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Dallas Cowboys vs. Tom Brady is just the beginning: Here"s their 2022 schedule

The Cowboys will have the 12th-most travel miles in 2022, logging 19,566 miles covering 14 time zones......»»

Category: topSource: bizjournalsMay 13th, 2022

Apple"s New iPhone Hit With Development Schedule Delays 

Apple's New iPhone Hit With Development Schedule Delays  At least one of Apple's iPhone 14 models is three weeks behind the development schedule due to COVID lockdowns in China that could jeopardize mass production by summer's end, according to Nikkei Asia.  Despite the recent easing of restrictions in manufacturing hub Shanghai, the impact of lockdowns beginning in mid/late March through April has impacted supply chains: "It is challenging to make up for the lost time. ... Apple and its suppliers are working around the clock to speed up development," said an executive with an Apple supplier, adding that the pace of reopening in Shanghai is "rather slow." Apple told suppliers to increase product development efforts to compensate for the lost time. Multiple sources told Nikkei that the worst-case scenario could unfold and delay mass production of at least one iPhone 14‌ series model. It's not immediately clear which model is affected. The company is preparing to launch four new iPhone models, the iPhone 14, 14 Pro, 14 Max, and 14 Pro Max. Sources said all models are in the engineering verification test and usually move to the verification stage by June. This allows mass production to begin by the end of August or the first week of September.  "If the development process can be sped up and proceed to the next level around the end of June or beginning of July, then it should still be possible to meet the mass production deadline of early September," another person familiar with the matter said. "But it really depends on whether the process can accelerate soon." A supply chain analyst with the Taiwan Institute for Economic Research, Chiu Shih-fang, warned, "China has not yet returned to normal" despite strict zero-COVID policies easing in the greater Shanghai area. The analyst noted, "It would take at least one to two more months for the supply chain to recover." This is more evidence Apple isn't immune to the continuing effects of supply chain disruptions stoked by COVID. The tech behemoth warned last month it would recognize a $4 billion to $8 billion range hit in the current quarter because of the disruptions in the Shanghai area. Clearly, Apple's overreliance on Shanghai factories for the final assembly of its iPhones is showing its weakness.  Tyler Durden Wed, 05/25/2022 - 13:08.....»»

Category: blogSource: zerohedgeMay 25th, 2022

Immigration Disappears From Kamala Harris" Public Schedule

Immigration Disappears From Kamala Harris' Public Schedule Authored by Philip Wegmann via RealClear Politics (emphasis ours), It was her first overseas trip, and Vice President Harris, recently deputized to address what the White House calls “the root causes of migration,” was in Guatemala trying to break through with a simple message. “Do not come,” Harris told would-be migrants last June. “Do not come. The United States will continue to enforce our laws and secure our borders.” (AP Photo/Susan Walsh) They did not listen, or if any migrants did hear Harris last year, many ignored her message. Just last month, according to U.S. Customs and Border Patrol, 234,088 migrants were apprehended at the southern border, the highest mark ever recorded. Asked that same month if President Biden had confidence in Harris and her ability to handle the situation, then-White House Press Secretary Jen Psaki replied, “he absolutely does.” But as the flow of migrants accelerates across the southern border, immigration has disappeared from the vice president’s public schedule. A compilation of that schedule by the Los Angeles Times, reviewed by RealClearPolitics, shows that Harris has not hosted an immigration-specific event since last summer. The last one, a meeting with Asian American, Native Hawaiian, and Pacific Islander leaders in the White House last August, touched briefly on immigration. White House officials dispute any characterization that Harris’ public schedule tells the whole story. “The vice president continues to lead implementation of the Root Causes Strategy and has been engaging with Cabinet and other Administration officials on this effort,” Harris’ Press Secretary Kirsten Allen told RCP. Addressing the challenge remains part of the vice president’s policy portfolio. She leads top-level meetings that are not always made public, and she has taken point in diplomatic efforts in the region. For instance, it was Harris who traveled to Honduras for the inauguration of President Xiomara Castro in January. Administration officials hoped to find a new ally in that executive, someone who would help stem the flow of the millions of people heading north through Central America to the southern border. According to an official White House readout, Harris and Castro discussed “a broad range of issues.” Among them migration, but also coronavirus and the economy as well as corruption and gender-based violence. Despite those efforts, the influx has not slowed, and Biden is expected to end enforcement of Title 42, the pandemic policy that allowed Border Patrol to turn away hundreds of thousands of migrants on public health grounds. Warnings from some Democrats in border states, including Texas Rep. Henry Cuellar, have gone unheeded. The Department of Homeland Security is bracing for more record-breaking numbers at the border, and NBC News reports that there is concern in the department that they won’t have enough funding to address a surge if Title 42 is lifted, compounding a challenge that Biden has faced since the beginning of his presidency. As the number of interdictions started to rise and chaotic images from the southern border flooded cable news, concern grew, even among Democrats. Biden’s own pollsters, the New York Times reported, warned that the issue was “a growing vulnerability." Biden still insisted that he could get the situation under control, albeit with divine intervention. “Is there a crisis at the border?” RCP asked the president as he walked out of the East Room of the White House after a speech last March. “No,” Biden replied over his shoulder. “We’ll be able to handle it,” he said while walking side-by-side with Harris. “God willing.” Two weeks later, the Associated Press reported at the time, Biden tapped Harris to lead the administration efforts to tackle the migration challenge at the southern border and work with Central American nations to address root causes of the problem. Republicans were eager to assign blame and dubbed Harris “border czar.” The vice president rejected that framing and sought to clarify her mission. As the White House press secretary explained to reporters last March, Harris “will be helping lead that effort, specifically the root causes – not the border,” admitting that there has been “some confusion over that.” The president was also confused: When Biden and Harris met with the Congressional Black Caucus in April that year, he praised his vice president, saying she would do “a hell of a job” handling immigration, according to a new book by New York Times’ reporters Jonathan Martin and Alexander Burns. But Harris corrected him then and there, the two write. “Excuse me,” she said, “it's the Northern Triangle – not immigration.” Biden eventually clarified the mission. “It’s not her full responsibility,” he later told reporters, but “when she speaks, she speaks for me.” Whether she wanted the job or not, Harris embraced the challenge. She has made three trips to the region, and she traveled to the southern border to hear directly from Border Patrol. The vice president has met both with law enforcement and migrant groups, stressing all the while that the question “cannot be reduced to a political issue.” Politics were there from the beginning though, and some feared that deputizing Harris to tackle such a mammoth challenge ran the risk of unfairly saddling her with a thankless mission for which there is no easy solution. “She is qualified to do the job,” Chuck Rocha told RCP of Biden’s decision to turn this part of his policy portfolio over to his vice president. Rocha helmed Latino outreach for Sen. Bernie Sanders in both of that candidate’s presidential bids, and Rocha credited Harris for being “a staunch advocate of the progressive wing of the immigration movement.” All the same, Rocha warned last year that expectations should be tempered: “It has been an issue that we have been trying to fix for generations, one that I don’t think any one person can totally solve.” Biden has called on Congress to take up comprehensive immigration reform since he got to the White House. There is no bipartisan appetite on Capitol Hill for the bill that he sent to Congress on his first day in office. The administration has subsequently been left to its own devices, and Harris released a 20-page plan last July to address the problem. “We will build on what works, and we will pivot away from what does not work,” Harris wrote in an introduction to the plan that focuses on creating partnerships with Northern Triangle countries to combat corruption, violence, and poverty. “It will not be easy, and progress will not be instantaneous,” the vice president warned, “but we are committed to getting it right.” Biden should know. He was deputized by then-President Obama to deal with a similar mission amid an earlier surge of migrants, many of them unaccompanied children. On a tour of Central and South American nations in 2014, he offered U.S. help to root out corruption, provide economic opportunity, and ensure safety in the Northern Triangle nations. “We have to deal with the root causes,” Vice President Biden told reporters gathered for a press conference in the residence of the U.S. ambassador to Guatemala, echoing the exact phrase his administration now uses eight years later. Biden understands the challenge, and that tackling it without help from Congress is arduous and thankless, if not impossible. “I said when we became a team and got elected, that the vice president was going to be the last person in the room,” he joked last March when he announced that Harris would helm the mission. “She didn’t realize that means she gets every assignment.” “I gave you a tough job, and you’re smiling, but there’s no one better capable of trying to organize this for us,” the president continued after the levity. The vice president didn’t flinch. She thanked him “for having confidence in me.” Then Harris added, “there’s no question that this is a challenging situation.” Tyler Durden Mon, 05/23/2022 - 23:00.....»»

Category: blogSource: zerohedgeMay 23rd, 2022

Fed Mission Accomplished: Real-Time Indicators Show The Labor Market Just Cratered

Fed Mission Accomplished: Real-Time Indicators Show The Labor Market Just Cratered How much longer will the Fed keep hammering stocks and pushing the market - and the US economy - lower? That is the question every trader is asking now that the S&P has brushed against a bear market three times in just the past week and threatening to careen lower, especially as it now appears that the Fed has given up on a soft landing, and is willing to gamble everything to contain inflation, even if it means a hard-landing, which according to a SocGen strategist can only happen if rates rise to 4.5% or higher. The answer is simple: now that Wall Street is convinced that inflation has peaked, both on the sellside (as this Goldman chart shows)... ... and the buyside, with the latest Fund Manager Survey showing a record 68% of respondents expect inflation to drop in coming quarters... ... with GDP on the verge of a technical recession (just one more negative quarter and you're out), and with housing about to crater... ... only strong employment remains. In other words, those who want to know when the Fed will capitulated on its market-crushing tightening are exclusively focused on negative inflections in the labor market, because as even Bank of America's economists wrote last week (the note is available to professional subscribers), the Fed will be hard-pressed to drive inflation down towards its 2% target without raising the unemployment rate meaningfully, which in turn will require a significant downshift in labor demand. In other words, the Fed wants a mild recession (but certainly not a depression) to hammer labor demand and short-circuit the wage-price spiral. So what data should traders be looking at? Well, job postings are perhaps the best leading indicator of unfilled labor demand. The official government source is the Job Openings and Labor Turnover Survey (JOLTS) from the BLS, which we profiled every month. As of March, the latest available data, there were a record 11.5M total job postings, nearly double the number of unemployed persons. A drawback of JOLTS is that the data are rather lagged (it tracks one month behind the latest payrolls report) and, in the current environment, trends can change quickly.  To get a more accurate answer,Bank of America has used data from Revelio labs on job postings to get a better sense of incremental labor demand in real-time. Unlike JOLTS, Revelio measures new instead of total job postings, which tracks total job postings closely with a correlation of 93%. So here is the big news: in April, new job postings fell by 2.0M to 6.6M according to Revelio’s data. This is a huge deal as it represents the largest monthly drop in the available history going back to May 2019!  Furthermore, the decline was broad-based with 146 of the 147 industries - virtually everyone - reported by Revelio recording a sequential decline in new postings. Moreover, the share of industries with a Y/Y decline in new postings rose to 22.5%, highest since last Feb. In short, as BofA economist Stephene Juneau writes, the drop in job postings is a sign that labor demand is beginning to cool, although there will be a distinct lag between the crack seen by such 3rd party data collectors as Revelio and the US Department of Labor (just like a year ago we warned that housing inflation was about to soar by looking not at lagging government housing data but real-time metrics from Apartment List and Zillow, see our June 2021 article "And Now Prices Are Really Soaring: June Rent Jump Is Biggest On Record"). Furthermore, the gap between new postings and voluntary separations will likely narrow when we get the April data from JOLTS, but it is unlikely to close completely (unless the BLS kitchen sinks the April/May data ahead of the midterms). The upshot is that we will likely need to see new job postings fall much further in order to cool down the labor market, and subsequently wage and price pressures. Fine, the skeptics will counter, "this is just one indicator. What about other real-time reads of the job market?" Well, aside from the Revelio data, there are plenty of other signs of moderating labor demand. Consider the following: 1) The share of businesses planning to increase employment in the NFIB small business survey has fallen by 8%  since December 2021 to 20% in April. 2) Challenger Job cuts increased by 6% Y/Y in April, the first annual increase in fifteen months. 3) In an ominous return to the "normlacy" that defined the stagnating Obama presidency, the number of workers with multiple jobs continues to pick up. This is the clearest indicator yet that the "Great Resignation" post-covid trends are now actively in retirement. 4) Even clearer proof that "unretirements" continue to rise is the latest data from Indeed, which shows that 3.3% of the workers who "retired" a year ago are once again employed. 5.) It's not just Revelio seeing a drop in job posting. Bank of America's own analysts (in this case in a note from Sara Senatore) show that job posting growth across restaurant categories decelerated sharply on a sequential basis. Job postings growth slowed most in Beverages – to +23% y/y from +268% in March. For the remaining categories, y/y growth in postings slowed most in Fast Food (-16% y/y vs +126% in Mar), followed by Full Service (-67% y/y vs +13% in Mar) and Fast Casual (-66% y/y vs +7% in Mar). In April, y/y growth in job postings for engineers increased for Beverages & Snacks and Fast Casual while Full Service categories and Fast Food postings growth decreased (the full BofA note is available to pro subs in the usual place) . Last but not least, there is growing anecdotal evidence that the labor market just hit a brick wall, with the likes of Amazon, Facebook, Walmart, Target, and Netflix all recently giving negative guidance on employment. Indeed, last week, Bank of America's trading desk called it "the end of the labor shortage" to wit: "Did co's double-order people? WMT and AMZN are the 2 biggest private employers... and both have made comments on their calls... on being "overstaffed." The desk's conclusion: "the 'labor shortage' narrative officially died in the past week." And from there to a spike in the unemployment rate and a collapse in wages it's at most a few months. Which confirms what we (and Morgan Stanley and BofA's Michael Hartnett) said previously: the recession will begin in the second half of 2022, with the Fed ending its rate hike cycle well ahead of schedule, and proceeding to cuts rates and launch its latest QE some time in early 2023. Tyler Durden Sat, 05/21/2022 - 20:00.....»»

Category: dealsSource: nytMay 21st, 2022

"I Have Given Everything I Could": Melvin Capital Calls It A Day, Will Wind Down Fund After Gigantic Losses

"I Have Given Everything I Could": Melvin Capital Calls It A Day, Will Wind Down Fund After Gigantic Losses Having suffered historic loss after historic loss, and dropping 23% through the end of April after plunging 39% in a catastrophic, for the hedge fund 2021, Melvin Capital went for the Hail Mary last month when it tried to sneak a "high water mark" exemption and get paid a performance fee by his massively underwater investors, even though the fund is like half a mile below its high water mark. It didn't work when LPs unanimously told Gabe Plotkin to do something anatomically impossible, and so - having run out of options - the "superstar" hedge fund investor, who Steve Cohen said was one of the best traders he had ever met, decided to call it a day. According to Bloomberg, Mevlin - the once high-flying hedge fund that lost billions of dollars after its bearish wagers were caught up in a Reddit-fueled short squeeze - told investors that it plans to wind down funds and return cash to investors. “The past 17 months has been an incredibly trying time for the firm and you, our investors,” founder Gabe Plotkin wrote. “I have given everything I could, but more recently that has not been enough to deliver the returns you should expect. I now recognize that I need to step away from managing external capital.” Actually, it's more like Gabe - who took a $2.75 billion in rescue funding from Citadel, Point72 Asset Management and others in early 2021 when a historic short squeeze led to over $7 billion in losses, or 53% of his capital in a few days - had taken as much as he could including his $44 million Miami mansion... ... when the Fed was lifting all boats, and now that the Fed no longer is backstopping him and every other mediocre fund manager who is clueless how to navigate a market that - gasp - doesn't always go up, Plotkin decided to take the easy way out and return what little money was left in Melvin while naturally keeping over a decade's worth of "performance" fees, which amounts in the billions, even if the average return of someone who put money into the fund on day one has underperformed the S&P (Melvin's CAGR is 12%) which one could have bought in 2014 for $0. His full letter below: Dear Fellow Investors: As you are aware, over the past few months, we have sought to reposition the Funds and Melvin Capital Management LP in order to continue to be a long-term partner with you. During this time, we solicited feedback from a wide range of our investors. I appreciate the thoughtful input we received. More recently, as we were beginning to coalesce around a specific path forward, I took the opportunity to step back and assess the Funds, the portfolio, the markets and our team. I have worked tirelessly for 20 years to try to be the best I could be and to build and lead an exceptional team of professionals. I truly appreciate the effort our team has put in and I recognize their commitment to our research process has often required significant personal sacrifice. Being a steward of your capital requires an unrelenting focus. I am proud of what our team has accomplished since 2007. As you all know, however, the past 17 months has been an incredibly trying time for the firm and you, our investors. I have given everything I could, but more recently that has not been enough to deliver the returns you should expect. I now recognize that I need to step away from managing external capital. Following consultation with the Board of Directors of the offshore funds, I have decided that the appropriate next step is to wind down the Funds by fully liquidating the Funds' assets and accounts and returning cash to all investors. The anticipated timing of the wind-down is set forth on the attached schedule. Throughout this process, we will be focused on the protection of your capital; we already have raised a substantial amount of cash and materially reduced the Funds' exposure. As a reminder, internal capital collectively represents the Funds' largest investor. We will not be charging management fees as of June 1. I am grateful for the trust that you have placed in me and our team. I am available over the coming weeks to answer any questions you may have. Plotkin started Melvin at the end of 2014 after leaving Steve Cohen’s Point72 Asset Management, and posted returns of about 30% a year through 2020, thanks to the Fed's QE. The party rapidly ended when the Steve Cohen protege was outsmarted by a few thousands apes inJanuary 2021; that's when a group of ragtag retail investors instituted a short squeeze (orchestrated by Senvest Partners) against Melvin’s shorts, including GameStop, pushing the hedge fund to a 55% loss. Finally, for those asking, here are Melvin's holdings whose liquidation the market will be frontrunning asap. Tyler Durden Wed, 05/18/2022 - 17:46.....»»

Category: smallbizSource: nytMay 18th, 2022

Dallas Cowboys vs. Tom Brady is just the beginning: Here"s their 2022 schedule

The Cowboys will have the 12th-most travel miles in 2022, logging 19,566 miles covering 14 time zones......»»

Category: topSource: bizjournalsMay 13th, 2022

Aya Gold & Silver Reports First Quarter 2022 Results; Maintains Guidance, Mine Development on Track

MONTREAL, May 13, 2022 /CNW Telbec/ - Aya Gold & Silver Inc. (TSX:AYA) (OTCQX:AYASF) ("Aya" or the "Corporation") is pleased to report interim financial and operational results for the first quarter ended March 31, 2022. All amounts are in US dollars unless otherwise stated. Highlights Produced 308,345 ounces ("oz") of silver ("Ag"), a 21% decrease from Q1-2021, which is a result of the lower grade mined as per the planned mining sequence Revenue of $9.2 million, a 7% increase from Q1-2021 driven by Ag oz withheld in Q4-2021 that were sold in Q1-2022 at a higher Ag price Processed 62,001 tonnes ("t") of ore, a 28% increase from Q1-2021 Mill recoveries reached 80.4%, compared to 82.8% in Q1-2021 Silver sales of 406,808 oz, a 16% increase from Q1-2021 Head grade of 192 grams per tonne ("g/t") Ag, which will improve in line with guidance as development increases and mining of higher-grade stopes restarts Successful drill program at Zgounder Delivered a maiden reserve estimate of 8.59 million tonnes ("Mt") grading 257 g/t for 70.9 million ounces ("Moz") Ag Initial drill results extended eastern strike by 50 meters ("m") and increased continuity at depth Over 4,100m of diamond drill hole ("DDH") drilling completed on Imiter bis with results pending ESG initiatives with long-life impact Launched a five-year community investment and entrepreneurship program Entered into a partnership to implement zero-emission power at Zgounder by 2024 through an interconnection agreement with ONEE and plan to sign a renewable power purchase agreement Progress on Zgounder production expansion Completed the Zgounder 2,000 tpd expansion Feasibility Study ("FS") that extends the mine life to 11 years and quadruples post-expansion annual production to +7 Moz Ag Received Environmental and Social Impact Assessment approval ("ESIA") Awarded underground development contracts: 365m of lateral work completed Completed 75% of the front-end engineering design ("FEED") Commenced trading on the OTCQX under the ticker symbol "AYASF" "We had a slow start to the year as our focus on mining infrastructure, stope accesses, and backfilling historical stopes temporarily impacted our access to high-grade zones. February and March production and grade were less affected. I am pleased with the operational improvements since January and our on-schedule construction start-up, which included delivering on some key construction milestones in the quarter. Overall, Zgounder operations performed well, particularly as we kicked off our mine development program in the quarter," said Benoit La Salle, President and CEO. "As development progresses, our access to richer ore and greater mining capacity will position us well for delivering 2022 production guidance. Mine development to date is also running to plan, with the FEED tracking slightly ahead of schedule." "Exploration at Zgounder continues to return impressive results that we expect to include in the updated resource statement later this year. We are excited to be completing geophysical surveys on our three key exploration properties and start adding value for all stakeholders through our next phase of exploration drilling. Combined with our clean balance sheet and strong development pipeline, we are just beginning our journey as one of the largest primary-silver producers." Q1-2022 Operational and Financial Highlights Key Performance Metrics Q1-2022 Q1-2021 Variation'22 vs '21 Operational Ore Processed (tonnes) 62,001 48,472 28% Average Grade (g/t Ag) 192 296 (35%) Mill Recovery (%) 80.4 82.8 (3%) Silver Ingots Produced (oz) 123,336 190,621 (35%) Silver in Concentrate Produced (oz) 185,009 198,511 (7%) Total Silver Produced (oz) 308,345 389,132 (21%) Silver Ingots Sold (oz) 199,500 162,500 23% Silver in Concentrate Sold (oz) 207,308 189,519 9% Total Silver Sales (oz).....»»

