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NoneHezbollah fires about 250 rockets and other projectiles into Israel in heaviest barrage in weeks BEIRUT (AP) — Hezbollah has fired about 250 rockets and other projectiles into Israel, wounding seven people in one of the militant group’s heaviest barrages in months. Sunday's attacks in northern and central Israel came in response to deadly Israeli strikes in central Beirut on Saturday. Israel struck southern Beirut on Sunday. Meanwhile, negotiators press on with cease-fire efforts to halt the all-out war. And Lebanon's military says an Israeli strike on a Lebanese army center in the southwest killed one soldier and wounded 18 others. Israel's military has expressed regret and said its operations are directed solely against the militants. Israel cracks down on Palestinian citizens who speak out against the war in Gaza UMM AL-FAHM, Israel (AP) — In the year since the war in Gaza broke out, Israel's government has been cracking down on dissent among its Palestinian citizens. Authorities have charged Palestinians with “supporting terrorism” because of posts online or for demonstrating against the war. Activists and rights watchdogs say Palestinians have also lost jobs, been suspended from schools and faced police interrogations. Palestinians make up about 20% of Israel's population. Many feel forced to self-censor out of fear of being jailed and further marginalized in society. Others still find ways to dissent, but carefully. Israel's National Security Ministry counters that, “Freedom of speech is not the freedom to incite.” Somalia says 24 people have died after 2 boats capsized in the Indian Ocean MOGADISHU, Somalia (AP) — Somalia's government says 24 people died after two boats capsized off the Madagascar coast in the Indian Ocean. Somalia’s Foreign Minister Ahmed Moalim Fiqi said 46 people were rescued. Most of the passengers were young Somalis, and their intended destination remains unclear. Many young Somalis embark every year on dangerous journeys in search of better opportunities abroad. A delegation led by the Somali ambassador to Ethiopia is scheduled to travel to Madagascar on Monday to investigate the incident and coordinate efforts to help survivors. Forecasts warn of possible winter storms across US during Thanksgiving week WINDSOR, Calif. (AP) — Forecasters in the U.S. have warned of another round of winter weather that could complicate travel leading up to Thanksgiving. California is bracing for more snow and rain while still grappling with some flooding and small landslides from a previous storm. The National Weather Service has issued a winter storm warning for California's Sierra Nevada through Tuesday, with heavy snow expected at high elevations. Thousands remained without power in the Seattle area on Sunday after a “bomb cyclone” storm system hit the West Coast last week, killing two people. Republicans lash out at Democrats' claims that Trump intelligence pick Gabbard is 'compromised' FORT LAUDERDALE, Fla. (AP) — Republican lawmakers are pushing back against criticism from some Democrats that President-elect Donald Trump’s pick to lead U.S. intelligence services is “compromised” by her comments supportive of Russia and a meeting with an ally of that country. The accusation came from Sen. Tammy Duckworth. The Illinois Democrat says she has concerns about the pro-Russian views expressed by Tulsi Gabbard, who was tapped for the post of director of national intelligence. Duckworth’s comments on Sunday drew immediate backlash from Republicans. The rising price of paying the national debt is a risk for Trump's promises on growth and inflation WASHINGTON (AP) — Donald Trump has big plans for the economy. He also has big debt problem that'll be a hurdle to delivering on those plan. Trump has bold ambitions on tax cuts, tariffs and other programs. But high interest rates and the price of repaying the federal government’s existing debt could limit what he’s able to do. The federal debt stands at roughly $36 trillion, and the spike in inflation after the pandemic has pushed up the government’s borrowing costs such that debt service next year will easily exceed spending on national security. Moscow offers debt forgiveness to new recruits and AP sees wreckage of a new Russian missile KYIV, Ukraine (AP) — Russian President Vladimir Putin has signed a law granting debt forgiveness to new army recruits who enlist to fight in Ukraine. The measure, whose final version appeared on a government website Saturday, underscores Russia’s needs for military personnel in the nearly 3-year-old war, even as it fired last week a new intermediate-range ballistic missile. Russia has ramped up military recruitment by offering increasing financial incentives to those willing to fight in Ukraine. Ukraine’s Security Service on Sunday showed The Associated Press wreckage of the new intermediate-range ballistic missile that struck a factory in the central Ukrainian city of Dnipro on Thursday. After Trump's win, Black women are rethinking their role as America's reliable political organizers ATLANTA (AP) — Donald Trump's victory has dismayed many politically engaged Black women, and they're reassessing their enthusiasm for politics and organizing. Black women often carry much of the work of getting out the vote, and they had vigorously supported the historic candidacy of Kamala Harris. AP VoteCast, a survey of more than 120,000 voters, found that 6 in 10 Black women said the future of democracy was the single most important factor for their vote this year, a higher share than for other demographic groups. But now, some Black women are renewing calls to emphasize rest, focus on mental health and become more selective about what fight they lend their organizing power to. Pakistani police arrest thousands of Imran Khan supporters ahead of rally in the capital ISLAMABAD (AP) — A Pakistani security officer says police have arrested thousands of Imran Khan supporters ahead of a rally in Islamabad to demand the ex-premier’s release from prison. Khan has been behind bars for more than a year. But he remains popular and his party says the cases against him are politically motivated. Police Sunday arrested more than 4,000 Khan supporters in eastern Punjab province, a Khan stronghold. They include five parliamentarians. Pakistan has sealed off the capital with shipping containers. It also suspended mobile and internet services “in areas with security concerns.” 