MCLEAN, Va., July 17, 2024 /PRNewswire/ — V2X Inc. (NYSE: VVX) proudly announces its award of a $141 million cost-plus-fixed-fee task order to continue providing comprehensive engineering support for Command, Control, Communications, Computer, and Intelligence (C4I) systems. This task order is part of the Navy’s Fleet Systems Engineering Team (FSET) program, which V2X has supported for 25 years, ensuring that no U.S. Navy Strike Group or Amphibious Ready Group deploys without V2X.
“V2X provides a full range of assured communications services that are integral to the readiness of U.S. Navy ships,” said Jeremy C. Wensinger, President and Chief Executive Officer at V2X. “Since 1999, we have delivered complex C4I support under FSET, showcasing our longstanding history of innovative solutions. We look forward to continuing this vital relationship with the Navy.”
With the task order, V2X will deliver end-to-end C4I systems engineering solutions to the U.S. Navy’s afloat force, including command ships, ballistic missile defense ships, strike groups, and specific shore facilities. Additionally, we will offer systems engineering and technical innovation for the swift integration of new capabilities to mitigate new threats to Navy networks. Our fleet systems engineers will play a crucial role in monitoring C4I system performance, providing essential feedback on computer network defense status, and ensuring Navy C4I systems are promptly protected in the event of a mission impacting event.
This win exemplifies of V2X’s expanding footprint with the Navy. The contract extends through July 2029, with an option to extend to 2030.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
BOCA RATON, Fla.–(BUSINESS WIRE)–Jul. 17, 2024– The GEO Group (NYSE: GEO) (“GEO” or the “Company”) announced today that it has extended its offers to exchange (the “Exchange Offer”) (i) up to $650.0 million aggregate principal amount of registered 8.625% Senior Secured Notes due 2029 (the “Secured Exchange Notes”) for any and all of its $650.0 million aggregate principal amount of unregistered 8.625% Senior Secured Notes due 2029 that were issued in a private placement on April 18, 2024 (the “Secured Original Notes”), and (ii) up to $625.0 million aggregate principal amount of registered 10.250% Senior Notes due 2031 (the “Unsecured Exchange Notes” and, together with the Secured Exchange Notes, the “Exchange Notes”) for any and all of its $625.0 million aggregate principal amount of unregistered 10.250% Senior Notes due 2031 that were issued in a private placement on April 18, 2024 (the “Unsecured Original Notes” and, together with the Secured Original Notes, the “Original Notes”).
The Exchange Offer, which was previously scheduled to expire at 5:00 p.m., New York City time, on July 16, 2024, will now expire at 5:00 p.m., New York City time, on July 23, 2024, unless earlier terminated or extended by the Company (such date and time, including any extension, the “Expiration Date”). Any Original Notes tendered may be withdrawn at any time prior to the Expiration Date, but not thereafter (the “Withdrawal Deadline”). Except for the extension of the Expiration Date and Withdrawal Deadline, all other terms of the Exchange Offer remain in full force and effect.
As of 5:00 p.m., New York City time, on July 16, 2024, which was the previous expiration date for the Exchange Offer, the aggregate principal amount of the Original Notes validly tendered and not validly withdrawn, as advised by D.F. King & Co., Inc., the Exchange Agent for the Exchange Offer, was as set forth in the table below:
The terms and conditions of the Exchange Offer are described in the Prospectus, dated June 14, 2024 and the Prospectus Supplement, dated June 27, 2024, which forms a part of the Registration Statement on Form S-4 filed with the Securities and Exchange Commission on May 31, 2024 and declared effective on June 13, 2024 (the “Registration Statement”). The Expiration Date for the Exchange Offer is being extended to provide time for remaining outstanding Original Notes to be tendered for exchange. The Exchange Offer is not conditioned upon any minimum amount of Original Notes being tendered. Subject to applicable law, the Company may waive certain other conditions applicable to the Exchange Offer or extend, terminate or otherwise amend the Exchange Offer in its sole discretion.
This news release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to participate in the Exchange Offer, nor shall there be any sale of the Exchange Notes or exchange of the Original Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offer is being made solely pursuant to the Registration Statement. Copies of the Registration Statement and related prospectus can be obtained without charge by visiting the SEC website at www.sec.gov; by contacting D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, NY 10005; by calling toll-free at (800) 848-3405; or by e-mail at geo@dfking.com.
