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lol646 download CHANDLER, Ariz., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, provided lower updated revenue guidance for the December 2024 quarter and announced manufacturing restructuring plans. "In the first two weeks of my newly appointed role as Interim CEO and President, I have done a deep dive into the operations of the Company and determined that certain actions are necessary. I want to clarify for investors that I plan to stay in this role, even though the title is interim, for as long as it is necessary, so there is no definitive timeline for my successor," said Steve Sanghi, Microchip's CEO, President and Chair of the Board. Mr. Sanghi continued, "We indicated in our November 2, 2024 earnings call that significant turns orders were required to achieve the midpoint of our December 2024 quarter revenue guidance. Those turns orders have been slower than anticipated and we now expect our December 2024 revenue to be close to the low end of our original guidance which is $1.025 billion." Mr. Sanghi added, "With inventory levels high and having ample capacity in place, we have decided to shut down our Tempe wafer fabrication facility that we refer to as Fab 2. Many of the process technologies that run in Fab 2 also run in our Oregon and Colorado factories, which both have ample clean room space for expansion. We expect to be able to shut down Fab 2 in the September 2025 quarter at which time we expect that it will generate annual cash savings of approximately $90 million. Due to the high inventory of the products which are manufactured in Fab 2, we do not expect to see P&L savings from the shutdown until the start of the June 2026 quarter based on a First-In First-Out basis. We expect that the Fab 2 closure will begin to help us moderate our inventory levels beginning in the March 2025 quarter. We anticipate near-term restructuring costs to be between $3 million and $8 million from these actions, and it is possible that we could incur other restructuring and shut-down costs in the future of up to an additional $15 million. The estimates of the restructuring costs will be refined over time as more information becomes available." Mr. Sanghi concluded, "I want to ensure investors of my confidence in the long-term growth and profitability of Microchip. Our design-in momentum continues to remain strong, driven by our Total System Solutions strategy and key market megatrends. The fab restructuring is a big step in right-sizing our manufacturing footprint, and we will continue to evaluate any further actions that are required to position Microchip for outsized growth and financial performance." Microchip will be participating in and presenting at the UBS Global Technology and AI Conference on December 3 and 4, 2024. Cautionary Statement: The statements in this release relating to Mr. Sanghi planning to stay in the CEO and President role for as long as it is necessary, no definitive timeline for his successor, that turns orders have been slower than anticipated and that we now expect our December 2024 revenue to be close to the low end of our original guidance which is $1.025 billion, that we have ample capacity in place, that our Oregon and Colorado factories both have ample clean room space for expansion, that we expect to be able to shut down Fab 2 in the September 2025 quarter at which time it is expected to generate annual cash savings of approximately $90 million, that we do not expect to see P&L savings from the shutdown until the start of the June 2026 quarter, that we expect that the Fab 2 closure will begin to help us moderate our inventory levels beginning in the March 2025 quarter, that we anticipate near-term restructuring costs to be between $3 million and $8 million, that is is possible that we could incur other restructuring and shut-down costs of up to an additional $15 million, ensuring investors of my confidence in the long-term growth and profitability of Microchip, that our design-in momentum continues to remain strong driven by our Total System Solutions strategy and key market megatrends, that the fab restructuring is a big step in right sizing our manufacturing footprint, that we will continue to evaluate any further actions that are required to position Microchip for outsized growth and financial performance are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in interest rates, high inflation, actions taken or which may be taken by the Biden administration or the U.S. Congress or by the incoming Trump administration and the incoming U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017), foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally. For a detailed discussion of these and other risk factors, please refer to Microchip's filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip's website ( www.microchip.com ) or the SEC's website ( www.sec.gov ) or from commercial document retrieval services. Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this December 2, 2024 press release, or to reflect the occurrence of unanticipated events. About Microchip: Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 116,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com . Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies. INVESTOR RELATIONS CONTACT: J. Eric Bjornholt, Senior Vice President and CFO (480) 792-7804