'Wicked' and 'Gladiator' make gravity-defying theater debuts NEW YORK (AP) — “Wicked” and “Gladiator II” have debuted in theaters with a combined $270 million in ticket sales. Their worldwide performance breathed fresh life into global box office results that have struggled lately. Together the films turned the moviegoing weekend into one of the busiest of the year. Jon M. Chu’s lavish big-budget musical “Wicked,” starring Ariana Grande and Cynthia Erivo, debuted with $114 million domestically and $164.2 million globally. Ridley Scott’s “Gladiator II” is a sequel to his 2000 best picture-winning original and launched with $55.5 million in ticket sales. “Moana 2” is being released Wednesday, so it looks like Hollywood might be looking at historic sales over the Thanksgiving holiday.SYRACUSE, N.Y. (AP) — Eddie Lampkin Jr. and Donnie Freeman each posted a double-double and Jaquan Carlos finished an assist shy of joining them as Syracuse closed out its nonconference schedule with a 75-63 win over Bucknell on Saturday. The Orange evened their record at 6-6 with their sixth win in seven home games, taking a 12-point lead at intermission and maintaining it through the second half, handing the Bison (4-9) their seventh straight loss. Syracuse, which lost its Atlantic Coast Conference opener to Notre Dame, finished nonconference play 6-5. Lampkin and Freeman combined to score 24 first-half points and helped the Orange dominate the boards in the first half, 18-11. Pip Ajayi dunked near the 14-minute mark to get Bucknell within five, 48-43, but Elvin Edmonds IV missed a 3-point attempt to make it a one-possession game a minute later and Lampkin scored to push the lead to seven. Kyle Cuffe Jr. scored back-to-back baskets and Carlos added a layup to push the Syracuse lead back to a dozen points, 56-44. Lampkin finished with 18 points and 11 rebounds scored 15 points, grabbed 11 boards and dished three assists with a steal. Carlos posted 11 points with nine assists and three steals. Syracuse outrebounded Bucknell 43-27. John Bascoe hit 6 of 11 from behind the arc and led the Bison with 22 points. Noah Williamson finished with 12 points and eight rebounds. Syracuse opens the heart of its ACC schedule when it plays host to Wake Forest on New Year's Eve. Bucknell opens Patriot League play January 2 at Lehigh. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college basketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketball
Stockhead Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. Australia's betting boom fuels market growth Tabcorp, Sportsbet dominate but consolidation looms Asset manager Tamim tips Bluebet and Pointsbet to perform well The Melbourne Cup earlier this month showcased Australia's love for betting, with more than $221 million wagered on the event. The Australian gambling market is part of a $1.2 trillion global industry, with Aussies spending $25 billion annually. “Australia has some of the highest per capita gambling losses globally,” said a note out of Tamim Asset Management, highlighting the sector’s continued growth despite strict regulations. Sports betting, in particular, has grown significantly, with around $1 billion spent annually, even within the tightly regulated market. Digital platforms, mobile apps and technology like data analytics and AI are shaping the future of gambling, according to Tamim, with in-play and mobile betting especially popular among younger Australians. The sector is also seeing growth in esports, fantasy sports, and blockchain-based betting. However, the industry faces challenges such as margin compression, rising regulatory costs and increased competition. “Operators are adopting more efficient technology and focusing on customer retention,” Tamim explained. Larger companies, like Tabcorp and Sportsbet, dominate the market, but consolidation could create opportunities for investors. “Consolidation often leads to a more stable industry, where larger players have the scale to navigate regulatory challenges,” Tamim added. Tamin's two stock picks Tamim has been closely analysing the Australian betting sector and has identified two smaller-capped stocks that show strong potential for growth in the evolving market. Specifically, the asset manager has recommended Bluebet and PointsBet, noting they are well-positioned to benefit the most from the growth of sports betting and online platforms in Australia. Bluebet (ASX:BBT) BlueBet Holdings, a technology-driven online wagering operator, has seen significant growth following its merger with Betr. "The merger with Betr has been a key move for BlueBet," said Tamim, highlighting the efficient integration that strengthened its market position. One of the major achievements was migrating Betr's customer base onto BlueBet’s platform within just 59 days, which Tamim said was a "remarkable feat. Following the merger, BlueBet has seen positive financial results, with a 100% increase in net win in September compared to last year. "This momentum continued in October, with turnover and net win up by 120% and 140%, respectively," Tamim noted. A key part of BlueBet's strategy is reactivating Betr's customers with targeted marketing around major sporting events, which has helped the company outperform expectations. BlueBet has also increased its cost synergy target to $16.9 million, positioning the company for future profitability. "With a solid cash position, the company is now focused on delivering profitability in the near term," Tamim said, with full-year EBITDA positivity expected in FY25. Looking ahead, BlueBet aims to capture a 10% market share in Australia, with expectations of $15-20 million in EBITDA for FY26. "The integration of Betr and the resulting cost savings are paving the way for future profitability and organic growth," Tamim concluded. Pointsbet (ASX:PBH) PointsBet, a wagering and iGaming company, has seen significant growth, especially in Australia and Canada. In FY24, Australian revenue grew by 10%, with EBITDA rising to $26.8 million, up from just $0.1 million the previous year. "The company’s