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Female spy ring working for Russia busted in Ukraine 2023-08-09 - Ukraine arrested three female suspects that were part of an alleged spy ring that fed military intelligence to Russia and the Wagner Group. The bust came one day after Ukraine announced it foiled assassination attempt on President Volodymyr Zelenskyy.

Trump's lawyer suggested telling skeptics that it was normal procedure to have Trump's electors vote in states he didn't win, newly released memo shows 2023-08-09 - Trump's lawyer suggested telling people it was normal for his electors to send in votes in losing states, according to a newly released memo. The idea was part of a larger plan to overturn the results of the 2020 election, the NYT reported. The New York Times was the first to report on and obtain the previously secret memo. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy One of former President Donald Trump's campaign lawyers, in a previously secret memo, suggested telling people who were skeptical of a plan to overturn the 2020 election using fake electors that it was normal to have Trump's electors vote in losing states. The New York Times first obtained and reported on the memo Tuesday. The previously unknown campaign memo from December 2020 — penned by then-Trump lawyer Kenneth Chesebro — outlined a plan to overturn the 2020 election results. Neither Chesebro nor representatives for Trump immediately responded to Insider's requests for comment on the memo. According to the memo, the plan included having Trump-Pence electors in all six contested states send in certificates with their votes if one of the pending lawsuits looking into possible election interference was decided in the Trump campaign's favor. Chesebro wrote in the memo that their electors' votes, which would be cast in December, as well as news of the plan, would leak before the presidential certification on January 6. "If the Trump campaign ends up deciding to have all of its electors vote on December 14, even in States in which Trump has not been declared the winner, presumably word of this will leak out prior to December 14," Chesebro wrote, adding that "there should be messaging that presents this as a routine measure that is necessary." He said that the Trump-Pence team should tell skeptics that they had their electors cast official votes in favor of Trump "to ensure that in the event the courts (or state legislatures) were to later conclude that Trump actually won the state, the correct electoral slate can be counted in Congress in January just as the Democrats did in Hawaii 1960, which ended up with Hawaii's electoral votes being awarded to Kennedy, even though the litigation was not resolved until after the electors voted." In 1960, Nixon won Hawaii by just 140 votes, Politico reported in 2022. A recount of the votes were underway when presidential electors met to cast their ballots. At the time, Politico reported, Kennedy's elector nominees from the state signed certificates at the same time Nixon's electors did, even though Hawaii's governor had certified Nixon's win. The existence of this campaign memo was revealed in Trump's indictment in connection to the January 6 riot last week, but details of it were not known until the New York Times reported on it Tuesday. The Times reported that prosecutors in the January 6 case against Trump are now using the memo as a link to underline their allegations that the Trump campaign committed a criminal conspiracy in an effort to overturn the election results.

Special counsel obtained search warrant for Donald Trump’s Twitter account 2023-08-09 - CNN — The special counsel investigation into Donald Trump secured a search warrant of the former president’s Twitter account, @realDonaldTrump, according to a newly unsealed court filing. The search was so secret that Twitter was initially barred from telling Trump the search warrant had been obtained for his account, and the company, now known as “X,” was fined $350,000 because it delayed producing the records sought under the search warrant. The search warrant special counsel Jack Smith obtained sought “data and records related” to Trump’s account, and ultimately, the platform was allowed to share some information about the search warrant with the former president. The special counsel’s office, which is now working on the criminal case against Trump in DC District Court related to his efforts to overturn the 2020 presidential election, sought the warrant in January 2023. Twitter ultimately produced the records, according to the filing, now public in the US Circuit Court of Appeals. Court was worried about giving Trump chance to destroy evidence Twitter and special counsel Jack Smith’s office spent several months litigating the question of whether Trump should be told about the search warrant. The dispute came to light on Wednesday when the DC Circuit Court of Appeals unsealed a decision upholding how the district court had handled the dispute, including its imposition of sanctions on the company, which missed a deadline for producing the information by three days. The district court, according to the DC Circuit’s opinion, “found that there were ‘reasonable grounds to believe’ that disclosing the warrant to former President Trump ‘would seriously jeopardize the ongoing investigation’ by giving him “an opportunity to destroy evidence, change patterns of behavior, [or] notify confederates.” The district court also concluded the non-disclosure order was necessary because it “found reason to believe that the former President would ‘flee from prosecution,’” a footnote says. “The government later acknowledged, however, that it had ‘errantly included flight from prosecution as a predicate’ in its application,” the footnote said. “The district court did not rely on risk of flight in its ultimate analysis.” The platform – which rebranded as “X” over the course of its legal dispute with prosecutors – did not object producing the records Smith sought, but argued that the ban on informing Trump of the search warrant violated the First Amendment and the Stored Communications Act, a law that governs how third party internet platforms can be compelled to turn over user records. Over the course of litigation, the non-disclosure order was amended to allow Twitter to “notify the former President of the existence and contents of the warrant,” but information about the case agent on the investigation was to be withheld. Prosecutors had changed their posture to allow for some disclosure “because ‘additional information’ about investigations of the former President [that became] publicly available’ after the nondisclosure order was issued,” the ruling said. Court battle has played out secretly for months There had been indications at the courthouse of a sealed legal battle between the special counsel’s office and a major tech company. But until Wednesday’s release of the DC Circuit ruling, most information about the case was shrouded with secrecy. The appellate ruling, which was written by Circuit Judge Florence Pan and joined by Circuit Judges J. Michelle Childs and Nina Pillard, was issued in July. The version unsealed Wednesday had been modified for public release. It said that Smith’s office had “difficulties” when it first attempted to serve Twitter with the search warrant and nondisclosure order. Pan and Childs were nominated by President Joe Biden; Pillard by Barack Obama. Prosecutors first attempted to serve Twitter with the warrant through their website for legal requests on January 17, 2023, “only to find out that the website was inoperative,” the ruling says. Prosecutors successfully contacted and served Twitter through that same website two days later. The next week, however, prosecutors contacted Twitter’s lawyer to check on the status of their compliance with the search warrant. Twitter’ s counsel stated that she “had not heard anything about [the] [w]arrant,” according to the order. By the first week of February, Twitter had asked the DC district court to vacate the nondisclosure order, arguing that they should be able to tell Trump about the warrant. A district judge denied that request, and Twitter turned over the records on February 9. In March, Twitter asked the DC appeals court to reverse the district court’s opinion upholding the nondisclosure order. Prosecutors amended the order in June to allow for some information to be provided to Trump. This story has been updated with additional details.

