(Source: Nasdaq) Wall Street’s main indexes were mostly flat on Thursday after recording all-time closing highs in the previous session, with focus on the monthly employment report due on Friday as markets mostly brushed off weekly jobless claims data. The crucial nonfarm payrolls report, scheduled for release before markets open, could be key in gauging the Federal Reserve’s interest rate trajectory. Eric Clark, portfolio manager at the Rational Dynamic Brands Fund, said the market could get a rate cut in December but the Fed might be more cautious going forward. “They have already hinted about being very slow and methodical about cutting interest rates ... at some point the market will probably make that realization and put things that were tied to rate cuts on sale.” U.S. Federal Reserve Chair Jerome Powell appeared to signal support for a slower pace of interest-rate cuts ahead when he spoke on Wednesday, while San Francisco Fed President Mary Daly said there was “no sense of urgency” on reducing borrowing costs further. Comments from Richmond Fed President Thomas Barkin are due later in the day. On the day, data showed the number of Americans filing new applications for unemployment benefits increased moderately last week, suggesting that the labor market continued to cool. At 11:32 a.m. ET, the Dow Jones Industrial Average (.DJI), fell 105.25 points, or 0.23%, to 44,908.79, the S&P 500 (.SPX), lost 1.80 points, or 0.03%, to 6,084.84 and the Nasdaq Composite (.IXIC), gained 17.50 points, or 0.09%, to 19,752.62. Most megacap and growth stocks were mixed. Tesla (TSLA.O), however, outperformed with a 3.5% gain after at least two brokerages lifted their price target on the electric vehicle maker’s stock. The S&P 500 (.SPX), opens new tab, the Nasdaq (.IXIC), and the Dow (.DJI), clocked record closing highs on Wednesday, having rallied greatly this year as investors bought into heavyweight technology stocks in a bid to cash in on the artificial intelligence hype. Another tailwind for stocks recently has been former U.S. President Donald Trump’s win in the Nov. 5 elections. Analysts expect his policies on tax cuts and looser regulation could support corporate performance. Southwest Airlines (LUV.N), gained 3.9% as the carrier raised its forecast for fourth-quarter revenue per available seat miles, while American Airlines (AAL.O), added 15% after lifting its fourth-quarter adjusted earnings forecast. Synopsys (SNPS.O), opens new tab fell 10.7% after the chip design software firm forecast fiscal 2025 revenue below Wall Street expectations, in part due to a slump in China sales. Cryptocurrency and blockchain-related stocks lost steam after surging earlier in the day when bitcoin , the world’s largest cryptocurrency, stormed above the $100,000 mark for the first time. MicroStrategy (MSTR.O), the largest corporate holder of bitcoin, was down 2%, while exchange operator Coinbase (COIN.O), was flat. Declining issues outnumbered advancers by a 1.18-to-1 ratio on the NYSE and by a 1.4-to-1 ratio on the Nasdaq. The S&P 500 posted 34 new 52-week highs and five new lows, while the Nasdaq Composite recorded 109 new highs and 82 new lows. Source: Reuters (Reporting by Shashwat Chauhan and Purvi Agarwal in Bengaluru; Editing by Pooja Desai and Maju Samuel)
November 30 - RJ Thompson scored 23 points -- including the go-ahead 3-pointer with 56 seconds left -- as Charleston Southern shocked host Miami 83-79 on Saturday afternoon. Miami entered the game as a 23.5-point favorite. Charleston (2-7) won its first game of the season away from home after losing its previous six road or neutral-court contests. The Buccaneers also got 21 points from Thompson Camara and 20 points and 11 rebounds from Taje' Kelly. Camara match his previous career point total. Miami (3-4), playing at home for the first time in two weeks, lost its fourth straight game. Brandon Johnson led Miami with 23 points and freshman Austin Swartz scored a career-high 15. Swartz entered the game averaging just 2.3 points For the first time this season, Miami was without Nijel Pack, who has a lower-body injury. Pack leads the team in scoring (15.2) and assists (4.7). With Pack out, five-star freshman Jalil Bethea made his first start and had six points. The game featured quite a contrast in coaches. Miami's Jim Larranaga, 75, has won 743 games in 41-plus seasons. Charleston Southern's Saah Nimley, 31, is in his full first season as a head coach. He was named interim coach in November 2023. In the first half, Miami raced to a 17-10 lead. However, Charleston Southern posted an 11-0 run to grab a 21-17 advantage. The Hurricanes lost control late in the first half as Miami's Johnson hit a 3-pointer and was hit with a technical foul for taunting. Later in the first half, Larranaga was also hit with a technical. By the end of the half, the Buccaneers led 45-37. Camara led Charleston Southern with 16 first-half points on 6-for-7 shooting, including 4-of-5 on 3-pointers. Johnson scored 12 for Miami in the opening half, all on 3-pointers. In the second half, Charleston Southern stretched its lead to 13. Miami rallied as the clock wound down. With 38 seconds left, Miami called a timeout while trailing 81-79. With 15 seconds left, Swartz missed a 3-pointer and the Buccaneers got the rebound. Daylen Berry made two free throws with 11 seconds left to ice the game. Up next, Miami will host No. 19 Arkansas on Tuesday night as part of the ACC/SEC Challenge. Charleston Southern will return home to face Tennessee-Martin on Tuesday night. --Field Level Media Our Standards: The Thomson Reuters Trust Principles. , opens new tab