Category: earningsSource: benzingaMay 13th, 2022

Treasury To Cut Auction Sizes More Than Expected

Treasury To Cut Auction Sizes More Than Expected The US Treasury said on Wednesday, just hours before the Fed unveils its balance sheet-busting Quantitative Tightening, that it trimmed its quarterly sale of longer-term debt for a third straight quarter (with the largest cuts coming in the seven-year and 20-year maturities) and also warned that it may make further reductions, citing “strong” federal tax revenues. The Treasury said it was trimming issuance by smaller increments than in previous quarters based on projected funding needs that include strong tax receipts and potential redemptions of Treasury securities as par tof the Fed's QT. Specifically, the Treasury announces refunding debt sales next week totaling $103BN, down $7BN from $110BN in February,  to refund approximately $47.8 billion of privately-held Treasury notes maturing on May 15, 2022 and plans to reduce sizes for all fixed-rate nominal auctions during the quarter. This marks the longest string of quarterly cuts since a 2014-2015 cycle. In a surprise for some dealers, it’s also trimming sales of two-year, three-year and five-year auctions in coming months (see below). The refunding issuance will raise new cash of approximately $55.2 billion; the details are as follows: Treasury to sell $45b of 3-year notes on May 10, down $5BN from the Feb refunding Treasury to sell $36b of 10-year notes on May 11, down $1BN from the Feb refunding Treasury to sell $22b of 30-year bonds on May 12, the same amount as the Feb refunding. Next week's $103BN refunding is the smallest since May 2020, and compares with a peak of $126BN first reached in February 2021; auction sizes across the curve began rising in 2018 to finance tax cuts and surged in 2020 to finance federal pandemic response Over the next three months, the Treasury anticipates incrementally reducing the size of each of the 2-, 3-, and 5-year note auctions by $1 billion per month.  As a result, the size of the 2-, 3-, and 5-year note auctions will each decrease by $3 billion by the end of July.  Treasury also anticipates reducing the size of the 7-year note auction by $2 billion per month.  As a result, the size of the 7-year note auction will decrease by $6 billion by the end of July. Treasury also anticipates decreases of $1 billion to both the new and reopened 10-year note auction sizes and to the new and reopened 30-year bond auction sizes starting in May.  Treasury also anticipates decreases of $2 billion to both the new and reopened 20-year bond auction sizes starting in May. For the 20-year bond, Treasury announced sizes of $17b/$14b/$14b for new issue and reopenings; dealer estimates ranged from unchanged ($19b/$16b/$16b) to as low as $15b/$12b/$12b over May, June and July. In addition, Treasury anticipates maintaining the May and June reopening 2-year FRN auction sizes and maintaining the July new issue 2-year FRN auction size. Or visually: Separately, changes in nominal and FRN auction sizes will reduce issuance to private investors by $69b compared to the previous quarter. TIPS auctions during the quarter will include a $14b 10-year reopening in May, an $18b 5-year reopening in June and a $17b 10-year new issue in July. The June 5-year TIPS reopening and the July 10-year TIPS new issue will each increase by $1BN. “Given Treasury’s desire to stabilize the share of TIPS as a percent of total marketable debt outstanding and continued robust demand, Treasury will continue to monitor TIPS market conditions and consider whether subsequent modest increases would be appropriate,” Treasury says. The Treasury said on Monday it expects to pay down $26 billion in debt the second quarter, down from a January borrowing estimate of $66 billion, primarily because of an increase in receipts. The second-quarter estimate assumes an end-of-June cash balance of $800 billion. As Bloomberg notes, dealers had widely expected the reduction to next week’s sale of notes and bonds, but viewed it as likely to be the last cutback ahead of the Federal Reserve’s move to shrink its $5.8 trillion stockpile of Treasuries. The Fed is forecast to unveil its bond-portfolio runoff plan later on Wednesday, and that process was seen forcing the Treasury to have to sell more debt to the public. The U.S. government had increased auction sizes in 2020 to pay for coronavirus-related spending; however, since November 2021, Treasury has made substantial progress towards aligning issuance with intermediate-term borrowing needs by reducing auction sizes across all nominal coupon securities. During this period, it said it "also received important information regarding Treasury’s projected borrowing needs, most notably recent strong tax receipts and public communications from the Federal Open Market Committee regarding potential redemptions of Treasury securities from the Federal Reserve System Open Market Account (SOMA)."  Based on this updated information, "Treasury intends to continue reducing auction sizes of nominal coupon securities during the upcoming May – July 2022 quarter, though by smaller increments than in previous quarters.  While the issuance plans announced today leave Treasury well positioned to finance additional privately-held net marketable borrowing needs resulting from potential SOMA redemptions and to address potential changes to the fiscal outlook, additional reductions in future quarters may be necessary depending on future developments in projected borrowing needs", the Treasury said, referring to the Fed's intention to stop rolling over all of the maturing Treasury securities in its System Open Market Account Treasury plans to address any seasonal or unexpected variations in borrowing needs over the next quarter through changes in regular bill auction sizes and/or CMBs. There was another surprise announcement: regarding bills, the Treasury said it plans to change the 4-month cash management bill into a weekly benchmark offering, with details to be provided at the August refunding announcement. Some more details: Given the outlook for T-bill supply over the intermediate to long term and after gathering feedback from a variety of market participants, including the primary dealers and the Treasury Borrowing Advisory Committee, later this year Treasury intends to change the 4-month (i.e., 17-week) CMB into a benchmark bill (part of the regular weekly bill issuance schedule going forward).  Investor reception to the 4-month CMB has been strong, and elevation to benchmark status will further support demand. Over the coming months, Treasury plans to make necessary operational and systems changes in order to smoothly transition the 4-month CMB to benchmark status.  During this transition, Treasury will continue to issue the 4-month CMB at a regular cadence.  Treasury also intends to maintain the Tuesday settlement and maturity cycle when the 4-month CMB becomes a benchmark bill.  Additional implementation details, including the likely timing of the first benchmark auction, will be provided at the August quarterly refunding. Looking ahead, the Treasury made two preview announcement: i) it intends to issue in the coming months a request for information about possible steps to improve transparency for secondary market transactions in its securities and encourages market participants and the broader public to respond; and ii) the Treasury is planning amendments to auction regulations in coming months, including an increase in the non- competitive bidding and award limits for all securities to $10MM from $5MM in light of growth in auction sizes. Separately, the minutes of the all-important Treasury Borrowing Advisory Committee (TBAC) latest meeting indicated the following: In light of the strength in federal tax receipts, as well as the prospect for Federal Reserve balance sheet reductions, the Committee recommended that Treasury should continue with coupon auction size reductions across tenors during the upcoming refunding quarter, with slightly larger reductions in the 7-year note and 20-year bond, but at a slower pace than cuts announced in November and February They noted reductions to nominal coupon issuance would likely maintain the share of bills within, but toward the lower end of, its recommended 15%-20% range over time Committee emphasized the need for Treasury to remain nimble in its debt management decisions, given the ongoing uncertainty in borrowing needs Also said the strength in receipts should be monitored to determine if it is “more of an anomaly or a trend that could warrant additional cut to coupons in the subsequent quarters” Committee heard a presentation on Treasury market trading conditions since the beginning of the year and how evolving inflation and monetary policy expectations, as well as heightened geopolitical tensions affected market volatility and liquidity Presenting member stated that while liquidity conditions since the beginning of the year appeared worse based on some metrics, other metrics showed no significant deterioration, and funding markets were functioning properly and weren’t a factor in strained liquidity conditions Lower liquidity was largely due to elevated volatility as a result of the elevated uncertainty around the inflation, monetary policy, and geopolitical outlook Committee then discussed the presentation, with several members noting that liquidity conditions could also be affected by the Federal Reserve’s balance sheet reduction TBAC then turned to a presentation on the four-month, or 17-week cash management bill (CMB) Presenting member noted that Treasury should take into account the trajectory of future bill issuance, current and future demand for the 4-month CMB compared to benchmark bills, and whether this benchmark offering would complement the current debt management process Based on the projected growth in bill issuance in the longer term, strong expected future demand, and the compatibility of the 4-month bill issuance patterns and maturities for both investors and Treasury, the presenting member recommended that Treasury should consider moving the 4-month CMB to benchmark status The Committee unanimously supported the recommendation to make the 4-month bill a benchmark tenor In response to the Refunding announcement, Treasuries did, well... nothing, holding on to gains across belly and long-end of the curve.  The 5s30s curve was around -2.2bp, remaining flatter by 0.7bp on the day, while 2s10s spread extends flattening slightly to 3bp tighter on the day. U.S. yields remain ~1bp richer across long-end of the curve with front-end underperforming, with 2- year yields cheaper by ~3bp on the day. In the long-end the 10s20s30s fly is steady around 45bp, little changed on the day after the refunding announcement. Tyler Durden Wed, 05/04/2022 - 09:20.....»»

Category: blogSource: zerohedgeMay 4th, 2022

The NHL playoffs begin May 2 with 16 teams competing for a shot at the Stanley Cup — here"s how to watch every game

You can watch the NHL playoffs starting May 2. Games are broadcast on ESPN, ESPN2, ABC, TNT, and TBS through cable and live TV streaming services. Prices are accurate at the time of publication.When you buy through our links, Insider may earn an affiliate commission. Learn more.Nathan MacKinnon is among the players leading the Colorado Avalanche this season.Associated Press The first round of the 2022 NHL playoffs begin on May 2 with 16 teams competing for the Stanley Cup. NHL playoff games are spread across ESPN, ESPN2, ABC, TNT, and TBS. If you don't have cable, you can watch games with a live streaming service, like YouTube TV or Sling TV. Sling TV$35.00 FROM SLINGThe race for the Stanley Cup is on with the first round of the NHL playoffs beginning May 2. Last year's champions, the Tampa Bay Lightning, are back this postseason along with 15 other teams vying for the title. The Colorado Avalanche enter the postseason as the Western Conference's top seed and the favorite to win the 2022 NHL title. In the Eastern Conference, the Florida Panthers clinched the top seed and won the league's Presidents' Trophy for finishing the regular season with the most points. The NHL Stanley Cup playoffs will air across five channels: ESPN, ESPN2, ABC, TNT, and TBS. Half of the first and second round games will air on Disney's ESPN and ABC networks, while the other half will air on Turner's TNT and TBS networks. Each company will also air one conference final series. The Stanley Cup Finals, which will likely begin in the middle of June, are exclusive to ESPN and ABC.  Below, we've broken down everything you need to know about watching the NHL playoffs without a cable subscription. How to watch the 2022 NHL playoffsYou can watch the NHL playoffs on ESPN, ESPN2, ABC, TNT, and TBS with cable, satellite, or a live TV streaming service, like Hulu + Live TV, Sling TV, and YouTube TV.In addition, some playoff games are being simulcast on regional sports networks. Traditional cable subscribers also have the option to stream NHL playoff games through the ESPN, ABC, TNT, or TBS apps with their pay-TV account information. If you don't have cable or satellite, you can watch the NHL playoffs on a live TV streaming service. Services with access to every network you need to watch the NHL playoffs include Hulu + Live TV, Sling TV, and YouTube TV. Sling TVSling TV is the most affordable streaming service you can use to watch the NHL playoffs. The Sling TV Orange plan includes ESPN, ESPN2, TNT, and TBS. Though Sling TV doesn't feature ABC, the Orange plan does include ESPN3, which is expected to simulcast all of ABC's games. New Sling TV subscribers get 50% off their first month. The Orange plan normally costs $35 a month, so this promotion brings the cost down to just $17.50 for your first month. Check out our in-depth guide to all of Sling's channels and packages for more details.Sling TV$35.00 FROM SLINGYouTube TVYouTube TV includes ABC, ESPN, ESPN2, TNT, and TBS. The base plan costs $65 a month and offers subscribers all of the channels they need to watch every NHL playoff game. For more details, check out our full breakdown of YouTube TV's channels and add-on packages.Youtube TV$64.99 FROM YOUTUBEHulu + Live TVHulu + Live TV's base plan also includes ABC, ESPN, ESPN2, TBS, and TNT. However, at $70 a month, the service is more expensive than Sling or YouTube TV.That said, Hulu + Live has the added bonus of offering full access to Hulu's entire on-demand library and it even includes subscriptions to Disney Plus and ESPN+ for no extra cost. You can learn more about the service in our full Hulu + Live TV guide.Hulu + Live TV$69.99 FROM HULUWhen do the 2022 NHL playoffs start?The 2022 NHL playoffs kicks off on May 2 with the first round of 16 teams. The playoffs will continue through mid-June when the Stanley Cup Finals are expected to start.Here's a full roundup of key NHL playoff and postseason dates:May 2 — first round of the playoffs beginMid-June — Stanley Cup Finals beginMid-June — NHL Awards to take place between games three and four of the Stanley Cup FinalsJune 30 — Stanley Cup Finals game seven, if necessaryJuly 7 — NHL Entry Draft round one2022 NHL playoffs schedule Below, you can find the current schedule for the first round of the 2022 NHL playoffs. We'll continue to update our schedule with new details as the postseason continues, including times and channels for any potential game five, six, or seven matches.  Eastern ConferenceSam Navarro-USA TODAY SportsFlorida Panthers vs. Washington CapitalsGame 1: May 3, 7:30 p.m. ET, ESPN2Game 2: May 5, 7:30 p.m. ET, TBSGame 3:  May 7, 1 p.m. ET, ESPNGame 4: May 9, 7 p.m. ET, TBSToronto Maple Leafs vs. Tampa Bay LightningGame 1: May 2, 7:30 p.m. ET, ESPN2Game 2: May 4, 7:30 p.m. ET, ESPN2Game 3: May 6, 7:30 p.m. ET, TBSGame 4: May 8, 7 p.m. ET, TBSCarolina Hurricanes vs. Boston BruinsGame 1: May 2, 7 p.m. ET, ESPNGame 2: May 4, 7 p.m. ET, ESPNGame 3: May 6, 7 p.m. ET, TNTGame 4: May 8, 12:30 p.m. ET, ESPNNew York Rangers vs. Pittsburgh PenguinsGame 1: May 3, 7 p.m. ET, ESPNGame 2: May 5, 7 p.m. ET, TNTGame 3: May 7, 7 p.m. ET, TNTGame 4: May 9, 7 p.m. ET, ESPNWestern ConferenceCalgary Flames' Johnny Gaudreau (13) celebrates his penalty-shot goal against the New Jersey Devils during the third period of an NHL hockey game Tuesday, March 12, 2019, in Calgary, Alberta. (Jeff McIntosh/The Canadian Press via AP)Associated PressColorado Avalanche vs. Nashville PredatorsGame 1: May 3, 9:30 p.m. ET, ESPNGame 2: May 5, 9:30 p.m. ET, TNTGame 3: May 7, 4:30 p.m. ET, TNTGame 4: May 9, 9:30 p.m. ET, ESPNMinnesota Wild vs. St. Louis BluesGame 1: May 2, 9:30 p.m. ET, ESPNGame 2: May 4, 9:30 p.m. ET, ESPNGame 3: May 6, 9:30 p.m. ET, TNTGame 4: May 8, 4:30 p.m. ET, TBSCalgary Flames vs. Dallas StarsGame 1: May 3, 10 p.m. ET, ESPN2Game 2: May 5, 10 p.m. ET, TBSGame 3: May 7, 9:30 p.m. ET, TNTGame 4: May 9, 9:30 p.m. ET, TBSEdmonton Oilers vs. Los Angeles KingsGame 1: May 2, 10 p.m. ET, ESPN2Game 2: May 4, 10 p.m. ET, ESPN2Game 3: May 6, 10 p.m. ET, TBSGame 4: May 8, 10 p.m. ET, TBSRead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 2nd, 2022

The Top 5 U.S. Stocks This Week On Our Short Squeeze Leaderboard!

The top 5 U.S. stocks this week on our Short Squeeze Leaderboard! In this edition we will look into the top 5 stocks on our Short Squeeze Leaderboard – click here to see the leaderboard The Short Squeeze Screener and Leaderboard uses an advanced quantitative model to track companies that have the highest likelihood of […] The top 5 U.S. stocks this week on our Short Squeeze Leaderboard! In this edition we will look into the top 5 stocks on our Short Squeeze Leaderboard – click here to see the leaderboard The Short Squeeze Screener and Leaderboard uses an advanced quantitative model to track companies that have the highest likelihood of experiencing a short squeeze. This is a short squeeze stocks list, or short interest tracker, that can be used as an integral part of your investing or trading research. This model is a proprietary, multi-factor model that uses a number of factors, including Short Interest % Float, Short Borrow Fee Rates, and others. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Series in PDF Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more You can click on each stock name to see more Fintel short interest analysis. Stock 5 - Ion Geophysical Corp (NYSE:IO) - Score 97.74 US:IO has fallen 2 spots this week to 5th rank. Ion Geophysical provides acquisition equipment, software, planning and seismic processing services, and seismic data libraries to the global oil & gas industry. The stock has fallen -49% since the beginning of 2022 and is down -79.2% over the past year. The stock has 15.94% of the float currently shorted and a market cap of $14.7 million. On the 12th of April, the company filed for voluntary chapter 11 bankruptcy protection and the firm was awarded a 5-year contract with Brunei Shell Petroleum last week. IO was downgraded to ‘sell’ from ‘buy’ at Alliance Global Partners this week, following the bankruptcy filing. Stock 4 - Veru Inc (NASDAQ:VERU) - Score 97.84 US:VERU has jumped +229 positions this week to 4th rank in the leaderboard. Veru is an oncology biopharmaceutical company with a focus on developing novel medicines for the management of breast cancer and prostate cancer. VERU has more than doubled since the beginning of 2022, gaining +191.6% after announcing efficacy and safety results from a Phase 3 COVID-19 clinical trial. The stock now has 21% of its float shorted as investors bet against the significant recent gains made. Interestingly, VERU has a Gamma Squeeze Score of 89.91 that indicates to us, there is a higher chance of a gamma squeeze. You can find our more about this analysis - by clicking here Institutions remain bullish on the stock and have a consensus ‘buy’ rating with an average target of $29.20, implying +120.5% further upside to the current price. Stock 3 - 51job, Inc. (NASDAQ:JOBS) - Score 98.29 US:JOBS has gained 2 spots this week and is currently 3rd rank. 51job is a leading human resource solutions provider in China, offering a broad array of services in the areas of recruitment solutions, training and assessment, and HR tools and outsourcing services. JOBS has gained +25.6% year to date but is down -2.7% over the past year. The stock reached an annual low point around the ~$45 mark in the beginning of January before recovering in the 3 months following. The stock has 33.2% of its float currently shorted, giving it a higher likelihood of a short squeeze. JOBS reported Q4 results at the start of the month with EPS falling slightly over the year while revenue grew +16% over the prior corresponding period. The stock has a ‘hold’ rating at Morgan Stanley with a target price of $57.25 Stock 2 - Harbor Custom Development Inc (NASDAQ:HCDI) - Score 98.88 US:HCDI jumped 60 positions this week to 2nd spot on the leaderboard. HCDI is a developer of residential properties in Seattle. HCDI has fallen -9.1% since the start of 2022 and is down -28.7% over the past year. The stock has seen a +26.4% after the company restated their recent results and after listing six multi-family projects worth $278 million. HDCI currently has 23.88% of its capital shorted. The stock is covered by ThinkEquity and has a ‘buy’ rating with a target price of $8 which implies +221% upside to the current price. Stock 1 - Aterian Inc (NASDAQ:ATER) - Score 99.59 US:ATER has held 1st spot this week on top of the leaderboard. Alterian is a technology-enabled consumer products platform that builds, acquires and partners with electronic commerce (e-commerce) brands using data science. TER has gained +26.7% since the beginning of 2022 and is down -78.5% over the last year. The stock currently has 36.86% of its capital shorted. We also noticed, ATER has a Gamma Squeeze Score of 97.81 that indicates to us, there is a higher chance of a gamma squeeze. You can find our more about this analysis - by clicking here Aterian appointed Anton von Rueden as COO in April who will oversee the firm's global supply chain operations and will be based out of the US. ATER is covered by various institutions and has a consensus ‘buy’ rating with an average target price of $6.80, implying +28.5% upside. Following the firms Q4 result in early March, several brokers revised targets lower. More on Fintels short analysis: This short interest tracker provides a variety of short interest related data, sourced from a variety of partners. The data is organized by frequency of updates, with intraday data at the top (short shares availability, short borrow fee rate), daily data (short volume, fails-to-deliver) in the middle, and the slowest updated data (short interest) at the bottom. Note that short interest is published twice-monthly, on a schedule set by FINRA. Where does Fintel get its data? We source our short interest data from a variety of providers. The Short Interest figures we provide are sourced directly from the stock exchanges (NASDAQ, NYSE, NYSE American, NYSE Arca, CBOE, and IEX) and FINRA. This is the official data and covers a broad spectrum of the market. We do not source short interest from a single broker. For Canadian, Australian, and Hong Kong markets, the short interest is published by the regulatory agencies of those countries. We get this data directly from those agencies on a daily or twice-weekly basis. The float and shares outstanding we use are sourced from Capital IQ, which is one of the top firms that provide this data. Is short interest self-reported, and therefore unreliable? Short interest is not self-reported. FINRA and U.S. exchange rules require that brokerage firms report short interest data to FINRA on a per-security basis for all customer and proprietary firm accounts twice a month, around the middle of the month and again at the end of each month. See Short Interest — What It Is, What It Is Not. for more information. Are dark pool trades counted in short interest figures? Yes, they are. The primary difference between a dark pool and a lit exchange is that pre-trade information such as bid/ask are not available. However, once a trade is made, dark pool trades are published on the tape and tracked like every other trade. When it is time to report, any open short positions are reported, no matter what type of trading venue those shares were acquired on. Article by Ben Ward, Fintel Updated on Apr 28, 2022, 4:51 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkApr 28th, 2022

These 15 Republicans have proxy voted at least 100 times even though Kevin McCarthy and GOP leadership think voting remotely is unconstitutional

