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Wall Street Rises as August PPI Data Points to Modest Rate Cut by the Fed
| Key Points: – Wall Street’s main indexes rose after August producer price data reinforced expectations of a 25-basis point rate cut. – Moderna shares tumbled following a weak revenue forecast, while communication services led sector gains. – Gold miners surged, benefiting from record-high gold prices. |
Wall Street’s major indexes climbed Thursday, buoyed by producer price index (PPI) data that met expectations, pointing to a smaller interest rate cut by the Federal Reserve. The PPI for August showed a 0.2% increase, slightly higher than the anticipated 0.1%, while core prices (excluding volatile food and energy) rose 0.3%, indicating that inflation pressures are continuing to ease but remain a concern. This data has solidified investor expectations of a 25-basis point rate cut at the Fed’s September 17-18 meeting, as opposed to a more aggressive 50-basis point cut.
The stock market responded positively, with the Dow Jones Industrial Average up 0.40%, the S&P 500 gaining 0.70%, and the Nasdaq Composite rising 1.04%. The report also showed initial claims for unemployment benefits at 230,000, aligning with estimates and signaling that the labor market is cooling but remains stable.
Investors remain optimistic despite concerns over inflation, with some bargain hunting occurring in the more economically sensitive small-cap Russell 2000 index, which outperformed with a 1.4% rise. According to Chuck Carlson, CEO of Horizon Investment Services, “There’s a willingness among investors to buy on declines,” highlighting growing confidence in a more controlled inflation environment.
However, Moderna faced significant losses, dropping over 11.5% after issuing a disappointing revenue forecast for fiscal year 2025, citing a lower-than-expected demand for vaccines. This dragged down the healthcare sector, although the rest of the market showed strength in communication services and gold mining stocks. Shares of Warner Bros. Discovery surged nearly 9% following news of a strategic partnership with Charter Communications, further boosting investor sentiment in the media and communications space.
The gold mining sector was another bright spot in the market, with spot gold prices reaching new highs, driving up the Arca Gold BUGS index by 6.3%. Investors flocked to gold as a safe-haven asset amid global economic uncertainties, propelling mining stocks like Newmont Corporation and Barrick Gold.
The backdrop of cooling inflation is encouraging for investors who anticipate that the Fed will begin a more dovish monetary policy cycle. A quarter-point rate cut would mark the first reduction since March 2020, when the pandemic triggered rapid monetary easing. With the U.S. central bank likely to cut rates next week, expectations for further rate reductions in 2024 are growing, depending on how inflation and labor market data evolve.
Looking ahead, investors will continue to monitor economic indicators closely, especially as concerns about the health of the U.S. economy persist. While inflation appears to be retreating, the possibility of a broader economic slowdown could influence market sentiment in the coming months. For now, the stock market is riding high on the belief that the Federal Reserve’s actions will continue to support growth while taming inflation.
Release – Kratos Announces Immediate Availability of TDI’s Four Classes of Low-Cost Turbojet Engines
Research News and Market Data on KTOS
High-Performance, USA-Made Engines Now Available with No Lead Time
SAN DIEGO, Sept. 12, 2024 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in Defense, National Security and Global Markets, today announced that Technical Directions, Inc. (TDI), a business unit within Kratos’ Unmanned Systems Division, now offers four classes of its low-cost, high-performance turbojet engines with immediate availability. These engines, ranging from 30 to 200 pounds of thrust, are designed and manufactured in the United States at TDI’s facility in Oxford, Michigan, with all parts and components sourced from U.S. companies.
Known for their compact size and reliable performance, TDI’s turbojets are ideal for use in cruise missiles, loitering munitions systems, and other critical defense systems. Kratos’ commitment to affordability and innovation is at the forefront of this announcement, ensuring that customers can quickly access these engines without lead times—a vital factor for time-sensitive defense projects.