Australian operations have been solid, with revenue increases driven by both racing and sports betting," said Tamim, noting this marks the fifth consecutive year of positive EBITDA for its Australian business. In Canada, PointsBet's revenue increased by a massive 87%, with Ontario seeing particularly strong growth after the regulation of online sports betting. "PointsBet’s success in Ontario is setting the stage for further growth as other provinces like Alberta and British Columbia are expected to regulate their markets," Tamim added. Technology, including PointsBet’s "Odds Factory" platform, has been a key factor in this expansion, alongside investments in data science and customer relationship management. Looking ahead, PointsBet expects FY25 revenue to be between $280-$290 million, reflecting growth of 14-18%. PointsBet is also on track to achieve EBITDA profitability and cash flow breakeven in FY25. "The company is on track to generate $60 million in EBITDA in the coming years," Tamim stated. Additionally, media reports suggest PointsBet could be a potential acquisition target, with a merger with BlueBet potentially creating significant synergies and up to $30 million in cost savings. Originally published as Hot Money Monday: As sports-betting market consolidates, BlueBet and PointsBet could be ones to watch More related stories Stockhead Neurotech receives vital ethics approval Stockhead TV’s Sarah Hughan brings you today’s Break it Down, detailing the new human pharmacokinetic study from Neurotech. Read more Stockhead EZZ finds Chinese market a thing of beauty Following key online promotional events, EZZ Life Sciences reports surging Chinese sales of its health and beauty products. Read moreThe Unsung Hero of the AI Revolution In the rapidly evolving world of artificial intelligence, few companies have captured the limelight like Nvidia. However, lurking in the shadows is Taiwan Semiconductor Manufacturing Company (TSMC), the powerhouse behind the scenes that makes many of these technological advancements possible. Specializing in the complex fabrication processes required for cutting-edge GPUs, TSMC partners with leading tech giants like Amazon, Broadcom, Qualcomm, AMD, and Nvidia. A Promising Future Shaping AI The global GPU market is on a skyrocketing trajectory, anticipated to grow annually by 33% through 2029, reaching a staggering $274 billion. TSMC is poised to seize growing opportunities as AI technology advances, with Nvidia and AMD launching next-gen GPUs, and big names like Microsoft and Meta also entering the game. This positions TSMC as a crucial player in meeting the ballooning demand for top-tier semiconductors. Valuation and Investment Potential TSMC’s stock has soared, gaining nearly 90% in 2024 alone, yet its forward price-to-earnings ratio remains on par with the S&P 500. This indicates notable potential for investors looking for growth in the semiconductor industry. However, challenges exist, including geopolitical tensions in Taiwan and competitive pressures from Intel’s expanding foundry business. Despite these risks, the compelling growth prospects and crucial role that TSMC plays in the AI landscape make it an appealing option for savvy investors seeking long-term gains. With the semiconductor industry at the heart of AI innovation, TSMC emerges as a pivotal investment opportunity in this transformative era. TSMC: The Semiconductor Titan Fueling the AI Boom In the dynamic landscape of artificial intelligence, while companies like Nvidia often steal the spotlight, Taiwan Semiconductor Manufacturing Company (TSMC) plays an indispensable yet understated role. TSMC’s advanced manufacturing capabilities in the realm of GPUs place it at the forefront of the AI revolution, supporting industry leaders like Nvidia, AMD, and Qualcomm, among others. Emerging Trends and Insights As AI technology continues to evolve, the global GPU market is projected to experience remarkable growth, with an annual increase of 33% anticipated through 2029. This surge presents TSMC with a lucrative opportunity to expand its influence. The launch of next-generation GPUs by Nvidia and AMD, coupled with the participation of tech giants such as Microsoft and Meta, underscores TSMC’s critical role in fulfilling the rising demand for high-performance semiconductors. Investment Viability and Market Prospects In 2024, TSMC’s stock experienced a notable increase of 90%, positioning it as an attractive option for investors seeking growth in the semiconductor sector. Despite maintaining a forward price-to-earnings ratio akin to the S&P 500, TSMC presents substantial growth potential. Nevertheless, investors must navigate challenges, including geopolitical tensions in Taiwan and intensified competition from Intel’s expanding foundry operations. Despite these hurdles, TSMC’s pivotal role in AI development solidifies its standing as a compelling investment avenue for strategic investors focused on long-term gains. Innovations and Specifications TSMC’s unwavering commitment to innovation is evident in its state-of-the-art fabrication processes and partnerships with leading tech companies. By offering cutting-edge semiconductor solutions, TSMC reinforces its reputation as a cornerstone of AI advancements. Its ability to deliver specialized chips tailored to diverse applications propels the continuous evolution of AI technologies. Sustainability and Ethical Considerations As a leader in semiconductor manufacturing, TSMC prioritizes sustainability. The company is focused on reducing its carbon footprint and enhancing energy efficiency in its production processes. These efforts not only bolster its ethical standing but also align with the global push toward more sustainable and environmentally conscious manufacturing practices. For further information about TSMC and its contributions to the semiconductor industry, visit the TSMC website .Biden's Hunter pardon riles Democrats who defended U.S. justice system
