Tag: Consumer

The Perfect Storm Brewing in US Housing

Posted on by slightbourne@noblecapitalmarkets.com

A perfect storm is brewing in the US housing market. Mortgage rates have surged above 7% just as millennials, the largest generation, reach peak homebuying age. This collision of rising interest rates and unmet demand is causing substantial disruption, as seen in the sharp decline in home sales, cautious builders and a looming affordability crisis that threatens the broader economy.

Mortgage rates have taken off as the Federal Reserve aggressively raises interest rates to fight inflation. The average 30-year fixed rate recently hit 7.18%, according to Freddie Mac, the highest level since 2001. This has severely hampered housing affordability and demand. Fannie Mae, the mortgage finance giant, forecasts total home sales will drop to 4.8 million this year, the slowest pace since 2011 when the housing market was still recovering from the Great Recession.

Fannie Mae expects sales to struggle through 2024 as rates remain elevated. It predicts the US economy will enter a recession in early 2024, further dragging down the housing market. Home prices are also likely to drop as high rates impede sales. This could hurt consumer confidence and discretionary spending, considering the critical role housing plays in household wealth.

Higher rates have pumped up monthly mortgage payments and made homes less affordable. Take a $500,000 home purchased with a 20% down payment. At a 2.86% mortgage rate two years ago, the monthly payment would have been $1,656. With rates now at 7.18%, that same home has a monthly cost of $3,077, according to calculations by Axios. That 87% payment surge makes purchasing unattainable for many buyers.

These affordability challenges are hitting just as millennials reach peak homebuying age. The largest cohorts of this generation were born in the late 1980s and early 1990s, making them between 32 and 34 years old today. That’s when marriage, childbearing and demand for living space typically accelerate.

However, homebuilders have been reluctant to significantly ramp up construction with rates so high. Housing starts experienced a significant decline of 11.3% in August, according to Census Bureau data, driven by a decline in apartment buildings. Single-family starts dipped 4.3% to an annual pace of 941,000, 16% below the average from mid-2020 to mid-2022. Homebuilder sentiment has also plunged, according to the National Association of Home Builders.

Take a look at Orion Group Holdings Inc., a leading specialty construction company servicing the infrastructure, industrial and building sectors.

This pullback in new construction comes even as there is strong interest from millennials and other buyers. Though mortgage rates moderated the overheated housing market earlier this year, national home prices remain just below their all-time highs, up 13.5% from two years ago, according to the S&P Case-Shiller index.

Some analysts say the only solution is to significantly boost supply. But that seems unlikely with builders cautious and financing costs high. The housing crisis has no quick fix and will continue to be an anchor on the broader economy. Millennials coming of age and mortgage rates spiraling upwards have sparked a perfect storm, broken the housing market, and darkened the country’s economic outlook.

High Gas Prices Return, Complicating Inflation Fight

Posted on by slightbourne@noblecapitalmarkets.com

Pain at the pump has made an unwelcome return, with gas prices rapidly rising across the United States. The national average recently climbed to $3.88 per gallon, while some states now face prices approaching or exceeding $6 per gallon.

In California, gas prices have spiked to $5.79 on average, up 31 cents in just the past week. It’s even worse in metro Los Angeles where prices hit $6.07, a 49 cent weekly jump. Besides California, drivers in 11 states now face average gas prices of $4 or more.

This resurgence complicates the Federal Reserve’s fight against high inflation. Oil prices are the key driver of retail gas costs. With oil climbing back to $90 per barrel, pushed up by supply cuts abroad, gas prices have followed.

West Texas Intermediate crude rose to $93.74 on Tuesday, its highest level in 10 months, before retreating below $91 on Wednesday. The international benchmark Brent crude hit highs above $96 per barrel. Goldman Sachs warned Brent could reach $107 if OPEC+ nations don’t unwind production cuts.

For consumers, higher gas prices add costs and sap purchasing power, especially for lower-income families. Drivers once again face pain filling up their tanks. Households paid an average of $445 a month on gas during the June peak when prices topped $5 a gallon. That figure dropped to $400 in September but is rising again.

Politically, high gas also causes headaches for the Biden administration. Midterm voters tend to blame whoever occupies the White House for pain at the pump, whether justified or not. President Biden has few tools to immediately lower prices set by global markets.

Take a look at other energy companies by taking a look at Noble Capital Markets Research Analyst Michael Heim’s coverage list.

