Latest News
See the latest news and get GPT analysis of articles
Buy the Dip in e.l.f. Beauty: Analysts Point to a New High 2024-08-09 14:33:00+00:00 - e.l.f. Beauty Today ELF e.l.f. Beauty $160.83 -27.12 (-14.43%) 52-Week Range $88.47 ▼ $221.83 P/E Ratio 72.45 Price Target $217.64 Add to Watchlist Valuation concerns and slowing growth led e.l.f Beauty NYSE: ELF shares to fall following its Q1 release, but this is a buy-the-dip opportunity. The results were better than expected, including increased market share and improved leverage, leading to improved guidance and positive analyst revisions. Among the takeaways for investors is the bullish sentiment trend. Analysts' revisions in the first half lifted sentiment to Strong Buy from Moderate Buy and the price target by nearly 100%, putting the stock on MarketBeat’s list of Top Rated Stocks. The Top Rated stocks are the 100 stocks with the highest average analyst rating over the last 12 months; ELF is ranked 24th. The consensus price target implies a move back to the top of the range, but most recent targets, including the fresh targets issued since the release, are well above it, suggesting a new all-time will be reached soon. Get e.l.f. Beauty alerts: Sign Up e.l.f. Beauty Has Beat and Raise Quarter; Shares Fall e.l.f. Beauty had a good quarter, growing by 50% with the addition of Naturium in the mix. The company reports 250 basis points of share gains with more expected, and strength was driven by retail and eCommerce channels. The company shows mounting leverage among cosmetic consumers, with consumption of its cosmetic products up 26% compared to a decline in the overall category. Market share was gained versus all the legacy cosmetic companies, and Revlon lost the most. The company also shows increased leverage in Skincare, with consumption up 45% compared to 1% for the category, aided by share gains. e.l.f. is now the #9 leading skincare brand, rising three positions compared to last year. Naturium grew by 16%, and International grew by 90%. e.l.f. Beauty Stock Forecast Today 12-Month Stock Price Forecast: $217.64 35.32% Upside Buy Based on 15 Analyst Ratings High Forecast $260.00 Average Forecast $217.64 Low Forecast $115.00 e.l.f. Beauty Stock Forecast Details Margin is another area of strength, with the gross margin improving by 80 basis points to 71% and the operating margin outperforming. SG&A costs rose compared to last year but far less than expected, leaving the adjusted earnings at $1.10 or 3000 basis points above the consensus. Guidance for the year is good, but it is weighing on the market for shares. The company raised its forecast for revenue and earnings, putting the low end of the expected EPS range above the prior high end, but it is still shy of the consensus. Guidance may be cautious in light of the Q1 strengths, but there is concern that tariffs on Chinese imports will impact results as the year progresses. The caveat is that tariffs have yet to be passed, and there is potential for reaccelerated growth in 2025. The FOMC is expected to cut interest rates soon, a move expected to reinvigorate economic activity and consumer strength globally. e.l.f Beauty Builds Value for Shareholders The critical details for investors are in the balance sheet. The balance sheet shows reduced cash and increased liabilities due partly to the Naturium acquisition, but increased receivables, inventory, property, intangibles, and goodwill offset those details. The net result is a 50% increase in shareholder equity, and the balance sheet is still a fortress. Long-term debt and finance lease obligations are only about 1.5x the remaining cash balance, the cash flow is positive, and total liabilities run at less than 0.75x assets. This company can continue to invest in its profitable growth through acquisitions and other means. The institutions support the price action in e.l.f. in 2024, and this trend will likely continue. The stock price is down following the release, in the range where buying was strongest in Q1 and early Q3, which will likely spark another round of inflows. The risk is that early, pre-market price action is below critical support and potentially strong resistance at the $180 level. If this market can’t get back above there quickly, it could become range-bound between $150 and $180. Before you consider e.l.f. Beauty, 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 e.l.f. Beauty wasn't on the list. While e.l.f. Beauty currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Paramount reports first quarter of streaming profits, plans 15% layoff and takes $6 billion charge on cable business 2024-08-09 05:22:00+00:00 - Paramount Global (PARA) on Thursday reported a profit within its streaming division for the first time while its linear TV business reported a sharper slowdown than expected as the company took a nearly $6 billion write-down on the value of its cable business. On a conference call, the company also announced plans to layoff 15% of its US workforce. The layoffs will take place "in the coming weeks and will largely be completed by the end of the year," according to management. The results come as Paramount prepares for its expected merger with Skydance Media, set to be completed in the third quarter of 2025. In the second quarter, Paramount reported operating income for its direct-to-consumer (DTC) segment of $26 million, a $450 million improvement from the prior year period. The company reported a loss for this segment of $286 million in the first quarter. "Our strong performance in Q2 demonstrates that we are delivering on our strategic priorities," co-CEOS George Cheeks, Chris McCarthy and Brian Robbins said in the release. "We will continue to aggressively execute on our strategic plan which focuses on transforming streaming to accelerate profitability, streamlining our organization — including at least $500 million in annualized cost savings — and improving the balance sheet by growing free cash flow and optimizing our asset mix." Shares moved about 5% higher in after-hours trading as investors digested the results. Coming into the report, Paramount stock was down roughly 30% this year. Overall, the company reported Q2 adjusted earnings of $0.54 per share, above the $0.13 analysts polled by Bloomberg had expected and higher than the $0.10 Paramount reported in the same quarter last year. Revenue came in at $6.81 billion, missing consensus expectations for $7.24 billion and an 11% decline compared to the $7.62 billion reported in the year-ago period. Linear advertising revenue declined by double digits in the quarter, falling 11% year over year compared to the 10% drop analysts had expected. Linear ad revenue enjoyed a 14% rebound in Q1 as a result of record Super Bowl ad sales, but the second quarter highlighted the challenges legacy media companies have faced amid greater cord-cutting trends. Similar to legacy media competitor Warner Bros. Discovery, the company took a $5.98 billion goodwill impairment charge related to its cable networks. Paramount CFO Naveen Chopra said the charge comes after the company "assessed the relevant factors that could impact the fair value of our reporting units, including the estimated total company market value indicated by the Skydance transactions and recent indicators in the linear affiliate marketplace." Story continues A view of Paramount Studios's water tank in Los Angeles, Calif., Sept. 26, 2023. (REUTERS/Mario Anzuoni/File Photo) (REUTERS / Reuters) Despite turning a profit in its streaming segment, Paramount+ shed 2.8 million in the quarter to 68 million, "principally reflecting the planned exit from a hard bungle agreement in South Korea." But global average revenue per user, or ARPU, expanded by 26% year over year in the quarter. That helped boost revenue at Paramount+ by 46% compared to the prior year. In the six months ending June 30, the streaming division is still operating at a loss of $260 million but the company reiterated previous guidance that it remains on track to reach domestic profitability for Paramount+ in 2025. On the earnings call, the company said there's opportunity for more strategic partnerships and possible joint ventures among competing streaming platforms in order to drive greater scale Meanwhile, revenue in the film division faced its own double digit decline, falling 18% as the company blamed the miss on "timing of releases in the quarter" and tough comparisons to last year's "Transformers: Rise of the Beasts." Skydance takeover on horizon Thursday's results come as Skydance's pending takeover of the company remains on the horizon. Skydance, which will be valued at $4.75 billion following the all-stock deal's completion, said it would inject $6 billion in cash into Paramount, with $1.5 billion going directly into its debt-ridden balance sheet. Skydance CEO David Ellison will become chairman and CEO of the combined company, while former NBCUniversal executive Jeff Shell, who was ousted last year over an "inappropriate relationship" with a female employee, will serve as president. Last month, the new leadership team laid out their strategic vision for Paramount. This includes $2 billion in cost cuts with $500 million already underway. Thursday's layoff announcement highlighted these efforts. "We love the creative engine of this company. But obviously, a big chunk of the company is in the linear world and we know linear is challenged and declining," Shell said at the time "I think a lot of us in the business know we've got to run these businesses in a different way as they decline." 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 StockStory aims to help individual investors beat the market.