Republicans have cited illness, taking care of family members, and an inability to be productive in Washington among other reasons for proxy voting. Republican Reps. Matt Gaetz of Florida, Madison Cawthorn of North Carolina, and Paul Gosar of Arizona have all proxy voted over 100 times.Greg Nash and Tom Williams/CQ-Roll Call via Getty Images House Republicans are opposed to proxy voting, and Kevin McCarthy tried to end it with a lawsuit. But 15 Republicans have used the system — which allows members to cast votes on others' behalf — over 100 times. They include prominent names like Matt Gaetz, Madison Cawthorn, and Paul Gosar. Ever since the House of Representatives instituted proxy voting — a procedure that allows members of Congress to vote on behalf of their colleagues — Republicans have made their opposition to the practice clear.When the House voted in May 2020 to allow proxy voting due to the public health emergency spurred by COVID-19, every single Republican lawmaker voted against the measure. Days later, House Minority Leader Kevin McCarthy sued House Speaker Nancy Pelosi over it, challenging the constitutionality of proxy voting."It is a brazen violation of the Constitution, a dereliction of our duty as elected officials, and would silence the American people's voice during a crisis," McCarthy said at the time. "Democrats are creating a precedent for further injustice. If their changes are acceptable, what stops the majority from creating a 'House Rule' that stipulates the minority party's votes only count for half of the majority party's?"Ultimately, the Supreme Court declined to hear the complaint in January 2022. Republicans have also claimed that Pelosi only keeps the procedure in place to this day in order to shore up Democrats' razor-thin majority.But with time, Republicans have begun to break with their stated opposition to the practice and attest that they are "unable to physically attend proceedings in the House Chamber due to the ongoing public health emergency" while dealing with health issues, the births of children, political events, and ailing family members.Insider analyzed the data from each of the over 700 roll call votes taken by the House between May 20, 2020 until April 7, 2022, analyzing which members used the practice most frequently.While proxy voting is still overwhelmingly used by Democrats versus Republicans, Insider identified 15 Republican House members who've cast over 100 proxy votes in the last two years.Rep. Russ Fulcher of IdahoFulcher at a press conference outside the Capitol on December 3, 2020.Tom Williams/CQ-Roll Call via Getty ImagesFulcher, a member of the conservative House Freedom Caucus who's served since 2019, has voted by proxy 177 times — by far the most frequent proxy voter in the Republican caucus, despite joining McCarthy's lawsuit to end the practice.At the time, he argued that proxy voting was an "unconstitutional process" that would "eliminate any meaningful debate and allow Members to stay home collecting a paycheck while others cast their vote."But after Fulcher was diagnosed with renal cancer in June 2021, he began utilizing that very same process the following month as he underwent chemotherapy, a punishing treatment that can lead to fatigue, among other symptoms. He continued frequent proxy voting into the fall of 2021.Still, Fulcher says he wants proxy voting abolished. "While proxy voting was a useful tool during my cancer treatment, my situation was rare ... by far the exception, not the rule," Fulcher told Insider in a statement, arguing that the system has "proven to be too ripe" for abuse. "I remain in support of removing the policy."Yet even after announcing that he was cancer-free in December 2021, Fulcher has voted by proxy 17 times in 2022, most recently asking fellow Republican Rep. Dan Meuser of Pennsylvania to cast 6 votes on his behalf on April 5.Rep. Vern Buchanan of FloridaBuchanan on Capitol Hill on November 17, 2020.Tom Williams/CQ-Roll Call via Getty ImagesBuchanan, a Florida Republican who's served since 2007 and could be next in line to chair the powerful House Ways and Means Committee, has voted by proxy 165 times over the last 16 months.His first proxy vote took place on January 12, 2021, when he asked fellow Republican Rep. Kat Cammack of Florida to vote on his behalf against a resolution calling on Vice President Mike Pence to invoke the 25th amendment and remove former President Donald Trump from office.—Craig Caplan (@CraigCaplan) January 13, 2021 He then voted by proxy regularly until mid-April 2021, and has continued to sporadically use it since then.Buchanan did not respond to Insider's request for comment, but he's previously said that the procedure allows him to be "more productive" than if he'd voted in person."I can be a lot more productive back home. There's nobody up here. So I just felt like I'd have a bigger impact in my district back in Sarasota," Buchanan told CNN in July. "Nobody can come in and visit with you. We can be more productive visiting with people having meetings back home, not spending a half a day each way coming up here, flying up here, and there's nobody here."Rep. Patrick McHenry of North CarolinaMcHenry at a House Oversight And Government Reform Committee hearing on September 30, 2021.Al Drago/Pool/AFP via Getty ImagesMcHenry, who's served in the House since 2005 and hopes to chair the House Financial Services Committee in the next Congress, has voted by proxy 164 times.After fellow Republican Rep. Jim Banks of Indiana first cast a proxy vote on behalf of McHenry on January 21, 2022, the North Carolina Republican has used the procedure with relative frequency, most recently on April 5.McHenry told CNN in July that he believes the practice is "being held onto for political purposes rather than for health purposes." Democrats' majority in the chamber is in the single digits, making absences potentially fraught — and McHenry says proxy voting has impeded normal business."I think, frankly, as an institution we should get back to dealing with each other, talking to each other and trying to understand each other," he told CNN. "People aren't here. And we're a one-on-one institution. We're a human interaction place both with members and with the press."Rep. Greg Steube of FloridaSteube speaks to TV cameras outside the Capitol on April 23, 2020.Bill Clark/CQ-Roll Call via Getty ImagesSteube, another Florida congressman who's served since 2019, is the fourth most frequent proxy voter in the Republican caucus, despite signing onto House Republicans' anti-proxy voting lawsuit in May 2020."By signing on to this lawsuit I am committing to refrain from lending my vote via proxy or placing a vote via proxy on behalf of another Member," Stuebe wrote in a letter to McCarthy at the time.Since then, he's voted remotely 161 times.The Florida Republican also warned at the time that the procedure would "allow Members of Congress to cast votes on behalf of American citizens from entirely different districts and states who never elected them for representation."Since then, he's had Republican colleagues from Ohio, South Carolina, and other districts in Florida cast proxy votes on his behalf. Steube's office did not respond to repeated requests for comment from Insider.Rep. Jim Baird of IndianaBaird leaving a House Republican Conference meeting at the Capitol Hill Club on October 22, 2019.Bill Clark/CQ-Roll Call via Getty ImagesBaird, who's served in Congress since 2019, is the fifth-most frequent proxy voter in the Republican caucus, casting 159 votes remotely in the last two years.Like Buchanan, his first proxy vote was against a resolution calling on Pence to invoke the 25th amendment, and he's voted remotely sporadically since then, asking fellow Indiana Reps. Jackie Walorski and Larry Bucshon to cast votes on his behalf almost every time.Baird's office did not respond to Insider's repeated requests for comment.Rep. Jim Hagedorn of MinnesotaHagedorn outside the Capitol on November 14, 2018.Tom Williams/CQ-Roll Call via Getty ImagesHagedorn, who died in February after suffering from kidney cancer, had become the 6th most frequent proxy voter after casting 155 votes remotely.As the House prepared to vote on the measure in May 2020, Hagedorn — who had previously undergone treatment for his disease — took the House floor to speak out against the idea."You know, some might question why a member of Congress like myself — who's dealing with Stage IV cancer, getting treatment the last year at the Mayo Clinic — why I would be the one passionately wanting everyone to travel and work in this chamber," he remarked. "It's because it's a bad idea for this House." But after Hagedorn's cancer re-emerged in July 2021, he began to vote remotely again, and stopped voting in person entirely beginning in November 2021 until his death in mid-February.Rep. Brian Babin of TexasBabin at a news conference with members of the GOP Doctors Caucus on January 19, 2022.Tom Williams/CQ-Roll Call via Getty ImagesBabin, a Houston-area congressman who was first elected in 2015, has voted by proxy 127 times."House Democrats' proxy voting rule takes away the constitutional duty of every member, and I oppose it completely," said Babin in May 2020 as he announced that would be joining McCarthy's lawsuit.He added that he "will never utilize the constitutionally dubious provisions" that allow for proxy voting.But on March 8th, 2021, days after a group of House Republicans faced backlash from their colleagues for using proxy voting while attending CPAC in Florida, the Texas congressman utilized the procedure for the first time.He was also among several House Republicans who voted by proxy on June 30, 2021 in order to travel to the US-Mexico border for an event with Trump.—RSC (@RepublicanStudy) June 30, 2021 Babin's office did not respond to repeated requests for comment from Insider.Rep. Madison Cawthorn of North CarolinaCawthorn at the Capitol on November 18, 2021.Tom Williams/CQ-Roll Call via Getty ImagesCawthorn — the far-right 26-year old congressman who's perhaps best known for suggesting that his GOP colleagues participate in cocaine-fueled orgies — is the eighth most frequent proxy voter among Republicans, casting 124 votes remotely since he arrived in Congress in 2021. But he's accused Democrats of abandoning their posts by voting by proxy. "Leaders show up no matter how uncertain the times are," Cawthorn tweeted in July 2020, days after he unexpectedly defeated a Trump-backed candidate in a GOP primary."The Democrats are cowards for hiding and not showing up to work," he said.—Madison Cawthorn (@CawthornforNC) July 1, 2020But Cawthorn changed his tune just weeks after being sworn in, with McHenry — himself the third most frequent proxy-voting Republican — voting on his fellow North Carolinian's behalf in late February 2021 while  Cawthorn attended CPAC.The North Carolina Republican defended that particular vote, telling Smoky Mountain News days later that Pelosi "arbitrarily changed our voting schedule to intentionally situate it over CPAC in an effort to prevent congresspeople from speaking to their constituents," he said. "I chose to value speaking with conservatives and North Carolinians over abiding by her bad faith ruling," he added.But since then, Cawthorn has voted remotely plenty more times, including over 50 times just this year.Cawthorn's office did not respond to Insider's repeated requests for comment.Rep. John Carter of TexasCarter arrives for an event on the House steps of the Capitol on September 15, 2020.Tom Williams/CQ-Roll Call via Getty ImagesCarter, who's served in Congress since 2002, has cast 122 proxy votes, the ninth highest rate among Republicans.The Austin-area lawmaker first began to use the procedure in 2021, and a colleague's failure to vote on his Carter's behalf in May 2021 may have allowed for the initial House passage of a bill providing emergency funding for the Capitol Police following January 6.The initial 213-212 vote was nearly a tie due to the defection of several progressive Democratic lawmakers, who argued that the bill failed to address the underlying issues that caused the riot.Carter was one of two Republicans who didn't vote on the measure, while the rest of their Republican colleagues voted against the security funding, despite asking fellow Republican Rep. Kevin Calvert of California to vote no on his behalf."Rep. Calvert had been voting by proxy for Rep. Carter throughout the week," a spokesman for Calvert told JustTheNews. "Rep. Calvert made a mistake and simply forgot to cast Rep. Carter's vote."Carter told Bloomberg in February that he'd used the procedure to take care of his wife while she was sick, and conceded that technology enables members to make informed decisions about how to vote."If you have a serious family emergency or some kind of emergency in your district, like a hurricane came in or stuff like that, you ought to be able to proxy vote," said Carter.Carter's office did not respond to Insider's repeated requests for comment.Rep. Paul Gosar of ArizonaGosar objects to Arizona’s Electoral College votes certification on January 6, 2021.Tom Williams/CQ-Roll Call via Getty ImagesGosar — who's most recently garnered headlines for attending white nationalist conferences and being censured by the House of Representatives for releasing an anime video that depicted him killing Democratic Rep. Alexandria Ocasio-Cortez of New York — also happens to be the 10th most frequent proxy voter in the Republican conference.He voted by proxy for the first time on January 21, 2021. Just six days later, Gosar wrote on Twitter that "Pelosi's 'proxy voting' scheme is shameful and unconstitutional."He has since deleted the tweet, and proceeded to proxy vote 110 more times since then, including once to attend a white nationalist event, while asking colleagues like Reps. Lauren Boebert of Colorado, Matt Gaetz of Florida, and Marjorie Taylor Greene of Georgia to vote on his behalf.At one point, he even asked fellow Republican Rep. Ann Wagner of Missouri to vote on his behalf while he attended CPAC, only for her to decline when she learned why."I was not going to vote anyone's proxy who was traveling for other reasons," she told CNN last year. "I just said, 'you know, find someone else to carry your proxy.'"Gosar's office did not respond to Insider's repeated requests for comment.Rep. Maria Elvira Salazar of FloridaSalazar at a hearing on Capitol Hill on March 10, 2021.Ken Cedeno-Pool/Getty ImagesSalazar, a former Telemundo reporter who unexpectedly flipped a Miami-area House district in 2020, has voted by proxy 107 times.After first voting via proxy in July 2021, Salazar has continued to use the procedure frequently, including casting nearly 70 votes by proxy in 2022.The congresswoman told Insider in a statement that since her elderly mother fell ill last year, she's had to miss votes in order to serve as her main caretaker."My parents sacrificed so much to give me a better life and my mother has always been there for me," said Salazar. "Without knowing how much time we have left together I want to be there for her."Rep. Elise Stefanik of New YorkStefanik at a press conference on Capitol Hill on October 26, 2021.Tom Williams/CQ-Roll Call via Getty ImagesStefanik, whose position as caucus chair makes her the third highest-ranking member of House Republican leadership, has voted by proxy 106 times since January 2021.Her use of proxy voting is particularly flagrant, given her position in leadership and repeated denunciations of proxy voting, even while using the practice to attend a fundraiser with Trump in January 2021.Stefanik spokesman Alex deGrasse defended her use of proxy voting to attend the event, telling the Adirondack Daily Enterprise that she "will always work to ensure her district is represented at the highest levels which is why she made sure the district had a vote." Stefanik also voted entirely by proxy from August 24 until October 12 after giving birth to her first child in late August.In January 2022, Stefanik defended her use of the practice even while declaring that Republicans "believe in in-person voting" and would eliminate proxy voting if they regain control of Congress."It's the rules of the House right now," Stefanik said. "These are the rules that Nancy Pelosi sets. She sets the mask rule, she sets the magnetometer rules. I oppose both of those rules, but we use them. I use those rules because those are the rules that she has set."Stefanik's office did not respond to Insider's repeated requests for comment.Rep. Mark Amodei of NevadaAmodei at a hearing on Capitol Hill on March 30, 2022.Chip Somodevilla/Getty ImagesAmodei, a low-key congressman who's represented a wide swath of northern Nevada since 2011, has proxy voted 105 times.Nearly all of those proxy votes, which began in January 2021, were cast by either Republican Reps. Troy Balderson of Ohio or Mike Kelly of Pennsylvania.When asked about his frequent use of the procedure in August 2021, he justified it in similar terms to those that Stefanik would later use."The use of proxies has been reality [sic] of The House Rules for nearly two years," he told the Nevada Current. "I follow House Rules."Amodei's office did not respond to Insider's repeated requests for comment.Rep. Mike Waltz of FloridaWaltz at a House Armed Services Committee hearing on September 29, 2021.Rod Lamkey-Pool/Getty ImagesWaltz, who succeeded current Florida Gov. Ron DeSantis in a special election in 2018 following his resignation from Congress, has used proxy voting 102 times.In every instance, Waltz has attested that he is "unable to physically attend proceedings in the House Chamber due to the ongoing public health emergency," asking fellow Florida Republicans like Salazar, Cammack, and others to vote on his behalf.Waltz's office did not respond to repeated requests for comment from Insider.Rep. Matt Gaetz of FloridaGaetz at a hearing on Capitol Hill on October 21, 2021.Greg Nash-Pool/Getty ImagesMatt Gaetz, the far-right congressman who's currently under a federal investigation for sex-trafficking allegations, has voted by proxy 100 times.He was among the Republicans that used the procedure to attend CPAC in February 2022, and unlike most of his GOP colleagues, he even used it in 2020.On both December 18 and 20 of 2020, Gaetz asked former Democratic Rep. Tulsi Gabbard of Hawaii to vote on his behalf.But Gaetz is one of the rare Republicans who's actually publicly supportive of proxy voting; when Insider reached out to his office for comment, spokesman Joel Valdez referred to a Washington Examiner op–ed that Gaetz wrote in November 2020."To date, I've toed the party line, but no more: the Republicans are wrong," wrote Gaetz. "I am now convinced that remote voting would be a devastating blow to the lobbyists and special interests who corrupt our politics and harm our nation."He went on to detail what he sees as the average lawmaker's day, including taking "thousand-dollar PAC checks" from lobbyists and raising "tens of thousands of dollars over mediocre Tex-Mex.""I support remote voting because we are better as public servants when we spend more time with the public we are elected to serve," he wrote. "And if we cannot drain the swamp, we should at least spend less time in it."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 28th, 2022

Slack CEO On The Company’s Hybrid Work Policy

Following is the unofficial transcript of a CNBC interview with Slack CEO & Co-Founder Stewart Butterfield and CNBC’s “TechCheck” Co-Anchor Deirdre Bosa live during “CNBC Work Livestream: Empowering the Hybrid Workforce” today, Wednesday, April 27th. Slack CEO Stewart Butterfield On The Company’s Hybrid Policy DEIRDRE BOSA: Hi everyone, welcome to “CNBC Work: Empowering the Hybrid […] Following is the unofficial transcript of a CNBC interview with Slack CEO & Co-Founder Stewart Butterfield and CNBC’s “TechCheck” Co-Anchor Deirdre Bosa live during “CNBC Work Livestream: Empowering the Hybrid Workforce” today, Wednesday, April 27th. Slack CEO Stewart Butterfield On The Company’s Hybrid Policy DEIRDRE BOSA: Hi everyone, welcome to “CNBC Work: Empowering the Hybrid Workforce.” I’m Deirdre Bosa. Today, we are looking at hybrid work as many companies they’re beginning to implement hybrid work strategies for their employees. It’s really important for us to look at what the data tells us about how, when, where people are their most productive. In today’s program, we will talk with top business executives about what their research is telling them, what their policies are, their advice for business leaders implementing their own hybrid strategies. Later this hour, we will be joined by Kiersten Robinson, Chief People and Employee Experiences Officer for Ford Motor Company also Anne Raimondi, Chief Operating Officer and Head of Business for Asana. Now to submit questions for any of our speakers today, please scan this QR code on your screen or you can go to slido.com, enter the code CNBCWORK when prompted. I have that open up on my screens so I will see your questions, please questions, comments, keep them rolling in. We love to see it. We’re going to kick things off with someone who knows quite a bit about how and when we are working. Stewart Butterfield is Co-Founder and Chief Executive Officer of Slack. This month, Slack released its latest pulse report entitled “Inflexible return to office policies are hammering employee experience scores.” Here’s a direct quote from this report, “New data shows work related stress and anxiety is skyrocketing among full time office workers and those without schedule flexibility.” Stewart, welcome back. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more STEWART BUTTERFIELD: Hey, nice to see you. BOSA: I know we even at the beginning of the pandemic, we were figuring out the work from home thing and we were doing interviews on TV from attics, from cabins. So here we are two years later, what now is Slack’s hybrid policy. How is that working out? What kind of feedback are you hearing in these still early stages I suppose? BUTTERFIELD: Well, we haven't made any requests or demands that people return to the office. So we're kind of in the same position. Maybe not that we were since the last time I spoke to you because last time I spoke to you I think we were planning to return to work in September 2020. BOSA: And that's kind of changed multiple times. BUTTERFIELD: It did although I think we probably realized maybe six months or so in that no matter what, we weren't going to go back to the same situation. And at this point it seems a little strange to be honest. You know, we're like two plus years in and there definitely feels like there's people who think like “we're going to go back any day now.” Like there's some moment that's coming when we will shift backwards. I just can't see that ever occurring. First of all, we've hired thousands of people who are in locations where we don't have an office at all so for them it's just not possible. But I think for most people the idea of like a Monday to Friday, nine to five is the thing that they want least. BOSA: Now, Stewart, I know that you're in New York at the moment, but you're usually based in San Francisco and I was recently in New York and I really did feel this difference between the two cities. In San Francisco it's easier for tech companies to tell employees that they can work from home or have a remote or hybrid workforce. On Wall Street, though it is a little bit different. And you hear about the banks in particular wanting their employees back in the office and to the point that we started on, it’s kind of causing anxiety, right? How do you figure out the right way to do this? BUTTERFIELD: Well you know, we look at what people say that they want and what they say they want is a little under 80% want flexibility in location. A little bit more than 90% want flexibility in time. And I think that's really the biggest issue. Most people don't like commutes. You know, you do hear about some people who appreciate the time to read a book on the train or to kind of check out from regular life while driving. I don't think it's so much the commute though. It's the nine to five. It's the not able to spend time with your kids when you want to or get exercise. If they're kind of person who likes to wake up really early or stay up really late or needs to get you know have a nap or something like that. Now that you're used to that ability, it's very difficult to take it away. And you know, I think the behaviors that we care about are often binary. Like the employee stays or they go, but the inputs are continuous. So that old expression about the straw that breaks the camel's back is really true. The great resignation is a thing, people are turned over, a lot of people have found that they change jobs and they're not actually happier. But that churn is really real. And so I think given the competition for talent and the kind of the crises of attrition that most companies are already facing, it'd be really foolish to put one more straw on that camel's back. BOSA: That's a great point. We've seen the talent war change so much over the last few years. Something I think is interesting is this difference between a hybrid work strategy or a remote first or remote only. And some people say that actually a hybrid can put you at a disadvantage because there's some people who are coming in and some people who choose not to whereas if you have a remote first or remote only strategy, that's sort of more fair, more level. BUTTERFIELD: Yeah, and I think ultimately they are going to be or at least, we intend to be remote first. Not remote only because I think there is real value for people getting together in person, you know, establishing relationships, building trust, and all that. But thinking of the physical space that the company has, the office, as like a resource that teams and employees can use to kind of advance their work as opposed to a place that they have to be because you know, by square footage, the office was mostly devoted to just kind of desking for people to sit and use their laptops by themselves and not talk to anyone. That part they can do from anywhere. BOSA: Yeah, I want to get to some of these questions. There's a really good one. It was anonymous, but I know that you guys have done at Slack a number of studies, looked at the data behind this new way of working. So there's a question. Is there any data to show what kind of characteristics that CEOs have – the ones that want workers to be in the office versus the CEOs that are embracing flexibility? BUTTERFIELD: You know, I don't have data on that. I mean, obviously, my subjective impression is that one axis is age. So the older CEOs, definitely, I think, they more decades of experience and habit that are built up around office culture, and so they have a stronger preference. The other one, I think, is like kind of progressiveness of the industry. And I don’t mean that on a liberal conservative spectrum, but more how dynamic the overall space is and technology compared to finance, much less regulated much newer. And so you see a little bit more tolerance for newer policies there. Yeah, I'll leave it there. BOSA: So then are there degrees of, you know, what kind of industry, what kind of company a hybrid work strategy works for? Would you say that banks risk losing talent to tech companies? Or do you think that this is the right strategy for them? It could be to have workers back in the office five days a week. BUTTERFIELD: It could be, you know, like, the nice thing about the really quiet days of the pandemic is you're able to reach out to people much easier. And I actually ended up having breakfast with David Solomon, CEO of Goldman Sachs – this is probably a year ago – and he actually made a pretty compelling case for wanting in person. That they have 5000 interns to start every summer. Part of the experience of that is getting to meet with the older partners and to spend time and kind of get aculturated. They also hire an enormous incoming class of which they expect most people to leave and that's kind of part of their strategy. Those employees go to other consulting firms, other banks, and that's kind of a network of relationships that they can rely on. And that too kind of is much better in person. However, they do compete for software developers. Every industry, every company is becoming more and more dependent on software. And there's just an enormous advantage when you can say to someone, “the work you're doing is about equally interesting, the pay is about equally attractive. In one position, you don't have the flexibility. You have to come into the office every day. And the other one, you have the flexibility. You can come as much as you want.” I mean, no one is going to choose the first one. BOSA: So you said that David Solomon the CEO of Goldman Sachs, made a pretty compelling argument. Did he managed to convince you? I don't know – you were kind of getting at that, but it doesn't sound like it. BUTTERFIELD: Yeah, I think there's probably other ways to achieve the same thing. And then it's more like a periodic cadence of getting together. You know, I'm having my executive team offsite here in New York  next week, I think. And it has been incredibly valuable to get back together in person. I don't feel like it's necessary to get back every single day because you can kind of use those opportunities again, you know, deepen the relationships, establish more trust, but also make a bunch of decisions that are easier in a kind of real time environment. But most day to day work doesn't require that and the ability for people to be more comfortable while they're coming in and executing against those decisions is just such a huge advantage. There's no way we would give it up. BOSA: Yeah, you mentioned that your conversation also talked about the huge amount of interns that are coming into the banking space that typically do benefit from that facetime, and that relates to another question that we're getting. And that is are remote hybrid workers a greater risk for career development and advancement compared to those who are or choose to be in the office? And then there's kind of a nuance there as well between what I asked you earlier hybrid and remote first. Do some people – are some people at an advantage versus others? BUTTERFIELD: Yeah, I don’t – so in practice, I haven't seen many companies be hybrid in the sense that most people talked about. You know, I think it's there's an extrapolation from the previous experience into the future but so far that hasn't really materialized. There are people who do come into the office. So in New York, I think there's more employees even in the tech industry where they don't have to, but they're coming into the office because their apartment is small, or because there's not enough room in their house for both their spouse and them to do video calls at the same time. So that's really a question of space. They're not coming in in order to collaborate. I think the question is really good, though, is it going to diminish opportunities if people stay at home? So far, it hasn't right? Because we now we're, you know, two plus years into this and people have been promoted, people have been hired people have, you know, companies have done reorgs and all that and it hasn't really made a difference. I think it'll be difficult for an employer to kind of make that a requirement for career advancement, because it's just the same thing as demanding people come in nine to five Monday to Friday. If there's an option, they'll take the other option. BOSA: Stewart, do you think that the skill set that employers are looking for from their workers is changing – for example, in a remote work strategy or hybrid – the importance of writing maybe rises to the top, right? Because you're communicating much more on Slack, on email. What's your advice for some of those people that are getting into the workforce right now? Or employers even -- what should they be looking for? BUTTERFIELD: Yeah, I think it's a really interesting question and the heart of it certainly from our perspective at Slack is drawing a bigger distinction than we used to between synchronous work so like having a meeting or a phone call discussion, and asynchronous. We’re both collaborating on this document, but I'm doing it over the course of many hours in the afternoon and you're looking at it tomorrow morning. That is a really important distinction and asynchronous work I think does rely more on written communication. But you know, Slack and many other companies have been kind of diving in there with features that support the kind of asynchronous work, but with the richness and kind of full emotional texture of video, so we have a feature called clips and people do that to rather than have the daily standup meeting at 9am, everyone has to be there 9:00 to 9:15, it’s like I record mine at 8:50 and I watch yours at 10:17 and it's a lot more convenient. You still get the video. On the other hand, trying to replace the kind of spontaneity and serendipity of in office communication, we launched this feature called huddles which is a lot like a phone call that’s it's it's audio only, but it doesn't necessarily start or stop and people can drop in and leave and that's been the fastest adopted feature in the history of Slack. It's been a huge success. There's millions of people using that every week. So I think there's a big opportunity for us but also for many other players in the tech space that kind of fill the toolset with a richer set that are more appropriate for the way people are working today. BOSA: That's so interesting. Huddle sounds kind of like an enterprise clubhouse of sorts. What have you learned from huddle and are people actually using it? Is that really replicating that spontaneous interaction that you get in person? BUTTERFIELD: I think it is up to, typically on smaller teams if you're if you're working with like a group of five or eight people let's say you do online ad buying for your ecommerce company or something like that than you're just kind of in constant communication all day, people will leave it open. The other use case is because it feels a little bit less heavy than a call, people are more, maybe it's the name huddle, people are more willing to step into it. And that makes a real difference because if all you have is this hammer of 30-minute Zoom calls, then everything looks like a nail and if you and I need to have a conversation it’s like okay, well next time we can do it is Tuesday at 11:30 and if you schedule a 30-minute meeting, people are gonna use 30 minutes. Sometimes it's a 90-second conversation that you want to have now and the difference is really dramatic in how fast that like increases the pace of work. BOSA: Right. I really love this question that we're getting from another anonymous audience member. To your point, you can have these sort of quick conversations, but when you're on a Zoom meeting, this person asks, “Can we agree that you should have to turn on your camera if you're on Zoom?” Do you need to feel that pressure Stewart to turn it on if everyone else has their camera on? BUTTERFIELD: The sociology of this is really fascinating because it's definitely like there's a lot of tolerance for people turning the camera off mid-meeting, you know, for just a moment maybe their kid came into the room or something or they're eating and they don't want to watch you chew. We actually kind of this wasn't a policy or decision we kind of stumbled into this practice which I think is really interesting and valuable where if there's a document or a presentation or something like that to read, everyone turns their camera off, reads it and then when they're finished they turn their camera on. So you can just glance at the screen at any point to see how many people are done and that's so much more effective than the 15 minutes of the top of the meeting where someone's reading the slides. I mean that at a personal level, I just can't stand it. But but their use of camera off and on can like signal more than just like are we gonna do this call while looking at each other's faces. BOSA: Yeah, it's kind of, it's kind of a delicate, delicate thing in the hybrid work environment. I do want to talk about this data that you guys have been collecting for some time. I've talked to your Chief People Officer in the past as well who's done a lot of great work here. So the latest Slack Future Forum, the latest pulse survey, what were some of the key findings there? BUTTERFIELD: Well, I mentioned them up at the top. It's really the desire for flexibility. There's also an interesting point about the kind of job satisfaction of people who are in positions where they are required to go back to the office for for office workers and the levels of dissatisfaction are nearly twice as high in that case. But I think the biggest one is the 90 plus percent of people who who want flexibility in time, and that's it's so valuable. You know, for me personally, we have a 11-month-old so it's kind of like half-ish of the of the pandemic we’ve had this baby. And there was no like, I gotta get the six eight train to get home by seven before the kid goes to sleep and I wouldn't trade that for anything. BOSA: I'm with you. I also I have a seven-month-old so had the baby at the end of the pandemic and sort of it is a game changer right especially for parents. And you guys have done a lot of good work as well at getting more diversity, more representation in the hybrid work model. How do you do that? Give us sort of some concrete examples. BUTTERFIELD: Well, I mean, I guess there's two. One is you can hire anywhere and there's lots of before we had I think 15 offices in nine or 10 countries. We still have several of those offices, but we're no longer constrained to hiring in those geographic regions. So in the US, it was San Francisco and New York and there were a couple people in Boston we had just opened a very small Chicago office, but now we're hiring all over the place, in Atlanta, in St. Louis, throughout like the Great Lakes states, throughout the Southwest and Phoenix and in Texas and that just opens you up to a much more diverse workforce broadly. The other one is people are kind of on a slightly more even footing and there's there's some mixed feedback from people who are in groups that are traditionally underrepresented in tech. But I think net it's a big advantage to not have to come into the office, to not have to kind of get the microaggressions and the parts of the culture that don't really work for people when they're physically in the office. So, it is like a little bit of a cognitive load that comes off and people end up happier with their jobs. BOSA: Yeah. Stewart so I know that your company in particular, others like Dropbox I can think of, have really made this, had thought it out and created this strategy. But I have become a little bit more skeptical that of companies that say they want to do remote work or hybrid workforce, and don't really have that strategy laid out and this hits on another question that we got in from a viewer and he or she asks, “Are we defining remote and hybrid work the same, are companies working remotely until they can return to the office?” So is it a good talking point for now? Are they sort of saying they're embracing especially when we talk about things like the talent war, just to kind of go back on it when it is more acceptable to go to the office? BUTTERFIELD: Yeah, I think there's definitely some wishful thinking in the sense that like, we're just not going to think about this and assume that everything's going to go back to the way it was. At this point, it’s clear that it's not happening. If this was like a one-week event in March of 2020, then obviously people wouldn't have broken any of their habits. If it's six months, you know, maybe that starts to change. If it's a year, two years, certainly everyone would agree if this goes on for 20 years, we're not just going to go back to the way things are. So I think the disagreement is like where is that threshold where like the habits are now deeply ingrained. I think we're well past that. So anyone who's kind of putting off decision making at this point years into the pandemic for how we're going to work is going to suffer as a result and it's not just the strategy. It's like the investment that you make in training people and how to become more effective communicators. It is kind of mind boggling to me how little we invest, and I would include us in that in the category. We do more and more and more but how little people invest in training people to be more effective communicators, to have more effective meetings, to make better use of these tools when that's what people are doing all day. BOSA: Okay, I like this idea of training and we've talked a lot on the employee side of this. But here's another great question. She asks, “What are the skills that managers need to effectively manage a remote slash hybrid workforce?” BUTTERFIELD: That's a great question and I think that a lot of managers’ job satisfaction has plummeted over this period. They're in a much more difficult position kind of, you know, stuck especially people in middle management. I don't mean that in a disparaging way. I just mean like, you know, frontline managers and directors who are responsible for these groups, they have all these new challenges that didn't exist before and the fact that people are working from home means that there's a little bit more of a blend of work and life. There's obviously a lot of stress. There was a lot of illness, there was financial consequences. So they're having to be kind of almost social workers or counselors. The skills I think are really much more on that axis of what we sometimes used to call soft skills, and those become more and more important for for managers. And again, another area where we could truly invest in in training and support and we've definitely started to do that. We've seen other companies trying to do that, but there's much more that we could do to better support those managers. BOSA: It's a great answer. Stewart as we only have a few minutes left, maybe just a big picture question. Where do you think we are five years from now? How many companies are truly, have true hybrid workforces or are remote first? BUTTERFIELD: Yeah, I think it's going to vary not just by company and region, but also kind of by department. As you know, my wife is the CEO of Away, the travel brand. Their product team in contrast to Slack’s product team which is like kind of all digital software making people. If you're designing luggage, it's tough to do that without the other people in the room and evaluating the products. You know, you make prototypes. Same thing is true in architecture. Same thing is obviously true in like TV or movie production. So there are groups of people who, in order to do their work, must be together some of the time or most of the time, and I think we will see more not a hybrid in the sense of like strict remote, strict in office, and now we're going to like 50/50 of them, but more per industry and per function kind of variance in how people work together. BOSA: Yep, certainly seeing that play out. I know my job keeps me in the studio five days a week, which is a good thing because it's worth it. Right. I guess it's making those incentives for the people that need to come in. Stewart, it's great to talk two years on from when we first talked over Zoom on live TV from our new remote studios or makeshift I should call them remote studios. Thanks so much for joining us. BUTTERFIELD: Thank you. Updated on Apr 27, 2022, 3:12 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkApr 27th, 2022