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MANCHESTER — “Choose courage over comfort, even when nobody seems to be watching.” This was the central message delivered by Becca Balint, Vermont’s lone Representative in the U.S. Congress, when she visited Manchester’s Burr and Burton Academy on Monday. “You cannot show bravery without risking something,” Balint said to BBA’s students and staff, assembled in the Riley Center for the Arts. “I would say this is the biggest challenge that we face in Congress right now: too many people are choosing comfort over courage.” Just minutes before addressing the crowd, Balint concluded an hour-long discussion with the school’s Honors Government and Politics class. “I always love coming here,” she said on the short walk from classroom to gymnasium. “The students are so engaged. They're so curious. There's just a vibrancy in this school.” In spending the morning at BBA, Balint hopes she can provide the kind of role model she never had. “I wish somebody had said to me, you've got everything that you need inside of you to serve in public office,” Balint said. “I never heard that, and I know that there are lots of students here who may have a little inkling that that might be where they want to head in their careers, but they need a little boost.” When introducing herself to the government class, Balint, a Democrat, described herself as a voracious consumer of news who cared deeply about making the world a better place. Even at the age of 17, Balint says she knew what she wanted to do with her life: she’d become a writer (and did, publishing op-eds – including in the Brattleboro Reformer – well before her time in politics, as well as a book in 2022), a teacher (Balint taught middle school in Windham County for 14 years), and, finally, a public servant (she was first elected to the Vermont Legislature in 2014). “You may know deep inside what you want to do,” Balint said. “What you want to be thinking about is how you surround yourself with people who will help you get there.” While mentors are invaluable, Balint noted that not everyone has that kind of person in their life. She didn’t. But what she did have was family and friends who encouraged her to pursue her dreams – most notably her wife, Elizabeth Wohl. After “years of hearing me get frustrated looking at politicians who I felt were not being courageous leaders, or were not working well with other people,” Wohl was ultimately the one who encouraged Balint to set her anxieties aside and run for office. “That's what I mean when I say surround yourself with people who believe in you,” Balint said. “Because if you don't have those voices encouraging you along the way, you will let go of those ideas and those dreams you might have for yourself.” During her 2022 campaign for Congress, Balint led with the slogan “courage and kindness,” a message that she reiterated at BBA on Monday. “We can talk more about all of what is wrong with Congress right now, but one of the ways that I have found to navigate it is to bring it back to human connection,” she said. “At our basic level, we're all humans doing the best we can in the world. We're all flawed. We all have our blinders on for certain things. And so my job, as I see it, is figuring out: how do I make connections with people who have really different views than I have. How do I find a way for us to work together?” After the brief introduction, Balint encouraged the class to “AMA” – “ask me anything.” Questions spanned government at every level, from what it’s like working with Vt. Governor Phil Scott to Balint’s views on the conflict in Israel. What permeated the discussion, however, was Balint’s commitment – at times emphatic – to protecting and preserving the norms that define American democracy. “What we have seen is that the guard rails that we used to have – norms, governing bodies – seem to no longer exist,” Balint said, pointing to President-elect Trump’s cabinet picks as an example. “These are not qualified people, right? And so what happens when you put unqualified people in charge of agencies and people don't have the courage to stand up?” Before making it to the classroom, Balint said she noticed a sign on campus that said: “the funny thing about bravery is that it often feels like fear.” “That's absolutely true,” she said. “What