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After struggling for several years since 2020, ( ) finally seems to be on a path to an incredible comeback in recent months. Over the past three months, the airline’s stock has surged by a stunning 58%, reigniting investor interest in Canada’s largest passenger airline company. With this, Air Canada stock now trades at $24.69 per share with a of $8.9 billion. But does this rally signal the start of a long-term resurgence, or is it too late to join the flight? In this article, I’ll break down Air Canada stock’s recovery story, the key factors behind its recent rally, and whether there is still upside potential in this strong stock for long-term investors. What’s behind Air Canada stock’s spectacular recovery? The worst for Air Canada investors seems to be in the rearview mirror as the company continues to benefit from a combination of factors. First, the post-pandemic surging travel demand has played a key role in Air Canada’s turnaround story in recent years. To give you a quick idea about that, the Canadian airline safely moved nearly 13 million customers during its peak summer season in 2024 alone. This surge in travel demand has given a gradual boost to its revenues, which reached $6.1 billion in the third quarter of 2024. Second, Air Canada has shown resilience by addressing operational challenges in recent years, which has led to notably improved efficiency. Despite a 3.8% YoY (year-over-year) drop in operating revenue, the company generated $737 million in cash flow from operating activities in the third quarter, reflecting an improvement of $329 million compared to the same quarter of 2023. This increase highlights the company’s ability to manage costs effectively while maintaining its main focus on long-term growth. Despite global economic uncertainties and volatile fuel prices, Air Canada has managed to remain on the path of a strong financial recovery in the post-pandemic era, which seems to be attracting investors’ attention of late. Is there still an upside for long-term investors? One of Air Canada’s most promising growth strategies right now is its focus on capacity expansion and operational improvement. In the latest quarter, despite global challenges, the airline company boosted its available seat miles by nearly 3% YoY. This measured growth aligns with the steady recovery in travel demand, which could help it capture additional market share in the future. In addition, Air Canada’s recently announced share buyback program reflects management’s confidence in the company’s future. By repurchasing up to 10% of its public float, the Canadian flag carrier plans to enhance shareholder value while addressing the dilution caused by pandemic-era financing. Similarly, its strong liquidity position of $10.2 billion as of the third quarter gives it enough financial flexibility to invest in more growth initiatives. Although Air Canada stock has rallied by well over 50% over the last three months, it still remains well below its pre-pandemic year 2019’s closing level of $49.51 per share. Given this and its continued focus on growth initiatives, this top Canadian stock still has room to climb further.Cooper, Batcho lead Louisiana Tech past Richmond 65-62
Taylor Swift wipes away tears at latest Eras Tour concert after receiving standing ovationBy JUAN A. LOZANO, Associated Press HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. “It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Here’s what to know about the history of Enron and the purported effort to bring it back. Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company’s collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector. Twenty-four Enron executives , including former CEO Jeffrey Skilling , were eventually convicted for their roles in the fraud. Enron founder Ken Lay’s convictions were vacated after he died of heart disease following his 2006 trial. On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?” Enron’s new website features a company store, where various items featuring the brand’s tilted “E” logo are for sale, including a $118 hoodie. In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that “We’ll have more to share soon.” Signs point to the comeback being a joke. In the “terms of use and conditions of sale” on the company’s website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.” Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government. Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.” “If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said. Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.” “Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said. Follow Juan A. Lozano on X at https://x.com/juanlozano70
Known for their postgame hugs of each other , the goaltending tandem of Jeremy Swayman and Linus Ullmark became one of the best in the league over three seasons for the Boston Bruins. Unfortunately for the duo, with Swayman's emergence in the playoffs last season and Ullmark's pending free agency in 2025, Boston sent Ullmark to the Ottawa Senators in June for depth forward Mark Kastelic, backup goaltender Joonas Korpisalo and a first-round pick in 2024. However, things haven't gone to plan for the Senators (9-11-1) or Bruins (10-9-3) with their starting netminders this season. Swayman and Ullmark have struggled immensely, each sporting a save percentage below .890. Here is what has gone wrong for the netminders: Jeremy Swayman's holdout The Bruins, who host the Vancouver Canucks on Tuesday night, decided in the offseason that Swayman would be their full-time starter, but they still had to sign the restricted free agent to a new contract. Unfortunately for Boston, that didn't come easily. Swayman held out until Oct. 6, two days before the Bruins' opener against Florida. After missing all of training camp and preseason, Swayman struggled in his first regular-season game, stopping just 20 of 24 shots in a 6-4 win over the