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Eric Schmitt: Justice Department staff in Donald Trump prosecution should be 'fired immediately'The U.S. leads the world in developing artificial intelligence technology, surpassing China in research and other important measures of AI innovation, according to a newly released Stanford University index. There's no surefire way to rank global AI leadership but Stanford researchers have made an attempt by measuring the “vibrancy” of the AI industry across various dimensions, from how much research and investment is happening to how responsibly the technology is being pursued to prevent harm. “The gap is actually widening” between the U.S. and China, said computer scientist Ray Perrault, director of the steering committee that runs Stanford's AI Index. “The U.S. is investing a lot more, at least at the level of firm creation and firm funding.” The California-based university's Institute for Human-Centered AI — which has ties to Silicon Valley's tech industry — released the report Thursday as government AI officials from the U.S. and several allies met in San Francisco this week to compare notes on AI safety measures. Here's which countries made the top 10: The U.S. ranks No. 1 on Stanford's list and has consistently held that position since 2018 when it overtook China. It has far outpaced China in private AI investment, which hit $67.2 billion in the U.S. last year compared to $7.8 billion in China, according to the report. It also leads in publishing responsible AI research. It's no surprise that the home of commercial AI powerhouses such as Google and Meta, along with relative newcomers like OpenAI and Anthropic, has produced many notable AI models that have influenced how the technology is being developed and applied. The U.S. also gets some points for having a number of AI-related laws on the books, though Congress has yet to pass any broad AI regulations. China has requested far more patents than any other country regarding generative AI, the U.N. intellectual property agency said earlier this year. Stanford researchers counted that as one measure of China's strong growth in AI innovation but not enough to lead the pack. Still, the report says that "China’s focus on developing cutting-edge AI technologies and increasing its R&D investments has positioned it as a major AI powerhouse.” China's universities have produced a large number of AI-related research publications and it has commercial leaders developing notable AI models, such as Baidu and its chatbot Ernie. Coming in at No. 3 is the UK, which also ranked high in research and development, and educational infrastructure due to top computer science universities churning out a skilled AI workforce. It's also home to Google's AI subsidiary DeepMind, whose co-founder recently won a Nobel Prize; and “had more mentions of AI in parliamentary proceedings” than any other country. Last year, the UK hosted the world’s first international AI safety summit. Close behind the UK was India, thanks to a “strong AI research community,” improvements in economic investments tied to AI and a robust public discourse about AI on social media, according to the report. The UAE's deliberate focus on AI appears to have paid off in the Middle Eastern nation's fifth-place score. It was one of the top locations for AI investments. Microsoft earlier this year said it was investing $1.5 billion in UAE-based tech firm G42, which is overseen by the country’s powerful national security adviser. Based in Abu Dhabi, G42 runs data centers and has built what’s considered the world’s leading Arabic-language AI model, known as Jais. Rounding out the top 10 are France at No. 6, followed by South Korea, Germany, Japan and Singapore. France, home to the buzzy AI startup Mistral, ranked high in AI policy and governance. Both it and Germany are part of the European Union's sweeping new AI Act that places safeguards on a range of AI applications based on how risky they are. The EU also follows the U.S. in developing a plan to expand semiconductor production within the bloc.
busra İspir/iStock via Getty Images Introduction Gladstone Land ( NASDAQ: LAND ) focuses on owning farmland which it leases out to third party operators. The REIT recently changed its approach by reducing the base rent in favor of a crop sharing and profit sharing focused lease agreement. This means Consider joining European Small-Cap Ideas to gain exclusive access to actionable research on appealing Europe-focused investment opportunities, and to the real-time chat function to discuss ideas with similar-minded investors! The Investment Doctor is a financial writer, highlighting European small-caps with a 5-7 year investment horizon. He strongly believes a portfolio should consist of a mixture of dividend and growth stocks. European Small Cap Ideas Learn more Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Amber ale is Bridget Grocke's secret to still loving life at 110Hundreds of people have staged a demonstration in Dublin in “utter solidarity” with Nikita Hand, who won a civil case against MMA fighter Conor McGregor. Ms Hand, who accused Mr McGregor of raping her in a Dublin hotel in December 2018, won her claim against him for damages in a civil case at the High Court in the Irish capital on Friday. She was described as “incredibly brave” and celebrated for “standing up for survivors” of assault by those who attended the demonstration in Dublin. Mr McGregor has said in social media posts that he intends to appeal against the decision. Monday’s protest march was organised by the socialist feminist movement group Rosa to mark the International Day for the Elimination of Violence against Women. Participants chanted “stand with Nikita” and “no more fear, no more shaming – we reject your victim blaming” as they carried signs and banners through the capital’s streets. The demonstration was bookended by speeches from attendees including organisers Ruth Coppinger, a councillor and general election candidate for People Before Profit in Dublin West, and Natasha O’Brien, who became a national figure in activism on violence against women after a soldier received a suspended sentence for assaulting her. Ms Coppinger told the crowd that Ms Hand, who she characterised as “an incredibly brave woman”, was watching live video of the event remotely. She said Ms Hand was not attending personally as she needed time to recover after the civil case. She said the “overwhelming support of the Irish public is definitely with Nikita”. On a cold night in Dublin, Ms