About The GEO Group
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 100 facilities totaling approximately 81,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to, risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including its Form 10-K, 10-Q, and 8-K reports. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
MCLEAN, Va., July 16, 2024 /PRNewswire/ — V2X, Inc., (NYSE: VVX), a leading provider of global mission solutions, will report second quarter 2024 financial results on Tuesday, August 6, 2024, before market open. Senior management will conduct a conference call at 8:00 a.m. ET that same day.
U.S.-based participants may dial in to the conference call at 877-506-6380, while international participants may dial 412-542-4198. A live webcast of the conference call as well as an accompanying slide presentation will be available at https://app.webinar.net/Aba2LPOkBXe and on the Investors section of the V2X website at https://gov2x.com/.
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through August 20, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10190283.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Director, Corporate Communications Angelica.Deoudes@goV2X.com 571-338-5195
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Updating estimates. We increased our 2024 adjusted funds flow (AFF) and earnings per share (EPS) estimates to C$44.3 million and C$0.34 from C$40.9 million and C$0.30. Our revisions are driven by higher crude oil price assumptions and a redistribution of quarterly production estimates. While we have assumed higher oil prices in the second and third quarters, our model assumes prices weaken in the fourth quarter. We increased our 2025 AFF and EPS estimates to C$41.1 million and C$0.30, respectively, from C$31.4 million and C$0.21 based on higher production volume and crude oil price assumptions. We think our 2025 estimates could be conservative if the company can increase annual production within its targeted range of 10% to 20%.
Normal course issuer bid (NCIB). Hemisphere renewed its NCIB to purchase up to 8,255,766 common shares, representing ~10% of the current public float, for cancellation. The NCIB commenced on July 14 and will terminate on July 13, 2025. Under its previous NCIB, which authorized the repurchase of 8,670,636 shares and terminated July on 13, the company purchased 4,074,400 shares on the open market at a weighted average price of C$1.425. Shares are generally purchased opportunistically during periods of weakness.
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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.
In a significant market shift, tech and chip stocks experienced a sharp decline today, with industry giants like Nvidia, ASML, and Taiwan Semiconductor Manufacturing Company (TSM) leading the downturn. This sudden plunge comes amidst a perfect storm of geopolitical tensions, potential regulatory changes, and a broader rotation out of tech stocks.
The semiconductor industry, which has been riding high on the artificial intelligence (AI) boom, found itself at the center of multiple concerns. One of the primary factors contributing to the sell-off is the potential for tighter restrictions on exports of semiconductor technology to China. Bloomberg reported that the Biden administration is considering implementing more severe curbs on foreign-manufactured products that use even the smallest amount of American technology. This move could significantly impact U.S.-based companies’ ability to sell to China, a crucial market for many chip manufacturers.
ASML, the Netherlands-based chip equipment maker, saw its stock plummet by as much as 11%, marking the steepest decline among its peers. The company’s third-quarter guidance, which fell short of analyst expectations, added to the pressure on its stock. Despite beating second-quarter expectations, ASML’s revenue forecast for the current quarter and its projected gross margin range disappointed investors.
Nvidia, a darling of the AI boom, wasn’t spared from the sell-off. The company’s stock dropped more than 5% as investors recalibrated their expectations in light of potential export restrictions. Nvidia has already seen its sales to China decrease as a percentage of total data center revenue, from 19% in fiscal year 2023 to 14% in fiscal year 2024.
Adding fuel to the fire were comments from former U.S. President Donald Trump, who suggested that Taiwan should pay the United States for protection against potential Chinese aggression. Trump’s remarks, published in a Bloomberg Businessweek interview, sent shockwaves through the industry, particularly affecting TSM, which saw its shares fall more than 7%. Taiwan is a crucial hub for semiconductor manufacturing, with approximately 92% of the world’s most advanced chipmaking capacity.
The broader tech sector also felt the impact of this semiconductor slump. The tech-heavy Nasdaq 100 index was down more than 2%, underperforming the small-cap Russell 2000 index. This shift reflects a recent rotation out of big-cap tech names into small-cap stocks, a trend that began last week following the latest inflation data.
However, not all chip-related stocks suffered. U.S.-based companies like Intel and GlobalFoundries saw their shares rise, as they are perceived as potential beneficiaries of the Biden administration’s push to onshore chip production to the United States.
The semiconductor industry’s volatility highlights its sensitivity to geopolitical factors and regulatory changes. As the U.S. and China continue their technological rivalry, and as governments worldwide recognize the strategic importance of chip manufacturing, the sector may face ongoing uncertainty.
