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LONDON (Reuters) - British Prime Minister Rishi Sunak will announce a new science initiative to bring together work on developing climate-resilient crops as his government hosts a Global Food Security Summit in London on Monday. The summit, a joint initiative between Britain, Somalia, the UAE, the Children’s Investment Fund Foundation and the Bill and Melinda Gates Foundation, is due to be attended by representatives from more than 20 countries. "We must take action to address the underlying, and often unseen, causes of global food insecurity," Sunak said. Priorities will include mobilising international finance and harnessing innovation, Britain's Foreign Office said. ($1 = 0.8025 pounds)(Reporting by Kylie MacLellan; Editing by David Holmes)
Persons: Rishi Sunak, Melinda Gates, Sunak, Kylie MacLellan, David Holmes Organizations: British, Food Security, Children’s Investment Fund Foundation, Melinda Gates Foundation Locations: London, Britain, Somalia, UAE, Ukraine, British, Ethiopia, Sudan, South Sudan, Afghanistan, Malawi
Election integrity has become a key issue in Virginia, with conservative activists using next week’s election as a testing ground for a larger strategy to detect voter fraud in the 2024 election. The affected voters were people previously convicted of felonies who had their voting rights restored after completing their sentences, according to the state’s Department of Elections, and a software error misclassified probation violations as new felonies that would automatically strip the residents of their voting rights under Virginia law. Mr. Youngkin, who took office last year, had rescinded policies enacted by previous governors that automatically restored voting rights to residents who had completed felony sentences. Lyn McDermid, Virginia’s secretary of administration, said that the governor had asked the state’s inspector general to investigate the “causes and circumstances” of the purge of the voter rolls. The potential election impact is likely to be small among the more than six million Virginians registered to vote.
Persons: Brennan, Youngkin, Lyn McDermid, Ragnar Organizations: state’s Department, Elections, Brennan Center for Justice, Virginians, Ragnar Research Partners Locations: Virginia
REUTERS/Nick Oxford Acquire Licensing RightsNov 1 (Reuters) - Spirit AeroSystems (SPR.N) on Wednesday projected higher-than-expected cash burn for 2023 as it slashed anticipated deliveries of 737 fuselages, but its new CEO said returning the embattled aerospace supplier to positive cash flow will be his "principle goal." "However, we have other cash levers to pull," including organizational inefficiencies and more closely enforcing contracts with its own supply chain, he said. LOWERED 737 DELIVERY EXPECTATIONSOn Wednesday, Spirit increased its anticipated free cash burn to between $275 and $325 million for 2023, compared with the $200 million to $250 million range. Executives said they anticipate positive margins on the 787 program by the first half of 2025 as a result of the agreement with Boeing. Third-quarter cash burn was $136 million, compared with a cash burn of $73 million a year ago.
Persons: Nick Oxford, Patrick Shanahan, Robert Stallard, Shanahan, Abhijith, Maju Samuel, Louise Heavens, Jonathan Oatis, Marguerita Choy Organizations: Spirit AeroSystems Holdings Inc, REUTERS, Boeing, Vertical Research Partners, Airbus, Revenue, Thomson Locations: Wichita , Kansas, U.S, Bengaluru
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation is likely to stay higher, says Strategas Research's Jason TrennertJason Trennert, CEO of Strategas Research Partners, and Brian Weinstein, head of global markets at Morgan Stanley Investment Management, join 'The Exchange' to discuss Fed policy, inflation, and more.
Persons: Strategas, Jason Trennert Jason Trennert, Brian Weinstein Organizations: Strategas Research Partners, Morgan Stanley Investment Management
Meanwhile, Boeing and Spirit, a supplier for the U.S. planemaker and European rival Airbus(AIR.PA), are contending with a lapse involving misdrilled holes on Boeing’s 737 MAX. Boeing is expected to report a loss of $2.23 per diluted share, compared with a loss of $5.49 a year ago. Spirit is projected to report a loss of $1.03 a share, compared to a loss of $1.22 a year earlier, according to LSEG data. The target may no longer be achievable if Boeing can no longer meet its goal of delivering 400 737s this year. Spirit, which reports Nov. 1, has already revealed preliminary results as part of a new price agreement with Boeing.