O’Brien was cheered as she told those gathered that she was “in awe” of Ms Hand’s courage. She said Ireland let out a collective “sigh of relief” after the jury in the civil case found in favour of Ms Hand in her case against Mr McGregor. “But, for me – it was a split second because in came all these questions flooding in: Why did Nikita have to fight alone?” She added: “This really hits home for me, it is like a kick in the guts.” She said she had cried “so many tears” over the weeks of the trial. Ms O’Brien said Ms Hand had refused to be ignored. Mr McGregor had faced an accusation that he “brutally raped and battered” Ms Hand at a hotel in south Dublin in December 2018. The Irish sports star previously told the court he had consensual sex with Ms Hand in a penthouse at the Beacon Hotel. Ms Hand was taken in an ambulance to the Rotunda Hospital the following day where she was assessed in the sexual assault treatment unit (SATU). A paramedic who examined Ms Hand the day after the assault had told the court she had not seen “someone so bruised” in a long time. Ms Hand broke down several times as she gave evidence for almost three days and sought a number of breaks. The jury had been told Ms Hand had to leave her job as a hairdresser and has not been able to work since, because of her mental health, that her relationship with her partner ended months after the incident, she had to move out of her home in Drimnagh, and her mortgage is now in arrears. After eight days of evidence and three days listening to closing speeches and the judge’s charge, the jury of eight women and four men spent six hours and 10 minutes deliberating before returning their verdict. The total amount of damages awarded to Ms Hand by the jury was 248,603.60 euros (£206,714.31). Speaking outside court on Friday, Ms Hand said she hoped her case would remind victims of assault to keep “pushing forward for justice”. She added: “I hope my story is a reminder that no matter how afraid you might be, speak up, you have a voice and keep on fighting for justice.”
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Sebastian Gorka Appointed White House Senior Counterterrorism Adviser to President TrumpDrought, fires and deforestation battered Amazon rainforest in 2024
Drought, fires and deforestation battered Amazon rainforest in 2024MONTREAL - A childhood friend of the Quebec man killed in a Florida boat explosion earlier this week says one of the victim’s sisters was among the other six passengers injured in the blast. Thi Cam Nhung Lê says she grew up with Sebastien Gauthier in Quebec City and considered him her best friend. Lê says Gauthier’s older sister was also on the boat in Florida’s Broward County when it exploded and she was taken to a hospital. She says Gauthier’s family was in Florida to celebrate the holidays and that his sudden death feels “unimaginable.” Video posted on social media Monday shows the vessel engulfed in flames following the explosion, with a thick column of black smoke billowing into the sky. The Florida Fish and Wildlife Conservation Commission has confirmed that Gauthier died of his injuries, saying a preliminary investigation shows the 37-foot vessel exploded after its engines were started. Lê remembers Gauthier as someone who was always smiling and says she is waiting for answers about what led to her friend’s death. This report by The Canadian Press was first published Dec. 28, 2024.
Trump's Republican Party is increasingly winning union voters. It's a shift seen in his labor pick
SAND SPRINGS, Okla. , Dec. 2, 2024 /PRNewswire/ -- Webco Industries, Inc. WEBC today reported results for our first quarter of fiscal year 2025, which ended October 31, 2024 . For our first quarter of fiscal year 2025, we had a net loss of $0.1 million , or a loss of $0.13 per diluted share, while in our first quarter of fiscal year 2024, we had net income of $5.1 million , or $6.25 per diluted share. Net sales for the first quarter of fiscal 2025 were $141.4 million , a 10.4 percent decrease from the $157.8 million of sales in the first quarter of fiscal year 2024. Dana S. Weber , Chief Executive Officer and Board Chair, stated, "The domestic manufacturing economy has been worsening over the past year. Further, we have certain markets that are being adversely impacted by foreign imports. We continue to focus on positioning Webco for various economic environments and opportunities by maintaining a strong balance sheet and good liquidity and making compelling investments in our business. Our total cash, short-term investments and available credit on our revolver were $89.0 million at October 31, 2024 , which we believe to be a competitive advantage." In the first quarter of fiscal year 2025, we had income from operations of $1.1 million after depreciation of $4.7 million . The first fiscal quarter of the prior year generated income from operations of $8.0 million after depreciation of $3.7 million . Gross profit for the first quarter of fiscal 2025 was $13.6 million , or 9.7 percent of net sales, compared to $21.6 million , or 13.7 percent of net sales, for the first quarter of fiscal year 2024. Selling, general and administrative expenses were $12.6 million in the first quarter of fiscal 2025 and $13.6 million in the first quarter of fiscal 2024. SG&A expenses in the first quarter of fiscal year 2025 reflect a decrease in costs related to lower profitability, such as company-wide incentive compensation and variable pay programs, offset by inflation we have experienced in wages and other expenses. Interest expense was $1.2 million in the first quarter of fiscal year 2025 and $1.3 million in the same quarter of fiscal year 2024. Average construction-based investments decreased in fiscal year 2025 and, as a result, capitalized interest decreased $0.2 million when compared to the first quarter of fiscal year 2024. Capitalized interest decreases net interest expense in the consolidated statement of operations. Notwithstanding capitalized interest, the impact of increased interest rates was more than offset by lower average debt balances. Capital expenditures incurred amounted to $5.1 million in the first quarter of fiscal year 2025, down from $10.1 in the first quarter of fiscal year 2024. Included in our capital