At least 6 killed in wildfires that devastated parts of the Hawaiian island of Maui, official says 2023-08-09 - KAHULUI, Hawaii (AP) — A wildfire tore through the heart of Maui on Wednesday with alarming speed and ferocity, destroying dozens of homes and businesses in a historic tourist town, killing at least six people and injuring at least two dozen others, and forcing panicked residents to jump into the ocean to flee the flames. Fire was widespread in Lahaina Town, including on Front Street, a popular shopping and dining area, County of Maui spokesperson Mahina Martin said by phone early Wednesday. Photos posted by the county overnight showed a line of flames blazing across an intersection and leaping above buildings in the town center that dates to the 1700s and is on the National Register of Historic Places. Aerial video from after sunrise revealed entire blocks of buildings reduced to ash and thick smoke in the air. “Do NOT go to Lahaina Town,” the county tweeted hours before all roads in and out of West Maui’s biggest community were closed to everyone except emergency personnel. More than 2,100 people spent the night in evacuation centers. Crews on Maui were battling multiple blazes concentrated in two areas: the tourist destination of West Maui and an inland, mountainous region. In West Maui, 911 service was out and residents were directed to call the police department directly. The National Weather Service said Hurricane Dora, which was passing to the south of the island chain at a safe distance of 500 miles (805 kilometers), was partly to blame for gusts above 60 mph (97 kph) that knocked out power, rattled homes and grounded firefighting helicopters. Aircraft resumed flights Wednesday as the strong winds diminished somewhat. The Coast Guard on Tuesday rescued 14 people including two children, who had fled into the ocean to escape the fire and smoky conditions, the county said in a statement. Fires killed six people on the island of Maui, County of Maui Mayor Richard Bissen Jr. said during a Wednesday morning news conference. He said he had just learned the news and didn’t know the details of how or where on the island the deaths happened. Six patients were flown from Maui to the island of Oahu on Tuesday night, said Speedy Bailey, regional director for Hawaii Life Flight, an air-ambulance company. Three of them had critical burns and were taken to Straub Medical Center’s burn unit, he said. The others were taken to other Honolulu hospitals. At least 20 patients were taken to Maui Memorial Medical Center, he said. He had not heard of any deaths. Authorities said earlier Wednesday that a firefighter in Maui was hospitalized in stable condition after inhaling smoke. Acting Gov. Sylvia Luke issued an emergency proclamation on behalf of Gov. Josh Green, who is traveling, and activated the Hawaii National Guard to assist. Officials were not aware of any deaths, Martin said. There’s no count available for the number of structures that have burned or the number of people who have evacuated, but Martin said there were four shelters open and that more than 1,000 people were at the largest. “This is so unprecedented,” Martin said, noting that multiple districts were affected. An emergency in the night is terrifying, she said, and the darkness makes it hard to gauge the extent of the damage. Kahului Airport, the main airport in Maui, was sheltering 2,000 travelers whose flights were canceled or who recently arrived on the island, the county said. Officials are preparing the Hawaii Convention Center in Honolulu to take in thousands of displaced tourists and locals. Alan Dickar said he’s not sure what remains of his Vintage European Posters gallery, which was a fixture on Front Street in Lahaina for 23 years. Before evacuating with three friends and two cats, Dickar recorded video of flames engulfing the main strip of shops and restaurants frequented by tourists. “Every significant thing I owned burned down today,” he said. “I’ll be OK. I got out safely.” Dickar, who assumed the three houses he owns are destroyed, said it will take a heroic effort to rebuild what has burned in Lahaina, which is home to about 13,000 people. “Everyone who comes to Maui, the one place that everybody goes is Front Street,” he said. “The central two blocks is the economic heart of this island, and I don’t know what’s left.” The fires weren’t only burning on Maui. Members of a Hawaii Department of Land and Natural Resources wildland firefighting crew on Maui battle a fire in Kula, Hawaii, on Tuesday, Aug. 8, 2023. (Matthew Thayer/The Maui News via AP) There have been no reports of injuries or homes lost to three wildfires burning on Hawaii’s Big Island, Mayor Mitch Roth said Wednesday. Firefighters did extinguish a few roof fires. One fire is “pretty much under control,” he said. Another is 60% contained, and the other near Mauna Kea Resorts continues to have flareups. Because of the wind gusts on Maui, helicopters weren’t able to dump water on the fires or get aerial estimates of the fire sizes, and firefighters were encountering roads blocked by downed trees and power lines as they worked the inland fires, Martin said. About 14,500 customers in Maui were without power early Wednesday, according to poweroutage.us. “It’s definitely one of the more challenging days for our island given that it’s multiple fires, multiple evacuations in the different district areas,” Martin said. Tiare Lawrence was frantically trying to reach her siblings Wednesday morning, but there was no phone service. Her home in the Maui community of Pukalani, east of Lahaina, was refuge for 14 cousins and uncles who fled Lahaina. “It was apocalyptic from what they explained,” Lawrence said. “The heat. Smoke and flames everywhere. They had to get my elderly uncle out of the home.” There are 30 power poles down, leaving homes, hotels and shelters without electricity, Bissen said. In the Kula area of Maui, at least two homes were destroyed in a fire that engulfed about 1.7 square miles (4.5 square kilometers), Maui Mayor Richard Bissen said. About 80 people were evacuated from 40 homes, he said. Big Island Mayor Mitch Roth told Hawaii News Now that a few fires were still burning Wednesday on the island, but that there was “minimal damage” to any homes. Fires in Hawaii are unlike many of those burning in the U.S. West. They tend to break out in large grasslands on the dry sides of the islands and are generally much smaller than mainland fires. Fires were rare in Hawaii and on other tropical islands before humans arrived, and native ecosystems evolved without them. This means great environmental damage can occur when fires erupt. For example, fires remove vegetation. When a fire is followed by heavy rainfall, the rain can carry loose soil into the ocean, where it can smother coral reefs. A major fire on the Big Island in 2021 burned homes and forced thousands to evacuate. The island of Oahu, where Honolulu is located, also was dealing with power outages, downed power lines and traffic problems, said Adam Weintraub, communication director for Hawaii Emergency Management Agency. Lahaina is often thought of just a Maui tourist town, Lawrence said, but “we have a very strong Hawaiian community.” “I’m just heartbroken. Everywhere, our memories,” she said. “Everyone’s homes. Everyone’s lives have tragically changed in the last 12 hours.” ___ This story was updated to correct that Bissen is the mayor of the County of Maui, not Lahaina Town. ___ Sinco Kelleher reported from Honolulu. Associated Press writer Beatrice Dupuy in New York contributed to this report.