The Boeing 777X won"t be delivered to airlines until 2025. Take a look at the enormous new flagship Boeing hopes will be its redemption.

The Boeing plane is the largest twin-engine jet to ever take to the skies and will carry more passengers than its predecessor while using less fuel. The first flight of the Boeing 777X.Stephen Brashear/Getty Boeing's newest aircraft, the Boeing 777X, flew for the first time in January 2020 after lengthy delays. It's the largest twin-engine jet in the world and Boeing's latest new aircraft to fly since the grounding of the 737 Max. Boeing said in April that certification delays have pushed its first delivery back to 2025. Visit Business Insider's homepage for more stories. Boeing's latest history-making plane continues to be delayed. The Boeing 777X will not be delivered until late 2023, its manufacturer announced on Wednesday, further delaying the aircraft's debut well-beyond the planned time frame of 2020. Boeing attributed the delay to numerous factors including the pandemic, reduced demand, and new certification requirements. The twin-engine jet first graced the skies in January 2020 when it lifted off from Paine Field in Everett, Washington following a day of weather delays. A total of four test aircraft now roam the skies, pushing the limits of the aircraft in advance of its certification to fly passengers.Boeing designed the 777X to be the first next-generation variant of Boeing's popular 777 product line, which first flew in the 1990s and currently sees service with the world's leading airlines. The plane is equipped with new engines developed by General Electric and a longer pair of wings, enabling it to carry more passengers while operating more efficiently than its predecessor aircraft, effectively replacing the Boeing 747 Jumbo Jet. When it first took flight, the 777X became the largest twin-engine jet aircraft to ever fly. Though a milestone aircraft for Boeing, its 2020 aerial debut was hampered by the crash of an Ethiopian Airlines Boeing 737 Max and the subsequent worldwide grounding of the narrow-body jet due to issues with the aircraft's software stemming from its development.Take a look at the plane Boeing hopes will be its redemption.  Boeing's 777 became popular in the mid-90s as the next step up from its 767. Large twin-engine aircraft were gaining popularity due to their efficiency and changing attitudes toward their safety.A Boeing 777-200 test aircraft.Reuters/StringerSource: BoeingFast-forward to more recent days: Boeing looked back to its famous 777 to see if it could be improved using technology from its latest widebody, the smaller 787 Dreamliner.View of one of two Rolls Royce Trent 1000 engines of Boeing 787 Dreamliner during a media tour of the aircraft ahead of the Singapore Airshow in SingaporeReutersRead More: Boeing's revolutionary 787 Dreamliner has changed air travel forever. Here's how the company left competitors in the dust with a risky $8 billion bet.Source: BoeingAnd so, the 777X was born.A Boeing 777X aircraft being built by Boeing.Stephen Brashear/GettyJust like the aircraft that came before it, Boeing would create two variants, the -8 and -9.A Boeing 777X aircraft in production.Stephen Brashear/GettyThe -9 aircraft would be the first to be manufactured, with production beginning in October 2017.A Boeing 777X without paint at Paine Field.JASON REDMOND/AFP/GettySource: BoeingAt 251 feet and 9 inches in the length, the aircraft would be the largest twin-engine aircraft to roam the skies.A Boeing 777x aircraft.LINDSEY WASSON/ReutersSource: BoeingIts wingspan is almost as wide as the aircraft is long — wingtip to wingtip it spans 212 feet and 8 inches.The wingspan of a Boeing 777X.TERRAY SYLVESTER/ReutersSource: BoeingThe aircraft has two different wingspan lengths thanks to a unique feature of the aircraft: the wingtips extend flat before takeoff to improve fuel efficiency.The retractable wingtips of a Boeing 777X.TERRAY SYLVESTER/ReutersPilots activate the function via a switch in the cockpit and retract them right after landing to avoid hitting anything on the ground.A Boeing 777X with its wingtips retracted.TERRAY SYLVESTER/ReutersThe wingspan with the extended wingtips is 235 feet, nearly enough to fit two Boeing 757 aircraft back to back.A Boeing 777X preparing to take flight.LINDSEY WASSON/ReutersSource: BoeingWhile the range of the new -9 and the last generation 777-300ER are comparable, the draw to the new aircraft is its efficiency and extra carrying capacity.A Boeing 777X taxing back to its hangar.LINDSEY WASSON/ReutersSource: BoeingThe aircraft's increased efficiency and similar range to its predecessors despite the additional load are made possible thanks to General Electric Aviation's GE9X engines.A General Electric GE9X engine used exclusively on the Boeing 777X.JASON REDMOND/AFP/GettySource: BoeingThe huge engines are large enough for a Boeing 737 fuselage to fit inside.The GE Aviation GE9X engine powers the Boeing 777X.TERRAY SYLVESTER/ReutersThe fuel-efficient measures of the aircraft lead Boeing to boast that it will offer 10 percent less fuel burn, emissions, and operating costs.A Boeing 777X aircraft taxing in Washington.Stephen Brashear/Getty ImagesSource: BoeingBoeing also estimates that the -9 can carry 426 passengers in a two-cabin configuration, 30 more than the -300ER.A Boeing 777X taxing to the hangar.TERRAY SYLVESTER/ReutersSource: BoeingPassengers can look forward to larger windows, more natural light, quieter engines, and a more spacious cabin.A Boeing 777X taxing at Paine Field.JASON REDMOND/AFP/GettySource: BoeingIts first flight was scheduled for January 24, 2020, three years after production began. That flight was scrapped, however, due to bad weather in the area.A Boeing 777X taxis following a failed first flight attempt.LINDSEY WASSON/ReutersThe next day, with the sun shining, the aircraft successfully departed from Paine Field north of Seattle and away from the grounded Max aircraft at Boeing Field.The first flight of the Boeing 777X.Stephen Brashear/GettyA monumental day for Boeing, the aircraft performed routine tests before heading back to Seattle.The flight path of the Boeing 777X's first flightFlightRadar24Source: FlightRadar24But not before stopping for a photo with Mt. Rainer, a Boeing staple.The first Boeing 777X flight landing at Boeing Field.JASON REDMOND/AFP/GettyThe second 777X built by Boeing took flight on April 30, 2020, flying for just under 3 hours on its first trip to the skies.The second Boeing 777X test aircraft taking flight for the first time.BoeingSource: BoeingThe second of four flight test aircraft, this plane tested the 777X's flight handling characteristics and performance capabilities. Boeing flew the plane from its birthplace at Everett, Washington's Paine Field to Seattle's Boeing Field.The second Boeing 777X test aircraft taking flight for the first time.BoeingSource: BoeingA third aircraft took flight on August 3, 2020, departing from its home at Paine Field and heading as far south as Salem, Oregon before heading home via Spokane, Washington and a few touch-and-go maneuvers at an airport in Moses Lake, Washington.Boeing's third 777X aircraft departing on a test flight.BoeingSource: Flighradar24This test aircraft will focus on the auxiliary power unit – known as the third engine as it provides additional energy for functions such as engine start – as well as the aircraft's avionics, flight loads, and propulsion performance.Boeing's third 777X aircraft departing on a test flight.BoeingInstead of the Boeing house livery that its predecessors wear, the third aircraft's fuselage is nearly all white with the Boeing logo and other small lettering and branding providing the only color.Boeing's third 777X aircraft departing on a test flight.BoeingThe tail, however, remained the same.Boeing's third 777X aircraft departing on a test flight.BoeingThe aircraft will continue test flights until it receives certification from the world's aviation regulatory agencies. So far, Boeing has logged around 100 hours of test flying with the new type.A Boeing 777X test flight.Stephen Brashear/GettyWhen it does receive the certification, expected to be rigorous following the issues exposed with the Boeing 737 Max certification, deliveries can begin to customers, with Emirates first on the list.Emirates Boeing 777-300ER aircraft in Dubai.ReutersSource: ForbesSeven other airlines have the aircraft on order including Lufthansa, Singapore Airlines, Qatar Airways, British Airways, All Nippon Airways, Etihad Airways, and Cathay Pacific.A Boeing 777X aircraft departing Paine Field.JASON REDMOND/AFP/GettySource: BoeingAs is Boeing's custom, painted on the side of the fuselage of the first test plane are the tails of each airline that has an order in for the plane.A Boeing 777X aircraft on its first test flight.Stephen Brashear/Getty ImagesThe cost per plane stands at $442.2 million, but some airlines receive discounts for buying in bulk.A Boeing 777X aircraft preparing for takeoff.JASON REDMOND/AFP/GettySource: BoeingFor the majority of the airlines on the list, an Airbus aircraft serves as the flagship, though the 777X will likely take that spot.A Boeing 777X preparing for its first test flight amid bad weather.Stephen Brashear/GettyThe first delivery – and likely the first passenger flight – of the aircraft was expected in late 2023 following pandemic-related delays.A taxing Boeing 777 in Seatle, Washington.JASON REDMOND/AFP/GettyRead More: Boeing's Washington facilities closed indefinitely due to COVID-19. Take a look at the greatest successes and failures which were built there."This schedule, and the associated financial impact, reflect a number of factors, including an updated assessment of global certification requirements, the company's latest assessment of COVID-19 impacts on market demand, and discussions with its customers with respect to aircraft delivery timing," Boeing said in a statement at the time.A Boeing 777X test flight.Stephen Brashear/GettyIn April 2022, the company announced plans to halt production of the 777x through 2023 amid certification delays, pushing the jet's entry into service to 2025.Boeing 777X.BoeingSource: BoeingThis delay will give Boeing time to address the 777X's certification process but will incur an additional $1.5 billion in costs until the jet resumes production.Boeing 777X.BoeingUntil then Boeing will have to be satisfied with its creation of the world's largest twin-engine passenger jet.The Boeing 777X at Dubai Airshow 2021.Thomas Pallini/InsiderRead the original article on Business Insider.....»»

Category: personnelSource: nytApr 27th, 2022

Oil & Gas Stock Roundup: Equinor"s Discovery, Murphy"s GoM Start-Up & More

Apart from Equinor (EQNR) and Murphy Oil (MUR), there was news regarding Shell (SHEL), TotalEnergies (TTE) and Delek Logistics Partners (DKL) during the week. It was a week wherein oil prices rose back above $100 and natural gas futures crossed the $7 threshold for the first time in more than a decade.On the news front, Norwegian oil major Equinor ASA EQNR made a hydrocarbon discovery in the North Sea, while U.S. producer Murphy Oil MUR started crude production from a project in the deepwater Gulf of Mexico (GoM). Announcements from Shell plc SHEL, TotalEnergies TTE and Delek Logistics Partners DKL also made it to the headlines.Overall, it was a good seven-day period for the sector. West Texas Intermediate (WTI) crude futures gained around 8.8% to close at $106.95 per barrel, while natural gas prices surged more than 16% to end at $7.30 per million British thermal units (MMBtu). In particular, the oil market rose for just the second time in six weeks.Coming back to the holiday-shortened week ended Apr 14, oil prices settled higher on concerns about supplies from Russia, which is one of the world's largest producers of the commodity. Speculation has it that the European Union could shortly follow the United States in blocking imports of Russian energy to protest Moscow’s invasion of Ukraine.Natural gas finished up even more strongly, reflecting colder-than-normal late winter weather, lower domestic output, strong LNG shipments and high coal prices.Recap of the Week’s Most-Important Stories1. Norway-based energy biggie Equinor announced an oil and gas discovery near the Troll and Fram area in the Norwegian North Sea. The discovery was made in the Kveikje exploration well in production license 293 B. The well was drilled with the help of Odfjell Drilling's Deepsea Stavanger offshore drilling rig.This is the sixth breakthrough in this area since September 2019. About 300 million barrels of oil equivalent have been confirmed in the five previous findings. Based on preliminary estimates, the size of the latest discovery is expected at 4-8 million standard cubic meters of recoverable oil equivalent or 25-50 million barrels of recoverable oil equivalent. The latest discovery is commercially viable, with excellent reservoir quality.Using the existing infrastructure, Equinor will be able to recover the oil and gas volumes at a lower cost and with low carbon emissions. The company will consider tying the discovery to the Troll B or C platform. (Equinor Finds Oil & Gas in Kveikje Exploration Well)2.   Murphy Oil announced that its King’s Quay floating production system achieved the first oil from the Khaleesi, Mormont and Samurai field development project in deepwater GoM. Once the project is fully operational by the end of this year, it is expected to process 85 thousand barrels of oil per day (MBOEPD) and 100 million cubic feet of natural gas per day.Murphy Oil is one of the leading producers in the GoM. MUR generated 61 MBOEPD in the fourth quarter of 2021. Achieving the first oil from this offshore field on schedule and within budget shows Murphy Oil’s focus on expanding domestic oil production. At present, the Zacks Rank #1 (Strong Buy) company is completing the remaining five wells in the seven-well project.You can see the complete list of today’s Zacks #1 Rank stocks here.The target for initial oil production from the Khaleesi, Mormont and Samurai project is 20,000 barrels per day and is expected to rise in the upcoming years. The production is forecast to generate a significant free cash flow, which will allow MUR to continue to deleverage the $600-$650 million range of the targeted debt reduction in 2022 and the optionality of up to $1 billion in 2023. (Murphy Gets First Oil From King's Quay in Offshore GOM)3   London-based oil and gas major Shell, and the Chinese conglomerate — BYD — announced that the two entities would get into a strategic cooperation agreement associated with plug-in electric vehicles (EVs) in China and Europe to begin with and possibly in other regions worldwide in the future.Shell and BYD mentioned that they plan to form a joint venture to develop EV charging networks in China. They have come up with a blueprint to operate a network of more than 10,000 charging points in China’s Shenzhen at the beginning and the Guangdong province in the near future. The network will be further expanded to more sites in the country.Both firms will jointly look for opportunities to create BYD-Shell EV hubs in crucial European markets and form a pan-European Mobility Service Provider partnership and cooperatively develop fleet solutions and depot charging services for BYD customers in Europe. (Shell & BYD Partner for EV Charging in Europe & China)4   French supermajor TotalEnergies and ENEOS entered into a joint venture to build onsite B2B solar distributed generation across Asia. Through the joint venture, these companies aim to develop 2 gigawatts (GW) of decentralized solar capacity over the next five years.The joint venture will utilize TotalEnergies’ global footprint and expertise in this market segment as well as ENEOS’ expertise in renewables and strong brand presence to reduce the cost of developing onsite solar solutions for industrial and commercial customers. The ultimate aim is to lower emissions and reduce dependency on the grid.As the demand for solar energy is expected to increase substantially in this region in the next 10 years, the joint venture should gain from the rising demand. Given the expected increase in demand, these companies might upwardly revise their clean power generation goal for the next five years. (TotalEnergies & ENEOS to Build 2GW Solar JV in Asia)5.   Brentwood, TN-based energy infrastructure firm Delek Logistics Partners declared that it signed a definitive agreement for the full acquisition of the equity stake of privately owned 3Bear Delaware Holding — an indirect subsidiary of 3Bear Energy.The takeover, which includes 3Bear’s crude oil and gas gathering, processing and transportation businesses along with the water disposal and recycling operations in the New Mexico portion of the Delaware sub-basin, was concluded for a cash consideration worth $624.7 million.According to Delek Logistics, this tactical deal will considerably improve its third-party revenues and help diversify its consumer base and product mix. It will also expand its position in the Delaware Basin. The acquisition, which is projected to result in an investment multiple of around 6.25 times 2023 EBITDA, provides instant growth to the distributable cash flow and strengthens environmental, social and governance optionality via carbon capture opportunities and greenhouse gas reduction projects in progress. (Delek Expands in Permian Basin by Acquiring 3Bear Energy)Price PerformanceThe following table shows the price movement of some major oil and gas players over the past week and during the last six months.Company    Last Week    Last 6 MonthsXOM              +1.1%               +41.5%CVX               +1%                  +58.7%COP              -1.6%                +38.9%OXY               -4%                   +86.4%SLB               +1.6%               +27.9%RIG                +2.9%               +17.1%VLO               +1.6%               +41.2%MPC              +0.3%               +35.7%The Energy Select Sector SPDR — a popular way to track energy companies — edged up 0.4% last week. Over the past six months, the sector tracker has increased 41.2%.What’s Next in the Energy World?As the global oil consumption outlook strengthens amid tightening fundamentals, market participants will closely track the regular releases to watch for signs that could further validate the upward momentum. In this context, the U.S. Government’s statistics on oil and natural gas — one of the few solid indicators that come out regularly — will be on energy traders' radar. Data on rig count from the oilfield service firm Baker Hughes, which is a pointer to the trends in U.S. crude production, is closely followed too. News related to the ongoing Russia-Ukraine geopolitical conflict and the potential demand hit from the resurgence of new coronavirus cases in China will be other factors that will dictate the near-term price direction for oil. Finally, there will be 2022 Q1 earnings, with the first batch of S&P 500 components coming up with quarterly results. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Murphy Oil Corporation (MUR): Free Stock Analysis Report Delek Logistics Partners, L.P. (DKL): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksApr 20th, 2022