Investors and industry watchers are now closely monitoring how these developments will impact the long-term prospects of chip companies and the tech sector as a whole. The potential implementation of stricter export controls could reshape global supply chains and force companies to rethink their international strategies.
As the dust settles on this tumultuous trading day, it’s clear that the semiconductor industry stands at a crossroads. The interplay of technological advancement, geopolitical tensions, and regulatory pressures will likely continue to shape the sector’s trajectory in the coming months and years. For investors, navigating this landscape will require a keen understanding of both technological trends and geopolitical dynamics.
In the ever-evolving world of finance, savvy investors are constantly on the lookout for the next big opportunity. As we navigate through 2024, a compelling narrative is unfolding in the realm of small cap and growth companies. These often-overlooked segments of the market are suddenly finding themselves in the spotlight, offering potentially lucrative prospects for those willing to look beyond the usual mega-cap darlings.
The recent surge in small cap stocks, as evidenced by the impressive performance of the Russell 2000 index, has caught the attention of both retail and institutional investors. This shift comes at a time when the market is reassessing its stance on interest rates, inflation, and the broader economic recovery. But what’s driving this renewed interest, and more importantly, what opportunities does it present?
First and foremost, the anticipation of interest rate cuts has breathed new life into small cap stocks. These companies, typically more sensitive to economic cycles, stand to benefit significantly from a more accommodative monetary policy. Lower interest rates can reduce borrowing costs, potentially boosting profitability and fueling growth initiatives. This environment could prove particularly advantageous for small cap growth companies, which often rely on access to capital to fund their expansion plans.
Moreover, as the economy continues to recover and diversify post-pandemic, small caps are well-positioned to capitalize on emerging trends and niche markets. Unlike their larger counterparts, these agile companies can quickly adapt to changing consumer preferences and technological advancements. From innovative healthcare solutions to cutting-edge clean energy technologies, small cap growth companies are often at the forefront of transformative industries.
The potential for outsize returns is another compelling factor drawing investors to this space. Historically, small caps have demonstrated the ability to generate significant returns, especially during periods of economic expansion. While past performance doesn’t guarantee future results, the current market conditions and economic indicators suggest a favorable environment for small cap outperformance.
However, it’s crucial to approach this opportunity with a discerning eye. Not all small caps are created equal, and thorough due diligence is essential. Investors should focus on companies with strong fundamentals, solid balance sheets, and clear paths to profitability. In the growth segment, particular attention should be paid to addressable market size, competitive advantages, and the quality of management teams.
Sector-specific opportunities also abound within the small cap and growth universe. For instance, the ongoing digital transformation across industries presents numerous opportunities in technology and software. Similarly, the push towards sustainable practices is opening doors for innovative companies in renewable energy, recycling, and eco-friendly consumer goods.
Another intriguing aspect is the potential for mergers and acquisitions activity. As larger companies look to innovate and expand, well-positioned small caps could become attractive takeover targets, potentially leading to premium valuations for shareholders.
It’s worth noting that investing in small caps and growth companies comes with its own set of risks. These stocks can be more volatile than their large-cap counterparts and may be less liquid. Additionally, company-specific risks are often more pronounced in smaller firms. Therefore, diversification and a long-term investment horizon are crucial when exploring this space.
For those looking to gain exposure to this exciting segment, various approaches are available. Direct investment in individual stocks offers the potential for significant returns but requires extensive research and risk management. Alternatively, exchange-traded funds (ETFs) and mutual funds focused on small cap and growth companies provide a more diversified approach, spreading risk across a basket of stocks.
As we look ahead, the renewed interest in small cap and growth companies appears to be more than just a fleeting trend. With favorable macroeconomic conditions, the potential for innovation-driven growth, and the possibility of sector-specific tailwinds, this segment of the market offers compelling opportunities for discerning investors.
In conclusion, while the allure of high-flying tech giants and blue-chip stalwarts remains strong, the current market dynamics suggest that it might be time to think small for potentially big returns. As always in investing, thorough research, careful consideration of risk tolerance, and a balanced approach are key to navigating this exciting but complex landscape.
Madrid, Spain and Tel Aviv, Israel, July 16, 2024 (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 will release its second quarter 2024 results prior to 8:30AM US Eastern Time on July 31, 2024.
At 8:30AM US Eastern Time on the same day, Codere Online’s management will host a conference call to discuss the results and provide a business update.
The Company’s earnings press release and related materials will be available on Codere Online’s website at www.codereonline.com. Dial-in details for the conference call as well as the audio webcast registration link are accessible on the Events & Presentations section of the same website. A recording of the webcast will be available following the conference call.