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Tesla appears to be setting the stage for the initial release of Full Self-Driving (FSD) V13. This seems to be the case, at least, based on social media posts from the electric vehicle maker’s employees on X. Tesla CEO Elon Musk recently teased the update with a simple rocketship emoji on X. The post was a response to Ashok Elluswamy, the VP of AI Software at Tesla, who noted in a post that FSD V13 is looking (fire) . 🚀😎 The teasers from Tesla’s team didn’t stop at the top. Soon, several Tesla AI team members shared their excitement online. As per NotATeslaApp , this level of enthusiasm and social media engagement from Tesla’s employees about an upcoming FSD release is quite unprecedented. This suggests that the upcoming V13 update may be quite substantial. Following are some apparent FSD V13 posts from Tesla team members. Happy Thanksgiving! pic.twitter.com/RAISsgFwEI Can't wait for y'all to see what we have in store!! https://t.co/W37ZSz2oSC pic.twitter.com/IWw37f8ITz Expectations are high that Tesla might be doing an employee-only release of FSD V13 to start. Once this is completed, the update is expected to be pushed to early access testers. Provided that no issues arise at this stage, FSD V13 will be rolled out to the greater FSD fleet. Tesla definitely seems to be working hard on FSD V13, with Elluswamy mentioning that engineers were working on the software all the way to Thanksgiving morning . Literally true, some working even today morning 🙇 While it seems certain that FSD V13 will be released early December at the earliest (and thus be about two months late), the positivity surrounding FSD V13 among the company’s employees suggests that the update will be well worth the wait. FSD V13, after all, is expected to be the most capable and safest build of the advanced driver-assist system yet, exceeding even the remarkable performance of V12.5.6.3, which was showcased in a series of promotional videos on X. Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.Party City surprises shoppers with going out of business sale before shuttering over 850 stores
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MISSISSAUGA, Ontario, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Kruger Products Inc. (“Kruger Products”), a company in which KP Tissue Inc. (TSX: KPT) holds an equity interest, announced today that, after successfully starting-up its new tissue plant in Sherbrooke, Quebec, it is evaluating advancing the construction of its next tissue plant in response to increased market competition in the fast-growing ultra-premium segment. This proposed new plant would contain a state-of-the-art Through-Air-Dry paper machine along with three converting lines. The result of the evaluation is expected to be announced in early 2025. This decision is being made in support of the Company’s continued focus on growing its business, protecting market share, and continuing to offer high quality tissue products to customers across North America. About Kruger Products Inc. (Kruger Products) Kruger Products is Canada’s leading manufacturer of quality tissue products for household, industrial and commercial use. Kruger Products serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties®, White Swan® and Bonterra®. In the U.S., Kruger Products manufactures the White Cloud® brand, as well as many private label products. Kruger Products has approximately 2,800 employees and operates ten FSC® COC-certified (FSC® C-104904) production facilities in North America. For more information visit www.krugerproducts.ca . About KP Tissue Inc. (KPT) KPT was created to acquire, and its business is limited to holding, a limited equity interest in Kruger Products, which is accounted for as an investment on the equity basis. KPT currently holds a 12.6% interest in Kruger Products. For more information visit www.kptissueinc.com . Forward Looking Statements Certain statements in this press release about KPT’s and Kruger Products' current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements in this press release may include, but are not limited to, statements regarding Kruger Products’ intention to construct a new tissue plant and its potential benefits. The forward-looking statements in this press release are based on several assumptions, including regarding the availability of financing for a new tissue plant on acceptable terms. Although KPT and Kruger Products believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that such expectations and assumptions will prove to be correct. Many factors could cause Kruger Products’ actual results, level of activity, performance or achievements or future events or developments, to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail in the “Risk Factors – Risks Related to Kruger Products’ Business” section of the KPT Annual Information Form dated March 7, 2024 available on SEDAR+ at www.sedarplus.ca: Kruger Inc.’s influence over Kruger Products; Kruger Products’ reliance on Kruger Inc.; consequences of an event of insolvency relating to Kruger Inc.; risks associated with the ownership of the TAD Sherbrooke Project; risks associated with the operation of the TAD Sherbrooke Project; risks associated with the Sherbrooke Expansion Project; operational risks; significant