Daniel Cullinane CPA

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MBA Taxation

Daniel Cullinane CPA

2500 Plaza 5 25th fl  Jersey City NJ 07311                                                          phone 732-516-1648  fax 732-516-9778

                 MBA TAXATION                                                                                                         

Copyright ©​ Daniel Cullinane CPA.

​One item that was included in the State of the Union speech but did not gain a lot of traction during the following media claw-through was the fact that both the Republicans and the Democrats know that the United States is in great need of infrastructure repair and replacement. With crumbling bridges and roadways, out-of-date airports, an old electricity grid and countless other projects to attend to, it’s a good bet that steel demand will spike higher in the coming years.

A new Deutsche Bank research report notes that steel prices finally are starting to rise again after falling from last summer’s highs. The report noted this:

The world export for hot rolled coil steel price is likely to remain supported by the recent rally in the seaborne iron ore price. Given the lack of arbitrage, sheet imports into the US should trend lower and domestic pricing could see some moderate traction from the announced price hike. The magnitude of any increase will be dependent on improvement in ordering activity (though customers would seek mills to pass on any decline in prime scrap costs for February). The NYMEX future curve has moved higher in the past month, with second quarter 2019 contracts trading at ~$725/st.

These four stocks are rated Buy at Deutsche Bank and look like solid picks for growth investors looking to add shares.

Commercial Metals

This lesser known stock provides solid value for investors at current trading levels. Commercial Metals Co. (NYSE: CMC) manufactures, recycles and markets steel and metal products and related materials and services in the United States and internationally.

As one of the leading suppliers to the nonresidential construction sector, Commercial Metals has revived as that area of the market has picked up. The U.S. Architecture Billings Index, an economic indicator that provides nine-to-12-month growth forecast of nonresidential construction spending activity, has shown very consistent growth, and that bodes well for the company.

Shareholders receive a 2.96% dividend. The Deutsche Bank price target on the shares is $22, while the Wall Street consensus is $21.36. The shares closed Thursday at $16.23, down over 6% on the day.

Nucor

This top steel company could continue to do very well if the economy sees continued strength this year and nonresidential construction grows. Nucor Corp. (NYSE: NUE) is one of North America’s largest steel producers, with almost 27 million tons of finished steel capacity at 23 mini-mills throughout the United States. The company’s downstream steel products business includes rebar fabrication, steel joists/deck, cold finished bars, fasteners, building systems and wire mesh. Nucor also has 5 million tons of scrap processing capacity.



















































































Nucor has always kept a very conservative balance sheet and is poised for slow but steady growth next year and beyond, especially if a huge infrastructure build-out becomes a reality.  In addition, global weather catastrophes have also helped continue to drive the need for steel products.

Nucor investors receive a 2.70% dividend. Deutsche Bank has a $65 price target, and the consensus target is higher at $70.43. The stock closed at $59.34 on Thursday.

ALSO READ: Merrill Lynch Has 5 Safe Growth Stocks to Buy That All Yield 5% or More

Ryerson

This top small-cap play could make sense for more aggressive accounts. Ryerson Holdings Inc. (NYSE: RYI) offers a line of stainless steel, aluminum, carbon steel and alloy steels, as well as nickel and red metals in various shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structurals and tubings.

The company also provides value-added processing and fabrication services, such as sawing, slitting, blanking, cutting to length, leveling, flame cutting, laser cutting, edge trimming, edge rolling, roll forming, tube manufacturing, polishing, shearing, forming, stamping, punching, rolling shell plate to radius and processing materials to a specified thickness, length, width, shape and surface quality pursuant to specific customer orders.

The $10 Deutsche Bank price target compares with the $8.92 consensus target and the most recent close at $7.16, after dropping over 5.5% on the day.

Steel Dynamics

This is another steel company on which Deutsche Bank remains very positive. Steel Dynamics Inc. (NASDAQ: STLD) operates six steel mini-mills in Indiana, Virginia, Mississippi and West Virginia. Production capacity has been nearly 10 million tons, of a total 110 million U.S. capacity.

The company makes flat-rolled products, special/merchant bars and structural steel products. Steel Dynamics can process about 7 million tons of ferrous scrap and has a downstream operation that processes finished steel.

Shareholders are paid a 2.08% dividend. The Deutsche Bank price target is $44. The $36 consensus estimate compares with Thursday’s close at $36.79.