The four classes of TDI’s turbojet engines now available are:
- TDI-J45: 30 lb thrust
- TDI-J5: 75 lb thrust
- TDI-J7: 100 lb thrust
- TDI-J85: 200 lb thrust
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8bf86f0f-60b1-449f-a30b-1a80222276d1
“We understand the importance of rapidly fielding cost-effective solutions in today’s fast-paced defense environment,” said Steve Fendley, President of Kratos Unmanned Systems Division. “With the large number of programs and technology efforts underway in the affordable weapons classes, by building ahead and having these affordable and high-performance engines stocked on our shelves in Michigan, we enable rapid evaluation, test, integration, and ultimately, all up round delivery without the traditional front end lead-time delays.”
Each TDI engine is 100% USA-designed, sourced, and manufactured, ensuring both quality and security. TDI has developed and refined turbine engine technologies for military applications in Michigan since 1983—providing unique features in support of low-cost, high-production, expendable turbojet engine applications, such as small cruise missiles and other Unmanned Aerial Vehicles (UAVs). With the engineering, manufacturing, and system integration employees in the Oxford, Michigan facility, TDI’s subject matter experts leverage Michigan’s deep automotive expertise and apply it to the defense sector and have experience that encompasses all aspects of this turbine engine class, from clean-sheet design, through performance testing, vehicle integration, flight testing, and production manufacturing.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68ef20cd-8410-48b4-8098-64d4d8e5ba5b
To learn more about TDI’s turbojet engines and their immediate availability, visit our booth at the upcoming Air Force Association’s Air, Space & Cyber Conference or www.tdi-engines.com.
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit 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 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
Press Contact:
Claire Burghoff
claire.burghoff@kratosdefense.com
Investor Information:
877-934-4687
investor@kratosdefense.com
Source: Kratos Defense & Security Solutions, Inc.
Release – Kelly Announces Chief Financial Officer Transition
Research News and Market Data on KELYA
TROY, Mich., Sept. 12, 2024 (GLOBE NEWSWIRE) — Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, today announced that Troy R. Anderson has been named executive vice president and chief financial officer designate, effective October 14, 2024. Following an orderly transition of responsibilities, Anderson will succeed Olivier Thirot, executive vice president and chief financial officer, who on July 8, 2024, informed Kelly of his intention to retire as an officer of the Company. Upon completion of the transition, Thirot will serve as a strategic advisor to the Company.
“I am pleased to welcome Troy to Kelly as the Company’s next chief financial officer. His experience successfully executing business transformations, track record of accelerating profitable growth, and passion for developing and leading high-performing teams align exceptionally well to Kelly’s goals as we accelerate forward on our specialty journey into a new era of growth,” said Peter Quigley, president and chief executive officer. “I am also grateful to Olivier for his distinguished service to Kelly. His leadership has helped transform Kelly into a more efficient, profitable enterprise with the financial discipline and flexibility to drive long-term value creation.”
“On behalf of Kelly’s board of directors, I extend our appreciation to Olivier for his significant contributions to the Company as he prepares for an exciting new chapter,” said Terrence Larkin, chairman of Kelly’s board of directors. “I would also like to thank the members of the compensation and talent management committee for leading an exhaustive search process and identifying a candidate of Troy’s caliber to serve as Kelly’s next chief financial officer. I am confident he will serve as an excellent addition to Kelly’s senior leadership team and help build upon the progress Kelly has achieved on its journey to accelerate profitable growth and reward its shareholders.”
Anderson brings to Kelly more than 30 years of progressive experience in accounting, financial planning and analysis, external reporting, investor relations, expense management, and financial strategy. Most recently, he served as executive vice president and chief financial officer of Universal Technical Institute, Inc. (NYSE: UTI), a leading provider of education programs to prepare the workforce in transportation, skilled trades, energy, and healthcare. There, he was a key part of developing and executing a growth, diversification, and optimization strategy which resulted in revenue more than doubling, and profitability and market cap increasing significantly more during his tenure. Prior to joining Universal Technical Institute, Inc., he served as vice president, global finance and corporate controller for Conduent, Inc., a business process services company.
About Kelly®
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 500,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2023 was $4.8 billion. Learn more at kellyservices.com.
