This Week

    This week, investors are set to scrutinize earnings reports from several major companies, with Tesla’s (TSLA) Tuesday announcement expected to be a significant highlight.

    Other prominent firms reporting include Alphabet (GOOG), Visa (V), Verizon Communications (VZ), IBM (IBM), and AT&T (T). The pharmaceutical sector will also see updates from AbbVie (ABBV), AstraZeneca (AZN), and Bristol Myers Squibb (BMY).

    In addition to corporate earnings, the June report on the personal consumption expenditures (PCE) index will be released, providing critical insight into whether inflation continues to decline. This data will be the Federal Reserve’s last update on prices before its late July meeting. Investors will also receive the first estimate of the second-quarter gross domestic product (GDP).

    Key Earnings to Watch

    Corporate earnings from top tech, telecom, and pharmaceutical companies will be closely monitored, with several high-profile second-quarter reports due this week.

    Tesla’s report on Tuesday is highly anticipated, following a better-than-expected quarterly delivery report that has boosted its shares. Tesla is expected to show second-quarter revenue close to what it posted in the same period last year.

    Alphabet will also report on Tuesday, aiming to improve on its previous quarter’s 15% revenue increase, which included the announcement of its first dividend for shareholders. IBM and ServiceNow will report on Wednesday.

    Major telecom companies are in focus as well, with Verizon Communications set to provide its financial update on Monday. AT&T will report on Wednesday amid ongoing challenges related to a data breach, while Comcast is scheduled for Tuesday.

    In the pharmaceutical sector, AbbVie’s earnings are due after the company warned of increasing competition for its popular arthritis drug Humira. AstraZeneca, Bristol Myers Squibb, and Thermo Fisher Scientific will also deliver their quarterly updates.

    Visa’s earnings report on Tuesday will offer insight into how consumers are coping with current credit conditions. Investors will also watch for earnings from consumer brands like Coca-Cola, which reports on Tuesday, to gauge whether shoppers are still willing to pay higher prices. Other consumer brands reporting this week include Colgate-Palmolive, 3M, and Unilever.

    Economic Data and Fed Outlook

    Key inflation data will be released on Friday, with the personal consumption expenditures (PCE) index expected to show whether price growth continued to slow in June. This data is crucial as Federal Reserve officials have indicated a growing confidence that the annual rate of price increases is approaching their 2% target. The Fed has maintained high interest rates to combat inflation spikes from 2022 and 2023, and is looking for more positive news on price levels before considering rate cuts.

    Friday’s PCE report is the last major economic data point before the Federal Open Market Committee (FOMC) meets at the end of July. While most investors and economists believe the Fed will wait until September to make a move, some argue that a rate cut could be justified in July if the inflation report is favorable. However, Federal Reserve officials are in a blackout period this week, prohibiting public comments ahead of the next FOMC meeting.

    Investors will also receive the first estimate of second-quarter GDP figures on Thursday. A strong June retail sales report has led some economists to anticipate stronger-than-expected GDP data.

    Additional economic data this week includes June updates for new and existing home sales, consumer sentiment, retail and wholesale inventories, and the June advance international trade report, which will update the U.S. trade deficit.

  • Wall Street Bets on Stocks Poised to Gain from Potential Trump Presidency

    Investors are placing bets on stocks that could benefit if former President Donald Trump returns to the White House. The speculation has intensified following an assassination attempt on the Republican candidate and a debate that dealt a blow to Democratic President Joe Biden, which analysts believe have increased the chances of a Republican victory.

    Trump’s social media company, Trump Media & Technology Group (DJT), isn’t the only stock experiencing a surge. Trump has hinted at his policy preferences, saying, “Drill baby drill, and close our borders,” during the Republican convention.

    Private Prisons Surge on Immigration Stance

    Private prison companies have seen significant gains, driven by Trump’s tough stance on illegal immigration. Shares of GEO Group (GEO), a Florida-based private prison investor, have risen over 28% in the past month. CoreCivic (CXW), which manages private prisons and detention centers in the US, has seen its stock climb more than 27%.

    Energy Sector Anticipates Regulatory Relief

    Energy stocks are poised to benefit from Trump’s promise of fewer restrictions on permits and drilling. Despite geopolitical factors playing a significant role in energy stock performance, a Trump presidency could lower permitting costs and boost profitability for oil companies, according to Matt Stephani, president of Cavanal Hill Investment Management. ExxonMobil (XOM) and EQT Corporation (EQT) are among the companies expected to gain from potential policy changes. Additionally, coal producer Peabody Energy (BTU) and steel company Nucor (NUE) have seen their stocks rise by roughly 7% since the June debate, anticipating increased US manufacturing.

    EV Market Faces Uncertainty

    Trump has vowed to scale back Biden’s clean energy initiatives, including electric vehicle mandates. While this could challenge the broader EV market, analysts suggest Tesla (TSLA) might still thrive due to Elon Musk’s close relationship with Trump. Higher tariffs on China could also reduce competition from cheaper Chinese EV manufacturers.