Why Palantir Technologies Stock Rallied on Thursday 2024-08-09 04:33:00+00:00 - Shares of Palantir Technologies (NYSE: PLTR) charged out of the gate on Thursday, surging as much as 11.6%. As of 2:47 p.m. ET, the stock was still up 10.3%. The catalyst that sent the artificial intelligence (AI) software and data mining specialist higher was the announcement that it would collaborate with software titan Microsoft (NASDAQ: MSFT) to advance U.S. government AI systems. Two of the biggest names in AI pair up In a press release on Thursday, Palantir announced a significant expansion of its existing partnership with Microsoft to develop advanced AI systems for U.S. government agencies. The announcement said the pair will "bring some of the most sophisticated and secure cloud, AI, and analytics capabilities to the U.S. Defense and Intelligence Community." The collaboration will involve a "first-of-its-kind, integrated suite of technology" that will tap Microsoft's state-of-the-art large language models (LLMs) using its Azure Cloud infrastructure and OpenAI services, combining those capabilities with Palantir's Artificial Intelligence Platform (AIP). Palantir will also deploy its Foundry, Gotham, and Apollo AI platforms into Microsoft Azure Government, Government Secret, and Top Secret clouds. Military boot camp One of the more intriguing parts of the announcement was that Palantir would also provide boot camps to government agencies that trial the technology. Palantir's AIP has been a rousing success since its introduction early last year, but it was the company's use of boot camps that really helped the adoption of the technology take off. In these sessions, Palantir engineers work side by side with users to develop specific solutions to real-world problems. A good analogy is the well-known quote: "Give a person a fish, they eat for a day. Teach them to fish, and they eat for a lifetime." Palantir uses its boot camps to teach customers to fish, enabling them to develop AI solutions they can use. Earlier this week, Palantir reported blockbuster results fueled by the rapid adoption of AIP and the success of its boot camp strategy. While this announcement itself isn't groundbreaking, it adds to the mounting body of evidence that Palantir's AI strategy is bearing fruit. Should you invest $1,000 in Palantir Technologies right now? Before you buy stock in Palantir Technologies, 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 Palantir Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Story continues Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $606,079!* 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 quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of August 6, 2024 Danny Vena has positions in Microsoft and Palantir Technologies. The Motley Fool has positions in and recommends Microsoft and Palantir Technologies. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy. Why Palantir Technologies Stock Rallied on Thursday was originally published by The Motley Fool
Market mayhem has calmed down. Here's what went down — and why more chaos may be coming. 2024-08-09 04:17:00+00:00 - Global stock markets have had a turbulent few days. Scott Olson/Getty Images Stocks, crypto, and other assets have been hammered by market turmoil in recent days. Recession fears, the Japanese yen, valuations, and the Fed's next move fueled the chaos. Some experts expect more pain for investors, while others say the sell-off was a blip. Stock markets have been rocked by fresh recession fears, dour corporate earnings, and foreign monetary policy in recent days. Investors seem to have regained their composure, but experts warn the chaos may not be over. What happened? The S&P 500 tanked 8% from its July 16 peak to trade below 5,200 points at Wednesday's close. The tech-heavy Nasdaq Composite has tumbled 13% over the same period, while bitcoin and ether have plunged 16% and 31% respectively since late July to revisit their February lows. Nvidia, the microchip maker that has become the star stock of the artificial intelligence craze, has crashed 30% from an intraday peak of $141 on June 20 to $99 at Wednesday's close. The sell-off slashed its market value from over $3.2 trillion to below $2.5 trillion. The market rout reflects several headwinds converging to spook investors: Friday's jobs report showed the US economy added fewer jobs than expected, and unemployment ticked up to 4.3% — its highest level since October 2021. The news stoked concern on Wall Street that growth is slowing and company profits could suffer. The Bank of Japan declared on July 31 that it would hike its benchmark interest rate in a bid to head off inflation and shore up its currency, and expected to further tighten its monetary policy. The announcement hammered Japanese stocks and fueled a global market sell-off, as investors rushed to unwind "carry trades" centered on borrowing cheaply in Japan and investing the funds in higher-yielding assets overseas. The central bank backtracked on Wednesday, saying it wouldn't hike rates further for now. A combination of rock-bottom US interest rates since the financial crisis, and historic amounts of government spending during and after the pandemic, drove the value of stocks, real estate, cryptocurrencies, and other risk assets to record highs. But the Federal Reserve has hiked rates from nearly zero to north of 5% since early 2022, boosting the relative appeal of safe assets like savings accounts and government bonds, and making it more costly for companies to borrow money to fuel growth. The Fed has held off on cutting rates as inflation remains well above its 2% target, which has maintained pressure on the economy. Other factors include investor skepticism around the huge amounts of money being invested in AI with minimal payback so far; worries about the health of Big Tech after Tesla's earnings nearly halved last quarter and Google-owner Alphabet reported slower advertising growth; and Warren Buffett's Berkshire Hathaway revealing over the weekend that it slashed its monster Apple stake last quarter. Story continues More pain to come? US stocks climbed in early trading on Thursday, suggesting nerves have settled on Wall Street. But several experts have warned there could be more trouble ahead. "The stock market looks like it is finally starting to correct," reads one subhead in the latest research note from Paul Dietrich, the chief investment strategist at B. Riley Wealth Portfolio Advisers. He attributed the "massive stock market sell-off" to "fears of a looming US recession" stoked by worsening economic data, and warned the S&P 500 could eventually crash 40% from its recent highs. Goldman Sachs' Peter Oppenheimer told CNBC this week there's lingering anxiety in markets that could fuel further volatility. "My feeling is that this correction, although is stabilizing, is not yet over," the bank's chief global equity strategist said. "We're still going to see, I think, some choppy environments in the short term as investors really start to calibrate and get more confident again about the direction of interest rates and the economy." Many investors hope the market slump and mounting signs of economic weakness will spur the Fed to start cutting rates, buoying asset prices. But veteran economist David Rosenberg warned investors against breathing a sigh of relief if that happens. The Rosenberg Research president noted that after the Fed embarked on rate-cutting cycles in January 2001 and September 2007, recession struck a couple of months later in both cases. The S&P 500 also tanked by about 40% and 50% within the next couple of years both times. "Now you know where the term 'sucker's rally' comes from," Rosenberg said. He also pointed out that economists at JPMorgan recently raised their estimated probability of a recession this year from 25% to 35%, and Goldman's economists now put the chances of a recession over the next year at 25%, up from 15%. "Few asset classes are even remotely priced for those odds," Rosenberg cautioned. These experts' comments suggest investors should brace for further market turmoil and potentially significant declines as recession looms larger, even if the Fed swoops in to save the day. Positive sign Other gurus aren't so worried. In a recent note, Fundstrat's Tom Lee pointed to a sharp decline in Wall Street's "fear gauge" as reassuring. "VIX falling from 66 to 27 is a positive sign and further sign this is a 'growth scare' with the worst likely behind us." Nobody knows for sure where markets are headed next, with Wall Street split over whether the US economy is solid or crumbling, whether the AI boom is a bubble, and whether the Fed will start cutting rates in the next few weeks — and if it will be too little, too late. But trading in recent days shows that even, and perhaps especially, the highest-flying assets can fall sharply when jittery investors get some bad news. If the bears are right, there could be more of the same ahead. Read the original article on Business Insider
