super ace max bet
RALEIGH, N.C. (AP) — The very close election for a North Carolina Supreme Court seat heads next to a hand recount even as election officials announced a machine recount of over 5.5 million ballots resulted in no margin change between the candidates. The statewide machine recount — in which ballots were run again through tabulators — that wrapped up this week showed Democratic Associate Justice Allison Riggs with a 734-vote lead over Republican challenger Jefferson Griffin, who is a Court of Appeals judge. Most county election boards reported minor vote changes from the machine recount requested by Griffin. But State Board of Elections data showed the post-recount lead exactly the same as what Riggs held after all 100 counties fully completed their ballot canvass in November. Griffin led Riggs by about 10,000 votes on election night, but that lead dwindled and flipped to Riggs as tens of thousands of qualifying provisional and absentee ballots were added to the totals through the canvass. Griffin, who already has pending election protests challenging the validity of more than 60,000 ballots counted statewide, has asked for a partial hand-to-eye recount, which county boards will start Wednesday or Thursday. The partial hand recount applies to ballots in 3% of the voting sites in all 100 counties, chosen at random Tuesday by the state board. Once the partial recount is complete, a statewide hand recount would be ordered if the sample results differ enough from the machine recount that the result would be reversed if the difference were extrapolated to all ballots. Riggs, who was appointed to the Supreme Court in 2023 and now seeks an eight-year term, again claimed victory Tuesday. In a campaign news release, spokesperson Embry Owen said Griffin “needs to immediately concede – losing candidates must respect the will of voters and not needlessly waste state resources.” Riggs is one of two Democrats on the seven-member court. Through attorneys, Griffin has challenged ballots that he says may not qualify for several reasons and cast doubt on the election result. Among them: voter registration records of some voters casting ballots lack driver's license or partial Social Security numbers, and overseas voters never living in North Carolina may run afoul of state residency requirements. State and county boards are considering the protests. Griffin's attorneys on Monday asked the state board to accelerate the matters before it and make a final ruling early next week. "Our priority remains ensuring that every legal vote is counted and that the public can trust the integrity of this election,” state Republican Party spokesperson Matt Mercer said in a news release. Final rulings by the state board can be appealed to state court. Joining Griffin in protests are three Republican legislative candidates who still trailed narrowly in their respective races after the machine recounts. The Supreme Court race and two of these three legislative races have not been called by The Associated Press. The key pending legislative race is for a House seat covering Granville County and parts of Vance County. Republican Rep. Frank Sossamon trails Democratic challenger Bryan Cohn by 228 votes, down from 233 votes before the recount. Sossamon also asked for a partial hard recount in his race, which was to begin Tuesday. Should Cohn win, Republicans will fall one seat short of the 72 needed in the 120-member House to retain its veto-proof majority — giving more leverage to Democratic Gov.-elect Josh Stein in 2025. Senate Republicans already have won 30 of the 50 seats needed to retain its supermajority in their chamber. The AP on Tuesday did call another legislative race not subject to a protest, as Mecklenburg County GOP Rep. Tricia Cotham won her reelection bid over Democrat Nicole Sidman. A machine recount showed Cotham ahead of Sidman by 213 votes, compared to 216 after the county canvass. Cotham’s switch from the Democrats to the Republicans in April 2023 secured the Republicans' 72-seat veto-proof majority so that Democratic Gov. Roy Cooper’s vetoes could be overridden by relying solely on GOP lawmakers.Canada’s Trudeau says he had an ‘excellent conversation’ with Trump in Florida after tariffs threat
NoneCalifornia to consider requiring mental health warnings on social media sites
50 questions looking back on the region's year in sport in 2024. or signup to continue reading Note, the answers are included after the 50 questions. Two hours, six minutes and 22 seconds. 4x100m medley relay alongside Kaylee McKeown, Emma KcKeon and Mollie O'Callaghan. Ollie Bleddyn. 203 runs. Nine. Atlanta Hawks. Melbourne United. Marianna Tolo and Sami Whitcomb. Gisborne's Braidon Blake and Brad Bernacki and Sandhurst's Lachlan Tardrew. Spring Gully's Nick Skeen with three. Two points. 15 points. Calder United. Gisborne's Pat McKenna with three. James Barri - 107 n.o. v Wangaratta. Dylan Klemm (66), Kaiden Antonowicz (65), James Harvey (57), Corey Grindlay (54), Liam Bartels (50). 93 goals. Nine games. Charlotte Sexton. Kangaroo Flat. 10 wins. Jack Reaper (captain) and Ashley Connick (coach). Number eight. Lucia Painter (West Coast, No.7), Alexis Gregor (Geelong, No.10), Lavinia Cox (Hawthorn, No.15). 37 disposals - 16 kicks and 21 handballs. 20 goals. Gabe Richards. Elmore (53-53) and Leitchville-Gunbower (42-42). Eight goals. Waverley. Melbourne, round one at the MCG. Pyramid Hill's Zach Alford. Gisborne's Torie Skrijel. 54.23 (347). James Barrat and Jemmika Douglas. South Bendigo's Brock Harvey and Sandhurst's Lachlan Wright. 150 years. Mitiamo's Carly Scholes. Travis Kelly, Cameron Keenan, Kevin Anderson and Alex Marshall. Sea King ridden by Declan Bates. Fifth. Tatura (men) and Spring Gully United (women). 28 votes. Chelsea Sartori (Kangaroo Flat, 20), Maddy Stewart (Gisborne, 18), Shae Clifford (Sandhurst, 15). Bendigo. Golden Square by 31 points. Four. Ollie Wines with 11. Max Delight. 36 years. DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!Breaking barriers
Neuer gets sent off for 1st time and Bayern Munich exits German Cup early again
