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An Alternative Explanation for Today’s Inverted Yield Curve

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Image Credit: Karolina Grabowska


Does a Flat or Inverted Yield Curve Still Indicate Recession?

The shape of the treasury yield curve is one indicator the stock market, bond market, and real estate markets are viewing the economy with pessimism. Historically, conventional wisdom has been that if the market has priced rates lower for longer terms than shorter terms, it indicates economic weakness is expected down the road. This would include lower growth, less demand for borrowing, and at the same time, reduced inflationary pressure.

Current Interest Rates

Currently, US Treasuries maturing in one year, and those maturing in 30 years return approximately the same interest rate. The seven and ten-year terms offer rates lower than maturities, longer and shorter. This flat yield curve which is inverted in the shorter end, offers low yields across all maturities. Can we assume it means bond investors expect slowing growth, low inflation, and low inflation out for decades?


Source: US
Treasury


Current Inflation

The increase in the price for a set basket of goods as measured by the Consumer Price Index (CPI-U) data was up 1.3% for the month of June (9.1% YoY). If inflation were to remain at June’s pace for the next two months (1.3%), the three-month compounded impact would be 3.95%. Much higher than the current three-month treasury yield. In fact, it would be higher than all other yields out through 2052. This suggests the mechanisms pricing the market aren’t looking at inflation expectations in the short term and may not be evaluating the risk in the long term either. Otherwise, within the shortest periods of time (3 months), one would expect the curve to be priced in-line with the most recent inflation numbers.


Source: Peter
G. Peterson Foundation

Using conventional wisdom, with the yield curve as a gauge, one would surmise the market expects that inflation will drop by half of the 1.3% it recorded in June over the next month.  If this is true, then the short end and perhaps the long end is priced appropriately. That is until one looks at the added supply that has already been added to treasuries outstanding and that which is expected to enter the market. The increased supply, based on conventional wisdom, should increase the yields needed to sell all the bonds. That’s how supply-demand pressures work.

Unconventional Yield Curve Pricing

The yield curve as an indicator of future economic expectations may be broken.

The U.S. has amassed $30,515,000,000,000. In debt. Put another way, if every single person (not household) split this debt burden in order to pay it off tomorrow, they each would owe $91,668. This is approximately double the amount it had been ten years ago, and it is now higher than GDP. As depicted in the chart below, if you go back ten years to 2012, a period with deflationary concerns, there was a yield difference between two-year and ten-year treasuries of plus 1.25%. Today it is negative 0.19% even though there is record inflation and less ability to pay the debt. Plus all rates on the upward sloping curve were higher in 2012 than they are now. Should two-year and ten-year maturities be inverted? Should rates across the curve be lower now even though there are not the same deflationary concerns?


Source: St. Louis Federal Reserve Bank


What May Be Shaping the Curve

One possible answer is the (bond) market believes the US will be driven into such a deep recession that inflation drops to near zero within the next few months. There is no evidence of this in any leading indicators, including the stock market. So we’ll look to see if there is something else skewing the normal pricing mechanisms?

Since May of 2020, the Fed has been controlling interest rates along the entire curve by something they call Yield Curve Control (YCC). The chart below shows the Fed’s holding of US debt increased by $5 trillion from 2020 until today. Much of this was to manipulate the yield curve as they openly announced they would do in May 2020. It was part of their quantitative easing plan which continued into the second quarter of this year.

The Fed is now raising overnight rates quickly. A massive amount of debt in the mid and longer parts of the curve is still being held by the Fed and being unwound at a pace of less than $50 billion per month with the promise of accelerating that in pace September.


Source: St. Louis Federal Reserve Bank

It makes sense that the (bond) market reaction, which includes a flight to quality into US dollar-denominated securities, is not pushing longer rates steeply upward. Despite an annual inflation rate that is higher than it has been in 40 years (treasuries were paying 13% in 1982), the bond market is inverted and hasn’t sold off significantly. This cycle it can’t sell off too much because the largest holder, by far, is not market driven. It is the Fed and is using unconventional policy announced two years ago. So the results don’t follow convention.

Are We Headed Toward a Recession?

The yield curve is slightly inverted. A steep inversion has in the past been a reliable indicator of a recession ahead. As an indicator, today’s yield curve can be expected to be far less accurate than in the past. This is because the Federal Reserve has, up until very recently, been buying treasuries to stimulate the economy and help shape the yield curve. The lowest part of the curve, one year and longer, is the 10-year Treasury note. This is the rate that 30-year mortgages are spread off of; should that rise too quickly, the housing market may fall at an uncomfortable pace.

The economy may very well be in a recession or enter one in the coming months. If it does, the current signs of this happening are less likely to be found in the yield curve than at any other time in US history.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny

https://www.pgpf.org/national-debt-clock#:~:text=The%20%2430%20trillion%20gross%20federal,that%20it%20owes%20to%20itself.

https://fred.stlouisfed.org/series/T10Y2Y

https://research.stlouisfed.org/

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How Bad Will the Housing Market Correction Be?

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Image Credit: Dave Morgan (Pexels)


The Winds are Changing for Housing, How Long Can Prices Remain High?

Is the Housing market in a correction? Corrections, although unpleasant if your long the asset class, are viewed as normal and healthy. Home values have been climbing for a while. The forces that helped drive other markets higher over the past few years were also at work pushing residential properties up at an unsustainable pace. This year the stock and bond markets have come off of their steamy highs, it appears real estate and housing are setting up to do the same.