Truist reports first quarter 2022 results

First quarter 2022 GAAP earnings of $1.3 billion, or $0.99 per diluted share First quarter 2022 Adjusted earnings of $1.6 billion, or $1.23 per diluted share Results reflect solid loan growth, strong expense control, and continued favorable credit results Fee revenues were impacted by market volatility and geopolitical uncertainty Final core bank conversion complete CHARLOTTE, N.C., April 19, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE:TFC) today reported earnings for the first quarter of 2022. Net income available to common shareholders of $1.3 billion was relatively stable compared to the first quarter last year. Earnings per diluted common share were $0.99, an increase of 1.0% compared with the same period last year. Results for the first quarter produced an annualized return on average assets (ROA) of 1.07%, an annualized return on average common shareholders' equity (ROCE) of 9.0%, and an annualized return on tangible common shareholders' equity (ROTCE) of 18.6%. Adjusted net income available to common shareholders was $1.6 billion, or $1.23 per diluted share, excluding merger-related and restructuring charges of $216 million ($166 million after-tax), incremental operating expenses related to the merger of $202 million ($155 million after-tax), a gain on the redemption of noncontrolling equity interest of $74 million ($57 million after-tax) related to the acquisition of certain merchant services relationships, and losses on the sales of securities of $69 million ($53 million after-tax). Adjusted results produced an annualized ROA of 1.31%, an annualized ROCE of 11.1%, and an annualized ROTCE of 22.6%. Adjusted earnings per diluted share were up 4.2% compared to the prior year. "The first quarter was a historic one for Truist as we completed our largest conversion event, transitioning nearly seven million clients to the Truist ecosystem and rebranding more than 6,000 branches and ATMs to Truist," said Chairman and CEO Bill Rogers. "We now operate officially as one brand and one bank to our clients. This accomplishment was possible because of the expertise, purposeful commitment, and hard work of thousands of teammates and for them, I am grateful. We remain guided by our purpose as we continue supporting our clients through the transition and look forward to shifting our focus to executional excellence and purposeful growth throughout this year. "We had a solid first quarter in terms of earnings, though underlying results were mixed in light of market volatility and geopolitical uncertainty. Our strengths this quarter included an improving core margin, with more upside from here, strong expense discipline and continued favorable credit results. Revenues were lower as a result of a challenging environment for investment banking and mortgage, but we remain confident in our outlook given expectations for higher interest rates, our diverse business model, and continued expense discipline. At the same time, we acknowledge the increasing uncertainty presented by a range of geopolitical and economic risks. "We continued living our purpose for our stakeholders in many ways this quarter, including through the unveiling of Truist One Banking, a first-of-its-kind approach to the checking account experience, developed from direct client feedback. This new approach offers many solutions our clients asked for, including no overdraft fees, that will help more families gain access to mainstream banking services. We announced a goal to achieve net-zero greenhouse emissions by 2050, supporting our clients' transition to a low-carbon economy; and we continue to be well ahead of schedule with regard to our $60 billion Community Benefits Plan commitment. This is only the beginning for Truist as we work to create distinctive client experiences that inspire and build better lives and communities." First Quarter 2022 Performance Highlights Earnings per diluted common share for the first quarter of 2022 were $0.99 Adjusted diluted earnings per share were $1.23 up $0.05 per share, or 4.2%, compared to first quarter 2021 driven by a lower provision for credit losses ROA was 1.07%; adjusted ROA was 1.31% ROCE was 9.0%; adjusted ROCE was 11.1% ROTCE was 18.6%; adjusted ROTCE was 22.6% Taxable-equivalent revenue for the first quarter of 2022 was $5.4 billion, down 4.3% compared to fourth quarter 2021 and down 2.9% compared to first quarter 2021 Noninterest income was down 7.8% compared to fourth quarter 2021 and down 2.5% compared to first quarter 2021 Investment banking revenues were lower due to volatile market conditions Residential mortgage income declined due to lower margins and refinance volumes resulting from the higher rate environment Strong insurance income due to continued organic growth and acquisitions Taxable-equivalent net interest income was down 1.8% compared to fourth quarter 2021 and down 3.1% compared to first quarter 2021 Decline compared to fourth quarter 2021 was primarily due to two fewer days, lower purchase accounting accretion and lower PPP fees Net interest margin was 2.76%, flat from fourth quarter 2021 Core net interest margin was 2.57%, up two basis points from fourth quarter 2021, driven by lower premium amortization on the securities portfolio GAAP operating leverage was negative 460 basis points year-over-year Adjusted operating leverage was negative 240 basis points year-over-year Noninterest expense for the first quarter of 2022 was $3.7 billion, down 0.7% compared to fourth quarter 2021 and up 1.8% compared to first quarter 2021 Adjusted noninterest expense was $3.1 billion, down 0.4% compared to fourth quarter 2021 as lower incentives were partially offset by seasonally higher payroll taxes Adjusted noninterest expenses was relatively stable compared to first quarter 2021 as lower incentives, lower salaries from fewer FTEs and lower net occupancy costs were partially offset by higher software, marketing and other expenses GAAP efficiency ratio was 69.0%, compared to 66.5% for fourth quarter 2021 Adjusted efficiency ratio was 58.3%, compared to 56.0% for fourth quarter 2021 Asset quality remains excellent, reflecting our prudent risk culture, diverse portfolio, and the continued favorable credit environment Nonperforming loans held for investment ratio was 0.36%, down two basis points compared to the fourth quarter 2021 Net charge-offs were 0.25% of average loans and leases, stable compared to fourth quarter 2021 The ALLL ratio was 1.44% compared to 1.53% for fourth quarter 2021 Provision for credit losses was a benefit of $95 million for first quarter 2022, primarily reflecting the continued favorable credit environment The ALLL coverage ratio was 5.78X annualized net charge-offs, versus 6.14X for fourth quarter 2021 Capital and liquidity levels remained strong; deployed capital through organic loan growth, dividend and acquisitions Common equity tier 1 to risk-weighted assets was 9.4% Completed acquisition of Kensington Vanguard National Land Services to expand title insurance operations and acquired certain merchant services relationships Consolidated average LCR ratio was 111%   EARNINGS HIGHLIGHTS Change 1Q22 vs. (dollars in millions, except per share data) 1Q22 4Q21 1Q21 4Q21 1Q21 Net income available to common shareholders $  1,327 $  1,524 $  1,334 $    (197) $        (7) Diluted earnings per common share 0.99 1.13 0.98 (0.14) 0.01 Net interest income - taxable equivalent $  3,209 $  3,267 $  3,313 $      (58) $    (104) Noninterest income 2,142 2,323 2,197 (181) (55)      Total taxable-equivalent revenue $  5,351 $  5,590 $  5,510 $    (239) $    (159) Less taxable-equivalent adjustment 26 24 28      Total revenue $  5,325 $  5,566 $  5,482 Return on average assets 1.07 % 1.19 % 1.17 % (0.12) % (0.10) % Return on average risk-weighted assets (current quarter is preliminary) 1.46 1.64 1.58 (0.18) (0.12) Return on average common shareholders' equity 9.0 9.8 8.7 (0.8) 0.3 Return on average tangible common shareholders' equity (1) 18.6 18.9 16.4 (0.3) 2.2 Net interest margin - taxable equivalent 2.76 2.76 3.01 — (0.25) (1) Excludes certain items as detailed in the non-GAAP reconciliations in the Quarterly Performance Summary. First Quarter 2022 compared to Fourth Quarter 2021 Total taxable-equivalent revenue was $5.4 billion for the first quarter of 2022, a decrease of $239 million, or 4.3%, compared to the prior quarter. Net interest income for the first quarter of 2022 was down $58 million, or 1.8%, compared to the prior quarter due primarily to fewer days, lower purchase accounting accretion and lower fees from PPP loans, partially offset by lower premium amortization related to the securities portfolio. Average earning assets decreased $945 million, or 0.2%, compared to the prior quarter, as growth in average total loans of $1.4 billion, or 0.5%, was more than offset by decreases of $935 million, or 14%, in average trading assets, $718 million, or 0.5%, in average securities, and $702 million, or 3.6%, in average other earning assets. Average deposits increased $4.3 billion, or 1.0%, and average long-term debt decreased $2.3 billion, or 6.1% due to redemptions and maturities. The net interest margin was 2.76% for the first quarter, flat compared to the prior quarter. The yield on the total loan portfolio for the first quarter was 3.69%, down ten basis points compared to the prior quarter primarily due to lower purchase accounting accretion and lower PPP fees. The yield on the average securities portfolio for the first quarter was 1.68%, up 11 basis points compared to the prior quarter due to lower premium amortization. Core net interest margin was 2.57%, for the first quarter, up two basis points compared to the prior quarter driven by lower premium amortization on securities, partially offset by lower fees on PPP loans. The average cost of total deposits was 0.03%, flat compared to the prior quarter. The average cost of long-term debt was 1.50%, up 15 basis points compared to the prior quarter resulting from hedging activity. The provision for credit losses was a benefit of $95 million and net charge-offs were $178 million for the first quarter, compared to a benefit of $103 million and net charge-offs of $182 million, respectively, for the prior quarter. The net charge-off ratio for the current quarter of 0.25% was stable compared to fourth quarter 2021. Noninterest income was $2.1 billion, a decrease of $181 million, or 7.8%, compared to the prior quarter. The first quarter of 2022 includes securities losses of $69 million and the gain on the redemption of a noncontrolling equity interest (other income) of $74 million. Investment banking and trading income decreased $116 million, or 31%, due to lower merger and acquisition fees, loan syndication fees, high-yield bonds and equity originations. Residential mortgage income decreased $70 million, or 44%, primarily due to lower production income (due to lower margins and refinance volumes). Revenues from residential mortgage servicing activities were down slightly as lower servicing fees and higher hedging costs were partially offset by lower decay related to mortgage servicing assets. Insurance income increased $61 million, or 9.2%, primarily due to seasonally higher employee benefit plan commissions. Service charges on deposits and card and payment related fees were down $33 million primarily due to seasonality. Excluding the gain on the redemption of noncontrolling equity interest and a $37 million decrease for assets held for certain post-retirement benefits, which is primarily offset by lower personnel expense, other income increased $31 million as the prior quarter included a valuation decrease for derivatives related to Visa shares. Noninterest expense was $3.7 billion for the first quarter, down $26 million, or 0.7%, compared to the prior quarter. Merger-related and restructuring charges were relatively stable as higher costs incurred for client day one conversions were largely offset by lower costs in connection with system conversions, data center migrations, and the voluntary separation and retirement program. Incremental operating expenses related to the merger decreased $13 million compared to fourth quarter 2021 primarily reflected in personnel expense, partially offset by higher net occupancy expense in connection with updating the branch network to incorporate the Truist brand. Excluding the aforementioned items and the amortization of intangibles, adjusted noninterest expense decreased $12 million, or 0.4%, compared to the prior quarter. Personnel expense decreased $45 million ($10 million on an adjusted basis), or 2.1%, compared to fourth quarter 2021 due to lower incentives resulting from declines in noninterest income and lower other employee benefits due to the decrease in noninterest income for post-retirement benefits, partially offset by seasonally higher payroll taxes. The decrease in personnel expense was partially offset by increased operational losses (other expense) and increased marketing and customer development costs. The provision for income taxes was $330 million for the first quarter of 2022, compared to $367 million for the prior quarter. The effective tax rate for the first quarter of 2022 was 18.9%, compared to 18.6% for the prior quarter. First Quarter 2022 compared to First Quarter 2021 Total taxable-equivalent revenues were $5.4 billion for the first quarter of 2022, a decrease of $159 million, or 2.9%, compared to the earlier quarter. Net interest income for the first quarter of 2022 was down $104 million, or 3.1%, compared to the earlier quarter due to lower purchase accounting accretion, lower PPP fees, and a decrease in loan balances. These decreases were partially offset by growth in the securities portfolio and lower funding costs. Average earning assets increased $26.0 billion, or 5.9%, compared to the earlier quarter. The increase in average earning assets reflects a $30.4 billion, or 25%, increase in average securities, a $1.5 billion, or 8.7%, increase in average other earning assets, and a $1.1 billion, or 23%, increase in average interest earning trading assets, while average total loans and leases decreased $7.1 billion, or 2.4%. The growth in average earning assets is a result of the deployment of strong deposit growth resulting from fiscal and monetary stimulus. Average deposits increased $32.1 billion, or 8.4%, compared to the earlier quarter, while average long-term debt decreased $2.5 billion, or 6.6%. Net interest margin was 2.76%, down 25 basis points compared to the earlier quarter. The yield on the total loan portfolio for the first quarter of 2022 was 3.69%, down 40 basis points compared to the earlier quarter, reflecting the impact of lower purchase accounting accretion, lower PPP fees, and the ongoing impact of the lower rate environment. The yield on the average securities portfolio was 1.68%, up 23 basis points compared to the earlier quarter primarily due to higher yields on new purchases and lower premium amortization. Core net interest margin was 2.57% for the first quarter, down 12 basis points compared to the earlier quarter driven by lower PPP fees, higher levels of liquidity, and the ongoing impact of the lower rate environment. The average cost ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaApr 19th, 2022

National Bank Holdings Corporation Announces First Quarter 2022 Financial Results and Agreement to Acquire Rock Canyon Bank

DENVER, April 18, 2022 (GLOBE NEWSWIRE) -- National Bank Holdings Corporation (NYSE:NBHC) reported:                         For the quarter     1Q22   4Q21   1Q21 Net income ($000's)   $ 18,352   $ 22,769   $ 26,812 Earnings per share - diluted   $ 0.60   $ 0.74   $ 0.86 Return on average tangible assets(1)     1.07%     1.30%     1.65% Return on average tangible common equity(1)     10.31%     12.37%     15.20%                                                        (1)   Ratios are annualized. See non-GAAP reconciliations below.       Today National Bank Holdings Corporation (the "Company" or "NBHC"), the holding company for NBH Bank, announces the signing of a definitive merger agreement to acquire Community Bancorporation ("CB"), the holding company for Rock Canyon Bank, headquartered in Provo, Utah and operating in the greater Salt Lake City region. Upon completion of the exclusively negotiated transaction, NBHC will have approximately $9.6 billion in pro forma assets, including $6.0 billion in total loans, and $8.4 billion in total deposits when combined with the previously announced acquisition of Bancshares of Jackson Hole Incorporated. NBHC will also become the #1 third-party SBA loan volume originator in the state of Utah. "Our focus on expanding NBHC's presence in high performing U.S. markets is again demonstrated by the announcement of our intent to acquire Rock Canyon Bank," said Tim Laney, Chairman, President and CEO of National Bank Holdings Corporation. "Rock Canyon Bank's highly successful SBA business strategy de-risks the balance sheet, produces strong fee income, and is scalable across our franchise. Equally important, this acquisition strengthens our position as a premier regional bank serving the fast-growing Salt Lake City region. Rock Canyon Bank clients will continue to enjoy the exceptional service and local decision making they have come to expect. They will also benefit from enhanced service offerings including expanded commercial loan and treasury management solutions." "We are pleased to have found a partner in NBH Bank that shares our commitment to serving local businesses by providing highly personalized service that supports our clients' and our communities' success," said Park Roney, President and CEO of Community Bancorporation and Chairman of Rock Canyon Bank. "NBH Bank has earned a reputation as an outstanding bank and is our partner of choice." Tod Monsen, CEO of Rock Canyon Bank went on to say, "NBH Bank brings us best-in-class banking solutions for our clients, and I am looking forward to working alongside their proven and high energy leadership team as we work to take our performance to the next level." Under the terms of the agreement, CB shareholders will receive approximately $16.1 million of cash consideration and approximately 3.1 million shares of NBHC common stock, subject to certain potential adjustments. The transaction has a value of $136.0 million in the aggregate, based on NBHC's closing price of $38.69 on April 14, 2022. In announcing NBHC's first quarter 2022 results, Tim Laney shared, "We're off to a solid start delivering quarterly earnings of $0.60 per diluted share. Our teams delivered record first quarter loan fundings driving strong annualized core loan growth of 15.8%. We continue to deliver on our proven track record of maintaining excellent credit quality with a record low non-performing loans ratio of 0.24%. Our excess liquidity coupled with a fortress balance sheet leaves the bank well positioned to address any implications of an economic downturn, while also providing optionality to be leveraged for future growth." First Quarter 2022 Results(All comparisons refer to the fourth quarter of 2021, except as noted) Net income totaled $18.4 million, or $0.60 per diluted share, during the first quarter of 2022, compared to $22.8 million or $0.74 per diluted share during the fourth quarter of 2021. The return on average tangible assets was 1.07%, compared to 1.30%, and the return on average tangible common equity was 10.31%, compared to 12.37%. Net Interest IncomeFully taxable equivalent net interest income totaled $48.0 million during the first quarter of 2022, a decrease of $2.8 million driven by $1.9 million lower accretion income from acquired loans, $1.4 million lower Paycheck Protection Program ("PPP") loan fee income and a $0.9 million decrease from two fewer calendar days. These decreases were partially offset by higher loan volumes and yields as well as lower cost of funds. The fully taxable equivalent net interest margin narrowed 13 basis points to 2.90% due to lower accretion income from acquired loans and lower PPP loan fees. While the impact of the 25 basis point increase in the federal funds rate on March 16, 2022 had a nominal impact on the Company's first quarter 2022 results, the Company's net interest income in future periods will benefit from this rate increase. The yield on earnings assets decreased 13 basis points, and the cost of deposits improved one basis point to a record low 0.17%. LoansTotal loans ended the quarter at $4.7 billion, an increase of $160.9 million over the prior quarter. Excluding PPP loans of $7.6 million and $21.7 million for the first and fourth quarters respectively, total loans increased $174.9 million or 15.8% annualized, led by commercial loan growth of $152.9 million or 19.7% annualized. We generated record first quarter loan fundings totaling $419.7 million, led by commercial loan fundings of $305.3 million. Asset Quality and Provision for Loan LossesThe Company recorded $0.3 million of provision release during the quarter driven by strong asset quality. Annualized net charge-offs totaled 0.05%, compared to 0.02% in the prior quarter. Non-performing loans (comprised of non-accrual loans and non-accrual TDRs) remained a record low 0.24% of total loans, and non-performing assets decreased four basis points to 0.35% of total loans and OREO. The allowance for credit losses as a percentage of total loans totaled 1.04%, compared to 1.10% at December 31, 2021. DepositsAverage total deposits increased $33.8 million or 2.2% annualized, to $6.2 billion for the first quarter 2022. Average transaction deposits (defined as total deposits less time deposits) increased $63.7 million or 4.9% annualized. The mix of transaction deposits to total deposits improved 78 basis points to 87.4% at March 31, 2022. The loan to deposit ratio increased 97 basis points to 73.4%. Non-Interest IncomeNon-interest income totaled $19.1 million, a decrease of $4.2 million primarily driven by $2.2 million lower unrealized gains from equity method investments included in the prior quarter and $0.7 million lower mortgage banking income. Service charges and bank card fees decreased a combined $0.5 million during the quarter due to seasonality. Non-Interest ExpenseNon-interest expense totaled $44.1 million, a decrease of $0.4 million from the prior quarter. Salaries and benefits decreased $0.7 million largely due to two fewer calendar days. Included in the first quarter 2022 were $0.3 million of gains on sale of OREO, compared to $0.7 million in the prior quarter. The fully taxable equivalent efficiency ratio was 65.3% at March 31, 2022, compared to 59.7% at December 31, 2021. Income tax expense totaled $3.6 million during the first quarter, compared to $5.3 million. The effective tax rate for the first quarter 2022 was 16.4%, compared to 18.6% for the full year 2021. The lower rate compared to the statutory rate reflects the continued success of our tax strategies and tax-exempt income. CapitalCapital ratios continue to be strong and in excess of federal bank regulatory agency "well capitalized" thresholds. The Tier 1 leverage ratios at March 31, 2022 for the consolidated company and NBH Bank were 10.48% and 9.09%, respectively. Shareholders' equity totaled $820.2 million at March 31, 2022, decreasing $19.9 million primarily due to a higher accumulated other comprehensive loss. Common book value per share decreased $0.71 to $27.33 at March 31, 2022. Tangible common book value per share decreased $0.69 to $23.64 at March 31, 2022 as this quarter's earnings, net of dividends paid, were outpaced by the increase in accumulated other comprehensive loss. Excluding accumulated other comprehensive loss, the tangible book value per share increased $0.37 to $24.93 at March 31, 2022. Year-Over-Year Review(All comparisons refer to the first quarter 2021, except as noted) Net income totaled $18.4 million, or $0.60 per diluted share, for the first quarter of 2022, compared to $26.8 million, or $0.86 per diluted share for the first quarter of 2021. The decrease was largely due to $12.7 million lower mortgage banking income, due to lower refinance activity in 2022. The return on average tangible assets was 1.07%, compared to 1.65% in the same period prior year, and the return on average tangible common equity was 10.31%, compared to 15.20%. Fully taxable equivalent net interest income totaled $48.0 million, an increase of $1.5 million or 3.2%. Average earning assets increased $464.6 million, or 7.4%, including originated loan growth of $356.9 million. The fully taxable equivalent net interest margin narrowed 12 basis points to 2.90%, due to lower earning asset yields, which were partially offset by a decrease in the cost of funds. The yield on earning assets decreased 20 basis points driven by lower PPP loan forgiveness activity. The cost of deposits decreased 11 basis points to a record low 0.17%. Loans outstanding totaled $4.7 billion, increasing $371.0 million or 8.6%. Excluding PPP loans of $7.6 million and $217.7 million for the first quarters 2022 and 2021 respectively, total loans increased $581.0 million or 14.2%, led by commercial loan growth of $534.6 million, or 19.4%. New loan fundings over the trailing 12 months totaled a record $1.7 billion, led by commercial loan fundings of $1.2 billion.   The Company recorded $0.3 million of provision release during the first quarter, compared to a provision release of $3.6 million in the same period last year. The provision release was driven by strong asset quality and an improved outlook in the CECL model's underlying economic forecast. Net charge-offs totaled 0.05% of total loans, compared to 0.01% of total loans in the same period last year. Non-performing loans to total loans improved 14 basis points to 0.24% at March 31, 2022. The allowance for credit losses totaled 1.04% of total loans, compared to 1.28% at March 31, 2021. Average total deposits increased $413.4 million or 7.2%, to $6.2 billion. Average non-interest bearing demand deposits increased $268.3 million or 12.4%, and average transaction deposits increased $559.0 million, or 11.6%. The mix of transaction deposits to total deposits increased by 319 basis points to 87.4%, and the mix of non-interest bearing demand deposits to total deposits improved 189 basis points to 40.1% at March 31, 2022. Non-interest income totaled $19.1 million, a decrease of $14.3 million or 42.9%, driven by $12.7 million lower mortgage banking income due to lower refinance activity in 2022, as well as competition driving tighter gain on sale margins. Other non-interest income decreased $1.0 million due to $0.5 million lower unrealized gains on equity method investments. Included in the first quarter of 2022 was $0.7 million of banking center consolidation-related income, compared to $1.5 million in the same period last year. Service charges and bank card fees increased a combined $0.3 million compared to the first quarter 2021. Non-interest expense totaled $44.1 million, a decrease of $5.6 million or 11.2%. Salaries and benefits decreased $4.2 million largely due to lower mortgage banking-related compensation. Occupancy and equipment decreased $0.2 million due to efficiencies gained from banking center consolidations. Problem asset workout expense decreased $0.3 million, and gain on sale of OREO increased $0.2 million. Income tax expense totaled $3.6 million, a decrease of $2.1 million from the first quarter last year, driven by lower pre-tax income. Acquisition of Rock Canyon BankRock Canyon Bank was founded in 1991, and as of December 31, 2021 had $814.3 million in total assets, including $494.2 million in total loans, and $736.6 million in total deposits. Rock Canyon Bank is the leading third-party SBA loan originator in the state of Utah. Upon the close of the transaction, Rock Canyon Bank will operate as Hillcrest Bank. Please refer to the accompanying acquisition disclosure for additional transaction details. BofA Securities, Inc. served as financial advisor and Squire Patton Boggs (US) LLP served as legal counsel to National Bank Holdings Corporation. Kirton McConkie served as legal counsel to Community Bancorporation. Conference CallManagement will host a conference call to review the results at 11:00 a.m. Eastern Time on Tuesday, April 19, 2022. Interested parties may listen to this call by dialing (800) 289-0720/+44 (0)330 165 4012 (United Kingdom) using the confirmation code of 2525902 and asking for the NBHC Q1 2022 Earnings Call. A telephonic replay of the call will be available beginning approximately four hours after the call's completion through April 24, 2022, by dialing (888) 203-1112 using the confirmation code of 2525902. The earnings release and an on-line replay of the call will also be available on the Company's website at www.nationalbankholdings.com by visiting the investor relations area. About National Bank Holdings CorporationNational Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise delivering high quality client service and committed to stakeholder results. Through its bank subsidiary, NBH Bank, National Bank Holdings Corporation operates a network of 81 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Texas, Utah and New Mexico. Its comprehensive residential mortgage banking group primarily serves the bank's core footprint. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; and in Texas, Utah and New Mexico, Hillcrest Bank and Hillcrest Bank Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com. For more information visit: cobnks.com, bankmw.com, hillcrestbank.com or nbhbank.com. Or, follow us on any of our social media sites:Community Banks of Colorado: facebook.com/cobnks, twitter.com/cobnks, instagram.com/cobnks; Bank Midwest: facebook.com/bankmw, twitter.com/bank_mw, instagram.com/bankmw;Hillcrest Bank: facebook.com/hillcrestbank, twitter.com/hillcrest_bank; NBH Bank: twitter.com/nbhbank; or connect with any of our brands on LinkedIn. About Non-GAAP Financial MeasuresCertain of the financial measures and ratios we present, including "tangible assets," "return on average tangible assets," "tangible common equity," "return on average tangible common equity," "tangible common book value per share," "tangible common book value, excluding accumulated other comprehensive loss, net of tax," "tangible common book value per share, excluding accumulated other comprehensive loss, net of tax," "tangible common equity to tangible assets," and "fully taxable equivalent" metrics, are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as "non-GAAP financial measures." We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain words such as "anticipate," "believe," "can," "would," "should," "could," "may," "predict," "seek," "potential," "will," "estimate," "target," "plan," "project," "continuing," "ongoing," "expect," "intend" or similar expressions that relate to the Company's strategy, plans or intentions. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements. Such factors include, without limitation, the "Risk Factors" referenced in our most recent Form 10-K filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, and the following factors: ability to obtain regulatory approvals and meet other closing conditions to the mergers on the expected terms and schedule; delay in closing the mergers; difficulties and delays in integrating the NBHC, Community Bancorporation, and Bancshares of Jackson Hole Incorporated businesses or fully realizing cost savings and other benefits; business disruption following the proposed transactions; ability to execute our business strategy; business and economic conditions; effects of any potential government shutdowns; economic, market, operational, liquidity, credit and interest rate risks associated with the Company's business; effects of any changes in trade, monetary and fiscal policies and laws; changes imposed by regulatory agencies to increase capital standards; effects of inflation, as well as, interest rate, securities market and monetary supply fluctuations; changes in the economy or supply-demand imbalances affecting local real estate values; changes in consumer spending, borrowings and savings habits; with respect to our mortgage business, the inability to negotiate fees with investors for the purchase of our loans or our obligation to indemnify purchasers or repurchase related loans; the Company's ability to identify potential candidates for, consummate, integrate and realize operating efficiencies from, acquisitions, consolidations and other expansion opportunities; the Company's ability to realize anticipated benefits from enhancements or updates to its core operating systems from time to time without significant change in client service or risk to the Company's control environment; the Company's dependence on information technology and telecommunications systems of third-party service providers and the risk of systems failures, interruptions or breaches of security; the Company's ability to achieve organic loan and deposit growth and the composition of such growth; changes in sources and uses of funds; increased competition in the financial services industry; the effect of changes in accounting policies and practices; the share price of the Company's stock; the Company's ability to realize deferred tax assets or the need for a valuation allowance; the effects of tax legislation, including the potential of future increases to prevailing tax rules, or challenges to our position; continued consolidation in the financial services industry; ability to maintain or increase market share and control expenses; costs and effects of changes in laws and regulations and of other legal and regulatory developments; technological changes; the timely development and acceptance of new products and services, including in the digital technology space our digital solution 2UniFi; the Company's continued ability to attract, hire and maintain qualified personnel; ability to implement and/or improve operational management and other internal risk controls and processes and reporting system and procedures; regulatory limitations on dividends from the Company's bank subsidiary; changes in estimates of future credit reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; widespread natural and other disasters, pandemics, dislocations, political instability, acts of war or terrorist activities, cyberattacks or international hostilities; a cybersecurity incident, data breach or a failure of a key information technology system; adverse effects due to the novel Coronavirus Disease 2019 (COVID-19) on the Company and its clients, counterparties, employees, and third-party service providers, and the adverse impacts on our business, financial position, results of operations, and prospects; impact of reputational risk; and success at managing the risks involved in the foregoing items. The Company can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this press release, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law. Contact:Analysts/Institutional Investors: Aldis Birkans, Chief Financial Officer, (720) 554-6640, ir@nationalbankholdings.com Media: Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@nbhbank.com    NATIONAL BANK HOLDINGS CORPORATIONFINANCIAL SUMMARYConsolidated Statements of Operations (Unaudited)(Dollars in thousands, except share and per share data)                     For the three months ended   March 31,      December 31,      March 31,   2022   2021   2021 Total interest and dividend income $ 49,525     $ 52,501     $ 49,213   Total interest expense   2,864       3,015       3,992   Net interest income   46,661       49,486       45,221   Taxable equivalent adjustment   1,313       1,299       1,268   Net interest income FTE(1)   47,974       50,785       46,489   Provision (release) expense for loan losses   (322 )     132       (3,575 ) Net interest income after provision for loan losses FTE(1)   48,296       50,653       50,064   Non-interest income:                 Service charges   3,710       3,905       3,474   Bank card fees   4,123       4,476       4,073   Mortgage banking income   9,666       10,387       22,379   Other non-interest income   847       3,388       1,847   OREO-related income   —       —       35   Banking center consolidation-related income   708       1,059       1,553   Total non-interest income   19,054       23,215       33,361   Non-interest expense:                 Salaries and benefits   29,336       29,986       33,523   Occupancy and equipment   6,396       6,133       6,550   Professional fees   814       781       742   Other non-interest expense   7,352       7,764       6,853   Problem asset workout   163       212       438   Gain on sale of OREO, net   (275 )     (667 )     (29 ) Core deposit intangible asset amortization   296       296       296   Banking center consolidation-related expense   —       —       1,295   Total non-interest expense   44,082       44,505       49,668                     Income before income taxes FTE(1)   23,268       29,363       33,757   Taxable equivalent adjustment   1,313       1,299       1,268   Income before income taxes   21,955       28,064       32,489   Income tax expense   3,603       5,295       5,677   Net income $ 18,352     $ 22,769     $ 26,812   Earnings per share - basic $ 0.61     $ 0.75     $ 0.87   Earnings per share - diluted   0.60       0.74       0.86                                                          (1)      Net interest income is presented on a GAAP basis and fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item. The FTE adjustment is for the tax benefit on certain tax exempt loans using the federal tax rate of 21% for each period presented. NATIONAL BANK HOLDINGS CORPORATIONConsolidated Statements of Financial Condition (Unaudited)(Dollars in thousands, except share and per share data)                     March 31, 2022   December 31, 2021   March 31, 2021 ASSETS                 Cash and cash equivalents $ 786,385     $ 845,695     $ 822,518   Investment securities available-for-sale   790,384       691,847       666,915   Investment securities held-to-maturity   567,055       609,012       520,823   Non-marketable securities   54,568       50,740       15,493   Loans   4,674,238       4,513,383       4,303,246   Allowance for credit losses   (48,810 )     (49,694 )     (55,057 ) Loans, net   4,625,428       4,463,689       4,248,189   Loans held for sale   90,152       139,142       228,888   Other real estate owned   5,063       7,005       5,669   Premises and equipment, net   95,133       96,747       101,830   Goodwill   115,027       115,027       115,027   Intangible assets, net   13,505       12,322       20,205   Other assets   198,812       182,785       203,944   Total assets $ 7,341,512     $ 7,214,011     $ 6,949,501   LIABILITIES AND SHAREHOLDERS' EQUITY                 Liabilities:                 Non-interest bearing demand deposits $ 2,554,820     $ 2,506,265     $ 2,295,704   Interest bearing demand deposits   595,137       555,401       557,850   Savings and money market   2,412,081       2,332,591       2,199,420   Total transaction deposits   5,562,038       5,394,257       5,052,974   Time deposits   802,772       833,916       948,676   Total deposits   6,364,810       6,228,173       6,001,650   Securities sold under agreements to repurchase   24,744       22,768       19,405   Long-term debt   39,505       39,478       —   Other liabilities   92,238       83,486       96,456   Total liabilities   6,521,297       6,373,905       6,117,511   Shareholders' equity:                 Common stock   515       515       515   Additional paid in capital   1,014,332       1,014,294       1,010,798   Retained earnings   301,220       289,876       243,446   Treasury stock   (457,219 )     (457,616 )     (423,254 ) Accumulated other comprehensive (loss) income, net of tax  .....»»