Elf Beauty projects annual forecasts below estimates as consumers spend cautiously 2024-08-09 04:09:00+00:00 - By Granth Vanaik (Reuters) -Elf Beauty forecast annual sales and profit below estimates on Thursday and said it would raise prices of its products in case tariffs on imports from China are increased, if Republican presidential candidate Donald Trump comes to power. Shares of the company were down about 5% in extended trading even as Elf topped first-quarter estimates. While Elf has somewhat been able to maintain its post-pandemic boom in demand by attracting customers for its affordable skincare and cosmetic products, the downbeat forecasts indicate that budget-strained customers were spending cautiously. The company was seeing consumers get "choosier" but they were opting for Elf, CEO Tarang Amin told Reuters. In recent months, investor concerns have also grown around the possibility of rising tariffs on imports of Elf's nearly 80% finished products manufactured in China and higher ocean freight costs, among other factors. An increase in tariffs on imports from China, if Republican presidential candidate Donald Trump comes to power, would mostly impact the company in fiscal 2026, Amin said. Earlier this year, Trump had floated the idea of imposing tariffs on China again if he wins the presidential election in November and said the rate for such tariffs could exceed 60%. "We don't like 60% tariff just because we feel it is a tax on American consumers," Amin said, adding that the tariffs impact would be addressed by raising product prices and diversifying supply chain operations. Elf now sees 2025 sales to be between $1.28 billion and $1.30 billion, compared to previous expectations of $1.23 billion and $1.25 billion. Analysts expected annual sales of $1.30 billion, according to LSEG data. It now expects annual adjusted per-share profit to be between $3.36 and $3.41, versus prior projections of $3.20 and $3.25. Analysts expected profit for FY25 to be $3.42 per share. Net sales rose 50% to $324.5 million in the quarter ended June 30, beating estimates of about $304.7 million. Adjusted profit of $1.10 per share also topped LSEG expectations of 84 cents. (Reporting by Granth Vanaik in Bengaluru; Editing by Mohammed Safi Shamsi)
Former Trump Hotel Heads Back To The Lender In Foreclosure Auction 2024-08-09 03:00:00+00:00 - Former Trump Hotel Heads Back To The Lender In Foreclosure Auction Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The election isn’t the only drama happening in Washington, DC. The battle over the former Trump Hotel has ended in a foreclosure auction, sending the rights for the hotel back to the lender, BDT & MSD Partners, the merchant bank owned by Warren Buffett’s banker Byron Trott and billionaire Michael Dell. The leasehold interest in the hotel was sold for $100 million. The hotel is located in the Old Post Office building, which is owned by the government but has a 100-year lease with the Trump Organization. The Romanesque Revival-style structure opened as Washington DC's main post office in 1899 and later served as a federal building. It was placed on the National Register of Historic Places in 1973, protecting it from potential destruction. In 2012, the Trump Organization was awarded the rights to develop the old building on Pennsylvania Avenue, turning it into a five-star hotel with 263 rooms. Trending: A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today. This is a paid advertisement. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund's prospectus. Read them carefully before investing. BDT & MSD Partners took control after CGI Merchant Group, an investment firm that purchased the leasehold interest for $375 million from the Trump Organization in 2022, defaulted on a $285 million loan. The hotel sale set a record in Washington, D.C., at that time and allowed Trump to pay off a $170 million loan with Deutsche Bank. At the time, the former President's son, Eric Trump, said, "We took a dilapidated and underutilized government building and transformed it into one of the most iconic hotels in the world." During the Trump administration, the hotel served as a gathering spot for the Republican elite and fans of the President. After the hotel was sold, CGI Merchant Group partnered with Hilton, and the property was rebranded as a Waldorf Astoria. Republicans mostly moved on, and Democrats began using it as a gathering spot. The hotel has several restaurants, including The Bazaar by José Andrés. After some of Trump’s comments, Andrés had pulled out of a deal to operate a restaurant in the Trump Hotel. A lawsuit between the Trump Organization and Andrés was resolved in 2017. Despite the foreclosure auction, the Waldorf Astoria continues to operate the hotel where it is business as usual. CGI Merchant Group is an investment firm based in Miami, FL. It invests in multifamily, hospitality, office, mixed-use, and other commercial real estate sectors. Some of its investments include The Gabriel Miami Hotel and 3480 Main, a mixed-use building in Coconut Grove, FL. The Gabriel and its sister hotel in South Beach faced foreclosure earlier this year. Baseball legend Alex Rodriguez invested in CGI's hotel investment fund in 2020. Don’t Miss: Oprah, Madonna and DiCaprio have turned to the alternative asset that is outperforming the S&P 500. Discover the potential of this market before other investors . The CEOs of Uber and Salesforce are so impressed with this platform they put their own money behind it. Join them, invest in private credit, and earn 7-9% APY. The path to default was lengthy, with the initial default occurring in 2023. A BDT & MSD Partners spokesperson told CoStar News that the bank had given CGI ample time to correct the situation. For its part, CGI Merchant Group said that it had secured financing and informed BDT & MSD Partners about it before the auction. Nevertheless, the auction took place, and BDT & MSD Partners was the sole bidder. In a statement to CoStar, CGI Merchant Group said that it never walks away from a property and is not done fighting for the Waldorf Astoria. BDT & MSD Partners has invested in other hotel projects, such as the Auberge Resorts Collection, a portfolio of luxury hotels and residential properties, and there is the possibility that it may retain the property or work with CGI Merchant Group to resolve the issue. With the Presidential inauguration coming next January, hotels around the Washington DC area are already being booked up. That will be good news for the Waldorf Astoria and its owners. This story, though high-profile, is likely an isolated incident and doesn't have ramifications for the hotel industry at large. In fact, luxury hotels are having a strong year, with revenue per available room expected to increase in 2004 by 3.8%, according to CBRE data. While hotel transactions have been slow over the past few years, that may be set to change. Sachin Avadhani, EY Americas Hospitality Sector Leader, believes that deal activity will increase in the second half of the year, especially for luxury hotels in top urban markets. Looking For Higher-Yield Opportunities? The current high-interest-rate environment has created an incredible opportunity for income-seeking investors to earn massive yields, but not through dividend stocks... Certain private market real estate investments are giving retail investors the opportunity to capitalize on these high-yield opportunities and Benzinga has identified some of the most attractive options for you to consider. For instance, the Ascent Income Fund from EquityMultiple targets stable income from senior commercial real estate debt positions and has a historical distribution yield of 12.1% backed by real assets. With payment priority and flexible liquidity options, the Ascent Income Fund is a cornerstone investment vehicle for income-focused investors. First-time investors with EquityMultiple can now invest in the Ascent Income Fund with a reduced minimum of just $5,000. Benzinga Readers: Earn a 1% return boost on your first EquityMultiple investment when you sign up here (accredited investors only). Don't miss out on this opportunity to take advantage of high-yield investments while rates are high. Check out Benzinga's favorite high-yield offerings. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. This article Former Trump Hotel Heads Back To The Lender In Foreclosure Auction originally appeared on Benzinga.com
Penny Stock Citius Pharmaceuticals Secures Its First FDA Approval For Skin Cancer Drug A Year After FDA Rejection - Citius Pharma (NASDAQ:CTXR) 2024-08-08 22:37:00+00:00 - Penny stock Citius Pharmaceuticals Inc CTXR secures FDA approval on Thursday for Lymphir (denileukin diftitox-cxdl) to treat relapsed or refractory cutaneous T-cell lymphoma (CTCL) in patients after at least one prior systemic therapy. Lymphir is the only CTCL therapy that targets the interleukin-2 (IL-2) receptor found on malignant T-cells and Tregs. This is the first indication for Lymphir and Citius Pharma’s first FDA-approved product. The company plans to launch Lymphir in the U.S. market within the next five months. Last year in July, the FDA issued a Complete Response Letter regarding Citius Pharmaceuticals’ Biologics License Application (BLA) seeking approval for Lymphir. The FDA required Citius to incorporate enhanced product testing and additional controls agreed to with the FDA during the market application review. “The introduction of Lymphir, with its potential to rapidly reduce skin disease and control symptomatic itching without cumulative toxicity, is expected to expand the CTCL treatment landscape and grow the overall market, currently estimated to be $300 to $400 million,” said Leonard Mazur, the CEO of Citius. Also Read: Citius Pharma’s ‘Antibiotic Lock’ Effective In Patients With Catheter-Associated Bloodstream Infections. CTCL is a rare and often debilitating chronic non-Hodgkin lymphoma that primarily affects the skin. Approximately 2,500-3,000 patients are diagnosed each year, with an estimated 40,000 living with the disease. The approval is based on data from the phase 3 trial, which showed that Lymphir provided an overall response rate of 36%. 52.0% of the patients had a duration of response of at least six months. 84.4% of skin evaluable subjects had a decrease in skin tumor burden, and 12.5% saw complete clearing of skin disease. Pruritis was evaluated as an exploratory endpoint with 31.7% of patients demonstrating clinically significant improvement. Price Action: CTXR stock closed lower by 1.76% at $0.88 on Thursday. Read Next:
