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CRKN stock touches 52-week low at $0.71 amid sharp annual declineLawyer says ex-Temple basketball standout Hysier Miller met with NCAA for hours amid gambling probe
NEW YORK (AP) — U.S. stocks rose to records after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation. The S&P 500 climbed 0.2%, just enough top the all-time high set on Wednesday, as it closed a third straight winning week in what looks to be one of its best years since the 2000 dot-com bust. The Dow Jones Industrial Average dipped 0.3%, while the Nasdaq composite climbed 0.8% to set its own record. Treasury yields eased after the jobs report showed stronger hiring than expected but also an uptick in the unemployment rate. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stocks are drifting around their records Friday after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation . The S&P 500 rose 0.2% and was just above its all-time high set on Wednesday. It’s rolling toward the close of a third straight winning week in what’s likely to be one of its best years since the 2000 dot-com bust. The Dow Jones Industrial Average was down 108 points, or 0.2%, as of 1:51 p.m. Eastern time, and the Nasdaq composite climbed 0.7%. Stocks held relatively steady as the latest jobs report strengthened expectations among traders that the Federal Reserve will cut interest rates again at its next meeting in two weeks. While the report showed U.S. employers hired more workers than expected last month, it also said the unemployment rate unexpectedly ticked up to 4.2% from 4.1%. “This print doesn’t kill the holiday spirit and the Fed remains on track to deliver a cut in December,” according to Lindsay Rosner, head of multi-sector investing within Goldman Sachs Asset Management. The Fed began easing its main interest rate from a two-decade high in 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 an all-time high 56 times so far this year. And the Fed is part of a global surge: 62 central banks have lowered rates in the past three months, the most since 2020, according to Michael Hartnett and other strategists at Bank of America. Still, the jobs report may have included some notes of caution for Fed officials underneath the surface. Scott Wren, senior global market strategist at Wells Fargo Investment Institute, pointed to average wages for workers last month, which were a touch stronger than economists expected. While that’s good news for workers who would always like to make more, it could also keep upward pressure on inflation. “This report tells the Fed that they still need to be careful as sticky housing/shelter/wage data shows that it won’t be easy to engineer meaningfully lower inflation from here in the nearer term,” Wren said. So, while traders are betting on a nearly 90% probability the Fed will ease its main rate in two weeks, they’re much less certain about how many more cuts it will deliver next year, according to data from CME Group. For now, the hope is that the job market can help U.S. shoppers continue to spend and keep the U.S. economy out of a recession that had earlier seemed inevitable after the Fed began hiking interest rates swiftly to crush inflation. Several retailers offered encouragement after delivering better-than-expected results for the latest quarter. Ulta Beauty rallied 10.4% after topping expectations for both profit and revenue. The opening of new stores helped it boost its revenue, and it raised the bottom end of its forecasted range for sales over this full year. Lululemon stretched 17.9% higher following its own profit report. It said stronger sales outside the United States helped it in particular, and its earnings topped analysts’ expectations. Retailers overall have been offering mixed signals on how resilient U.S. shoppers can remain amid the slowing job market and still-high prices. Target gave a dour forecast for the holiday shopping season, for example, while Walmart gave a much more encouraging outlook. A report on Friday suggested sentiment among U.S. consumers may be improving more than economists expected. The preliminary reading from the University of Michigan's survey hit its highest level in seven months. The survey found a surge in buying for some products as consumers tried to get ahead of possible increases in price due to higher tariffs that President-elect Donald Trump has threatened. In tech, Hewlett Packard Enterprise jumped 10.8% for one of the S&P 500's larger gains after reporting stronger profit and revenue than expected. Tech stocks broadly were one of the main reasons the S&P 500 climbed this past week, as Salesforce and other big companies talked up how much of a boost they’re getting from the artificial-intelligence boom. In