Thursday's inflation data may be low, but don't expect the Fed to declare 'mission accomplished' yet 2023-08-09 - Gas station signboards display prices in Bethesda, Maryland on August 6, 2023. Mandel Ngan | AFP | Getty Images Thursday's consumer price index report likely will show that the pace of price increases is easing, but not enough to get the Federal Reserve to retreat on its inflation fight. If the Wall Street consensus as gauged by Dow Jones is correct, the closely watched consumer price index will show a monthly increase of 0.2% for July and a 12-month rate of just 3.3%. The latter number pales in comparison to the 8.5% annual rate that the CPI registered a year ago, a reading that was just off the highest level in more than 40 years. Excluding food and energy, the monthly estimate also is 0.2%, though the 12-month rate is being put at 4.8%. If that all sounds like at least marginally good news, it is. Multiple data points have indicated that inflationary pressures have eased considerably from their 2022 levels. But history has shown that inflation is stubborn and can last longer than expected once it becomes elevated and entrenched. And the current round is still making an impact on consumers, evidenced by the CPI's nearly 19% rise since bottoming in April 2020 during the early days of the Covid pandemic. "We can feel confident that inflation is moving in the right direction," said Mark Zandi, chief economist at Moody's Analytics. "But I don't think we should be overly confident." Zandi goes along with the consensus on the CPI estimate and sees inflation moving lower, perhaps even meeting the Federal Reserve's 2% annual target around this time in 2024. For instance, housing-related costs, which make up about one-third of the inflation index weighting, are dropping. There also are signs that wage gains are abating. The employment cost index, a key Fed inflation measure, showed a 4.6% increase in the second quarter, down from an all-time peak of 5.7% from the same period in 2022, according to a data set that goes back to 2002. But Zandi also sees danger signs: Health insurance costs, for instance, are expected to start climbing now that a statistical adjustment the Bureau of Labor Statistics uses expires. That adjustment has caused the health insurance component of the CPI to show a 24.9% slide over the past year that now should reverse. Also, gas prices have soared this summer as the cost of U.S. crude jumped nearly 16% in July. A gallon of regular unleaded now costs $3.82 on the national average, up more than 8%, or nearly 30 cents a gallon, from the same time in July, according to AAA. Stock Chart Icon Stock chart icon Oil price on the rise Still, Zandi thinks that, at the very least, the recent trends should convince the Federal Reserve to stop raising interest rates. "If inflation sticks to the script, that's enough to convince the [rate-setting Federal Open Market Committee] at least in aggregate not to raise rates any further," he said. "The bar for lowering rates, though is high, because inflation is not benign and still above target. They will wait until they're absolutely sure that inflation is going to get back to target before they start cutting rates." No 'mission accomplished' yet Former Fed Governor Richard Clarida isn't so sure the Fed should end its current rate-hiking cycle, which began in March 2022 and has seen 11 increases worth 5.25 percentage points. Now a global economic advisor for asset management giant Pimco, Clarida said his former colleagues need to send the message that they're continuing the inflation fight. "They'll want to keep their options open. In particular, they don't want to declare 'mission accomplished' too soon," he said Wednesday during an interview on CNBC's "Squawk on the Street." "But they also can't be tone-deaf. They need to acknowledge the data is improving." watch now At the macro level, the Fed rate hikes have appeared to do minimal damage. After declining in the first two quarters of 2022, GDP hasn't been negative since and is tracking at a 4.1% annualized growth rate in the third quarter, according to the Atlanta Fed. Americans, though, remain largely dissatisfied with the state of the economy and have punished President Joe Biden with an anemic approval rating of just 39% in the latest CNBC All-America Economic Survey in July. That's because damage from the elevated inflation levels and the rate hikes are often felt more in the micro economy, such as small businesses and household debt levels. "A lot of people rely on both credit card and home equity lending to make it all happen when they're launching a small business, and credit card interest rates have actually been increasing slightly faster than fed funds," the central bank's key interest rate, said Patrick Reilly, co-founder of Uplinq, a global credit assessment platform for small business lending. "Banks have been tightening credit criteria as well." Reilly said the rate hikes and loan default rates for small businesses generally rise in tandem, causing a credit crunch that could persist. "We have now hit the point where the Fed is simply putting small businesses out of business," he said. "When you put the chokehold on small business, really what you're doing is you're saying, 'All those great ideas that are going to develop and turn into something, we're going to settle for less of those.' And it's not a fair playing field, right?" On the bright side, if the data continue to cooperate, the Fed at least can take its foot off the monetary policy brake. Regional presidents John Williams of New York and Patrick Harker of Philadelphia both made comments this week indicating they are entertaining putting an end to the rate increases. Parsing the numbers

Disney to raise price on ad-free Disney+ to $13.99 per month starting October 12 2023-08-09 - Disney is raising prices on almost all of its streaming offerings as it looks to accelerate profitability for the business. Commercial-free Disney+ will cost $13.99 per month, a 27% increase, beginning Oct. 12. Disney+ with ads will remain $7.99 per month. Disney will also expand its ad-tier offering to select markets in Europe and in Canada beginning Nov. 1. Disney is increasing the price of Hulu without ads to $17.99 per month, a 20% price hike. Hulu with ads will also stay the same price, at $7.99 per month. For comparison, Netflix's standard plan without commercials is $15.49 per month. Warner Bros. Discovery's Max is $15.99 per month. The decision to price Disney+ nearly as high as commercial-free Netflix and Max, and charge even more for Hulu, signals Disney believes its content library can compete with both of those services. When Disney Chief Executive Officer Bob Iger launched Disney+ in 2019, he deliberately set the niche family offering at a low price of $6.99 per month — nearly half the price of Netflix. Last year, Disney increased the cost of Disney+ by $3 per month. Iger acknowledged he was surprised the price increase led to minimal cancelations of the service. "We took a pretty significant price increase at Disney+ sometime late in 2022, and we really didn't see significant churn or loss of subs because of that, which was actually heartening," Iger said during Disney's earnings call on Wednesday. Iger noted that Disney is deliberately trying to steer users toward its ad-supported services by keeping prices for those services the same. The advertising landscape for streaming is healthier than traditional linear TV, Iger added. Disney has added 3.3 million subscribers for its U.S. advertising-supported service after it launched in December, Iger announced on the call. About 40% of new Disney+ subscribers have signed up for the ad tier, he said.

Trendco to build $43 million facility in Tuskegee, creating 292 jobs 2023-08-09 - MONTGOMERY, Ala. (AP) — A medical equipment manufacturing company plans to invest $43 million in a plant in Alabama to produce nitrile medical gloves, Gov. Kay Ivey said Wednesday. Trendco USA, based in Columbia, South Carolina, has committed to creating 292 new jobs over the next five years at the facility in Tuskegee in the new Regional East Alabama Logistics Park off Interstate 85 in Macon County, she said. “After considering many locations in other states, Trendco decided to locate its manufacturing facility in Tuskegee, and I am confident the company made the right choice for its investment project,” Ivey said. Trendco produces medical-grade examination gloves in Louisiana through a partnership with another company and plans to install as many as 10 glove production lines at the Tuskegee location. Eventually, production will include masks and gowns. The company will lease more than 100,000-square-feet of space at the industrial park, where it will set up a distribution operation as it prepares to launch glove production. “We believe the people of Tuskegee and the surrounding communities will play a vital role in our success in the medical technology sector,” said CEO Darryl Hunter. Alabama Commerce Secretary Greg Canfield said the project, and the park, will “capitalize on the growth of the I-85 corridor, and I believe other companies will be putting down roots there in the near future.” The Macon County Commission, Macon County Economic Development Authority and other local institutions are supporting the project with utility upgrades and an industrial access road at the site worth $1.1 million and other in-kind services. AIDT, the state’s primary workforce development agency, is also providing services.

Why Donald Trump-Linked Digital World Is Trading Higher After Hours - Digital World Acq (NASDAQ:DWAC) 2023-08-09 - Digital World Acquisition Corp DWAC shares are trading higher in Wednesday's after-hours session after the company amended its merger agreement and extended the outside date to Dec. 31, 2023. What Happened: Digital World, a SPAC set to merge with the former president Donald Trump's Trump Media & Technology Group, has amended its merger agreement and extended the outside date to the end of the year. In a new regulatory filing, the company said it entered into the Second Amendment to agreement and plan of merger on Wednesday. Under terms of the Second Amendment, the parties agreed to create a new class of common stock called "High Vote Common Stock." Trump Media & Technology Group is behind the Truth Social app. See Also: Trump Slammed For Expressing Desire To Reside Outside US: 'He Hates America' DWAC Price Action: Digital World shares were up 4.82% after hours at $15.67 at the time of publication, according to Benzinga Pro Photo: Matt Johnson from Flickr.