However, economists say oil and gas prices must rise significantly further to seriously jeopardize the U.S. economy. Past recessions only followed massive oil price spikes of at least 100% within a year. Oil would need to double from current levels, to around $140 per barrel, to inevitably tip the economy into recession, according to analysis.

Nonetheless, the energy resurgence does present challenges for the Fed’s inflation fight. While core inflation has cooled lately, headline inflation has rebounded in part due to pricier gas. Consumer prices rose 0.1% in August, defying expectations of a drop, largely because of rising shelter and energy costs.

This complicates the Fed’s mission to cool inflation through interest rate hikes. Some economists believe the energy volatility will lead the Fed to pencil in an additional quarter-point rate hike this year to around 4.5%. However, a dramatic policy response is unlikely with oil still below $100 per barrel.

In fact, some argue the energy spike may even inadvertently help the Fed. By sapping consumer spending power, high gas prices could dampen demand and ease price pressures. If energy costs siphon purchases away from discretionary goods and services, it may allow inflation to fall without more aggressive Fed action.

Morgan Stanley analysis found past energy price shocks had a “small” impact on core inflation but took a “sizable bite out of” consumer spending. While bad for growth, this demand destruction could give the Fed space to cool inflation without triggering serious economic damage.

For now, energy volatility muddies the inflation outlook and complicates the Fed’s delicate task of engineering a soft landing. Gas prices swinging upward once again present both economic and political challenges. But unless oil spikes drastically higher, the energy complex likely won’t force the Fed’s hand. The central bank will keep rates elevated as long as underlying inflation remains stubbornly high.

Release – ACCO Brands Publishes 2022 Environmental, Social and Governance (ESG) Report

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ACCO

09/18/2023

LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) a leading global consumer, technology, and business branded products company, today published its 2022 Environmental, Social and Governance (ESG) Report.

“At ACCO Brands, we are committed to operating our business with the highest ethical standards. We foster accountability to our stakeholders with strong governance and risk management policies and practices,” noted Tom Tedford, President, and Chief Operating Officer. “Our ESG report highlights our progress in delivering on our commitments to our employees, the environment, and the communities in which we live and work. Our work is organized under the pillars of People, Planet and Products and is guided by our long-standing values: to act with integrity, embrace diversity and act responsibly in our global community,” concluded Mr. Tedford.

To access the Company’s 2022 ESG Report and learn more about the Company’s ESG efforts, read the full report by clicking here.

About ACCO Brands

ACCO Brands, the Home of Great Brands Built by Great People, designs, manufactures and markets consumer and end-user products that help people work, learn, play and thrive. Our widely recognized brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.

Lori Conley
Corporate Communications
lori.conley@acco.com

Source: ACCO Brands Corporation

The ODP Corporation (ODP) – CEO Takes a Medical Leave

Posted on by cpereira@noblefcm.com


Tuesday, September 19, 2023

Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.

Joe Gomes, 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.

Medical Leave. Yesterday, The ODP Corporation announced that Gerry P. Smith, the Chief Executive Officer of the Company, began a temporary medical leave of absence to undergo a medical procedure that requires several weeks of recovery. Effective immediately, the Board of Directors of the Company appointed Joseph S. Vassalluzzo, the Company’s non-executive Chair of the Board, to assume Mr. Smith’s authority and responsibilities until Mr. Smith returns from his medical leave.

Mr. Vassalluzzo Background. Mr. Vassalluzzo has served as the independent non-executive Chairman of the Board since February 2017 and has served as a member of the Board since August 2013. Mr. Vassalluzzo has extensive industry experience. He was employed by Staples, Inc. from 1989 until 2005 and his duties included worldwide responsibility for all of Staples’ real estate activities, including the development and management of all retail stores; distribution; office and warehouse centers; international operations; engineering, construction and design activities; facilities management; M&A activities; and the Legal Department function. Mr. Vassalluzzo also served as Staples’ vice chairman from 1999 to 2005.


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Detroit Rocked as Auto Workers Unite in Strike Against Big 3

Posted on by slightbourne@noblecapitalmarkets.com

The United Auto Workers union made history by simultaneously going on strike against Detroit’s Big 3 automakers – Ford, General Motors and Stellantis. For the first time, UAW is picketing factories across Michigan and Ohio in a dramatic show of force to win contract demands.