AI-Powered Drug Discovery Firm Exscientia To Merge With Nvidia-Partner Recursion Pharmaceuticals - Recursion Pharmaceuticals (NASDAQ:RXRX), Exscientia (NASDAQ:EXAI) 2024-08-08 22:33:00+00:00 - On Thursday, Exscientia plc EXAI agreed to merge with Recursion Pharmaceuticals Inc. RXRX. Exscientia shareholders will receive 0.7729 Recursion shares for each Exscientia share, with fractional shares paid in cash. Based on the fixed exchange ratio, Recursion shareholders will own approximately 74% of the combined entity, and Exscientia shareholders will own approximately 26%. Also Read: Recursion Pharmaceuticals Stock Surges 10% As Nvidia-Powered Supercomputer Completion Sparks Investor Optimism. “We believe the proposed combination is deeply complementary and aligned with our missions to industrialize drug discovery to deliver high-quality medicines and lower prices for consumers,” said Chris Gibson, Co-Founder and CEO of Recursion and the planned CEO of the combined entity. The combined company, which will be named Recursion, will continue to be headquartered in Salt Lake City, Utah, and trade on the NASDAQ while maintaining a significant presence in the U.K. Chris Gibson, Co-Founder & CEO of Recursion, will serve as CEO of the combined company and David Hallett, Interim Chief Executive Officer & Chief Scientific Officer of Exscientia, plans to join the combined company as Chief Scientific Officer. Related: AI Drug Hunter Firm Exscientia Fires Its CEO Over ‘Inappropriate’ Relationships with Two Employees. Exscientia will bring its precision chemistry design and small-molecules automated synthesis technology to Recursion, contributing to scaled biology exploration and translational capabilities. Once integrated, the companies believe the extended and evolved Recursion Operating System will enable the discovery and translation of higher-quality medicines more efficiently and at a higher scale with a full-stack technology-enabled small molecule discovery platform. In addition, the combined company expects to read out approximately ten clinical trials in the next 18 months, where most of these programs, if successful, could have annual peak sales opportunities in excess of $1 billion. The combined entity will have $850 million in cash and about $200 million in expected milestones over the next 24 months, plus a potential $20 billion in royalties on the line later if any drugs from the pipeline are approved. The combined company is estimated to achieve approximately $100 million in annual synergies with a runway extending into 2027. Price Action: On Thursday, EXAI stock closed 17.1% higher to $5.27. Read Next: Photo by Capri23auto from Pixabay
Is the U.S. headed for a recession? Here's what the experts say. 2024-08-08 22:20:00+00:00 - For much of 2024, it appeared the Federal Reserve had successfully navigated a tricky line, tempering the hottest inflation in four decades while keeping the U.S. economy from sinking into a recession. But recent weak economic data is prompting some economists to caution that the nation isn't out of the danger zone just yet. One economic indicator sparking fears of a so-called hard landing was the disappointing jobs report on August 2, which showed that the unemployment rate jumped to 4.3% in July from 4.1% in the prior month. That climb triggered the Sahm Rule, or when the three-month moving average of the national jobless rate rises 0.5 percentage points above its prior 12-month low. Because the Sahm Rule has historically signaled the start of a recession, Friday's data fueled a three-day market rout that led to the S&P 500's worst trading day in nearly two years. Economists, meanwhile, say that while the Sahm rule doesn't appear to be accurate this time around in calling a recession, they are seeing rising risks the economy could slip into a contraction. "It's not that the macroeconomic fundamentals are much weaker," Gregory Daco, chief economist at EY-Parthenon, told CBS MoneyWatch. "But given the tightening of financial conditions, the likelihood of a recession has increased." Other economists are also flagging the heightened possibility of a recession, with Goldman Sachs on August 7 increasing its 12-month recession risk from 15% to 25%. Goldman cited the jump in the unemployment rate, noting that "even such a modest increase has been a reliable recession indicator in postwar U.S. business cycle history." What is the Sahm Rule? The Sahm Rule was created by Claudia Sahm, the chief economist at New Century Advisors and a former Federal Reserve economist, who first outlined the indicator in a 2019 book published by the Brookings Institution's Hamilton Project. In a 2022 blog post, Sahm wrote that the idea was to create a policy tool that would help the government determine when to send out stimulus checks, but she noted wryly that the rule took on a life of its own, drawing attention from noted economists like Larry Summers and the media. "I created a monster," she wrote in the 2022 post, adding that the rule "is a historical pattern, not a rule of nature." Since the Sahm Rule was triggered last week, she's underscored that point, writing on Wednesday in Bloomberg News that she doesn't believe the U.S. is in a recession. Her rule, she added, is just one of multiple indicators that have been "disrupted" by the unusual economy of the last four years. The Sahm Rule can be helpful as a potential forewarning of a recession before it's called by the National Bureau of Economic Research (NBER), the organization that makes the official designation of when the U.S. has entered or leaves a recessionary period, Daco noted. Typically, a recession is defined by a decline in economic activity that lasts more than a few months, the NBER says. But the U.S. economy is still chugging along, with second-quarter GDP growing 2.8%, faster than economists had expected. The Sahm Rule isn't tracking this time around because unemployment rose due to an increase in the labor pool, Daco noted — not because companies are firing workers. The jobless number can increase if there are more workers exiting the workforce than entering it, and if not all of the latter find jobs. "Even though today we're not in a recession, the trajectory of the U.S. is one of a slowdown," Daco noted. "Whether payrolls, the unemployment rate, layoffs, they all point to a slowdown in employment." How does a recession start? Recessions can start in a number of ways, from financial imbalances, such as the collapse of the housing market in 2006, to an economic shock, like the pandemic shutting down global business in 2020. But economists are now concerned about a rising recession risk stemming from the tight financial conditions faced by many businesses and consumers: While the Fed was battling inflation by hiking interest rates to their highest point in 23 years, those hikes have increasingly been straining Americans seeking loans to buy property or carrying credit card debt. The recent market rout could feed into those issues as well if it undermines confidence in the economy, causing businesses to cut jobs or hold off on hiring while making consumers hesitant to spend money, Daco added. "If financial conditions tighten and consumers and businesses take fright, there could be a pullback in investment and consumer spending that could lead to a recession," he noted. "The combination of all these factors can lead to the feared recession materializing." The Fed's next move Despite concerns of mounting risks, most economists believe the probability of a recession remains small, with Goldman Sachs noting that "continued expansion is far more likely than recession." And Thursday delivered a more positive economic indicator, with new claims for unemployment benefits falling to their lowest since early July, the Department of Labor said. The latest data cheered Wall Street and helped boost the S&P 500 by more than 2%. Economists and investors, meanwhile, are focused on the Federal Reserve's next rate decision meeting on September 18. Chair Jerome Powell last month opened the door to a rate cut next month, on the condition that "we do get the data we hope to get," meaning numbers showing that inflation continues to cool. The majority of economists polled by FactSet are penciling in a rate cut of 0.5 percentage points, or double the typical rate cut, due to the weakening labor market, followed by additional reductions at its November and December meetings. Lowering borrowing costs could ease some of the pressure felt by businesses and consumers, providing more breathing space to hire or make purchases. With rates at their highest in more than two decades, the Fed has a lot of room to cut, experts note. "The Federal Reserve has plenty of scope to support the economy and markets," noted Solita Marcelli, chief investment officer Americas at UBS Financial Services, in an August 6 report. "Recent data has improved confidence that inflation is headed sustainably back toward the 2% target, freeing the Fed to focus more attention on supporting growth and employment."