Persons: Benoit Tessier, Whitney, Rob Stallard, ” RTX, Ron Epstein, Vertical's Stallard, Patrick Shanahan, Pat, Michel Merluzeau, Shanahan, Valerie Insinna, Pratyush Thakur, Ben Klayman, Josie Kao Organizations: Boeing, International Paris Air, Le, REUTERS, Rights, Pratt, U.S, Airbus, Research, LSEG, ” Bank of America, Thomson Locations: Le Bourget, Paris, France, Washington, Bengaluru
A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. Under the agreement announced on Wednesday, Spirit will get a higher price per 787 unit in the near term, while 737 unit prices will be cut from 2026 to 2033. The agreement also includes a "control clause" requiring Boeing's input if Spirit were to be acquired. Overall, the agreement should stabilize Spirit and pave the way for a future agreement with Airbus, he added. Boeing said the agreement "will enhance operational stability in our production system and help us deliver on our customer commitments."
Persons: Benoit Tessier, Tom Gentile, Robert Stallard, Patrick Shanahan, Abhijith, Valerie Insinna, Arun Koyyur, Jonathan Oatis Organizations: Boeing, International Paris Air, Le, REUTERS, Wednesday, Airbus, Research, Thomson Locations: Le Bourget, Paris, France, Bengaluru, Washington
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat frightens me the most right now is bond yields, says Strategas' Jason TrennertJason Trennert, Strategas Research Partners chairman and CEO, joins 'Squawk Box' to discuss the latest market trends, why the markets have been remarkably resilient given the geopolitical headwinds, bond yields, the Fed's inflation fight, and more.
Persons: Strategas, Jason Trennert Jason Trennert Organizations: Strategas Research
During the most recent government shutdown in 2019, the S&P 500 rose more than 10%. The S&P 500 on Tuesday logged its lowest close since June and fell below the threshold it passed that same month to enter a new bull run. The S&P 500 has gained 0.5% on average during the month following the end of a shutdown and 1.5% during the period three months after. Meta’s Zuckerberg unveils Quest 3Meta is moving forward in its efforts to dominate the AR world with the new and improved Meta Quest 3, reports my colleague Jennifer Korn. The Meta Quest 2 allows for strictly virtual reality, while the Meta Quest Pro has advanced passthrough cameras for seeing your actual surroundings, but it costs a whopping $1,000.
Persons: shutdowns, , Steven Wieting, Goldman Sachs, Jeffrey Roach, Ned Davis, Meta’s Zuckerberg, Jennifer Korn, Mark Zuckerberg, Jeanne Sahadi, Read Organizations: CNN Business, Bell, CNN, Strategas Research Partners, Citi Global Wealth, Reserve, LPL, Fed, Stocks, Ned Davis Research, Meta, Pro, Fortune, Pew Research Center, Pew Locations: United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIn some ways the Fed is fighting the federal government to get inflation down, says Jason TrennertJason Trennert, Strategas Research Partners chairman and CEO, joins 'Squawk Box' to discuss the latest market trends, the Fed's inflation fight and impact on the economy, recession forecast, and more.
Persons: Jason Trennert Jason Trennert Organizations: Strategas Research
SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, U.S., July 25, 2023. The union representing roughly 11,500 film and television writers and the group that represents the studios and streaming companies announced the preliminary agreement on Sunday. The three-year deal, whose details were not disclosed, needs to be approved by the leadership of the Writers Guild of America and union members to officially end the strike. But even after the approval, it will take longer for productions to resume as Hollywood actors are still on strike. Its shares have dropped nearly 14% since the writers' strike started on May 2, while Paramount, Disney and Netflix have lost between 20% and 45%.