On Tuesday (July 19), it was reported by the National Association of Home Builders (NAHB)  that Single Family Starts fell to a two year low of 2%. This came just one day after it was reported that home builder confidence dropped by a steep 12 points to 55 in July. That separate report was a release of the National Association of Home Builders/Wells Fargo Housing Market Index. Sentiment has accelerated downward since December when it stood at 84 (based on 100). It is now at its lowest level since May 2020 and faced with tighter money conditions going forward.

In addition to tighter money (ie, higher mortgage rates), housing headwinds include building material supply chain bottlenecks and elevated construction costs. According to the NAHB, for the first time since June 2020, both single-family starts and permits fell below a 1 million annual pace.


Housing Starts

By falling 2%, housing starts were at a seasonally adjusted annual rate of 1.56 million units in June, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The June reading of 1.56 million starts is the number of housing units builders would begin if development kept the current pace for the next 12 months. Using this overall number, single-family starts decreased 8.1% to a 982,000 seasonally adjusted annual rate. This is the lowest single-family starts pace since June 2020. Multifamily dwellings, which include apartment buildings and condos, were on the upswing; this sector increased 10.3% an annualized 577,000 pace.

“Single-family starts are retreating on higher construction costs and interest rates, and this decline is reflected in our latest builder surveys, which show a steep drop in builder sentiment for the single-family market,” said Jerry Konter, chairman of the National Association of Home Builders (NAHB). By itself, fewer homes being built and entering the market could be bullish for home sales, but the reason for the slowdown, according to Mr. Konter, is “Builders are reporting weakening traffic as housing affordability declines.”

NAHB Chairman Konter said 13% of builders who participated in the monthly survey said they had reduced home prices over the last month to lure buyers.

Rober Dietz, the chief economist at the NAHB said, “While the multifamily market remains strong on solid rental housing demand, the softening of single-family construction data should send a strong signal to the Federal Reserve that tighter financial conditions are producing a housing downturn. Dietz is concerned that supply may not match needs, “Price growth will slow significantly this year, but a housing deficit relative to demographic need will persist through this ongoing cyclical downturn.”

Regionally and on a year-to-date basis, combined single-family and multifamily starts are 4.4% lower in the Northeast, 4.7% higher in the Midwest, 11.1% higher in the South, and 0.4% lower in the West.


Housing Permits

Overall, permits to build a new home decreased 0.6% in June. Single-family permits decreased 8.0%. This is the lowest pace for single-family permits since June 2020. Multifamily permits again increased by 11.5% to an annualized 718,000 pace.

Regional permit data on a year-to-date basis, permits are 5.1% lower in the Northeast, 2.5% higher in the Midwest, 2.9% higher in the South, and 3.0% higher in the West.


Interest Rates

The average contract interest rate on a 30-year fixed-rate mortgage climbed to 5.51% for the week ending on July 14. The same rate was just below 3% one year earlier.

 

Take Away

The NAHB indicated a drop in confidence within the housing market due to the impact of high inflation on building costs and rising interest rates. This has resulted in “dramatically slowing sales and buyer traffic.”

Mortgage rate increases come at a time when houses are still at or near their highs from the surge experienced during the pandemic. The housing “correction” could bring monthly costs of owning a home in line with what they had been prior to recent mortgage rate increases. This would mean prices low enough to equate to the same monthly outlay to the buyer. Should the economy weaken further, there is the potential for home prices to decline further.

All markets impact the others. When housing prices rise, people feel better about their financial situation. Owners also find it easier to borrow against their home’s appreciation. The economy and stock markets all tend to do better. Home prices have remained near their highs, a shallow correction might be welcome to those that are just now looking to enter the market for a home.

Paul Hoffman

Managing Editor, Channelchek

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Engine Gaming and Media (GAME) – Navigating Troubled Waters

Posted on by Admin

Wednesday, July 20, 2022

Engine Gaming and Media (GAME)
Navigating Troubled Waters

Engine Gaming and Media, Inc. (NASDAQ:GAME) (TSX-V:GAME) provides premium social sports and esports gaming experiences, as well as unparalleled data analytics, marketing, advertising, and intellectual property to support its owned and operated direct-to-consumer properties, while also providing these services to enable its clients and partners. The company’s subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; WinView Games, a social predictive play-along gaming platform for viewers to play while watching live events; and Frankly Media, a digital publishing platform used to create, distribute and monetize content across all digital channels. Engine Media generates revenue through a combination of direct-to-consumer fees, streaming technology and data SaaS-based offerings, and programmatic advertising. For more information, please visit www.enginegaming.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Fiscal Q3 results. The company reported Q3 revenue of $9.2 million, which reflected the absence of recently divested businesses. The underlying trends of its existing businesses were strong, with double digit revenue growth and a 5% sequential quarterly revenue improvement from Q2. Adj. EBITDA was a loss of $5.1 million, which did not fully reflect the recent cost cutting initiatives.

Growing SaaS businesses. The company’s SaaS revenue grew 22% YoY to $2 million. Notably, both Stream Hatchet and Sideqik signed extensions to represent major brands during the quarter. Active clients of Stream Hatchet increased 27% in the quarter, while Sideqik’s active client base grew 10%.

…

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

The GEO Group (GEO) – Maturity Wall Removed, But at What Cost?

Posted on by Admin

Wednesday, July 20, 2022

The GEO Group (GEO)
Maturity Wall Removed, But at What Cost?

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Maturity Wall. The GEO Group has entered into a series of proposed transactions with certain of its secured and unsecured creditors that will, if completed, comprehensively address the substantial majority of the Company’s debt maturity wall. This should remove a significant near-term concern of investors and GEO shares reacted as expected, rising 8.50% yesterday.