    Cryptocurrency Sector Gains Momentum

    Bitcoin (BTC-US) has risen roughly 10% since the assassination attempt on July 13, hovering near $65,000 per token. Trump’s recent embrace of cryptocurrency, including accepting campaign donations in Bitcoin and planning to speak at the Bitcoin Conference in Nashville, has boosted crypto-related stocks like Riot Platforms (RIOT), MicroStrategy (MSTR), and Coinbase (COIN), which have surged 35%, 21%, and 16%, respectively.

    Financials and M&A Stocks Expected to Benefit

    Banks, particularly regional ones, could benefit from expected regulatory easing under a Trump administration. Financial firms specializing in mergers and acquisitions, such as Lazard (LAZ), Moelis (MC), and Evercore (EVR), have seen double-digit percentage gains since the late June debate, anticipating a more favorable climate for M&A activities.

    Freddie Mac and Fannie Mae Privatization

    Trump’s push to privatize government-sponsored mortgage enterprises Fannie Mae (FNM.SG) and Freddie Mac (FHL.SG) has kept these stocks in the spotlight. Freddie Mac has risen more than 60% year to date and over 6% in the past month, while Fannie Mae shares have increased 34% this year and more than 7% in the past month.

    As Wall Street continues to react to the shifting political landscape, investors are positioning themselves to capitalize on a potential Trump presidency, which could bring significant changes to various sectors.

  • Southwest Airlines Blames Boiling Summer Heat for Exploding Soda Cans That Have Injured 20 Flight Attendants

    At least 20 Southwest Airlines flight attendants have sustained injuries this summer while trying to open beverages, according to The Washington Post.

    The report notes that the airline doesn’t use refrigerated trucks since it doesn’t serve meals or perishable food, leading to beverages being stored inside airports. A Southwest Airlines spokesperson confirmed the issue to Business Insider, attributing it to the scorching temperatures across the United States.

    “We’re aware of the issue and have been taking steps to keep onboard beverages cooler, especially in our airports experiencing extreme temperatures,” a statement read. “It’s a cross-functional effort between our airport teams and those in the air.”

    Airports in locations with high temperatures, such as Las Vegas, Phoenix, and many in Texas, are experiencing record heat. “For the safety of our employees and customers, we are taking education and mitigation measures on all heat-related hazards,” the statement continued.

    This summer, parts of the world have been engulfed by extreme heat. Climate scientists have identified 2023 as the hottest year on record since 1850, with 2024 potentially following suit.

    In May, up to 85 howler monkeys in Tabasco dropped dead from trees due to a heat wave in southeast Mexico. June saw wildfires on the Greek island of Cyprus following extreme temperatures.

    Italy also faced soaring temperatures this month, prompting the health ministry to place 12 cities under its most intense heat warning, according to NPR.

    In the United States, the heat has worsened post-Hurricane Beryl conditions in Texas. The Weather Channel reported that at least six people in the Houston area have died due to rising temperatures, with the death toll expected to rise. CenterPoint Energy, the primary energy provider in Houston, reported that more than 2 million customers lost power following the hurricane.

  • Biden Inquires About Harris’s Chances in 2024 Election: Report

    President Biden is reportedly expressing new interest in whether Vice President Kamala Harris could defeat former President Trump in the 2024 election, according to a report from the New York Times.

    While Biden and his team have publicly maintained that he is committed to staying in the race, the 81-year-old president is now asking if Harris could win. Several polls show Harris matching or even exceeding Biden’s performance against Trump, amid growing calls from Democrats for Biden to withdraw.

    “To some degree, the vice president is auditioning now for the job and they should help her lean in, and I think her leaning in could be beneficial to bolstering Biden whether he steps aside or not,” former Harris aide Ashley Etienne told the Times.

    Harris is viewed as the most obvious candidate to replace Biden, largely due to her presumed access to the Biden-Harris campaign funds should the president step aside. Any other candidate would face uncertainty in accessing the tens of millions of dollars donated throughout the race.

    The White House responded to the Times report in a statement to Fox News Digital, emphasizing Biden’s commitment to his campaign. “That claim is false and The New York Times did not ask us about it. As Jen O’Malley Dillon said, he ‘is more committed than ever.’ And as you heard from the President, he looks forward to campaigning this week,” said White House spokesman Andrew Bates.

    Democrats have generally coalesced around Harris as the potential replacement for Biden if he withdraws, though questions remain about how she could best assume the role. “Most Democrats think it should be an open process,” former Sen. Heidi Heitkamp, D-N.D., told the Times. “The best thing for Kamala Harris is to win a contested convention fight because it would legitimize her candidacy. If it’s a backroom deal, you haven’t earned it, and people want you to earn it. And once you earn it, you get a huge bounce.”

    A Friday poll from the AP-NORC Center for Public Affairs Research found that about six in 10 Democrats believe Harris would do a good job as president. About two in 10 Democrats don’t believe she would, and another two in 10 say they don’t know enough to say.

    Polls indicate Democratic voters are increasingly dissatisfied with Biden. A Suffolk University/Boston Globe poll of Massachusetts residents found that 64% of likely Democratic or Democratic-leaning voters want someone other than Biden to face off against Trump. Similarly, the AP-NORC national survey found that 65% of Democrats say Biden should drop out of the race.

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