Forward-Looking Statements
This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Kelly’s financial expectations, are forward-looking statements. Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers’ compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business’s anticipated growth strategies, (vi) our future business development, results of operations and financial condition, (vii) damage to our brands, (viii) dependency on third parties for the execution of critical functions, (ix) conducting business in foreign countries, including foreign currency fluctuations, (x) availability of temporary workers with appropriate skills required by customers, (xi) cyberattacks or other breaches of network or information technology security, and (xii) other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release and we undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
KLYA-FIN
| ANALYST CONTACT: Scott Thomas (248) 251-7264 scott.thomas@kellyservices.com | MEDIA CONTACT: Jerry Grider (260) 444-9654 jerry.grider@kellyservices.com |
MustGrow Biologics Corp. (MGROF) – Onto the East Coast
Thursday, September 12, 2024
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.
Another Approval. Following the approval from the state of Arizona late last month, MustGrow announced receipt from the Florida Department of Agriculture and Consumer Services (FDACS) for the registration approval of its TerraSante product. Florida now becomes the sixth state to approve the Company’s product alongside Arizona, Idaho, California, Oregon, and Washington.
Florida Market. The state consists of around 47,300 farms which utilized 9.7 million acres, 5,000 farms of which had sales exceeding $100,000 according to the FDACS. Florida ranked first in 2022 in value of the production of bell peppers, Valencia oranges, grapefruit, sugarcane, fresh market tomatoes, and watermelons. The average farm size in the state is around 205 acres. The state adds plenty of opportunity to MustGrow’s expanding pipeline and we expect more states to be added in the future.
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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.
MAIA Biotechnology (MAIA) – New THIO Data Shows Improved Survival and Meets Trial Goals
Thursday, September 12, 2024
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 Data Announced For Additional Patients. MAIA announced new interim data from its Phase 2 THIO-101 open-label trial testing the combination of THIO and Libtayo in non-small cell lung cancer. The new data shows that as of August 1, 2024, 16 patients had passed the 12-month survival point with reported median survival of 10.2 months. This greatly exceeds published data for comparable patients with survival of 5.8 months.
THIO-101 Treated Third-Line Patients With Advanced Disease. Patients in the trial had advanced non-small cell lung cancer (NSCLC) and were treated with the combination of THIO and cemiplimab (Libtayo, an anti-PD-1 checkpoint inhibitor from Regeneron) after failing 2 or more standard-of-care therapy regimens. Patients received 3-week cycles of THIO 60 mg administered on days 1, 2 and 3 (180 mg total), rest on day 4, and cemiplimab 350mg administered on day 5. Patients on treatment for 12-months have received up to 21 cycles.
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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.
Bowlero (BOWL) – Floating Increased M&A Activity
Thursday, September 12, 2024
Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q4 results. Q4 revenues exceeded our expectations, $283.9 million (up a strong 18.6% y-o-y) versus our $270.0 million estimate, driven by strong 6.9% growth in same store revenues. Adj. EBITDA was $83.4 million, roughly in line with our $86.5 million estimate.
Resilient against economic headwinds. Management indicated that its business caters to a high end consumer that appears to be resilient to the economy. It plans to roll out high end food items and focus on its event business as a key revenue growth driver in fiscal 2025. Event business is currently $275 million and is expected to exceed $300 million in fiscal 2025.
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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Federal Reserve Expected to Deliver Quarter-Point Rate Cut Amid Mixed Inflation Data
| Key Points: – The Fed is likely to cut interest rates by a quarter of a percentage point at its September meeting. – Mixed inflation data and concerns about the labor market are driving the Fed’s cautious approach – Traders now expect a year-end policy rate of 4.25%-4.50%, reflecting expectations for further reductions. |
The U.S. Federal Reserve is expected to cut interest rates by a quarter of a percentage point at its upcoming September 17-18 policy meeting, marking the beginning of long-anticipated rate reductions. This move comes as the Fed aims to balance reducing inflationary pressures without triggering a recession. Although inflation is still above the Fed’s target, the latest data has provided enough room for the central bank to begin easing its monetary stance.
