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JM Financial has a buy call on CarTrade Tech with a target price of Rs 1655. The current market price of CarTrade Tech is Rs 1475.2. CarTrade Tech, incorporated in 2000, is a Small Cap company with a market cap of Rs 6946.25 crore, operating in Services sector. CarTrade Tech Ltd. key Products/Revenue Segments include Other Services, Used Cars, Commission and Other Operating Revenue for the year ending 31-Mar-2023. Financials For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 172.23 crore, up 10.15 % from last quarter Total Income of Rs 156.36 Crore and down -47.85 % from last year same quarter Total Income of Rs 330.24 crore. The company has reported net profit after tax of Rs 30.73 Crore in latest quarter. Investment Rationale CarTrade Tech has seen a strong uptick since posting a reputable 2QFY25 result with the stock up 40%+ since result day. While increasing understanding of the company's business models and their growth drivers along with the operating leverage story justifies the uptick, it has caught further strength with the company twice sharing guidance on 3QFY25's 30% YoY growth in Consumer group and 25-30% PAT growth sequentially. While PAT growth guidance was in line with JMFe, 30% growth in New Auto considering the relatively muted auto sales environment was a positive surprise. JM Financial expects these to drive sharp upgrades in consensus estimates. Furthermore, considering rising credibility of robust growth along with margin expansion, the brokerage has upgraded multiples for New Auto and OLX segment to 30x FY27E EV/EBITDA. Consequently, they are reiterating a ?BUY? rating with Mar?26 target price of Rs 1,655. 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(You can now subscribe to our ETMarkets WhatsApp channel )Pam Bondi says there is 'no legal basis' to keep names private in Jeffrey Epstein documentsTopline Luigi Mangione—the 26-year-old suspect in last week’s fatal shooting of UnitedHealthcare CEO Brian Thompson—will plead not guilty to the charges he faces in Pennsylvania, his defense attorney Tom Dickey told reporters Tuesday, adding he expects Mangione to do the same in response to murder and other charges out of New York. Key Facts Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here . What We Know About Brian Thompson’s Murder Thompson, 50, was the CEO of the health insurance division of the $550 billion UnitedHealth Group and was in New York City on Wednesday for UnitedHealth Group’s investor meeting. He was shot from behind just before 7 a.m. on Dec. 4 outside of the New York Hilton Midtown—where the meeting was being held—and was hit in the back and right calf, after which the suspect fled the area on foot and on an electric bike. A Minnesota resident, Thompson had served as chief executive since April 2021 and had been with UnitedHealth Group since 2004. A video of the shooting showed the suspect walk out behind Thompson—who did not have a security detail—before firing multiple times. Prior to Mangione’s arrest, police said they believed the shooting was “a brazen targeted attack” and searched New York City before saying they believed the suspect had left the city on a bus. Thompson’s wife, Paulette Thompson, told NBC News “there had been some threats,” but didn’t provide details on what the threats were. Thompson had two sons, one who just graduated from high school and one still in high school. Police had been searching for the gunman by utilizing diving teams in Central Park, flying helicopters, searching through security cameras in the area, maintaining drones and using dogs. They released several photos of the suspected shooter since Wednesday. How Was Luigi Mangione Caught? New York City Police Commissioner Jessica Tisch said Mangione was recognized in a McDonald’s in Altoona, Pennsylvania, and was reported to local police, who then found he had “multiple fraudulent IDs,” a U.S. passport, a firearm and suppressor similar to what was used in the murder and a “handwritten document that speaks to both his motivation and mindset.” Officers reportedly asked Mangione if he was in New York recently, which resulted in him becoming quiet and shaking, according to a description of his arrest. Though his face was largely covered in most pictures law enforcement released, officials credited the images that were circulating of Mangion for him eventually being spotted and taken into custody. Pennsylvania State Police released a new photo Tuesday morning of Mangione eating what appears to be a McDonald’s hash brown with his mask down and wearing a beanie and dark coat. They are asking for help and information about Mangione’s “travel and recent whereabouts in Pennsylvania.” A man named Larry who said he was a regular at the McDonald’s told Fox News his friend recognized Mangione and said he “looks like the shooter from New York,” but Larry thought he was kidding—“but then as it turned out, it was him.” What Has Luigi Mangione Been Charged With? He faces second-degree murder , gun and forgery charges in New York state. In New York, first-degree murder charges are reserved for killings with aggravated circumstances, such as those involving police officers, torture or if someone is hired to kill. Mangione was also initially