President-elect Donald Trump has announced billionaire investment banker Warren A. Stephens as his pick for U.S. ambassador to the United Kingdom, a decision that sparked mixed reactions on Monday. Stephens, head of the Arkansas-based investment bank Stephens Inc., is a longtime Republican donor. Although initially opposed to Trump during the 2016 Republican primaries, Stephens later supported Trump’s 2024 presidential campaign through significant contributions to a political action committee. “Warren has always dreamed of serving the United States full time. I am thrilled that he will now have that opportunity as the top Diplomat, representing the U.S.A. to one of America’s most cherished and beloved Allies,” Trump said in a Truth Social post. This marks another high-profile appointment in Trump’s growing list of nominations ahead of his 20 January inauguration. Stephens follows in the footsteps of Woody Johnson, the billionaire owner of the New York Jets, who served as U.S. ambassador to the UK during Trump’s first term from 2017 to 2021. The choice of Stephens dashed hopes among Jets fans who had wished for Johnson’s return to the diplomatic post. Johnson’s tenure as ambassador was seen as a high point for the franchise, as his absence allowed his brother Christopher Johnson to take over team operations and personnel decisions. The Jets are currently enduring a difficult 3-9 season despite pre-season optimism, fueled by quarterback Aaron Rodgers’ anticipated return to full health and the acquisition of star receiver Davante Adams. The mid-season firing of head coach Robert Saleh and general manager Joe Douglas only deepened fan frustration. While Trump’s choice of Stephens is pending Senate confirmation, Jets fans remain hopeful that Johnson might be appointed to another prominent role in the administration. (Sources: AFP, Fox News)
— Enhanced liquidity through issuance of Second Lien Notes — Obtained amendment to credit agreement and extended note payable — Fourth quarter fiscal 2024 revenue down 7.3% to $130.4 million — Full year fiscal 2024 revenue down 14.3% to $490.7 million — Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. NOTV (the "Company"), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months ("Q4 FY 2024") and twelve months ("FY 2024") ended September 30, 2024. Revenue by Segment (in millions of USD) Three Months Ended September 30, % change Twelve Months Ended September 30, % change 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) DSA (Discovery & Safety Assessment) $44.6 $50.2 (11.2 )% $180.1 $185.1 (2.7 )% RMS (Research Models & Services) $85.8 $90.5 (5.2 )% $310.6 $387.3 (19.8 )% Total $130.4 $140.7 (7.3 )% $490.7 $572.4 (14.3 )% Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, "The fourth quarter was productive for Inotiv, including completing previously announced site optimization plans, some recovery of NHP sales with existing and new customers, raising capital and amending our credit agreement. Going forward, we are planning further integration and cost reduction initiatives, we will continue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet. We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger. "Overall, with the exception of the volatility we saw in the NHP business in 2024, we have seen financial improvements in some other aspects of our business. In addition to improving our financial performance, our goals for 2025 include reducing volatility in our NHP business and a continued focus on the customer, compliance and animal welfare. We will continue our customer-driven strategy that has a strong scientific foundation and fuels innovation as One Inotiv. We've grown stronger, adding key partners and building new services and products that have expanded our scientific expertise, services, and offerings. By integrating these efforts over the last two years, we're streamlining our systems and processes to create a more unified customer driven approach across our global footprint." Highlights Q4 FY 2024 Highlights Revenue was $130.4 million in Q4 FY 2024, a decrease of $10.3 million or 7.3%, compared to $140.7 million during the three months ended September 30, 2023 ("Q4 FY 2023"), primarily driven by a $5.6 million, or 11.2%, decrease in Discovery and Safety Assessment ("DSA") revenue and a decrease of $4.7 million, or 5.2%, in Research Models and Services ("RMS") revenue. Revenue of $130.4 million in Q4 FY 2024 was an increase of $24.6 million, or 23.3%, compared to revenue of $105.8 million in the sequential prior quarter of Q3 FY 2024 2 . Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $8.7 million, or 6.2% of total revenue, in Q4 FY 2023. Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $26.1 million, or 24.7% of total revenue, in the sequential prior quarter of Q3 FY 2024. Adjusted EBITDA 1 in Q4 FY 2024 was $5.4 million, or 4.1% of total revenue, compared to $23.7 million, or 16.8% of total revenue, in Q4 FY 2023. Book-to-bill ratio for Q4 FY 2024 was 0.78x for the DSA services business. DSA backlog was $129.9 million at September 30, 2024, down from $132.1 million at September 30, 2023. FY 2024 Highlights Revenue was $490.7 million during FY 2024, a decrease of $81.7 million, or 14.3%, compared to $572.4 million during the twelve months ended September 30, 2023 ("FY 2023"), primarily driven by a $76.7 million, or 19.8%, decrease in RMS revenue and a $5.0 million, or 2.7%, decrease in DSA revenue. Consolidated net loss for FY 2024 was $108.9 million, or 22.2% of total revenue, compared to consolidated net loss of $104.9 million, or 18.3% of total revenue, for FY 2023. Consolidated net loss for FY 2024 included a $28.5 million charge related to the Resolution Agreement (the "Resolution Agreement") the Company and its related entities entered into with the U.S. Department of Justice ("DOJ") and the United States Attorney's Office for the Western District of Virginia ("USAO-WDV") and the Plea Agreement (the "Plea Agreement") Envigo RMS, LLC and Envigo Global Services, Inc. entered into with the DOJ and the USAO-WDV. Each of the Resolution Agreement and the Plea Agreement were entered into on June 3, 2024 in connection with the resolution of a previously-announced criminal investigation into the Company's shuttered canine breeding facility located in Cumberland, Virginia. Consolidated net loss for FY 2023 included a $66.4 million non-cash goodwill impairment charge related to the RMS segment. Adjusted EBITDA 1 in FY 2024 was $18.2 million, or 3.7% of total revenue, compared to $65.8 million, or 11.5% of total revenue, in FY 2023. Book-to-bill ratio for FY 2024 was 0.99x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to "Note on Non-GAAP Financial Measures" in this release for further information. 