Wednesday’s release of the Consumer Price Index (CPI) showed a 2.5% increase in August compared to the previous year, down from the 2.9% recorded in July. Core inflation, which excludes volatile food and energy prices, remained steady at 3.2%, with shelter costs unexpectedly accelerating. These mixed signals have complicated the Fed’s decision-making process, with officials choosing a more conservative approach to rate cuts rather than aggressive reductions.
Peter Cardillo, chief market economist at Spartan Capital Securities, noted that the steady core inflation figures signal ongoing concerns. “This report shows core inflation is still a question mark,” Cardillo said, adding that this likely confirms a quarter-percentage-point rate cut from the Fed.
Since July of last year, the Fed has kept interest rates within a range of 5.25% to 5.50%, seeking to curb inflation while preventing significant harm to the labor market. Despite some progress, the Fed’s efforts to bring inflation down to its 2% target have been slower than anticipated. However, Fed officials have indicated that they wish to avoid overcorrecting and stifling the economy, particularly given recent indications that the labor market is cooling.
The latest employment data showed that U.S. hiring has slowed in recent months, but with the unemployment rate ticking down to 4.2% in August, there is no immediate need for the Fed to take drastic action. Instead, a cautious quarter-point reduction appears to be the favored course of action, aimed at offering support to the economy while still maintaining pressure on inflation.
Economist Thomas Simons of Jefferies pointed out that while inflation has not reaccelerated, the latest data offers fewer signs of continued disinflation compared to previous months. This has led traders to adjust their rate expectations, now anticipating a year-end policy rate of 4.25%-4.50%. This suggests that markets are pricing in further rate cuts, including the possibility of a half-percentage-point reduction before the end of the year.
The Fed’s decision next week will be closely watched by investors, economists, and policymakers alike. While a quarter-point cut is widely expected, the central bank’s updated projections for the path of interest rates will offer further insights into how aggressively the Fed plans to ease monetary policy in the coming months. With inflation data continuing to send mixed signals, the Fed’s strategy of gradual rate cuts reflects a desire to keep the economy stable while addressing price pressures.
As traders adjust their positions ahead of the Fed’s meeting, the focus will remain on key economic indicators like inflation and employment. Any unexpected shifts in these metrics could lead to adjustments in market expectations, but for now, the consensus points to a slow and cautious path toward lower interest rates.
Gevo Expands Low-Carbon Portfolio with $210 Million Acquisition of Red Trail Energy Assets
| Key Points: – Gevo to acquire Red Trail Energy’s ethanol production and carbon sequestration assets for $210 million. – The acquisition accelerates Gevo’s sustainable aviation fuel (SAF) initiatives and carbon abatement strategies. – The deal is expected to generate positive EBITDA for Gevo by 2025. |
Gevo, Inc. has announced a major $210 million acquisition of Red Trail Energy’s ethanol production and carbon sequestration (CCS) assets, positioning the company as a key player in the energy sector’s shift towards sustainability. This move is aligned with Gevo’s mission to produce sustainable aviation fuel (SAF), motor fuels, and chemicals with a net-zero carbon footprint.
The acquisition includes a 65-million-gallon-per-year ethanol production facility and a CCS site that sequesters 160,000 metric tons of carbon annually, with the potential to increase that capacity to 1 million metric tons. The integration of Red Trail’s assets will support Gevo’s existing projects, including its Net-Zero 1 SAF plant in South Dakota, which aims to produce low-carbon fuel while reducing overall greenhouse gas emissions.
This acquisition enhances Gevo’s ability to produce low-carbon ethanol and expand its SAF platform, catering to both the U.S. and Canadian markets. The ethanol produced at the Red Trail site is already distributed across North America, including low-carbon demand markets such as Oregon, Washington, British Columbia, and Alberta. The deal further strengthens Gevo’s ability to contribute to energy decarbonization while adding significant economic value to rural communities.