Why McDonald’s Is Adding a New Breakfast Item

By Chris Lange February 11, 2019 9:00 am ESTPrintEmail
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McDonald’s Corp. (NYSE: MCD) announced early on Monday that it would be introducing a new item on its breakfast menu. The Golden Arches is introducing McCafé Donut Sticks, which will only be available for a limited time starting February 20.

This move seems to be engineered by management after the burger chain announced that it saw its all-day breakfast sales fall off in its most recent quarterly results.

Linda VanGosen, McDonald’s Vice President of Menu Innovation, commented:

We are proud of our breakfast offerings, and excited to share new Donut Sticks with our customers. Donut Sticks are the perfect complement to our existing breakfast lineup, and pair deliciously with our fresh brewed premium roast McCafé coffee. We initially tested them in select Illinois restaurants in early 2018, and then again in October 2018, as it was critical that we perfected them before we brought them to our customers nationwide. We looked at several donut shapes, tested a variety of doughs and even worked to get the amount of cinnamon sugar just right for the recipe. We are thrilled to be making breakfast at McDonald’s even more delicious by introducing Donut Sticks.

McDonald’s has underperformed the broad markets, with its stock down about 1.6% year to date. In the past 52 weeks, the stock is actually up 5.5%.

Shares of McDonald’s closed Friday at $174.75, in a 52-week range of $146.84 to $190.88. The consensus analyst price target is $196.78.

By Chris Lange February 11, 2019 9:00 am EST
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Share

McDonald’s Corp. (NYSE: MCD) announced early on Monday that it would be introducing a new item on its breakfast menu. The Golden Arches is introducing McCafé Donut Sticks, which will only be available for a limited time starting February 20.

This move seems to be engineered by management after the burger chain announced that it saw its all-day breakfast 

​CURRENT STATE

​CURRENT CONDITIONS

​FEBRUARY NEWSLETTER 3

​The broad markets ended the past week on a negative note, after coming off of an incredible rally in January. Although many companies ended the week with solid gains from earnings, prevailing headwinds kept the S&P 500 and Dow Jones industrials down. There are still more big companies reporting this week, and after the best January in more than 30 years, it remains to be seen if markets can keep pushing higher.

24/7 Wall St. has reviewed some of the key companies reporting this coming week. We have included the consensus earnings estimates from Thomson Reuters and the stock price and trading history, as well as some additional color on each.

Be advised that the earnings and revenue estimates may change ahead of the formal reports, and some companies change earnings dates as well.

Shopify Inc. (NYSE: SHOP) is scheduled to report its fourth-quarter results before trading opens on Tuesday. The consensus estimates call for earnings per share (EPS) of $0.20 and $327.63 million in revenue. Shares were changing hands at $175.95 on Friday’s close. The consensus price target is $163.31, and the 52-week trading range is $112.50 to $176.99.

Under Armour Inc. (NYSE: UAA) is expected to report its fourth-quarter results early Tuesday as well. The consensus estimates are $0.04 in EPS on revenue of $1.38 billion. Shares were last seen changing hands at $20.75. The consensus price target is $20.96, and the 52-week trading range is $12.87 to $24.96.

Activision Blizzard Inc. (NASDAQ: ATVI) is expected to report its most recent quarterly results Tuesday afternoon. The consensus analyst estimates call for $1.29 in EPS and revenue of $3.04 billion. Shares of Alphabet traded at $43.41 on Friday’s close. The consensus price target is $62.59, and the 52-week trading range is $42.53 to $84.68.

Groupon Inc. (NASDAQ: GRPN) also is set to report its fourth-quarter results after the closing bell on Tuesday. The consensus estimates are $0.13 in EPS and $788.03 million in revenue. Shares closed trading at $3.60 apiece on Friday. The consensus price target is $4.26, and the stock has a 52-week range of $2.80 to $5.52.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) is scheduled to report its fourth-quarter results first thing Wednesday morning. The consensus estimates call for EPS of $0.54 and $4.52 billion in revenue. Shares closed at $18.22 on Friday. The consensus price target is $22.47, and the 52-week trading range is $14.59 to $25.96.

Cisco Systems Inc.’s (NASDAQ: CISCO) fiscal second-quarter report is scheduled for Wednesday after the closing bell. The consensus forecast calls for $0.72 in EPS on $12.41 billion in revenue. Shares ended the week trading at $47.19 apiece. The consensus price target is $52.64, and the 52-week trading range is $38.23 to $49.47.