charged in Pennsylvania with forgery, carrying firearms without a license, tampering with records or identification, possessing instruments of a crime and providing false identification to law enforcement. He was ordered in his arraignment Monday night to be held without bail, and has been placed in a single cell at the “maximum custody level,” Maria Bivens, press secretary for the Pennsylvania Department of Corrections, told CNN . The New York Times reported Tuesday afternoon that Mangione will be moved from a prison in Huntingdon, Pennsylvania, to Blair County Prison, where he will wait for his New York arrest warrant to be executed. When Will Luigi Mangione Appear In Court Next? Mangione appeared in court in Pennsylvania shortly after 1:30 p.m. EST on Tuesday for an extradition hearing and said he would be fighting extradition. He was arraigned on the Pennsylvania charges Monday night, and a preliminary hearing in that state is scheduled for Dec. 23. The court docket says he requested a public defender, and the Associated Press reported Thomas Dickey, a local defense lawyer, represented Mangione at his extradition hearing. What’s Known About Luigi Mangione's Alleged Ghost Gun? A description of Mangione’s arrest notes officers found a 3D-printed pistol and 3D-printed silencer in his backpack. The pistol was loaded with a Glock magazine containing six nine-millimeter full metal jacket rounds. A loose nine-millimeter hollow point round was also found in the backpack. Authorities have said the gun and silencer are consistent with the firearm used in the shooting of Thompson. Have Police Named A Motive? Police have not named a formal motive in the killing of Thompson. Officers found three 9mm rounds at the scene and bullet casings had the words “deny,” “defend” and “depose” on them, which echo a phrase commonly used to criticize tactics insurance companies use to reject claims. At Monday’s press conference, Kenny said the three-page handwritten manifesto found on Mangione when he was arrested is in the possession of the Altoona Police Department, but that “it does seem that he has some ill will toward corporate America.” Kenny also said there were no other “specific threats” to people in the document. Citing an unnamed law enforcement official, the Associated Press reported that in the document mentioned Mangione admitted to working alone, stating: “To the Feds, I’ll keep this short, because I do respect what you do for our country. To save you a lengthy investigation, I state plainly that I wasn’t working with anyone.” The note added, “I do apologize for any strife or traumas but it had to be done. Frankly, these parasites simply had it coming.” Was Luigi Mangione Reported Missing? Mangione’s mother, Kathleen Mangione, reported him missing to the San Francisco police last month. According to the San Francisco Standard, the missing person report was filed on Nov. 18 although it is unclear if Mangione was supposed to be present in the city when his mother filed the report. Although he was born and raised in Maryland, NYPD Chief of Detectives Joseph Kenny said he has “ties to San Francisco” and most recently resided in Honolulu. What Do We Know About Luigi Mangione’s Life At Penn? Mangione graduated from the University of Pennsylvania in 2020 with bachelor's and master's degrees in computer and information science, according to social media accounts appearing to belong to him and the university’s alumni database. The Daily Pennsylvanian—Penn’s student newspaper— reported that Mangione founded the school’s Game Research and Development Environment club and that he was inducted into the Eta Kappa Nu honor society for excellence in electrical and computer engineering before graduating in 2020. A post on an Instagram account seeming to belong to him as well shows him affiliated with the fraternity Phi Kappa Psi. What Do We Know About Luigi Mangione’s Time At The Gilman School? Mangione attended the prestigious, all-boys K-12 Gilman School in Baltimore, Maryland, and graduated in 2016 as the valedictorian. The New York Times reported his valedictorian speech described his class as “coming up with new ideas and challenging the world around it.” Mangione reportedly wrestled and played soccer while he was a student there and was captain of the school’s robotics team. A number of Mangione’s former classmates from the Gilman School told CBS News he was a “nice” kid, and one former classmate told The New York Times Mangione was “a big believer in the power of technology to change the world.” The Gilman School lists its tuition for 2024-25 high school students as $37,690 and describes its mission as working to “unlock the greatness within each boy by educating the entire boy — mind, body, and spirit.” What Do We Know About Luigi Mangione’s Time In Hawaii? In Honolulu, where police said Mangione’s last known address was, he was a member of a co-working space called Hub Coworking Hawaii, the Honolulu Star-Advertiser reported . Mangione would reportedly come and work at the location with his roommates from a nearby co-living space called Surfbreak. On its website, Surfbreak describes itself as a “co-living and co-working community for digital nomads and remote workers.” Surfbreak founder and CEO R.J. Martin expressed shock about Mangione’s