it's going to take is people finding their courage and their bravery to stand up to this push to upend all norms.” Jillian Joyce, teacher of the Honors Government and Politics class, asked Balint whose role it is to speak out. “It’s all of us,” Balint confirmed. “Everyone.” As she approaches another term in Congress, Balint says she is returning to her trusty slogan of “courage and kindness.” “I am not a hyper partisan person,” she said, “but I care about government, and I care deeply about norms.” In recent weeks, Balint explained that she has ardently reached out across the aisle to request one-on-one coffee meetings when legislators return to D.C., or virtual conversations with no recordings and no calls to the press afterwards. “Who are those people who care deeply about democratic norms, who care deeply about making sure we're taking care of the most vulnerable among us, and how do I get to those people through word of mouth?” She explained. “Donald Trump won the election. It wasn't stolen. He won. He is the president. I don't have to like it to accept the fact that that is the reality,” Balint said. “And then, how do I work in Congress to make sure he and others are not doing things that are unlawful, while also figuring out with these connections I'm making with Republicans, how do we then pass legislation that Vermonters care about, like housing, mental health? Can we get an agreement on reproductive rights?” “The only way you can do that is if you have relationships with people on the other side of the aisle, and again, those things don't happen in front of the TV cameras,” she concluded. “You’ve got to be willing to make yourself a little vulnerable.” For students, Balint admits that the path to change may be a little less clear, but she encouraged students to contact their representatives about issues that matter to them. For those aspiring to a career in government – or wondering if they might – she recommended getting involved at the local level. “Every house member and state senator in Vermont runs every two years. The governor runs every two years. Every elected office in the state government runs every two years,” she explained. “There's always a campaign to work on.” “If any of you are interested in getting involved, please follow that,” she concluded. “Follow that inside of you, because we need good people. We need engaged people.” As Balint prepared to move on with her day, she said the conversations had at Burr and Burton would stay with her. “I’ll spend the next couple of hours thinking about the things that the students asked me or what they said,” she explained. “And, inevitably, I'll think a little bit differently about my work and my job. I know oftentimes teachers and students feel like I'm giving to them, but I always feel like they give back so much more.”Police arrested a 26-year-old man on Monday in the Manhattan killing of UnitedHealthcare’s CEO after they say a Pennsylvania McDonald's worker alerted authorities to a customer who resembled the suspected gunman. The suspect, identified by police as Luigi Nicholas Mangione, had a gun believed to be the one used in Wednesday’s attack on Brian Thompson , as well as writings expressing anger at corporate America, police said. Here are some of the latest developments in the ongoing investigation: Mangione was taken into custody at around 9:15 a.m. after police received a tip that he was eating at a McDonald’s in Altoona, Pennsylvania, about 85 miles (137 kilometers) east of Pittsburgh, police said. Mangione was being held in Pennsylvania on gun charges and will eventually be extradited to New York to face charges in connection with Thompson’s death, said NYPD Chief of Detectives Joseph Kenny. In addition to a three-page, handwritten document that suggests he harbored “ill will toward corporate America,” Kenny said Mangione also had a ghost gun , a type of weapon that can be assembled at home and is difficult to trace. Officers questioned Mangione, who was acting suspiciously and carrying multiple fraudulent IDs, as well as a U.S. passport, New York Police Commissioner Jessica Tisch said at a news conference. Officers also found a suppressor, “consistent with the weapon used in the murder,” the commissioner said. He had clothing and a mask similar to those worn by the shooter and a fraudulent New Jersey ID matching one the suspect used to check into a New York City hostel before the shooting, Tisch said. Kenny said Mangione was born and raised in Maryland, has ties to San Francisco and that his last known address is in Honolulu, Hawaii. Mangione, who was valedictorian of his Maryland prep school, earned undergraduate and graduate degrees in computer science in 2020 from the University of Pennsylvania, a university spokesman told The Associated Press on Monday. He learned to code in high school and helped start a club