The energy sector is seeing a shift towards renewable energy sources, and carbon sequestration has become a critical part of the conversation. The Red Trail CCS site, which captures and stores carbon underground, is one of the few operating CCS sites in the U.S. With this acquisition, Gevo aims to scale its carbon capture capabilities, addressing the urgent need for technologies that reduce atmospheric carbon levels while driving energy production.
Gevo’s CEO, Dr. Patrick Gruber, expressed the strategic importance of the acquisition, stating that it accelerates Gevo’s goal of becoming self-sustaining and profitable ahead of its Net-Zero 1 project. The acquisition also helps mitigate risks associated with carbon sequestration for the company’s projects, providing a blueprint for future SAF and carbon abatement initiatives.
From an operational standpoint, Gevo plans to retain the approximately 50 employees currently managing the Red Trail facilities, ensuring continuity and leveraging their expertise. The company also intends to optimize the facility through combined heat and power, further reducing carbon intensity and increasing annual carbon sequestration capabilities. This approach not only improves the efficiency of ethanol production but also enables future expansion into net-zero fuel and chemical production.
The energy sector, particularly in the realm of renewable fuels, is rapidly evolving. Gevo’s acquisition of Red Trail’s assets is a key step in positioning itself at the forefront of the industry’s low-carbon future. The deal is expected to generate positive EBITDA by 2025, a significant milestone for the company, and demonstrates its commitment to driving innovation in the renewable energy space.
As the transaction is expected to close by the first quarter of 2025, pending regulatory approval, it underscores the growing importance of sustainable energy solutions in addressing global climate change, U.S. energy security, and economic growth in rural areas.
Release – Lifeway Foods® Announces New Kefir Distribution in South Africa
Research News and Market Data on LWAY
MORTON GROVE, Ill., Sept. 11, 2024 /PRNewswire/ — Lifeway Foods, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Company”), a leading U.S. manufacturer of kefir and fermented probiotic products, announced today the brand’s first expansion of kefir distribution in the South African market. The offering of Lifeway Kefir and ProBugs, exported from the United States, is currently shipping and available on shelves now. The retailers will be a mix of independent and health food stores, along with limited initial placements at established chains such as Pick n Pay and Shoprite.
“We are excited to introduce the U.S. kefir leader to consumers in South Africa,” said Lifeway President and CEO Julie Smolyansky. “Lifeway is taking a thoughtful approach to global expansion and seeking out markets that are primed for success and cann be accessed without major capital investment. The trends around cultured dairy drinkables have never been better, and I look forward to strategically building the Lifeway business worldwide.”
According to Global Market Insights, the global kefir market is projected to grow at a CAGR of over 6.3% and reach $4.9 billion USD by 2032.
About Lifeway Foods, Inc.
Lifeway Foods, Inc., which has been recognized as one of Forbes’ Best Small Companies, is America’s leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces a variety of cheeses and a ProBugs line for kids. Lifeway’s tart and tangy fermented dairy products are now sold in the United States, Mexico, Ireland, South Africa and France. Learn how Lifeway is good for more than just you at lifewayfoods.com.
Forward-Looking Statements
This release (and oral statements made regarding the subjects of this release) contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “expect,” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers or suppliers, (ii) statements of future economic performance, and (III) statements of assumptions underlying other statements and statements about Lifeway or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from Lifeway’s expectations and projections. These risks, uncertainties, and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; possible delays in the introduction of new products; and customer acceptance of products and services. A further list and description of these risks, uncertainties, and other factors can be found in Lifeway’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company’s subsequent filings with the SEC. Copies of these filings are available online at https://www.sec.gov, http://lifewaykefir.com/investor-relations/, or on request from Lifeway. Information in this release is as of the dates and time periods indicated herein, and Lifeway does not undertake to update any of the information contained in these materials, except as required by law. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY ARCHIVED PRESS RELEASE
Media:
Derek Miller
Vice President of Communications, Lifeway Foods
Email: derekm@lifeway.net
General inquiries:
Lifeway Foods, Inc.