increases in input costs; reduction in supply of fibre; increased pricing pressure and intense competition; Kruger Products’ inability to innovate effectively; adverse economic conditions; dependence on key retail trade customers; damage to the reputation of Kruger Products or Kruger Products’ brands; Kruger Products’ sales being less than anticipated; Kruger Products’ failure to implement its business and operating strategies; Kruger Products’ obligation to make regular capital expenditures; Kruger Products entering into unsuccessful acquisitions; Kruger Products’ dependence on key personnel; Kruger Products’ inability to retain its existing customers or obtain new customers; Kruger Products’ loss of key suppliers; Kruger Products’ failure to adequately protect its intellectual property rights; Kruger Products’ reliance on third party intellectual property licenses; adverse litigation and other claims affecting Kruger Products; material expenditures due to comprehensive environmental regulation affecting Kruger Products’ cash flow; Kruger Products’ pension obligations are significant and can be materially higher than predicted if Kruger Products Management’s underlying assumptions are incorrect; labour disputes adversely affecting Kruger Products’ cost structure and Kruger Products’ ability to run its plants; exchange rate and U.S. competitors; Kruger Products’ inability to service all of its indebtedness; exposure to potential consumer product liability; covenant compliance; interest rate and refinancing risk; and risks relating to information technology; cyber-security; insurance; internal controls; and trade. Readers should not place undue reliance on forward-looking statements made herein. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information contained herein is made as of the date of press release and KPT undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. INFORMATIONThe internet is rife with fake reviews. Will AI make it worse?
The Ukrainian president said the use of a ballistic missile to hit Dnipro was a “clear and severe escalation in the scale and brutality of this war” and he warned that Russian president Mr Putin would attack or destabilise other countries unless stopped. Mr Putin said the use of the new weapon was in response to the UK and US allowing missiles they have supplied to Ukraine to be used to strike targets in Russia. “In response to the use of American and British long-range weapons on November 21 of this year, the Russian armed forces launched a combined strike on one of the facilities of the Ukrainian defence industry,” Mr Putin said in a televised address. “One of the newest Russian medium-range missile systems was tested in combat conditions, in this case, with a ballistic missile in a non-nuclear hypersonic warhead.” He added: “We consider ourselves entitled to use our weapons against military facilities of those countries that allow their weapons to be used against our facilities.” But Mr Zelensky urged world leaders – his “dear partners” – not to be cowed by Mr Putin’s actions otherwise there will be “endless Russian strikes” and “not just against Ukraine”. Today, Putin admitted to taking a second step this year toward escalating and expanding this war. A new ballistic missile was used. Putin struck our city of Dnipro, one of Ukraine’s largest cities. This is a clear and severe escalation in the scale and brutality of this war—a... — Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) November 21, 2024 “A lack of tough reactions to Russia’s actions sends a message that such behavior is acceptable,” the Ukrainian president said on X, formerly Twitter. “This is what Putin is doing. Putin must feel the cost of his deranged ambitions. “Response is needed. Pressure is needed. Russia must be forced into real peace, which can only be achieved through strength. “Otherwise, there will be endless Russian strikes, threats, and destabilisation-not just against Ukraine.” The UK is believed to have allowed its Storm Shadow missiles to be used by Ukrainian forces within the Kursk region of Russia, while the US has given permission for its ATACMS weapons to be fired at targets in Mr Putin’s country. Mr Putin confirmed Russia has tested the new intermediate-range weapon in an attack on Dnipro in response. The US said the weapon was a new, experimental intermediate-range missile based on Russia’s existing RS-26 Rubezh intercontinental ballistic missile. In Westminster, the Prime Minister’s official spokesman said: “My understanding is that it is the first time that Russia has used a ballistic missile in Ukraine with a range of several thousand kilometres.” Defence Secretary John Healey said it was “yet another example of Putin’s recklessness”. He said: “Since the illegal invasion of Ukraine began, Russia has consistently and irresponsibly escalated the conflict while Ukraine continues to fight in self-defence for a democratic future.” The missile’s range far outstrips that of newly authorised US and British-supplied weapons, which can hit targets around 250-300km away. The distance from Moscow to London is around 2,500km, suggesting the range of the new missile could threaten the UK. Mr Healey said the UK knew Russia had been “preparing for months” to fire a new ballistic missile. Downing Street and the Ministry of Defence have repeatedly declined to comment publicly on Ukraine’s use of Storm Shadow. “It risks both operational security and in the end the only