Category: earningsSource: benzingaApr 18th, 2022

What happened with "Ambulance," one of Michael Bay"s best-reviewed movies that disappointed at the box office

Michael Bay's new movie "Ambulance" underwhelmed at the box office despite decent critic reviews. Two big factors may have contributed. Yahya Abdul-Mateen II and Jake Gyllenhaal in "Ambulance."Universal Michael Bay's new action movie "Ambulance" underperformed at the box office in its opening weekend. Unless word of mouth is strong, it could struggle in the coming weeks. Two big factors may have contributed to its box-office performance. An action movie from a proven hitmaker. Hollywood stars. Decent critic reviews. Years ago, this would have been enough to sell a new theatrical release.Today, audiences seem to be more selective about what they spend money on in theaters, a trend that had been evident before the pandemic, but has been accelerated further by it.The latest victim of this shift in moviegoing is "Ambulance," director Michael Bay's latest action spectacle starring Jake Gyllenhaal and Yahya Abdul-Mateen II. The movie, which Bay has said was made on a $40 million budget, earned $8.7 million at the US box office in its opening weekend — below the $10 million the studio Universal was expecting.Even with a modest budget, especially by Bay standards, the outlook for the movie isn't great. It's earned $33 million globally so far. Unless word of mouth is tremendous and it has robust legs in the coming weeks, "Ambulance" will go down as a box-office flop.The movie's performance has raised questions about the future of original action, adult-oriented movies in theaters.Ryan Reynolds in "6 Underground."NetflixBay's last movie, "6 Underground," was released on Netflix, where it was the streamer's No. 9 most-watched movie ever by viewing hours in its first month. It was also torn apart by critics, and had a 36% Rotten Tomatoes critic score.By contrast, "Ambulance" has been received much more warmly by critics, with a 69% critic score. In fact, based on Rotten Tomatoes scores only, it's his best-reviewed movie, topping the 68% for his 1996 film "The Rock."The Atlantic's David Sims called 'Ambulance' a "strong entry in Bay's maximalist canon, his best assault on the senses since his underrated 2013 comic thriller, 'Pain and Gain.'"Moviegoers who have seen it also quite liked it. It has an 88% user score on Rotten Tomatoes and received an A- grade from CinemaScore, which surveys audiences on a movie's opening night. Word of mouth could still give the film legs at the box office.But it also has more competition coming with the third "Fantastic Beasts" movie this weekend, "The Northman" next weekend, and Marvel's "Doctor Strange" sequel on May 6.So, what happened with "Ambulance"? It may not necessarily mean the death of original action movies in theaters, but a few notable factors likely contributed to its underwhelming box office."Transformers: Age of Extinction"ParamountMichael Bay isn't as bankable at the box office as he once wasOne major reason the movie underperformed could be that Bay (and the film's movie stars) don't have as much pull with audiences as they once did. Bay used to be a reliably bankable director."Armageddon" was the No. 2 movie in the US in 1998 with over $200 million."Pearl Harbor" was the seventh highest-grossing movie in the US in 2001 with nearly $200 million.His five "Transformers" movies made about $1.6 billion in the US combined.But each "Transformers" movie made less money than the one before it in the US, beginning with the third entry, "Dark of the Moon."And Bay's last non-"Transformers" theatrical release, "13 Hours," made $69 million worldwide off of a $50 million budget.In an industry dominated by franchise IP, few directors can sell a movie based on name alone. The theatrical market may not be able to sustain multiple major releases in one weekend"Counterprogramming" also may not have as much power in this current pandemic-raddled theatrical market as it once did. Overall, the theatrical market is still far from pre-pandemic levels, even though the overall box office is up 391% compared to this time in 2021, according to Comscore, thanks to films like "Dog," and the blockbuster "The Batman."Before the pandemic, when the theatrical-release schedule was full of new films, studios would try to release movies against others that might attract different audiences.But theaters struggled heading into 2022 with fewer releases from the major studios compared to pre-pandemic years, as media companies focused more on their streaming businesses and the pandemic continued to delay films."Sonic the Hedgehog 2."Paramount PicturesThis past weekend, though, multiple major wide releases went up against each other.Universal released "Ambulance" on the same weekend as "Sonic the Hedgehog 2," which earned an impressive $72 million in its debut — the biggest for a video-game adaptation in the US. It didn't lift any other movies up with it.While "Sonic 2" appeals to kids and families, a demographic that has been slow to return to theaters, it also appeals to male fans who grew up with the video games. The audience for "Sonic 2" in its first weekend was 57% male, according to Box Office Pro, meaning a large of chunk of the potential audience for "Ambulance" likely saw "Sonic" instead.With audiences having more to watch at home than ever before, and the pandemic still impacting theatrical attendance, it might be a while before we see a theatrical market that can sustain multiple major competing releases.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 14th, 2022

Delta Air Lines Announces March Quarter 2022 Financial Results

March quarter 2022 GAAP operating loss of $783 million and loss per share of $1.48 on total operating revenue of $9.3 billion March quarter 2022 adjusted operating loss of $793 million and adjusted loss per share of $1.23 on adjusted operating revenue of $8.2 billion With an improving demand environment, achieved a solid operating margin in the month of March ATLANTA, April 13, 2022 /PRNewswire/ -- Delta Air Lines (NYSE:DAL) today reported financial results for the March quarter 2022 and provided its outlook for the June quarter 2022. Highlights of the March quarter 2022 results, including both GAAP and adjusted metrics, are on page five and are incorporated here. "With a strong rebound in demand as omicron faded, we returned to profitability in the month of March, producing a solid adjusted operating margin of almost 10 percent.  As our brand preference and demand momentum grow, we are successfully recapturing higher fuel prices, driving our outlook for a 12 to 14 percent adjusted operating margin and strong free cash flow in the June quarter," said Ed Bastian, Delta's chief executive officer.  "I would like to thank the Delta people, who once again enabled our best-in-class operational performance, provided an unmatched customer experience and continue to power our industry leadership each and every day." March Quarter 2022 Financial Results  Adjusted operating loss of $793 million excludes a net gain of $9 million Pre-tax loss of $1.2 billion with adjusted pre-tax loss of $1.0 billion, excluding a net expense of $164 million Adjusted operating revenue of $8.2 billion, which excludes third-party refinery sales, was 79 percent recovered versus March quarter 2019 on capacity that was 83 percent restored Total operating expense of $10.1 billion increased $679 million compared to the March quarter 2019 Adjusted for costs primarily from third-party refinery sales, total operating expense of $9.0 billion decreased $400 million or 4 percent in the March quarter 2022 versus the comparable 2019 period Generated $1.8 billion of operating cash flow and $197 million of free cash flow, after investing $1.6 billion into the business, primarily related to aircraft purchases and modifications At the end of the March quarter, the company had $12.8 billion in liquidity, including cash and cash equivalents, short-term investments and undrawn revolving credit facilities June Quarter 2022 Outlook 2Q22 Forecast Capacity 1 ~84% Total Revenue 1, 2 93% - 97% CASM-Ex 1, 2 Up ~17% Fuel Price ($/gal) 2, 3 $3.20 - $3.35 Operating Margin 2 12% - 14% Gross Capital Expenditures 2 ~$1.2 billion Adjusted Net Debt 2 ~$20 billion 1 Compared to June quarter 2019 2 Non-GAAP measure; Refer to Non-GAAP reconciliations for 2Q19 comparison figures 3 Fuel guidance based on prices as of April 8th  (Brent at $102, cracks at $30, $0.20 refinery contribution with RINS at $1.27) Revenue Environment "Delta is well-positioned to capitalize on robust consumer demand and an accelerating return of business and international travel. The strength of Delta's brand has never been more evident with record-setting performance for co-brand card acquisitions, co-brand spend and SkyMiles acquisitions in March," said Glen Hauenstein, Delta's president. "In the June quarter, we are successfully recapturing higher fuel prices and expect our revenue recovery to accelerate to 93 to 97 percent with unit revenue up double digits compared to 2019." Adjusted operating revenue of $8.2 billion for the March quarter 2022 was 79 percent restored to March quarter 2019 levels, 5 points ahead of the mid-point of the company's initial guidance. Compared to the March quarter 2019, total passenger revenue was 75 percent recovered on system capacity that was 83 percent restored.  Domestic passenger revenue was 83 percent recovered, and international passenger revenue was 54 percent restored in the March quarter.  Consumer demand accelerated through the quarter, highlighted by strong spring break performance.  As omicron faded, offices reopened and travel restrictions were lifted, resulting in an improvement in business travel demand and a stronger fare environment. Revenue-related Highlights: Unit revenue exceeds 2019 levels in March month for the first time in two years: March quarter adjusted total unit revenue (TRASM) was 5 percent lower than the same period in 2019. As demand improved, March month adjusted TRASM inflected to positive versus 2019, marking the first month of positive unit revenue versus 2019 since the start of the pandemic. This strength was led by premium revenue and diversified revenue streams, including loyalty and cargo. Business travel recovery boosted by improvement in corporate: Domestic corporate sales* for the quarter were ~50 percent recovered, with March improving to ~70 percent versus 2019. International corporate sales for the quarter were ~35 percent recovered, with March improving to ~50 percent versus 2019. Internationally, Transatlantic improved the most as European countries reopened. Premium cabin revenue recovery outpacing Main Cabin: Premium products continued to lead the recovery with Domestic premium revenue approximately 100 percent restored to 2019 levels in the month of March. Domestic and Latin premium product revenue recovery outpaced Main Cabin by approximately 10 points during the March quarter. *Corporate sales include tickets sold to corporate contracted customers, including tickets for travel during and beyond the referenced time period American Express remuneration 25 percent higher than 2019 levels: American Express remuneration of $1.2 billion in the quarter was up 25 percent compared to March quarter 2019. Co-brand spend was up 35 percent compared to March quarter 2019, reflecting a significant increase in T&E spend, with air travel spend outpacing lodging in the month of March for the first time since 2019. Co-brand acquisitions were nearly 95 percent recovered compared to March quarter 2019. Cargo strength continues with record revenue month in March: Cargo revenue was $289 million for the March quarter, a 51 percent increase compared to the same period in 2019 on strong demand and yields. Cost Performance "Thanks to the team's hard work, we maintained a competitive cost structure in the March quarter amid a dynamic operating environment, an important driver of our financial recovery," said Dan Janki, Delta's chief financial officer.  "As demand continues to recover and we restore additional capacity in the second half of the year, we expect our non-fuel unit cost comparisons to 2019 will improve to up mid-single digits, keeping us within our full year non-fuel unit cost guidance range. Our intense focus on non-fuel costs will serve us well moving ahead as we scale the airline and better utilize our fleet and our facilities." Total adjusted operating expense of $9.0 billion in the March quarter 2022 increased 11 percent sequentially, driven by higher fuel prices and costs from the continued restoration of the airline. Adjusted fuel expense was $2.1 billion in the March quarter 2022. Adjusted fuel price of $2.79 per gallon was up 33 percent compared to the December quarter 2021 driven by higher market prices, including a 7¢ refinery contribution. Adjusted non-fuel cost of $6.9 billion was up 6 percent sequentially. This was primarily driven by a normalization in maintenance expense. Compared to the March quarter of 2019, non-fuel unit costs (CASM-Ex) were 15 percent higher on 17 percent less capacity. Balance Sheet, Cash and Liquidity "During the March quarter we generated free cash flow, continued to pay down debt and finished the quarter with nearly $13 billion in liquidity," Janki said. "Reducing debt is our top financial priority as we target investment-grade metrics and $15 billion of adjusted net debt by the end of 2024." At the end of the March quarter 2022, the company had total debt and finance lease obligations of $25.6 billion with adjusted net debt of $20.9 billion and a weighted average interest rate of 4.3 percent. During the quarter, the company repaid $1.4 billion of gross debt. Operating cash flow during the March quarter 2022 was $1.8 billion. Free cash flow was $197 million for the quarter with $1.6 billion of gross capital expenditures reinvested in the business. The company's Air Traffic Liability was $9.1 billion at March quarter-end, up $2.8 billion compared to the end of the December quarter and up $2.5 billion compared to the March quarter 2019.  Delta ended the March quarter with $12.8 billion in liquidity, including $2.9 billion in undrawn revolver capacity.  Fleet and Partner Updates In the March quarter, Aeroméxico emerged from its bankruptcy proceedings and in connection with the consummation of the transaction, Delta now holds a 20 percent equity stake in the reorganized company. Delta will recognize the 20 percent share of Aeroméxico's results under the equity accounting method within non-operating expense in the company's income statement beginning in the June quarter. As part of Delta's fleet renewal initiatives, the company took delivery of its first A321neo aircraft at the end of March 2022 and expects to take delivery of 26 A321neos in total this year. The introduction of these next-generation aircraft to the fleet contributes to Delta's 2022 goal of using at least 6 percent less fuel per available seat mile compared to 2019. In total, Delta has committed to purchase 155 A321neos through 2027. Other Highlights from the March Quarter 2022 Culture and People Awarded a special profit-sharing payment of $1,250 to eligible employees in appreciation for extraordinary efforts resulting in a profitable second half of 2021 Announced a 4 percent base pay increase for eligible employees worldwide, effective May 1, 2022 Recognized by Glassdoor as one of its Best Places to Work for a 6th year in a row. Delta was the highest-ranking U.S. airline on the list and ranked No. 18 on the 2022 list of 100 large companies Honored by Fortune as one of the World's Most Admired Companies for the 9th year in a row, and ranked higher than any other airline on the list Hosted celebrations with employees and family of Team USA Olympic and Paralympic athletes traveling on Delta planes to and from the 2022 Winter Olympic Games in Beijing Customer Experience and Loyalty Ranked No. 1 U.S. airline by the Wall Street Journal, including the best performance in on-time arrivals, completion factor, preventing extreme delays and the lowest levels of U.S. DOT complaints Unveiled major airport infrastructure milestones at Delta's Los Angeles and Seattle global hubs, as part of a $12 billion, decade-long effort to modernize and elevate the customer journey Increased flexibility by extending ticket validity through year-end 2023 and rolling over all Medallion Qualification Miles from 2021 to 2022 Enhanced in-flight experience with the return of hot meals on flights over 900 miles in First Class, and introduced plant-based and vegetarian menu items Reintroduced and refreshed Delta One services with multi-step, three-course meal service, more pre-departure beverage options, new cocktail bites and more dessert options Announced summer service schedule to Europe, with more than 500 weekly flights to Europe, including new flights between New York-JFK and Stockholm, Salt Lake City and London-Heathrow and restarting service from New York-JFK to Zurich, Brussels, Edinburgh, Copenhagen and Prague Environmental, Social and Governance Released Diversity, Equity and Inclusion report outlining progress against the company's commitments to advancing racial justice and diversity within its business Published a Climate Lobbying Report detailing global advocacy activities and policy engagements that support and complement Delta's Paris Agreement-aligned climate goals Expanded partnership with sustainable aviation fuel (SAF) maker Gevo to increase supply of SAF and bring Delta closer to the goal of fueling 10 percent of its airline operation with SAF by the end of 2030 Announced collaboration with Airbus on industry-leading research to accelerate the development of hydrogen-powered aircraft Created first Propel Collegiate Pilot Career Path Program with Hampton University, the airline's first such partnership with a historically Black university Contributed $1 million to the American Red Cross and Global Red Cross Movement in support of humanitarian relief efforts in Ukraine Launched new, more sustainable onboard products; together the new products are expected to reduce single-use plastic onboard by approximately 4.9 million pounds annually March Quarter Results March quarter results have been adjusted primarily for the unrealized losses on investments, loss on extinguishment of debt and third-party refinery sales as described in the reconciliations in Note A. GAAP $ Change % Change ($ in millions except per share and unit costs) 1Q22 1Q19 Operating (loss)/income (783) 1,020 (1,803) NM Pre-tax (loss)/income (1,200) 946 (2,146) NM Net (loss)/income (940) 730 (1,670) NM (Loss)/diluted earnings per share (1.48) 1.09 (2.57) NM Operating revenue 9,348 10,472 (1,124) (11) % Total revenue per available seat mile (TRASM) (cents) 18.04 16.78 1.26 8 % Operating expense 10,131 9,452 679 7 % Operating cash flow 1,771 1,942 (171) (9) % Capital expenditures 1,766 1,360 406 30 % Cost per available seat mile (CASM) (cents) 19.56 15.14 4.42 29 % Fuel expense 2,092 1,978 114 6 % Average fuel price per gallon 2.79 2.06 0.73 35 % Total debt and finance lease obligations 25,557 10,764 14,793 NM   Adjusted $ Change % Change ($ in millions except per share and unit costs) 1Q22 1Q19 Operating (loss)/income (793) 1,026 (1,819) NM Pre-tax (loss)/income (1,037) 831 (1,868) NM Net (loss)/income (784) 639 (1,423) NM (Loss)/diluted earnings per share (1.23) 0.96 (2.19) NM Operating revenue 8,161 10,381 (2,219) (21) % TRASM (cents) 15.75 16.63 (0.88) (5) % Operating expense 8,954 9,354 (400) (4) % Free cash flow 197 751 (553) (74) % Gross capital expenditures 1,565 1,511 54 4 % Non-fuel cost 6,858 7,171 (313) (4) % Consolidated unit cost (CASM-Ex) (cents) 13.24 11.49 1.75 15 % Fuel expense 2,097 1,963 133 7 % Average fuel price per gallon 2.79 2.04 0.75 37 % Adjusted net debt 20,863 10,198 10,664 NM About Delta Air Lines  More than 4,000 Delta Air Lines (NYSE:DAL) flights take off every day, connecting people across more than 275 destinations on six continents with award-winning operational excellence, customer service, safety and innovation. As the leading global airline, Delta's mission is to create opportunities, foster understanding and expand horizons by connecting people and communities to each other and their potential. Delta's more than 75,000 employees believe our customers should never have to choose between seeing the world and saving the planet. Delta is leading the travel industry in building a foundation for sustainable aviation with its Flight to Net ZeroTM and its intention to set science-based targets for greenhouse gas emissions aligned with the Paris Agreement. And we are continuing to take action to advance diversity, equity and inclusion and to reflect the world and the passengers we serve. Our people lead the way in delivering a world-class customer experience, and we're continuing to ensure the future of travel is personalized, enjoyable and stress-free. Our people's genuine and enduring motivation is to make every customer feel welcomed and respected across every point of their journey with us. Forward Looking StatementsStatements made in this press release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies for the future, should be considered "forward-looking statements" under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees or promised outcomes and should not be construed as such. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the material adverse effect that the COVID-19 pandemic has had on our business; the impact of incurring significant debt in response to the pandemic; failure to comply with the financial and other covenants in our financing agreements; the possible effects of accidents involving our aircraft or aircraft of our airline partners; breaches or lapses in the security of technology systems on which we rely; disruptions in our information technology infrastructure; our dependence on technology in our operations; our commercial relationships with airlines in other parts of the world and the investments we have in certain of those airlines; the effects of a significant disruption in the operations or performance of third parties on which we rely; failure to realize the full value of intangible or long-lived assets; labor issues; the effects of weather, natural disasters and seasonality on our business; the cost of aircraft fuel; the availability of aircraft fuel; failure or inability of insurance to cover a significant liability at Monroe's Trainer refinery; failure to comply with existing and future environmental regulations to which Monroe's refinery operations are subject, including costs related to compliance with renewable fuel standard regulations; our ability to retain senior management and other key employees, and to maintain our company culture; significant damage to our reputation and brand, including from exposure to significant adverse publicity; the effects of terrorist attacks, geopolitical conflict or security events; competitive conditions in the airline industry; extended interruptions or disruptions in service at major airports at which we operate or significant problems associated with types of aircraft or engines we operate; the effects of extensive government regulation we are subject to; the impact of environmental regulation, including increased regulation to reduce emissions and other risks associated with climate change, on our business; and unfavorable economic or political conditions in the markets in which we operate or volatility in currency exchange rates. Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of the date of this press release, and which we undertake no obligation to update except to the extent required by law.   DELTA AIR LINES, INC. Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, (in millions, except per share data) 2022 2019 $ Change % Change Operating Revenue:      Passenger $                 6,907 $                 9,254 $                (2,347) (25) %      Cargo 289 192 97 51 %      Other 2,152 1,026 1,126 NM        Total operating revenue 9,348 10,472 (1,124) (11) % Operating Expense:      Salaries and related costs 2,826 2,732 94 3 %      Aircraft fuel and related taxes 2,092 1,978 114 6 %      Ancillary businesses and refinery 1,382 351 1,031 NM      Contracted services 753 709 44 6 %      Depreciation and amortization 506 615 (109) (18) %      Landing fees and other rents 504 524 (20) (4) %      Regional carrier expense 491 538 (47) (9) %      Aircraft maintenance materials and outside repairs 465 476 (11) (2) %      Passenger commissions and other selling expenses 312 474 (162) (34) %      Passenger service 275 288 (13) (5) %      Aircraft rent 122 102 20 20 %      Restructuring charges (5) — (5) NM      Profit sharing — 220 (220) (100) %      Other 408 445 (37) (8) %           Total operating expense 10,131 9,452 679 7 % Operating (Loss)/Income (783) 1,020 (1,803) NM Non-Operating Expense:      Interest expense, net (274) (83) (191) NM      Equity method results — (54) 54 (100) %      Gain/(loss) on investments, net (147) 100 (247) NM      Loss on extinguishment of debt (25) — (25) NM      Pension and related benefit/(expense) 73 (15) 88 NM      Miscellaneous, net (44) (22) (22) 100 %           Total non-operating expense, net (417) (74) (343) NM (Loss)/Income Before Income Taxes (1,200) 946 (2,146) NM Income Tax Benefit/(Provision) 260 (216) 476 NM Net (Loss)/Income $                   ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaApr 13th, 2022