the bond market, the yield on the 10-year Treasury yield slipped to 4.16% from 4.18% late Thursday. In stock markets abroad, France’s CAC 40 rose 1.3% after French President Emmanuel Macron announced plans to stay in office until the end of his term and to name a new prime minister within days. Earlier this week, far-right and left-wing lawmakers approved a no-confidence motion due to budget disputes, forcing Prime Minister Michel Barnier and his cabinet to resign. In Asia, stock indexes were mixed. They rallied 1.6% in Hong Kong and 1% in Shanghai ahead of an annual economic policy meeting scheduled for next week. South Korea’s Kospi dropped 0.6% as South Korea’s ruling party chief showed support for suspending the constitutional powers of President Yoon Suk Yeol after he declared martial law and then revoked that earlier this week. Yoon is facing calls to resign and may be impeached. Bitcoin was sitting a little above $101,000 after briefly bursting above $103,000 to a record the day before. ___ AP Writers Matt Ott and Zimo Zhong contributed. Stan Choe, The Associated Press
PIMA COUNTY, Ariz. — Pima County's recount of election results in the sheriff's race shows incumbent Chris Nanos narrowly won over Republican Heather Lappin. Nanos won the competitive race by only 481 votes over Lappin, according to recount results released on Friday. The sheriff's race was close enough to trigger an automatic recount under Arizona's election laws. Nanos and Happin both gained more votes during the recount as a result of changes in ballots being categorized as "overvotes" and "undervotes," records show. Nanos, a Democrat, thanked the residents of Pima County and said he'll spend the next few months implementing new ideas to improve the sheriff's department. "It is a true honor to serve as your Sheriff once again," Nanos said in a statement on Friday. "I am incredibly grateful for the opportunity to lead and work alongside the dedicated members of our department." The sheriff's race generated some controversy in the weeks leading up to the election after Lappin was placed on leave from the sheriff's department in October. Lappin released the following statement on Friday after the recount results were released: "The final vote count for the Pima County Sheriff election reveals a narrow victory for Sheriff Nanos, with a margin of just 481 votes. To put this into perspective, it's less than 1/10th of 1% of the total votes cast in Pima County. I firmly believe that Sheriff Nanos's decision to place me on administrative leave influenced the election outcome, and tarnished my reputation. In spite of using his official role to do this, Sheriff Nanos will now serve another term as Pima County Sheriff. As we move forward, I hope that Sheriff Nanos will decide to prioritize the well-being and safety of our community, address the internal issues plaguing our department, and work towards healing the divisions that have grown over the past few years. It's clear that nearly half of Pima County voters desire a change in law enforcement leadership focus. I am willing to be part of this and to assist leadership in whatever way I can." RELATED: Pima County supervisor calls for censure and investigation of Sheriff Chris Nanos RELATED: Pima County Sheriff Chris Nanos served federal lawsuit after placing political rival and supporter on leave
Pacers vs. Wizards Injury Report Today – November 24
The New York Yankees may be turning to the old adage of, “If you can’t beat ’em, sign ’em.” Jon Morosi of MLB Network reports this week that the Yankees share “some mutual interest” with Los Angeles Dodgers free agent right-hander Walker Buehler. Morosi notes that the Yankees are looking to bolster their rotation this offseason. The 30-year-old Buehler, a two-time MLB All-Star, was a major thorn in the Yankees’ side this past postseason. He fired five scoreless innings to earn the win for the Dodgers in Game 3 of the World Series against the Yankees and then returned in the ninth inning of Game 5 to get the save and officially eliminate the Yankees from title contention. While Buehler has an obviously troubling injury history (with two Tommy John procedures under his belt) and posted a bloated 5.38 ERA in the 2024 regular season, he is a big-time playoff performer who could make sense for the Yankees on an incentive-laden contract. The Yankees are also a much more desirable destination than this other outside team that was recently reported to have interest in Buehler . This article first appeared on Larry Brown Sports and was syndicated with permission.LAKE FOREST, Ill. (AP) — Jaylon Johnson wasn't all that interested in discussing any bright spots or reasons to have hope for the Chicago Bears. The star cornerback made his feelings clear.