at Penn for people interested in gaming and game design, according to a 2018 story in Penn Today, a campus publication. His social media posts also suggest that he belonged to the fraternity Phi Kappa Psi. They also show him taking part in a 2019 program at Stanford University, and in photos with family and friends at the Jersey Shore and in Hawaii, San Diego, Puerto Rico, and other destinations. The Gilman School, from which Mangione graduated in 2016, is one of Baltimore’s elite prep schools. Some of the city’s wealthiest and most prominent people, including Orioles legend Cal Ripken Jr., have had children attend the school. Its alumni include sportswriter Frank Deford and former Arizona Gov. Fife Symington. In his valedictory speech, Luigi Mangione described his classmates’ “incredible courage to explore the unknown and try new things,” according to a post on the school website. He praised their collective inventiveness and pioneering mindset. Mangione comes from a prominent Maryland family. His grandfather Nick Mangione, who died in 2008, was a successful real estate developer. One of his best-known projects was Turf Valley Resort, a sprawling luxury retreat and conference center outside Baltimore that he purchased in 1978. The father of 10 children, Nick Mangione prepared his five sons — including Luigi Mangione’s father, Louis Mangione — to help manage the family business, according to a 2003 Washington Post report. The Mangione family also purchased Hayfields Country Club north of Baltimore in 1986. On Monday, Baltimore County police officers blocked off an entrance to the property, which public records link to Luigi Mangione’s parents. A swarm of reporters and photographers gathered outside the entrance. Luigi Mangione is one of 37 grandchildren of Nick Mangione, according to his obituary. Luigi Mangione's grandparents donated to charities through the Mangione Family Foundation, according to a statement from Loyola University commemorating Nick Mangione’s wife’s death in 2023. They donated to various causes ranging from Catholic organizations to colleges and the arts. One of Luigi Mangione’s cousins is Republican Maryland state legislator Nino Mangione. A spokesman for the lawmaker's office confirmed the relationship Monday. Police said the person who killed Thompson left a hostel on Manhattan's Upper West Side at 5:41 a.m. on Wednesday. Just 11 minutes later, he was seen on surveillance video walking back and forth in front of the New York Hilton Midtown, wearing a distinctive backpack. At 6:44 a.m., he shot Thompson at a side entrance to the hotel, fled on foot, then climbed aboard a bicycle and within four minutes had entered Central Park. Another security camera recorded the gunman leaving the park near the American Museum of Natural History at 6:56 a.m. still on the bicycle but without the backpack. After getting in a taxi, he headed north to a bus terminal near the George Washington Bridge, arriving at around 7:30 a.m. From there, the trail of video evidence runs cold. Police have not located video of the suspected shooter exiting the building, leading them to believe he likely took a bus out of town. Police said they are still investigating the path the suspect took to Pennsylvania. “This just happened this morning," Kenny said. "We’ll be working, backtracking his steps from New York to Altoona, Pennsylvania,” Kenny said. Associated Press reporters Lea Skene in Baltimore and Cedar Attanasio in New York contributed to this report. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.

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Egypt’s Abdelatty meets with Italian, Congolese counterparts in RomePhotos by Lukas Bulicek The 2024 Sydney Peace Prize Award Ceremony and Lecture was held on Monday 18 November at the Sydney Town Hall to honour this year’s Peace Prize recipient, the International Federation of Red Cross and Red Crescent Movement for their courageous and highly regarded humanitarian work in conflict zones in general and Gaza in particular during the past year. The Peace Prize was presented by the Lord Mayor of Sydney, Clover Moore AO to Mr Jagan Chapagain, CEO and Secretary General of International Federation of Red Cross and Red Crescent Societies (IFRC) who delivered the keynote lecture attended by more than a thousand people attending the highly anticipated yearly event. Following the award ceremony, the Sydney Peace Foundation’s annual fundraising Gala Dinner was held on Thursday 21 November at Sheraton Grand Hyde Park hotel with speakers from the foundation and IFRC officials together with a lively panel discussion. A not-for-profit organisation based at the University of Sydney, the Sydney Peace Foundation was founded in 1998 by Emeritus Professor Stuart Rees AM to promote public interest in peace, justice and universal human rights and is supported by the