On the picket lines are 13,000 auto workers who assemble some of America’s most storied vehicles, including the Ford F-150 pickup, the Jeep Wrangler SUV and the Chevy Silverado truck. Their walkout could reverberate through the economy if dealer inventories dwindle and vehicle production stalls. But UAW contends this risky stand is necessary.

The union is insisting on higher wages after years of concessions, the restoration of pensions and cost-of-living raises to combat high inflation. But the automakers reject these proposals as unaffordable, warning they could force vehicle price increases.

This high-stakes standoff will shape the future of the legendary UAW and the Detroit automakers as they undergo a historic transition from internal combustion engines to electric vehicles. It also tests President Biden’s promise to be the most pro-labor president in history.

Rather than initiate a full-scale walkout, the union has targeted key plants to pressure automakers to raise their offers while preserving UAW’s $825 million strike fund. Top negotiators remain far apart, with the automakers offering 20% raises over 4 years versus the union’s demand of 36%.

On picket lines in Michigan and Ohio, workers want their pay and benefits restored after bailing out the automakers during tough times over the past decade. But executives counter their offers are strong given economic uncertainty.

UAW’s escalation coincides with a new, more aggressive approach under President Shawn Fain. The union aims to regain some of the concessions made during the Great Recession that preserved the automakers but cost workers.

With UAW flexing its muscles more forcefully, Motor City has become ground zero for labor’s resurgence. All eyes are on Detroit as its workers unite to reshape their contract. The outcome will echo through the auto industry and economy at large.

UAW insists the automakers can afford their proposals, arguing labor costs are minimal compared to profits and executive pay. But Ford, GM and Stellantis contend ballooning expenses will destroy their competitiveness against foreign automakers operating U.S. plants.

This dicey labor dispute encapsulates the shifting power dynamics between America’s workers and corporations. Coming out of the pandemic, unions are demanding a greater share of profits across industries.

The auto sector highlights this trend with UAW navigating a precarious situation. It must balance restoring worker pay and benefits while avoiding costs that could jeopardize the automakers’ stability.

UAW’s last major strike against GM lasted over a month in 2019, costing the company billions. With UAW now pressuring all three automakers concurrently, the economic risks are amplified.

Beyond pay, the union aims to secure jobs for members as Ford, GM and Stellantis scale EV production. This includes unionizing joint venture battery plants that represent the auto industry’s future.

UAW vows to hold the picket line for as long as it takes to win an equitable contract. With UAW doubling down on more aggressive collective bargaining, Detroit is at the epicenter of labor’s resurgence.

The outcome of the auto showdown will determine UAW’s direction. It will also impact America’s manufacturing landscape and the Biden administration’s pro-union bona fides. All eyes are on Motor City as workers stand united.

GXO Acquisition of PFSweb Signals Growth Potential for Logistics Amid Ecommerce Boom

Posted on by slightbourne@noblecapitalmarkets.com

GXO Logistics’ $181 million acquisition of ecommerce fulfillment provider PFSweb signals the immense growth runway ahead for logistics providers as online retail continues rapid expansion.

The deal provides GXO greater exposure to high-growth ecommerce categories like health, beauty, luxury goods, apparel and more where PFSweb has cultivated specialized omnichannel capabilities. GXO also gains PFSweb’s proprietary order management systems, fraud protection, customer care services and distribution technologies that will strengthen its end-to-end fulfillment offerings.

PFSweb serves over 100 prominent consumer brands, including L’Oreal, Pandora, Kendra Scott and others through its facilities across North America, the UK and Belgium. This expands GXO’s relationships in categories experiencing online growth thanks to shifting consumer preferences.

The transformational rise of ecommerce is reshaping logistics networks and fueling acquisitions across fulfillment, last-mile delivery and automation. According to Statista, global ecommerce sales are projected to reach $5.4 trillion in 2023, highlighting the seismic shift to online shopping.

As volumes accelerate, logistics providers aim to capture demand through robust delivery solutions tailor-made for ecommerce. Fulfillment and last-mile acquisitions have increased as giants like GXO, XPO Logistics, UPS and FedEx move to capitalize on the boom in digital orders.

Take a moment to take a look at more shipping and logistics companies by looking at Noble Capital Markets research analyst Michael Heim’s coverage list.

GXO is making sizable investments in automation, AI and optimizing warehouse flows to cement itself as the leader in orchestrating complex ecommerce fulfillment. The PFSweb deal aligns with its focus on allocating capital to high-growth, high-return logistics verticals.

