Evernest buys Ringgold, Georgia, property management firm and more business news

Evernest buys Ringgold property management firm

Evernest, a Birmingham, Alabama-based real estate company that manages more than 7,000 rental homes and multi-family units in 20 cities across the country, has acquired DK Properties in Ringgold, Georgia.

The acquisition is the 19th such business purchase by Evernest and will add more than 350 homes to the company’s management portfolio.

“DK Properties has a rich history of superior client care in Chattanooga,” Matthew Whitaker, the founder of Evernest said in a statement about the purchase. “We plan to uphold that legacy while enhancing services, expanding resources and working closely with DK Properties staff to ensure a smooth transition.”

Brandon King, who owned DK Properties, said he has known Whitaker for years and Evernest “met my high expectations for client care.”

“As Evernest expands our footprint in Chattanooga, we’re excited to help residents, owners, and investors achieve their real estate goals, whatever those may be,” said Whitaker.

In addition to its property management, Evernest brokers more than 700 investment deals annually, and has been on the Inc. 5000 list of the fastest growing companies for five of the last six years.


Stock market drops 8 of the past 9 weeks

Stocks ended another bumpy week with more losses Friday as investors considered the downside of the still-strong U.S. jobs market.

The S&P 500 fell 1.6%, marking its eighth losing week in the last nine. Losses in big technology companies helped pull the Nasdaq down 2.5%. The Dow Jones Industrial Average lost 1%.

A report showing stronger hiring last month than expected is good news for the economy amid worries about a possible recession. But many investors saw it keeping the Federal Reserve on its path to hiking interest rates aggressively.

The yield on the 10-year Treasury note rose to 2.95%.


Axon sparks debate on taser-armed drones

Taser developer Axon said this week it is working to build drones armed with the electric stunning weapons that could fly into schools and “help prevent the next Uvalde, Sandy Hook, or Columbine.”

But its own group of technology advisers quickly panned the idea as a dangerous fantasy. The publicly traded company, which sells Tasers and police body cameras, floated the idea of a new police drone product last year to its artificial intelligence ethics board, a group of well-respected experts in technology, policing and privacy. Some of them expressed reservations.

But they did not expect Axon’s Thursday announcement that it wants to send those Taser-equipped drones into classrooms.


New York passes bill to limit cryptomining

The New York Legislature has approved a milestone environmental measure designed to tap the brakes on the spread of cryptocurrency mining operations that burn fossil fuels.

Both supporters and opponents say the legislation is the first of its kind in the U.S. The Senate approved it early Friday, and it now goes to Democratic Gov. Kathy Hochul for consideration. The measure would establish a two-year moratorium on new and renewed air permits for fossil fuel power plants used for what’s called proof-of-work cryptomining.

Environmentalists say cryptomining operations that burn natural gas threaten the state’s ability to meet climate goals. Supporters of cryptocurrency say the measure would crimp economic development.


Tesla owners complain about driving systems

More than 750 Tesla owners have complained to U.S. safety regulators that cars operating on the company’s partially automated driving systems have suddenly stopped on roadways for no apparent reason.

The National Highway Traffic Safety Administration revealed the number in an information request letter to Tesla that was posted Friday on the agency’s website. The 14-page letter dated May 4 asks the automaker for all consumer and field reports about false braking, as well as reports of crashes, injuries and deaths.

— Compiled by Dave Flessner