City of Sydney. The inaugral Sydney Peace Prize was awarded to Dr Muhammad Yunus (currently the interim prime minister of Bangladesh) in 1998, founder of the Grameen Bank of Bangladesh for his innovative work enabling the world’s poor to become independent through access to microfinance, and for his inspiring advocacy of view that poverty is the denial of all human rights and that peace is freedom from poverty. Since then Sydney Peace Prize has been awarded to some of the world’s most effective peacemakers who have championed solutions to the most urgent global challenges and inspired change while demanding justice for everyone, encouraging empathy, and advocating nonviolence. The 2024 Sydney Peace Prize Award Ceremony and Lecture was MCed by Australian author and broadcaster Benjamin Law who welcomed the guests and thanked the partners and sponsors of the event. The acknowledgement of country was delivered by Aurielle Smith who was joined later by Savanna Smith and Shanaya Buddingh (Arts Unit UNSW) presenting a dance to Mitch Tambo song. Mr Mohamed Duar, currently head of philanthropy and a spokesperson at Amnesty International Australia spoke on behalf of the Sydney Peace Foundation recognising the extraordinary work that this year’s recipient the International Federation of Red Cross and Red Crescent Movement 16 million staff and volunteers are dedicated to. “When awarding prize this year, the jury specially recognised and acknowledged the brave heroes of the Palestinian representatives who were operating on with dangerous the conditions in occupied territories and specially in Gaza,” Mr Duar said. He further added, “In the occupied Palestinian territories, civilians, humanitarians, health care workers, journalists are all under attack, despite being protected under international humanitarian law where 300 humanitarian workers have been killed.” “We have witnessed schools, hospitals, shelters, and refugee camps continue to be attacked or destroyed in Gazza, no one and nowhere is safe, and now the violence of aggression has filled into Lebonon threatening to engulf the entire region,” Mr Duar warned. He concluded his address with an appeal, “While the Sydney peace foundation welcomes Australia’s recent development of recognising the sovereignty of the Palestinian resources, we call on Australia to take a stronger hands and do everything within its economic and diplomatic power to stop aggression, abuses, war crimes, and violations of the international humanitarian law and those responsible must be held to accounts and face trial regardless of who they are are.” The Mayor of the City of Sydney, Clover Moore AO during her address praised the work of the foundation acknowledging the leadership of Professor Reece supported by Melanie Morrison, Director Sydney Peace Foundation and its members. Ms Moore also praised the work of this year’s prize recipients, IFRC specially in Gaza saying “Through the recent escalation of violence 27 Palestinian Red Crescent society volunteers have been killed, giving their lives while working to provide a lifeline to 2 million Palestinians in Gaza.” “We use this recognition of their selfless, brave and heroic service to call on our political leaders to put an end to the suffering and deliver lasting peace and justice for Palestinians,” she appealed. After receiving the award from the Mayor, Mr Jagan Chapagain, CEO and Secretary General of International Federation of Red Cross and Red Crescent Societies (IFRC) delivered the keynote annual lecture. Acknowledging the award to IFRC, Mr Chapagain said, “It is an honorr to accept the distinguished prize on behalf of the Red Cros and Red Crescent Movement on behalf 191 red cross societies around the world, more than 16 million volunteers and staff dedicated to humanitarian work under most difficult circumstances.”Bomb attacks rock Deoghar town, no casualties

European countries suspend Syrian asylum decisions after Assad's fallTim Walz accepts turkey presentation as he eases back into his duties as Minnesota's governorGorosito added three steals for the Cardinals (4-6). Mickey Pearson Jr. added 18 points while going 3 of 6 and 12 of 12 from the free-throw line and he also had three steals. Jermahri Hill shot 6 for 9 (1 for 3 from 3-point range) and 1 of 3 from the free-throw line to finish with 14 points. The Knights (3-8) were led in scoring by Billy Smith, who finished with 33 points. Bellarmine also got 18 points, six rebounds and two steals from Dylan Branson. Gorosito scored 12 points in the first half for Ball State, who led 47-42 at the break. Hill's jump shot with 16:02 remaining in the second half gave Ball State the lead for good at 52-50. NEXT UP Up next for Ball State is a Saturday matchup with Evansville at home, and Bellarmine visits Wyoming on Thursday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .

SAN DIEGO, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Visa Inc. V publicly traded securities between November 16, 2023 and September 23, 2024, both dates inclusive (the "Class Period"), have until January 21, 2025 to seek appointment as lead plaintiff of the Visa class action lawsuit. Captioned Cai v. Visa Inc. , No. 24-cv-08220 (N.D. Cal.), the Visa class action lawsuit charges Visa as well as certain of Visa's top executives with violations of the Securities Exchange Act of 1934. If you suffered substantial losses and wish to serve as lead plaintiff of the Visa class action lawsuit, please provide your information here: https://www.rgrdlaw.com/cases-visa-inc-class-action-lawsuit-v.html You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com . CASE ALLEGATIONS : Visa operates as a payment technology company. The Visa class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Visa was not in compliance with federal antitrust laws and did not have effective internal programs and policies to assess and control compliance with federal antitrust laws; and (ii) Visa was in violation of federal antitrust law, and therefore likely to be subject to lawsuits and penalties by federal agencies. The Visa class action lawsuit further alleges that on September 24, 2024, the U.S. Department of Justice filed a lawsuit against Visa in federal court for monopolizing the debit card payment processing market. On this news, the price of Visa stock fell more than 5%, according to the complaint. THE LEAD PLAINTIFF PROCESS : The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Visa publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Visa class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Visa class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Visa class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Visa class action lawsuit. ABOUT ROBBINS GELLER : Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information: https://www.rgrdlaw.com/services-litigation-securities-fraud.html Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 info@rgrdlaw.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

DETROIT – If Donald Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation. Economists say companies would have little choice but to pass along the added costs, dramatically raising prices for food, clothing, automobiles, booze and other goods. Recommended Videos The president-elect floated the tariff idea, including additional 10% taxes on goods from China, as a way to force the countries to halt the flow of illegal immigrants and drugs into the U.S. But his posts Monday on Truth Social threatening the tariffs on his first day in office could just be a negotiating ploy to get the countries to change behavior. High food prices were a major issue in voters picking Trump over Vice President Kamala Harris, but tariffs almost certainly would push those costs up even further. For instance, the Produce Distributors Association, a Washington trade group, said Tuesday that tariffs will raise prices for fresh fruit and vegetables and hurt U.S. farmers when other countries retaliate. “Tariffs distort the marketplace and will raise prices along the supply chain, resulting in the consumer paying more at the checkout line,” said Alan Siger, association president. Mexico and Canada are two of the biggest exporters of fresh fruit and vegetables to the U.S. In 2022, Mexico supplied 51% of fresh fruit and 69% of fresh vegetables imported by value into the U.S., while Canada supplied 2% of fresh fruit and 20% of fresh vegetables. Before the election, about 7 in 10 voters said they were very concerned about the cost of food, according to AP VoteCast, a survey of more than 120,000 voters. “We’ll get them down,” Trump told shoppers during a September visit to a Pennsylvania grocery store. The U.S. is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent U.S. Census data. People looking to buy a new vehicle likely would see big price increases as well, at a time when costs have gone up so much that they are out of reach for many. The average price of a new vehicle now runs around $48,000. About 15% of the 15.6 million new vehicles sold in the U.S. last year came from Mexico, while 8% crossed the border from Canada, according to Global Data. Much of the tariffs would get passed along to consumers, unless automakers can somehow quickly find productivity improvements to offset them, said C.J. Finn, U.S. automotive sector leader for PwC, a consulting firm. That means even more consumers “would potentially get priced out of the activity” of buying a new vehicle, Finn said. Hardest hit would be Volkswagen, Stellantis, General Motors and Ford, Bernstein analyst Daniel Roeska wrote Tuesday in a note to investors. Stellantis and VW import about 40% of the vehicles they sell from Canada and Mexico, while it's 30% for GM and 25% for Ford. GM and Stellantis import more than half of their high-profit pickup trucks from the two countries, according to Bernstein. If Trump does impose the tariffs in January, the auto industry would have little time to adjust, putting operating profits at risk for the automakers, Roeska said in an email. “A 25% tariff on Mexico and Canada would severely cripple the U.S. auto industry,” he said. The tariffs would hurt U.S. industrial production so much that “we expect this is unlikely to happen in practice,” Roeska said. The tariff threat hit the stocks of some companies that could be particularly hurt, such as auto manufacturers and Constellation Brands, which sells Modelo and other Mexican beer brands in the United States. But the overall market held relatively steady near records as investors saw Trump’s proposal