Montreal Canadiens. Swayman's struggles could be attributed to the lack of preseason games that would've allowed him to ease back into the swing of things. Too many games to handle? Although Ullmark won the Vezina Trophy as the league's best goaltender in 2022-23, he only started 48 games, the lowest number of games started for a Vezina Trophy winner in a non-shortened season. In the three seasons Swayman and Ullmark were teammates with the Briuns, Swayman played 122 games and Ullmark 130, a near-even split. After spending three seasons in a tandem, perhaps neither goalie was prepared for a full-time starter role. Typically, a starting goaltender plays 50 or more games during a regular season. For Ullmark, the 48 games he started for Boston in 2022-23 were a career high. What the analytics say In addition to their poor save percentages, analytics also show that Swayman and Ullmark aren't necessarily victims of poor team defense in front of them. Ottawa, which plays next at San Jose on Wednesday, and Boston are fifth and 14th in shots against per game, respectively. When it comes to goals saved above expected , Swayman is the eighth-worst goalie in the league with a -6.5 mark, while Ullmark is 10th worst with -5.7. Ullmark is even worse in five-versus-five situations, ranking last among goaltenders with an -8.6 5v5 goals saved above expected. Swayman sports a -0.9 figure. Additionally, when it comes to their value provided to their teams, both Ullmark and Swayman have a negative 5v5 Wins Above Replacement, per MoneyPuck . Ullmark's is a league worst -1.43 while Swayman's is a -0.15. Can they turn things around? With both teams sitting outside the playoff picture, they'll need their netminders to return to form to make it to the postseason. Swayman's November was an improvement from October, albeit slight (.890 save percentage to .884 save percentage in October). On the flip side, Ullmark's has played worse, going from .904 to just .864 save percentage. Given their play before this season, it's likely that both find their form. However, if Swayman and Ullmark don't bounce back soon, Boston could be out of the playoffs for the first time since 2016, and Ottawa will miss the playoffs for the eighth straight season.What to know about Linda McMahon, the ECU grad Trump nominated for education secretary
WESTPORT, Conn., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Portage Biotech Inc. (“Portage” or the “Company”) (NASDAQ: PRTG), a clinical-stage immuno-oncology company with a portfolio of novel multi-targeted therapies for use as monotherapy and in combination, today reported its financial results for the fiscal quarter ended September 30, 2024. “We are continuing to explore multiple strategic alternatives to further unlock shareholder value. These may include finding a partner for one or more of our assets, a sale of our company, a merger, restructurings (both in and out of court), a company wind down, further financing efforts, or other strategic actions,” said Dr. Ian Walters, Chief Executive Officer and Chairman of Portage. “The ADPORT-601 trial is paused for further patient accrual pending additional financial resources, and we are analyzing the data. We also continue our collaborations with numerous experts to further understand the biology and utility of our product candidates,” continued Dr. Walters. Financial Results for the Quarter Ended September 30, 2024 The Company incurred a net loss of approximately $1.4 million during the three months ended September 30, 2024 (the “Fiscal 2025 Quarter”), compared to a net loss of approximately $5.2 million during the three months ended September 30, 2023 (the “Fiscal 2024 Quarter”), representing a $3.8 million decrease quarter-over-quarter. Operating expenses, including research and development (“R&D”) costs and general and administrative (“G&A”) expenses, were $1.6 million in the Fiscal 2025 Quarter, down from $5.9 million in the Fiscal 2024 Quarter, a decrease of $4.3 million, as detailed below. R&D costs decreased by approximately $3.5 million, or approximately 83%, from approximately $4.2 million in the Fiscal 2024 Quarter to approximately $0.7 million in the Fiscal 2025 Quarter. The decrease was primarily attributable to the winding down of clinical trial costs (principally CRO-related), which decreased by approximately $1.6 million, from $2.0 million in the Fiscal 2024 Quarter to $0.4 million in the Fiscal 2025 Quarter, as activities ramped down throughout the period since we made the decision to pause enrollment in our sponsored clinical trials in the third and fourth quarters of Fiscal 2024. Manufacturing-related costs decreased by $0.9 million, from $1.0 million in the Fiscal 2024 Quarter to $0.029 million in the Fiscal 2025 Quarter. These decreases reflect the winding down of clinical activity and manufacturing-related costs resulting from our decision to discontinue our sponsored clinical trial for the iNKT program and pause further patient accrual to our sponsored adenosine program. R&D non-cash share-based compensation expense decreased from $0.4 million in the Fiscal 2024 Quarter to nil in the Fiscal 2025 Quarter. Payroll-related expenses decreased by $0.1 million, from $0.37 million in the Fiscal 2024 Quarter to $0.24 million in the Fiscal 2025 Quarter, due to the resignation of two employees in January 2024. Additionally, consulting fees decreased by approximately $0.2 million from $0.25 million in the Fiscal 2024 Quarter to $0.03 million in the Fiscal 2025 Quarter, to reflect the decrease in activity period-over-period. Finally, licensing fees decreased by approximately $0.1 million due to licensing fees paid to the licensor of certain intellectual property utilized in the iNKT clinical trial in Fiscal 2024 Quarter compared to nil in Fiscal 2025 Quarter as the iNKT clinical trial was discontinued in the latter half of Fiscal 2024. G&A expenses decreased by approximately $0.8 million, or approximately 48%, from approximately $1.7 