Phone: 847-967-1010
Email: info@lifeway.net
Release – Comtech Launches New Digital Common Ground Modem Product Line for DoD and Coalition Customers
Research News and Market Data on CMTL
U.S. sovereign designed DCG modems enable warfighters and military assets to easily roam across commercial and purpose-built networks
CHANDLER, Ariz. – Sept. 11, 2024–Comtech (NASDAQ: CMTL) (“the Company”), a global technology leader, today announced the launch of the Company’s new Digital Common Ground (“DCG”) portfolio of modems. Comtech’s DCG product line is designed to enable the U.S. Department of Defense (“DoD”) and coalition partners to move to digitized, hybrid satellite network architectures, which will bring forward a new era of secure, resilient, interoperable, and ubiquitous connectivity across all domains.
Built on the proven success of Comtech’s extensive satellite communications (“SATCOM”) modem portfolio, the Company’s DCG modems are designed and built at Comtech’s headquarters in Chandler, AZ and support commercial and government satellite operations on a single common platform that can be reconfigured rapidly to address changing operational needs. Comtech’s DCG portfolio is also designed to evolve over time to incorporate new capabilities and keep pace with the upgrade cycle of new innovative satellite constellations-significantly reducing overall lifecycle costs for customers while also delivering industry leading performance and efficiency.
“As a leading provider of U.S. sovereign developed and manufactured communications solutions, Comtech’s software defined DCG product line provides the building blocks needed to enable the trusted, all-digital communications systems of the future,” said John Ratigan, Interim CEO of Comtech. “DCG represents a transition away from stovepipes and siloed communication systems toward an open-standard and truly flexible architecture. Comtech’s DCG product line reduces total cost of ownership for satellite operators while also enabling an all-digital, software defined infrastructure that can rapidly adapt at the speed of relevance.”
Customer Value and Operational Benefits:
- Digital Transformation: Comtech’s DCG product line is designed to align with digital transformation and modernization initiatives to support the evolution of SATCOM infrastructures across commercial and government markets-enabling significantly enhanced flexibility, interoperability, and ease of operation while also reducing cost and removing complexity of operations.
- Security: Comtech incorporates modern cybersecurity design principles at every level across its DCG product line-ranging from a trusted supply chain to a thoughtful software upgrade lifecycle, including in-field updates. The DCG product line also offers secure over-the-air communications through multi-stream Federal Information Protection Standards 140-3 Level 2 certified Transmission Security.
- Superior Performance: Comtech’s DCG product line offers customers industry leading performance compared to other products available in the market today-offering multi-gigabit throughput at launch.
- Enhanced Situational Awareness: The data-centric infrastructureof the DCG product line enables enhanced data exchange and facilitates a shared understanding of the battlespace, crucial for informed decision-making.
- Multi-Orbit Capability & Improved Interoperability: Comtech’s DCG portfolio is one of the first product lines on the market today offering robust access to multi-orbit capabilities across commercial and purpose-built networks.The DCG product line is also one of the first to be Digital Intermediate Frequency Interoperability (“DIFI”) compliant-adhering to DoD and coalition communications standards to enable seamless information flow between services, a key tenet of Combined Joint All Domain Command and Control (“CJADC2”).
- Waveform Flexibility: The DCG product line currently supports a variety of critical waveforms including DVB-S2X, DSSS, EBEM, and other protected waveforms. With a software defined core, Comtech’s DCG product line can easily add waveforms and integrate new capabilities tailored to specific mission needs.
Availability:
Comtech is currently accepting orders for its DCG product line. For more information, please visit our webpage: https://comtech.com/capability/dcgmodems/
About Comtech
Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.
Forward-Looking Statements
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results and performance could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.
PCMTL
View source version on businesswire.com: https://www.businesswire.com/news/home/20240910431821/en/
Investor Relations
Maria Ceriello
631-962-7115
Maria.Ceriello@comtech.com
Media Contact
Jamie Clegg
480-532-2523
jamie.clegg@comtech.com
Release – MustGrow Receives Florida Registration for TerraSante Biofertility Product
Research News and Market Data on MGROF
- MustGrow has received approval from the Florida Department of Agriculture and Consumer Services to commence sales of TerraSanteTM, an organic biofertility product, in the State of Florida.