Details. Recall, GEO has $278 million of debt payments in 2023 and $1.77 billion of repayments in 2024. Although the operating environment has turned favorable, limited capital markets access makes it unlikely GEO would be able to refinance the debt as it came due. The proposed transactions push the maturity wall out far enough that we believe GEO should be able to successfully refinance any debt that remains outstanding….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – NexusBioAg and MustGrow Biologics Announce Exclusive Marketing and Distribution Agreement in Canada

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NexusBioAg and MustGrow Biologics Announce Exclusive Marketing and Distribution Agreement in Canada

Research, News, and Market Data on MustGrow Biologics

Collaboration expands
innovative, sustainable and regenerative farming solutions for Canadian growers

Downers Grove, ILL. & SASKATOON, SASK. — July 20, 2022 — Univar Solutions Inc. (NYSE: UNVR) (“Univar
Solutions“),  a leading global solutions provider to users of specialty ingredients and chemicals, announced today that NexusBioAg, a division of Univar Solutions, and MustGrow Biologics Corp. (CSE: MGRO) (OTC: MGROF) (FRA: 0C0) (“MustGrow“), an agricultural biotechnology company focused on providing science-based biological solutions for high-value crops, have reached an exclusive marketing and distribution agreement in the Canadian canola and pulse market for TerraMG™, a mustard-derived soil biopesticide technology. The addition of this plant-based technology further diversifies and expands NexusBioAg’s extensive portfolio of inoculants, micronutrients, nitrogen stabilizers and foliars for the Canadian agricultural market.

In 2021, NexusBioAg and MustGrow initiated a field research program to develop MustGrow’s sustainable farming technology in Canadian canola and pulse crops. This technology has the potential to address the agronomic challenges of ClubRoot and Aphanomyces diseases which impact these crops. Building on the past data, the companies now are moving forward to the next stage of the development process. Through this exclusive marketing and distribution agreement, NexusBioAg customers have access to the latest in agronomic innovation, which is yet to be registered with Canada’s Pest Management Regulatory Agency.

“TerraMG complements the NexusBioAg portfolio and we are excited to add this technology to our growing product offering. As the sole distributor of TerraMG in Canada for use in canola and pulse crops, this agreement further reinforces NexusBioAg’s commitment to collaborating with leading manufacturers to launch innovative, sustainable and cutting-edge solutions that provide value to the Canadian agricultural industry and benefit its growers,” said Matthew Ottaway, senior vice president, global consumer solutions for Univar Solutions.

NexusBioAg is committed to launching innovative, cutting-edge products, with a focus on sustainability and regenerative agriculture, which benefit the Canadian agricultural industry and growers. MustGrow specializes in the research and development of organic biopesticides, harnessing the mustard seed’s natural defense mechanism with a technology that has the potential to control diseases, pests and weeds. Combining the proficiencies of both companies in the agriculture market will help Canadian growers benefit from innovative and sustainable farming solutions.

“We are very pleased to partner with an organization like NexusBioAg. Their team’s technical and commercial expertise is unparalleled and will be advantageous in accelerating the development and growth of TerraMG for use in Canadian canola and pulse crops. The NexusBioAg team has tremendous knowledge of the Canadian agriculture market as well as sustainable farming solutions. We look forward to commercializing this biopesticide technology in the Canadian market together,” remarked MustGrow COO Colin Bletsky.

For more information about NexusBioAg’s crop nutrition solutions, please visit nexusbioag.com. To learn more about TerraMG™, visit mustgrow.ca.

About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global chemical and ingredient distributor representing a premier portfolio from the world’s leading producers. With the industry’s largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, Univar Solutions is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on Growing Together. Learn more at univarsolutions.com.

About NexusBioAg
Univar Solutions’ NexusBioAg provides an expanded portfolio of crop nutrition solutions, including industry-leading inoculants, micronutrients, nitrogen stabilizers, and foliar products. With a diverse collection of inventory and logistics experts, procurement, customer service, agronomists, and sales and marketing experts, NexusBioAg strives to help meet increasingly unique agricultural businesses’ needs. Through these best-in-class capabilities, a collaborative team-oriented approach, and a commitment to agricultural integrity, NexusBioAg is helping customers innovate and grow. Learn more at NexusBioAg.com.

About MustGrow
MustGrow is an agriculture biotech company developing organic biopesticides and bioherbicides by harnessing the natural defense mechanism of the mustard plant to protect the global food supply from diseases, insect pests, and weeds. MustGrow and its leading global partners — Janssen (pharmaceutical division of Johnson & Johnson), Bayer, Sumitomo Corporation, and Univar Solutions’ NexusBioAg — are developing mustard-based organic solutions to potentially replace harmful synthetic chemicals. Over 100 independent tests have been completed, validating MustGrow’s safe and effective approach to crop and food protection. Pending regulatory approval, MustGrow’s patented liquid products could be applied through injection, standard drip or spray equipment, improving functionality and performance features. Now a platform technology, MustGrow and its global partners are pursuing applications in several different industries from preplant soil treatment and weed control, to postharvest disease control and food preservation. MustGrow has approximately 49.2 million basic common shares issued and outstanding and 55.1 million shares fully diluted. For further details please visit mustgrow.ca.  