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.
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State commerce officials have launched a program to connect Maryland companies with international markets. The state’s Soft Landing Exchange Program, announced Monday, was designed to connect companies with overseas business incubators and accelerators at reduced costs, officials said. Maryland was the 26th largest state exporter last year, with goods valued at more than $18 billion, according to the Office of the United States Trade Representative. Exports from Maryland supported an estimated 54,000 jobs in 2021, the latest year job statistics were available, the trade office said. Gov. Wes Moore said the program aims to help the state’s small businesses grow. The state Department of Commerce-run program is designed for companies that want to expand existing export capabilities. “Not only will this help those businesses, but it will boost Maryland’s competitiveness by showing the world what we have to offer,” the Democratic governor said in an announcement. Participants can tap into a network of organizations in strategic markets around the world that will host the companies in their facilities and offer access to resources, advisors, networking and other assistance. As long as funding remains available, the program has no cap on the number of participating companies. Among partner groups are Cicada Innovations, a tech incubator in Australia; EuraTechnologies in France, which bills itself as one of Europe’s largest startup incubators; and Kanagawa Science Park, a research and development business park outside Tokyo. Other partners are located in Ireland, the Netherlands and the United Kingdom. Maryland companies that participate can also apply for grants of up to $10,000 to offset travel, lodging, transportation and other program costs. To be eligible, companies must have operations in Maryland, be in existence for at least a year and have plans for an international business initiative. They also need to be in good standing with the state Department of Assessments and Taxation. will be accepted on a rolling basis.Could this happen to my company? That was surely one of the questions running through the minds of the assembled tech leaders and founders attending the tell-all fireside chat between Sampler founder and former CEO Marie Chevrier Schwartz and BetaKit editor-in-chief Douglas Soltys at SAAS NORTH 2024 on Nov. 13. “In hindsight, [the pandemic] made me, as a leader, ultimately ignore some of the fundamentals of the business that were very difficult.” On The BetaKit Keynote Stage at SAAS NORTH, an “extremely nervous” Schwartz unpacked the factors that led to her decade-old business folding after earlier this year. Schwartz, who had not spoken publicly on Sampler’s shuttering until after BetaKit’s story in August, told the SAAS NORTH audience she had decided to tackle the stigma surrounding failure. She hoped to let everyone in attendance know that they’ll likely fail at some point too—and that’s OK. “In my reflection, I realized that if I was feeling lonely, and 80 to 90 percent of businesses fail, then there’s a lot of people who have felt lonely, and a lot of people who will feel lonely,” she said. “If I could be an example of someone who survived through that failure, perhaps we as a community of founders could rebound faster [in the future.]” “I’m using failure with intent today, because I don’t want to be ashamed of saying ‘failure,’ Schwartz added. “In many ways, it’s not a failure. But people might label it as that, and I think that’s OK.” Founded in 2014 and based in Toronto, Sampler created a digital platform for product samples of consumer packaged goods (CPGs). Working with clients like Unilever and L’Oreal, and retailers like Kroger, Sampler reached 4.5 million users across Canada and the United States, with 1,000 CPG brands and agencies as customers and $10 million in annual recurring revenue. At the date of its bankruptcy filing, Sampler had total liabilities of $12.9 million and total assets of more than $300,000. Addressing the attentive crowd, Schwartz detailed what went wrong at the company. From her perspective, Sampler suffered from a series of market shifts from which it could not recover. “In summary, Sampler lost product-market fit 10 years into running its business.” Schwartz noted the COVID-19 pandemic “significantly accelerated” Sampler’s business initially as consumers moved away from brick-and-mortar stores and squarely into its domain of online retail. The former CEO said she took this as a signal to significantly invest in the business and gear up for international expansion, but acknowledged it likely wasn’t the right move. “In hindsight, [the pandemic] made me, as a leader, ultimately ignore