arrest and told the Honolulu Civil Beat , “I loved this guy...In some ways I feel like my members are my kids.” According to the report, other residents of the co-living space described Mangione as a “natural leader” and said he helped found a book club in the community. Martin and another resident told the outlet that they had suggested the book club should read “Industrial Society and Its Future”—a book written by Unabomber Ted Kaczynski —as “a joke.” What Did Mangione Say About The Unabomber’s Book? A Goodreads account seeming to belong to Mangione gave the book a four-star review in January. The review written by the account—which was made private on Monday—said “It's easy to quickly and thoughtless write this off as the manifesto of a lunatic, in order to avoid facing some of the uncomfortable problems it identifies. But it's simply impossible to ignore how prescient many of his predictions about modern society turned out.” The review also quoted another person’s take about how “violence is necessary to survive.” The New York Times reported Tuesday that Mangione told a writer in England, Gurwinder Bhogal, he disapproved of the Unabomber’s actions, but Bhogal said Mangione “was fascinated by [the Unabomber’s] ideology, and shared his concerns about rampant consumerism gradually eroding our agency and alienating us from ourselves.” Are Mangione’s Social Media Accounts Still Up? Shortly after his arrest, Facebook, Instagram, YouTube, X and Goodreads accounts that may have belonged to him were discovered. He also appeared to be active on Reddit, writing about back pain issues, Forbes reported . Nearly all social media accounts with reported ties to Mangione had been switched to private or taken down by platforms—with one notable exception. Mangione’s account on X, formerly known as Twitter, was briefly taken down Monday evening, but X owner Elon Musk said it was done “without his knowledge” and he was looking into it. Shortly after, the account was reinstated. Mangione’s X account—which has a cover photo featuring an apparent spinal injury—had more than 300,000 followers as of Tuesday morning. Did Luigi Mangione Have A Youtube Account? A YouTube account with Mangione’s name posted a video Monday that said “If you see this, I’m already under arrest” and had a countdown that ended by hinting at more information or videos to be released Wednesday. YouTube confirmed to Forbes the page was not associated with Mangione, though, saying “the channel’s metadata was updated following widespread reporting of Luigi Mangione’s arrest, including updates made to the channel name and handle.” YouTube added it terminated three other accounts that were linked to Mangione, but said they hadn’t been active in more than seven months. What Do We Know About Mangione’s Health Issues? Mangione’s friends in Hawaii told various news outlets that he was suffering from a serious back problem that caused him significant pain. Mangione left Hawaii to get back surgery last year and then returned to Honolulu to rent an apartment. Surfbreak’s Martin told The New York Times that Mangione said his spine was misaligned and “said his lower vertebrae were almost like a half-inch off, and I think it pinched a nerve.” Martin added that Mangione had confided to him about not being able to date people because of his back problem as “being physically intimate with his back condition wasn’t possible.” Martin told the Times he texted Mangione after his surgery asking how it had gone and got the response “long story” without further details. Although the two had promised to catch up over the phone later, Mangione eventually went “ radio silent. ” An account on Reddit that is believed to have belonged to Mangione was active in the subreddit “r/spondylolisthesis,” where people discussed the condition in which vertebrae in the spine slip out of place. “When my spondy went bad on me last year (23M) it was completely devastating as a young athletic person,” the alleged Mangione account wrote, Forbes reported. What Is Known About The Mangione Family? The Baltimore Banner reported Mangione comes “from a prominent Baltimore family.” According to the Banner, his grandfather was a self-made real estate developer who owned country clubs, nursing homes and a radio station, and that his grandmother was “a supporter of the Greater Baltimore Medical Center” and the Baltimore Opera Company. The Mangione family has owned Hayfields Country Club in Hunt Valley, Maryland—northwest of the city of Baltimore—since 1986, according to the Banner. Who Is Nino Mangione? Luigi Mangione is related to Nino Mangione , a Republican representative in the Maryland House of Delegates, The Baltimore Sun reported Monday. The Sun reported the two are cousins who are friends on social media. Forbes has reached out to Mangione for comment. A statement issued on his social media accounts on behalf of the Mangione family said they could not comment on the news reports. “We only know what we have read in the media. Our family is shocked and devastated by Luigi’s arrest. We offer our prayers to the family of Brian Thompson and we ask people to pray for all involved.” Further Reading