Persons: Mike Blake, Walt Disney, Susannah Streeter, Hargreaves Lansdown, WBD, David Zaslav, Craig Huber, Yuvraj Malik, Zaheer Kachwala, Arun Koyyur Organizations: Writers Guild of America, Disney Studios, REUTERS, Warner Bros Discovery, Paramount Global, Netflix, SAG, Hargreaves, Paramount, Disney, Media, Huber Research Partners, Thomson Locations: Burbank , California, U.S, Bengaluru
"Get there early to ensure you catch the sunrise" on Enphase Energy , said Seaport Research Partners. Enphase shares have tumbled more than 53% in 2023 amid a difficult year for the residential solar energy market in the U.S. California, which is the largest market for U.S. residential solar installers, also instituted a policy change that reduced a subsidy for solar panel owners for sending excess power into the grid — further impacting demand. However, Curran thinks the U.S. residential market could show an "incipient recovery" by the end of the second quarter next year. "By next June, we believe three positive factors will converge to form a rebound in U.S. home rooftop solar demand," said Curran.
Persons: Tom Curran, Curran, Enphase, ENPH, — CNBC's Michael Bloom Organizations: Enphase Energy, Seaport Research Partners, U.S, 2H24 Locations: California, U.S, Europe, France, Benelux, Germany
Visitor passes the Raytheon Technologies Corporation (RTX) logo at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. In July, RTX said a rare powder metal defect could lead to the cracking of some engine components and called for accelerated inspections affecting 200 engines by mid-September. Repair work that CEO Greg Hayes had initially expected would take 60 days is now projected to last up to 300 days per engine. An average of 350 jets could be grounded per year through 2026, with as many as 650 jets sitting idle in the first half of 2024. Disclosing higher-than-expected gross costs of $6-7 billion for dealing with the problem, RTX said it expected an up to $3.5 billion pre-tax hit to profits over the next several years.
Persons: Benoit Tessier, Pratt & Whitney, RTX, Greg Hayes, Safran, Hayes, Germany's, Robert Stallard, Valerie Insinna, Abhijith, Tim Hepher, Arun Koyyur, Nick Zieminski, Grant McCool Organizations: Raytheon Technologies Corporation, International Paris Air, Le, REUTERS, Pratt &, RTX Corp, Airbus, Pratt, Raytheon, GE, CFM, Boeing, Aero, Germany's Lufthansa, AIRBUS, U.S, Spirit Airlines, JetBlue Airways, Hawaiian Airlines, Jefferies, Vertical Research Partners, Thomson Locations: Le Bourget, Paris, France, Clayville , New York, Washington, Bengaluru
Strategas' Chris Verrone on the re-energized energy sector
  + stars: | 2023-08-21 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrategas' Chris Verrone on the re-energized energy sectorChris Verrone, Strategas Research Partners head of technical and macro research, joins 'Closing Bell' to discuss the mean reversion and the energy rebound.
Persons: Chris Verrone Organizations: Strategas Research Partners
And according to a report from Consumer Intelligence Research Partners, they're especially popular among young adults — the same group that dominates PC gaming, according to Statista. However, these days, most MacBooks run on a single chip called either the M1 or M2, also known as Apple silicon, that holds both the CPU and GPU. Steam, the most popular PC gaming app, even has its own dedicated macOS catalog now. It features thousands of fantastic games, including:You also have access to a wealth of popular games outside of Steam, like Fortnite and The Sims 4. And don't forget cloud gaming services like Xbox Game Pass that let you stream popular games on your MacBook.
