
By MICHELLE L. PRICE WEST PALM BEACH, Fla. (AP) — An online spat between factions of Donald Trump’s supporters over immigration and the tech industry has thrown internal divisions in his political movement into public display, previewing the fissures and contradictory views his coalition could bring to the White House. The rift laid bare the tensions between the newest flank of Trump’s movement — wealthy members of the tech world including billionaire Elon Musk and fellow entrepreneur Vivek Ramaswamy and their call for more highly skilled workers in their industry — and people in Trump’s Make America Great Again base who championed his hardline immigration policies. The debate touched off this week when Laura Loomer , a right-wing provocateur with a history of racist and conspiratorial comments, criticized Trump’s selection of Sriram Krishnan as an adviser on artificial intelligence policy in his coming administration. Krishnan favors the ability to bring more skilled immigrants into the U.S. Loomer declared the stance to be “not America First policy” and said the tech executives who have aligned themselves with Trump were doing so to enrich themselves. Much of the debate played out on the social media network X, which Musk owns. Loomer’s comments sparked a back-and-forth with venture capitalist and former PayPal executive David Sacks , whom Trump has tapped to be the “White House A.I. & Crypto Czar.” Musk and Ramaswamy, whom Trump has tasked with finding ways to cut the federal government , weighed in, defending the tech industry’s need to bring in foreign workers. It bloomed into a larger debate with more figures from the hard-right weighing in about the need to hire U.S. workers, whether values in American culture can produce the best engineers, free speech on the internet, the newfound influence tech figures have in Trump’s world and what his political movement stands for. Trump has not yet weighed in on the rift, and his presidential transition team did not respond to a message seeking comment. Musk, the world’s richest man who has grown remarkably close to the president-elect , was a central figure in the debate, not only for his stature in Trump’s movement but his stance on the tech industry’s hiring of foreign workers. Technology companies say H-1B visas for skilled workers, used by software engineers and others in the tech industry, are critical for hard-to-fill positions. But critics have said they undercut U.S. citizens who could take those jobs. Some on the right have called for the program to be eliminated, not expanded. Born in South Africa, Musk was once on an a H-1B visa himself and defended the industry’s need to bring in foreign workers. “There is a permanent shortage of excellent engineering talent,” he said in a post. “It is the fundamental limiting factor in Silicon Valley.” Related Articles National Politics | H5N1 virus in Louisiana bird flu patient shows mutations that could increase transmissibility to humans National Politics | Trump threat to immigrant health care tempered by economic hopes National Politics | In states that ban abortion, social safety net programs often fail families National Politics | Court rules Georgia lawmakers can subpoena Fani Willis for information related to her Trump case National Politics | New 2025 laws hit hot topics from AI in movies to rapid-fire guns Trump’s own positions over the years have reflected the divide in his movement. His tough immigration policies, including his pledge for a mass deportation, were central to his winning presidential campaign. He has focused on immigrants who come into the U.S. illegally but he has also sought curbs on legal immigration , including family-based visas. As a presidential candidate in 2016, Trump called the H-1B visa program “very bad” and “unfair” for U.S. workers. After he became president, Trump in 2017 issued a “Buy American and Hire American” executive order , which directed Cabinet members to suggest changes to ensure H-1B visas were awarded to the highest-paid or most-skilled applicants to protect American workers. Trump’s businesses, however, have hired foreign workers, including waiters and cooks at his Mar-a-Lago club , and his social media company behind his Truth Social app has used the the H-1B program for highly skilled workers. During his 2024 campaign for president, as he made immigration his signature issue, Trump said immigrants in the country illegally are “poisoning the blood of our country” and promised to carry out the largest deportation operation in U.S. history. But in a sharp departure from his usual alarmist message around immigration generally, Trump told a podcast this year that he wants to give automatic green cards to foreign students who graduate from U.S. colleges. “I think you should get automatically, as part of your diploma, a green card to be able to stay in this country,” he told the “All-In” podcast with people from the venture capital and technology world. Those comments came on the cusp of Trump’s budding alliance with tech industry figures, but he did not make the idea a regular part of his campaign message or detail any plans to pursue such changes.CORPUS CHRISTI, Texas (AP) — Garry Clark scored 15 points as Texas A&M-Corpus Christi beat Stephen F. Austin 67-48 on Saturday night. Read this article for free: Already have an account? To continue reading, please subscribe: * CORPUS CHRISTI, Texas (AP) — Garry Clark scored 15 points as Texas A&M-Corpus Christi beat Stephen F. Austin 67-48 on Saturday night. Read unlimited articles for free today: Already have an account? CORPUS CHRISTI, Texas (AP) — Garry Clark scored 15 points as Texas A&M-Corpus Christi beat Stephen F. Austin 67-48 on Saturday night. Clark had 12 rebounds for the Islanders (6-4, 1-1 Southland Conference). Owen Dease went 3 of 3 from the field to add 10 points. Jordan Roberts had 10 points and shot 4 for 9. Nana Antwi-Boasiako led the Lumberjacks (5-5, 0-2) in scoring, finishing with 13 points, 10 rebounds and three blocks. Clayton Southwick added 10 points and two steals. Myles Jenkins had five points. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar. Advertisement