2 "Q3 FY 2024" refers to the three months ended June 30, 2024. Operational and Capital Resources Highlights The consolidation of operating activities from the Company's Blackthorn, U.K. facility into its Hillcrest, U.K. site have been completed and the Company exited the leased facility by the end of September 2024. On September 13, 2024, the Company entered into a Seventh Amendment to the Company's Credit Agreement. The Seventh Amendment, among other changes, permitted the incurrence of the issuance by the Company of Second Lien Notes (as defined below) in an aggregate amount of approximately $22.6 million, made certain changes to the component definitions of the financial covenants, including the definition of Fixed Charge Coverage Ratio, and increased the cash netting capability in the Secured Leverage Ratio covenant. The Seventh Amendment included the addition of a maximum capital expenditure limit and a minimum EBITDA test effective September 13, 2024, waived the existing financial covenants from the date of the Seventh Amendment until June 30, 2025, and established additional new financial covenants for the fiscal quarters starting June 30, 2025 and thereafter. On September 13, 2024, certain investors acquired $22.0 million principal amount of the 15.00% Senior Secured Second Lien PIK Notes due 2027 (the "Second Lien Notes") and warrants to purchase 3,946,250 of the Company's common shares for consideration comprised of (i) $17.0 million in cash and (ii) the cancellation of approximately $8.3 million of the Company's 3.25% Convertible Senior Notes due 2027. In connection with this transaction, the Company also issued to the structuring agent approximately $0.6 million principal amount of the Second Lien Notes and warrants to purchase 200,000 of the Company's common shares as compensation for its services as structuring agent. Announcement In fiscal 2025, the Company intends to initiate the next phase of our site optimization program to further improve and consolidate additional RMS facilities in the U.S. This next phase is another important program, which the Company projects will eliminate approximately $4.0 million to $5.0 million in operating expenses and further improve RMS margins when completed. Most of these financial benefits are not expected until fiscal 2026. The Company expects to incur additional immaterial capital expenditures, which are included in our capital plan, and immaterial expenses in connection with the next phase of our site optimization program. The Company also believes it can achieve another $0.5 million to $1.0 million in cost reductions from the continued integration of its North American transportation and distribution system. Subsequent Event On October 24, 2024, the Company and Orient BioResource Center entered into a Third Amendment to extend the maturity date of the Seller Payable to January 27, 2026. Fourth Quarter Fiscal 2024 Financial Results (Three Months Ended September 30, 2024) Revenue decreased 7.3% to $130.4 million in Q4 FY 2024 as compared to $140.7 million in Q4 FY 2023. The lower total revenue in the fourth quarter was driven by a $5.6 million decrease in DSA revenue and a $4.7 million decrease in RMS revenue. DSA revenues decreased primarily due to a decrease in safety assessment services of $3.4 million, which was primarily due to decreased revenue from general toxicology services as a result of a change in the mix of studies conducted, and a decrease in discovery service revenue of $2.0 million as a result of the decline in overall biotech activity in the market. The decrease in RMS revenue was due to the lower non-human primate ("NHP") related product and service revenue of $1.6 million mainly as a result of lower pricing for NHPs. Additionally, in Q4 FY 2024, there was a decrease of $1.7 million in RMS revenue as a result of the sale of our Israeli businesses in Q4 FY 2023. The remaining decrease in RMS revenue in Q4 FY 2024 was primarily due to a decline in small animal model sales. Operating loss was $13.2 million in Q4 FY 2024 as compared to operating income of $2.5 million in Q4 FY 2023. RMS operating income decreased by $10.7 million, or 91.1%, driven by the decrease in revenue discussed above and an increase in cost of revenue of $6.8 million. The increased RMS cost of revenue was primarily due to increased costs associated with NHP-related product and service revenue of $10.4 million, partially offset by decreases from the impact of the sale of our Israeli business of $1.2 million, as well as decreases in restructuring costs, transportation costs and costs related to sites closed in connection with our optimization plan. DSA operating income decreased by $4.8 million, or 71.5%, primarily due to the decrease in revenue noted above. Full Year Fiscal 2024 Financial Results (Twelve Months Ended September 30, 2024) Revenue decreased 14.3% to $490.7 million in FY 2024 as compared to $572.4 million in FY 2023. The lower total revenue in FY 2024 was primarily driven by a $76.7 million decrease in RMS revenue and a decrease in DSA revenue of $5.0 million. The decrease in RMS revenue was due primarily to the negative impact of lower NHP sales of $60.4 million. Additionally, there was a decrease of $10.6 million in RMS revenue as a result of the sale of our Israeli businesses in the fourth quarter of fiscal 2023. The remaining decrease in RMS revenue in FY 2024 was due primarily to decreases in small animal model sales and RMS services in the U.S., partially offset by an increase in diet, bedding and enrichment product sales and an increase in small animal model sales outside of the U.S. and RMS services outside of the U.S. The decrease in DSA revenue in FY 2024 was primarily driven by a $5.0 million decrease in discovery services revenue as a result of the decline in overall biotech activity in the market. Operating loss was $86.4 million in FY 2024 as compared to $81.5 million in FY 2023. The higher total operating loss in FY 2024 was due to an increase in RMS operating loss of $7.0 million and a decrease in DSA operating income of $6.5 million, partially offset by a decrease in unallocated corporate expenses of $8.6 million. The increase in RMS operating loss was primarily driven by the negative margin impact resulting from the decrease in RMS revenue noted above and included the $28.5 million charge incurred during FY 2024 related to the Resolution Agreement and Plea Agreement, partially offset by the $66.4 million non-cash goodwill impairment charge related to our RMS segment in FY 2023 that did not recur in FY 2024. DSA operating income decreased primarily due to the decreased revenue noted above. Unallocated corporate expenses decreased primarily due to decreases in professional fees, acquisition and integration costs, stock compensation expense and compensation and benefits expense, partially offset by an increase in information technology expenses. Cash and cash equivalents of $21.4 million at September 30, 2024, compares to $35.5 million at September 30, 2023. Cash used by operating activities was $6.8 million for FY 2024, which included payments of $6.5 million related to the Resolution Agreement and the Plea Agreement, compared to cash provided by operating activities of $27.9 million for FY 2023. For FY 2024, capital expenditures totaled $22.3 million compared to $27.5 million for FY 2023. Total debt, net of debt issuance costs, as of September 30, 2024, was $393.3 million. As of September 30, 2024, there were no borrowings on the Company's $15.0 million revolving credit facility. Webcast and Conference Call Management will host a conference call on Tuesday, December 3, 2024, at 4:30 pm ET to discuss fourth quarter and full year fiscal 2024 results. Interested parties may participate in the call by dialing: (800) 267-6316 (Domestic) (203) 518-9783 (International) "Inotiv" (Conference ID) The live conference call webcast will be accessible in the Investors section of the Company's web site and directly via the following link: https://viavid.webcasts.com/starthere.jsp?ei=1697836&tp_key=5c08e65813 For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv's web site at: https://ir.inotiv.com/events-and-presentations/default.aspx . Note on Non-GAAP Financial Measures This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and twelve months ended September 30, 2024 and 2023 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss, statements of operations line items interest expense and income tax benefit/provision, as well as non-cash charges for depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution and Plea Agreements, gain on sale of subsidiary, gain on extinguishment of debt, and goodwill impairment loss. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company's ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's condensed consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotiv.com/ . This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to ( i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pricing, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 12, 2023, as well as other filings we make with the Securities and Exchange Commission. Company Contact Investor Relations Inotiv, Inc. LifeSci Advisors Beth A. Taylor, Chief Financial Officer Steve Halper (765) 497-8381 (646) 876-6455 btaylor@inotivco.com shalper@lifesciadvisors.com INOTIV, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 Service revenue $ 54,475 $ 58,718 $ 219,663 $ 223,813 Product revenue 75,942 82,022 271,076 348,612 Total revenue $ 130,417 $ 140,740 $ 490,739 $ 572,425 Costs and expenses: Cost of services provided (excluding depreciation and amortization of intangible assets) 40,464 39,460 157,826 147,819 Cost of products sold (excluding depreciation and amortization of intangible assets) 60,014 52,955 221,742 242,664 Selling 5,102 5,030 20,883 19,075 General and administrative 20,529 22,410 77,034 104,706 Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Other operating expense 2,881 3,825 42,542 18,537 Goodwill impairment loss — — — 66,367 Operating (loss) income $ (13,167 ) $ 2,460 $ (86,406 ) $ (81,460 ) Other (expense) income: Interest expense (12,316 ) (11,268 ) (46,884 ) (43,019 ) Other income 1,438 1,582 2,530 237 Loss before income taxes $ (24,045 ) $ (7,226 ) $ (130,760 ) $ (124,242 ) Income tax benefit (provision) 5,154 (1,480 ) 21,875 19,340 Consolidated net loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Less: Net (loss) income attributable to noncontrolling interests — 957 (440 ) 238 Net loss attributable to common shareholders $ (18,891 ) $ (9,663 ) $ (108,445 ) $ (105,140 ) Loss per common share Net loss attributable to common shareholders: Basic $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Diluted $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Weighted-average number of common shares outstanding: Basic 26,001 25,738 25,897 25,641 Diluted 26,001 25,738 25,897 25,641 INOTIV, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (Unaudited) As of September 30, 2024 2023 Assets Current assets: Cash and cash equivalents $ 21,432 $ 35,492 Trade receivables and contract assets, net of allowances for credit losses of $6,931 and $7,446, respectively 73,560 87,383 Inventories, net 18,173 56,102 Prepaid expenses and other current assets 50,248 33,408 Assets held for sale — 1,418 Total current assets 163,413 213,803 Property and equipment, net 188,328 191,068 Operating lease right-of-use assets, net 49,165 38,866 Goodwill 94,286 94,286 Other intangible assets, net 274,396 308,428 Other assets 11,773 10,079 Total assets $ 781,361 $ 856,530 Liabilities, shareholders' equity and noncontrolling interest Current liabilities: Accounts payable $ 33,526 $ 32,564 Accrued expenses and other liabilities 28,218 25,776 Fees invoiced in advance 41,986 55,622 Current portion of long-term operating lease 11,774 10,282 Current portion of long-term debt 3,538 7,950 Total current liabilities 119,042 132,194 Long-term operating leases, net 40,010 29,614 Long-term debt, less current portion, net of debt issuance costs 389,801 369,795 Other long-term liabilities 34,963 6,373 Deferred tax liabilities, net 27,041 50,064 Total liabilities 610,857 588,040 Shareholders' equity and noncontrolling interest: Common shares, no par value: Authorized 74,000,000 shares at September 30, 2024 and September 30, 2023; 26,015,129 issued and outstanding