spending for the first quarter of fiscal year 2024 was construction of our F. William Weber Leadership Campus, which houses our Tech Center and corporate headquarters. The Tech Center, which is the tip of the spear that leads Webco's trusted and technical brand throughout our industry, was completed in the fourth quarter of fiscal year 2024. As of October 31, 2024 , we had $18.6 million in cash and short-term investments, in addition to $70.4 million of available borrowing under our $220 million senior revolving credit facility. Availability on the revolver, which had $44.0 million drawn at October 31, 2024 , was subject to advance rates on eligible accounts receivable and inventories. Our term loan and revolver mature in September 2027. Accounting rules require asset-based debt agreements like our revolver to be classified as a current liability, despite its fiscal year 2028 maturity. Webco's stock repurchase program authorizes the purchase of our outstanding common stock in private or open market transactions. In September 2023 , the Company's Board of Directors refreshed the repurchase program with a new limit of up to $40 million and extended the program's expiration until July 31 , 2026. We purchased 2,850 shares of our stock during the first quarter of fiscal year 2025. Including the current fiscal year, Webco has purchased approximately 158,000 shares over the course of the last five fiscal years. The repurchase plan may be extended, suspended or discontinued at any time, without notice, at the Board's discretion. Webco's mission is to continuously build on our strengths as we create a vibrant company for the ages. We leverage our core values of trust and teamwork, continuously building strength, agility and innovation. We focus on practices that support our brand such that we are 100% engaged every day to build a forever kind of company for our Trusted Teammates, customers, business partners, investors and community. We provide high-quality carbon steel, stainless steel and other metal specialty tubing products designed to industry and customer specifications. We have five tube production facilities in Oklahoma and Pennsylvania and eight value-added facilities in Oklahoma , Illinois , Michigan , Pennsylvania and Texas , serving customers globally. Our F. William Weber Leadership Campus is in Sand Springs, Oklahoma and houses our corporate offices and our Webco TechCenterTM, providing a state-of-the-art laboratory and R & D facility to lead and develop technical solutions. Risk Factors and Forward-looking statements: Certain statements in this release, including, but not limited to, those preceded by or predicated upon the words "anticipates," "appears," "believes," "estimates," "expects," "forever," "hopes," "intends," "plans," "projects," "pursue," "should," "will," "wishes," or similar words may constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company, or industry results, to differ materially from any future results, performance or achievements expressed or implied herein. Such risks, uncertainties and factors include the factors discussed above and, among others: general economic and business conditions, including any global economic downturn; government policy or low hydrocarbon prices that stifle domestic investment in energy; competition from foreign imports, including any impacts associated with dumping or the strength of the U.S. dollar; political or social environments that are unfriendly to industrial or energy-related businesses; changes in manufacturing technology; the banking environment, including availability of adequate financing; worldwide and domestic monetary policy; changes in tax rates and regulation; regulatory and permitting requirements, including, but not limited to, environmental, workforce, healthcare, safety and national security; availability and cost of adequate qualified and competent personnel; changes in import / export tariff or restrictions; volatility in raw material cost and availability for the Company, its customers and vendors; the cost and availability, including time for delivery, of parts and services necessary to maintain equipment essential to the Company's manufacturing activities; the cost and availability of manufacturing supplies, including process gases; volatility in oil, natural gas and power cost and availability; world-wide or national transition from hydrocarbon sources of energy that adversely impact demand for our products; problems associated with product development efforts; significant shifts in product demand away from internal combustion engine automobiles; appraised values of inventories that can impact available borrowing under the Company's credit facility; declaration of material adverse change by a lender; industry capacity; domestic competition; loss of, or reductions in, purchases by significant customers and customer work stoppages; work stoppages by critical suppliers; labor unrest; conditions, including acts of God, that require more costly transportation of raw materials; accidents, equipment failures and insured or uninsured casualties; third-party product liability claims; flood, tornado, winter storms and other natural disasters; customer or supplier bankruptcy; customer or supplier declarations of force majeure; customer or supplier breach of contract; insurance cost and availability; lack of insurance coverage for floods; the cost associated with providing healthcare benefits to employees; customer claims; supplier quality or delivery problems; technical and data processing capabilities; cyberattack on our information technology infrastructure; world, domestic or regional health crises; vaccine mandates or related governmental policy that would cause significant portions of our workforce, or that of our customers or vendors, to leave their current employment; global or regional wars and conflicts; our inability or unwillingness to comply with rules required to maintain the quotation of our shares on any market place; and our inability to repurchase the Company's stock. The Company assumes no obligation to publicly update any such forward-looking statements. No assurance is provided that current results are indicative of those that will be realized in the future. - TABLES FOLLOW - WEBCO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data - Unaudited) Three Months Ended October 31, 2024 2023 Net sales $ 141,386 $ 157,837 Cost of sales 127,740 136,231 Gross profit 13,646 21,606 Selling, general & administrative expenses 12,564 13,629 Income (loss) from operations 1,082 7,977 Interest expense 1,151 1,293 Pretax income (loss) (69) 6,684 Provision for (benefit from) income taxes 37 1,600 Net income (loss) $ (106) $ 5,084 Net income (loss) per share: Basic $ (0.13) $ 6.43 Diluted $ (0.13) $ 6.25 Weighted average common shares outstanding: Basic 798,000 790,000 Diluted 798,000 814,000 CASH FLOW DATA (Dollars in thousands - Unaudited) Three Months Ended October 31, 2024 2023 Net cash provided by (used in) operating activities $ 13,851 $ 18,050 Depreciation and amortization $ 4,694 $ 3,696 Cash paid for capital expenditures $ 5,551 $ 12,588 Notes: Amounts may not sum due to rounding. WEBCO INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands - Unaudited) October 31, July 31, 2024 2024 Current assets: Cash $ 2,485 $ 1,171 U.S. Treasury Bonds 16,103 15,903 Accounts receivable 58,668 70,249 Inventories, net 174,673 169,513 Prepaid expenses 9,303 9,530 Total current assets 261,233 266,366 Property, plant and equipment, net 168,748 168,186 Right of use, finance leases, net 954 1,043 Right of use, operating leases, net 21,891 21,879 Other long-term assets 15,696 15,611 Total assets $ 468,522 $ 473,085 Current liabilities: Accounts payable $ 30,230 $ 28,109 Accrued liabilities 32,706 33,066 Current portion of long-term debt, net 43,799 49,115 Current portion of finance lease liabilities 427 429 Current portion of operating lease liabilities 5,178 5,063 Total current liabilities 112,340 115,782 Long-term debt, net of current portion 20,000 20,000 Finance lease liabilities, net of current portion 574 657 Operating lease liabilities, net of current portion 16,577 16,653 Deferred tax liability 39 886 Stockholders' equity: Common stock 9 9 Additional paid-in capital 54,545 54,256 Retained earnings 264,437 264,842 Total stockholders' equity 318,991 319,107 Total liabilities and stockholders' equity $ 468,522 $ 473,085 Notes: Amounts may not sum due to rounding. CONTACT: Mike Howard Chief Financial Officer (918) 241-1094 mhoward@webcotube.com View original content: https://www.prnewswire.com/news-releases/webco-industries-inc-reports-fiscal-2025-first-quarter-results-302320142.html SOURCE Webco Industries, Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Trump's Republican Party is increasingly winning union voters. It's a shift seen in his labor pick
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UMass football: Amid coaching search, pair of blunders has athletic department in the spotlightNearly every business related to the housing market has struggled lately. That includes businesses connected to real estate transactions like Redfin and Opendoor Technologies , home improvement retailers like Home Depot and Lowe's , and residential REITs like Invitation Homes . Mortgage rates have remained elevated even as the Federal Reserve has begun lowering its benchmark rates, and existing home sales are well below pre-pandemic levels due to higher mortgage rates and the lock-in effect of low mortgage rates during the pandemic. This combination of factors has led to stiff headwinds in the housing and home products industry, but one stock has bucked the trend. That's Williams-Sonoma ( WSM -0.30% ) , the high-end home furnishings retailer and parent of brands like West Elm and Pottery Barn. Even as revenue has declined this year, the retailer has grown its bottom line by making improvements in the business and the cost structure, and it continues to return capital to shareholders through dividends and share buybacks. The stock jumped 27.5% on Wednesday after the company easily beat expectations in spite of the broader headwinds in housing as its results blew away expectations. Williams-Sonoma reported a comparable sales decline of 2.9%, and revenue was down 2.9% to $1.8 billion, which edged past estimates of $1.78. What really impressed investors was the margin improvement, as gross margin rose from 44.4% to 46.7% due to higher merchandise margin and supply chain efficiencies. It also lowered its occupancy costs, making the percentage costs on occupancy flat. Selling, general, and administrative expenses rose 150 basis points to 28.9% due to higher employment and advertising expenses. Combining those two line items, operating margin rose 80 basis points to 17.8%, and operating income increased by 1.8% to $320.6 million. On the bottom line, generally accepted accounting principles ( GAAP ) earnings per share rose 7% from $1.83 to $1.96, ahead of the consensus of $1.77. Williams-Sonoma also improved its guidance in the quarter, calling for a revenue decline of 1.5% to 3%, versus a previous range of a 3% to 4.5% decline. It also raised its unadjusted operating margin guidance to between 18.4% to 18.8%, and the company continues to target mid- to high single-digit revenue growth and operating margin in the mid- to high teens over the long term. Williams-Sonoma's secret sauce Management continues to expect weakness in the housing market into 2025, but the company is making improvements to the business where it can. Its biggest achievement in the third quarter was expanding its gross margin by 230 basis points, which it achieved through lower input cuts and sticking to full-price sales. Management also stressed newness across multiple categories, meaning its products continue to bring in and excite customers despite the broader headwinds in the sector. The company is reducing its promotions, which CEO Laura Alber said was good for customers because they can trust their prices and not feel like they need to wait for a discount. Supply chain efficiencies were also a key factor in the better-than-expected profit, and the company said it's prepared for any tariffs that the next administration enacts as it's reduced its sourcing from China and does a significant amount of its manufacturing in the U.S. Additionally, its trade business was up 4% in the quarter, and B2B business is gaining traction as well. Management noted that B2B is an $80 billion opportunity in home furnishings, and it sees a huge