Univar Forward-Looking Statements
This press release includes certain statements relating to future events and Univar Solutions’ intentions, beliefs, expectations, and predictions for the future, which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond Univar Solutions’ control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in Univar Solutions’ filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: the ultimate geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and Univar Solutions’ customers and suppliers; the overall impact of the COVID-19 pandemic on Univar Solutions’ business, results of operations and financial condition; other fluctuations in general economic conditions, particularly in industrial production and the demands of Univar Solutions’ customers; significant changes in the business strategies of producers or in the operations of Univar Solutions’ customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; Univar Solutions’ levels of indebtedness, the restrictions imposed by Univar Solutions’ debt instruments, and Univar Solutions’ ability to obtain additional financing when needed; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; an inability to integrate the business and systems of companies we acquire, including of Nexeo Solutions, Inc., or to realize the anticipated benefits of such acquisitions; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in Univar Solutions’ relationship with third party providers; accidents, safety failures, environmental damage, product quality and liability issues and recalls; major or systemic delivery failures involving Univar Solutions’ distribution network or the products we carry; operational risks for which we may not be adequately insured; ongoing litigation and other legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; potential impairment of goodwill; liabilities associated with acquisitions, ventures and strategic investments; negative developments affecting Univar Solutions’ pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of Univar Solutions’ workforce; and the other factors described in Univar Solutions’ filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and Univar Solutions does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

MustGrow Forward-Looking Statements
Certain statements included in this news release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may affect the results, performance or achievements of MustGrow.

Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Examples of forward-looking statements in this news release include, among others, statements MustGrow makes regarding: (i) potential product approvals; (ii) anticipated actions by partners to drive field development work including dose rates, application frequency, application methods, and the regulatory work necessary for commercialization; (iii) expected product efficacy of MustGrow’s mustard-based technologies; and (iv) expected outcomes from collaborations with commercial partners.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, MustGrow. Important factors that could cause MustGrow’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) the preferences and choices of agricultural regulators with respect to product approval timelines; (ii) the ability of MustGrow’s partners to meet obligations under their respective agreements; and (iii) other risks described in more detail in MustGrow’s Annual Information Form for the year ended December 31, 2021 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available at www.sedar.com. Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.

This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

© 2022 MustGrow Biologics Corp. All rights reserved. 

 


Is Telomere Damage and Resultant Zombie Cells Beneficial or Harmful?

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Image Credit: National Human Genome (Flickr)


Cells Become Zombies When the Ends of their Chromosomes are Damaged – a Tactic Both Helpful and Harmful for Health

This article was republished with permission from The Conversation, a news
site dedicated to sharing ideas from academic experts. It was written by and
represents the research-based opinions of Patricia Opresko, Professor of
Environmental and Occupational Health, University of Pittsburgh Health Sciences
and Ryan Barnes, Postdoctoral
Researcher in Environmental and Occupational Health, University of Pittsburgh
Health Sciences.

Damage to the ends of your chromosomes can create “zombie cells” that are still alive but can’t function, according to our recently published study in Nature Structural and Molecular Biology.

When cells prepare to divide, their DNA is tightly wound around proteins to form chromosomes that provide structure and support for genetic material. At the ends of these chromosomes are repetitive stretches of DNA called telomeres that form a protective cap to prevent damage to the genetic material. However, telomeres shorten each time a cell divides. This means that as cells divide more and more as you age, your telomeres become increasingly shorter and more likely to lose their ability to protect your DNA.


Telomeres serve as protective caps at the ends of each chromosome.

Damage to genetic material can lead to mutations that cause cells to divide uncontrollably, resulting in cancer. Cells avoid becoming cancerous when their telomeres become too short after dividing too many times and potentially accruing damage along the way, however, they do this by entering a zombielike state that stops cells from dividing through a process called cellular senescence.

Because they are resistant to death, senescent – or “zombie” – cells accumulate with age. They can be beneficial to health by promoting senescence in nearby cells at risk of becoming cancerous and attracting immune cells to clear out cancer cells. But they can also contribute to disease by impairing tissue healing and immune function, and by secreting chemicals that promote inflammation and tumor growth.

We wanted to know if direct damage to telomeres can be sufficient to trigger senescence and make zombie cells. In order to figure this out, we needed to confine damage just to the telomeres. So we attached a protein to the telomeres of human cells grown in the lab. Then we added a dye to the protein that makes it sensitive to light. Shining a far-red light (or light with a wavelength slightly shorter than infrared light) on the cells induces the protein to produce oxygen free radicals – highly reactive molecules that can damage DNA – right at the telomeres, sparing the rest of the chromosome and the cell.

We found that direct damage to the telomeres was sufficient to turn cells into zombies, even when these protective caps weren’t shortened. The reason for this, we discovered, was likely a result of disrupted DNA replication at the telomeres that leaves chromosomes even more susceptible to damage or mutations.


The telomeres (green) at the tips of chromosomes (blue) damaged by free radicals become fragile (green arrows) and trigger senescence. Ryan Barnes/Opresko Lab

Why it Matters

Telomeres naturally shorten with age. They limit how many times a cell can divide by signaling cells to become zombies when they reach a certain length. But an excess of free radicals produced from both normal bodily processes as well as exposure to harmful chemicals like air pollution and tobacco smoke can lead to a condition called oxidative stress that can accelerate telomere shortening. This can prematurely trigger senescence and contribute to age-related diseases, including immunodeficiency, cardiovascular disease, metabolic disease and cancer.

Our study reveals that telomeres not only serve as alarm clocks that indicate a cell divided too many times, but also as warning bells for harmful levels of oxidative stress. Age-related shortening of telomeres isn’t the only thing that triggers senescence; telomere damage is also sufficient to turn a cell into a zombie.

 

What Other Research is Being Done

Researchers are studying treatments and interventions that can protect telomeres from damage and prevent zombie cell accumulation. A number of studies in mice have found that removing zombie cells can promote healthy aging by improving cognitive function, muscle mass and function and recovery from viral infections.

Researchers are also developing drugs called senolytics that can either kill zombie cells or prevent them from developing in the first place.