NEW YORK (AP) — An early rebound for U.S. stocks on Thursday petered out by the end of the day, leaving indexes close to flat. The S&P 500 edged down by 0.1% following Wednesday’s tumble of 2.9% when the Federal Reserve said it may deliver fewer cuts to interest rates next year than earlier thought. The index had been up as much as 1.1% in the morning. The Dow Jones Industrial Average rose 15 points, or less than 0.1%, following Wednesday’s drop of 1,123 points, while the Nasdaq composite slipped 0.1%. This week’s struggles have taken some of the enthusiasm out of the market, which critics had been warning was overly buoyant and would need everything to go correctly for it to justify its high prices. But indexes remain near their records , and the S&P 500 is still on track for one of its best years of the millennium with a gain of 23%. Traders are now expecting the Federal Reserve to deliver just one or maybe two cuts to interest rates next year, according to data from CME Group. Some are even betting on none. A month ago, the majority saw at least two cuts in 2025 as a safe bet. Wall Street loves lower interest rates because they give the economy a boost and goose prices for investments, but they can also provide fuel for inflation. Micron Technology was one of the heaviest weights on the S&P 500 Thursday. It fell 16.2% despite reporting stronger profit for the latest quarter than expected. The computer memory company’s revenue fell short of Wall Street’s forecasts, and CEO Sanjay Mehrotra said it expects demand from consumers to remain weaker in the near term. It gave a forecast for revenue in the current quarter that fell well short of what analysts were thinking. Lamb Weston, which makes French fries and other potato products, dropped 20.1% after falling short of analysts’ expectations for profit and revenue in the latest quarter. It also cut its financial targets for the fiscal year, saying demand for frozen potatoes is continuing to soften, particularly outside North America. The company replaced its chief executive. Such losses helped overshadow a 14.7% jump for Darden Restaurants, the company behind Olive Garden and other chains. It delivered profit for the latest quarter that edged past analysts’ expectations. The operator of LongHorn Steakhouses also gave a forecast for revenue for this fiscal year that topped analysts’. Accenture rose 7.1% after the professional services company likewise topped expectations for profit in the latest quarter. CEO Julie Sweet said it saw growth around the world, and the company raised its forecast for revenue this fiscal year. Amazon shares added 1.3%, even as workers at seven of its facilities went on strike Thursday in the middle of the online retail giant’s busiest time of the year. Amazon says it doesn’t expect an impact on its operations during what the workers’ union calls the largest strike against the company in U.S. history. In the bond market, yields were mixed a day after shooting higher on expectations that the Fed would deliver fewer cuts to rates in 2025. Reports on the U.S. economy came in mixed. One showed the overall economy grew at a 3.1% annualized rate during the summer, faster than earlier thought. The economy has remained remarkably resilient even though the Fed held its main interest rate at a two-decade high for a while before beginning to cut them in September. A separate report showed fewer U.S. workers applied for unemployment benefits last week, an indication that the job market also remains solid. But a third report said manufacturing in the mid-Atlantic region is unexpectedly contracting again despite economists’ expectations for growth. The yield on the 10-year Treasury rose to 4.57% from 4.52% late Wednesday and from less than 4.20% earlier this month. But the two-year yield, which more closely tracks expectations for action by the Fed in the near term, eased back to 4.31% from 4.35%. The rise in longer-term yields has put pressure on the housing market by keeping mortgage rates higher. Homebuilder Lennar fell 5.2% after reporting weaker profit and revenue for the latest quarter than analysts expected. CEO Stuart Miller said that “the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose” through the quarter. “Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates,” he said. A report on Thursday may have offered some encouragement for the housing industry. It showed a pickup in sales of previously occupied homes. All told, the S&P 500 slipped 5.08 points to 5,867.08. The Dow Jones Industrial Average added 15.37 to 42,342.24, and the Nasdaq composite lost 19.92 to 19,372.77. In stock markets abroad, London’s FTSE 100 fell 1.1% after the Bank of England paused its cuts to rates and kept its main interest rate unchanged on Thursday. The move comes as inflation there moved further above the central bank’s 2% target rate, while the British economy is flatlining at best. The Bank of Japan also kept its benchmark interest rate unchanged, and Tokyo’s Nikkei 225 fell 0.7%. Indexes likewise sank across much of the rest of Asia and Europe. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
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abrdn Emerging Markets Equity Income Fund, Inc. (AEF) Announces Results Of Strategic Review Including: Changes To The Fund’s Name And Investment Strategy, A 20% Tender Offer And Renewed Performance-based Conditional Tender Offer Policy, And An Increase To Managed Distribution Policy