Tesla Model 3 Highland Refresh's New Design Elements Revealed In Photo Leaks - Tesla (NASDAQ:TSLA) 2023-08-09 - The rumored refreshed Tesla Inc TSLA Model 3 Highland has been spotted driving around California for months. New photos have now emerged on X, formerly known as Twitter. The images, shared by an account named "xiaoteshushu," provided a sneak peek into what appeared to be the updated wheels and a refreshed dashboard for the Tesla Model 3. The recently revealed wheels showcase a sleeker design, potentially hinting at improved aerodynamics that could further optimize the vehicle's efficiency and range. The dashboard, a critical focal point for Tesla enthusiasts and drivers alike, also exhibited a revamped look. While the exact features and changes remain speculative, the aesthetic tweaks visible in the leaked pictures suggested a drive towards a more minimalist yet advanced cabin experience. There was no official word from Tesla on when the Highland refresh would launch, or if it's even real. Many speculated Tesla's recent Full Self-Driving 1 time transfer program was a demand lever intentionally pulled before the refresh Model 3's debut. Photo: Unsplash

Canopy Growth Q1 Earnings: Cannabis Company Beats Sales Estimates, Rises In After-Hours Trading - Canopy Gwth (NASDAQ:CGC) 2023-08-09 - Canopy Growth Corporation CGC shares are trading higher in the after-hours market after the cannabis company reported first-quarter earnings. Here's a summary of the details. What To Know: Canopy reported quarterly sales of CA$109 million ($81.2 million), which beat the analyst consensus estimate of CA$67.98 million, a 26.32% increase over sales of CA$86.29 million the same period last year. Free cash flow in the first quarter was an outflow of CA$151 million, a 6% increase in outflow versus the first quarter last year. "Our performance in the first quarter of Fiscal 2024 validates the difficult but transformative changes we made over the last twelve months," said David Klein, CEO. "Canopy Growth's businesses demonstrated stability, consistency, and signs of positive momentum, while realizing a substantial reduction in expenses across the enterprise. Our asset-light approach is enabling the agile execution of business initiatives, allowing us to move faster and to be more responsive to consumers." Related Link: Wynn Resorts Clocks Strong Q2 Growth - Is This The Sign Of A Recovery? CGC Price Action: Shares of CGC were up 2.89% at 48 cents in the after-hours session at the time of publication, according to Benzinga Pro. Image by 7raysmarketing from Pixabay.

12 Consumer Discretionary Stocks Moving In Wednesday's After-Market Session - Fossil Group (NASDAQ:FOSL), Golden Sun Education Gr (NASDAQ:GSUN), Nautilus (NYSE:NLS), GAN (NASDAQ:GAN), Hall Of Fame Res 2023-08-09 - Gainers Sonos SONO stock rose 10.1% to $17.22 during Wednesday's after-market session. Sonos's trading volume hit 277.6K shares by close, accounting for 12.5% of its average volume over the last 100 days. The market value of their outstanding shares is at $2.2 billion. The company's, Q3 earnings came out today. stock rose 10.1% to $17.22 during Wednesday's after-market session. Sonos's trading volume hit 277.6K shares by close, accounting for 12.5% of its average volume over the last 100 days. The market value of their outstanding shares is at $2.2 billion. The company's, Q3 earnings came out today. Nautilus NLS stock rose 9.0% to $1.09. The company's market cap stands at $34.8 million. As per the news, the Q1 earnings report came out today. stock rose 9.0% to $1.09. The company's market cap stands at $34.8 million. As per the news, the Q1 earnings report came out today. GAN GAN shares rose 7.34% to $1.9. The company's market cap stands at $84.8 million. shares rose 7.34% to $1.9. The company's market cap stands at $84.8 million. Hall Of Fame Resort HOFV stock moved upwards by 7.18% to $8.95. The company's market cap stands at $50.6 million. stock moved upwards by 7.18% to $8.95. The company's market cap stands at $50.6 million. Meten Holding Gr METX stock moved upwards by 6.25% to $0.18. The market value of their outstanding shares is at $5.5 million. stock moved upwards by 6.25% to $0.18. The market value of their outstanding shares is at $5.5 million. Sabre SABR stock rose 6.09% to $5.4. Today's trading volume for this security ended up closing at 181.0K shares, which is 2.4 percent of its average volume over the last 100 days. The market value of their outstanding shares is at $1.7 billion. The company's, Q2 earnings came out 4 days ago. Losers a.k.a. Brands Holding AKA shares fell 27.2% to $0.47 during Wednesday's after-market session. a.k.a. Brands Holding's trading volume hit 308.6K shares by close, accounting for 130.3% of its average volume over the last 100 days. The company's market cap stands at $60.1 million. The company's, Q2 earnings came out today. shares fell 27.2% to $0.47 during Wednesday's after-market session. a.k.a. Brands Holding's trading volume hit 308.6K shares by close, accounting for 130.3% of its average volume over the last 100 days. The company's market cap stands at $60.1 million. The company's, Q2 earnings came out today. Purple Innovation PRPL stock decreased by 12.46% to $2.39. This security traded at a volume of 70.9K shares come close, making up 7.1% of its average volume over the last 100 days. The company's market cap stands at $251.1 million. The company's, Q2 earnings came out today. stock decreased by 12.46% to $2.39. This security traded at a volume of 70.9K shares come close, making up 7.1% of its average volume over the last 100 days. The company's market cap stands at $251.1 million. The company's, Q2 earnings came out today. Fossil Group FOSL shares fell 11.62% to $2.13. The market value of their outstanding shares is at $111.6 million. The company's, Q2 earnings came out today. shares fell 11.62% to $2.13. The market value of their outstanding shares is at $111.6 million. The company's, Q2 earnings came out today. Kaival Brands Innovations KAVL shares decreased by 7.45% to $0.46. At the close, Kaival Brands Innovations's trading volume reached 99.4K shares. This is 197.0% of its average volume over the last 100 days. The company's market cap stands at $26.7 million. shares decreased by 7.45% to $0.46. At the close, Kaival Brands Innovations's trading volume reached 99.4K shares. This is 197.0% of its average volume over the last 100 days. The company's market cap stands at $26.7 million. Golden Sun Education Gr GSUN stock declined by 6.12% to $1.0. Trading volume for this security closed at 65.1K, accounting for 45.0% of its average full-day volume over the last 100 days. The company's market cap stands at $18.2 million. stock declined by 6.12% to $1.0. Trading volume for this security closed at 65.1K, accounting for 45.0% of its average full-day volume over the last 100 days. The company's market cap stands at $18.2 million. Singing Machine Co MICS stock decreased by 5.11% to $1.67. The company's market cap stands at $7.0 million. See Also: www.benzinga.com/money/best-consumer-cyclical-stocks/ This article was generated by Benzinga's automated content engine and reviewed by an editor.