Persons: MacBooks, you'll, Whoopi Goldberg's, you'd, William Antonelli, I've, you've, aren't Organizations: Consumer Intelligence Research Partners, Apple, AMD, Intel, Nvidia, Mac, Forza, Xbox Cloud Locations: itch.io
Hey Siri: Screen iPhone calls on Apple’s valuation
  + stars: | 2023-08-04 | by ( Robert Cyran | ) www.reuters.com   time to read: +3 min
Signage is seen at the Apple Fifth Avenue store for the release of the Apple iPhone 14 range in Manhattan, New York City, U.S., September 16, 2022. REUTERS/Andrew KellyNEW YORK, Aug 3 (Reuters Breakingviews) - The iPhone 15 is probably coming soon, but the handset that anchors Apple (AAPL.O) is losing some of its allure. Apple sold nearly $40 billion of them in the quarter, a 2.5% dip from roughly the same three-month stretch in 2022. In 2017, though, existing U.S. owners waited 2.1 years to replace their iPhone, according to Consumer Intelligence Research Partners. The segment’s revenue reached a record $21 billion in the quarter, or 8% more than the same period a year ago.
Persons: Andrew Kelly NEW, Boss Tim Cook, Cook, Jeffrey Goldfarb, Sharon Lam Organizations: Apple, REUTERS, Andrew Kelly NEW YORK, Reuters, Consumer Intelligence Research Partners, Reuters Graphics Reuters, Apple Watch, Thomson Locations: Manhattan , New York City, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's been an overt change in commodity leadership recently, says Strategas' Chris VerroneChris Verrone, Strategas Research Partners head of technical and macro research, joins 'Closing Bell' to discuss what has Verrone's eye, if the growth in Crude is sustainable, and the path for bond yields.
Persons: Strategas, Chris Verrone Chris Verrone Organizations: Strategas Research Partners
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEquity markets are overbought because of valuations, says Strategas' Jason TrennertJason Trennert, Strategas Research Partners chairman and CEO, joins 'Squawk on the Street' to discuss why Trennert believes the market is overbought, how the CEO would advise clients at this juncture, and more.
Persons: Strategas, Jason Trennert Jason Trennert, Trennert Organizations: Equity, Strategas Research
Microscopic contaminants were found in a metal used in the engine's high-pressure turbine discs - part of the engine core. In an interview, Chief Executive Greg Hayes acknowledged the airlines' frustration over a spate of problems with the Geared Turbofan (GTF) engines over the last seven years. While the latest GTF issue could be the last straw for some, we suspect that the negative (share price) response is overdone". Low-cost Indian carrier Go First, which plunged into financial crisis this year, blamed "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neos. Announcing quarterly earnings on Tuesday, RTX increased its 2023 sales expectation from $72 billion to $73 billion to $73 billion to $74 billion.
Persons: Whitney, Pratt, Greg Hayes, Safran, RTX, Robert Stallard, Wizz, Hayes, Pratyush Thakur, Valerie Insinna, Mike Stone, Susan Mathew, Rajesh Singh, Tim Hepher, Shounak Dasgupta, Sharon Singleton, Nick Zieminski Organizations: Pratt, Airbus, U.S, RTX Corp, Raytheon Technologies, CFM International, GE, Reuters, Research, Spirit Airlines Inc, JetBlue Airways, Wizz, Thomson Locations: Paris, Bengaluru, Washington, Chicago
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVery little recession is actually priced into the market today, says Strategas’ Jason TrennertJason Trennert, Strategas Research Partners chairman and CEO, joins 'Squawk Box' to discuss the Fed's inflation fight, the impact of worker strikes on the Fed's decision, latest market trends, and more.
Persons: Strategas, Jason Trennert Jason Trennert Organizations: Strategas Research
July 21 (Reuters) - Shares in Sirius XM Holdings (SIRI.O) were down 10.5% on Friday, erasing some of their dramatic gains in the previous day's session with analysts attributing the volatility to a short squeeze, as well as a rebalance of the Nasdaq 100 (.NDX). U.S. satellite and online radio company, Sirius XM, which is majority owned by Liberty Media (FWONA.O), last traded at $6.99 after closing up 42% at $7.81 on Thursday for its biggest one-day percentage gain since March 2009. A short squeeze is when these investors are forced to quickly cover their bets to limit losses if a stock gains ground instead of falling. "However, the large number of shares held short along with a relatively small float provided fertile ground for a short squeeze as seen on July 20," wrote Macker who estimates a $7.50 fair value for the stock. Evercore analyst Vijay Jayant said the upcoming rebalance of the Nasdaq 100, of which Sirius is a member, was also a factor for the short squeeze as well as related options trading.