opportunity there. Overall, Alber has prioritized operating income above sales growth or another metric, and that strategy is paying off for investors. Is Williams-Sonoma a buy? Alber also touted the company's achievements in operating margin in a down sales environment and referred to the business as a "coiled spring" when furniture sales start to rebound. Nobody knows when that will happen, but it will bounce back at some point. For now, Williams-Sonoma is clearly executing well in the environment it's faced with, and it seems on track to deliver continued operating margin improvements. Additionally, the company just approved a new $1 billion share repurchase authorization, giving it $1.3 billion to buy back stock with the remainder from the last authorization. The stock now trades at a price-to-earnings ratio of 21, and it looks well priced, considering its strong execution in a difficult environment. If Williams-Sonoma maintains its momentum, the stock is likely to surge when the housing market finally turns.WASHINGTON (AP) — Working-class voters helped Republicans make steady election gains this year and expanded a coalition that increasingly includes rank-and-file union members, a political shift spotlighting one of President-elect Donald Trump’s latest Cabinet picks: a GOP congresswoman, who has drawn labor support, to be his labor secretary. narrowly lost her bid for a second term this month, despite strong backing from union members, a key part of the Democratic base but gravitating in the Trump era toward a Republican Party traditionally allied with business interests. “Lori’s strong support from both the Business and Labor communities will ensure that the Labor Department can unite Americans of all backgrounds behind our Agenda for unprecedented National Success - Making America Richer, Wealthier, Stronger and more Prosperous than ever before!” Trump said in a statement announcing his choice Friday night. For decades, labor unions have sided with Democrats and been greeted largely with hostility by Republicans. But with Trump's populist appeal, his working-class base saw a decent share of union rank-and-file voting for Republicans this year, even as major unions, including the AFL-CIO and the , endorsed Democrat Kamala Harris in the White House race. Trump and members this year, and when he emerged from that meeting, he boasted that a significant chunk of union voters were backing him. Of a possible Teamsters endorsement, he said, “Stranger things have happened.” The Teamsters ultimately declined to endorse either Trump, the former president, or Harris, the vice president, though leader Sean O’Brien had a prominent speaking slot at the Republican National Convention. Kara Deniz, a Teamsters spokesperson, told the Associated Press that O’Brien met with more than a dozen House Republicans this past week to lobby on behalf of Chavez-DeRemer. “Chavez-DeRemer would be an excellent choice for labor secretary and has his backing,” Deniz said. The work of the Labor Department affects workers’ wages, health and safety, ability to unionize, and employers' rights to fire employers, among other responsibilities. On Election Day, Trump deepened his support among voters without a college degree after running just slightly ahead of Democrat Joe Biden with noncollege voters in 2020. Trump made modest gains, earning a clear majority of this group, while only about 4 in 10 supported Harris, according to AP VoteCast, a sweeping survey of more than 120,000 voters nationwide. Roughly 18% of voters in this year's election were from union households, with Harris winning a majority of the group. But Trump's performance among union members kept him competitive and helped him win key states such as Pennsylvania, Michigan and Wisconsin. Chavez-DeRemer was one of few House Republicans to endorse the which would allow more workers to conduct organizing campaigns and add penalties for companies that violate workers’ rights. The measure would weaken “right-to-work” laws that allow employees in more than half the states to avoid participating in or paying dues to unions that represent workers at their places of employment. Trump's first term saw firmly pro-business policies from his appointees across government, including those on the National Labor Relations Board. Trump, a real estate developer and businessman before winning the presidency, generally has backed policies that would make it harder for workers to unionize. During his recent campaign, Trump criticized union bosses, and at one point suggested that UAW members should not pay their dues. His first administration did expand overtime eligibility rules, but not nearly as much as Democrats wanted, and a Trump-appointed judge has since struck down the Biden administration’s more generous overtime rules. He has stacked his incoming administration with officials who worked on the Heritage Foundation’s “Project 2025” blueprint, which includes a sharp swing away from Biden’s pro-union policies. “Chavez-DeRemer’s record suggests she understands the value of policies that strengthen workers’ rights and economic security,” said Rebecca Dixon, president and CEO of National Employment Law Project, which is backed my many of the country’s major labor unions. “But the Trump administration’s agenda is fundamentally at odds with these principles, threatening to roll back workplace protections, undermine collective bargaining, and prioritize corporate profits over the needs of working people. This is where her true commitment to workers will be tested.” Other union leaders also issued praise, but also sounded a note of caution. “Educators and working families across the nation will be watching ... as she moves through the confirmation process,” the president of the National Education Association, Becky Pringle, said in a statement, “and hope to hear a pledge from her to continue to stand up for workers and students as her record suggests, not blind loyalty to the Project 2025 agenda.” AFL-CIO President Liz Shuler welcomed the choice while taking care to note Trump's history of opposing polices that support unions. "It remains to be seen what she will be permitted to do as secretary of labor in an administration with a dramatically anti-worker agenda,” Shuler said.