United is grounding print edition of Hemispheres in-flight magazine after 32 years 2024-08-08 22:05:00+00:00 - NOAA, United Airlines team up to monitor greenhouse gases NOAA, United Airlines team up to monitor greenhouse gases 01:48 The seat-back pockets on United Airlines flights could look slimmer beginning this fall. The airline said on Thursday it is grounding the print edition of its long-running onboard magazine, called Hemispheres, which the carrier began publishing in 1992. The September issue of Hemispheres will be the magazine's last in print form, with a digital edition replacing the print publication on United flights, for free, United said in a statement. The new format will continue to include much of the same content as the print edition, such as popular features like the Three Perfect Days series, which gives readers sample itineraries to follow in different cities across the globe. "The September issue of Hemispheres will be the last printed issue of our onboard magazine. A preview of our digital edition is now available at united.com/hemispheres, and includes many new and fan-favorite features — including our Three Perfect Days series," United said in a statement. In this digital day and age it's hardly unusual for a print magazine to fold, given the costs associated with publishing hard copies, and the popularity among readers of digital editions for everything from novels to magazines. "A digital experience allows us to make Hemispheres even better — we can reach a wider audience, offer more personalized content and tell richer stories. Plus, digital functionality includes screen reading and enlarged text, with translations into eight languages coming soon. We're excited about the future possibilities and look forward to sharing more details as we get closer to launch," United added. Hemispheres' publisher, Ink, had to consider something that many do not: How the magazine's weight affects fuel costs. In 2018, United changed the in-flight magazine's paper stock to make each copy one ounce lighter, saving the airline $300,000 a year. "Anytime we can reduce even an ounce of weight, that means we burn less fuel to fly to that destination," Aaron Stash, United's head of environmental strategy and sustainability, told CBS News at the time. "Even an ounce — because if you are multiplying that across the thousands of seats and the thousands of flights we have, that ounce adds up and multiplies very quickly." Ink also publishes other in-flight magazines, such as Malaysia Airlines' monthly magazine GoingPlaces, whose print versions continue to fill seat back-pockets. Hemispheres also distinguished United from airlines like Delta, which discontinued its Sky magazine in 2020, and Southwest Airlines, which stopped publishing its magazine that same year, at the beginning of the pandemic. American Airlines shuttered American Way, first launched in 1966, in 2021. The airline at the time said through "free in-flight entertainment, customers will have plenty of entertaining options to tap into during their journeys." — With reporting from CBS News senior transportation correspondent Kris Van Cleave
Americans' electric bills are rising along with the heat, survey finds 2024-08-08 21:48:00+00:00 - How can you lower electric costs this summer? | The Answer How can you lower electric costs this summer? | The Answer 01:07 As the nation sweats through another record hot summer, the extreme heat is raising utility bills along with the temperature. Roughly 7 in 10 Americans say high heat impacted their electricity bills in minor to major ways in the past year, according to a recent poll from The Associated Press-NORC Center for Public Affairs Research. About 40% of the 1,143 adults surveyed nationwide in late July described getting hit with unexpected expenses on their utility bills due to storms, flooding, heat or wildfires. Twenty-two percent had to change or cancel travel plans because of severe weather, the survey also found. The cost of cooling your home this summer was expected rise nearly 8% across the U.S. to an average of $719, up from $661 during the same period in 2023, according to projections from the National Energy Assistance Directors Association and the Center for Energy Poverty, and Climate. Nearly 20% of low-income families lack air conditioning, which can pose a health risk in periods of high heat, according to the NEADA and CEPC report. In some cases, meanwhile, families may have AC but choose not to turn it on for fear of not being able to afford the electricity bill. "Like walking into soup" For North Carolina resident Levena Lindahl, summer now means covering windows with blackout curtains and closing off entire rooms to keep the monthly expense of electricity for air conditioning manageable. "Going upstairs, it's like walking into soup. It is so hot," Lindahl, 37, said. Lindahl's monthly electricity bill is about $200, doubling from years ago. Jim Graham, 54, told the AP his monthly electricity bill now runs over $350 — even setting the thermostat to 80 degrees Fahrenheit — a big jump from what the Phoenix, Arizona, resident paid about a decade ago. Generally speaking, people who don't believe climate change is happening were less likely to say they'd been affected by extreme heat, the AP-NORC survey found. By contrast, about 8 in 10 Americans who believe climate change is occurring say extreme heat has had at least some impact on their electricity bills. Retired engineer Mario Cianchetti, 70, installed solar panels and heat pumps in his home in Sedona, Arizona, to lower his electricity bills. "When you retire, you're on a single fixed income. I didn't want to have to deal with rising energy costs," Cianchetti told the AP. The planet was 2.66 degrees Fahrenheit (1.48 degrees Celsius) warmer in 2023 than it was in pre-industrial times, according to the European climate agency Copernicus. As temperatures unevenly fluctuate across the globe, the heat can be dangerous. Several U.S. regions set all-time temperature records this summer, and Las Vegas reached a scorching 120 degrees Fahrenheit on July 7. —The Associated Press contributed to this report
How short-lived advanced grenade launchers tried — and failed — to field a high-tech version of the conventional rifle attachment 2024-08-08 21:46:02+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Could high-tech advanced grenade launchers replace conventional rifles for the infantrymen in the battlefields of the near future? Advanced grenade launchers combine a rifle and grenade launcher in one weapon with the rifle acting as backup. This idea can be traced back to 1970, and from then until now, there have been numerous incarnations of the concept. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Even just strapping a grenade launcher to a rifle is nothing new – the M203 single-shot grenade launcher attachment for the M16 and M4 has served for decades. However, the difference between the M203 and advanced grenade launchers is substantial. Typically, advanced launchers use smaller grenades that vary between 20mm to 35mm; further, they are not single-shot designs – which have been falling out of favor. Additionally, their grenades are not necessarily arced toward the target but rather aimed directly and propelled more like a traditional bullet. Advertisement One common feature the latest systems offer is airburst. This allows the user to set the range at which the grenade will explode, meaning it is not reliant on striking something hard to detonate; this makes it extremely easy to eliminate threats behind cover. If you have an enemy at 200 yards behind a wall or in compounds, you can program the grenade to detonate at 201 meters. A soldier can then fire them over the top of the wall, and as the grenade passes, it explodes. Explosive fragmentation eliminates the enemy, and the soldiers move on. The grenade launcher can still likely punch through the cover faster than small arms fire, and while it is more lethal to the enemy, collateral damage is less likely due to the ease of detonation control. Early Western and Soviet efforts A diagram of a Soviet Kalashnikov AK-47 assault rifle. Bettmann/Contributor via Getty Images The Carl Gustaf company was one of the first to experiment with the concept of combining a rifle with another firearm. Carl Gustaf created the NIVA XM1970 in 1970, and it was not a grenade launcher but rather a regular rifle combined with a recoilless 45mm one. A rough design, the NIVA XM1970 mounted over the shoulder like a recoilless rifle, and its stock allowed you to brace the gun against the shoulder. The recoilless rifle offered light anti-armor and anti-bunker capabilities. The rifle system was a 5.56mm that functioned as a bullpup. Its overall length was only 35.4 inches and it weighed 11.9 pounds. Advertisement Across the Iron Curtain, in 1975, the Soviets combined the AK-74 platform with a small 12.7mm grenade launcher. The gun had adjacent barrels and the grenade launcher was built into its left side. The grenade launcher featured a 10-round magazine beside the AK's 30-round 5.45 magazine. A 12.7mm grenade is relatively small, so fragmentation would be minimal but still likely offer excellent penetration through light armor and barriers at close range. Not much is known about the design, and it was never produced beyond the prototype stage. The PAPOP A soldier aims with a PAPOP modular weapon system. Xavier Rossi/Gamma-Rapho via Getty Images Have you ever watched a cheap science fiction movie and seen what looks like a chunk of plastic imitating a weapon? That's what I think of when I see the French PAPOP; the PAPOP-1, in particular, seems to be very awkward. The French designed the system in 1995 by combining a 5.56 caliber bullpup rifle with a 35mm grenade launcher. The grenade launcher had a tube-fed design, much like a traditional shotgun. It was semi-automatic and carried three grenades at a time. Advertisement The weapon featured programmable airburst shells and its aiming system was incredibly advanced using a rotating LCD screen and featuring night vision, a laser telemeter, a friend-or-foe identification tool, and a targeting computer to program grenades. The PAPOP-2 reduced bolt and simplified the design but did not do enough to keep the system from being canceled. XM29 Objective Individual Combat Weapon A standard 5.56mm shell is displayed next to 20mm airburst shell used in the XM29. Star