at September 30, 2024 and 25,777,169 at September 30, 2023 6,466 6,406 Additional paid-in capital 724,789 715,696 Accumulated deficit (562,163 ) (453,278 ) Accumulated other comprehensive income 1,412 330 Total equity attributable to common shareholders 170,504 269,154 Noncontrolling interest — (664 ) Total shareholders' equity and noncontrolling interest 170,504 268,490 Total liabilities and shareholders' equity and noncontrolling interest $ 781,361 $ 856,530 INOTIV, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Fiscal Years Ended September 30 2024 2023 Operating activities: Consolidated net loss $ (108,885 ) $ (104,902 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities, net of acquisitions: Depreciation and amortization 57,118 54,717 Employee stock compensation expense 6,740 7,844 Changes in deferred taxes (23,251 ) (25,810 ) Provision for expected credit losses 58 1,273 Amortization of debt issuance costs and original issue discount 3,745 3,182 Noncash interest and accretion expense 7,378 6,284 Other non-cash operating activities (452 ) 1,972 Gain on debt extinguishment (1,860 ) — Goodwill impairment loss — 66,367 Changes in operating assets and liabilities: Trade receivables and contract assets 14,168 9,550 Inventories 38,210 14,011 Prepaid expenses and other current assets (16,357 ) 11,249 Operating lease right-of-use assets and liabilities, net 1,589 884 Accounts payable 613 5,963 Accrued expenses and other liabilities 2,158 (8,339 ) Fees invoiced in advance (14,339 ) (12,907 ) Other asset and liabilities, net 26,562 (3,455 ) Net cash (used in) provided by operating activities (6,805 ) 27,883 Investing activities: Capital expenditures (22,310 ) (27,503 ) Proceeds from sale of property and equipment 5,478 1,115 Cash paid for other investing activities — (2,367 ) Net cash used in investing activities (16,832 ) (28,755 ) Financing activities: Payments on revolving credit facility (12,000 ) (21,000 ) Payments on senior term notes and delayed draw term loans (3,454 ) (2,070 ) Borrowings on revolving loan facility 12,000 6,000 Issuance of second lien notes 17,000 — Borrowings on delayed draw term loans — 35,000 Other financing activities, net (3,871 ) (2,058 ) Net cash provided by financing activities 9,675 15,872 Effect of exchange rate changes on cash and cash equivalents (98 ) 1,512 Net (decrease) increase in cash and cash equivalents (14,060 ) 16,512 Cash, cash equivalents, and restricted cash at beginning of period 35,492 18,980 Cash, cash equivalents, and restricted cash at end of period $ 21,432 $ 35,492 Noncash financing activity: Non-cash debt issuance costs $ 3,512 $ 1,363 Supplemental disclosure of cash flow information: Cash paid for interest $ 36,138 $ 35,459 Income taxes paid, net $ 1,843 $ 7,146 INOTIV, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECT BUSINESS SEGMENT INFORMATION (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 DSA Revenue 44,568 50,216 180,116 185,090 Operating income 1,928 6,768 8,699 15,246 Operating income as a % of total revenue 1.5 % 4.8 % 1.8 % 2.7 % Add back: Depreciation and amortization of intangible assets 4,605 4,545 17,865 16,371 Restructuring costs 124 — 465 97 Startup costs 709 1,291 3,278 6,858 Total non-GAAP adjustments to operating income 5,438 5,836 21,608 23,326 Non-GAAP operating income 7,366 12,604 30,307 38,572 Non-GAAP operating income as a % of DSA revenue 16.5 % 25.1 % 16.8 % 20.8 % Non-GAAP operating income as a % of total revenue 5.6 % 9.0 % 6.2 % 6.7 % RMS Revenue 85,849 90,524 310,623 387,335 Operating income (loss) 1,044 11,757 (31,929 ) (24,904 ) Operating income (loss) as a % of total revenue 0.8 % 8.4 % (6.5 %) (4.4 %) Add back: Depreciation and amortization of intangible assets 9,833 9,997 38,614 38,288 Restructuring costs 391 1,317 2,909 4,529 Amortization of inventory step up 142 116 351 679 Other unusual, third party costs 1,258 806 5,886 3,958 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating income (loss) 11,624 12,236 76,260 113,821 Non-GAAP operating income 12,668 23,993 44,331 88,917 Non-GAAP operating income as a % of RMS revenue 14.8 % 26.5 % 14.3 % 23.0 % Non-GAAP operating income as a % of total revenue 9.7 % 17.0 % 9.0 % 15.5 % Unallocated Corporate Operating Loss (16,139 ) (16,065 ) (63,176 ) (71,802 ) Unallocated corporate operating expenses as a % of total revenue (12.4 )% (11.4 )% (12.9 )% (12.5 )% Add back: Depreciation and amortization of intangible assets 156 58 639 58 Stock option expense 1,622 1,988 6,740 7,844 Acquisition and integration costs — 35 70 1,228 Other unusual, third party costs — — — 572 Total non-GAAP adjustments to operating loss 1,778 2,081 7,449 9,702 Non-GAAP operating loss (14,361 ) (13,984 ) (55,727 ) (62,100 ) Non-GAAP operating loss as a % of total revenue (11.0 )% (9.9 )% (11.4 )% (10.8 )% Total Revenue 130,417 140,740 490,739 572,425 Operating (loss) income (13,167 ) 2,460 (86,406 ) (81,460 ) Operating (loss) income as a % of total revenue (10.1 )% 1.7 % (17.6 )% (14.2 %) Add back: Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Restructuring costs 515 1,317 3,374 4,626 Acquisition and integration costs — 35 70 1,228 Amortization of inventory step up 142 116 351 679 Startup costs 709 1,291 3,278 6,858 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating (loss) income 18,840 20,153 105,317 146,849 Non-GAAP operating income 5,673 22,613 18,911 65,389 Non-GAAP operating income as a % of total revenue 4.3 % 16.1 % 3.9 % 11.4 % INOTIV, INC. RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 GAAP Consolidated Net Loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Adjustments (a) Interest expense 12,316 11,268 46,884 43,019 Income tax (benefit) provision (5,154 ) 1,480 (21,875 ) (19,340 ) Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Acquisition and integration costs (1) — (145 ) 70 1,449 Startup costs 709 1,291 3,278 6,858 Restructuring costs (2) 515 1,317 3,374 4,626 Unrealized foreign exchange (gain) loss (744 ) 956 (1,320 ) 950 Amortization of inventory step up 142 116 351 679 (Gain) loss on disposition of assets 862 84 (76 ) 403 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement (3) — — 28,500 — Gain on sale of subsidiary — (1,377 ) — (1,377 ) Gain on debt extinguishment (1,860 ) — (1,860 ) — Goodwill impairment loss (4) — — — 66,367 Adjusted EBITDA (b) $ 5,369 $ 23,678 $ 18,185 $ 65,823 GAAP consolidated net loss as a percent of total revenue (14.5 )% (6.2 )% (22.2 )% (18.3 )% Adjustments as a percent of total revenue 18.6 % 23.0 % 25.9 % 29.8 % Adjusted EBITDA as a percent of total revenue 4.1 % 16.8 % 3.7 % 11.5 % (a) Adjustments to certain GAAP reported measures for the three and twelve months ended September 30, 2024 and 2023 include, but are not limited to, the following: (1) For the three and twelve months ended September 30, 2024 and 2023, represents charges for legal services, accounting services, travel and other related activities in connection with various acquisitions and the related integration of those acquisitions. (2) For the three and twelve months ended September 30, 2024, primarily represents costs incurred in connection with the exit of multiple sites and the enablement of the in-house integration of Inotiv's North American transportation operations as previously disclosed. For the three and twelve months ended September 30, 2023, primarily represents costs incurred in connection with the exit of multiple sites as previously disclosed. (3) For the twelve months ended September 30, 2024, represents a charge related to the Resolution Agreement and the Plea Agreement as it relates to the matter in which the U.S. Department of Justice, together with federal and state law enforcement agents, executed a search and seizure warrant on the Cumberland facility on May 18, 2022. (4) For the twelve months ended September 30, 2023, represents a non-cash goodwill impairment charge of $66.4 million related to the RMS segment. (b) Adjusted EBITDA - Consolidated net loss before interest expense, income tax benefit/provision, depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution Agreement and the Plea Agreement, gain on sale of subsidiary, gain on debt extinguishment and goodwill impairment loss. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Mid-America Apartment Communities Inc. stock underperforms Monday when compared to competitors despite daily gains
Stock market today: Nvidia drags Wall Street from its records as oil and gold riseBiden opens final White House holiday season with turkey pardons and first lady gets Christmas tree WASHINGTON (AP) — President Joe Biden has kicked off his final holiday season at the White House, issuing the traditional reprieve to two turkeys who will bypass the Thanksgiving table to live out their days in Minnesota. The president welcomed 2,500 guests under sunny skies as he cracked jokes about the fates of “Peach” and “Blossom.” He also sounded wistful tones about the last weeks of his presidency. Separately, first lady Jill Biden received the delivery of the official White House Christmas tree. And the Bidens are traveling to New York later Monday for an early holiday celebration with members of the Coast Guard. Couple charged in ring suspected of stealing $1 million in Lululemon clothes MINNEAPOLIS (AP) — A Connecticut couple has been charged in Minnesota with being part of a shoplifting ring suspected of stealing around $1 million in goods across the country from upscale athletic wear retailer Lululemon.Jadion Anthony Richards and Akwele Nickeisha Lawes-Richards, both of Danbury, Connecticut, were charged this month with one felony count of organized retail theft. Both went free last week after posting bail bonds of $100,000 for him and $30,000 for her. They're also suspected in thefts from Lululemon stores in Colorado, Utah, New York and Connecticut. They're due back in court next month. Formula 1 expands grid to add General Motors' Cadillac brand and new American team for 2026 season LAS VEGAS (AP) — Formula 1 will expand the grid in 2026 to make room for an American team that is partnered with General Motors. The approval ends years of wrangling that launched a federal investigation into why Colorado-based Liberty Media, would not approve the team initially started by Michael Andretti, who has since stepped aside. The 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. US goalkeeper Alyssa Naeher is retiring from international soccer U.S. women’s national team goalkeeper Alyssa Naeher is retiring from international soccer. Naeher is on the team’s roster for a pair of upcoming matches in Europe but those will be her last after a full 11 years playing for the United States. Naeher was on the U.S. team that won the Women’s World Cup in 2019 and the gold medal at this year's Olympics in France. She’s the only U.S. goalkeeper to earn a shutout in both a World Cup and an Olympic final. Bah, humbug! Vandal smashes Ebenezer Scrooge's tombstone used in 'A Christmas Carol' movie LONDON (AP) — If life imitates art, a vandal in the English countryside may be haunted by The Ghost of Christmas Yet to Come. Police in the town of Shrewsbury are investigating how a tombstone at the fictional grave of Ebenezer Scrooge was destroyed. The movie prop used in the 1984 adaption of Charles Dickens' “A Christmas Carol” had become a tourist attraction. The film starred George C. Scott as the cold-hearted curmudgeon who is visited by three ghosts on Christmas Eve who show him what will become of his life if he doesn’t become a better person. West Mercia Police say the stone was vandalized in the past week. Megachurch founder T.D. Jakes suffers health incident during sermon at Dallas church DALLAS (AP) — The founder of Dallas-based megachurch The Potter's House, Bishop T.D. Jakes, was hospitalized after suffering what the church called a “slight health incident.” Jakes was speaking to churchgoers after he sat down and began trembling as several people gathered around him Sunday at the church. Jakes' daughter Sarah Jakes Roberts and her husband Touré Roberts said in a statement on social media late Sunday that Jakes was improving. The 67-year-old Jakes founded the non-denominational The Potter's House in 1996 and his website says it now has more than 30,000 members with campuses in Fort Worth and Frisco, Texas; and in Denver. At the crossroads of news and opinion, 'Morning Joe' hosts grapple with aftermath of Trump meeting The reaction of those who defended “Morning Joe” hosts Joe Scarborough and Mika Brzezinski for meeting with President-elect Trump sounds almost quaint in the days of opinionated journalism. Doesn't it makes sense, they