12 Health Care Stocks Moving In Wednesday's After-Market Session - Akso Health Group (NASDAQ:AHG), PMV Pharma (NASDAQ:PMVP), Aceragen (NASDAQ:ACGN), Infinity Pharmaceuticals (NASDAQ:INFI), LogicMark ( 2023-08-09 - Gainers Vistagen Therapeutics VTGN stock rose 22.5% to $8.62 during Wednesday's after-market session. Trading volume for this security closed at 4.6 million, accounting for 394.0% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $68.8 million. stock rose 22.5% to $8.62 during Wednesday's after-market session. Trading volume for this security closed at 4.6 million, accounting for 394.0% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $68.8 million. AIM ImmunoTech AIM shares rose 11.69% to $0.64. The market value of their outstanding shares is at $30.7 million. shares rose 11.69% to $0.64. The market value of their outstanding shares is at $30.7 million. Tenon Medical TNON shares moved upwards by 10.45% to $0.26. Tenon Medical's trading volume hit 156.5K shares by close, accounting for 23.3% of its average volume over the last 100 days. The company's market cap stands at $5.6 million. The company's, Q2 earnings came out yesterday. shares moved upwards by 10.45% to $0.26. Tenon Medical's trading volume hit 156.5K shares by close, accounting for 23.3% of its average volume over the last 100 days. The company's market cap stands at $5.6 million. The company's, Q2 earnings came out yesterday. Virpax Pharmaceuticals VRPX shares increased by 10.19% to $0.95. The market value of their outstanding shares is at $11.1 million. shares increased by 10.19% to $0.95. The market value of their outstanding shares is at $11.1 million. PMV Pharma PMVP stock increased by 10.13% to $9.55. The market value of their outstanding shares is at $437.1 million. As per the news, the Q2 earnings report came out today. stock increased by 10.13% to $9.55. The market value of their outstanding shares is at $437.1 million. As per the news, the Q2 earnings report came out today. LogicMark LGMK shares moved upwards by 9.31% to $2.7. The market value of their outstanding shares is at $3.4 million. Losers Galera Therapeutics GRTX stock declined by 83.2% to $0.38 during Wednesday's after-market session. Trading volume for this security closed at 8.6 million, accounting for 1034.8% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $16.1 million. stock declined by 83.2% to $0.38 during Wednesday's after-market session. Trading volume for this security closed at 8.6 million, accounting for 1034.8% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $16.1 million. Organogenesis Hldgs ORGO stock fell 41.0% to $2.0. At the close, Organogenesis Hldgs's trading volume reached 194.3K shares. This is 17.7% of its average volume over the last 100 days. The company's market cap stands at $262.5 million. As per the press release, Q2 earnings came out today. stock fell 41.0% to $2.0. At the close, Organogenesis Hldgs's trading volume reached 194.3K shares. This is 17.7% of its average volume over the last 100 days. The company's market cap stands at $262.5 million. As per the press release, Q2 earnings came out today. Matinas BioPharma Hldgs MTNB shares declined by 15.16% to $0.28. Today's trading volume for this security ended up closing at 153.6K shares, which is 32.0 percent of its average volume over the last 100 days. The company's market cap stands at $61.6 million. The company's, Q2 earnings came out today. shares declined by 15.16% to $0.28. Today's trading volume for this security ended up closing at 153.6K shares, which is 32.0 percent of its average volume over the last 100 days. The company's market cap stands at $61.6 million. The company's, Q2 earnings came out today. Infinity Pharmaceuticals INFI shares decreased by 12.4% to $0.1. Infinity Pharmaceuticals's trading volume hit 2.3 million shares by close, accounting for 86.5% of its average volume over the last 100 days. The company's market cap stands at $9.0 million. shares decreased by 12.4% to $0.1. Infinity Pharmaceuticals's trading volume hit 2.3 million shares by close, accounting for 86.5% of its average volume over the last 100 days. The company's market cap stands at $9.0 million. Akso Health Group AHG shares declined by 11.88% to $0.32. The market value of their outstanding shares is at $7.3 million. shares declined by 11.88% to $0.32. The market value of their outstanding shares is at $7.3 million. Aceragen ACGN shares declined by 9.3% to $0.53. The company's market cap stands at $4.4 million. See Also: www.benzinga.com/money/best-healthcare-stocks/ This article was generated by Benzinga's automated content engine and reviewed by an editor.

12 Industrials Stocks Moving In Wednesday's After-Market Session - Limbach Holdings (NASDAQ:LMB), Spire Global (NYSE:SPIR), American Superconductor (NASDAQ:AMSC), Recruiter.Com Group (NASDAQ:RCRT), En 2023-08-09 - Gainers Limbach Holdings LMB shares rose 8.5% to $30.0 during Wednesday's after-market session. The company's market cap stands at $317.3 million. As per the news, the Q2 earnings report came out today. shares rose 8.5% to $30.0 during Wednesday's after-market session. The company's market cap stands at $317.3 million. As per the news, the Q2 earnings report came out today. Fathom Digital Mfg FATH stock increased by 8.1% to $0.89. The company's market cap stands at $62.1 million. stock increased by 8.1% to $0.89. The company's market cap stands at $62.1 million. GEE Group JOB shares rose 5.88% to $0.45. The market value of their outstanding shares is at $51.2 million. shares rose 5.88% to $0.45. The market value of their outstanding shares is at $51.2 million. Spire Global SPIR stock moved upwards by 5.61% to $0.71. At the close, Spire Global's trading volume reached 319.7K shares. This is 20.5% of its average volume over the last 100 days. The company's market cap stands at $103.0 million. As per the press release, Q2 earnings came out today. stock moved upwards by 5.61% to $0.71. At the close, Spire Global's trading volume reached 319.7K shares. This is 20.5% of its average volume over the last 100 days. The company's market cap stands at $103.0 million. As per the press release, Q2 earnings came out today. Xos XOS stock rose 5.31% to $0.43. The market value of their outstanding shares is at $76.0 million. stock rose 5.31% to $0.43. The market value of their outstanding shares is at $76.0 million. Recruiter.Com Group RCRT stock moved upwards by 5.12% to $0.2. The company's market cap stands at $3.5 million. Losers RCM Technologies RCMT stock decreased by 8.6% to $17.67 during Wednesday's after-market session. The market value of their outstanding shares is at $146.0 million. As per the press release, Q2 earnings came out today. stock decreased by 8.6% to $17.67 during Wednesday's after-market session. The market value of their outstanding shares is at $146.0 million. As per the press release, Q2 earnings came out today. American Superconductor AMSC shares fell 8.32% to $7.83. Today's trading volume for this security ended up closing at 349.3K shares, which is 16.7 percent of its average volume over the last 100 days. The company's market cap stands at $237.0 million. As per the press release, Q1 earnings came out today. shares fell 8.32% to $7.83. Today's trading volume for this security ended up closing at 349.3K shares, which is 16.7 percent of its average volume over the last 100 days. The company's market cap stands at $237.0 million. As per the press release, Q1 earnings came out today. Plug Power PLUG shares decreased by 6.89% to $10.01. At the close, Plug Power's trading volume reached 3.2 million shares. This is 12.5% of its average volume over the last 100 days. The company's market cap stands at $6.0 billion. The company's, Q2 earnings came out today. shares decreased by 6.89% to $10.01. At the close, Plug Power's trading volume reached 3.2 million shares. This is 12.5% of its average volume over the last 100 days. The company's market cap stands at $6.0 billion. The company's, Q2 earnings came out today. Wheels Up Experience UP shares decreased by 5.13% to $1.48. This security traded at a volume of 830.9K shares come close, making up 101.0% of its average volume over the last 100 days. The company's market cap stands at $37.2 million. The company's, Q2 earnings came out today. shares decreased by 5.13% to $1.48. This security traded at a volume of 830.9K shares come close, making up 101.0% of its average volume over the last 100 days. The company's market cap stands at $37.2 million. The company's, Q2 earnings came out today. Enovix ENVX shares fell 4.69% to $16.7. At the close, Enovix's trading volume reached 193.3K shares. This is 2.8% of its average volume over the last 100 days. The market value of their outstanding shares is at $2.6 billion. shares fell 4.69% to $16.7. At the close, Enovix's trading volume reached 193.3K shares. This is 2.8% of its average volume over the last 100 days. The market value of their outstanding shares is at $2.6 billion. Fluence Energy FLNC stock declined by 4.4% to $26.52. The company's market cap stands at $3.1 billion. The company's, Q3 earnings came out today. See Also: www.benzinga.com/money/best-industrials-stocks/ This article was generated by Benzinga's automated content engine and reviewed by an editor.