 

What’s Next

This study focuses on the consequences of telomere damage in actively dividing cells, like kidney and skin cells. We’re now looking at how this damage will play out in cells that don’t divide, like neurons or heart muscle cells. While researchers have shown that the telomeres of nondividing cells and tissues become more dysfunctional with age, it’s unclear why this happens when these telomeres should not be shortening in the first place.


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What Competitive Advantage Looks Like for Capital Markets Firms

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Image Credit: Pok Rie (Pexels)


Gaining Competitive Edge: The Data Arms Race in Capital Markets

Capital markets firms are facing competition from many corners, from the continued dominance of passive investing on the buy-side to retail brokers that operate like quasi-fintechs on the sell-side. Gaining competitive edge over both new entrants and incumbents therefore relies on better use of all of a firm’s available assets.

That means gleaning valuable insights in real time from a wide variety of data sources, both internal and external, to better arm your front office decision-makers and trading desks. It also means better understanding your clients’ activities and tailoring your services more appropriately to their requirements.

Over the last decade, much has been written about the rising tide of external data sources from which firms can gain information about particular market trends or opportunities. Whether it’s the evolution of sentiment analytics based on social media data or the addition of new sources of data for tracking environmental information such as satellite imagery, data has been at the forefront of firms’ development of innovative trading strategies, and it will continue to play a significant role in the future.

However, there are many internal sources of data that firms have yet to mine fully for business insights and opportunities, as well as building a 360-degree view of a firm’s clients. Moreover, it’s often the combination of different data sets that makes for greater insights.

Combining internal transaction data with external sentiment data, for example, can highlight patterns of behavior over time that can feed into predictive models. From a transformation standpoint, the successful implementation of artificial intelligence (AI) and machine learning (ML) also requires a high volume of high-quality data.

The evolution of the sell-side front-office has seen personnel change from pure sales traders to quants, who rely on these technologies and reliable data to deliver better returns. It has also witnessed an increasing role for risk management in a front-office context, with related increased demand for real-time risk data analytics.

Technology has become a catalyst for change and the deployment of next generation tools to handle more volume and to better manage risk is a competitive advantage. On the buy-side, there is also an efficiency play around better managing data to reduce the transaction costs for client portfolios. Staying ahead of market risk is key to better managing liquidity, which has been a regulatory concern over the last 24 months within the funds space.

Static reports based on stale data won’t cut it in today’s fast-moving market environment. The past two years have been characterized by market volatility and black swan events, which make up-to-the-second information critically important. For example, think of the difference in responding to breaking news as it happens versus a few hours or even days later. Everyone in the market understands that revenues can be seriously negatively impacted due to latency of information from a trading perspective. Yet C-suite executives often rely on internal reports that are based on stale data due to legacy technology and operational silos.

Many large financial institutions are in the throes of a multi-year transformation program, and most have placed data alongside digital as a pillar of their strategies for the future. After all, the target of aligning business units from a horizontal perspective across the organization can only be achieved via the introduction of a common data foundation.

From a cultural perspective, transformation requires lines of business to be on the same page as each other and greater collaboration can be enabled via the sharing of common data stores. This is where many firms have introduced application programming interface (API) platforms, taking a lead from the retail banking industry in Europe and its focus on open banking.

The move to a cloud environment is also part of this journey and given the regulatory and industry focus on resilience, ensuring the firm is able to switch cloud providers in the future, if required to, is increasingly important. Avoiding cloud platform lock-in is also a commercial imperative for firms that wish to retain negotiating power with their service providers. A data disintermediation layer between a firm and its cloud or software as a service provider is therefore important to enable faster onboarding and future resilience.

However, firms cannot stop and rebuild everything from scratch; they must work within the parameters of their existing technology architectures. APIs also expose the quality of the underlying data from source systems, which can result in a ‘garbage in, garbage out’ quality problem. This is where technologies such as data fabrics can come into play to normalize data from multiple sources and allow it to be consumable by downstream systems and applications. Business decision-makers can then rely on the high quality of the data on which they base their strategic insights, risk management and future plans.

The industry will continue to find new data sources to exploit and add new data-intensive services and technology applications. Just look at the growth of digital assets or the rise of environmental, social and governance (ESG) investment strategies for proof of this dynamic over the last few years. As these new products and services evolve, the complexity of data is only going to increase, and the volumes will grow as firms add more required data sources. How teams surface insights from this data and how quickly they can turn these insights into client-focused activities is already an arms race within the industry. Adding AI and ML into the mix will accelerate the race further.

Firms will also continue to grow organically and inorganically. Silos are almost impossible to eradicate, so learning how to better live with them is part and parcel of a digital transformation program. Interoperability has become a keyword within the industry, due to  the need to connect multiple entities, internal systems and market infrastructures. Interoperability isn’t something that firms should only demand from external providers; it is equally important within the four walls of their organizations. At the heart of interoperable operations is the simplification of the data stack, not by ripping and replacing but via augmentation.

There is little appetite for big bang projects that require multi-year implementations with promised return on investment (ROI) several years down the line. Firms want to become more agile and deliver incremental benefits to their clients sooner rather than later. Building vast new internal platforms from scratch is therefore something best avoided, especially given the ongoing burden to maintain these systems over time. Partnerships with specialist vendors, who can offer the right level of expertise and support is more palatable for those looking for faster deployment and incremental delivery.

Building a more resilient financial institution that can withstand the volatility of the markets, address the new product and services whims of its varied client base, increase its overall agility, and stand its ground against its competitors, new and old, requires a solid data foundation. Firms with reliable, accurate, on-demand data can adapt as the market, regulators and their clients demand.