Tribune via Getty Images The Americans produced the XM29 in 1996. Running until 2004, it was one of the longest-lasting programs – and an offshoot of the program even saw combat in Afghanistan. The XM29 series combined a 5.56 rifle designed by HK with a 20mm semi-automatic, magazine-fed grenade launcher. It featured a computerized sighting system that allowed the soldier to program the 20mm grenades to airburst. Advertisement The sighting system also offered a laser rangefinder, thermal capability, and a 6X optic sight. The Army envisioned the system as a counter-defilade weapon and a replacement for the M16. However, problems were discovered in testing: The 5.56 rifle's 9.5-inch barrel generated pitiful velocity and had poor range while the 20x28mm grenades didn't offer the best fragmentation range. Further, the weapon was heavy, bulky, and expensive. Related stories The weapon system was split into three groups, including a stand-alone rifle and a grenade launcher — the XM25 — which fired a larger 25x40mm grenade. Troops in Afghanistan appreciated the weapon, but each round cost $1,000 and had to be handmade. Plans were made to order more, but budget cuts prevented the program from moving onward. Advertisement Advanced Individual Combat Weapon An Australian Army soldier has his finger near the trigger of a F88 Austeyr assault rifle. Scott Barbour/Getty Images In 2001, Australia's Capability and Technology Demonstrator teamed up with DTSO, Metal Storm, and Tenix Defence Systems to produce a rifle and combination grenade launcher. The idea was to allow infantrymen to fire multiple grenades without having to reload, so the team combined the F88 Austeyr with a 40mm tube-loaded, three-shot grenade launcher to create the Advanced Individual Combat Weapon. The grenade launcher used caseless ammo, which simplified the design because the ejection of a spent casing wasn't required. The user could load grenades much like a shotgun. Although the system lacked smart grenade capability, it did succeed in its objective. Unfortunately, it weighed 22 pounds loaded with the sighting system. The program was cut shortly after development was completed. Korea's S&T Daewoo K11 A S&T Daewoo K11 Dual-barrel Airburst Weapon used a combination of a 5.56 rifle with a 20x30mm grenade. War Memorial of Korea Open Archives The Korean S&T Daewoo K11 DAW is the most successful advanced launcher design that's been created yet. The weapon's design process started in 2006; the weapon began evaluation in the same year; and, by 2010, it was being produced. S&T Daewoo K11 DAW used a combination of a 5.56 rifle with a 20x30mm grenade. Its grenade launcher is capable of using standard and smart air-bursting grenades. The sighting system contains a laser rangefinder as well as a ballistic computer allowing the user to easily program the smart grenades to airburst. The scope can be linked to a goggle system with a digital display and provide a thermal imaging system. The grenade launcher is semi-automatic and can hold up to six grenades in a box magazine. Advertisement The Koreans used a clever fire-selector system that allowed the user to swap between rifle and grenade launcher while using the same trigger. While I can't speak to the effectiveness of the 20x30mm grenade launcher, the weapon has been successful. South Korea adopted the platform in 2008, and the United Arab Emirates purchased 40 K11s in 2010. Seven K11 advanced launchers even went to Afghanistan. Nevertheless, the platform suffered from setbacks, and while several fixes were implemented by 2019, the program was canceled. Cold Canada's unnamed rifle Canadian Army soldiers test a prototype of the next generation rifle. Canadian Department of National Defense Finally, Colt Canada and the Canadian military developed an unnamed rifle system that combined a rifle with a three-shot 40mm grenade launcher that could be swapped for a 12-gauge shotgun. There is no mention of air bursts or programmable grenades. The rifle is supposed to use cased telescopic ammo, but a caliber is not mentioned. It's not even clear if the rifle was capable of firing or was just a mockup – although, based on the few photos that have been released, it probably wasn't fired. The program seems abandoned, and this crazy-looking weapon never moved forward. Advertisement All of the above systems were complicated but ambitious. Combing a rifle and a grenade launcher will always be difficult since reducing bulk, weight, and size is a serious challenge. Perhaps the best step forward may be something like the XM-25 and simply making a stand-alone advanced launcher system. Time will tell if Robert Heinlein was right in Starship Troopers and grenade launchers and power armor will dominate the battlefield. Read more from Sandboxx News
Jeremy Siegel backs off on calls for the Fed to do an emergency interest rate cut 2024-08-08 21:45:00+00:00 - Wharton School Professor Jeremy Siegel no longer thinks it's vital for the Federal Reserve to implement an emergency interest rate reduction, but still wants policymakers to cut quickly and aggressively. Siegel caused a stir Monday when he told CNBC that Fed Chair Jerome Powell and his colleagues should institute an emergency 0.75 percentage point decrease now and follow it up with another one in September. Those comments came with markets cratering amid fears over a recession and concern that the Fed is being too slow-footed in easing policy now that the inflation rate has decelerated. However, positive data since then and a ferocious market rally Thursday apparently have eased the urgency. "I no longer certainly think it's necessary. But I want [Powell] to move down to 4% as fast as possible," Siegel said during a phone interview. "Would it be bad? No. But would it be necessary? No, not at this time." The Fed on July 31 voted to hold its key interest rate between 5.25%-5.5%, a decision that quickly came under criticism when a report the next day on weekly jobless claims showed a spike and a manufacturing gauge put the sector further into contraction. However, data Thursday showed claims moved lower from the previous week, and a service sector reading earlier in the week also was better than expected. "Obviously, I wanted to shake things up," Siegel said of his call for an intermeeting move. "There's no way he's going to do that without things falling apart. I don't think things are falling apart. But by all criteria and all monetary rules … they should be under 4%." Markets pricing indicates the Fed will cut by at least a quarter percentage point in September and likely by a full point by the end of 2024. However, those expectations have been volatile as investors watch how quickly the Fed thinks it should ease policy. An emergency cut under these circumstances is "just not the way Jay Powell does things," Siegel said. "But Jay Powell has done things way too slow, certainly on the way up, and I just want to make sure he doesn't make the same mistakes on the way down."
'House of the Dragon' star Tom Glynn-Carney says that Aegon will be fueled by revenge in season 3 after hitting 'pure rock bottom' 2024-08-08 21:38:36+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. By the end of "House of the Dragon" season two, Aegon Targaryen is at his lowest point. Still, he's on the up-and-up — and by that, we mean sensibly running away from danger, rather than flying toward it on dragonback. In season one, Aegon reluctantly assumed the Iron Throne, set to preside over a brutal succession war caused by his own coronation. Surprisingly, he takes a shine to the role. Still, it doesn't come without personal tragedy: In the season two premiere, two assassins murder Aegon's young son. In episode four, determined to assert himself, he flies to Rook's Rest to participate in the battle. Unfortunately, his younger brother Aemond (Ewan Mitchell) takes it as an opportunity to grievously wound him in the crossfire. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. By the finale, Aegon is a changed man physically and mentally. There are his injuries, which have forced him to acclimate to his newfound physical disability. But more insidious is the growing realization that his allies are dwindling and the duplicitous Larys Strong (Matthew Needham) may be the only person he can lean on. Before battle can come to King's Landing, Larys convinces Aegon to flee so he can one day return triumphant after the fighting ends. Throughout it all, Tom Glynn-Carney has embodied Aegon in a way that makes you sympathize with him despite his numerous — numerous — less savory qualities. Advertisement The actor spoke with Business Insider about Aegon's decision to leave King's Landing, his relationship with Aemond and his mother Alicent (Olivia Cooke), and how much he loves seeing his friend Fabien Frankel, who plays Ser Criston Cole, on a horse. Tom Glynn-Carney and Matthew Needham as Aegon Targaryen and Larys Strong in the season two finale of "House of the Dragon." Liam Daniel/HBO I'd love to start by breaking down Aegon's decision to leave King's Landing with Larys. As you were working on those sequences with Matthew Needham, how did you approach getting him to the point where he would make that decision? Well, I think he wasn't given a great deal of options, and this seemed to be an option where the least amount of collateral damage would occur. It's survival instinct, I think, at the moment. And Larys has proved himself to be somebody who Aegon can trust, at least for now. I think Aegon would bite his hand off for that opportunity to get out of there. And he can't do it on his own, either. So Larys was his ticket out. Advertisement There's a very memorable moment in episode eight where Aegon brings up his penis, which was damaged in battle, as Larys speaks to him. Is that a deflection, or is he at rock bottom, or both? I didn't see it as deflecting at all. I thought it was pure rock bottom, like you say. I think he felt like he had nothing to lose, and his dignity went out of the window very early on due to his injuries. And I think he's just acknowledging and coming to terms with the fact that he's changed. I don't think those changes are fully sunk in yet, but I think the more he speaks about them — it's like, when you speak about something, you breathe it into existence, don't you? I think that's the first time he's acknowledged that about himself. And as we all know, Aegon found a lot of use for