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.
About Codere Group Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
Contacts:
Investors and Media Guillermo Lancha Director, Investor Relations and Communications Guillermo.Lancha@codere.com (+34)-628-928-152
Underscores the Attractiveness of the Company’s Bold North American Expansion Strategy
ATLANTA, July 16, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced sale of 200 additional BTM kiosks to Sopris Capital (“Sopris”), a 20-year-old multi-strategy investment firm as part of the Company’s profit-sharing program.
Bitcoin Depot launched the program in 2023 to provide additional deployment opportunities to qualified partners as part of its North American expansion strategy. Today’s news follows the March announcement, where Sopris joined Bitcoin Depot’s profit-sharing program with the purchase of 50 kiosks. This program allows Sopris to leverage Bitcoin Depot`s operating expertise and receive a passive income stream from its Bitcoin ATMs.
“Our decision to purchase additional kiosks underscores the attractiveness of this investment opportunity, and the confidence we have in Bitcoin Depot’s strategy and growth potential,” said Andrew Paul, Founder and CEO of Sopris Capital. “As an owner of 250 kiosks and one of the Company’s independent shareholders, we believe Bitcoin Depot presents multiple ways to drive high returns on our capital.”
Bitcoin Depot’s profit-sharing program provides a comprehensive investment package, including kiosk use, operating software, shipping, installation, and ongoing support. It also offers a passive income stream with monthly profit splits, providing a direct financial benefit to the partner. By partnering with Bitcoin Depot, companies can leverage the Company’s expertise in BTM operations and its integration with BitAccess software, the leading software suite for Bitcoin ATM operations.
“We are thrilled to deepen our partnership with Sopris Capital,” said Bitcoin Depot CEO Brandon Mintz. “We believe their various investments in our platform and common shares over the past four months underscores their confidence in our strategy and growth potential.”
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader digital financial system, including using their Bitcoin for purposes of making payments, transfers, remittances, online purchases, and investments. To learn more about Bitcoin Depot’s profit share program, visit: https://bitcoindepot.com/profit-sharing-program/.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 7,400 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com.
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
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, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Industry-scale facility. Comstock Metals secured a long-term lease on a 100,000 square foot building in Silver Springs, Nevada. The facility, located on the same campus as Comstock’s operating demonstration plant, will be able to process up to 100,000 tons per year of end-of-life solar panels. Comstock Metals recently received approval for a conditional use permit from the Lyon County, Nevada Board of County Commissioners for the operation and material storage of solar panels at this facility.
On or ahead of schedule. Comstock’s demonstration facility is operating two shifts and expects to add a third shift during the third quarter. The company is advancing the full design and remaining permitting of its first industry-scale facility. Having fully secured the site lease and the county permit, the company has started to work on pre-engineering and state permitting processes so the remaining permit applications can be submitted. The company remains on or ahead of schedule relative to its 2024 objectives.
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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.
In the ever-shifting sands of global finance, gold has once again emerged as a beacon for investors, reaching unprecedented heights in recent market conditions. As of July 16, 2024, gold futures soared to a record $2,467.30 an ounce, surpassing previous highs and igniting discussions about its potential as an investment opportunity. But what’s driving this golden rush, and does it represent a sustainable trend for investors?
The primary catalyst behind gold’s recent surge appears to be the changing expectations around monetary policy. Markets are now pricing in a 100% probability of a Federal Reserve interest rate cut in September, a stark shift from earlier projections of sustained higher rates. This anticipation of looser monetary policy traditionally bodes well for gold, which often thrives in low-interest-rate environments.
Adding fuel to the golden fire is the recent softening of inflation data. June 2024’s inflation figures came in lower than expected, further bolstering the case for potential rate cuts. Federal Reserve Chair Jerome Powell’s recent dovish comments have only served to reinforce this narrative, creating a perfect storm for gold’s ascent.
The weakening U.S. dollar has also played a significant role in gold’s rally. As the greenback loses ground against other major currencies, gold becomes more attractive to international investors. This inverse relationship between the dollar and gold prices is a well-established pattern in financial markets.
But the story of gold’s rise isn’t just about short-term market dynamics. There’s a deeper, more structural shift at play. Central banks worldwide have been on a gold-buying spree, with demand reaching levels not seen since the late 1960s. This surge in institutional interest stems from growing concerns about the long-term stability of traditional reserve currencies like the U.S. dollar and the euro.