LOS ANGELES--(BUSINESS WIRE)--Dec 19, 2024-- Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future”, or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that its first Faraday X (FX) prototype mules will arrive in Los Angeles at the end of this month. The first two FX mules will begin their product development and testing in the U.S. shortly thereafter at FF’s manufacturing facility in Hanford, CA, with a stop in Las Vegas, NV from January 5-7, which coincides with the Consumer Electronics Show (CES). While in Las Vegas, the Company will provide updates on the progress of the FX strategy. The first prototype mules’ delivery and shipping route has taken them from FF’s Headquarters in Beijing to Los Angeles. The FX brand is accelerating its efforts to deliver "twice the performance at half the price" AIEV products to U.S. consumers and is advancing toward the goal of delivering performance and technology capable EV’s at an affordable price point. Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV Company, but also a software-driven intelligent internet Company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility. This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding FX and the timing for public display of prototype mules, product development and testing, and accelerating development efforts, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: potential unforeseen delays regarding the customs clearing process for the prototype mules; the Company’s ability to secure the necessary funding to execute on the FX strategy, which will be substantial; the Company’s ability to secure additional agreements with OEMs that are necessary to execute on the FX strategy; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC. View source version on : CONTACT: Investors (English):ir@faradayfuture.com Investors (Chinese):cn-ir@faradayfuture.com Media:john.schilling@ff.com KEYWORD: CALIFORNIA NEVADA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SOFTWARE VEHICLE TECHNOLOGY EV/ELECTRIC VEHICLES LUXURY ALTERNATIVE VEHICLES/FUELS TRANSPORTATION TECHNOLOGY AUTOMOTIVE TRAVEL ARTIFICIAL INTELLIGENCE RETAIL AUTOMOTIVE MANUFACTURING MANUFACTURING SOURCE: Faraday Future Intelligent Electric Inc. Copyright Business Wire 2024. PUB: 12/19/2024 04:30 PM/DISC: 12/19/2024 04:28 PM
The stock market experienced a tumultuous day as major technology firms faced sharp declines, sparking interest and concern among investors. Tesla , Nvidia , and Microsoft all endured significant losses in alignment with a broader market pullback. Tesla’s stock plunged a significant 4.56%, marking a notable shift after its earlier performance this year. Analysts attribute this decline to profit-taking, given the company’s previously soaring stock values, and apprehensions about dropping demand in crucial markets, including China. Nevertheless, the electric vehicle giant continues to hold a firm position in major markets such as the United States and Europe, despite increasing competition globally. In another part of tech, Nvidia, known for its pioneering role in video game chips, saw its shares drop by 3.05%. The company has enjoyed robust growth thanks to a rising demand for AI technologies. However, investor concerns about possible overvaluation have cast a shadow over its recent achievements. Rising Treasury yields may also signal a broader shift away from growth stocks, impacting Nvidia adversely. Adding to the tech sector’s woes, Microsoft faced a decline of 2.26%. The software behemoth’s recent challenges indicate market caution about how broader economic forces might shape its growth prospects. As the year winds down, fluctuations in these tech giants’ stock values suggest increasing investor anxiety. Despite being pivotal to market resurgence, the delicate interplay between optimism and caution was evident as these stocks led a market downturn. Unveiling New Dynamics: The Evolving Landscape of Tech Stocks The recent slump in major technology stocks like Tesla, Nvidia, and Microsoft has not only grabbed headlines but has also sparked a significant discussion about the future dynamics of the stock market. As these tech giants face sizable market value declines, investors are left debating over key factors that could shape the future of these stocks and the broader market. Industry Outlook and Market Trends # Tesla’s Market Position and Competitive Landscape Tesla’s 4.56% drop in stock value has raised critical questions about sustainability in the electric vehicle (EV) market. Analysts point to profit-taking as a primary reason, but there are broader implications. Concerns about potential dampened demand in markets like China could forecast market saturation challenges. In spite of this, Tesla maintains its dominance particularly in the U.S. and European markets. Look to see how technological innovations and policy changes in those regions impact Tesla’s strategy going forward. # Nvidia and the AI Boom Nvidia’s 3.05% decline comes despite its leadership in AI and video gaming chips, underscoring potential market overvaluation worries. As tech stocks waver, AI remains a significant growth area; Nvidia’s future may hinge on its ability to balance investor expectation with realistic