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Can Guess? Fuel an Abercrombie-Like Short Squeeze? 2024-04-10 12:00:00+00:00 - Key Points Guess? is an accessible and affordable luxury fashion brand operating in over 80 countries. The company reported a blowout fiscal Q4 2024 EPS beat by 45 cents and authorized a $200 million stock buyback and a one-time special dividend payment of $2.25 per share in addition to the normal 30 cents distribution. The stock's structure of a tiny 27 million share float with a 26% short interest trading at 10.45x forward earnings parallels the spark that led to the 354% run-up in Abercrombie & Fitch stock. 5 stocks we like better than Guess? Fashion apparel brand Guess? Inc. NYSE: GES stock recently surged on its fourth-quarter fiscal 2024 results. The consumer discretionary sector company saw its shares spike 20% on strong results accompanied by a $200 million stock buyback authorization and a special dividend of $2.25 per share. Guess? is a worldwide fashion retailer operating in over 80 countries. Its recent price gap carries some similarities to another turnaround stock, Abercrombie & Fitch Co. NYSE: ANF. The company has found its niche in accessible and affordable luxury, which is much higher quality than fast fashion but cheaper than premium luxury brands. While the clothes aren't considered cheap by any means, they are often discounted online, making them accessible -- very much like its models, family and photographers through interviews and videos on its website. Its products can be found in department stores like Macy's Inc. and Nordstrom Inc. Get Guess? alerts: Sign Up Similarities with Abercrombie & Fitch Shares of Abercrombie & Fitch have seen a meteoric rise from $22 in May 2023 to a peak of $140.28 in March 2024, rising 354% in the past year. Fundamental improvements certainly paved the way, but the added 10% short interest on a tiny 49 million share float trading at 16.15x forward earnings helped accelerate it to triple-digit levels. By comparison, Guess? has an even higher short interest of 26% on a smaller float of 27 million shares trading at an even cheaper 10.45x forward earnings. The company announced it is about to exceed $3 billion in revenues for the first time after integrating recently acquired rag & bone. In addition, Guess? just authorized a $200 million stock buyback program and a special $2.25 one-time dividend payout. Strong Earnings Beat Guess? reported fiscal Q4 2024 EPS of $2.01 per share, beating the $1.56 consensus analyst estimate by 45 cents. Revenues gained 9% YOY to $891.05 million versus $855.54 million consensus estimates. The company delivered $330 million in operating cash flow and $248 million in free cash flow, ending the year with $360 million in cash. Due to the strong cash position, the Board declared a special dividend of $2.25 per share to be paid in May 2024, in addition to the regular dividend of 30 cents per share. Mixed Guidance Guess? provided somewhat mixed guidance missing on EPS but beating on revenue guidance. For fiscal Q1 2025, it sees EPS losses of 41 cents to 37 cents, falling short of the loss of 2 cents consensus analyst estimates. Q1 2025 revenues are expected to rise 1% to 2% YOY or $576 million to $581 million versus $573.03 million consensus estimates. Fiscal full-year 2025 EPS is expected to be between $2.56 and $3.00 versus $2.97 consensus estimates. Full-year 2025 revenues are expected to grow 11.5% to 13.5% or $3.096 billion to $3.151 billion, crushing the $2.84 billion consensus analyst estimates. Margin Improvement The fiscal full-year 2024 operating margin was 9.5%, with an adjusted operating margin of 9.2%. GAAP EPS was $3.09, and adjusted full-year Adjusted EPS was $3.14. Management Insights Guess? CEO Carlos Alberini noted the rag & bone acquisition and the Guess Jean launch are meant to capture demand from Gen-Z consumers. rag & bone operates 34 stores in the United States and two in the United Kingdom. Its products are also distributed in high-end boutiques and select department stores, generating $252 million and an adjusted EBITDA of $18 million in 2023. Alberini noted that a strong EPS of $3.14 was last achieved 12 years ago in 2012. “We have built a powerful global platform that will enable us to drive the development and expansion of our Guess and Marciano businesses, as well as rag & bone, which we are thrilled to be adding to our portfolio through our first acquisition since Guess was created 43 years ago," said Guess? Co-Founder Paul Marciano. Daily Pennant Pattern The daily GES candlestick chart illustrates a pennant pattern. The pennant is a symmetrical triangle with a preceding flagpole indicating a parabolic spike or gap. The descending upper trendline formed at the $33.50 swing high on April 1, 2024, and the ascending lower trendline formed off the $29.42 low on March 26, 2024. The flagpole formed on the Q4 2023 earnings report gap on March 21, 2024, as shares jumped 20.69% following the upbeat earnings and guidance. The daily relative strength index (RSI) has since peaked at the 80-band and has been falling to the 59-band. Pullback support levels are at $ 29.42, $27.55, $26.26, $24.58. → Claim Your Complimentary Bitcoin Reward (From Crypto Swap Profits) (Ad) Before you consider Guess?, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Guess? wasn't on the list. While Guess? currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Can Tyson Win from Repealing Its No-Antibiotic Chicken Pledge? 2024-04-10 11:55:00+00:00 - Key Points Tyson Foods is the nation's largest beef seller and supplies nearly 20% of all the chicken in the United States. Tyson repealed its "No Antibiotics Ever" label in July 2023 after bird flu outbreaks; Chick-fil-A modified its "No Antibiotics Ever" policy to "No Antibiotics Important to Human Medicine" on March 24, 2024. Tyson Foods continues to recover from its Q4 2023 earnings drop fueled by rising beef prices, possibly driven by high protein, low-carb trends like carnivore and keto diets. 5 stocks we like better than Tyson Foods The avian flu (H5n1) is making headlines again as it spreads through livestock, including cattle and hens -- and even humans are catching the disease. The nation's egg supply is facing tighter supplies as a result of the depopulation (termination) of egg-laying hens that were caught in the outbreak. As a deterrent, the nation's largest poultry and beef producer, Tyson Foods Inc. NYSE: TSN, repealed its no-antibiotics pledge last year to combat the spread of bird flu. Investors have been wondering whether this will be good or bad for the consumer staples sector giant, especially during the carnivore diet trend that's been driving demand for beef and poultry as a side effect of the Ozempic weight-loss trend. Get Tyson Foods alerts: Sign Up CDC Bird Flu Health Alert Issued On April 5, 2024, the U.S. Centers for Disease Control (CDC) issued a health alert after identifying a second case of a human avian influenza (H5n1) inflection contracted by contact with infected dairy cows. The first human infection was reported in 2022 through dairy cattle as well. The CDC recommends personal protective equipment (PPE) when in contact with persons exposed to sick or dead livestock or wild animals that may be infected with the virus. The CDC still affirms that it hasn't changed its risk assessment that it's a low risk to humans. The infected person's only symptom was eye inflammation. The Cluck Heard Around the World Tyson dropped its "no antibiotic ever" label in July 2023. Much of this may have gone unnoticed by the public until popular fast food chain Chick-fil-A announced on Mar. 24, 2024, that it was rephasing its "No Antibiotics Ever (NAE)" policy to "No Antibiotics Important to Human Medicine (NAIHM)" starting in the spring of 2024. This means the company will serve chicken that has been treated with antibiotics for chicken, not humans. Due to the bird flu outbreaks, Chick-fil-A was apparently having a difficult time procuring antibiotic-free chickens, especially since Tyson walked back their policy and Pilgrim's Pride Co. admitted it also uses "some" antibiotics. Tyson supplies 20% of all the chicken in the United States, so Chick-fil-A was caught between a rock and a hard space. Although Perdue still claims to be antibiotic-free (for now), Panera Bread also reversed its no-antibiotic pledge quietly in 2023. Why the Concern of Antibiotics in Chicken? The original concern over antibiotics in chicken stems from the notion that they're going to increase the risk of exposing antibiotic-resistant bacteria to humans, also referred to as superbugs. The World Health Organization (WHO) estimates this could lead to 10 million deaths annually by 2050. Other effects of antibiotics include nephropathy, carcinogenicity and bone marrow toxicity. This is a hotly debated topic, as other experts claim to pose very little risk to humans. The Incumbent Meat Giant Recovery Tyson's policy adjustment went into effect in Q2 2024. Its recent earnings show very little negative impact on its top and bottom line as a result. Tyson reported Q1 2024 EPS of 69 cents, crushing 41 cents analyst estimates by 28 cents. Revenues climbed 0.4% YOY to $13.32 billion versus $13.34 billion. Margins slipped by 30bps to 3.1%, which was still an improvement over the prior three quarters. Tyson also recovered from two prior quarters of negative YOY revenues driven by improvement in average selling prices. The carnivore diet trend may have helped drive beef sales higher by 6.4% YOY to $5.02 billion thanks to a 10.5% increase in average price despite volume dropping 4.1%. Beef is its largest segment. Revenue estimates for the full year 2024 were flat at $52.81 billion versus $53.08 billion consensus estimates. Daily ascending triangle TSN stock took a tumble on its Q4 2023 earnings report but has been recovering ever since the swing low of $50.69 made on Feb. 13, 2024. This illustrates an ascending triangle pattern. The ascending trendline started at $52.11 on Mar. 4, 2024, as it catches and coils off each higher low against the flat-top upper trendline resistance at $60.65. The daily relative strength index is chopping just under the 70-band. Before you consider Tyson Foods, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tyson Foods wasn't on the list. While Tyson Foods currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Arizona abortion ruling forces Kari Lake, GOP allies scrambling 2024-04-10 11:53:45+00:00 - By any fair measure, the Arizona Supreme Court’s ruling on abortion rights was a policy and political bombshell. Republican-appointed justices ruled that a 160-year-old near-total abortion ban — first adopted before Arizona was even a state — is enforceable. As we discussed soon after, once Republican-appointed justices on the U.S. Supreme Court overturned Roe v. Wade, it was common to hear reproductive rights advocates talk about rolling back the clock a half-century. The Arizona ruling rolls back the clock to a point when obstetricians didn’t know they needed to wash their hands. In theory, conservative Republicans opposed to reproductive rights had reason to celebrate. In practice, GOP officials and candidates quickly realized that the state Supreme Court’s ruling would be so unpopular with the public that it was instantly politically radioactive. NBC News reported: Hours after the Arizona Supreme Court ruled that a near-total ban on abortion is enforceable, numerous Arizona Republicans who previously celebrated the end of federal protections for the procedure sought political cover by distancing themselves from the ruling. Republicans in the state issued a wave of statements in opposition to Tuesday’s ruling.... Republican Rep. Juan Ciscomani, for example, represents one of Arizona’s most competitive congressional districts. With this in mind, the GOP lawmaker wasted little time in slamming the ruling as “a disaster for women and providers.” His fellow Republican Arizonan, Rep. David Schweikert, also insisted that the underlying issue should not be “legislated from the bench.” Given that Schweikert co-sponsored the far-right Life at Conception Act, and is on record saying he was “pleased“ with the fall of Roe v. Wade, the GOP incumbent has reason to be concerned about a voter backlash. But perhaps most notable was Senate hopeful Kari Lake, who two years ago called the 1864 statute “a great law,” but who’s apparently changed her mind. The state Supreme Court’s ruling, the Republican conspiracy theorist said, was “out of step with Arizonans.” The failed gubernatorial candidate added, “I oppose today’s ruling.” The rhetoric was understandable. Lake has already lost one statewide race, and hoping to prevent another failure, the GOP candidate is taking subtle steps to appear more mainstream, hoping that voters in the Grand Canyon State conveniently forget everything she’s said and done in recent years. But Lake’s record of support for the 1864 territorial law is unambiguous — and it’s very likely to haunt her between now and Election Day. Arizona was one of the nation’s most competitive battleground states in 2020, and most political observers expected it to remain one in 2024. It’s against this backdrop that Republican-appointed state Supreme Court justices just jolted the political landscape in ways the GOP is wholly unprepared for.