About the Author:

Virginie O’Shea is CEO and Founder of Firebrand Research. As an analyst
and consultant, Ms. O’Shea specializes in capital markets technology, covering
asset management, international banking systems, securities services and global
financial IT.


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Release – TheStreet Partners With QuoteMedia to Advance Stock Research Tools and Streaming Solutions

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TheStreet Partners With QuoteMedia to Advance Stock Research Tools and Streaming Solutions

Research, News, and Market Data on QuoteMedia

PHOENIX, July 20, 2022 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announces today that they have partnered with The Arena Group (NYSE American: AREN) to provide financial market data and hosted content visualizations for their flagship financial destination, TheStreet.com .

To enhance access for a younger and more diverse reader, QuoteMedia’s QMod Suite of responsive market data widgets will integrate data and content across TheStreet.com while optimizing the display for viewing on all types of desktop and mobile devices. Licensed QuoteMedia content includes Equities, Options, Funds and Global Indices data, as well as a wide array of News, Fundamentals, Charting, Analytics and Transactional Portfolio modules to assist in managing TheStreet.com’s subscription products.

“TheStreet.com is one of the most important financial destinations in the world, and it has been for over 20 years,” said Dave Shworan, CEO of QuoteMedia Ltd. “It has been a trusted source of reliable, informative and objective business news and market analysis for decades. Having TheStreet choose QuoteMedia as their data provider is gratifying for our company, and we are very excited to be working with them.”

About The Arena Group
The Arena Group creates robust digital destinations that delight consumers with powerful journalism and news about the things they love – their favorite sports teams, advice on investing, the inside scoop on personal finance, and the latest on lifestyle essentials. With powerful technology, editorial expertise, data management, and marketing savvy, the transformative company enables brands like Sports Illustrated, TheStreet and Parade to deliver highly relevant content and experiences that consumers love. To learn more, visit www.thearenagroup.net.

About TheStreet
TheStreet is a leading digital financial media company. We provide our readers and advertisers with a variety of subscription-based and advertising-supported content and tools through a range of online platforms, including websites, mobile devices, email services, widgets, blogs, podcasts and online video channels.

Media Contacts:
Rachael Fink
Public Relations Manager, The Arena Group
Rachael.Fink@thearenagroup.net

About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, TheStreet.com, Zacks Investment Research, The Motley Fool, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com .

QuoteMedia Investor Relations
Brendan Hopkins
Email: investors@quotemedia.com
Call: (407) 645-5295

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News Provided by GlobeNewswire via QuoteMedia


Release – Kratos Awarded Contract from U.S. Army Future Command to Demonstrate Military SATCOM Modernization

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Kratos Awarded Contract from U.S. Army Future Command to Demonstrate Military SATCOM Modernization

Research, News, and Market Data on Kratos Defense & Security Solutions

Built on Kratos’ OpenSpace
Virtual Ground System Platform, will Support Interoperability, Multi-Mission
Support and Vendor Neutrality

SAN DIEGO, 
July 20, 2022 (GLOBE NEWSWIRE) — 
Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading National Security Solutions provider, announced today that it was awarded a contract from the 
U.S. Army’s Combat Capabilities Development Command to demonstrate a virtualized SATCOM ground system. Based upon Kratos’ OpenSpace Platform, the solution will enable the government to field SATCOM networks in line with modernization goals including streamlining gateway and remote terminal capabilities supported by multiple vendors, reducing life-cycle costs and supporting adaptive, dynamic space operations. Funding for this award was through the Network Command, Control, Communication, and Intelligence Cross-Functional Team (N-CFT) established by the Army’s Future Command.

Supporting a “fighting SATCOM” strategy, future military satellite communications (MilSatCom) networks will require dynamic capabilities such as resiliency, the ability to adapt to suddenly changing mission conditions on the fly and the ability quickly spin up and spin down resources for multi-mission support. Today’s hardware-based networks cannot deliver the speed, interoperability or agility to meet these goals, a situation that is driving digital transformation and modernization efforts across the space industry.

Kratos’ OpenSpace Platform is the only fully-orchestrated, COTS satellite ground system architected on modern, software-defined networking (SDN) principles. OpenSpace digitizes the RF signals flowing to and from satellites so they can be processed and managed in virtual environments such as the cloud. This means applications can be instantiated faster, support multiple missions and orbits, react on-the-fly to changing conditions and operate at lower cost. For example, space network components that typically take weeks or even months to implement in today’s hardware-based world are replaced by virtual network functions (VNF) that can be stood up in just minutes with the OpenSpace Platform. Because it is based on accepted industry standards, OpenSpace is compatible with standards compliant network resources from other companies, assuring interoperability and avoiding vendor lock-in.

Chris Badgett, Vice President of Technology for Kratos Space said, “A strategic goal of the military is to operate an integrated SATCOM enterprise, which increases assured SATCOM access for the warfighter and improves the effectiveness of the infrastructure by enhancing resilience. Kratos’ OpenSpace Platform will show how critical satellite network operations can be made interoperable across domains.”

About Kratos
Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms and systems for United States National Security related customers, allies and commercial enterprises. Kratos is changing the way breakthrough technology for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research and streamlined development processes. At Kratos, affordability is a technology and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training, combat systems and next generation turbo jet and turbo fan engine development. For more information go to 
www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended 
December 26, 2021, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the 
SEC by Kratos.

Press Contact: Yolanda White 858-812-7302 Direct

Investor Information:
877-934-4687

investor@kratosdefense.com

Source: Kratos Defense & Security Solutions, Inc.