- Mustard-derived TerraSanteTM focuses on soil and soil microbiome health, nutrient/water use efficiencies, and plant yields.
SASKATOON, Saskatchewan, Canada, September 11, 2024 – MustGrow Biologics Corp. (TSXV:MGRO) (OTC:MGROF) (FRA:0C0) (the “Company” or “MustGrow”) is pleased to announce receipt of the Florida Department of Agriculture and Consumer Services registration approval for its mustard plant-based TerraSanteTM, an organic biofertility product. The Florida organic certification is included under MustGrow’s existing Organic OMRI Listed® certifications in Arizona, Idaho, Oregon, and Washington State.
MustGrow’s Florida registration and organic certification is a key pillar in the commercialization strategy with BioAg Product Strategies. In addition to Florida, and recently-awarded Arizona, Idaho, California, Oregon, and Washington State, MustGrow expects to continue its efforts towards further state-level registrations in other pertinent U.S. states.
Florida has approximately 47,300 farms, citrus groves, and ranches totalling 9.7 million acres, producing a wide variety of fruits, vegetables, and floriculture. In 2022, Florida ranked first in the U.S. in the production value of bell peppers (US$262 million), floriculture (US$1.16 billion), foliage plants for indoor use (US$481 million), Valencia oranges (US$289 million), grapefruit (US$706 million), sugarcane (US$752 million), fresh market tomatoes (US$323 million) and watermelons (US$216 million). Florida ranked second in the U.S. in production value for all oranges (US$491 million), strawberries (US$511 million), and sweet corn (US$124 million).(1)
TerraSanteTM for Soil and Ecological Health
MustGrow’s soil amendment and biofertility development programs focus on soil and soil microbiome health, nutrient and water use efficiencies, and plant yields. Soil is a farmer’s most valuable asset, and MustGrow’s mustard plant-based technologies are being developed with the intention to improve not only the health of the soil, but also the surrounding ecological environment.
As an organic biofertilizer in soluble mixable form, TerraSanteTM contains nutritious plant proteins and carbohydrates that feed the soil and soil microbes, potentially improving beneficial microbial activity and ensuring long-term sustainable soil health. These targeted micro-communities have been shown to work to improve nutrient availability, which can potentially increase plant vigor and yields, while reducing plant stress. TerraSanteTM has the potential to improve crop nutrient uptake and, hence, overall crop performance. There are no artificial additives or preservatives used during its manufacturing.
To learn more about TerraSanteTM, visit www.mustgrow.ca.
About MustGrow
MustGrow is an agriculture biotech company developing organic biocontrol and biofertility products by harnessing the natural defense mechanism and organic materials of the mustard plant to sustainably protect the global food supply and help farmers feed the world. MustGrow and its leading global partners — Bayer, Janssen PMP (pharmaceutical division of Johnson & Johnson), Sumitomo Corporation, and Univar Solutions’ NexusBioAg — are developing mustard-based organic solutions for applications in biocontrol to potentially replace harmful synthetic chemicals in preplant soil treatment and weed control, to postharvest disease control and food preservation. Bayer has a commercial agreement to develop and commercialize MustGrow’s biocontrol soil applications in Europe, Africa, and the Middle East. Concurrently, with new formulations derived from food-grade mustard, the Company is pursuing the adoption and use of its Organic Materials Review Institute (OMRI Listed®) and California’s Organic Input Material (OIM) Program registered biofertility product, TerraSanteTM, in key U.S. states including California. Over 150 independent tests have been completed, validating MustGrow’s safe and effective approach to crop and food protection and yield enhancements. Pending regulatory approval, MustGrow’s patented liquid technologies could be applied through injection, standard drip or spray equipment, improving functionality and performance features. MustGrow has approximately 51.6 million basic common shares issued and outstanding and 55.7 million shares fully diluted. For further details, please visit www.mustgrow.ca.