Inflation Was Hotter Than Expected in March, Unwelcome News for the Fed 2024-04-10 09:21:33+00:00 - A closely watched measure of inflation remained stronger than expected in March, worrying news for Federal Reserve officials who have become increasingly concerned that their progress on lowering price increases might be stalling. The surprisingly stubborn inflation reading raised doubts among economists about when — and even whether — the Fed will be able to start cutting interest rates this year. The Consumer Price Index climbed 3.8 percent on an annual basis after stripping out food and fuel prices, which economists do in order to get a better sense of the underlying inflation trend. That “core” index was stronger than the 3.7 percent increase economists had expected, and unchanged from 3.8 percent in February. The monthly reading was also stronger than what economists had forecast. Counting in food and fuel, the inflation measure climbed 3.5 percent in March from a year earlier, up from 3.2 percent in February and faster than what economists anticipated. A rise in gas prices contributed to that inflation number.

Stock market today: US stocks go nowhere ahead of CPI data 2024-04-10 05:40:00+00:00 - US stocks closed mixed after a bouncy (and uneventful) trading session on Tuesday. The moves come as investors bide their time until a key inflation report lands and potentially sheds light on the path of interest rates. The Dow Jones Industrial Average (^DJI) hugged the flatline while the tech-heavy Nasdaq Composite (^IXIC) edged up about 0.3%. The benchmark S&P 500 (^GSPC) climbed more than 0.1%. Stocks have become marooned ahead of the release of the Consumer Price Index on Wednesday, seen as a pivotal point for a market facing a slower next leg higher after a strong first quarter. Investors have become increasingly less convinced the Federal Reserve will deliver on the three rate cuts it has projected for this year, given the persistent show of strength in the US economy. That has intensified the focus on the CPI print for March, and any sign that inflation has begun to cool again will be seen as an invitation for a June policy shift. Meanwhile, fading rate-cut hopes have helped push up the 10-year Treasury (^TNX) yield near five-month highs — another potential headwind for stocks, with the 5% level seen as the key point of concern. The benchmark yield slipped Tuesday to trade around 4.37%. At the same time, rising metals prices have sparked concerns about a feed-through effect on inflation. Copper (HG=F), a key industrial input, rose about 0.5%, adding to a 10% year to date gain that has prompted talk of a new bull market. Gold (GC=F) touched above $2,380 an ounce, extending its rally to hit another fresh record. Another catalyst on the horizon is the start of first quarter earnings season, which gets underway in earnest on Friday with results from the likes of Citigroup (C), JPMorgan (JPM), and Wells Fargo (WFC).