Yelp Inc.’s (NYSE: YELP) fourth-quarter report is due Wednesday after the close. The consensus forecast calls for $0.10 in EPS on $241.19 million in revenue. The stock ended the week at $37.98 a share. The consensus price target is $37.18, and the 52-week trading range is $29.33 to $52.50.

Coca-Cola Co. (NYSE: KO) is expected to share its fourth-quarter results early Thursday. The consensus estimates are $0.43 in EPS on revenue of $7.03 billion. Shares were changing hands at $49.50 on Friday’s close. The consensus price target is $51.88, and the 52-week trading range is $41.45 to $50.84.

Applied Materials Inc. (NASDAQ: AMAT) will report its fiscal first-quarter results late on Thursday. Overall, analysts expect to see $0.79 in EPS, as well as $3.71 billion in revenue. Shares were last seen at $39.78. The consensus price target is $47.73. The stock has a 52-week trading range of $28.79 to $62.40.24/7 Wall St.
5 New Stocks to Buy Trading Under $10 With Incredible Upside Potential

Look for Nvidia Corp. (NASDAQ: NVDA) to release its most recent quarterly results late on Thursday. The consensus forecast calls for $1.40 in EPS and $2.7 billion in revenue for the fourth quarter. Shares closed most recently at $148.17. The consensus price target is $227.18, and shares have traded between $124.46 and $292.76 in the past 52 weeks.

And Deere & Co. (NYSE: DE) reports its fiscal first-quarter results on Friday morning. The consensus estimates call for EPS of $1.76 and $6.82 billion in revenue. Shares most recently traded at $162.75. The consensus price target is $176.71. The stock has a 52-week range of $128.32 to $175.26.

​PRICE OF STEEL UP

​HIRING PRACTICES

This move to create a more diverse and inclusive workplace (beyond just playing lip service to it on a website) is pushing employers to evaluate their practices at every level -- from recruitment to learning and development, to terminations and everything in between. Thought leaders and leading practitioners are reckoning with more than just outright discrimination in their talent programs, too. It's now time to dig into the accidentally biased practices that, though unintentionally prejudiced, are problematic nonetheless. And unfortunately, they're also pervasive.

Think you're in the clear? Take a look at the examples below. These six slip-ups are in fact common primarily because the underlying bias is accidental (and, for many, non-obvious at first glance). See if any of these sound familiar ...

1. Writing exclusionary job descriptions

Well-meaning managers and recruiters can inadvertently discourage whole groups of would-be applicants by using gendered, ageist or otherwise restrictive terms in job descriptions. Consider postings that use titles such as social media "rock star" or analytics "ninja" -- these are both male-oriented words, and could turn some people off.

Another thing to be careful of: labeling certain skills, degrees or experiences "required" when they're really just nice-to-haves. Research shows that women are significantly more likely than men to interpret listed requirements as literally required and forego applying if they don't meet the exact qualifications.

(Tip: Tools such as Textio Hire and Koru's Job Description Analyzer can help you refine and optimize your job descriptions.)

Related: What Google Learned Fighting Hiring Bias, Bad Meetings and Failing Products

2. Overlooking (or not expanding beyond) certain job boards

Think about where you post your jobs: Are your listings reaching a diverse audience? Do you stick only to mainstream job boards? Are you partial to niche sites, exclusive networks or certain college job hubs?

None of these approaches are inherently bad but be mindful of how wide (or not) of a net you're really casting. It's fine to target these sites and networks, but not at the exclusion of other job boards and communities that could just as well send you great candidates.

3. Filtering for big-name schools or brands

We totally get it. Recruiters are slammed and need to sift through hundreds, sometimes thousands, of resumes. So, it's understandable that they've historically used markers like alma mater or previous employer to quickly cut down a giant pile of resumes. But, consider the baked-in privilege and prejudice that's perpetuated with this approach. By favoring certain universities or companies, you're adopting other institutions' admissions or selection criteria, which are undoubtedly rife with their own biases.

Related: How to Stop Unconscious Bias Before It Starts, Against the People You Hire

Check out how diversity in a talent pool changes for campus recruiting initiatives when filtering for school or GPA. As the data shows, if you screen by top brandcolleges, you reduce the opportunity for underrepresented minorities by 23 percent.