market performance. Rising Treasury yields also suggest a possible pivot away from high-growth tech stocks, indicating that Nvidia and similar companies need to strategize around more stable, long-term growth investments. # Microsoft’s Strategic Challenges Microsoft experienced a 2.26% decrease, which is relatively mild but indicative of broader economic caution affecting tech stocks. This decline highlights the challenges Microsoft faces amidst varying global economic trends. As a leader in cloud technology and enterprise solutions, Microsoft’s adaptability to these economic conditions may shape its performance in 2024 and beyond. Strategic Insights and Predictive Factors # Economic Indicators and Tech Stocks The tech sector’s recent downturn correlates with rising Treasury yields and fears of inflation, suggesting a potential shift in investor strategy from growth-oriented to value-focused investments. Market observers predict this could drive future valuation adjustments in the tech sector. # Investor Sentiment and Stock Valuation The recent declines suggest heightened investor sensitivity to valuation metrics and growth sustainability. Firms like Tesla, Nvidia, and Microsoft are under pressure to justify their high valuations amidst fluctuating economic conditions. Looking Ahead: What to Expect? – Innovation and Competition : Expect companies like Tesla and Nvidia to continue leveraging R&D to stay ahead amidst increasing competition. – Regulatory Environment : Watch for regulatory changes in major markets that may impact operational flexibility and demand for tech products. – Sustainability Factors : As the tech industry evolves, sustainability initiatives and eco-friendly technologies may become more prominent, especially for companies like Tesla. Conclusion The present volatility in tech stocks like Tesla, Nvidia, and Microsoft reflects broader market trends and investor concerns. As economic and political landscapes evolve, these companies must strategically navigate challenges to maintain their industry positions. For more insights into Tesla and its market strategies, visit Tesla . For Nvidia’s latest technological advancements, see Nvidia . To explore Microsoft’s innovation in cloud services and software, check out Microsoft .ALBANY, N.Y. (AP) — New York state government agencies will have to conduct reviews and publish reports that detail how they're using artificial intelligence software, under a new law signed by Gov. Kathy Hochul. Hochul, a Democrat, signed the bill last week after it was passed by state lawmakers earlier this year. The law requires state agencies to perform assessments of any software that uses algorithms, computational models or AI techniques, and then submit those reviews to the governor and top legislative leaders along with posting them online. It also bars the use of AI in certain situations, such as an automated decision on whether someone receives unemployment benefits or child care assistance, unless the system is being consistently monitored by a human. State workers would also be shielded from having their hours or job duties limited because of AI under the law. State Sen. Kristen Gonzalez, a Democrat who sponsored the bill, called the law an important step in setting up some guardrails in how the emerging technology is used in state government.Jeopardy! champ Laura Faddah makes show history as the first 7-day winner to score less than $100k after wagering errors
BEAVERTON, Ore.--(BUSINESS WIRE)--Dec 19, 2024-- NIKE, Inc. (NYSE:NKE) today reported fiscal 2025 financial results for its second quarter ended November 30, 2024. "After an energizing 60 days of being back with my NIKE teammates, our clear priority is to return sport to the center of everything we do," said Elliott Hill, President & CEO, NIKE, Inc. "We're taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I'm confident you will see more moments of NIKE being NIKE again." "NIKE's second-quarter financial performance largely met our expectations, as we continue to make progress in shifting our portfolio," said Matthew Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. "Under Elliott's leadership, we are accelerating our pace and reigniting brand momentum through sport." Second Quarter Income Statement Review November 30, 2024 Balance Sheet Review Shareholder Returns NIKE continues to have a strong track record of consistently increasing returns to shareholders, including 23 consecutive years of increasing dividend payouts. In the second quarter, the Company returned approximately $1.6 billion to shareholders, including: As of November 30, 2024, a total of 112.8 million shares have been repurchased under the program for a total of approximately $11.3 billion. Conference Call NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on December 19, 2024, to review fiscal second quarter results. The conference call will be broadcast live via the Internet and can be accessed at https://investors.nike.com . For those unable to listen to the live broadcast, an archived version will be available at the same location through approximately 9:00 p.m. PT, January 10, 2025. About NIKE, Inc. NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at https://investors.nike.com . Individuals can also visit https://news.nike.com and follow @NIKE. Forward-Looking Statements This press release contains forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K. * Non-GAAP financial measure. See additional information in the accompanying Divisional Revenues. NIKE, Inc. