RTO Trends. While overall office occupancy improvement trends have somewhat flattened, Steelcase’s key end market, firms in Class A office space, are improving as more large companies are becoming more aggressive about employees returning to the office. And split working environments can be a benefit to Steelcase as employees need to set up work-from-home offices. Steelcase continues to lead the transformation of the workplace.
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*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.
Resources Connection, Inc. provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support. It also provides information management services, such as program and project management, business and technology integration, data strategy, and business performance management. In addition, the company offers corporate advisory, strategic communications, and restructuring services; and corporate governance, risk, and compliance management services, such as contract and regulatory compliance, enterprise risk management, internal controls management, and operation and information technology (IT) audits. Further, it provides supply chain management services comprising strategy development, procurement and supplier management, logistics and materials management, supply chain planning and forecasting, and unique device identification compliance; and human capital services, including change management, organization development and effectiveness, compensation and incentive plan strategies, and optimization of human resources technology and operations. Additionally, the company offers legal and regulatory supporting services for commercial transactions, global compliance initiatives, law department operations, and law department business strategies and analytics. It also provides policyIQ, a proprietary cloud-based governance, risk, and compliance software application. The company was formerly known as RC Transaction Corp. and changed its name to Resources Connection, Inc. in August 2000. Resources Connection, Inc. was founded in 1996 and is headquartered in Irvine, California.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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Transformation. RGP’s business transformation has uniquely positioned the Company to capitalize on shifting demand in its end markets. RGP’s diversified client base and high retention reduce risk and drive long-term value, in our view. The Company’s business is diversified across industries, regions, and service lines, while high retention is growing the lifetime value of clients.
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*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.
A Leader. With approximately 165 locations, ONE Group is a leader in Vibe dining through its ownership of STK, Benihana, Kona Grill, and RA Sushi. Notably, Vibe dining customers tend to generate higher average checks while only remaining in the restaurant for slightly longer than traditional restaurant customers.
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Tariff Impact. With production sourced and sold in-country, the direct impact of tariffs on NN is expected to be minimal. The Company has seen some modest indirect impact, mostly related to deferred decision making on the part of clients and/or consumers. Once tariffs have stabilized, we expect any indirect impacts to be minimal.
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Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Value Creation Opportunity. A key chart in Kelly’s presentation highlights how the implied value of Kelly’s individual businesses and their valuation multiples relative to peers implies considerable upside potential. Based on Kelly’s current enterprise value and the historic valuation multiple of the peer group, management believes KELYA shares have a nearly 100% upside opportunity at this time.
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*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.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Pipeline. FAT Brands new store pipeline consists of approximately 1,100 units already paid for by franchisees, which will add some $50-60 million of incremental EBITDA once opened. With some 250 new unit agreements per year and some 100+ new openings per year, we expect the pipeline to be a key driver of financial performance going forward.
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CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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Increased Demand. As regular readers know, CoreCivic has seen increased demand for its services from ICE. The Company already has received new awards for beds and expects to re-open currently idled facilities for ICE. Increased occupancy could drive significant earnings growth. Occupancy in 1Q25 was 77%, still below the low 80% range in 2018/19. The Company showed various illustrative potential for increased demand that could add $73-$131 million of additional NOI.
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Key Points: – Stocks rose Monday as U.S. and Chinese officials met in London to address trade tensions and discuss resuming critical mineral exports. – Semiconductor and Chinese tech stocks outperformed, with major gains from Qualcomm, AMD, and Alibaba amid optimism over eased restrictions. – Investors await key inflation data later this week, while the S&P 500 continues to approach record highs despite lingering tariff uncertainties.
Stocks climbed on Monday as investors closely monitored renewed trade negotiations between the United States and China. The diplomatic meeting, held in London, marked another key step in the ongoing effort to ease tensions between the world’s two largest economies.
The S&P 500 rose 0.3%, while the Nasdaq Composite added nearly 0.4%. The Dow Jones Industrial Average was also higher, gaining 84 points, or 0.2%, by the end of the trading session.
Representatives from both countries met to resolve outstanding trade issues, including the flow of critical mineral exports. The U.S. delegation included Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. Discussions centered around verifying China’s commitment to restoring exports of rare earth elements, which are essential for electronics and clean energy technologies.
This round of talks follows a recent phone conversation between President Donald Trump and Chinese President Xi Jinping. In that call, both leaders agreed to pause tariff escalations while negotiations progressed. The latest diplomatic push appears to be an attempt to move beyond high-stakes disputes and toward more sustainable trade cooperation.
Investors responded positively, especially in sectors with direct exposure to China and global supply chains. Semiconductor stocks rallied, with Qualcomm jumping over 4% after announcing its $2.4 billion acquisition of chipmaker Alphawave. Other chipmakers, including Advanced Micro Devices and Texas Instruments, also gained more than 4%. Nvidia saw more modest gains, while Chinese tech giant Alibaba advanced 2%.