Persons: Neil Macker, Macker, Vijay Jayant, Jayant, David Joyce, Joyce, Sinéad Carew, Medha Singh, Lance Tupper, Sharon Singleton Organizations: Sirius XM Holdings, Nasdaq, Sirius XM, Liberty Media, Atlanta Braves, Sirius, Liberty's, Research Partners, Thomson
The nation's largest retailer said Thursday that it will cut the price of Walmart+ in half for those low-income households. Walmart has not disclosed total Walmart+ subscribers, but said about a quarter of its members get government assistance. Walmart launched Walmart+ in 2020 to hook shoppers and increase the likelihood of them spending more on its website and in stores. Along with the Walmart+ discounted price, Walmart said it has made it easier for families receiving food aid to shop online. It said it now accepts SNAP online in all 50 states.
Persons: Doug McMillon, Morgan Stanley Organizations: Walmart, Nutrition, SNAP, United States Department of Agriculture, Amazon Prime, Costco, Sam's, Paramount, Consumer Intelligence Research Partners, Walmart Connect Locations: U.S, Alaska
LOS ANGELES, July 19 (Reuters) - Streaming video pioneer Netflix (NFLX.O) disappointed Wall Street on Wednesday with second-quarter revenue that fell short of analyst estimates, sending shares tumbling nearly 9% in after-hours trading. Netflix has been looking for new ways to make money as streaming competition intensifies and it nears market saturation in the United States. Its nearly 6 million subscriber additions outpaced the 1.9 million that Wall Street expected. Quarterly revenue climbed 2.7% from a year earlier to $8.2 billion, shy of analyst forecasts of $8.3 billion. Netflix said its advertising tier remained a small part of its membership base and that current ad revenue is not material.
Persons: we’ve, Craig Huber, Huber, We've, Spencer Neumann, Jeffrey Wlodarczak, Ted Sarandos, Sarandos, Lisa Richwine, Dawn Chmielewski, Yuvraj Malik, Deepa Babington, Chris Reese Organizations: Netflix, Refinitiv, Huber Research Partners, Research, Thomson Locations: ANGELES, United States, Los Angeles, Bengaluru
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYields and energy are both coming to life, says Strategas' Chris VerroneChris Verrone, Strategas Research Partners head of technical and macro research, joins 'Squawk Box' to discuss the stocks, market trends, and more.
Persons: Strategas, Chris Verrone Chris Verrone Organizations: Strategas Research Partners
CHICAGO, June 27 (Reuters) - Delta Air Lines (DAL.N) said on Tuesday it expects full-year profit per share at the high-end of its prior forecast on sustained travel demand. Shares rose about 1% in premarket trading as the Atlanta-based carrier also lifted its expectation for annual free cash flow ahead of its investor day. But with no let-up in travel demand, mainly for overseas trips and a moderation in fuel costs, analysts have revised upwards Delta's profit estimates. In a sign of growing confidence in its ability to generate free cash flow, Delta this month reinstated its quarterly dividend, which it had suspended in March 2020 during the pandemic. The company raised its free cash flow outlook for 2023 to $3 billion compared to more than $2 billion that it had forecast earlier.
Persons: Daniel McKenzie, Stephen Trent, Rajesh Kumar Singh, Shivansh, Jamie Freed, Arun Koyyur Organizations: Delta Air Lines, Delta, Seaport Research Partners, Citi, Thomson Locations: Atlanta, U.S, North America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Strategas Research's Chris VerroneChris Verrone, head of technical and macro research at Strategas Research Partners, joins 'Squawk Box' to discuss if there's more to come in the rally in equities, what would happen if the Federal Reserve decided to stay higher for longer, and what's causing yields to move higher.
Persons: Strategas, Chris Verrone Chris Verrone Organizations: Strategas Research Partners, Federal Reserve
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