Apple Stock Has 47% Upside, According to 1 Wall Street Analyst 2024-04-10 05:37:00+00:00 - Apple (NASDAQ: AAPL) stock is in a funk. Concerned by the company's late arrival to the artificial intelligence (AI) game (and its consequent need to iPhone Google for help), share prices of the iEverything stock are down about 12% since the start of 2024. And that's not all. Investors also seem worried Apple has lost its mojo in China. Last summer, the Chinese Communist Party banned the use of Apple iPhones in government offices, giving Chinese consumers a none-too-subtle cue that Apple is persona non grata in the Middle Kingdom. Wedbush Securities analyst Daniel Ives called this "one of the more difficult China demand environments seen the last five years," in a note covered on TheFly.com on Tuesday. And yet, Ives suspects Apple will come out on top -- and urges investors not to miss the "forest for the trees." Apple's still a buy, insists Ives, and with a $250 target price, he's predicting the stock will gain 47% over the next 52 weeks. Is Apple stock still a buy? Is Ives right? The analyst argues Apple has a "golden installed base" of 1.5 billion iPhones in use around the world -- a big fanbase of potential buyers of its upcoming iPhone 16, and a bigger market for Apple services on all those devices. And yet, there's another way of looking at this. What if those 1.5 billion users are already happy with their iPhones? What if a lot of them decline to upgrade to iPhone 16, and some of them even decide to switch to Android? With nearly 1-in-4 persons around the world already owning an iPhone, the simple fact that Apple has already penetrated so much of the mobile phone market makes it that much harder for the company to keep growing quickly. Indeed, long-term forecasts see Apple's earnings growing barely 10% a year over the next five years. That's not particularly fast for a supposed growth stock costing a rich 26 times earnings, like Apple. Ives may think this stock has another 47% of stock appreciation in it. But I have my doubts. Story continues Should you invest $1,000 in Apple right now? Before you buy stock in Apple, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Apple wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of April 8, 2024 Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Apple. The Motley Fool has a disclosure policy. Apple Stock Has 47% Upside, According to 1 Wall Street Analyst was originally published by The Motley Fool

Pushback Coming From Surprising Places After Revelation That Investors Bought 25% Of America's Affordable Housing Stock In 4th Quarter 2024-04-10 04:00:00+00:00 - Americans looking for affordable housing are becoming accustomed to bad news about the housing market. A recent Redfin showed that investors purchased 26% of America's affordable housing stock in the fourth quarter of 2023. This is a blow to buyers whose purchasing power is already severely diminished by a lack of inventory, surging prices and high interest rates. The Redfin report paints the crisis facing many of America's prospective homebuyers in sharp relief and illustrates the problem is getting worse. The 26.1% share of America's affordable housing stock that investors gobbled up is not only a record, but it also represents a 24% increase in investor's purchasing activity over the previous year. Comparing those numbers to investor's purchasing activity in other housing sectors reveals an even greater disparity. Don't Miss: Redfin groups homes into three price categories: low-priced, mid-priced and high-priced. During the same period in 2023, investors purchased 13.1% of the mid-priced home inventory and just under 16% of the high-priced inventory. That means they are specifically targeting the homes that everyday Americans are looking for. The difference is that while John Q. Citizen is writing offers contingent on financing, big investors are making cash offers. Prospective Buyers Find Themselves Outgunned If you happen to be one of the millions of Americans on the wrong side of this equation, you know it's not a fair fight by any measure, and worse, there doesn't appear to be anything anyone can do to reverse the trend. For their part, sellers are doing what they've always done, which is to accept the best offer and move on to bigger and better things. Story continues The long-term trend points to a permanent presence of investors in the housing market. Redfin's study showed that investors purchased 20% of the homes sold in the fourth quarter, with 68% of those purchases being single-family homes. The investors are focused on the lower-priced properties for their upside potential. The point of real estate investing is to buy low and sell high. "I get tons of emails every day from investors looking for properties, but of course, they only want homes that are under market value, which are hard to come by," Redfin Premier Agent Carrie Carruthers of Riverside said. "When they find those properties, they pile in." Trending Want To Grow Your Wealth Passively? These High-Yield Real Estate Notes Might Be Your Holy Grail Another thing to consider is that it's not necessarily real estate investment trusts (REITs) and big Wall Street investors doing all the buying. Investors Have Always Been In The Housing Market, But This Is Different Home remodeling and flipping have become popular themes for dozens of popular real estate television shows, and everyday investors were making money by flipping houses decades before HGTV was even a thing. So, if the home flippers and small to medium-sized home flipping operations have always been here, what's the difference between the last 20 years and the last quarter of 2023? It's Not Just Access To Money But Big Data And Analytics That Are Changing The Game That question has several answers. The sheer volume at which REITs and other investment entities can gobble up housing inventory is a major factor. However, it's their access to data and analytics on home sales and buying trends that may be changing the game. REITs and other investment funds can employ analytics to interpret predictive data in a way that they never could before. It allows them to spot hot markets before they get hot and make aggressive moves into those markets and buy large tranches of inventory. Their access to capital and banking connections also puts REITs in close contact with real estate developers. Now a fund can buy some, or all, the homes a developer is building before construction is done. They can buy and hold turn-key inventory until markets take an upswing. By contrast, the traditional home flipper was a wily operator, who scoured foreclosure lists or county tax auctions and did stealthy drive-by scouting on potential acquisitions. At the most, they could only purchase a few homes at a time, and they needed to turn them over relatively quickly to make a profit. Today's landscape is different, and politicians on both sides of the aisle are taking notice. Even Conservatives Are Pushing Back The legislative pushback against REITs and investment funds making large home acquisitions is underway, and one push is raising eyebrows because it's coming from one of America's most reliably conservative states: Texas. Gov. Greg Abbott has openly called for legislative action against Wall Street's presence in the home market. It's no secret that letting the market be free and unregulated is one of the most sacrosanct principles of conservatism. Eyebrows were raised when Abbott recently posted this on X, "I strongly support free markets. But this corporate large-scale buying of residential homes seems to be distorting the market and making it harder for the average Texan to purchase a home. This must be added to the legislative agenda to protect Texas families." Abbott is an arch-conservative, and Texas has one of the nation's hottest housing markets, largely because of the affordability of homes in the Lone Star State. When a call for legislative action, however vague, comes from a conservative of his stature, it becomes a lot more likely that significant action will be taken. If you're on the buyers' side of this issue, now would be an opportune moment to remember that "the squeaky wheel gets the grease" and make your voice heard. Read Next: Miami Is Expected To Take New York's Place As The US Financial Capital. Invest In It With $500 Before That Happens. Whole Foods’ Landlord Has Achieved A 15% Net IRR For Accredited Investors Since 2015 — Discover The Latest Investment Opportunities On Its Platform. "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Pushback Coming From Surprising Places After Revelation That Investors Bought 25% Of America's Affordable Housing Stock In 4th Quarter originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Inflation expected to remain elevated as rate cut debate takes center stage 2024-04-10 03:58:00+00:00 - On Wednesday, investors will digest one of the most important data points the Federal Reserve will consider in its next interest rate decision: March's Consumer Price Index (CPI). The inflation report, set for release at 8:30 a.m. ET, is expected to show headline inflation of 3.4%, an acceleration from February's 3.2% annual gain in prices, according to estimates from Bloomberg. Higher energy costs, fueled by a jump in gas prices, are expected to have driven the increase. Over the prior month, consumer prices are expected to have risen 0.3%, down from February's 0.4% monthly increase. On a "core" basis, which strips out the more volatile costs of food and gas, prices in March are expected to have risen 3.7% over last year — a modest slowdown from the 3.8% annual increase seen in February, according to Bloomberg data. "After two firm reports to start the year, core CPI inflation should cool off in March," Bank of America economists Stephen Juneau and Michael Gapen wrote in a note to clients on Friday. Core prices are expected to have climbed 0.3% on a monthly basis in March, compared to the 0.4% increase seen in the prior month. Core inflation has remained stubbornly elevated due to higher costs of shelter and core services like insurance and medical care. But Bank of America expects a slight decline in the prices of core goods, largely driven by a drop in new and used car prices. The bank also expects less price pressure from core services like airfare and lodging away from home. "If our forecast proves correct, it should provide some confidence to the Fed," the economists said. Other economists also see further improvements in core inflation throughout the year. "Going forward, we expect monthly core CPI inflation to slow to 0.20-0.25%," Goldman Sachs lead economist Jan Hatzius wrote on Monday. "We see further disinflation in the pipeline in 2024 from rebalancing in the auto, housing rental, and labor markets," the economist added. Story continues To cut or not to cut? Federal Reserve Board Chair Jerome Powell speaks during a news conference the Federal Reserve in Washington, Wednesday, March 20, 2024. (AP Photo/Susan Walsh) (ASSOCIATED PRESS) Inflation has remained above the Federal Reserve's 2% target on an annual basis. Fed officials have categorized the path down to 2% as "bumpy." Notably, the Fed's preferred inflation gauge, the so-called core PCE price index, has shown a slight cooling in recent months. The year-over-year change in core PCE slowed to 2.8% for the month of February, down from 2.9% in January. Federal Reserve Chair Jerome Powell said the data is "along the lines of what we want to see." But not all of the data has been supportive of a rate cut. Just last week, a strong labor report showed the US economy added more jobs than expected in March as the unemployment rate decreased while wage growth held steady. Investors now anticipate just two and a half 25-basis-point cuts this year, down from the six cuts expected at the start of the year, according to Bloomberg data. Former St. Louis Fed president James Bullard said Tuesday a three-rate-cut scenario remains the "the base case." "[The Fed] wants to cut rates, but the economy is standing in its way," Mizuho Securities USA chief economist Steven Ricchiuto told Yahoo Finance Live on Tuesday. "The Fed is fighting the economy. In particular, they’re fighting the American consumers, and that’s a fight that I would not want to get involved in." As of Tuesday afternoon, markets were pricing in a 56% chance the Federal Reserve begins to cut rates at its June meeting, according to data from the CME Group. That's down from a 62% chance a week ago. Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance

Biggest North Sea oil find in decades to be drilled for first time 2024-04-10 02:57:00+00:00 - north sea A UK energy company is to start drilling at the biggest oil field discovered in the North Sea in at least 20 years in spite of a net zero crackdown on the industry. EnQuest plans to bring two fields onstream which have the potential to produce 500 million barrels of crude oil over coming decades. The sites, which neighbour Kraken oil and gas field, 80 miles east of Shetland, will reignite the political battle over the North Sea’s future in which Labour has threatened to block new production citing environmental concerns. Their planned intervention has prompted warnings from energy companies that the UK risks cutting off its own energy supplies before it has a replacement. The resulting “Kraken cluster” will have combined reserves larger than either Rosebank or Cambo, the controversial fields west of Shetland which attracted a backlash from environmental campaigners. Cambo was discovered in 2002 with discovery drilling at Rosebank taking place two years after. Rosebank, which is predicted to yield 350 million barrels of oil, won a production licence last September after months of political wrangling. Cambo, with 170 million barrels of oil, has been in limbo since 2021 when energy giant Shell pulled out of the project because of the green backlash. It comes as Labour plots a £11bn raid on the UK’s oil and gas industry as part of proposals to increase and extend the windfall tax, with the funds invested in “clean power to cut bills for families”. The party has also proposed to ban new oil and gas drilling licences. Energy companies are under intense pressure to cut back on oil and gas production and boost investment in renewables as governments race to meet net zero targets. Wael Sawan, the chief executive of Shell, warned last month that the world is at risk of energy shortages unless more money is invested in drilling for oil and gas. EnQuest’s two new sites, Bressay and Bentley, are so close to Kraken that they can all be connected to the same production system, based around the giant ship already serving as a floating oil platform for the Kraken field. Story continues EnQuest said Bressay was “one of the largest undeveloped oil fields in the UK continental shelf” with so-called oil-in-place estimated to be between 600 million and one billion barrels. Oil-in-place measures the total oil in a reservoir but the amount extracted from Bressay is likely to be around 200-300 million barrels. Bentley, the second nearby field, is thought to be even larger, capable of producing more than 300 million barrels, putting it on a par with Rosebank. Those amounts are in addition to the 137 million barrels already being extracted from the original Kraken field. It means the cluster could produce more than 700 million barrels of oil. A spokesman for Offshore Energies UK, the industry trade body, said: “Continued investment in UK energy opportunities, including oil projects, is necessary to ensure UK security of energy supply, support hundreds of thousands of jobs and contribute to the UK economy.” However, it is thought that almost all that oil is likely to be exported, partly because the Kraken field is not linked to a pipeline meaning its oil is likely to be collected by ship and taken to whichever refineries buy it. It means the main benefit for the UK will come from any taxes paid by EnQuest. The windfall taxes imposed by Jeremy Hunt, the Chancellor, currently stand at 75pc of profits. Craig Baxter, of EnQuest, said: “EnQuest continues to explore ways to progress the respective development of the Bressay and Bentley fields. “EnQuest is committed to supporting the energy transition in the UK and any future field development will be conducted in line with EnQuest’s commitment to reaching net zero scope 1 and 2 emissions by 2040.” Mr Baxter added that the gas initially extracted from the Bressay field would be used to power the Kraken operations, replacing the diesel fuels currently used and so cutting emissions. He said: “This would significantly reduce Kraken’s emissions, by displacing diesel that is currently being used to power field operations.” A Department for Energy Security and Net Zero spokesman said: “As data from the independent Climate Change Committee shows, we’ll still need oil and gas for decades to come, even when we reach net zero in 2050. “That’s why we’re backing the UK’s oil and gas industry with annual licensing rounds, supporting around 200,000 jobs, generating billions in tax revenues to fund public services and support with the cost of living and retaining the skills and expertise needed for the green transition. “Even with new oil and gas licences, we have been clear there will be a managed decline in UK production, projected at 7pc per year, and they will not make us a net exporter or increase carbon emissions above our legally binding carbon budgets.” Broaden your horizons with award-winning British journalism. 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EV maker Lucid beats first-quarter delivery estimates as price cuts boost demand 2024-04-10 02:02:00+00:00 - By Zaheer Kachwala (Reuters) -Lucid reported first-quarter deliveries above market expectations on Tuesday as price cuts helped boost demand for its luxury electric sedans, sending its shares up about 3%. The electric-vehicle startup handed over 1,967 vehicles in the first quarter, compared with estimates of 1,745, according to eight analysts polled by Visible Alpha. Lucid in February had cut prices of its flagship Air sedans by 1% to 10% to support demand at a time when consumers are rethinking EV purchases and turning to more affordable hybrid alternatives due to high interest rates. While Rivian Automotive also beat estimates for quarterly deliveries last week, worries about overall EV demand have deepened after U.S. market leader Tesla reported a quarterly decline in deliveries for the first time in nearly four years earlier in April and missed expectations. Lucid made 1,728 vehicles in the quarter ended March 31, below estimates of 2,123, and compared with 2,391 in the preceding three months. "In the second half of this year, Lucid is going to continue to ramp up deliveries to Saudi Arabia. I do see them improving both production and deliveries throughout the rest of the year," said Andres Sheppard, senior equity analyst at Cantor Fitzgerald.Lucid said in February it plans to introduce a mid-size car late in 2026 to attract a broader customer base. The vehicle will target a $50,000 price point, a highly competitive pricing range that includes Tesla's Model Y electric vehicle. Tesla, meanwhile, has scrapped plans for its inexpensive car, Reuters reported last week. Lucid said last month it was raising $1 billion in capital from Ayar Third Investment Co, an affiliate of Saudi Arabia's Public Investment Fund. The capital injection could give the firm an advantage over other cash-strapped EV startups that are dealing with expensive production ramp-ups. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Vijay Kishore)