 


Release – Maple Gold Completes Regional Airborne Mag-EM Survey and Identifies New Drill Targets at Douay and Joutel

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Maple Gold Completes Regional Airborne Mag-EM Survey and Identifies New Drill Targets at Douay and Joutel

Research, News, and Market Data on Maple Gold Mines

Vancouver, British Columbia–(Newsfile Corp. – July 19, 2022) – 
Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple
Gold” or the “Company“) is pleased to announce that the 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Mines Limited has completed a regional airborne magnetic and electromagnetic (“Mag-EM”) survey to support exploration drill targeting across 278 km2 of JV-controlled ground, including the western half of the Douay Gold Project (“Douay”) as well as the entire Joutel Gold Project (“Joutel”) in Quebec, Canada. Results from the new Mag-EM survey were analyzed alongside existing geological and geophysical data to identify anomalies of interest throughout the survey area that are prospective for pyritic gold and volcanogenic massive sulphide (VMS) styles of mineralization.

Fred Speidel, VP Exploration of Maple Gold, stated: “A
key pillar of our strategy is to focus drilling and exploration work in areas
that exhibit potential for additional larger and higher-grade mineralized zones
at Douay, while also testing the resource potential that remains along and
beyond the entire past-producing Eagle-Telbel mine trend at Joutel. We are
already drilling step-out and deep targets at both projects and these new
Mag-EM survey results point to additional targets not only in the Eagle-Telbel
mine area and along its lateral extensions, but also on the greater Douay
property, where the Company previously identified VMS targets via prospecting
in 2018. We look forward to testing this next set of targets in upcoming JV
drill campaigns.”

Interpretation and Summary of Results

The JV is currently ranking and prioritizing at least four (4) conductive target areas from the new Mag-EM survey for future drill testing (see Figure 1 for locations):

  • Joutel Targets include several EM anomalies within ~2-3 km of the historical Eagle, Telbel and Eagle West deposits that have very limited drilling. These deposits appear as discrete ~250 m diameter conductive zones aligned along a well-defined northwest trend. Known gold mineralization at Joutel is found along a series of subparallel structures over a strike length of at least 6 km along the Harricana/Joutel Deformation Zones associated with the Casa Berardi South Fault. The survey indicates possible similar structures extending more than 9 km further to the east in this area (see Figure 2 for additional detail).
  • Southeast Targets occur along the largely undrilled Douay-Joutel property boundary, within the Cartwright Hills Group basalts that are prospective for a similar style of mineralization to the Douay West and 531 Zones at Douay (see Figure 2 for additional detail).
  • Central Targets at Douay, to the west of the current mineral resource area (green pit outlines on Figure 1), are sparsely drilled and partly coincide and extend beyond VMS copper-zinc-(gold) (“Cu-Zn-(Au)”) anomalies defined during the Company’s prospecting work in 2018 (see news from November 14, 2018).
  • Northwest Targets at Douay are associated with an intrusive-like magnetic anomaly that is over 2 km across. This target area is sparsely drilled and straddles the interpreted position of the Casa Berardi North Fault.


 

Figure 1: Distribution of conductive target areas, known gold-bearing and other interpreted favorable structures at Douay (>17 km) and Joutel (>6 km) on a residual magnetic base map.
 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3077/131243_629c94e63417b9b8_001full.jpg


 

Figure 2: Closeup of Eagle-Telbel mine area and Douay-Joutel property boundary with identified conductive target areas and known/interpreted structures on a Tau dB/dt EM base map.
 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3077/131243_629c94e63417b9b8_002full.jpg

The Mag-EM survey utilized Geotech Ltd.’s VTEMTM Plus Time Domain EM system with a horizontal magnetic gradiometer configuration, providing a maximum depth of investigation ranging from 250-700 m that is significantly greater than the maximum depth of about 150 m from historical surveys conducted in this area. It consisted of 2,029 line-km flown using a 150 m line spacing and covered a 278 km2 area including the western half of Douay and all of Joutel.

Numerous conductive and magnetic anomalies were identified. Strong magnetic responses were noted, with a measured range of >5,700 nT, including two large (>5×8 km), intrusion-like, circular to elliptical anomalies along the northern and northeastern edges of the surveyed block.

Electromagnetically, the block is characterized as being largely resistive with sparse, moderate to highly conductive, EW to WNW-ESE linear trends occurring throughout, but mainly focused in the eastern half of the surveyed area. The western part of the block features a mainly larger area (>1×2 km) with EW elongate conductive responses, some of which may be lithologic. The eastern half of the block features a mix of numerous short strike-length (<150-500 m), discrete deeper conductor axes, mainly located in the northern part. Most EM conductors either closely parallel or coincide with magnetic high horizons. Apparent resistivities range from lows of <2-100 ohm-m to highs of 800-4,500 ohm-m.

Qualified Person

The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.

About Maple Gold

Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Quebec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold resource at Douay (SLR 2022) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property.

The district-scale property package also hosts a significant number of regional exploration targets covering 55 km of strike length along the Casa Berardi Deformation Zone that are yet to be drill tested, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit 
www.maplegoldmines.com.

ON BEHALF OF MAPLE GOLD MINES LTD.

“Matthew Hornor”

B. Matthew Hornor, President & CEO

For Further Information Please Contact:

Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: 
jlang@maplegoldmines.com

Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: 
kpatankar@maplegoldmines.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.