12 Information Technology Stocks Moving In Wednesday's After-Market Session - PAR Technology (NYSE:PAR), AppLovin (NASDAQ:APP), SeaChange International (NASDAQ:SEAC), LiveRamp Holdings (NYSE:RAMP), On 2023-08-09 - Gainers AppLovin APP shares rose 22.1% to $35.92 during Wednesday's after-market session. This security traded at a volume of 687.1K shares come close, making up 25.6% of its average volume over the last 100 days. The market value of their outstanding shares is at $12.4 billion. As per the news, the Q2 earnings report came out today. shares rose 22.1% to $35.92 during Wednesday's after-market session. This security traded at a volume of 687.1K shares come close, making up 25.6% of its average volume over the last 100 days. The market value of their outstanding shares is at $12.4 billion. As per the news, the Q2 earnings report came out today. Blend Labs BLND shares rose 14.85% to $1.4. The company's market cap stands at $341.6 million. As per the news, the Q2 earnings report came out today. shares rose 14.85% to $1.4. The company's market cap stands at $341.6 million. As per the news, the Q2 earnings report came out today. Alarm.com Holdings ALRM shares increased by 11.76% to $55.0. The company's market cap stands at $2.7 billion. As per the news, the Q2 earnings report came out today. shares increased by 11.76% to $55.0. The company's market cap stands at $2.7 billion. As per the news, the Q2 earnings report came out today. LiveRamp Holdings RAMP stock moved upwards by 8.93% to $29.5. The market value of their outstanding shares is at $1.9 billion. As per the press release, Q1 earnings came out today. stock moved upwards by 8.93% to $29.5. The market value of their outstanding shares is at $1.9 billion. As per the press release, Q1 earnings came out today. Actelis Networks ASNS stock rose 7.33% to $1.61. This security traded at a volume of 2.2 million shares come close, making up 4029.3% of its average volume over the last 100 days. The company's market cap stands at $3.1 million. stock rose 7.33% to $1.61. This security traded at a volume of 2.2 million shares come close, making up 4029.3% of its average volume over the last 100 days. The company's market cap stands at $3.1 million. Edgio EGIO shares moved upwards by 5.3% to $0.78. The market value of their outstanding shares is at $173.8 million. Losers PAR Technology PAR stock declined by 13.8% to $31.0 during Wednesday's after-market session. The company's market cap stands at $849.5 million. As per the news, the Q2 earnings report came out today. stock declined by 13.8% to $31.0 during Wednesday's after-market session. The company's market cap stands at $849.5 million. As per the news, the Q2 earnings report came out today. Movella Holdings MVLA stock declined by 10.12% to $1.6. The market value of their outstanding shares is at $81.4 million. As per the press release, Q2 earnings came out today. stock declined by 10.12% to $1.6. The market value of their outstanding shares is at $81.4 million. As per the press release, Q2 earnings came out today. SeaChange International SEAC stock fell 7.18% to $4.4. The market value of their outstanding shares is at $11.3 million. stock fell 7.18% to $4.4. The market value of their outstanding shares is at $11.3 million. Latch LTCH stock decreased by 7.14% to $0.77. Latch's trading volume hit 192.5K shares by close, accounting for 13.6% of its average volume over the last 100 days. The market value of their outstanding shares is at $133.3 million. stock decreased by 7.14% to $0.77. Latch's trading volume hit 192.5K shares by close, accounting for 13.6% of its average volume over the last 100 days. The market value of their outstanding shares is at $133.3 million. Infinera INFN shares declined by 5.15% to $3.5. This security traded at a volume of 161.2K shares come close, making up 5.7% of its average volume over the last 100 days. The market value of their outstanding shares is at $789.6 million. As per the press release, Q2 earnings came out today. shares declined by 5.15% to $3.5. This security traded at a volume of 161.2K shares come close, making up 5.7% of its average volume over the last 100 days. The market value of their outstanding shares is at $789.6 million. As per the press release, Q2 earnings came out today. OneSpan OSPN stock declined by 4.73% to $12.7. The market value of their outstanding shares is at $507.3 million. The company's, Q2 earnings came out today. See Also: www.benzinga.com/money/tech-stocks/ This article was generated by Benzinga's automated content engine and reviewed by an editor.

New Trump lawyer John Lauro is putting on a very confusing show 2023-08-09 - As a result of his third criminal indictment, former President Donald Trump is now facing charges in connection with his efforts to overturn the results of the 2020 presidential election. John Lauro, Trump’s newest attorney, immediately started pleading his client’s case. But while Lauro, a former federal prosecutor, is leading Trump’s legal defense, his public statements have sometimes sounded more like the advice of a political campaign chairman, rather than a criminal defense attorney. In responding to that directive, Lauro said something I never heard any other criminal defense attorney say during my three decades of prosecuting cases. I attended Trump’s Aug. 3 arraignment hearing in Washington, D.C. Magistrate Judge Moxila Upadhyaya, who presided over Trump’s D.C. arraignment, directed the prosecution and the defense to file proposed trial dates. In responding to that directive, Lauro said something I never heard any other criminal defense attorney say during my three decades of prosecuting cases. “Your Honor,” Lauro said, “obviously in a case of this magnitude, there might be a massive amount of discovery and information that we would have to look through” before determining a proposed trial date. “We expect to vigorously address every single issue in this matter on behalf of Mr. Trump and on behalf of the American people.” (Emphasis mine.) Wait a minute — on behalf of the American people? The sole and exclusive responsibility of criminal defense attorneys is to zealously represent the interests of their clients. They neither raise issues on behalf of nor represent the interests of the American people. That is literally the job of the prosecutor. Lauro’s comments seemed to be parroting, mimicking and thereby supporting Trump’s often-heard refrain: “They’re not coming after me, they’re coming after you.” They were also entirely improper. First, it is unethical for a defense attorney to state that he will be raising issues on behalf of the American people. Imagine if prosecutors started saying that they would be raising issues on behalf of the defendants they were prosecuting. That likely would result in a referral to bar counsel for prosecutorial misconduct. Indeed, a defense attorney could and should object to the absurd notion that a prosecutor would raise an issue that was “in the interest of” the very defendant the prosecution was seeking to convict and potentially imprison. But more concerning is the way Lauro seemed to be signaling to Trump’s supporters that he is fighting for them, and representing their interests and issues. This is wildly misleading, at best. Here’s hoping presiding Judge Tanya Chutkan instructs him to cut it out. It’s pure folly for Lauro to tell Trump supporters he’s fighting for them when, in reality, he must put Trump’s interests above that of everyone else. Defense attorneys must act in the best interests of the defendants they represent, no matter the collateral damage. It’s pure folly for Lauro to tell Trump supporters he’s fighting for them when, in reality, he must put Trump’s interests above that of everyone else, including the American people. Said another way, a defense attorney who represents a person who committed crimes of violence will represent the interests of that client, regardless of the danger to the community an acquittal could create. But Lauro’s argument is tantamount to a defense attorney in a violent crime case asserting that he’s representing the interests of the community members when, in fact, he’s potentially endangering them by fighting for a verdict of not guilty. Unfortunately, Lauro’s misleading statements have not been confined to the courtroom. Making the rounds on the Sunday news programs, he insisted, repeatedly, that the prosecutors are somehow violating Trump’s First Amendment rights by prosecuting him for his efforts to overturn the election. Even the most casual reading of Trump’s D.C. indictment belies the notion that the criminal charges are in any way based on Trump’s words, whether those words were true or false. As the indictment itself states: “The defendant had a right, like every American, to speak publicly about the election and even to claim, falsely, that there had been outcome-determinative fraud during the election and that he had won.” The criminal charges in the indictment are not based on talk. They are based on criminal conduct. Trump is being charged with entering into multiple conspiracies designed to overturn the results of the 2020 election. A conspiracy is an agreement between two or more people to commit a crime, followed by an act by one of the conspirators toward the commission of the crime, what the law refers to as “overt act.” While it is true that conspirators use words in furtherance of their criminal agreement, those words are not somehow constitutionally immune from being part and parcel of criminal conduct. Lauro’s claim that Trump is being prosecuted for First Amendment protected speech might have resonated if special counsel Jack Smith had charged Trump specifically with inciting an insurrection Jan. 6, 2021. If Smith had indicted Trump on charges of telling his supporters to “fight like hell or they won’t have a country anymore,” “march to the Capitol” and “stop the steal,” Lauro would have had a colorable claim that Trump is being prosecuted for his words. It almost feels like Lauro is still defending Trump against the indictment he expected, rather than the indictment the grand jury actually handed down. These misrepresentations deceive the American people — at least, those who are unwilling or unable to discern fact from fiction. As my friend and MSNBC legal analyst Joyce Vance said on “Morning Joe,” Lauro’s misleading statements are, in effect, “an extension of the big lie.” Attorneys have a duty of candor to the court and a responsibility not to say anything publicly that could undermine or derail a fair trial. If Trump’s attorneys take those obligations seriously, then they should stop mimicking their client’s dangerous propaganda and focus on actual legal defenses and legitimate lawyering.