Bond Trader Places Record Futures Bet on Eve of Inflation Data 2024-04-10 00:41:00+00:00 - (Bloomberg) -- A block trade in US short-term interest-rate futures Tuesday was the biggest on record and helped drive gains for the Treasury market. Most Read from Bloomberg The trade involved futures on the Secured Overnight Financing Rate, the successor product to eurodollar futures, which were retired last year. Launched in May 2018, SOFR futures have taken over as the principal tool for wagers on the interest rate set by the Federal Reserve. Shortly after 9 a.m. New York time, 75,000 December 2024 SOFR futures contract changed hands via a block trade, which CME Group Inc. confirmed was the largest in the product to date. Prices subsequently rose, suggesting the trade was buyer-initiated, and Treasury yields slid further toward session lows. Block trades are privately negotiated, single-price transactions that meet a minimum size threshold. An outright long position in the contract stands to increase in value if March consumer price index data to be released Wednesday is benign, leading to a revival in expectations the Fed may cut rates three times this year. It’s also possible the purchase was done to cover a short position, thereby reducing risk ahead of the data. Confidence in the inflation outlook was stoked Tuesday by State Street Global Advisors, asset manager of $3.6 trillion, predicting an aggressive half-point Fed rate cut as soon as June. Meanwhile, US President Joe Biden’s top economic aide, Lael Brainard, told CBNC she expects steady progress on inflation in the coming months. The swaps market late Tuesday was pricing in around 65 basis points of Fed rate cuts — about two and a half 25-basis-point moves — by the end of this year. December 2024 SOFR futures were trading at a price of 95.33 as of 3 p.m., a tick higher than the block trade’s price. Story continues Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.

Waymo will launch paid robotaxi service in Los Angeles on Wednesday 2024-04-09 23:19:00+00:00 - Tech startup Waymo said Tuesday that it would begin offering paid robotaxi rides in Los Angeles beginning Wednesday, as the nation’s experiment with self-driving car technology picks up steam. Waymo, a spinoff of Google, had announced details for its service in Los Angeles in January as it sought state regulatory approval and local support. Within the last year, Waymo has offered free "tour" rides in Los Angeles, and last month, it received regulatory approval to expand to a paid service, despite pushback from the Teamsters union and the Los Angeles Department of Transportation. Waymo previewed the project in a blog post in 2022. Waymo said Tuesday that more than 50,000 people were on its waitlist to use the service. The company did not say how many users it would allow to fully use the app starting Wednesday. Last month, the company said it was starting with a Los Angeles fleet of fewer than 50 cars covering a 63-square-mile area from Santa Monica to downtown L.A. Los Angeles County has a population of 9.7 million people. The service works similarly to other ride-hailing smartphone apps such as Flywheel, Lyft and Uber, except that Waymo’s vehicles have no human drivers present. Riders follow instructions on the app and through the vehicle’s sound system, though Waymo workers can assist remotely. Robotaxis are getting more buzz as the technology advances in fits and starts. Tesla CEO Elon Musk said Friday that Tesla would reveal a robotaxi product in August, though he gave no details. Cruise, a General Motors subsidiary that paused its robotaxi service last year after one of its vehicles failed to detect a pedestrian underneath it, said Tuesday that it would reintroduce human-driven vehicles in select cities, including Phoenix, as a step back toward driverless operations. Various China-based tech startups are also testing self-driving cars on California roads, drawing scrutiny from lawmakers. But for now, Waymo’s only competition is traditional, human-driven car services. Waymo’s expansion to Los Angeles will bring autonomous for-profit taxis to the nation’s second-largest city — and to a city long synonymous with car travel. Waymo already operates commercial robotaxi services in San Francisco and Phoenix. Chris Ludwick, Waymo’s product management director, called the Los Angeles move a milestone. “The reception from Angelenos so far has been exceptional, and we look forward to welcoming more riders into our service over time,” he said in a statement. Waymo said it informed its test riders about the change Monday in an email, which someone also posted to Reddit. Robotaxis have faced criticism on multiple fronts, from the threat they pose to drivers’ jobs to the mistakes they’ve made blocking city buses or emergency vehicles. Under California law, driverless cars can’t be given traffic tickets, and they could make traffic congestion worse. The Los Angeles Department of Transportation said the Waymo expansion was happening too soon, without enough local oversight of autonomous vehicle operations, but in an order last month state officials said that those concerns were unfounded. Supporters of robotaxis have countered that human drivers have a terrible safety record, with traffic deaths topping 40,000 a year in the U.S. Waymo has not reported a death or serious injury from its technology, and Waymo vehicles appear to be generally more observant of traffic laws than human drivers are, according to journalists who have ridden in them. In San Francisco, the futuristic nature of driverless vehicles has become a tourist attraction. Opponents of autonomous taxi expansions, including the Teamsters, have vowed to slow down the growth of companies such as Waymo. A bill pending in the California Senate would give cities and counties authority over robotaxi services — a power that currently resides with state government agencies. A hearing on that bill is scheduled for next week.

FAA investigating Boeing whistleblower claims about 787 Dreamliner 2024-04-09 22:49:00+00:00 - The Federal Aviation Administration is investigating a Boeing engineer's allegations that assembly defects in the company's 787 Dreamliner raise safety concerns. Sam Salehpour, a quality engineer at Boeing, said "he observed shortcuts taken by Boeing" during the assembly of the plane, "resulting in drilling debris left in interfaces and deformation of composite material," CBS News reported. He also claims to have observed issues with the 777 assembly process, according to a letter sent by Salehpour's lawyers to the FAA in January. The New York Times first reported on the alleged problems with the aircraft. In Salehpour's letter to the FAA, his attorney, Debra Katz, said he was responsible for monitoring aircraft production at Boeing, as well as investigating defects "and their root causes." Katz said her client repeatedly voiced his concerns to Boeing management, but alleged the aviation giant "dismissed and ignored" them. Boeing strongly denied the allegations and released a detailed defense of the aircraft. "We are fully confident in the 787 Dreamliner. These claims about the structural integrity of the 787 are inaccurate and do not represent the comprehensive work Boeing has done to ensure the quality and long-term safety of the aircraft," the company said in a statement to CBS News. Boeing added that "the issues raised have been subject to rigorous engineering examination under FAA oversight" and that they "do not present any safety concerns." Boeing also noted that, in a move to ensure the 787 is safe, it slowed production in 2021 and 2022 and halted deliveries for nearly two years after employees identified issues with the plane. "For the in-service fleet, comprehensive Boeing and FAA analysis determined there is no near-term safety of flight concern," Boeing said. "Based on the analysis and any future inspection, the 787 will maintain its strength, durability and service life." Salehpour's allegations will be heard by a Senate Homeland Security and Governmental Affairs subcommittee later this month. Asked to comment about the claims, the FAA said in statement that "Voluntary reporting without fear of reprisal is a critical component in aviation safety. We strongly encourage everyone in the aviation industry to share information. We thoroughly investigate all reports." Boeing is already grappling with fallout from a January 5 emergency on an Alaska Airlines flight in which a panel on a 737 Max plane blew out mid flight. Boeing is experiencing production delays, reducing aircraft deliveries for carriers including United Airlines and Southwest Airlines. —CBS News' Kris Van Cleave and the AFP contributed to this report.