one that benefits from such a public debate is President Putin,” Mr Healey told MPs. I had a meeting with the UK delegation led by Chief of the Defence Staff @AdmTonyRadakin_ . We discussed defense cooperation between Ukraine and the United Kingdom, focusing on developing and enhancing the technological capabilities of the Armed Forces of Ukraine. Particular... pic.twitter.com/EcjqfTuR49 — Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) November 21, 2024 The head of the UK’s armed forces, Chief of the Defence Staff Admiral Sir Tony Radakin, met Mr Zelensky in Kyiv to discuss the war on Thursday. Mr Zelensky said: “We discussed defence co-operation between Ukraine and the United Kingdom, focusing on developing and enhancing the technological capabilities of the armed forces of Ukraine. “Particular attention was given to Ukraine’s current military needs and the continued support from our partners.”Elon Musk and Vivek Ramaswamy, the newly tapped co-chairs of President-elect Donald Trump's Department of Government Efficiency advisory board, met with lawmakers behind closed doors to discuss Trump's agenda for the new Congress. "We need to make government more efficient," said House Speaker Rep. Mike Johnson, R-La. Trump tasked the entrepreneurs with finding ways to cut government spending. Musk claimed he could cut "at least $2 trillion" of federal spending but did not specify how or in what time frame. In a Wall Street Journal op-ed, Musk and Ramaswamy wrote they would welcome "a wave of voluntary terminations" by ending remote work for federal workers. The duo has also considered cutting government programs and slashing federal regulations to save funds. "While I embrace the DOGE concept, I think we have to be careful with the expectation," said Rep. Steve Womack, R-Ark. The federal budget is divided into three parts: mandatory spending, which includes Social Security, Medicare and Medicaid; paying interest on the debt, which increases as the deficit grows; and the discretionary budget, half of which goes to the Pentagon, with the other half covering veterans' benefits, education, transportation and other government services. "We have to find an answer as to how we save Medicare, Medicaid, Social Security, pay the net interest on the debt, while at the same time not being able to take all of that out of the hide of the discretionary budget, which is already pretty thin," Womack said. On Thursday, Johnson did not answer a question about how to cut funding while saving entitlements. On the campaign trail, Trump said he would not make cuts to Social Security or Medicare, the largest and fifth largest line items in the budget.
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Stocks closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones notched another record high. The S&P 500 rose 0.3 per cent. The benchmark index’s 1.7 per cent gain for the week erased most of its loss from last week. Wall Street has steadied after a volatile few weeks. Credit: AP The Dow rose 1 per cent as it nudged past its most recent high set last week, and the Nasdaq composite rose 0.2 per cent. The Australian sharemarket is set to climb, with futures pointing to a rise of 52 points, or 0.6 per cent. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump’s victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. It’s now within about 0.5 per cent of its all-time high set last week. “Overall, market behaviour has normalised following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 12.8 per cent after handily beating analysts’ third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 2.2 per cent after raising its earnings forecast for the year. EchoStar fell 2.8 per cent after DirecTV called off its purchase of that company’s Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8 per cent. A majority of stocks in the S&P 500 gained ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.2 per cent. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $US3.6 trillion ($5.5 trillion) behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.7 per cent. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.7 per cent following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. All told, the S&P 500 rose 20.63 points to 5,969.34. The Dow climbed 426.16 points to 44,296.51, and the Nasdaq picked up 42.65 points to close at 2,406.67. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41 per cent from 4.42 per cent late Thursday. In the crypto market, bitcoin hovered around $US99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $US99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation’s largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts’ expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan’s consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It’s still up from 70.5 in October. The survey also showed that consumers’ inflation expectations for the year ahead fell slightly to 2.6 per cent, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the US releases its October personal consumption expenditures index. The PCE is the Fed’s preferred measure of inflation and this will be the last PCE reading prior to the central bank’s meeting in December. AP The Market Recap newsletter is a wrap of the day’s trading. Get it each we e kday afternoon .Aflac Incorporated to Webcast 2024 Financial Analysts Briefing
This holiday season, be thankful for the taxpayer protections we have in California