Contact Information
Corey Giasson
Director & CEO
Phone: +1-306-668-2652
info@mustgrow.ca
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: its commercialization strategy; its continuing efforts towards further state-level registrations; TerraSanteTM ability to improve beneficial microbial activity; the ability of TerraSanteTM to increase plant vigor and yields; and the ability of TerraSanteTM to improve crop nutrient uptake. 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 market receptivity to investor relations activities as well as those risks described in more detail in MustGrow’s Annual Information Form for the year ended December 31, 2023 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. 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 TSXV, nor their Regulation Services Provider (as that term is defined in the policies of the TSXV), nor the OTC Markets has approved the contents of this release or accepts responsibility for the adequacy or accuracy of this release. © 2024 MustGrow Biologics Corp. All rights reserved.
Camden National and Northway Financial Announce $86.6 Million Merger to Strengthen Northern New England Presence
| Key Points: – Camden National to acquire Northway Financial in an all-stock deal valued at $86.6 million. – The merger will create a regional banking leader in Northern New England with $7 billion in assets. – The transaction is expected to boost Camden National’s 2025 and 2026 earnings significantly. |
In a significant regional banking merger, Camden National Corporation has announced plans to acquire Northway Financial, Inc. in an all-stock transaction valued at approximately $86.6 million. The merger positions Camden National as a dominant player in the Northern New England market, enhancing its footprint across New Hampshire and Maine.
This strategic acquisition merges two culturally aligned and geographically adjacent banks, creating a larger, publicly traded financial institution. The combined entity will boast 74 branches, $7 billion in total assets, $5.1 billion in loans, and $5.5 billion in deposits. With an expanded network, Camden National will enhance its customer service offerings, including higher lending limits, broader product availability, and improved technology investments.
Simon Griffiths, President and CEO of Camden National, highlighted the complementary nature of the merger, emphasizing shared values and a unified vision for the future. “This union will bolster our presence in New Hampshire, drive profitability, and increase shareholder value. We will also deliver broader product offerings and an enhanced customer experience for our clients,” he said.
Northway Financial, which holds approximately $1.3 billion in assets, is poised to benefit from the combined scale and resources. William Woodward, President and CEO of Northway, echoed Griffiths’ enthusiasm, stating, “This merger allows us to strengthen our foundations and strategically position ourselves for future growth in a competitive market.”
Financially, the merger is expected to significantly boost Camden National’s earnings per share (EPS). The transaction is projected to be 19.9% accretive to Camden National’s 2025 EPS and 32.7% accretive to its 2026 EPS. This demonstrates the financial appeal of the merger, with both institutions positioned for strong, long-term growth.
Under the terms of the agreement, Northway shareholders will receive 0.83 shares of Camden National common stock for each outstanding share of Northway stock, with the transaction valued at $31.46 per Northway share based on Camden National’s closing price on September 9, 2024. Post-merger, Camden National shareholders will own 86% of the combined company, while Northway shareholders will hold a 14% stake.
Griffiths emphasized that the merger allows Camden National to leverage its significant investments in technology to offer enhanced banking services to a larger customer base. “We are excited to work with Northway’s impressive team to build upon both of our successful community banking franchises,” he said.
The deal, unanimously approved by both companies’ boards of directors, is expected to close in the first quarter of 2025, pending regulatory approvals and shareholder consent. Following the merger, Camden National’s capital ratios will remain well above regulatory requirements, providing a stable foundation for continued growth.
Advisors for the deal include Raymond James & Associates, Inc. as Camden National’s financial advisor and Sullivan & Cromwell LLP as legal counsel. For Northway, Performance Trust Capital Partners LLC served as the exclusive financial advisor, and Goodwin Procter LLP acted as legal counsel.
This merger marks a new chapter for both banks, creating a stronger regional institution equipped to navigate the evolving financial landscape and deliver enhanced value to shareholders.