ADF GROUP INC. ANNOUNCES THE RESULTS FOR THE FISCAL YEAR ENDED JANUARY 31, 2022

HIGHLIGHTS Revenues of $280.7 million, $108.1 million more than last year. Net income of $9.6 million, representing 39.3% more than for the year ended January 31, 2021. The Corporation's backlog (1) was $373.1 million as at January 31, 2022. Capital Investment program progressing as planned. TERREBONNE, QC, April 12, 2022 /CNW Telbec/ - ADF GROUP INC. ("ADF" or the "Corporation") (TSX:DRX) recorded revenues of $280.7 million during the fiscal year ended January 31, 2022, compared with $172.6 million the previous fiscal year. This increase in revenues is mainly attributable to the fabrication schedule, including projects with accelerated production schedules. Gross margin, as a percentage of revenues (1), went from 15.2% for the fiscal year ended January 31, 2021, to 8.8% for the year ended January 31, 2022. This decrease, as a percentage of revenues, is mainly due to the projects mentioned above, which, given their lower complexity had lower margins, and to the recognition of COVID-19-related subsidies during the fourth quarter of the fiscal year ended January 31, 2021. In this regard, and for the fiscal years ended January 31, 2022 and 2021, the Corporation has benefited from COVID-19-related grants from both the Canadian and U.S. governments. The total amounts which are included in the results, and having therefore mainly improved gross margin, and to a lesser extent, selling and administrative expenses, and therefore earnings before interest, taxes, depreciation and amortization adjusted (adjusted EBITDA (2)), totalled $1.9 million and $6.3 million for the fiscal years ended January 31, 2022 and 2021, respectively. For the fiscal year ended January 31, 2022, ADF posted net income of $9.6 million (or $0.29 per share, basic and diluted) compared to a net income of $6.9 million (or $0.21 per share, basic and diluted) a year earlier. As at January 31, 2022, the Corporation had a working capital of $38.7 million. The Corporation remains in a sound position to continue its ongoing operations and pursue its development projects. The Corporation was able to secure new contracts totalling nearly $220.0 million during the fiscal year ended January 31, 2022, including contractual changes, which brought the order backlog (1) to $373.1 million at that date, compared with $436.2 million as at January 31, 2021. The majority of projects in hand will be completed progressively by the end of the fiscal year ending January 31, 2024. Financial Highlights Fiscal Years Ended January 31, 2022 2021 (In thousands of Canadian dollars, and dollars per share) $ $ Revenues 280,740 172,593 Adjusted EBITDA (2) 17,759 16,341 Income before income tax expense 11,059 9,019 Net income for the year 9,563 6,867     ―  Basic and diluted per share   0.29 0.21 Cash flows from operating activities 2,669 28,842 Average number of outstanding shares (basic and diluted, in thousands) 32,635 32,635 New Contracts On January 31, 2022, the Corporation announced the award of a series of new contracts totalling $100.0 million. Specifically, the Corporation has been selected to participate in new construction projects in the commercial building sector in Southeast and Western USA, as well as in the industrial sector in Eastern Canada. The scope of the largest of these contracts, in terms of value and tonnage, covers all the services offered by ADF, namely, the design and engineering of connections, fabrication, which also encompasses industrial coatings, the production of shop drawings and the procurement of steel, as well as the installation of the steel structures for commercial buildings in Southeastern USA. ____________________ (1) Gross margin, as a percentage of revenues, and the order backlog are additional financial measures. Refer to the "Non-GAAP Financial Measures and Other Financial Measures" section of this press release for the definition of these indicators. (2) Adjusted EBITDA is a non-GAAP financial measure.  Refer to the "Non-GAAP Financial Measures and Other Financial Measures" section of this press release for the definition of this indicator. New Financing On November 9, 2021, the Corporation obtained from the Business Development Bank of Canada a $30.0 million bank loan, of which $16.2 million was used for the repayment of an existing loan, and $13.8 million to increase the Corporation's working capital. This loan was entirely drawn as at January 31, 2022. On January 14, 2022 and January 18, 2022, the Corporation obtained two bank loans from Investissement Québec totalling $20.0 million. These amounts, which were not drawn as at January 31, 2022, will be used to finance the capital investment program that begun during the fiscal year ended January 31, 2022, as already announced by the Corporation. Outlook "We added new contracts totalling $50.0 million at the very beginning of the third quarter ended October 31, 2021, and announced new contracts worth a total of $100.0 million at the end of the fiscal year, that allowed us to close fiscal 2022 with an order backlog (1) of $373.1 million. The pipeline of projects under negotiation is encouraging and we are currently finalizing negotiations on several projects we bid on" said Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer. "The elements are therefore in place for ADF to continue its development, including growing markets, capital investments that will allow ADF to stand out and continue to improve its business processes, as well as the financing required to support these investments, and the growth and execution of the order backlog" concluded Mr. Paschini. Dividend On April 11, 2022, ADF Group's Board of Directors approved the payment of a semi-annual dividend of $0.01 per share, which will be paid on May 17, 2022, to shareholders of record as at April 29, 2022. Conference Call with Investors A conference call with investors is scheduled for Tuesday, April 12, 2022 at 10 a.m. (Montreal time) to discuss the results of Corporation fiscal year ended January 31, 2022. To take part in the conference call, dial 1-888-390-0620, a few minutes prior to the conference call scheduled start time. A replay of this conference call will be available from Tuesday, April 12, 2022 at 1:00 p.m. until 11:59 p.m., Tuesday, April 19, 2022, by dialing 1-888-259-6562, followed by the access code 372743#. The conference call (audio) will also be available at www.adfgroup.com. Members of the media are invited to listen in. ANNUAL GENERAL MEETING OF SHAREHOLDERS FOR THE FISCAL YEAR ENDED JANUARY 31, 2022 ADF Group Inc. will hold its Annual General Meeting of Shareholders via webcast, on Wednesday, June 8, 2022, at 11 a.m. (EST). Results for the first quarter ending April 30, 2022, will also be disclosed during the Shareholders' meeting. Shareholders' meeting details and webcasting connection instructions will be made available in the weeks preceding the meeting. About ADF Group Inc. | ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication, including the application of industrial coatings, and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non-residential infrastructure sector. ADF Group Inc. is one of the few players in the industry capable of handling highly technically complex mega projects on fast-track schedules in the commercial, institutional, industrial and public sectors. The Corporation operates two fabrication plants and two paint shops, in Canada and in the United States, and a Construction Division in the United States, which specializes in the installation of steel structures and other related products. Forward-Looking Information | This press release contains forward-looking statements reflecting ADF's objectives and expectations. These statements are identified by the use of verbs such as "expect" as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF's expectations. ____________________ (1) The order backlog is an additional financial measure. Refer to the "Non-GAAP Financial Measures and Other Financial Measures" section of this press release for the definition of these indicators. Non-GAAP Financial Measures and Other Financial Measures | Are measures derived primarily from the consolidated financial statements, but are not a standardized financial measure under the financial reporting framework used to prepare the Corporation's financial statements. Therefore, readers should be careful not to confuse or substitute them with performance measures prepared in accordance with GAAP. In addition, readers should avoid comparing these non-GAAP measures to similarly titled measures provided or used by other issuers.s. The definition of these indicators and their reconciliation with comparable International Financial Reporting Standards measure is as follows: Adjusted EBITDA Adjusted EBITDA shows the extent to which the Corporation generates profits from operations, without considering the following items: Financial revenues and financial expenses; Income tax expense; Foreign exchange losses, and Depreciation and amortization of property, plant and equipment, intangible assets and right-of-use assets. Net income is reconciled with adjusted EBITDA in the table below: Fiscal Years Ended January 31, 2022 2021 (In thousands of dollars) $ $ Net income 9,563 6,867 Income tax expense 1,496 2,152 Net financial expenses 1,174 1,663 Amortization 5,054 4,915 Foreign exchange loss 472 744 Adjusted EBITDA 17,759 16,341 Gross Margin as a Percentage of Revenues.....»»