Better to select for criteria that are proven to be predictive of performance.

4. Using non-diverse interview panels

Even the most informed, most kind-hearted, most self-aware humans among us are not entirely objective. No one is immune to developing implicit biases, the automatic assumptions and generalizations based on society's stereotypes we all subconsciously make. Unfortunately, these skewed views often go unchecked in the interview process due to using a non-diverse mix of interviewers. Having multiple backgrounds and worldviews in the interview loop helps counter incorrect presumptions and illegitimate hiring decisions.

5. Using unstructured interview processes

When you're hiring for a particular role at your company, do your interviewers ask a consistent set of questions or do they ask whatever's on top of mind? Do each of the interviewers follow the same framework for assessing and ranking candidates from interview to interview?

It seems obvious that standardizing all elements of the interview process is the only way to make it fair, but too often, things are a little (or a lot) less streamlined. And when things are loose, the door for bias is left open. Moreover, they aren't effective anyways. An unstructured interview adds only 8 percent to the predictive power of knowing someone's raw intelligence alone.

6. Letting likeness or likeability sway decisions

We have all heard of "the beer test" and "mini-me hiring," or at least the general concepts behind them: hiring someone based on if you'd enjoy having a beer with them, or hiring someone who reminds you of yourself, respectively. These are pretty plainly biased ways of choosing a new team member, but people aren't always aware they're engaging in them (diverse panels and structured interviews really help here).

Two related issues under the likeness/likeability umbrella are: hiring based on communication skills (really, interviewing skills) and hiring for "culture fit" (when your culture itself contains biases). In the former, a strong interviewee can beat out a more qualified candidate just by virtue of being more likeable or sounding more competent. In the latter, a great candidate can be overlooked because he or she is deemed "not a fit" -- which itself is a perfectly fine reason to pass on someone, but only if your cultural principles are free of bias.

Entrepreneurs and business owners are in a war for hourly workers. Hourly workers are a major driver of the economy in the United States. Seventy-eight million people, or 59 percent of the workforce, are hourly workers. However, hiring hourly workers is challenging. Hourly workers of restaurants, bars, stores and other local businesses change jobs frequently.

Related: As Restaurant Chains End 'No-Poach' Policies, How Will Franchisees Retain Trained Employees?

Today, turnover of hourly workers is one of the industry's biggest workforce problems. In a survey by Society of Human Resource Management, respondents reported that the average annual turnover for hourly workers is 49 percent, at an average cost of $4,969 per employee. In addition, this is increasing rapidly with an annual increase of 39 percent for hourly workers and a staggering 314 percent increase in turnover for managers.

In addition, with the growth of the gig economy with companies like Uber, Lyft, DoorDash and more, there is increased competition with local businesses for hiring hourly workers. In October 2018, the number of job openings in America reached over 7 million, and will exceed the number of job seekers.

Here are share some strategies and techniques for hiring hourly workers.

1. Set up an employee referral program.

As with many industries and sectors, referrals work! One strategy for business owners is to create an incentive scheme for successful referrals which can take the form of a small cash bonus or other rewards. For example, whenever a new hourly worker is hired, immediately ask her or him for three introductions or names that can be introduced to the company. This is very helpful as you will be able to create leverage and reach more hourly workers who are of similar backgrounds that you like to hire.

2. Share on closed communities like Facebook Groups and Yelp.

There are many closed communities and trusted networks of people who may be looking for work. For example, there are many Facebook Groups in each local city, sectors and industries where Facebook users come together to offer support and advice for job seeking. Some examples of Facebook Groups could include "Uber drivers in San Francisco" or "Baristas in Boston." As this is a trusted network, potential hourly workers are more likely to respond to messages that are posted in the group or to respond to job postings.

Related: How These Franchisees Keep Their Young Workforce Motivated

3. Post on Craigslist and Indeed.com every day in the early morning.

Online job postings on Craigslist, Indeed.com and other job boards remain some of the best ways to reach out to hourly workers. However, the key is to be persistent and to re-post these job ads every morning, in order for the job postings to appear at the top of the job boards. In addition, it is important to structure the job postings to be attractive, including highlighting monetary compensation, strong culture or flexible working hours. It is important to engage with potential job hourly workers with your online job ads and differentiate yourself from the thousands of other employers who are also trying to hire in today's competitive market.