million in the Fiscal 2024 Quarter to approximately $0.9 million in the Fiscal 2025 Quarter. Professional fees decreased by $0.4 million, from $0.8 million in the Fiscal 2024 Quarter to $0.4 million in the Fiscal 2025 Quarter. Payroll-related expenses decreased by $0.1 million from $0.2 million in the Fiscal 2024 Quarter to $0.1 million in the Fiscal 2025 Quarter. The decrease in professional fees and payroll-related expenses is due to the accrual of the monthly fees and payments for the entire second quarter in the first quarter for a consultant and employee in connection with certain Retention Agreements entered into on July 22, 2024. Additionally, G&A non-cash share-based compensation expense decreased by $0.2 million due to the continued vesting of stock options, partially offset by recording all share-based compensation expense as G&A expenses as the result of the discontinuation of the iNKT trial and the pause of further patient accrual in the adenosine program. Finally, directors’ fees decreased by $0.1 million in the Fiscal 2025 Quarter, compared to the Fiscal 2024 Quarter, as all directors, except for two directors who resigned in April 2024, waived their fees in the Fiscal 2025 Quarter. The primary reasons for the quarter-over-quarter differences in the Company’s pre-tax items of income and expense were the $0.9 million net gain from the settlement and release of obligations and liabilities under the Master Services Agreement between iOx and Parexel partially offset to some extent by the $0.7 million non-cash loss from the change in the fair value of certain warrants accounted for as liabilities, issued in connection with a private placement offering in October 2023, both in the Fiscal 2025 Quarter, and a non-cash loss from the increase in the fair value of the deferred purchase price payable to the former Tarus shareholders and the deferred obligation for the iOx milestone, totaling $0.1 million, in the Fiscal 2024 Quarter. As of September 30, 2024, the Company had cash and cash equivalents of approximately $1.8 million and total current liabilities of approximately $0.9 million. About Portage Biotech Inc. Portage is a clinical-stage immuno-oncology company with a portfolio of multi-targeted therapies to extend survival and significantly improve the lives of patients with cancer. The Company has made the decision to discontinue its sponsored trial for its the invariant natural killer T-cell (iNKT) program and pause further patient accrual to its sponsored adenosine trial program (ADPORT-601 trial) for its potentially best-in-class adenosine antagonists PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor). The Company is exploring strategic alternatives, which may include finding a partner for one or more of its assets, a sale of the company, a merger, restructurings, both in and out of court, a company wind down, further financing efforts or other strategic actions. For more information, please visit www.portagebiotech.com or find us on LinkedIn at Portage Biotech Inc. Forward-Looking Statements All statements in this news release, other than statements of historical facts, including without limitation, statements regarding about the Company’s information that are forward-looking in nature and, business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words "believe," "expects," "anticipates," "intends," "estimates," “will,” “may,” “plan,” “potential,” “continue,” or similar expressions or variations on such expressions are forward-looking statements. For example, statements regarding the Company's plans to continue exploring strategic alternatives, which may include finding a partner for one or more of its assets, a sale of the company, a merger, restructurings (both in and out of court), a company wind down, further financing efforts, or other strategic actions, the Company’s expectation to replace one patient in the ADPORT-601 trial, and the Company’s plans to continue its collaborations with numerous experts to further understand the biology and utility of its product candidates are forward-looking statements. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but are not limited to: the Company's plans and ability to develop and commercialize product candidates and the timing of these development programs; the Company's clinical development of its product candidates, including the results of current and future clinical trials; the benefits and risks of the Company's product candidates as compared to others; the Company's maintenance and establishment of intellectual property rights in its product candidates; the Company's ability to obtain financing in the future to cover its operational costs and progress its plans for clinical development, its estimates regarding its capital requirements, and its ability to continue as a going concern; the Company’s estimates of future revenues and profitability; the Company's estimates of the size of the potential markets for its product candidates; its selection and licensing of product candidates; and other factors set forth in “Item 3 - Key Information-Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended March 31, 2024 2024 and “Business Environment – Risk Factors” in the Company’s Management’s Discussion and Analysis for the Three and Six Months ended September 30, 2024 filed as Exhibit 99.2 to the Company’s Form 6-K. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward- looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. FOR MORE INFORMATION, PLEASE CONTACT: Investor Relations: ir@portagebiotech.com Media Relations: media@portagebiotech.com ---tables to follow--- PORTAGE BIOTECH INC. Condensed Consolidated Interim Statements of Operations and Other Comprehensive Income (Loss) (U.S. Dollars in thousands, except per share amounts) (Unaudited) PORTAGE BIOTECH INC. Condensed Consolidated Interim Statements of Financial Position (U.S. Dollars in thousands) (Unaudited)
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