Ahead of possible indictment, Trump tries to smear another prosecutor 2023-08-09 - Donald Trump has invested an enormous amount of time and energy trying to smear special counsel Jack Smith, with the former president going so far as to argue that he wants to see Smith “in jail.” But we’re occasionally reminded that the special counsel isn’t the only prosecutor the Republican is desperate to tear down. Yesterday, for example, Trump spoke in New Hampshire — the remarks were ostensibly about veterans benefits — and turned his attention to Fulton County District Attorney Fani Willis. “I probably have another [indictment]," he told his audience. "They say there’s a young woman, a young racist in Atlanta. She’s a racist. And they say, I guess, they say that she was after a certain gang, and she ended up having an affair with the head of the gang, or a gang member. And this is the person that wants to indict me.” As Trump smears go, this was among the more grotesque. For one thing, there’s literally no evidence to suggest Willis is racist, and it’s curious how the former president only seems to apply the label to Black prosecutors who suspect him of crimes. For another, there’s literally no evidence to suggest Willis had an affair with a gang member, and the Republican’s campaign has made no effort to substantiate the claim. But as important as these details are, and as ugly as Trump’s attempted smear was, the apparent case against him is proceeding anyway. The New York Times reported: The fourth criminal case involving Donald J. Trump is likely to come to a head next week, with the district attorney in Atlanta expected to take the findings from her election interference investigation to a grand jury. The Georgia investigation may be the most expansive legal challenge yet to the efforts that Mr. Trump and his advisers undertook to keep him in power after he lost the 2020 election. “The work is accomplished,” Willis told local outlet 11Alive last week. “We’ve been working for two and a half years. We’re ready to go.” Trump said a lot of wildly untrue things yesterday, especially about the Georgia prosecutor, but when the former president told his audience that he’ll “probably” be indicted for election-related crimes in Fulton County, that was the one claim he made that was very easy to believe.

China’s Economy Faces Yet Another Threat: Falling Prices 2023-08-09 - The United States has spent much of the past 18 months struggling to control inflation. China is experiencing the opposite problem: People and businesses are not spending, pushing the economy to the verge of a pernicious condition called deflation. Consumer prices in China, after barely rising for the previous several months, fell in July for the first time in more than two years, the country’s National Bureau of Statistics announced on Wednesday. For 10 straight months, the wholesale prices generally paid by businesses to factories and other producers have been down from a year earlier. Real estate prices are tumbling. Those patterns have amplified concerns about deflation, a potentially crippling pattern of broadly falling prices that tends to also depress the net worth of households — as it did in Japan for years — and make it very hard for borrowers to repay their loans. Deflation is particularly serious in a country with very high debt, like China. Overall debt is now larger in China, compared with national economic output, than in the United States.

How major US stock indexes fared Wednesday, 8/9/2023 2023-08-09 - Stocks closed lower as Wall Street waited for a highly anticipated report on inflation that’s arriving the following day. The S&P 500 lost 0.7% Wednesday, and has now dropped six of the last seven days. The Dow lost 191 points, or 0.5%, after flipping between gains and losses through the day. The Nasdaq composite fell 1.2%. Companies are continuing to report better-than-expected profits for the spring. Taser maker Axon Enterprise jumped following its report. But more attention is on Thursday’s inflation data, which investors hope will give the Federal Reserve reason to halt its hikes to interest rates. On Wednesday: The S&P 500 fell 31.67 points, or 0.7%, to 4,467.71 The Dow Jones Industrial Average fell 191.13 points, or 0.5%, to 35,123.36. The Nasdaq composite fell 162.31 points, or 1.2%, to 13,722.02. The Russell 2000 index of smaller companies fell 16.65 points, or 0.9%, to 1,930.77. For the week: The S&P 500 is down 10.32 points, or 0.2%. The Dow is up 57.74 points, or 0.2%. The Nasdaq is down 187.22 points, or 1.3%. The Russell 2000 is down 26.70 points, or 1.4%. For the year: The S&P 500 is up 628.21 points, or 16.4%. The Dow is up 1,976.11 points, or 6%. The Nasdaq is up 3,255.53 points, or 31.1%. The Russell 2000 is up 169.52 points, or 9.6%.