that part of his body. So I think he's going to have to reevaluate how he spends his spare time. Tom Glynn-Carney and Matthew Needham as Aegon Targaryen and Larys Strong in season two, episode six of "House of the Dragon." Theo Whiteman/HBO I want to talk about Aegon's physicality in the back half of the season, after he sustains these injuries. When you were signing on to "House of the Dragon," how much did you know about this phase of the character, and how did you feel about that when you were first approaching him? Advertisement I knew that he would be a challenge to wrestle into submission, but it was a challenge that I was more than willing to take on. I've absolutely loved every minute of it. I think he's the gift that keeps on giving. And even though his physicality has changed now, I don't particularly think for him, in terms of how unpredictable and how volatile he is — I don't think that's going to change at all. If anything, there will be more. So I'm really looking forward to getting back on season three, and taking him on this next chapter of his journey and really pushing the boundaries even more with him this time. Related stories Can you tell me a bit about the process of getting into the prosthetics and makeup as his injuries heal? To be honest, it is all down to my amazing team that I had around me the entire time, who were just absolute masters at what they do. We've got Amanda Knight and Waldo Mason, Hannah Eccleston, so many people around me who apply and design these pieces, and build this version of Aegon. I get the easy job, really. I just have to sit in the chair and let them do it. But these guys are just absolutely phenomenal, and they should be getting more praise. Advertisement But it really informs my performance, the way that we've all collaborated on designing these pieces. They'd come in with some prototypes and try it on, and I'd be asking for certain parts of it to be tighter or to come to certain parts of my body to restrict movement even more, just so it informs performance and allows me to really feel the restrictions that he's now having to deal with. It's such a wonderfully collaborative process that I was very honored to be allowed to be a part of. All the different stages of his recovery have been really taxing to play consistently, and play accordingly to where we're at. But I'm really looking forward now to being in a semi-permanent state, you know, of his state for season three, and see how that helps and see what that changes. Tom Glynn-Carney and Olivia Cooke as Aegon and Alicent in season two, episode five of "House of the Dragon." Liam Daniel/HBO Alicent makes the very difficult decision to sell Aegon out to Rhaenyra in the finale. Do you think that's something that crossed his mind as a possibility? I think there was always potential for her to betray him. I felt like everybody's egg timer is running out, isn't it? And Alicent was very much on her final grains of sand at that point. It was about time that she probably jumped ship and saved herself. She's a very, very intelligent woman, and she is a survivor. Advertisement It's just testament, isn't it? How much of a survivor she is that she'll throw her own kids under the bus. But yeah, maybe if they meet again at some point down the line, they can have a conversation and she can apologize. But I don't know if that's going to happen. I think that's probably a different show, isn't it? I spoke with Ewan earlier, and he said that Aemond and Alicent would go have piña coladas on the beach in Dorne after all this is over. Related stories Oh, I'm going to the south of France, not Dorne. Tom Glynn-Carney and Ewan Mitchell as Aegon and Aemond in "House of the Dragon." Ollie Upton/HBO Speaking of Aemond, his and Aegon's relationship shifts very quickly this season. How did you and Ewan approach those changes, particularly after Rook's Rest? Advertisement These two have been at each other's throats for their entire life, and it now feels like everything's come to a head, and Aemond's finally plucked up the balls to do something about it. I think it's now a sibling rivalry on a different level. There's absolutely no element of Aegon that trusts Aemond at all now. I think that Aemond has his eyes on the prize and will stop at nothing to get it. Aegon has to come back and fight fire with fire, so may the best man win. During a conversation that Aegon isn't privy to, Helaena prophecies that he'll rule again one day. Do you think he's guided by any true belief that he'll return to the throne, or be beloved by the people? I think what Aegon has is something that is far more present rather than looking too far into the future. He's a survivalist, and he feels so betrayed on so many levels, by so many people, that there's more of a steely stubbornness to him now, and he's taking it day by day. And I think that's where his strength lies, that we just take it one day at a time. Advertisement He's got this inferno of fiery revenge burning inside him, his bitterness that keeps him awake at night. I think he's going to use that to fuel him, and not get too caught up with the whole end-game scenario. Is there a particular choice that you're really proud of this season, or something that you've been dying to get asked about? Fabien Frankel and his ability to look unbelievably heroic on a horse. Honestly. I mean, love the boy to bits anyway, but seeing him mount a horse and gallop off with all that armor, my god — if I had ovaries, Jesus Christ. Point to Tom — Fabien Frankel does look really good on a horse. Theo Whiteman/HBO Fabien is amazing. Criston, maybe less so. Advertisement But I'm not seeing — because I'm seeing Fabien on a horse. I'm only watching it because my mates are in it, and I'm a fan of the show, so I'm like, "Well, I'm watching my mate jump on a horse there. That's absolutely class." And he's so good at it! I know he says he's riding on the back of a trailer or whatever, but my God, I think that's even harder to make it look like a proper horse. Fabien deserves more airtime. Did you ever feel like that when you were getting on mechanical dragonback? Yeah. Well, less so, because it's mechanical. I'd love to ride a real horse in the show. Maybe that's something I put toward the showrunners for next time. Please, can I ride a horse? Advertisement This interview has been edited and condensed for clarity.
Advertising group suspends brand safety unit after Elon Musk's antitrust lawsuit 2024-08-08 21:30:00+00:00 - Elon Musk attends the "Exploring the New Frontiers of Innovation: Mark Read in Conversation with Elon Musk" session during the Cannes Lions International Festival Of Creativity 2024 - Day Three in Cannes, France, on June 19, 2024. A global advertising association said it is suspending the operations of a unit focused on brand safety two days after Elon Musk's social media company, X, sued the group, alleging it organized an illegal ad boycott. The World Federation of Advertisers, or WFA, confirmed Thursday that it would halt its nonprofit initiative Global Alliance for Responsible Media. GARM was started in 2019 in part to help advertisers avoid having their promotions show up alongside content they deem harmful. Business Insider first reported that GARM was being shuttered. X, formerly Twitter, filed a federal lawsuit Tuesday against WFA and member companies, including Unilever, Mars and CVS Health. The suit alleged that the WFA engaged in anticompetitive behavior and organized an advertising boycott that ultimately damaged X's financial health. In the lawsuit, filed in the Northern District of Texas, X's attorneys referenced previous allegations made by the Republican-led House Judiciary Committee against GARM that claimed the group's activities "rob consumers of choices" and are "likely illegal under the antitrust laws." Russell Dye, a spokesperson for the House Judiciary panel, called the disbanding of GARM "a big win for the first amendment and a big win for Chairman Jordan's oversight work." Following Musk's $44 billion acquisition of Twitter in 2022, a number of advertisers paused their campaigns due to what civil rights and other groups found to be an increase in hate speech and problematic content on the platform. Musk told advertisers during a public interview in November to "Go f--- yourself" if they were attempting to "blackmail" him by pausing their X ad spending. "The whole world will know that those advertisers killed the company and we will document it in great detail," Musk said at the time. X has since sued various watchdog organizations such as Media Matters and the Center for Countering Digital Hate, or CCDH, which published reports about the rise of hate speech and homophobic, conspiratorial and other inflammatory content on the site. In March, a California judge dismissed X's lawsuit against the CCDH, writing, "This case is about punishing the Defendants for their speech." Ruben Schreurs, chief strategy officer at media marketing group Ebiquity, called X's lawsuit against WFA an example of "weaponized litigation" that "simply serves as a vehicle to stifle those voices and to cripple the organizations" that are trying to make the web safer, particularly for children. Brands are finding themselves wrapped up in a political battle, Schreurs said. The House Committee said in March that it obtained evidence that GARM members illegally colluded to "demonetize conservative platforms and voices." Schreurs said X's lawsuit against the WFA will likely be dismissed. Still, he's concerned about the aggressive moves against advertisers and said the legal actions "are more political in nature than fact based." X didn't respond to a request for comment. WATCH: SpaceX plans to move headquarters from California to Texas