said, for hosts of a political news show to meet with such an important figure? But given how “Morning Joe” has attacked Trump, its viewers felt insulted. Many reacted quickly by staying away. It all reflects the broader trend of opinion crowding out traditional journalist in today's marketplace, and the expectations that creates among consumers. By mid-week, the show's audience was less than two-thirds what it has typically been this year. Pilot dies in plane crash in remote woods of New York, puppy found alive WINDHAM, N.Y. (AP) — Authorities say a pilot and at least one dog he was transporting died when a small plane crashed in the snowy woods of the Catskill Mountains, though a puppy on the flight was found alive with two broken legs. The Greene County sheriff’s office says Seuk Kim of Springfield, Virginia, was flying from Maryland to Albany, New York, when the plane crashed at about 6:10 p.m. Sunday in a remote area. Officials believe the pilot died from the impact. The surviving dog was hospitalized, while a third dog was not located. The flight was connected with a not-for-profit group that transports rescue animals. Warren Buffett gives away another $1.1B and plans for distributing his $147B fortune after his death OMAHA, Neb. (AP) — Investor Warren Buffett renewed his Thanksgiving tradition of giving by handing out more than $1.1 billion of Berkshire Hathaway stock to four of his family's foundations Monday, and he offered new details about who will be handing out the rest of his fortune after his death. Buffett has said previously that his three kids will distribute his remaining $147.4 billion fortune in the 10 years after his death, but now he has also designated successors for them because it’s possible that Buffett’s children could die before giving it all away. Buffett said he has no regrets about his decision to start giving away his fortune in 2006. Pop star Ed Sheeran apologizes to Man United boss Ruben Amorim for crashing interview MANCHESTER, England (AP) — British pop star Ed Sheeran has apologized to Ruben Amorim after inadvertently interrupting the new Manchester United head coach during a live television interview. Amorim was talking on Sky Sports after United’s 1-1 draw with Ipswich on Sunday when Sheeran walked up to embrace analyst Jamie Redknapp. The interview was paused before Redknapp told the pop star to “come and say hello in a minute.” Sheeran is a lifelong Ipswich fan and holds a minority stake in the club. He was pictured celebrating after Omari Hutchinson’s equalizing goal in the game at Portman Road.
Incredible Aim! AI Robot Shatters Basketball Record.
Haaland penalty failure and Fernandes red card pile on woes for City and United in Premier League
Townsville Don't miss out on the headlines from Townsville. Followed categories will be added to My News. A trail of destruction swept across Townsville early on Tuesday morning as thieves used stolen vehicles to target four locations in a brazen 30-minute crime spree, leaving small businesses with thousands in damages. The rampage began at 4.24am, when a stolen Toyota Prado was used to ram a parked car outside Brumbys Bakery at Parkside Plaza on Bamford Lane, Kirwan. From there, the Prado next targeted a Wulguru petrol station, crashing into the premises before the offenders made off with the cash register. Minutes later, the same vehicle smashed into Cre8ive Sk8, a popular skate shop on Ross River Road, stealing several electric scooters. The spree continued when the Prado was rammed into the front door of the Friendly Grocer store on Abbott Street, Oonoonba, causing extensive damage. The chaos ended just before 5am when both the Toyota Prado and a stolen Subaru were found abandoned near a creek on Boundary Street, Hermit Park. Police report the Subaru had been set alight. “It’s getting ridiculous,” says business owner Picking up the pieces of his shattered skate shop, Cre8ive Sk8 co-owner Nick Wilson expressed frustration over the escalating crime in Townsville, calling it “getting ridiculous.” The ADF veteran said the early morning ram-raid was the third time his store had been hit by thieves since he took it over a little over a year ago. “At about 4.20 this morning, I got a call from the security who monitors the alarms ... then I checked the cameras from my phone, could see the cops out the front with the lights flashing, so I jumped up and came down to the shop and met with the police,” Mr Wilson said. “(Police) said it’s been ram raided by a stolen four wheel drive Prado, and also told me they’ve already hit two other places before me.” Cre8ive Sk8's was ram raided overnight. Owners Femke and Nick Wilson. Picture: Evan Morgan After reviewing his CCTV footage, he said the offenders appeared to be six juveniles, aged between 12-15 years, who entered the business disguised with hats, masks, gloves, with “one young kid carrying a knife around”. Since the business had begun stocking electric scooters, there had been an upswing in the number of criminals targeting it. “They made a mess of the place trying to get to them ... the electric scooters that we sell ... I think four were stolen. We managed to get a couple back, the cops found the cars that did it. CCTV footage shows the ram raid at Cre8ive Sk8 on Ross River Rd at 4.19am on November 26. “One was burnt out and one was tried to be driven into the creek behind Officeworks there.” He said the business had needed to bolt their scooters to the floor after a bloke came in and took one out the front door. They also needed to install a “big bloody cage door” after two adults broke down their back door to steal e-scooters. Cre8ive Sk8's was ram raided overnight. Owners Femke and Nick Wilson. Picture: Evan Morgan It comes after the business’ previous owner was also stabbed in an attack some time ago. He had high hopes that new Premier David Crisafulli would be able to deliver on his promise of ‘adult crime, adult time’, as the city’s crime was “getting out of control”. “I get some pretty wild characters that come in here, and they’re telling me all the time, they get they get it better in jail, and they do at home, so why wouldn’t they?” he asked “It’s a game. They go in, see their mates, you know, and get a PlayStation. It’s just the way it is, you know. On the footage I’ve got a young kid with