Geopolitical tensions and economic uncertainties have further enhanced gold’s appeal as a safe-haven asset. In an increasingly unpredictable world, many investors and institutions are turning to gold as a hedge against potential market turbulence.
So, does this golden landscape present a compelling investment opportunity? As with any investment decision, it’s crucial to consider both the potential rewards and the inherent risks.
On the positive side, many analysts believe there’s still room for growth in the gold market. UBS strategist Joni Teves suggests that risks are skewed to the upside, with potential for investors to increase their gold exposure. The ongoing structural shift in central bank reserves and the persistent geopolitical uncertainties could provide long-term support for gold prices.
Moreover, gold’s traditional role as an inflation hedge and its low correlation with other asset classes make it an attractive option for portfolio diversification. In times of market stress, gold often acts as a stabilizing force, potentially offsetting losses in other areas of an investment portfolio.
However, potential investors should also be mindful of the risks. Gold prices can be volatile, and the current high prices might limit near-term upside potential. Any unexpected shift in monetary policy, such as a decision to keep interest rates higher for longer, could negatively impact gold prices.
Furthermore, gold doesn’t provide income in the form of interest or dividends, which can be a drawback for investors seeking regular returns. Its value is largely based on market sentiment and macroeconomic factors, which can be unpredictable.
For those considering gold investments, there are multiple avenues to explore. Physical gold in the form of bullion or coins is one option, though it comes with storage and security considerations. Gold ETFs offer a more convenient way to gain exposure to gold prices without the hassle of physical ownership. For those willing to take on more risk for potentially higher rewards, gold mining stocks or funds could be worth considering, as evidenced by the recent gains in the VanEck Gold Miners ETF.
In conclusion, while gold’s current rally presents intriguing opportunities, it’s essential to approach any investment decision with careful consideration of your financial goals, risk tolerance, and overall portfolio strategy. The golden landscape of 2024 certainly shines bright, but as with any investment, thorough research and possibly consultation with a financial advisor are crucial before making any significant moves.
As we navigate these glittering market conditions, one thing is clear: gold continues to captivate investors’ imaginations, proving that even in our digital age, this ancient store of value hasn’t lost its luster.
In a move that’s set to reshape the North American steel industry, Cleveland-Cliffs Inc. (NYSE: CLF) has announced plans to acquire Canadian steelmaker Stelco Holdings Inc. (TSX: STLC) in a deal valued at approximately C$3.4 billion. The transaction, announced on July 15, 2024, marks a significant milestone in the consolidation of the steel sector and underscores Cleveland-Cliffs’ commitment to expanding its footprint in Canada.
Under the terms of the agreement, Cleveland-Cliffs will pay C$70.00 per Stelco share, consisting of C$60.00 in cash and 0.454 shares of Cliffs common stock. This offer represents a substantial 87% premium to Stelco’s closing share price of C$37.36 on July 12, 2024, and a 37% premium to its 52-week high, highlighting the value Cleveland-Cliffs sees in the Canadian steelmaker.
Lourenco Goncalves, Chairman of the Board, President and CEO of Cleveland-Cliffs, expressed enthusiasm about the acquisition, praising Stelco’s recent turnaround and cost-efficient operations. “Stelco is a company that respects the Union, treats their employees well, and leans into their cost advantages. With that, they are a perfect fit for Cleveland-Cliffs and our culture,” Goncalves stated.
The deal has received strong support from key stakeholders. Major Stelco shareholders, including Fairfax Financial Holdings, an affiliate of Lindsay Goldberg LLC, and Alan Kestenbaum, collectively holding approximately 45% of Stelco’s outstanding shares, have agreed to vote in favor of the transaction. This early backing significantly increases the likelihood of the deal’s approval.
Alan Kestenbaum, Executive Chairman of the Board and CEO of Stelco, highlighted the value creation for shareholders, noting a 32% CAGR on Stelco common share investment since its 2017 IPO. Kestenbaum also expressed confidence in Cleveland-Cliffs’ ability to build upon Stelco’s achievements and maintain its iconic status in Canada.
The acquisition is expected to bring several benefits to Canada and Stelco’s stakeholders. Cleveland-Cliffs has committed to preserving Stelco’s name and legacy, maintaining its headquarters in Hamilton, and continuing significant operations in Hamilton and Nanticoke. The company has also pledged to invest at least C$60 million over the next three years and aims to increase steel production from current levels.
Moreover, Cleveland-Cliffs has promised to maintain significant employment levels in Canada and ensure Canadian representation on the management team. The company will also continue Stelco’s collaborations with local institutions, including McMaster University and CanmetMATERIALS, and increase charitable support by C$2 million per year.