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) THREE MONTHS ENDED % SIX MONTHS ENDED % (In millions, except per share data) 11/30/2024 11/30/2023 Change 11/30/2024 11/30/2023 Change Revenues $ 12,354 $ 13,388 -8 % $ 23,943 $ 26,327 -9 % Cost of sales 6,965 7,417 -6 % 13,297 14,636 -9 % Gross profit 5,389 5,971 -10 % 10,646 11,691 -9 % Gross margin 43.6 % 44.6 % 44.5 % 44.4 % Demand creation expense 1,122 1,114 1 % 2,348 2,183 8 % Operating overhead expense 2,883 3,032 -5 % 5,705 6,079 -6 % Total selling and administrative expense 4,005 4,146 -3 % 8,053 8,262 -3 % % of revenues 32.4 % 31.0 % 33.6 % 31.4 % Interest expense (income), net (24 ) (22 ) — (67 ) (56 ) — Other (income) expense, net (8 ) (75 ) — (63 ) (85 ) — Income before income taxes 1,416 1,922 -26 % 2,723 3,570 -24 % Income tax expense 253 344 -26 % 509 542 -6 % Effective tax rate 17.9 % 17.9 % 18.7 % 15.2 % NET INCOME $ 1,163 $ 1,578 -26 % $ 2,214 $ 3,028 -27 % Earnings per common share: Basic $ 0.78 $ 1.04 -25 % $ 1.48 $ 1.99 -26 % Diluted $ 0.78 $ 1.03 -24 % $ 1.48 $ 1.97 -25 % Weighted average common shares outstanding: Basic 1,486.8 1,520.8 1,492.3 1,524.6 Diluted 1,490.0 1,532.1 1,495.9 1,537.7 Dividends declared per common share $ 0.400 $ 0.370 $ 0.770 $ 0.710 NIKE, Inc. CONSOLIDATED BALANCE SHEETS (Unaudited) November 30, November 30, % Change (Dollars in millions) 2024 2023 ASSETS Current assets: Cash and equivalents $ 7,979 $ 7,919 1 % Short-term investments 1,782 2,008 -11 % Accounts receivable, net 5,302 4,782 11 % Inventories 7,981 7,979 0 % Prepaid expenses and other current assets 1,936 1,943 0 % Total current assets 24,980 24,631 1 % Property, plant and equipment, net 4,857 5,153 -6 % Operating lease right-of-use assets, net 2,736 2,943 -7 % Identifiable intangible assets, net 259 269 -4 % Goodwill 240 281 -15 % Deferred income taxes and other assets 4,887 3,926 24 % TOTAL ASSETS $ 37,959 $ 37,203 2 % LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 1,000 $ — 100 % Notes payable 49 6 717 % Accounts payable 3,255 2,709 20 % Current portion of operating lease liabilities 481 456 5 % Accrued liabilities 5,694 5,470 4 % Income taxes payable 767 358 114 % Total current liabilities 11,246 8,999 25 % Long-term debt 7,973 8,930 -11 % Operating lease liabilities 2,562 2,785 -8 % Deferred income taxes and other liabilities 2,141 2,343 -9 % Redeemable preferred stock — — — Shareholders’ equity 14,037 14,146 -1 % TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 37,959 $ 37,203 2 % NIKE, Inc. DIVISIONAL REVENUES (Unaudited) % Change Excluding Currency Changes 1 % Change Excluding Currency Changes 1 THREE MONTHS ENDED SIX MONTHS ENDED (Dollars in millions) 11/30/2024 11/30/2023 % Change 11/30/2024 11/30/2023 % Change North America Footwear $ 3,236 $ 3,757 -14 % -14 % $ 6,448 $ 7,490 -14 % -14 % Apparel 1,693 1,668 1 % 1 % 3,024 3,147 -4 % -4 % Equipment 250 200 25 % 25 % 533 411 30 % 30 % Total 5,179 5,625 -8 % -8 % 10,005 11,048 -9 % -9 % Europe, Middle East & Africa Footwear 1,982 2,186 -9 % -12 % 3,934 4,446 -12 % -12 % Apparel 1,136 1,200 -5 % -8 % 2,129 2,337 -9 % -10 % Equipment 185 181 2 % -1 % 383 394 -3 % -4 % Total 3,303 3,567 -7 % -10 % 6,446 7,177 -10 % -11 % Greater China Footwear 1,203 1,361 -12 % -14 % 2,449 2,648 -8 % -8 % Apparel 472 469 1 % -3 % 832 870 -4 % -6 % Equipment 36 33 9 % 9 % 96 80 20 % 21 % Total 1,711 1,863 -8 % -11 % 3,377 3,598 -6 % -7 % Asia Pacific & Latin America Footwear 1,234 1,303 -5 % -4 % 2,286 2,444 -6 % -3 % Apparel 437 437 0 % 0 % 785 808 -3 % -1 % Equipment 73 65 12 % 10 % 135 125 8 % 10 % Total 1,744 1,805 -3 % -2 % 3,206 3,377 -5 % -2 % Global Brand Divisions 2 13 12 8 % -2 % 27 25 8 % 9 % TOTAL NIKE BRAND 11,950 12,872 -7 % -8 % 23,061 25,225 -9 % -9 % Converse 429 519 -17 % -18 % 930 1,107 -16 % -16 % Corporate 3 (25 ) (3 ) — — (48 ) (5 ) — — TOTAL NIKE, INC. REVENUES $ 12,354 $ 13,388 -8 % -9 % $ 23,943 $ 26,327 -9 % -9 % TOTAL NIKE BRAND Footwear $ 7,655 $ 8,607 -11 % -12 % $ 15,117 $ 17,028 -11 % -11 % Apparel 3,738 3,774 -1 % -2 % 6,770 7,162 -5 % -6 % Equipment 544 479 14 % 12 % 1,147 1,010 14 % 13 % Global Brand Divisions 2 13 12 8 % -2 % 27 25 8 % 9 % TOTAL NIKE BRAND REVENUES $ 11,950 $ 12,872 -7 % -8 % $ 23,061 $ 25,225 -9 % -9 % 1 The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. 2 Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. 3 Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program. NIKE, Inc. EARNINGS BEFORE INTEREST AND TAXES 1 (Unaudited) THREE MONTHS ENDED % SIX MONTHS ENDED % (Dollars in millions) 11/30/2024 11/30/2023 Change 11/30/2024 11/30/2023 Change North America $ 1,371 $ 1,526 -10 % $ 2,587 $ 2,960 -13 % Europe, Middle East & Africa 831 927 -10 % 1,623 1,857 -13 % Greater China 375 514 -27 % 877 1,039 -16 % Asia Pacific & Latin America 460 521 -12 % 862 935 -8 % Global Brand Divisions 2 (1,133 ) (1,168 ) 3 % (2,360 ) (2,373 ) 1 % TOTAL NIKE BRAND 1 1,904 2,320 -18 % 3,589 4,418 -19 % Converse 53 115 -54 % 174 282 -38 % Corporate 3 (565 ) (535 ) -6 % (1,107 ) (1,186 ) 7 % TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES 1 1,392 1,900 -27 % 2,656 3,514 -24 % EBIT margin 1 11.3 % 14.2 % 11.1 % 13.3 % Interest expense (income), net (24 ) (22 ) — (67 ) (56 ) — TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 1,416 $ 1,922 -26 % $ 2,723 $ 3,570 -24 % 1 The Company evaluates the performance of individual operating segments based on earnings before interest and taxes (commonly referred to as "EBIT"), which represents Net income before Interest expense (income), net and Income tax expense. Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes these non-GAAP financial measures provide investors with additional financial information that should be considered when assessing the Company’s underlying business performance and trends. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. 2 Global Brand Divisions primarily represent demand creation and operating overhead expense, including product creation and design expenses that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. 3 Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses. View source version on businesswire.com : https://www.businesswire.com/news/home/20241219682756/en/ CONTACT: Investor Contact: Paul Trussell investor.relations@nike.comMedia Contact: Virginia Rustique-Petteni media.relations@nike.com KEYWORD: OREGON UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: FASHION FOOTWEAR RETAIL SPORTS DEPARTMENT STORES GENERAL SPORTS SOURCE: NIKE, Inc. Copyright Business Wire 2024. PUB: 12/19/2024 04:15 PM/DISC: 12/19/2024 04:15 PM http://www.businesswire.com/news/home/20241219682756/enHALIFAX, Nova Scotia (AP) — The first woman to command Canada's military called out a U.S. senator on Saturday for questioning the role of women in combat. Gen. Jennie Carignan responded to comments made by Idaho Republican Sen. Jim Risch , the ranking member of the U.S. Senate Foreign Relations Committee, who was asked on Friday whether President-elect Donald Trump’s nominee for defense secretary, Pete Hegseth , should retract comments that he believes men and women should not serve together in combat units . “I think it’s delusional for anybody to not agree that women in combat creates certain unique situations that have to be dealt with. I think the jury’s still out on how to do that," Risch said during a panel session at the Halifax International Security Forum on Friday. Carignan, Canada's chief of defense staff and the first woman to command the armed forces of any Group of 20 or Group of Seven country, took issue with those remarks during a panel session on Saturday. "If you’ll allow me, I would first like maybe to respond to Senator Risch’s statement yesterday about women in combat because I wouldn’t want anyone to leave this forum with this idea that women are a distraction to defense and national security," Carignan said. “After 39 years of career as a combat arms officer and risking my life in many operations across the world, I can’t believe that in 2024, we still have to justify the contribution of women to their defense and to their service, in their country. I wouldn’t want anyone to leave this forum with this idea that this is that it is some kind of social experiment.” Carignan said women have participating in combat for hundreds of years but have never been recognized for fighting for their country. She noted the women military personnel in the room. “All the women sitting here in uniform, stepping in, and deciding to get into harm’s way and fight for their country, need to be recognized for doing so," she said. “So again, this is the distraction, not the women themselves." Carignan received a standing ovation at the forum, which attracts defense and security officials from Western democracies. Hegseth has reignited a debate that many thought had been long settled: Should women be allowed to serve their country by fighting on the front lines? The former Fox News commentator made it clear, in his own book and in interviews, that he believes men and women should not serve together in combat units . If Hegseth is confirmed by the Senate, he could try to end the Pentagon’s nearly decade-old practice of making all combat jobs open to women. Hegseth’s remarks have generated a barrage of praise and condemnation. Carignan was promoted to the rank of general during the change-of-command ceremony this past summer, after being chosen by Prime Minister Justin Trudeau’s government to become Canada’s first female defense chief. Carignan is no stranger to firsts. She was also the first woman to command a combat unit in the Canadian military, and her career has included deployments to Iraq, Afghanistan, Bosnia and Syria. For the last three years, she has been the chief of professional conduct and culture, a job created as a result of the sexual misconduct scandal in 2021. Her appointment this year comes as Canada continues to face criticism from NATO allies for not spending 2% of its gross domestic product on defense. The Canadian government recently said that it would reach its NATO commitment by 2032. Risch said Friday Trump would laugh at Canada’s current military spending plans and said the country must do more.Molecular Templates Announces Notice of Delisting and Failure to Satisfy Continued Listing Rules
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