Category: earningsSource: benzingaApr 12th, 2022

Futures, Yields And Oil All Rise On Last Day Of Turbulent Week

Futures, Yields And Oil All Rise On Last Day Of Turbulent Week After several extremely volatile days, US equity futures are ending the week in the green (for now) with European equities snapping two days of declines sparked by the Federal Reserve’s plan for aggressive monetary-policy tightening, and Asian stocks trading higher. S&P 500 and Nasdaq 100 futures trimmed earlier gains to trade 0.3% higher as traders weighed the latest developments about the war in Ukraine. Contracts on U.S. stock benchmarks trim earlier gains as traders weigh developments about the war in Ukraine.Nasdaq 100 futures flat; S&P 500 futures +0.1%; Dow Jones futures +0.2%. The dollar rose for a 7th consecutive week and US Treasuries sold off across the curve; gold and bitcoin were flat. Oil was steady after three days of losses stoked by plans to release millions of barrels of crude from strategic reserves and China’s demand-sapping virus outbreak. Markets had a subdued session yesterday after sinking more than 4% in the previous two days as hawkish signals from the Federal Reserve sent Treasury yields surging. Among notable premarket moves, Robinhood slid 3% after Goldman Sachs, not too long ago the lead underwriter on the company's IPO, cut their rating on the stock to sell, saying softening retail engagement levels and profitability concerns will likely limit any outperformance. Some other notable premarket movers: Alcoa (AA US) is 1.2% lower as Credit Suisse analyst Curt Woodworth trims his recommendation to neutral as he views LME aluminum prices near peak levels. Quidel (QDEL US) gained in extended trading Thursday after it posted preliminary revenue for the first quarter that beat the average analyst estimate. CrowdStrike (CRWD US) advanced 4.1%. Analysts responded positively after management set a framework to reach $5 billion in annual recurring revenue (ARR) by 2026, during the cybersecurity company’s investor briefing. WD-40 (WDFC US) is poised to gain after producing a “solid” beat in the second quarter, Jefferies said, adding that an increased market share and new product launches would support volume growth of 3% in 2022. Kura Sushi (KRUS US) shares rose in postmarket trading after the restaurant chain reported a year-over-year jump in quarterly sales. ACM Research (ACMR US) edged lower in extended trading Thursday after saying in a release its first quarter revenue would be “significantly below” expectations, but reiterated full-year revenue guidance for 2022. U.S. stocks are on course to snap a three-week winning streak with investors shedding risk assets following indications from the Fed of a faster-than-expected pace of tightening in monetary policy. Concerns are also growing about the impact of high inflation and slowing economic growth on corporate earnings. The two-year Treasury yield rose five basis points and the 10-year yield climbed one point, reversing some of the curve steepening seen in the wake of the Fed minutes Wednesday, which outlined plans to pare the central bank’s balance sheet by more than $1 trillion a year alongside interest-rate hikes. Global equities are nursing losses for the week as markets grapple with the Fed’s campaign against elevated price pressures, Russia’s grinding war in Ukraine and China’s Covid travails. The lockdown in Shanghai -- which recorded more than 21,000 new daily virus cases -- has become one of President Xi Jinping’s biggest challenges. Expectations are growing that China will take steps to support its economy. “Stocks have had a little bit of a harder time this week digesting the fact that interest rates are going to be higher” amid a major shift in expectations around monetary policy, Anthony Saglimbene, global market strategist at Ameriprise Financial Inc., said on Bloomberg Television. Still, U.S. equities saw a second straight week of inflows at $1.5 billion, with large-cap and growth stocks outperforming small-cap and value sectors, according to Bank of America strategists. Marija Veitmane, a senior strategist at State Street Global Markets, also said stocks still appeared to be the safest option. “Cash gives you nothing with 7% inflation, bonds just had one of the worse quarters in history, and then if you look at stocks, we still have decent earnings outlook, and to me the biggest attraction is really strong balance sheets,” she said on Bloomberg TV. In the latest news out of Ukraine, dozens were killed Friday morning as Russian troops allegedly bombed civilians waiting at a train station to be evacuated from the Donetsk region. Meanwhile, U.S. officials warned that the war may last for weeks, months or even years, as Kyiv’s foreign minister pleaded for urgent military assistance. Here are the latest Ukraine war developments: Ukraine intends to establish up to 10 humanitarian corridors on Friday, those leaving Mariupol will need to use private vehicles. Ukrainian advisor Podolyak says negotiations with Russia continue online constantly, but the mood changed after Bucha events, via Reuters. Kremlin says it does not understand EU concerns about European countries paying for Russian gas in RUB, adds Commission President von der Leyen probably needs more information. On planned EU ban of Russian coal, says coal is in high demand. Special operation in Ukraine could be completed in the foreseeable future, given aims are being achieved and work is being carried out by peace negotiators and the military. EU ready to release EUR 500mln for arms to Ukraine, according to AFP citing EU chief. Russia says it has destroyed a training centre for foreign mercenaries within Ukraine, was located north of Odesa, via Tass. Japan's Industry Ministry plans to reduce Russian coal imports gradually while looking for alternative suppliers, according to Reuters. Ukraine PM says they have large stocks of grain, cereals and vegetable oil. Are able to provide themselves with food; this year's harvest will be 20% less YY. Ukraine gas grid warns that Russian actions could impact gas flows to Europe, via Reuters. On Thursday, St Louis Fed president James Bullard said he prefers boosting the policy rate to 3%-3.25% in the second half of 2022. Chicago Fed President Charles Evans and his Atlanta counterpart Raphael Bostic said they favor raising rates to neutral while monitoring the economy’s performance. The steepening in the Treasury yield curve contrasts with the flattening and inversions that have vexed markets this year. The two-year rate topped the 10-year last week for the first time since 2019, a possible warning of recession. “We’re seeing a tactical re-steepening right now but the curve is going to continue to flatten,” Kelsey Berro, fixed income portfolio manager at JPMorgan Asset Management, said on Bloomberg Television. “That’s because the Fed has told us, we’d like to get to neutral expeditiously. On top of that, they may need to tighten beyond neutral. Front-end yields can still go higher.” In Europe, Euro Stoxx 50 rallies over 1.8% before stalling while the Stoxx 600 index climbed 1.2% but drifted off best levels as investors took advantage of beaten-down stock valuations with energy, banks and autos the strongest-performing sectors. Banks outperformed as Banco BPM SpA surged after Credit Agricole SA bought a 9.2% stake in the Italian lender. An Asia-Pacific share index eked out a small increase.  Here are some of the biggest European movers today: Scout24 shares rise as much as 17%, the most intraday since December 2018, after a report that Hellman & Friedman, EQT and Permira have discussed taking the firm private. Banco BPM shares rise as much as 17% after Credit Agricole bought a 9.2% stake in the Italian lender, with Bank of America saying the deal is a reminder that real value should be based on fundamentals. Sodexo shares jump as much as 7.4%, their biggest single-day gain in a month, after RBC Capital Markets upgrades the French caterer to outperform from sector perform. K+S gains as much as 10% after JPMorgan double-upgraded the shares to overweight from underweight, seeing a very positive environment for fertilizers amid supply disruptions and high energy prices. Atlantia shares rise as much as 4.5% following a report in a Italian newspaper that the Benetton family and Blackstone may start their takeover offer for Atlantia at more than EU22 per share. Saab rise as much as 5% as SEB upgrades the shares to buy from hold on the Swedish defense firm’s sales potential in the coming decade in the wake of Russia’s invasion of Ukraine. Moncler shares rise as much as 4.2% after Barclays upgrades the Italian luxury company to overweight, citing an “attractive” defensive profile in the current environment. Genmab fall as much as 10%, the most since September 2020, after saying a tribunal decided in favor of Janssen Biotech over two issues surrounding the cancer drug daratumumab (Darzalex). Ahead of this weekend's French election, Macron's lead is shrinking: the current President led his rivals in the April 10 election with 26.2% support, down from 27.2% a day earlier, according to a polling average calculated by Bloomberg on April 8. Macron was 3.5 percentage points ahead of second-placed Marine Le Pen, down from 4.1 points. Asian stocks edged higher on Friday, poised to snap three days of declines as traders assessed the prospect of policy easing by Beijing.  The MSCI Asia Pacific Index erased early losses of as much as 0.4% to climb 0.2%. Chinese property and infrastructure-related stocks surged on hopes for fiscal as well as monetary easing as the government seeks to prop up growth.   For the week, the Asian benchmark was down 2% as investors turned cautious on risk assets after latest comments from the Federal Reserve suggested aggressive tightening lies ahead. Tech shares were hit hard in particular, with the MSCI Asia-Pacific Information Technology Index losing 4% this week, on track for its worst performance since end-January. “There appears to be speculation that monetary easing by the PBOC might be imminent,” said Kazutaka Kubo, senior economist at Okasan Securities. There are also expectations that once lockdowns are over, the economy could be supported by pent-up demand, he added.  Chinese authorities have repeatedly vowed to support the economy and markets in thet past few weeks, as rising Covid-19 infections and lockdowns darken the outlook for growth. The pledges have spurred bets that some form of monetary easing may come soon.  Movements in most national benchmarks in the region were modest on Friday, gaining less than 1%. Stocks in the Philippines and Indonesia outperformed, while Singapore shares fell.  Indian stocks gained after the Reserve Bank of India kept borrowing costs at a record low, while India’s 10-year bond yield hit 7% - the highest since 2019 - as the nation’s central bank boosted an inflation forecast. The central bank also announced the start of policy normalization as the pandemic’s impact fades. The S&P BSE Sensex climbed 0.7% to 59,447.18 in Mumbai to complete a second week of gains, while the NSE Nifty 50 Index rose 0.8%. Gauges of small- and mid-sized companies gained 1% and 0.9%, respectively. The Reserve Bank of India’s monetary policy panel held the benchmark rate at 4%, in line with predictions of all 36 economists surveyed by Bloomberg. RBI Governor Shaktikanta Das said the central bank will start focusing on withdrawal of banking liquidity accommodation to target inflation but such a move would be “multi-year” and carried out without disrupting the markets. “Equity markets will like the RBI’s continued focus on growth and its commitment to an accommodative stance,” said Abhay Agarwal, a fund manager at Mumbai-based Piper Serica Advisors Pvt.  The RBI’s commentary means adequate flow of liquidity will continue and immediate beneficiaries will be consumers who are borrowing to purchase real estate and autos, he added. All but one of 19 sectoral sub-indexes compiled by BSE Ltd. advanced, led by a gauge of power companies. Reliance Industries Ltd. was a key gainer on the Sensex, which saw 22 of its 30 components advance. The RBI has comforted markets by refraining from being aggressive, unlike its global peers, and by ensuring that the liquidity withdrawal will be gradual, Yesha Shah, head of equity research at Samco Securities wrote in a note.  “On the growth front, one can assume that the central bank expects private investment to ramp up now that capacity utilization has improved further,” she said, adding the policy lays the framework for a possible rate increase in coming reviews. Australian stocks advanced - the S&P/ASX 200 index rose 0.5% to close at 7,478.00 - supported by materials and industrial stocks. GrainCorp shares surged to a record high, after the firm upgraded its FY22 earnings guidance as high levels of rain in Australia lay a path for a bumper crop.  Platinum Asset plunged to an all-time low after the company reported net outflows of A$222 million in March. In New Zealand, the S&P/NZX 50 index was little changed at 12,066.27. In rates, Treasuries fell across the curve, with the front-end of the Treasuries curve pressured lower, flattening 2s10s spread by ~5bp as 2-year yields trade more than 7bp cheaper on the day at ~2.54%. S&P 500 futures near top of Thursday’s range, following bigger advance for European stocks after three straight declines. Yields across long-end of the curve are little changed on the day, as flattening extends out to 5s30s spread which is tighter by ~4bp; 10-year yields around 2.683%, cheaper by 2.5bp vs Thursday close; bunds and gilts outperform by 1bp-2bp in the sector. Bunds reversed opening gains, adding to a three-day run of declines; French debt underperformed bunds ahead of presidential elections beginning Sunday. The German curve bull-flattens, richening 2bps across the back end. Peripheral spreads widen to core with Italy underperforming. In FX, Bloomberg dollar index advanced a seventh consecutive day and neared the strongest level since July 2020 as the greenback advanced against all of its Group-of-10 peers apart from the Norwegian krone. The euro pared losses after touching a one-month low against the dollar in early London trading. The pound fell to the lowest in more than three weeks as bets for aggressive policy tightening by the Federal Reserve boost the dollar. Gilts rose across the curve as U.S. Treasury yields stabilized following the recent selloff. The Australian and New Zealand dollars were the worst-performing G-10 currencies; Australia’s yield curve steepened following a similar move in Treasuries on Thursday. Most Japanese government bonds rose, thanks to support from the central bank’s regular purchase operations. The yen briefly reversed early an Asia session loss after an ex-BOJ official said there’s likelihood of a policy shift as soon as this summer. Bitcoin is contained and unable to derive traction either way from the broader risk tone. Strike payment platform launches Shopify (SHOP) integration, which allows merchants to accept Bitcoin (BTC), according to Bloomberg. In commodities, crude futures trade within Thursday’s range; WTI holds above $96, Brent stalls near $102. Spot gold holds steady near $1,930/oz. Most base metals trade well: LME zinc and lead outperforming, tin lags. To the day ahead now. Central bank speakers include the ECB’s de Cos, Centeno, Panetta, Stournaras, Makhlouf and Herodotou. Italian retail sales for February and Canadian employment for March round out this week’s data. Market Snapshot S&P 500 futures up 0.5% to 4,517.00 STOXX Europe 600 up 1.4% to 461.27 MXAP up 0.2% to 176.33 MXAPJ up 0.3% to 584.66 Nikkei up 0.4% to 26,985.80 Topix up 0.2% to 1,896.79 Hang Seng Index up 0.3% to 21,872.01 Shanghai Composite up 0.5% to 3,251.85 Sensex up 0.9% to 59,558.63 Australia S&P/ASX 200 up 0.5% to 7,477.99 Kospi up 0.2% to 2,700.39 Brent Futures up 1.2% to $101.76/bbl Gold spot down 0.0% to $1,931.38 U.S. Dollar Index up 0.14% to 99.89 German 10Y yield little changed at 0.68% Euro down 0.1% to $1.0865 Top Overnight News from Bloomberg The Bank of Russia delivered a surprise cut in its key interest rate Friday, reversing some of the steep increase it made after the invasion of Ukraine as the ruble recovered. The central bank lowered the rate to 17% from 20% and said further cuts could be made at upcoming meetings if conditions permit EU countries agreed to ban coal imports from Russia, the first time the bloc’s sanctions have targeted Moscow’s crucial energy revenues. Japan is also looking to curb imports, in what could be a shift in policy from one of the world’s largest energy buyers The EU is aiming to lock in progress on trade and technology disputes with the U.S. during President Joe Biden’s first term amid concerns that any gains could otherwise be easily reversed The relationship between Australia’s equities and currency has become the closest in a decade as commodity prices surge. The 180-day correlation between the country’s stock benchmark and the Australian dollar has climbed to the highest level since late 2011, according to data compiled by Bloomberg. The strengthened ties come as rallies in materials from oil to iron ore have boosted both the nation’s equities and the Aussie The ECB will look past threats to economic growth from the war in Ukraine, ending asset purchases in the summer and setting the stage for a first interest-rate increase in more than a decade in December, according to a survey of economists Junk bond sales across Europe are experiencing their longest drought in more than 10 years, as the Russian invasion of Ukraine and the prospect of rising interest rates neuter risk appetite A more detailed look at global markets courtesy of Newsquawk: Asia-Pacific stocks were choppy and eventually conformed to a mixed picture; some weakness was seen shortly after the Chinese cash open. ASX 200 bucked the trend and was propped up by its energy and gold names. Nikkei 225 was choppy and moved in tandem with action in USD/JPY whilst the KOSPI was weighed on by its chip and telecoms sectors. Hang Seng remained pressured by losses across its large constituents - Alibaba and JD.com. Shanghai Comp swung between gains and losses but overall remained supported by reports from China's Securities Journal which noted of a potential PBoC RRR in Q2. Top Asian News Hong Kong Tycoons Heed China, Endorse John Lee to lead City Chinese Tech Stocks Fall as Tencent Shuts Game Streaming Site Abu Dhabi’s IHC Invests $2 Billion in Billionaire Adani’s Empire ADDX Rolls Out Private Market Services for Wealth Managers European bourses are firmer across the board, Euro Stoxx 50 +1.5%, bouncing in a morning of quiet newsflow with the broader tone modestly risk-on. Albeit, benchmarks are still negative on the week and some way from earlier WTD peaks; unsurprisingly, sectors are all in the green with defensive-bias names lagging. Stateside, futures are similarly in the green, ES +0.2%, though magnitudes are more contained ahead of a limited US schedule to round off the week. Top European News U.S. Sanctions Russian Miner Producing 30% of World’s Diamonds Atlantia Gains After Reports of Offer Price Above EU22/Share Generali CEO Says He Won’t Change Plan Challenged by Investors Baader Downgrades Six Chemical Firms, Citing Ukraine War In FX: DXY touches 100.000 as US Treasury yields continue to soar and curve steepen, but unable to break barrier. Kiwi underperforms awaiting NZIER Q1 survey, while Aussie holds up better after hawkish warning in RBA FSR; NZD/USD around 0.6950, AUD/USD nearer 0.7460. Yen sub-124.00 as Japanese export supply is absorbed, Euro supported by bids circa 1.0850 and Sterling treading water above 1.3000. Rouble relatively resilient in the face of 300 bp CBR rate reduction as it remains above pre-conflict highs. Fixed income: Choppy trade in bonds approaching the end of another very bearish week. Bunds and Gilts nurse losses mostly above par around 157.00 and 120.00 handles vs fresh cycle lows of 156.40 and 119.83. US Treasuries most seeing red, but curve less steep in correction after hawkish FOMC minutes and Fed commentary, via Brainard and Bullard especially Central Banks: RBA Financial Stability Review: important that borrowers are prepared for an increase interest rates; global asset markets are vulnerable to larger-than-expected rate increases, via Reuters. RBI leave rates unchanged as expected, retains "accommodative" stance as expected; will focus on withdrawing accommodation going forward. RBI is to restore LAF corridor to 50bps and floor to be constituted by SDF, according to Reuters. CBRT April survey sees Turkish End-Year CPI at 46.44% (prev. 40.47%) CNB Minutes (March): Dedek and Michl voted in the minority for stable rates. Board assessed risks and uncertainties of winter forecast as being markedly inflationary, particularly in short-term CBR cuts its Key Rate to 17.00% (prev. 20.00%) as of April 11th; holds open the prospect of further key rate reduction at its upcoming meetings. In commodities, WTI and Brent are bolstered amid broader sentiment, though crude/geopolitical specific developments have been limited In-fitting with equities, the benchmarks are negative on the week and some way shy of best levels as such. New York will suspend the state gas tax from June 1st to December 31st, according to Reuters. Barclays raises oil forecasts by USD 7-8/bb assuming no material disruption in Russian supplies beyond Q2 2022, according to Reuters. Spot gold is marginally firmer, but, remains drawn to USD 1930/oz after marginally eclipsing the level overnight; base metals bid in-line with sentiment. US Event Calendar 10:00: Feb. Wholesale Trade Sales MoM, est. 0.8%, prior 4.0% 10:00: Feb. Wholesale Inventories MoM, est. 2.1%, prior 2.1% DB's Henry Allen concludes the overnight wrap Yesterday’s ECB minutes reinforced what we learned from the March FOMC minutes and soon-to-be Vice Chair Brainard earlier this week – there are no doves in fox holes – by casting doubt on the likelihood of inflation returning to target this year. We also heard from St. Louis Fed President Bullard, the hawk leading the charge, who called for a fed funds rates above 3% this year. That would beckon a faster pace of hikes along with more aggregate tightening. Regional Presidents Bostic and Evans, non-voters each, meanwhile, want to get rates to neutral. The tighter path of global policy continued to drive sovereign yields higher and equity indices lower. Market-implied ECB policy rates by the end of the year increased +6.0bps to +62.3bps, the highest level this cycle. Sovereign yields rose to multi-year highs of their own, with those on 10yr bund (+3.4bps), OATs (+4.4bps) and BTPs (+3.5bps) moving higher, with 10yr breakevens falling in Germany (-1.9bps) and France (-0.7bps) for the first time in five days, while Italian breakevens were essentially flat (+0.2bps). Meanwhile, fed funds futures by end-2022 staged a slight retreat, falling -1.2bps to 2.50%, albeit +10bps higher than a week ago. While the probability of a +50bp hike in May remained steady at 85.4%. 2yr yields fell in line, declining -1.2bps, while 10yr Treasuries gained +6.0bps, leaving the curve at +19.2bps. If you’re up on the yield curve discourse, you’ll know the Fed discounts the signal coming from 2s10s, instead preferring shorter-dated measures of the yield curve, which wound up flattening yesterday. Yesterday’s yield curve steepening should not be viewed in a vacuum. The 2s10s curve has taken a 58.3bp round trip over the last two weeks, falling from +23.1bps two weeks ago, to -8.0bps last Friday, to +19.2bps at yesterday’s close. The fundamental outlook hasn’t changed dramatically over that time span. Instead, this likely reflects the elevated rates volatility environment we currently sit in. This, all before QT has even begun. Real Treasury yields continue to march higher in the back end, with 10yr real yields gaining +5.3bps to -0.19%, their highest level since March 2020, having gained +25.1bps this week alone, and +91.3bps YTD. Despite higher rates and more restrictive language, the S&P 500 ended the day +0.43% higher, after losing -2.21% the previous two sessions. The S&P 500 is now -5.58% YTD following the massive repricing of Fed expectations, while the Bloomberg Financial Conditions index is just a hair tighter than the post-2010 average. Monetary policy may need to adjust tighter yet to engineer the demand slowdown commensurate with a return of inflation to target. European equities were modestly lower, with the STOXX 600 slipping -0.21% and the DAX down -0.52%. The CAC (-0.57%) underperformed the STOXX 600 for the seventh consecutive session, on the back of growing Presidential election jitters. Polls between President Macron and his closest rival, Marine Le Pen, tightened. In particular, one poll (caveat emptor) from Atlas actually put Le Pen marginally ahead of Macron in a head-to-head runoff for the first time, by 50.5%-49.5%. The news immediately saw the French 10yr spread over bund yields widen in response, ending the day at 54.2bps, its widest since March 2020. While one poll a race does not make, it’s worth noting the broader poll narrowing over the last month. That has seen Macron’s lead in the first round over Le Pen go from 30%-17% a month ago (according to Politico’s average), to just 27%-22% now. In the second round, polls are likewise pointing to a tight contest, with Macron ahead of Le Pen by 52-48% (Ifop) and 53%-47% (Ipsos). For those looking for more details on the presidential race, DB’s Marc de-Muizon put out a guide yesterday (link here), where he looks at the current state of play in the election, the main aspects of both Macron and Le Pen’s programmes, as well as some potential challenges for both candidates. Back to the US, in a rare show of bi-partisanship, the Senate voted 100-0 to discontinue normal trade relations with Russia and Belarus and to ban Russian oil imports. Brent crude prices fell below $100/bbl for the first time since mid-March intraday, ultimately falling -0.48% to close at $100.58/bbl. The EU also moved to include a Russian coal embargo in its fifth round of sanctions. The opprobrium was global, with the UN General Assembly voting to suspend Russia from the Human Rights Council following its human rights violations, the first such suspension since Libya in 2011. On the ground, the Kremlin admitted to enduring heavy troop losses, and while the locus of the war still seems set to shift eastward, Ukrainian commanders have their guard up for a renewed assault on Kyiv. Elsewhere, Judge Ketanji Brown Jackson was confirmed to the Supreme Court. It’s expected the Senate will now turn to approving President Biden’s nominations for the Fed Board of Governors later this month, which will still have one empty seat following Sarah Bloom Raskin withdrawing her nomination. Asian equity markets this morning aren’t matching Wall Street’s resilience from yesterday. The Hang Seng (-0.57%) is leading the moves lower with the Nikkei (-0.08%), Kospi (-0.10%), Shanghai Composite (-0.06%) and CSI (-0.10%) all slightly on the wrong foot. Along with tighter global monetary policy, China’s Covid outbreak is worsening and dragging on sentiment. US stock futures are unperturbed, with S&P 500 and Nasdaq futures virtually unchanged. Meanwhile, the aforementioned rates volatility continues to rear its head, with the curve snapping back flatter as we go to press, with 2yr Treasuries +4.2bps higher and the 10yr a bit softer at -0.5bps. Oil prices are extending their decline this morning with Brent futures (-0.74%) sliding below $100/bbl. On the data side, Japan’s current account swung back to surplus in February to +¥1.6 trillion, following a -¥1.2 trillion deficit in January - the second-biggest deficit on record. The main release yesterday came from the US weekly initial jobless claims, which fell to their lowest level since 1968, with just 166k initial claims in the week through April 2 (vs. 200k expected). In addition, the previous week was revised down to 171k from 202k, which left the smoother 4-week moving average at 170k, the lowest ever in the entire data series going back to 1967. Euro Area retail sales grew by +0.3% in February (vs. +0.5% expected), and German industrial production grew by +0.2% that same month, in line with expectations. To the day ahead now. Central bank speakers include the ECB’s de Cos, Centeno, Panetta, Stournaras, Makhlouf and Herodotou. Italian retail sales for February and Canadian employment for March round out this week’s data. Tyler Durden Fri, 04/08/2022 - 07:51.....»»

Category: blogSource: zerohedgeApr 8th, 2022

Global Atomic Announces 2021 Results

Dasa Uranium Mine Currently Under Development, Project On Schedule - Stronger Uranium and Zinc Prices Improve Outlook TORONTO, March 29, 2022 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX:GLO) (OTCQX:GLATF) (FRANKFURT: G12) announced today its operating and financial results for the year ended December 31, 2021. HIGHLIGHTS Dasa Uranium Project The Company issued its Dasa Project, Phase 1, Feasibility Study ("Feasibility Study"), based on multiple trade-off studies and pilot plant campaigns. The Feasibility Study reported a maiden reserve for the Dasa Project of 4.1 million tonnes grading 5,267 ppm for a total of 47.2 million pounds U3O8. The Feasibility Study resulted in an initial, Phase 1, 12-year mine schedule at a production throughput of 1,000 tonnes per day to produce 45.4 million pounds U3O8. The Study estimates cash costs, including royalties and all Niger off-site costs, of US$18.91/lb U3O8 and an all-in sustaining cost of US$21.93/lb U3O8. Initial capital expenditures are estimated to be US$208 million. Based on a U3O8 price of US$35/lb, the after-tax NPV discounted at 8%, is US$157 million for an after-tax IRR of 22.7%. The Feasibility Study sensitivity analysis shows that at a U3O8 price of US$50/lb the after-tax IRR rises to 44.6% and at US$60 the after-tax IRR would be 57.2% for Phase 1 only. In Q4 2021, the Company began an infill drill program to upgrade Inferred Resources on strike of the Phase 1 Flank Zone to Indicated Resources in order to begin incorporation of additional Phase 2 resources into an updated mine plan. With the mining permit, final Feasibility Study results and Board approval, the Company determined that effective December 30, 2021, the technical feasibility and commercial viability of the Dasa Project were sufficient to support its development decision. The development decision resulted in a transfer of $45.2 million previously capitalized expenditures from "exploration and evaluation assets" to "mineral property assets" on the Company's balance sheet. The Company engaged HCF International Advisers Limited as its financial advisors for project financing and, by the end of 2021, a short list of interested project lenders had been identified. The Company engaged Fuel Link Limited as its uranium marketing agent and yellowcake offtake discussions have been initiated with utilities. The Company began a drill program in Q4 2021 at the Isakanan deposit on the Adrar Emoles 4 permit to recover core for in-situ leach testing. Turkish Zinc Joint Venture The Turkish Zinc Joint Venture ("BST" or the "Turkish JV") plant processed over 70,000 tonnes EAFD in 2021. The Company's share of the Turkish JV EBITDA was $11.3 million in 2021 ($5.6 million in 2020), an increase of 102%. The zinc contained in concentrate shipments in 2021 was 34.8 million pounds and the average realized price was US$1.36/lb. Available funds were used to secure adequate supplies of critical materials in case of unforeseen supply disruptions and the planned final payment on the Befesa loan was deferred to Q2 2022. The non-recourse Turkish JV debt owing to Befesa was US$4.65 million at the end of 2021 (Global Atomic share – US$2.28 million). The revolving credit facility of the Turkish JV had been paid down to US$7.8 million at the end of 2021 from US8.2 million. The cash balance of the Turkish JV was US$2.8 million at the end of 2021. Corporate Global Atomic continues to receive approximately $1 million in management fees and sales commissions annually from the Turkish JV, helping to offset corporate overhead costs. The Company completed a Bought Deal private placement of 6,250,000 Units on March 16th at a price of $2.00 per Unit for gross proceeds of $12,500,000. Each Unit comprised one common share and one-half warrant exercisable at $3.00 per common share over an 18-month period. The Company completed a Bought Deal private placement of 8,750,000 Units on December 7th at a price of $4.00 per Unit for gross proceeds of $35,000,000. Each Unit comprised one common share and one-half warrant exercisable at $6.00 per common share over an 18-month period. In May, the Company announced the appointment of Mr. Dean R. Chambers P.Eng., ICD.D to the Board of Directors and Pierre Hardouin MBA, CPA, CMA joined the Company in September as Vice President Finance. Cash balance at December 31, 2021, was $34.2 million. SUBSEQUENT EVENTS Corporate 140,000 warrants outstanding at December 31, 2021 were exercised for proceeds of $420,000. In the year to date period Global Atomic granted 1,082,000 options to directors, officers and employees of the Company Stock options are exercisable at $3.40 to $4.54 for a period of five years. Stephen G. Roman, President and CEO commented, "Global Atomic had a very productive year in 2021.   The major milestone met during the year was the completion of our Phase 1 Feasibility Study for the Dasa Project, where using a base uranium price of US$35 per pound we determined Phase 1 is able to generate an after-tax 22.7% IRR over a 12-year period. Uranium is continuing to move higher and is currently trading near US$60 per pound, a price that generates a 57.2% IRR, after tax!  It is important for investors to remember the Phase 1 mine plan represents approximately 20% of the known deposit. The Dasa Deposit is the largest, high-grade uranium deposit under development in Africa, and remains open along strike and down dip for further exploration and expansion."  "The outlook for the Company continues to improve.  Higher zinc prices during 2021 helped double EBITDA from our Turkish Zinc JV over the prior year and zinc prices continue to rise in 2022.   At the Dasa Project site we continue to make excellent progress with the excavation of the Boxcut and building surface infrastructure in preparation for mining.  The Dasa drilling program initiated in the fall of 2021 has shown excellent results and by converting Inferred Resources to the Measured and Indicated categories we expect to increase contiguous Phase 1 mine plan Mineral Reserves and improve  Project economics.  Demand for uranium is increasing as nuclear power is now recognized as a key contributor of baseload, green power solution that will assist in meeting net zero carbon targets.  The Dasa Project remains on schedule to produce Yellowcake at the beginning of 2025, and make a meaningful contribution to world uranium supply." OUTLOOK Dasa Uranium Project The Company expects to finalize the incorporation of its Niger mining company in Q2 2022. The Company began the boxcut excavation in February and expects this to be complete in April. Surface infrastructure to support mine development activities is under construction. Based on an updated mine plan and budget schedule, timing of mining will coincide with mill completion in Q4, 2024. Ore stockpiling will be kept to a minimum by matching the ore development schedule with the mill completion, unless an agreement to transport development ore to Orano Mining is reached. Mining equipment has begun to arrive on site and at the Port of Cotonou in Benin. Assembly and commissioning will occur over the summer months and CMAC-Thyssen (CMAC) will begin training programs in Q3, 2022. The Company has engaged engineering consultants to complete Value Engineering studies for the mill construction, due by the end of March. An EPCM (Engineering, Procurement, and Construction Management) contract is expected to be awarded in Q2 2022. Detailed engineering will be initiated immediately following the EPCM contract award to support the start of the processing plant construction in Q1 2023. Project financing is expected by the end of the year to support construction of the processing plant. The Dasa drilling program has been successful in both indicating an expansion of the resources and upgrading Inferred Resources to Indicated Resources. On completion of the Dasa drill program currently scheduled for June, and the receipt of assays, the current Mineral Resource Estimate ("MRE") will be updated. Following the MRE update, a revised mine plan will be developed and the reserve statement updated; it is expected that this will result in an increase in Phase 1 ore reserves and lower operating costs. The Company is continuing discussions with Orano Mining relating to direct shipping of development ore to the Somair Mine located 105 kilometers north of the Dasa Project. The Isakanan drill program was completed in February and core samples have been shipped to Canada to test for in-situ leach potential. Turkish Zinc Joint Venture The Turkish zinc plant continues to operate at target operating efficiencies. Various factors have influenced the zinc price in the current year, which has traded above US$1.60 per pound throughout the year-to-date period. Repayment of the remaining Befesa loan is expected to occur in Q2 2022. Turkish JV dividend payments will resume following repayment of the Befesa loan. COMPARATIVE RESULTS The following table summarizes comparative results of operations of the Company: Year ended December 31,   (all amounts in C$) 2021 2020 Revenues $            957,723 $          707,552 General and administration 9,156,217 3,397,564 Share of equity loss (earnings) (4,112,819) 1,012,580 Other income (68,001) 16,787 Finance expense  19,882 4,371 Foreign exchange loss (gain) 108,197 (86,044) Net income (loss) $       (4,145,753) $     (3,637,706) Other comprehensive income (loss) $       (9,086,937) $     (1,490,473) Comprehensive income (loss) $     (13,232,690) $     (5,128,179) Basic and diluted net loss per share ($0.026) ($0.024) Basic and diluted weighted-average   number of shares outstanding  162,371,970 149,403,862 As at December 31, 2021 2020 Cash.....»»

Category: earningsSource: benzingaMar 29th, 2022