Country Garden misses bond payments as China property fears flare 2023-08-08 - FILE PHOTO: The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong By Clare Jim HONG KONG (Reuters) -Country Garden said on Tuesday it has not paid two dollar bond coupons due on Aug. 6 totalling $22.5 million, confirming market fears that the biggest privately owned developer in China is slipping into repayment troubles. The bonds in question are notes due in Feb 2026 and Aug 2030, the firm told Reuters. Both payments have 30-day grace periods, according to investors citing prospectuses. China's giant property sector has seen a string of debt defaults by cash-squeezed developers since late 2021, with China Evergrande Group, the world's most indebted property developer, at the centre of the crisis. Country Garden, which had total liabilities of 1.4 trillion yuan ($194 billion) at the end of 2022 and large exposure in lower-tier cities, told Reuters in a separate statement that it is improving capital arrangements to ensure the legal rights of creditors. It added its usable cash had declined, showing "periodic liquidity stress", due to a deterioration in the sales and refinancing environment, and the impact from various fund regulations. "The company has been holding fast, but it's hard to see the dawn light," it said, highlighting efforts to ensure home deliveries and debt repayments as the industry grapples with "unprecedented difficulties". Country Garden's Hong Kong-listed shares fell 14.4%, their biggest daily drop since December, and most of its dollar bonds sank to below 10 cents on the dollar, according to Duration Finance. Its September 2025 bond traded at 9.21 cents on the dollar at 0827 GMT, down from 14 cents on Monday, while Shenzhen trading of an onshore bond was temporarily suspended after it plunged 28.6%. "The fact that (Country Garden) is struggling to address an interest payment, rather than a full bond principal repayment, perhaps underscores its very tight liquidity," said CreditSight analyst Nicholas Chen. "Given (its) size, we think such an event will have a negative spillover effect for the sector, particularly on investor sentiment towards other privately-run developers that are still afloat." Story continues Property shares have been volatile in recent weeks with contagion worries sparked by liquidity concerns over Country Garden resurfacing and state-backed Sino-Ocean Group seeking to extend bond payments, while investors look to policymakers for more drastic support for the sector. Country Garden's contracted sales dropped 30% to 128.8 billion yuan in the first six months of this year, amid an accelerating drop in the broader property sector. Moody's downgraded the firm to "B1" last week, highlighting its still-constrained funding access and sizable maturing debt over the next 12-18 months. In September, Country Garden has a 5.8 billion yuan bond maturing and a 48 million yuan coupon due, as well put options on a further 3.4 billion yuan of paper. Offshore, a HK$3 billion ($384.2 million) convertible bond matures in December and a $1 billion dollar bond in January. Last week, Country Garden aborted a $300 million share placement at the last minute saying it had not reached a 'final agreement' for the deal to go ahead. It also warned that it would post an unaudited net loss for the six months ending June 30, compared with a net profit of 1,910 million yuan a year earlier. ($1 = 7.2117 Chinese yuan renminbi) ($1 = 7.8088 Hong Kong dollars) (Reporting by Clare Jim; additional reporting by Jason Xue in Shanghai and Scott Murdoch in Sydney; Editing by Muralikumar Anantharaman, Kim Coghill and Lincoln Feast, Kirsten Donovan)

Reaching The Finish Line Of The EV Race Is A Daunting Task, One That Some Won't Be Able To Accomplish 2023-08-08 - For all those who are not Tesla Inc (NASDAQ: TSLA) or one of the biggest Chinese EV makers, the EV venture is wildly risky ride that makes profitability seem like mission impossible sometimes. Although Kelley Blue Book reported that EV sales skyrocketed 65% last year while automotive sales contracted 8%, the EV adoption is everything but fast as it entails hefty costs. For manufacturers, Tesla made it even harder by starting a price war at the beginning of the year, one that not many are able to survive, let alone win. Some Have Already Fallen Behind... In June, Lordstown Motors Corp (OTC: RIDEQ) filed for bankruptcy. To date, it has lost about 83% of its share price. Nikola Corporation (NASDAQ: NKLA) stock dropped more than 77% since its launch. Despite the attractivieness of their value propositions, these two players just do not have what it takes for the EV race. The Chinese EV Players Are Going Full-speed Ahead XPeng Inc. (NYSE: XPEV) is among the leading EV makers in China as it distinguished itself with its technology and innovation that includes developing advanced driver assist-systems. Li Auto Inc. (NASDAQ: LI) is a pioneer but its ONE SUV, a plugin hybrid addressed the consumers who had concerns about range anxiety, allowing the automaker to compete with XPeng and Nio Inc (NYSE: NIO). Nio has literally carved a niche for itself in the premium EV market with its SUVs and the ET7 luxury sedan. Nio also distinguished itself with its "Battery as a Service" model and battery swap technology focused on creating a lifestyle brand that offers experiences as opposed to just one that sells EVs. The Legendary Automotive Players Are Going Above And Beyond General Motors Company (NYSE: GM) will be commiting $27 billion in its electric and automonous future until 2025, as it aims to launch 30 EV models across the planet, fueled by its Ultium battery technology. GM is known for learnings from its lessons, so its EV plans go beyond passenger vehicles to include commercial vehicles and even electric air taxis, showing its aspiration to contribute to future of electric mobility. Story continues The world’s largest automaker by production volume, Toyota Motor Corporation (NYSE: TM) might have entered the EV race later than others but will be investing $13.5 billion into battery technology by the end of the decade as it aims for 40% of its global sales to be made of EVs by 2025. With its established global presence, manufacturing expertise, and the fact it is a brand known for its reliability, Toyota certainly has a shot of being among the EV leaders someday. The German automaker, Volkswagen AG (OTC: VWAGY) is aspiring to not only catch up to Tesla but also become a global leader in electric mobility by 2025. With its ambitious "Transform 2025+" strategy, Volkswagen aims to sell approximately 26 million fully-electric EVs by 2029. With its substantial resources and diverse portfolio, this aggressive approach to EVs can certainly push Volkswagen to become a dominant EV player. Ford Motor Company (NYSE: F) recently posted its second quarter revenue rose 12% YoY with net income nearly tripling to $1.9 billion. With about $30 billion of cash and more than $47 billion in liquidity, Ford has what it takes to fund its electric transition. Ford has also followed Tesla in lowering the price of its electric pickup, the Lightning, and it has exited areas where it was burning cash such as South America production and passenger segments in North America. After delivering strong second quarter results, Ford also raised its full-year guidance. Although ‘new’ as it was formed in 2021, Stellantis N.V. (NYSE: STLA) is a conglomerate formed by Fiat Chrysler Automobiles and PSA Group to reflect their EV commitment that entails an investment of €30 billion through 2025 in developing EV technology. Stellantis aims for 70% of sales in Europe and 40% in the US to be made by low emission vehicles by the end of the decade, while covering models from small city cars to performance vehicles. Electric Pickups 2023 has already been deemed as the year of the electric pickup. With Rivian (NASDAQ: RIVN) already having its R1T on the road, Tesla will be finally releasing its futuristic Cybertruck by the end of the year. Interestingly, Hyundai Motor Company (OTC: HYMTF) will be releasing its Santa Cruz pickup next year that will be equipped by revolutionary solar-powered technology by Worksport Ltd (NASDAQ: WKSP). Specialized in soft and hard-folding tonneau covers, Worksport will be making a customized SOLIS solar tonneau cover for Hyundai, with Santa Cruz combining the best from an SUV and an open-bed vehicle. Moreover, with SOLIS and its COR portable battery system, Worksport might be able to extend the range of electric pickups and help EV pickup makers uplevel their game with this minor addition as Worksport is known for making innovative technology affordable. Worksport announced that it will begin assembling its ‘made-in-the-USA’ SOLIS covers at its NY facility as soon as the improved COR battery system becomes market ready, that is once R&D is finalized. Recap EV sales are expected to rise 35% YoY this year, fueled by supporting policies and incentives both for consumers and manufacturers. Yet, even legendary automakers are missing deadlines with lagging production and startups are struggling with serious financial issues, including bankruptcy. The EV space is undoubtedly crowded and the competition is fierce. With Tesla having raised the bar high, performance-wise, not everyone who started their electric ‘engines’ will succeed to reach the finish line. DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice. Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better. This article Reaching The Finish Line Of The EV Race Is A Daunting Task, One That Some Won't Be Able To Accomplish originally appeared on Benzinga.com . © 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.