30 Million Could Benefit From Biden’s New Student Debt Relief Plan — But 5 Public Companies Might Suffer - Discover Finl (NYSE:DFS), Citizens Financial Group (NYSE:CFG) 2024-04-09 22:20:00+00:00 - Loading... Loading... The White House announced this week a new attempt to forgive student debt to almost 30 million Americans. For 30 years, college tuition prices have increased faster than median incomes. As a result, college graduates are saddled with heavy student debt, impacting their ability to buy homes, start a family, travel, invest or build savings. This has become an increasingly complex problem for lower- and middle-income Americans. The Biden administration is now revising a post-pandemic measure that attempted to wipe out $400 billion of student debt, but was blocked last year by the Supreme Court. In the context of the 2024 election, the new proposal can be read as a final effort to win the hearts of a significant portion of the population who currently struggles with student debt. Student debt is not only kept by fresh graduates. The average debt for those aged 35 to 49 is over $42,000 and over $44,000 for those 50 to 61, who add up to about 21 million people between both groups. With this new, more moderate plan, the administration is hoping to avoid an unconstitutionality ruling by targeting more specific groups of borrowers instead of the entire cohort. According to the New York Times, the new plan will be published in the Federal Register and go through a public comment period. It's not yet clear if the benefits will take effect before the November election, but some provision could begin to take effect by early fall, according to the administration. Impact On Stocks Most student debt in the U.S. is Federal. But private student loans account for 7.5% of all U.S. student loans as of September last year. That's a significant amount considering that the total federal student loan currently amounts to $1.7 trillion, according to the Department of Education. Outstanding student debt owed to private companies is above $130 billion, according to Entreval Analytics. Better accessibility to federal loans, as well as easier repayment structures, could steal market share from private lenders, and potentially affect their stock prices. As of Tuesday’s close: Shares of SLM Corp SLM , also known as Sallie Mae, one of the largest providers of private student loans, was down 1.02%. SoFi Technologies Inc SOFI , which provides student loan refinancing services as well as many other types of borrowing, saw its shares rise by 1.68% on Tuesday, presumably unaffected by the Biden announcement. Navient Corp NAVI , which manages around $300 billion in student loans for more than 12 million debtors, was down 0.47% on Tuesday. Discover Financial Services DFS , parent company of Discover Bank, which also provides student debt refinancing services, was down 0.29%. Loading... Loading... Citizens Financial Group Inc CFG providing similar services, was up 0.14%. Sallie Mae and Sofi didn't respond to a request for comment on how the new plan might affect their business operations. The Details Behind Biden's New Debt Relief Plan With college prices growing 56% in public universities in the last two decades, President Joe Biden is proposing a two-part plan. Those already in debt may receive student debt relief, and benefit from new measures that aim to ease the cost of borrowing for future students. About 4 million borrowers could see their entire debts completely wiped out, adding to the 4 million that have already received some form of relief, according to the administration, from more than two dozen executive actions. These include people who have applied to existing debt forgiveness programs as well as those who qualify for SAVE, which was launched in August last year. It could also apply to those who began repaying their debts more than 20 years ago. Borrowers who are having trouble repaying their debts because of medical debt or childcare costs could also receive relief. Student debt could also be canceled for those who enrolled in "low-financial-value programs" like students whose institutions closed half-way through their tuition or those in institutions that were shut down for not providing sufficient value to students. Invoking a George W. Bush law from 2003 called the Higher Education Relief Opportunities for Students (Heroes) Act, the Biden Administration tried to forgive $400 billion in student debt relief for over 40 million borrowers during the COVID-19 pandemic. In June 2023, the conservative Supreme Court struck down those efforts. Shutterstock image.

Black-owned children's bookstore in North Carolina is closing over alleged threats 2024-04-09 22:18:00+00:00 - How communities are teaching Black history to protect the past and the future The owner of a Black-owned children's bookstore in Raleigh, North Carolina, said she is closing its doors less than a year after it opened because of violent threats. The store, called Liberation Station Bookstore, was the first of its kind in the community, owner Victoria Scott-Miller wrote in an Instagram post announcing that it is shuttering its first and only retail location. She described how challenging it was to reconcile "the immense joy" she experienced serving the community with "threats of violence," including death threats and hate mail that she believed imperiled the store and put her family's safety at risk. In a particularly startling incident, she wrote on Instagram, a caller detailed what her son was wearing while he was alone at the shop, she said. "For the past 8-months we've struggled with the immense joy of serving our community and the many blessings we've received that allowed us to continue powering this work forward and our experiences with the unsettling reality of facing threats of violence and emotional harm from those who remain nameless and faceless," Scott-Miller wrote on Instagram. Customersinside Liberation Station Bookstore, North Carolina's first Black-owned children's bookstore, which opened on June 17, 2023, in downtown Raleigh. KAFI IMAN ROBINSON PETTIFORD The store faced threats since its inception, but more recent provocations caused greater cause for concern, she explained. "While this is not a new challenge, it becomes real when these threats are directed towards our physical location and accessibility," Scott-Miller wrote. Liberation Station Bookstore, which focused on selling children's books from Black and underrepresented authors, will remain open at its Fayetteville Street location in downtown Raleigh until April 13, according to Scott-Miller. It's not the end of the business though. It will donate unsold inventory to literacy nonprofits while it plans its next chapter. "Collectively we will go back to the drawing board to reassess and redefine what we will need in our next location," Scott-Miller wrote. Nearly 4,000 people attended the bookstore's grand opening in 2023, in what Scott-Miller called "a true testament to our impact." She said the store's aim was to both serve the community and prepare her own children "for the world they will one day inherit." Liberation Station Bookstore did not immediately respond to a request for comment from CBS MoneyWatch.