The United Steelworkers union has expressed support for the deal. David McCall, International President of the United Steelworkers, stated, “We are delighted to further expand our already great partnership between Cliffs and the USW.”
From a regulatory standpoint, the transaction still faces several hurdles. It requires approval under the Investment Canada Act, the Competition Act (Canada), and the U.S. Hart-Scott-Rodino Antitrust Improvements Act. Additionally, approval is needed under Stelco’s funding agreement with Canada’s Strategic Innovation Fund.
The deal is expected to close in the fourth quarter of 2024, subject to these regulatory approvals and the support of two-thirds of Stelco shareholders at a special meeting to be held this fall.
This acquisition represents a significant step in the consolidation of the North American steel industry. It allows Cleveland-Cliffs to strengthen its position in Canada while potentially realizing synergies across its expanded operations. For Stelco, it offers shareholders a substantial premium and the opportunity to participate in the combined company’s future growth through the stock component of the offer.
As the steel industry continues to evolve in response to global economic shifts and environmental pressures, this deal positions the combined entity to better compete on the international stage while maintaining a strong commitment to local communities and stakeholders in both the United States and Canada.
GROSSE POINTE FARMS, Mich., July 15, 2024 (GLOBE NEWSWIRE) — Saga Communications, Inc. (Nasdaq: SGA) announced today that it will release its 2nd Quarter 2024 results at 9:00 a.m. EDT on Thursday, August 8, 2024. The company will be holding a conference call on the same date at 11:00 a.m. EDT. The dial-in numbers are as follows:
Domestic and International Dial-in Number: (973) 528-0008 Conference Entry Code: 379213
The Company requests that all parties that have a question that they would like to submit to the Company to please email the inquiry by 10:00 a.m. EDT on August 8, 2024, to SagaIR@sagacom.com. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing will be discussed during the call.
Saga’s earnings release will contain certain non-GAAP financial measures including station operating income, trailing 12-month consolidated EBITDA, and same station financial information. A reconciliation of all non-GAAP financial measures to the most directly comparable GAAP measures will be provided in the earnings release.
Saga is a media company whose business is devoted to acquiring, developing, and operating broadcast properties with a growing focus on opportunities complimentary to our core radio business including digital, e-commerce and non-traditional revenue initiatives. Saga owns or operates broadcast properties in 28 markets, including 82 FM and 32 AM radio stations and 79 metro signals. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com.
Conduent will replace the state’s legacy system with an advanced solution for managing child support cases, to include enhanced features for parents
New contract builds upon Conduent’s ongoing work with Wisconsin’s state child support program, helping children and families in need
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced its selection by the Wisconsin Department of Children and Families (DCF) to design, develop and implement a modernized child support system. The new system, called THRIVE, will transform child support service delivery for children and families across the state while providing enhanced features for parents.
DCF’s modernization project will integrate national best practices utilizing the latest technology and automation, plus data analytics, to meet the ongoing needs of the child support program, while ensuring flexibility for future system enhancements. Conduent will replace Wisconsin’s legacy system with an advanced solution that combines reliable, certified programming with a modern architecture and offers new self-service features for parents, including an online customer portal and a mobile app.
The new contract builds upon Conduent’s 25-year relationship with Wisconsin, providing State Disbursement Unit services to help ensure that collected funds are delivered to families in need.
“The Wisconsin Bureau of Child Support has a successful and long-standing partnership with Conduent,” said Phyllis Fuller, Director of DCF’s Bureau of Child Support. “I appreciate the opportunity to work with Conduent in developing a new case and financial management system for serving the families of Wisconsin.”
“We’re grateful for the opportunity to serve Wisconsin, supporting DCF as it facilitates the modernization of the state’s child support program,” said Kim Newsom Bridges, Senior Director, Child Support Solutions at Conduent. “We applaud DCF for taking the steps necessary to better serve constituents, and we appreciate the trust placed in Conduent to help the department achieve its vision in the years to come.”
The planned modernization for Wisconsin follows Conduent’s success in developing and deploying two federally certified, statewide child support system projects, supporting Delaware and South Carolina . In 2023, Conduent also announced the implementation of an advanced cloud-based system for New Hampshire’s Department of Health and Human Services.
Conduent is a trusted operations partner to child support agencies across the country, helping them improve technology and services for children and families. The company has processed approximately $126 billion in child support payments in the last 10 years.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
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