Forward-Looking Statements:
This press release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about exploration work and results from current and future work programs. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not
intend, and expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131243

 


Senate Marijuana Bill Expected Before Summer Break

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Image Credit: Office of Public Affairs (Flickr)


Senate Version of Marijuana Legalization Bill May be Unveiled in Coming Days

Investors in marijuana stocks may be given something to lift their spirits prior to Congress’s summer recess. There are reports that senators will finally introduce the Cannabis Administration and Opportunity Act (CAOA) bill. The House of Representatives has already introduced and passed its own version to legalize marijuana nationally. The Senate bill is expected to be somewhat more restrictive and have other small differences; both bills contain what the authors view as social justice measures.

It’s been a year since Senate Majority Leader Chuck Schumer (NY), Senate Finance Committee Chairman Ron Wyden (OR) and Sen. Cory Booker (NJ) first released a draft version of CAOA detailing proposed legislation to end federal cannabis prohibition. Senator Schumer has reported that the final bill to be voted on will be made public the last week in July.

There is a push to introduce the Senate’s bill ahead of the August recess (August 8 – September 5).

The final introduction of the CAOA has had many delays as the sponsors have worked to build in what they deem important while trying to move forward with something with bipartisan support. One expected aspect is that Senator Schumer has wanted the CAOA to specifically seek to build barriers so large alcohol and tobacco companies so they can’t easily overtake the industry.

Any change in details to the bill since it was first released last year is still not public. But it’s expected to place importance on removing cannabis from the Controlled Substances Act, impose a federal tax on marijuana sales, favor groups that have been hurt by what are seen as harsh laws, and provide a path to relief for those who have faced federal cannabis convictions.

Once the measure is introduced, its road to passage is still not straightforward. The measure would require a 60-vote threshold to pass in the Senate. While the bill is expected to have bipartisan support, the more conservative senators may be inclined to vote the bill down. Currently, there are senators from each of the major political parties that are non-committal.

Senator Schumer seems intent on bringing the bill to the floor for a vote. If it passes, the House of Representatives and the Senate would likely meet to work out differences between the
versions. If they agree on one piece of legislation, they then hope the president signs it into law.

The year-long push by Senate leadership to get the legalization bill to the floor has frustrated businesses, banks, patients, and some states that have wanted to see the reform move quickly. Without approval on the national level, states may legalize cannabis products, but entities that rely on Federal charters, such as banks and even the Post Office, put themselves at risk if they do business within any part of the industry that is unlawful on the federal level.

There are serious questions about the prospects of passing any broad legalization bill in the current congressional climate, especially given the steep Senate vote threshold. Then another looming unknown is what President Joe Biden would do if a legalization measure does ultimately arrive at his desk.

Despite supermajority support for the reform within Biden’s political party, the president has held a firm opposition to adult-use legalization. Instead, he has supported modest changes such as decriminalization, rescheduling and continuing to allow states to set their own policies.

Dr. Rahul Gupta, Director of National Drug Control Policy, sometimes called “the White House drug czar,”  recently said that the Biden administration is “monitoring” states that have legalized marijuana to inform federal policy, and recognize the failures of the current prohibitionist approach.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.bloomberg.com/news/articles/2022-07-14/marijuana-decriminalization-bill-teed-up-for-senate-introduction

https://www.investopedia.com/terms/s/social-justice.asp

https://thehill.com/policy/3559842-senate-democrats-to-roll-out-bill-aimed-at-decriminalizing-weed-next-week/

https://www.marijuanamoment.net/senate-marijuana-legalization-bill-could-come-next-week-but-congressional-sources-push-back-on-report-about-timeline/

https://www.marijuanamoment.net/senate-marijuana-legalization-bill-could-come-next-week-but-congressional-sources-push-back-on-report-about-timeline/

https://www.congress.gov/bill/117th-congress/house-bill/3617

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Coeur Mining (CDE) – Lowering Estimates; Maintaining Outperform Rating

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Tuesday, July 19, 2022

Coeur Mining (CDE)
Lowering Estimates; Maintaining Outperform Rating

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Updating estimates.  We are now forecasting 2022 adjusted EBITDA and EPS of $168.3 million and $0.01 per share, respectively, compared with our previous forecast of $182.1 million and net income of $0.02 per share. Based on lower precious metals prices, we lowered our margin expectations for the second quarter and for the remainder of the year. For 2023, we forecast EBITDA and EPS of $209.7 million and $0.15, respectively.

Second quarter financial results. Coeur Mining will report second quarter 2022 operational and financial results after the market close on August 3, 2022. Management will host a conference call for investors at 11:00 am ET on August 4, 2022. We expect key topics for the call will be: 1) the Rochester expansion, 2) Silvertip, 3) forward sale hedges, and 4) balance sheet strength. …

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Comstock Inc. (LODE) – Accelerating Decarbonization with Renewable Fuel Breakthroughs

Posted on by Admin

Tuesday, July 19, 2022

Comstock Inc. (LODE)
Accelerating Decarbonization with Renewable Fuel Breakthroughs

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Patent filing. Comstock filed for a new patent covering breakthroughs to produce renewable diesel, marine fuel, sustainable aviation fuel and gasoline from woody biomass with improved yield, efficiency, and cost compared to other methods. The patent filing represents an expansion of its intellectual property and cellulosic technology portfolio with proprietary technology advancements enabling a new sustainable feedstock capable of significantly lowering U.S. transportation emissions.

Tested and validated processes. Comstock’s new patent covers processes and compositions that have been validated at the company’s two-ton per day cellulosic fuels pilot facility, affirming that its process can simultaneously produce multiple purified bio-intermediates that are isolated and free of contaminants. Based on performance data, Comstock forecasts renewable fuel yields exceeding 80 gallons per dry ton on a gasoline equivalent basis, along with an 80% reduction in life cycle greenhouse gas emissions compared to petroleum….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.