India-Australia bilateral goods trade more than doubled in FY23: Govt
Nike ( NKE -0.23% ) has been through the wringer lately. The world's largest sportswear brand is suffering through one of the most challenging periods in its history. Revenue has now fallen for three quarters in a row and those declines are expected to continue. After a post-pandemic spike in 2022, revenue growth decelerated for seven quarters in a row, bottoming out with a 10% decline this summer. Along the way, Nike stock is down 57% from its peak in 2021, and it's ceded significant market share and mindshare to upstart rivals like On Holding and Deckers ' Hoka brand. Blame for the debacle was placed squarely on the shoulders of former CEO John Donahoe, who was ousted by the board in September. With a pedigree in tech rather than retail or consumer products, Donahoe seemed to lose sight of the company's priorities and made tactical errors like abandoning valuable wholesale partners and directing marketing dollars toward Google searches rather than the kind of brand-building campaigns the company is traditionally known for. Nike brought longtime company veteran Elliott Hill in to right the ship, and Hill hit many of the right notes on his first earnings call, saying he aims to return sport to the center of the company and accelerate innovation, design, product creation, and storytelling. Nike's latest round of results indicate that the business is still headed in the wrong direction with revenue in the fiscal second quarter down 8% to $12.3 billion and net income falling 26% to $1.16 billion. The company's struggles and the sell-off in the stock present investors with a classic dilemma -- whether to buy this blue chip stock on the dip or avoid it while it attempts to revamp its business. After all, not every turnaround turns. Under Armour famously collapsed in the mid-2010s and has never recovered. One investor betting on Nike's recovery is Bill Ackman, the billionaire head of Pershing Square Capital Management. In the third quarter, Ackman bought 13.2 million shares of Nike, bringing his total holdings in the stock to 16.3 million shares, which is worth about $1.25 billion currently. Why Ackman bought Nike Ackman hasn't directly addressed his purchase of Nike stock, but the billionaire is known as a contrarian and has bet big on distressed consumer brands in the past. For instance, Ackman piled into Chipotle stock when the company was dealing with its E. coli crisis. Eventually, with the help of a new CEO, the brand overcame it, and the stock soared in the following years. Ackman seems to be trying to apply the same playbook to Nike. The news that Donahoe would be leaving came late in the third quarter so it's unclear if that triggered Ackman's additional purchases or if he was buying the stock beforehand. According to The New York Post , Ackman supported bringing in Hill as Donahoe's replacement. The turnaround strategy takes shape Nike stock was initially up on the earnings report as its second-quarter numbers topped estimates, but investors were disappointed with the outlook. Hill outlined the key initiatives that the company is undertaking to turn around the business, and some of the moves will impact results over the next few quarters. Noting that the brand has become too promotional, Hill sees recapturing its premium status as key to its recovery and that means charging full price rather than leaning into discounting. Due to that strategy, the company plans to liquidate excess inventory in less profitable channels over the coming quarters and it's scaling back its orders for the summer. This fits with Hill's intention of returning Nike to a "pull market," meaning customer demand drives the business rather than aggressive marketing. Hill also recognizes that Nike's product needs to work for athletes first before it can work for consumers as he diagnosed the earlier challenges, saying: "We lost our obsession with sport. Moving forward, we will lead with sport and put the athlete at the center of every decision." The new Nike chief was able to hit the ground running because he already has relationships with Nike's top retail partners, sports leagues, sponsor athletes, and other key stakeholders, and he seems to be a good choice to restore the company to its historical leadership position in the industry. Is Nike a buy? Management's guidance made it clear that the turnaround is going to take time, and results in the fiscal second half of the year will be weak. For the third quarter, Nike is targeting a revenue decline in the low double-digits and gross margin compression of 300 to 350 basis points, which will lead to a substantial decline in profits, though the company didn't give bottom-line guidance. While that forecast disappointed investors and erased the stock's initial gains on the report, Nike seems to be on the right track here. It needs to reclaim the shelf space it's lost in recent years and the premium branding it's ceded. The stock doesn't look cheap based on current earnings, but profits are well below what they could be, and we could see a return to profit growth within a year. Given the 57% pullback in the stock, there's a lot of upside potential if Nike can execute Hill's strategy. Investors will have to be patient, but at the current beaten-down price, Nike stock has the makings of a double or better over the next few years as the turnaround story plays out.