The strength in semiconductors and Chinese equities reflects a broader investor belief that trade de-escalation could benefit high-growth sectors reliant on stable cross-border commerce. Market analysts noted increased appetite for risk, particularly in areas sensitive to trade dynamics.
However, not all sectors shared in Monday’s gains. Apple stock declined by 1.5% following the company’s keynote at its 2025 Worldwide Developers Conference. The event featured the first major iOS redesign since 2013, but investors appeared underwhelmed by the announcements.
Looking ahead, inflation remains a key concern for markets. The Consumer Price Index (CPI) is scheduled for release on Wednesday, followed by the Producer Price Index (PPI) on Thursday. These data points will help clarify whether current tariffs are feeding through to consumer and producer prices — a key consideration for Federal Reserve policy decisions in the months ahead.
Despite lingering uncertainties, Wall Street’s mood remains cautiously optimistic. Last week, all three major indexes posted their second consecutive weekly gains. The S&P 500 even closed above the 6,000 mark for the first time since February, now less than 3% from its all-time high. Many investors appear to be looking past short-term trade noise and focusing instead on a more resilient and potentially stimulative economic environment.
Luxembourg, Grand Duchy of Luxembourg, June 6, 2025 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”), a leading online gaming operator in Spain and Latin America, today announced that it has received formal notification from the Nasdaq Stock Market LLC (“Nasdaq”) confirming that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1) and that the Company is therefore in compliance with the Nasdaq Capital Market’s listing requirements. As a result, the Company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process.
This confirmation follows Codere Online’s filing of its annual report on Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission (“SEC”) on June 2, 2025. As part of its formal communication, Nasdaq also notified the Company that the hearing requested on May 22nd to review the delisting determination has been cancelled.
About Codere Online
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.
Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future.
These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s or its management team’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the SEC. All subsequent written and oral forward-looking statements concerning Codere Online or other matters attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Contacts:
Investors and Media Guillermo Lancha Director, Investor Relations and Communications Guillermo.Lancha@codereonline.com (+34) 628.928.152
Key Points: – U.S. added 139,000 jobs in May, topping forecasts; unemployment steady at 4.2%. – Hourly earnings up 0.4% monthly, 3.9% annually. – Job revisions and rising claims point to cooling momentum.
The U.S. labor market showed continued resilience in May, adding 139,000 nonfarm payroll jobs as the unemployment rate remained unchanged at 4.2%, according to data released Friday by the Bureau of Labor Statistics. The job gains exceeded economists’ expectations of 126,000, offering a modest sign of strength in an economy still grappling with new trade tensions and broader signs of slowing momentum.
While job growth in May beat forecasts, revisions to previous months suggest some underlying softness. April’s job gains were revised down to 147,000 from an initially reported 177,000, while March’s total was also lowered. Combined, the two-month revisions show the economy added 95,000 fewer jobs than previously thought.
“We’re seeing a softening in the labor market,” said Gregory Daco, chief economist at EY, in an interview with Yahoo Finance. “That’s undeniable. But it’s not a retrenchment in the labor market. And that’s what was feared.”
Despite the mixed signals, Wall Street responded positively to the report. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each rose about 1% in early trading, as investors took comfort in the continued job growth and the prospect of stable interest rates from the Federal Reserve.
Wages continued to show strength in May, with average hourly earnings rising 0.4% month-over-month and 3.9% from a year ago. Both figures came in above economist expectations, suggesting that inflationary pressure from wage growth may persist. At the same time, the labor force participation rate dipped slightly to 62.4% from 62.6% in April, indicating fewer Americans are actively looking for work or are available to work.
The jobs report covered the week of May 12, capturing the early economic reaction to President Trump’s recently enacted 10% baseline tariffs on imports from various countries, as well as the initial phase of a 90-day pause in U.S.-China trade escalation. While the immediate labor market impact appears muted, economists warn that the inflationary effects of tariffs may begin to surface in the coming months.
“The May employment report was mixed but doesn’t alter our assessment of the labor market or the economy,” wrote Ryan Sweet, chief U.S. economist at Oxford Economics, in a research note. “We also remain comfortable with the forecast for the Federal Reserve to wait until December before cutting interest rates as the inflation impact of tariffs is still coming and will be more visible this summer.”
Other indicators released earlier in the week point to a labor market under increasing strain. ADP reported that the private sector added just 37,000 jobs in May—the lowest total in more than two years. In addition, initial weekly unemployment claims rose to their highest level since October 2024, while continuing claims hovered near a four-year high.
Taken together, the data suggest a labor market that, while no longer red-hot, remains stable for now. However, with trade policy uncertainties and inflation concerns on the horizon, economists will be closely watching for further signs of cooling in the months ahead.
MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New THIO-101 Update Presented AT ASCO. MAIA presented updated data from its THIO-101 trial showing median overall survival increased as more patients advanced through treatment. Data presented showed a median overall survival of 17.8 months for patients receiving the combination of THIO and the PD-1 inhibitor, Libtayo (cemiplimab, a checkpoint inhibitor from Regeneron), an increase from 16.9 months reported in January 2025.
Survival Improved As More Patients Completed The Study. Updated data was presented at the American Society for Clinical Oncology (ASCO) 2025 Annual Meeting, with more patients treated for longer periods. The median overall survival reported was 17.8 months compared with the expected survival of 5.8 months for standard of care therapy. This was an improvement from 16.9 months (n=22 patients) reported in January 2025 and 10.6 months (n=19 patients) reported in August 2024.
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EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
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First quarter financial results. Eurodry Ltd. reported an adjusted first quarter net loss of $5.7 million, or ($2.07) per share, compared to a loss of $3.2 million, or ($1.18) per share, during the same period last year. Adjusted EBITDA came in at a loss of $1.0 million, down from a gain of $2.1 million during the first quarter of last year. While revenue was slightly above our expectations, operating expenses were approximately $2.0 million higher than estimated due to increased repair costs. Overall, the quarterly results reflected the ongoing market challenges as charter rates remain near five-year lows due to challenging supply and demand trends.
Updating 2025 estimates. Based on the lower-than-expected first quarter results and management’s outlook, we are lowering our full year 2025 adjusted EBITDA and earnings per share (EPS) estimates to $9.3 million and ($3.79), respectively, down from $19.6 million and ($0.43). While we expect the second quarter to show a slight rebound, the weak market conditions are expected to persist and could constrain rates through the balance of the year.
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Key Points: – Trump called for a full-point rate cut, but the Fed is unlikely to move after May’s better-than-expected jobs report. – The U.S. economy added 139,000 jobs in May, with unemployment steady at 4.2%, easing fears of a labor slowdown. – Fed officials remain focused on inflation, signaling no near-term rate cuts despite mounting political pressure.
President Donald Trump ramped up pressure on the Federal Reserve Friday, calling for a dramatic interest rate cut just as new data showed the U.S. labor market remains relatively strong. Trump’s plea came via a social media post in which he declared “AMERICA IS HOT” and pushed Fed Chair Jerome Powell to slash rates by a full percentage point—what he referred to as “rocket fuel” for the economy.
The timing of Trump’s demand, however, clashed with Friday’s release of the May jobs report, which showed the U.S. economy added 139,000 nonfarm payrolls—comfortably ahead of economists’ expectations of 126,000. Unemployment held steady at 4.2%, defying fears of a sharp slowdown. Wage growth also ticked higher, with average hourly earnings rising 0.4% month-over-month and 3.9% over the past year, indicating that worker demand remains solid despite broader concerns about economic deceleration.
Market watchers and economists were quick to point out that the report effectively shuts the door on the possibility of a rate cut at the Fed’s upcoming June meeting. “The labor market is not cracking yet, even though it is decelerating,” said Brij Khurana, a fixed income portfolio manager at Wellington Management. He noted that while earlier in the week, weak private payroll data from ADP raised questions about a potential cut, the stronger-than-expected government report all but “takes away June.”
Trump, who has repeatedly branded Powell as “Too Late” in an effort to blame the Fed chair for past inflation missteps, has increasingly turned the central bank into a political target. On Friday, he argued the Fed is “costing our country a fortune” by keeping borrowing costs elevated, citing the European Central Bank’s series of rate cuts as a model for what the U.S. should emulate.
But the Fed has held its benchmark rate steady in 2025 after lowering it by a full percentage point at the end of last year, citing uncertainty around economic policy and inflation risks. Recent commentary from Fed officials suggests the central bank is far more concerned with reining in inflation than stimulating employment. “I see greater upside risks to inflation at this juncture,” said Federal Reserve Governor Adriana Kugler, adding that current policy should remain unchanged unless inflation pressures abate.
Kansas City Fed President Jeff Schmid echoed those sentiments, warning that tariffs—some introduced by the Trump administration—could create further inflationary pressure. “While the tariffs are likely to push up prices, the extent of the increase is not certain,” Schmid noted, cautioning against prematurely loosening policy.
Still, some divergence within the Fed is emerging. Governor Chris Waller, speaking in South Korea last weekend, argued that any tariff-driven inflation would be temporary and should not alter the Fed’s long-term stance. “I support looking through any tariff effects on near-term inflation when setting the policy rate,” he said.
Yet with job gains still solid and inflation risks lingering, most analysts believe the Fed will remain on hold through the summer. Trump’s demand for a jumbo cut may resonate with some voters, but for now, the data simply doesn’t back him up.