some of the fundamentals of the business that were very difficult,” Schwartz said. She added that, while Sampler positioned itself as a Software-as-a-Service (SaaS) company for the sake of fundraising, the company was ultimately beholden to the constraints of the physical, not digital world—namely, shipping and logistics. “At the end of the day, we had something like a 35 to 40 percent margin. We had very difficult unit economics,” she confessed. In the midst of a pandemic-fuelled surge in demand, the low margins didn’t matter as much. But when the impacted Sampler’s CPG customers, the reality was laid bare. As boats full of goods sat in ports, CPG brands were missing key ingredients for their products, Schwartz explained. If a potato chip manufacturer couldn’t stock shelves with product, they weren’t going to provide samples. Sampler continued to see growth until it was hit with the higher shipping costs that followed in the pandemic’s wake. The United States Postal Service increased Sampler’s delivery costs by 200 percent, according to Schwartz, eating further into the company’s margins. As the world began to open back up Sampler’s customers were then very eager to return to in-person shopping. “All of us wanted to go pick our veggies again, so that was bad for the business,” Schwartz said. “In summary, Sampler lost product-market fit 10 years into running its business.” Amid these troubles, and one year before declaring bankruptcy, Sampler became a buyer to try and expand its business while courting a Series B funding round to extend its runway. Sampler beauty industry digital sampling agency Abeo in April 2023 to strengthen its underperforming beauty category and accelerate its expansion into Europe and the United States. The company’s second acquisition, , came three months later. The artificial intelligence-powered software was meant to help brands and their agencies create data-driven, user-generated content promotions. Sampler hoped it could start leveraging its large dataset to monetize new features following a more conventional SaaS business model that Schwartz hoped would provide the company higher margins. “We were very confident that the strategy would hit traction fast enough for us to raise our next round,” Schwartz said before taking a short beat. “We were unable to raise the next round.” Schwartz said her investors were with her “in the trenches,” sending her meals and offering to hire a nanny as she tried to juggle her company’s woes while expecting a baby. The CEO also made clear to the audience that it was her responsibility to find new investors who would get her company to the Series B level. But the market demand wasn’t there, and Schwartz claimed she was fundraising while a “huge exit” of venture capital from the CPG space was taking place. Ultimately, all those factors together signalled that her business was no longer viable. Toward the end of the conversation, Schwartz acknowledged that she wasn’t the only one affected by Sampler’s failure, noting its impact on investors, partners, and employees. She detailed how it felt to lose everything she built her professional identity around, while navigating the confusing process of bankruptcy. “What happens in bankruptcy is that, one day, you have everybody working together, and then the next day there’s ,” she recalled. “Your email gets shut down. You have to return your laptop, it’s gone.” “You don’t have any funds left, right?” Schwartz later added. “So you can’t pay the lawyer, you can’t pay the accountant, your investors are in a conflict and so, frankly, there’s just nothing for you to find.” Schwartz noted that being open about Sampler’s failure has helped create a support network as rediscovers her passions. Now the CEO of tech community organization , she’s dedicating her time to supporting those taking on “the extreme sport of building technology companies.” Schwartz currently has at least one person per week asking for her help navigating the unspoken parts of the bankruptcy process, reinforcing that Sampler’s struggles are not an isolated incident in Canadian tech. She is working with “a few folks” on a project to help make that process easier to understand, and made a pitch to accounting or law firms in attendance at SAAS NORTH for their support. Soltys concluded the conversation with one more prompt for introspection, asking Sampler’s former CEO what she would say to the Marie Chevrier Schwartz of 2013. “You are going to come out of this the wealthiest person ever,” Schwartz concluded, taking another beat. “In experience.”
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Cruise into this holiday season with a non-traditional vacationCruise into this holiday season with a non-traditional vacation
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