a knife f---ing longer than his arm carrying that around. “I’m over it, same as everybody else. It’s just getting ridiculous and something needs to be done. Whether it does, who knows?” ‘Only took soft drink and lighters’ The Friendly Grocer, a small store run by Linda and Gary Leong which has been in the family for over 50 years, also bore the brunt of the rampage. Thieves rammed a stolen car through the store, causing an estimated $15,000 to $20,000 in damage to the automated front doors and parts of the roof. Damage left after a ram raid at the Friendly Grocer in Oonoonba at 3.34am on November 26. Picture: Natasha Emeck According to Linda, the suspects, a group of at least six individuals, raced in to see the cash registers only to find they had been left empty and open. “They were trying to get into the drawers, but thankfully we keep the tills empty overnight,” she explains. “In the end all they ended up taking was a bottle of soft drink and a couple of lighters which they probably used to torch the cars.” Damage left after a ram raid at the Friendly Grocer in Oonoonba at 3.34am on November 26. Picture: Natasha Emeck She said while they had been hit by thieves in the past, this incident looked like it would be their most costly so far. natasha.emeck@news.com.au Originally published as Townsville ram raid rampage as thieves hit businesses in 30-minute spree Join the conversation Add your comment to this story To join the conversation, please log in. Don't have an account? Register Join the conversation, you are commenting as Logout More related stories Townsville NAMED: Four face court over stolen cars, police firearm charges Four men, aged 18 to 40, have been charged and will face court today over their alleged roles in a dramatic crime spree involving stolen cars and the theft of a police-issued firearm. Read more Townsville Workers were told to ‘work with what they had’: Gough Plastics One worker dead, a second struck in the head, and a third in a 16-day coma – the workplace safety record of Gough Plastics was laid bare this week in a Townsville courtroom. Read more
NEW YORK (AP) — A slide for market superstar Nvidia on Monday knocked Wall Street off its big rally and helped drag U.S. stock indexes down from their records. The S&P 500 fell 0.6%, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average dipped 240 points, or 0.5%, and the Nasdaq composite pulled back 0.6% from its own record. Nvidia’s fall of 2.5% was by far the heaviest weight on the S&P 500 after China said it’s investigating the company over suspected violations of Chinese anti-monopoly laws. Nvidia has skyrocketed to become one of Wall Street’s most valuable companies because its chips are driving much of the world’s move into artificial-intelligence technology. That gives its stock’s movements more sway on the S&P 500 than nearly every other. Nvidia’s drop overshadowed gains in Hong Kong and for Chinese stocks trading in the United States on hopes that China will deliver more stimulus for the world’s second-largest economy. Roughly three in seven of the stocks in the S&P 500 also rose. The week’s highlight for Wall Street will arrive midweek when the latest updates on inflation arrive. Economists expect Wednesday’s report to show the inflation that U.S. consumers are feeling remained stuck at close to the same level last month. A separate report on Thursday, meanwhile, could show an acceleration in inflation at the wholesale level. They’re the last big pieces of data the Federal Reserve will get before its meeting next week on interest rates. The widespread expectation is still that the central bank will cut its main interest rate for the third time this year. The Fed has been easing its main interest rate from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation. Expectations for a series of cuts from the Fed have been a major reason the S&P 500 has set so many all-time highs this year. “Investors should enjoy this rally while it lasts—there’s little on the horizon to disrupt the momentum through year-end,” according to Mark Hackett, chief of investment research at Nationwide, though he warns stocks could stumble soon because of how overheated they’ve gotten. On Wall Street, Interpublic Group rose 3.6% after rival Omnicom said it would buy the marketing and communications firm in an all-stock deal. The pair had a combined revenue of $25.6 billion last year. Omnicom, meanwhile, sank 10.2%. Macy’s climbed 1.8% after an activist investor, Barington Capital Group, called on the retailer to buy back at least $2 billion of its own stock over the next three years and make other moves to help boost its stock price. Super Micro Computer rose 0.5% after saying it got an extension that will keep its stock listed on the Nasdaq through Feb. 25, as it works to file its delayed annual report and other required financial statements. Earlier this month, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board following the resignation of its public auditor . All told, the S&P 500 fell 37.42 points to 6,052.85. The Dow dipped 240.59 to 4,401.93, and the Nasdaq composite lost 123.08 to 19,736.69. In the oil market, a barrel of benchmark U.S. crude rallied 1.7% to settle at $68.37 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, added 1.4% to $72.14 per barrel. The price of gold also rose 1% to $2,685.80 per ounce amid the uncertainty created by the end of the Assad family’s 50 years of iron rule. In stock markets abroad, the Hang Seng jumped 2.8% in Hong Kong after top Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. That’s a shift away from a more cautious, “prudent” stance for the first time in 10 years. A major planning meeting later this week could also bring more stimulus for the Chinese economy. U.S.-listed stocks of several Chinese companies climbed, including a 12.4% jump for electric-vehicle company Nio and a 7.4% rise for Alibaba Group. Stocks in Shanghai, though, were roughly flat. In Seoul, South Korea’s Kospi slumped 2.8% as the fallout continues from President Yoon Suk Yeol ’s brief declaration of martial law last week in the midst of a budget dispute. In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.15% late Friday. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
- Previous:
- Next: super ace online casino real money