4. Organize a jobs fair or event.

Host a fun job fair! Offer free food, coffee or free company products to potential applicants who take the time to show up at your job fair. It is very helpful for potential hourly workers to meet you and your managers in person, and to understand your brand, culture and product better. In addition, one of the key things you should do that will help in organizing a job fair is to build up an internal database of candidates. You can host periodic career fairs or events, and send out messages to these potential applicants for the event.

5. Put up job posters in your neighborhood and in your stores.

You need to find hourly workers where they are. Put up attractive job posters where hourly workers can text to apply easily from their mobile phones. The best places to put up job posters can be your own physical stores, or local coffee shops, supermarkets, churches and coworking spaces. There are often bulletin boards at these locations where you can put up marketing materials for free and attract potential hourly workers.

Related: Why MOD Pizza Loves Hiring Ex-Cons

6. Put advertisements in local newspapers and magazines.

Offline channels can be extremely effective for hiring hourly workers. Local newspapers and magazines are still widely read by potential job applicants who are looking for hourly work. You can look for local newspaper and magazines that are distributed among different ethnic groups or languages that could also help you to broaden your reach into more communities.

7. Partner with local community colleges and schools.

There are many students at local community colleges who have recently finished high school and are eager to get their first working experiences. All of these community colleges have career centers and career fairs, and employers can often sign up or connect with them to access potential job applicants. Another strategy is to get to know the instructors in the fields that you are looking to hire, for example at culinary schools, as the instructors may be able to make recommendations.

Hourly recruiting is similar to the positions one is hiring for -- it is hands-on, difficult and sometimes it can be grinding and laborious work. However, hourly workers play a significant role in many companies today. From technology companies like Amazon to retail companies like Walmart, Starbucks and more, hourly workers are the heartbeat of millions of companies that is transforming the economy today. Hiring hourly workers is indeed a very different process than hiring white-collar workers. Therefore, it is important for us to recognize the different techniques to engage with hourly workers, and to connect with them in those channels.

V​Major strikes kept a total of nearly half a million people out of work for some period last year. The Bureau of Labor Statistics listed 20 work stoppages as major strikes.

BLS data show that the number of strikes, which it labels as “work stoppages” was at the highest level since 2007 when there were 21 events. The number of people idled was the highest since 1986 when the figure was 500,000 people.

Two industries accounted for almost all the major strikes, the BLS reports: “Educational services and health care and social assistance industry groups accounted for over 90 percent of all workers idled in 2018. Between 2009 and 2018 the educational services and health care and social assistance industries accounted for nearly one half of all major work stoppages.”

The two strikes which idled the most workers the longest were in Arizona and Oklahoma. The BLS reports: “In 2018, the largest work stoppage by days idle was between the Arizona State Legislation and Arizona Education Association and involved 81,000 teachers and staff totaling 486,000 days of idleness. The second largest stoppage in 2018 involved the Oklahoma State Legislature and the Oklahoma Education Association accounting for 405,000 days.”

​STRIKES

​BREAKFAST

One item that was included in the State of the Union speech but did not gain a lot of traction during the following media claw-through was the fact that both the Republicans and the Democrats know that the United States is in great need of infrastructure repair and replacement. With crumbling bridges and roadways, out-of-date airports, an old electricity grid and countless other projects to attend to, it’s a good bet that steel demand will spike higher in the coming years.

A new Deutsche Bank research report notes that steel prices finally are starting to rise again after falling from last summer’s highs. The report noted this:

The world export for hot rolled coil steel price is likely to remain supported by the recent rally in the seaborne iron ore price. Given the lack of arbitrage, sheet imports into the US should trend lower and domestic pricing could see some moderate traction from the announced price hike. The magnitude of any increase will be dependent on improvement in ordering activity (though customers would seek mills to pass on any decline in prime scrap costs for February). The NYMEX future curve has moved higher in the past month, with second quarter 2019 contracts trading at ~$725/st.

These four stocks are rated Buy at Deutsche Bank and look like solid picks for growth investors looking to add shares.

Commercial Metals

This lesser known stock provides solid value for investors at current trading levels. Commercial Metals Co. (NYSE: CMC) manufactures, recycles and markets steel and metal products and related materials and services in the United States and internationally.