Brazil Potash Receives Mine Installation License to Start Project Construction of the Autazes Potash Project in Brazil 2024-04-09 21:57:00+00:00 - Loading... Loading... GOVERNOR OF THE STATE OF AMAZONAS ANNOUNCES ISSUANCE OF MINE INSTALLATION LICENSE AFTER ALL REGULATORY FILINGS AND INDIGENOUS CONSULTATIONS COMPLETED HISTORICAL STEP FOR BRAZIL TO MATERIALLY REDUCE DEPENDENCE ON IMPORTED POTASH AS ALL POTASH PLANNED TO BE SOLD DOMESTICALLY PROJECT TO INITIALLY PRODUCE 2.4 MILLION TONS PER YEAR WITH ABILITY TO INCREASE PRODUCTION STRATEGIC RELATIONSHIP WITH AMMAGI FOR OFFTAKE AND DISTRIBUTION SIGNED PROJECT REDUCES GREENHOUSE GAS EMISSIONS BY ~1.4 MILLION TONS PER YEAR MANAUS, Brazil, April 09, 2024 (GLOBE NEWSWIRE) -- Brazil Potash Corp. ("Brazil Potash" or the "Company") is excited to announce the Amazon State Environmental Protection Institute (IPAAM), has granted the mine Installation License for the Autazes Potash Project (the "Project") to the 100% owned Brazilian subsidiary Potassio do Brasil, allowing for construction to commence. This is a major milestone in the Company's development and follows several years of environmental, social, and technical studies as well as the successful completion of local Indigenous People's ‘free, prior, and informed consultations'. Brazil Potash's mine Installation License was granted at a ceremony organized by Amazon State Governor Wilson Lima, and attended by IPAAM President Juliano Valente, State Deputy Sinesio Campos, Potássio do Brasil President Adriano Espeschit, several other government officials, and major press outlets recognizing the importance of establishing a sustainable domestic source of potash in Brazil for global food security. The Company expects to start construction with the awarding of contracts for mine surface works and shaft construction. Tadeu de Souza – Amazonas Vice Governor, Wilson Lima – Amazonas Governor, Anderson Cavalcante – Mayor Autazes, Silas Camara – Federal Deputy, Sinésio Campos – State Deputy, Ronney Peixoto – Mining Secretary of State, Kleber Mura – CIM Coordinator General Loading... Loading... Extensive media attendance at license grant ceremony BRAZIL AND THE NEED FOR FERTILIZERS Global food security depends on the continued success of Brazilian agricultural exports. The country is a leading producer and exporter of orange juice, soybeans, corn, sugar and cotton as well as beef, poultry and pork. Abundant arable land, good year-round weather and efficient farming have made Brazilian farmers among the most productive globally, contributing roughly 30% to Brazil's GDP. Critical to Brazil's continuing productivity is access to affordable fertilizers. However, Brazil is highly exposed as it imports 85% of its fertilizer needs including 98% of its potash, half of which comes from countries currently at war or sanctioned, including Russia, Belarus, and Israel, when a massive potash basin exists in its own backyard. Now, with the License approval, Brazil can produce this essential mineral for its farmers in country, by-passing the risk and costs of imports. Potash is extremely important to efficiently grow food as it strengthens the stem of plants to make them more resilient to stresses caused by drought, extreme temperatures, and insect infestation. ABOUT BRAZIL POTASH. GAME CHANGER FOR BRAZIL AND THE WORLD FOR FOOD SECURITY Brazil Potash's Autazes deposit can be mined and processed, using proven off the shelf environmentally friendly technology, to extract the ore using room and pillar mining, separate out the potash using hot water and return the remaining material (sodium chloride tailings) back underground. From an environmental perspective, this project has positive greenhouse gas credentials considering it will operate with predominantly green produced electric energy (Brazil has 84%+ renewable energy in its grid). Production in country also eliminates 12,000 to 20,000 kilometers of shipping to reach Brazil's large soybean farmers in Mato Grosso resulting in clear benefits to Brazil and for global food security. "We are thrilled to receive the mine installation license from the Amazon State Environmental Protection Institute. For several years, Brazil Potash has been waiting for this moment to show that is possible to have a sustainable mining operation in the Amazon region. With the Autazes Potash Project's support from the Mura Indigenous people, we can show the world that it is possible to have more development for local communities with a better quality of life. This truly marks a win-win for Brazil's economy, its people, and the world," said Adriano Espeschit, President of Potássio do Brasil. Brazil Potash's CEO, Matt Simpson, commented, "I am very proud of the years of permitting, indigenous, government, and community relations work completed by our team in Brazil headed by our President Adriano Espeschit, which has resulting in securing the mine Installation License. This is a major milestone to advance and derisk the development of the Autazes Potash Project as we move closer to the start of project construction". EXTENSIVE USE OF GREEN ENERGY AND POSITIVE SOCIAL IMPACT Brazil Potash will have a positive impact on the economy and environment of the Amazonas state by reducing green house gases by ~1.4 million tons per year. The Company will create an estimated 10,000 new jobs and will be largest contributor to the GDP for the state of Amazonas. In addition, the project will produce potash locally and sell it in local currency thus saving Brazil roughly US$1 billion in currency outflows. The Company is also committed to suppling potash in small quantities to domestic farmers as they need it and supporting the initiatives of the Brazilian Government to restore degraded land. For more information, please contact: Brazil Potash Investor Relations info@brazilpotash.com Cautionary Note Regarding Forward-Looking Statements All statements, other than statements of historical fact, contained in this shareholder update constitute "forward-looking statements" and are based on the reasonable expectations, estimates and projections of the Company as of the date of this letter. The words "plans," "expects," or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "does not anticipate," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur" or "be achieved" and similar expressions identify forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Mura's Indigenous people consultation process; the potash market globally and in Brazil; geopolitical tensions and opportunities; the potential benefits to Brazil and the Mura Indigenous people and the world from the Project; government support of the Company and its project; population growth and Brazil's natural resources, the importation of potash in Brazil, the growth of the potash market and price expectations, advancing construction financing, offtake agreements, raising capital, completing a strategic transaction with a third party, environmental or community benefits, expected industry demands, the Company's business strategy, the Company's forecast of annual production and sales of potash, appointment of directors, currency fluctuations, government regulation and environmental regulation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions contained in this letter, which may prove to be incorrect, include, but are not limited to, the various assumptions of the Company set forth herein. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to fluctuations in the supply and demand for potash, changes in competitive pressures, including pricing pressures, timing and amount of capital expenditures, changes in capital markets and corresponding effects on the Company's investments, changes in currency and exchange rates, unexpected geological or environmental conditions, changes in and the effects of, government legislation, taxation, environmental regulations, licensing, controls and regulations and political or economic developments in jurisdictions in which the Company carries on its business or expects to do business, success in retaining or recruiting officers and directors for the future success of the Company's business, officers and directors allocating their time to other ventures; success in obtaining any required additional financing to make target acquisition or develop the Project; employee and community relations, and risks associated with obtaining any necessary licenses or permits. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking statements made in this letter are qualified by these cautionary statements. These factors are not intended to represent a complete list of the factors that could affect the Company. The Company disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4529432a-8480-4ad0-96c7-68a4c48dd28d https://www.globenewswire.com/NewsRoom/AttachmentNg/4b2a4f5c-747c-4d93-9bbb-7e2c9fc9c213

Panasonic Energy and Truckee Meadows Community College unveil new advanced manufacturing training center in Reno 2024-04-09 21:56:00+00:00 - Loading... Loading... RENO, Nev., April 9, 2024 /PRNewswire/ -- Panasonic Energy, in partnership with Truckee Meadows Community College (TMCC), today unveiled its Advanced Manufacturing Technology Center. The facility, located in the heart of Reno, aims to foster innovation and education in manufacturing, emphasizing a joint commitment toward advancing STEM education and technology in the region. The event featured remarks from both organizations, elected officials, community leaders and tours of the new facility. For more details about the education center, visit Panasonicnv.com . "Since 2017, Panasonic Energy has worked with TMCC to provide educational opportunities to communities in northern Nevada and invest in talent development in the region,"," said Allan Swan, President, Panasonic Energy of North America. "We are thrilled to share this cutting-edge manufacturing education center with TMCC to provide students with hands-on training opportunities, and equip them with the skills necessary for success in today's technology-driven world." The new technology education center will provide students with access to state-of-the-art facilities and equipment, enabling them to gain practical experience in advanced manufacturing processes. Through hands-on training and immersive learning experiences, students will be prepared to meet the demands of the rapidly evolving manufacturing industry. "We are proud to partner with Panasonic to establish this innovative technology education center," said Dr. Karin Hilgersom, President of TMCC. "This collaboration exemplifies our commitment to providing students with the resources and opportunities they need to excel in their careers. Together, we will empower the next generation of manufacturing leaders and drive economic growth in our community." The event was attended by the U.S. Department of Energy Director of the Office for Energy Jobs Betony Jones, representatives from the offices of U.S. Senator Catherine Cortez Cortez Masto (D-NV) and U.S. Senator Jacky Rosen (D-NV), Reno Mayor Hilary Schieve, representatives from Nevada Gov. Joe Lombardo's office, various northern Nevada city council members and county commissioners and more. For more information on Panasonic Energy of North America, visit Panasonicnv.com or follow us on Facebook and LinkedIn . About Panasonic Energy of North America Panasonic Energy of North America (PENA), a Division of Panasonic Energy Co., Ltd., manufactures lithium-ion batteries in Sparks, Nevada, and employs more than 4,000 people. PENA's mission is to contribute to a clean energy society by manufacturing the world's safest, highest-quality batteries, developing an American workforce with skills in a high-tech growth industry, and changing society's use and perception of electric powered transportation. About Panasonic Energy Co., Ltd. Panasonic Energy Co., Ltd., established in April 2022 as part of the Panasonic Group's switch to an operating company system, provides innovative battery technology-based products and solutions globally. Through its automotive lithium-ion batteries, storage battery systems and dry batteries, the company brings safe, reliable, and convenient power to a broad range of business areas, from mobility and social infrastructure to medical and consumer products. Panasonic Energy is committed to contributing to a society that realizes happiness and environmental sustainability, and through its business activities the Company aims to address societal issues while taking the lead on environmental initiatives. For more details, please visit https://www.panasonic.com/global/energy/ About TMCC Truckee Meadows Community College is a comprehensive community college located in Reno, Nev., and is part of the Nevada System of Higher Education. With four college sites and more than 20 community locations, TMCC serves more than 16,000 students each year in state-supported programs and another 9,600 students in non-credit workforce development classes. For more information, please go to www.tmcc.edu . SOURCE Panasonic Corporation of North America