as more of an opening position for negotiations rather than as a definitive policy. It's not clear how long the tariffs would last if they are implemented, but they could force auto executives to move production to the U.S., which could create more jobs in the long run. But Morningstar analyst David Whiston said in the short term automakers probably won't make any moves because they can't quickly change where they build vehicles. To move to the U.S., they would have to buy equipment and revamp their parts supply chain, which can take years. “I think everyone is going to be in a wait-and-see mode,” Whiston said. Millions of dollars worth of auto parts flow across the borders with Mexico and Canada, and that could raise prices for already costly automobile repairs, Finn said. The Distilled Spirits Council of the U.S. said tariffs on tequila or Canadian whisky won’t boost American jobs because they are distinctive products that can only be made in their country of origin. In 2023, the U.S. imported $4.6 billion worth of tequila and $108 million worth of mezcal from Mexico and $537 million worth of spirits from Canada, the council said. “At the end of the day, tariffs on spirits products from our neighbors to the north and south are going to hurt U.S. consumers and lead to job losses across the U.S. hospitality industry just as these businesses continue their long recovery from the pandemic,” the council said in a statement. Electronics retailer Best Buy said on its third-quarter earnings conference call that it runs on thin profit margins, so while vendors and the company will shoulder some increases, Best Buy will have to pass tariffs on to customers. “These are goods that people need, and higher prices are not helpful,” CEO Corie Barry said. Walmart also warned this week that tariffs could force it to raise prices, as did Footwear Distributors and Retailers of America. Canadian Prime Minister Justin Trudeau, who talked with Trump after his call for tariffs, said they had a good conversation about how the countries can work together on the challenges they face. "This is something that we can do, laying out the facts and moving forward in constructive ways. This is a relationship that we know takes a certain amount of working on and that’s what we’ll do,” Trudeau said. Trump's transition team wouldn't comment on the call. Also Monday, Trump turned his ire to China, saying he has “had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail.” The Chinese Embassy in Washington cautioned on Monday that there will be losers on all sides if there is a trade war. Trump's threats come as arrests for illegally crossing the border from Mexico have been falling . The most recent U.S. numbers for October show arrests remain near four-year lows. But arrests for illegally crossing the border from Canada have been rising over the past two years. Much of America’s fentanyl is smuggled from Mexico. Border seizures of the drug rose sharply under President Joe Biden. The tariffs would also throw into doubt the reliability of the 2020 trade deal brokered in large part by Trump with Canada and Mexico, the USMCA, which replaced NAFTA and is up for review in 2026. Trump transition team officials did not immediately respond to questions about what authority he would use, what he would need to see to prevent the tariffs from being implemented and how they would impact prices in the U.S. Mexico’s Foreign Relations Department and Economy Department also had no immediate reaction to Trump’s statements. ___ Rugaber reported from Washington. AP reporters Dee-Ann Durbin in Detroit, Stan Choe and Anne D'Innocenzio in New York, and Rob Gillies in Toronto contributed to this report.Motorcar parts of america director Philip Gay buys $35,100 in stockBy FARNOUSH AMIRI, Associated Press WASHINGTON (AP) — Former Rep. Matt Gaetz said Friday that he will not be returning to Congress after withdrawing his name from consideration to be attorney general under President-elect Donald Trump amid growing allegations of sexual misconduct. “I’m still going to be in the fight, but it’s going to be from a new perch. I do not intend to join the 119th Congress,” Gaetz told conservative commentator Charlie Kirk, adding that he has “some other goals in life that I’m eager to pursue with my wife and my family.” The announcement comes a day after Gaetz, a Florida Republican, stepped aside from the Cabinet nomination process amid growing fallout from federal and House Ethics investigations that cast doubt on his ability to be confirmed as the nation’s chief federal law enforcement officer. The 42-year-old has vehemently denied the allegations against him. Gaetz’s nomination as attorney general had stunned many career lawyers inside the Justice Department, but reflected Trump’s desire to place a loyalist in a department he has marked for retribution following the criminal cases against him. Hours after Gaetz withdrew, Trump nominated Pam Bondi, the former Florida attorney general, who would come to the job with years of legal work under her belt and that other trait Trump prizes above all: loyalty. It’s unclear what’s next for Gaetz, who is no longer a member of the House. He surprised colleagues by resigning from Congress the same day that Trump nominated him for attorney general. Some speculated he could still be sworn into office for another two-year term on Jan. 3, given that he had just won reelection earlier this month. But Gaetz, who has been in state and national politics for 14 years, said he’s done with Congress. “I think that eight years is probably enough time in the United States Congress,” he said.Stock market today: Rising tech stocks pull Wall Street to another record