As one of the leading suppliers to the nonresidential construction sector, Commercial Metals has revived as that area of the market has picked up. The U.S. Architecture Billings Index, an economic indicator that provides nine-to-12-month growth forecast of nonresidential construction spending activity, has shown very consistent growth, and that bodes well for the company.

Shareholders receive a 2.96% dividend. The Deutsche Bank price target on the shares is $22, while the Wall Street consensus is $21.36. The shares closed Thursday at $16.23, down over 6% on the day.

Nucor

This top steel company could continue to do very well if the economy sees continued strength this year and nonresidential construction grows. Nucor Corp. (NYSE: NUE) is one of North America’s largest steel producers, with almost 27 million tons of finished steel capacity at 23 mini-mills throughout the United States. The company’s downstream steel products business includes rebar fabrication, steel joists/deck, cold finished bars, fasteners, building systems and wire mesh. Nucor also has 5 million tons of scrap processing capacity.

Nucor has always kept a very conservative balance sheet and is poised for slow but steady growth next year and beyond, especially if a huge infrastructure build-out becomes a reality.  In addition, global weather catastrophes have also helped continue to drive the need for steel products.

Nucor investors receive a 2.70% dividend. Deutsche Bank has a $65 price target, and the consensus target is higher at $70.43. The stock closed at $59.34 on Thursday.


Ryerson

This top small-cap play could make sense for more aggressive accounts. Ryerson Holdings Inc. (NYSE: RYI) offers a line of stainless steel, aluminum, carbon steel and alloy steels, as well as nickel and red metals in various shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structurals and tubings.

The company also provides value-added processing and fabrication services, such as sawing, slitting, blanking, cutting to length, leveling, flame cutting, laser cutting, edge trimming, edge rolling, roll forming, tube manufacturing, polishing, shearing, forming, stamping, punching, rolling shell plate to radius and processing materials to a specified thickness, length, width, shape and surface quality pursuant to specific customer orders.

The $10 Deutsche Bank price target compares with the $8.92 consensus target and the most recent close at $7.16, after dropping over 5.5% on the day.

Steel Dynamics

This is another steel company on which Deutsche Bank remains very positive. Steel Dynamics Inc. (NASDAQ: STLD) operates six steel mini-mills in Indiana, Virginia, Mississippi and West Virginia. Production capacity has been nearly 10 million tons, of a total 110 million U.S. capacity.

The company makes flat-rolled products, special/merchant bars and structural steel products. Steel Dynamics can process about 7 million tons of ferrous scrap and has a downstream operation that processes finished steel.

Shareholders are paid a 2.08% dividend. The Deutsche Bank price target is $44. The $36 consensus estimate compares with Thursday’s close at $36.79.

​HIRING WORKERS

SWEDEN

“It’s possible that Apple overestimated the favor it holds with citizens and underestimated the resistance it would face to approval.”

 From Michael Steeber’s “Apple looks to sell Stockholm property following blocked flagship store plan,” posted Friday on 9to5Mac.

As the sun sets on plans to transform a historic park in Stockholm with the addition of a flagship Apple store, Apple is now looking to unload the property it planned to occupy and distance itself from the project, according to a new report from Swedish publication Fastighetsvärlden. The property sale would mark a disappointing end to an extensive and expensive investment for Apple as it seeks to expand and modernize its retail experience worldwide.

Last October, new Stockholm City Council leadership vowed to halt Apple’s retail plans for Kungsträdgården, one of the oldest and most respected parks in Stockholm. Designed by architects Foster + Partners, the store was destined to replace an existing TGI Fridays with a glass and stone pavilion anchoring the entrance to the public square. Swedish officials and citizens scorned the move as an attempt to privatize public space and commercialize a revered landmark in Stockholm…

Last July, public consultation began on Apple’s draft proposal which eventually yielded more than 1,700 comments, mostly negative. According to Fastighetsvärlden, Apple representatives were “completely furious” after the store was ultimately blocked and told officials it wanted no further part in the project. Real estate company Vasakronan attempted to offer Apple other available properties in the city, but none of these options were suited to Apple’s retail tastes.

An earlier report notes that Apple may have been warned at the outset of the project that it would not be allowed to build in Kungsträdgården but went ahead with the purchase anyway. It’s possible that Apple overestimated the favor it holds with citizens and underestimated the resistance it would face to approval.