Rocket Lab Q2 Earnings: Revenue, EPS Beat On 'Strong And Growing Demand' - Rocket Lab USA (NASDAQ:RKLB) 2024-08-08 21:26:00+00:00 - Rocket Lab USA Inc RKLB reported financial results for the second quarter Thursday after the bell. Here’s a look at the key highlights from the quarter. Q2 Earnings: Rocket Lab reported second-quarter revenue of $106.25 million, beating the consensus estimate of $105.46 million. The company reported a quarterly loss of 8 cents per share, beating analyst estimates for a loss of 10 cents per share, according to Benzinga Pro. Total revenue was up 71% on a year-over-year basis. Rocket Lab noted that it successfully launched its 50th Electron mission in the quarter, reaching the launch milestone faster than any commercially developed rocket in history. “This year’s second quarter was Rocket Lab’s highest revenue quarter in Company history at $106 million. This 71% year-on-year revenue increase demonstrates the strong and growing demand for our launch services and space systems products, and importantly, our team’s ability to execute against it,” said Peter Beck, founder and CEO of Rocket Lab. Outlook: Rocket Lab expects third-quarter revenue in the range of $100 million to $105 million. Space Systems revenue is expected to be between $79 million and $84 million, while Launch Services revenue is expected to be approximately $21 million. The company noted it anticipates a third-quarter adjusted EBITDA loss of $31 million to $33 million. Management will hold a conference call to discuss these results at 5 p.m. ET. RKLB Price Action: Rocket Lab shares were down 0.42% after hours at $4.75 at the time of publication Thursday, according to Benzinga Pro. Photo: Courtesy of Rocket Lab. Read Next:
E.l.f. Beauty sales jump 50% on gains in color cosmetics and skin care, launch of Bronzing Drops serum 2024-08-08 21:12:00+00:00 - E.l.f. Beauty 's growth story is still going. The cosmetics retailer on Thursday blew past quarterly estimates again, posting a 50% gain in sales. The company's sales soared to $324.5 million in its fiscal first quarter, leading it to raise its full-year guidance. That increase follows a staggering 76% jump in the year-ago quarter. CEO Tarang Amin told CNBC the company saw growth across its categories. He added that its Bronzing Drops serum quickly became a best seller on the company's website after its launch during the quarter. Here's how the cosmetics company performed compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: $1.10 adjusted vs. 84 cents expected $1.10 adjusted vs. 84 cents expected Revenue: $324 million vs. $305 million expected The company's reported net income for the three-month period that ended June 30 was $47.6 million, or 81 cents per share, compared with $53 million, or 93 cents per share, a year earlier. Sales rose to $324.5 million, up about 50% from $216.3 million a year earlier. Following quarter after quarter of outsized growth, Wall Street has come to expect a lot from E.l.f. Beauty. Though it raised its guidance Thursday, the outlook still fell flat after such a big first-quarter beat. For fiscal 2025, E.l.f. now expects sales of between $1.28 billion and $1.3 billion, compared with its previous outlook of $1.23 billion and $1.25 billion. Analysts had expected sales guidance of $1.3 billion, according to LSEG. The company now anticipates its adjusted net income will be between $198 million and $201 million, compared with a previous outlook of between $187 million and $191 million. E.l.f. expects adjusted earnings per share to be between $3.36 and $3.41, compared with previous guidance of $3.20 to $3.25. Analysts had expected earnings of $3.42 per share, according to LSEG. Shares fell about 6% in extended trading. When it reported fiscal 2024 results in May, E.l.f. disappointed investors with an outlook that came in below expectations. Sentiment later turned around after its finance chief, Mandy Fields, suggested that the company tends to issue conservative guidance. "Last year, we started our guidance at 22% to 24% range, ended the year at 77%," Fields told analysts at the time. "I'm not saying that we're promising 77% this year for sure. But what I will say is that gives you a little bit of insight into our guidance philosophy." On Thursday, Amin told CNBC that Fields takes a "balanced" approach to guidance and prefers to take things one quarter at a time. "If you look at our history over the last five years, these 22 quarters, we typically guide lower than where we eventually come out," said Amin. "We never want to get ahead of ourselves, and overall the strategy has worked just great ... we're going to take you through what we're seeing quarter by quarter, and hopefully we continue to kind of beat that." He added that he isn't concerned about a consumer pullback in the beauty category and remains "bullish" on the broader environment. "We are hearing kind of in the macro, 'Hey, is the consumer being choosier?' I'd say if they are, they're choosing E.l.f.," said Amin. "So we're perhaps differently positioned, and if you look over the last 22 quarters, it didn't matter what was happening in the category, whether it was the pandemic, whether it was inflationary pressures ... you name it, we've performed well throughout that, and I think it really comes down to our fundamental business model and how we're different." E.l.f., a digitally native beauty retailer that was founded in 2004, has gained a newfound relevance among Gen Z and Gen Alpha consumers through marketing that lands with those younger shoppers and meets them where they are on places such as TikTok and Roblox. It's known for creating value versions of prestige favorites, such as its new Bronzing Drops, which customers compare to Drunk Elephant's product Sunshine Drops. The prestige skin care line offers its product for $38, while E.l.f.'s retails for just $12. "These bronzing drops were the No. 1 requested item from our community, and our community comes to us and says, 'Hey, there's a prestige item there. We love them, but E.l.f., help us out. We can't afford 38 bucks for bronzing drops,'" said Amin. "So we'll study it. We'll put our own E.l.f. twist on it and we'll introduce ours at $12. Went to No. 1 right away on Elfcosmetics.com." The company doesn't compare its products to any specific brands and instead lets its fan base fill in the blanks. "Even though we don't make the comparison ourselves, there's like a thousand TikTok videos after we launch this product where people are doing side-by-sides or comparing it," said Amin. "They're like, it's $12 versus the $38 item and actually, I like the E.l.f. one better, the quality's better.'" In July, the company expanded its collaboration with Roblox that enabled users ages 13 and up to buy limited edition products such as its "e.l.f. UP! Pets Hoodie" and mainstays such as its lip and SPF products. During the Olympics, it had splashy marketing campaigns with gymnast Gabby Douglas, a three-time gold medalist, and blind swimmer Anastasia "Tas" Pagonis. It also collaborated with actress Jameela Jamil on the launch of its new Bronzing Drops. However, all that marketing doesn't come cheap and has weighed on E.l.f.'s bottom line. During the quarter, selling, general and administrative expenses increased by roughly $88.6 million to $180.6 million, representing 56% of net sales. The spike in marketing spending contributed to a 10% drop in E.l.f.'s net income. Amin said the company is spending more on marketing this year than last but that was more a result of timing. He added E.l.f. is working to get marketing spend "more consistent" throughout the year as a percentage of sales. "We continue to invest more in marketing because it's working," said Amin. "Our marketing ROIs are multiples ahead of the category benchmarks, we're growing very strong top line. We're building awareness."
Paramount's TV networks are collapsing in a $6 billion hole 2024-08-08 21:06:15+00:00 - Warner Bros. Discovery just told investors its TV networks were worth $9 billion less than the company thought. Now it's Paramount's turn: It's taking a $6 billion charge on its TV business. The big difference: Paramount is already about to be acquired, so investors won't care about the disintegrating business. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement On Wednesday, Warner Bros. Discovery told investors its TV business was in free-fall, and that it would take a $9 billion writedown on those assets. On Thursday, it was Paramount's turn: The entertainment conglomerate, which is about to be acquired by David Ellison and a consortium of investors, just took a $6 billion charge on its TV business. For context: Public investors value all of Paramount's equity at $7 billion. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Paramount Global announces it will cut 15% of U.S. workforce, shares rise on second-quarter earnings 2024-08-08 21:02:00+00:00 - Paramount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media. Paramount has identified $500 million in cost savings, which include the head count reductions, as part of $2 billion in synergies related to its transaction with Skydance. The job cuts, which will begin in the coming weeks and largely conclude by year end, will target the company's marketing and communications department and employees who work in finance, legal, technology and other support functions, the company said during its earnings conference call Thursday. Paramount agreed to a merger with Skydance Media last month. That deal includes a 45-day go-shop period — in which a special committee of Paramount's board could find another buyer — that concludes later this month. Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business. Shares climbed more than 5% in after-hours trading Thursday. Here's how Paramount performed in the quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Trump Suggests that President Should Have a ‘Say’ in Interest Rates 2024-08-08 20:56:58+00:00 - Donald J. Trump suggested on Thursday that the president should have a say in setting interest rates — a comment that could rekindle fears that the Republican nominee might try to influence the politically independent Federal Reserve if he is re-elected to the White House. “I feel that the president should have at least say in there, yeah, I feel that strongly,” Mr. Trump said at a news conference Thursday at his Mar-a-Lago club in Palm Beach, referring to the rate-setting process. “I think I have a better instinct than, in many cases, people that would be on the Federal Reserve, or the chairman.” Mr. Trump made a habit of loudly criticizing Fed policy while he was in office, often personally attacking Jerome H. Powell, the Fed chair. Mr. Trump elevated Mr. Powell to his leadership position, to which President Biden has since reappointed him. But Mr. Powell angered Mr. Trump by keeping interest rates higher than he would have preferred. Mr. Trump responded by calling the Fed chair and his colleagues “boneheads” and at another point asking in a social media post who was a bigger “enemy,” Mr. Powell or Xi Jinping, China’s president.