See Israel's aerial defense systems in action on land and sea 2024-04-09 21:53:56+00:00 - The first layer of defense Israel's Iron Dome anti-missile system intercepts rockets launched from the Gaza Strip, as seen from the city of Ashkelon, Israel October 9, 2023. REUTERS/Amir Cohen The Israel Defense Forces said the objective of the Iron Dome is to "protect Israeli civilians from the constant threat of rockets by intercepting them." The IDF described the Iron Dome with three adjectives: "accuracy, speed, and capacity." Armed with Tamir interceptor missiles, the multi-mission defense system can shoot down enemy rockets and artillery up to 43.5 miles away. The advanced missile system has a radar station that detects and tracks the course of enemy rockets before launching a missile to intercept it. The missiles track their target with electro-optical sensors and detonate in the air when close. While the Iron Dome doesn't have a perfect interception record, it has blocked a majority of enemy fire in Israeli airspace, especially at times of intense barrages from Hamas militants. But the Iron Dome is just one layer of what is considered one of the most advanced air defense systems in the world. Missiles are much longer range than shells, but they have the disadvantage of also being expensive. The Tamir missiles fired by Iron Dome are estimated to each cost around $50,000.

Expert Trader Expresses Caution Ahead Of Wednesday's Inflation Report: 'Ascending Channels Are Great Until They Break' - NVIDIA (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD) 2024-04-09 21:36:00+00:00 - Loading... Loading... All eyes will be on March's CPI numbers due Wednesday morning at 8:30am ET, which should give economists and investors a better idea of if inflation is picking up or falling closer to the Federal Reserve's 2% target rate. Scott Redler, Chief Trading Strategist at T3 Trading Group, joined Benzinga's PreMarket Prep Tuesday morning to discuss market trends ahead of the report. Redler outlined his charts, which he does every morning in his trading room, and expressed caution ahead of Wednesday's report. Redler explained that a lot of this year's market leaders, like NVIDIA Corp NVDA, Super Micro Computer SMCI and other semiconductor names, have been losing steam. "It's kind of tough, the semis are in consolidation mode," Redler said. "In the past week or so NVIDIA just feels like it's just channeling and it's lagging a bit, SMCI is lagging a bit, AMD has been weaker. Semis have not been the bread and butter of the past week like they were for the past months, sometimes you just have to let them rebuild on the side." Read Also: Traders Brace For Inflation Data, June Rate Cut Hopes Hang By Thread: 10 ETFs That Could Be Volatile Wednesday Semiconductor names, like NVIDIA and Advanced Micro Devices AMD tend to be more sensitive to interest rates as the companies are borrowing money to grow operations to meet increased demand. Other sectors that are more interest-rate sensitive than the overall market include solar names and regional banks. Redler also pulled up the charts of the overall market, including the SPDR S&P 500 Trust Series SPY and the Invesco QQQ Trust Series 1 QQQ. Redler explained that the charts show some indication that there could be short-term weakness into and following Wednesday's CPI report. "And this is what's kind of scary," Redler said of SPY's weekly chart. "Ascending channels are great until they break." Click here to watch Redler’s full interview on PreMarket Prep. Disclosure: T3 Trading is a sponsor of the PreMarket Prep program. Image: Shutterstock

Economic uncertainty reigns as the grip of inflation persists 2024-04-09 21:35:00+00:00 - Inflation likely remained elevated once again for the month of March, adding another round of price increases to Americans' already-strained wallets. On paper, the U.S. economy looks solid. The unemployment rate has now remained below 4% for the longest stretch since the 1960s. Stocks are at all-time highs. The economy continues to add jobs. But since the start of the pandemic, Americans have seen average prices increase more than 20% overall — giving people a sense that the cost of many goods and services, not to mention housing, has surged to unreasonable levels. On Wednesday, the Bureau of Labor Statistics will report inflation readings for March. The consensus forecast is 3.5%, up from 3.2% in February. Excluding food and energy, which represent commodities with more volatile prices, the so-called core reading is expected to have declined slightly, from 3.8% to 3.7%. When will prices come down? So what will cause price growth to finally slow down to the Federal Reserve's 2% target? Unfortunately, it usually takes a major economic crisis for broad categories of prices to reverse. Instead, the best consumers can hope for is that they stop going up so fast. While there are some signs that it's happening — grocery price increases, for instance, have finally fallen below 2% after surging during the pandemic — economists say it's likely to still take some time for inflation to truly subside. Complex economic forces, they say, continue to keep price growth elevated. A significant worker shortage sparked by the pandemic — especially for front-line service employees — helped push hourly pay higher. But this resulted in pushing up prices on the consumer side, since labor costs represent a significant portion of the overall cost of a given good or service. Meanwhile, supply-chain disruptions that emerged during the pandemic have yet to fully subside, said Sarah House, a managing director and senior economist at Wells Fargo. She pointed to automobile prices, which have surged more than 20% since the start of the pandemic for new vehicles and more than 30% for used vehicles. While the pace of their price increases has abated, difficulties in sourcing auto parts, plus the loss of experienced technicians, have pushed vehicle prices higher. This, in turn, has pushed auto insurance rates higher — and it turns out that car insurance commands a significant percentage of the overall increase in consumer prices. “The services side is where we’re continuing to see stronger [price] growth,” House said. “That’s where we’re still getting an elevated degree of inflation from.” Stagnant pay and higher borrowing costs Americans’ pay has barely kept up with the price increases. While federal stimulus at the outset of the pandemic helped give people a cash cushion during the worst of it, there is an emerging consensus that this same cushion helped drive prices higher by giving people money to spend. On net, Bureau of Labor Statistics data shows that the effect of inflation has caused Americans’ average hourly pay to rise by just a few cents compared with where it was at the start of the pandemic. The Federal Reserve, which is in charge of taming price growth, in part by raising and lowering interest rates, has sought to fight fire with fire. By raising the cost of borrowing money, the central bank has tried to reduce demand for goods and services, ultimately pushing price growth down. The Fed’s interest rate hikes have indeed caused borrowing costs for everything from credit cards to automobiles to homes to climb to levels not seen in years. For many Americans, that’s meant getting locked out of the housing market, not to mention paying credit card rates above 20% and auto loan rates above 8%. But inflation has persisted, surprising many economists. At the start of the year, the consensus forecast was for economic growth to slow, allowing the Fed to start cutting interest rates this spring, with a total of three cuts for 2024. But a growing number of analysts now say that, at a minimum, rate cuts will be delayed. Still others say there won’t even be three cuts. Despite all the challenges, the risk of a recession that would lead to significant job losses remains low. Yet there are signs that consumer jitters are accelerating. The New York Federal Reserve reported Monday that fears of job losses are climbing and that workers who are already out of a job say getting hired is now more difficult than it was prior to the pandemic. While about one-quarter of Americans report their household financial situation to be better than a year ago, about one-third report being worse off. It all adds up to a precarious situation. In a speech last week, Federal Reserve Chair Jerome Powell called the economic outlook "still quite uncertain." "The job of sustainably restoring 2% inflation is not yet done," Powell said.