For GXO, the acquisition deepens its competitive moat and brand relationships in strategically important retail categories. PFSweb’s expertise in direct-to-consumer support across the customer journey helps expand GXO’s proposition.

The blockbuster deal also gives GXO access to PFSweb’s 21-year track record successfully servicing and retaining top tier brands. PFSweb has developed a strong reputation for customized branded experiences and excellence in omnichannel execution.

GXO’s chief executive Malcolm Wilson emphasized how PFSweb complements GXO with brand relationships in rapidly expanding ecommerce verticals. The combination cross-sells more comprehensive logistics solutions to each company’s customer base.

For investors, GXO’s move spotlights the immense potential for logistics providers to capitalize on the secular shift online. Ecommerce has fundamentally transformed fulfillment, shipping and reverse logistics processes, with orders that are more variable, faster and customized compared to store replenishment.

Logistics companies essential to ecommerce are primed for significant growth as this trend accelerates. GXO, XPO, UPS, FedEx and other leaders stand to benefit from the structural shift given their networks, expertise and new technology investments.

Already PFSweb’s stock price has jumped nearly 50% following the acquisition news, underscoring Wall Street’s positive perspective. With ecommerce projected to continue double-digit expansion, the logistics sector remains firmly positioned to thrive into the future.

Snail Revolutionizes Single-Player With Innovative Twitch Integration in New Game

Posted on by slightbourne@noblecapitalmarkets.com

Gaming company Snail, Inc. is shaking up single-player games with the launch of Survivor Mercs, featuring groundbreaking Twitch integration that allows streamers to actively engage viewers.

Survivor Mercs is a roguelite military action game for PC. But what makes it truly unique is the ability for streamers to let their audience influence gameplay through real-time voting on upgrades, mercenaries and enemies.

This pioneering social element empowers streamers to meaningfully interact with fans during solo play for the first time. It expands engagement beyond passive viewing, creating a more immersive community experience.

As streaming continues growing, innovative integrations like Snail’s can profoundly impact both streamers and game developers. The company is leading the way in exploring how to make single-player gaming more social and fun to watch.

For streamers, it unlocks new ways to creatively involve their community. For developers, it opens up opportunities to design streamer-friendly games tailored for live audiences.

Snail’s CEO called the integration a “small step” toward reimagining audience participation in live gaming. But it could be a giant leap for revolutionizing solo play for the streaming era.

Beyond the groundbreaking Twitch element, Survivor Mercs promises challenging roguelite action with thousands of character combinations and procedurally generated maps.

Snail is pioneering the future of streaming-based gameplay. The company’s innovative integration of Twitch with solo play in Survivor Mercs kicks open the door to deeper social interaction and engagement between streamers and their loyal fans.

Take a look at Snail Inc., a global independent developer and publisher of interactive digital entertainment.

Release – The ODP Corporation to Participate in the B. Riley Securities Consumer Conference Thursday, September 14th, 2023

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ODP

PDF Version

BOCA RATON, Fla.–(BUSINESS WIRE)–Sep. 12, 2023– The ODP Corporation (“ODP,” or the “Company”) (NASDAQ:ODP), a leading provider of business services, products and digital workplace technology solutions to businesses and consumers, announced today that its executive vice president and chief financial officer, D. Anthony Scaglione, and vice president of investor relations and treasurer, Tim Perrott, will participate in the B. Riley Securities Consumer Conference on September 14th, 2023.

About The ODP Corporation

The ODP Corporation (NASDAQ:ODP) is a leading provider of products, services, and technology solutions through an integrated business-to-business (B2B) distribution platform and omni-channel presence, which includes world-class supply chain and distribution operations, dedicated sales professionals, a B2B digital procurement solution, online presence, and a network of Office Depot and OfficeMax retail stores. Through its operating companies Office Depot, LLC; ODP Business Solutions, LLC; Veyer, LLC; and Varis, Inc., The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.

ODP and ODP Business Solutions are trademarks of ODP Business Solutions, LLC. Office Depot is a trademark of The Office Club, LLC. OfficeMax is a trademark of OMX, Inc. Veyer is a trademark of Veyer, LLC. Varis is a trademark of Varis, Inc. Grand&Toy is a trademark of Grand & Toy, LLC in Canada. ©2023 Office Depot, LLC. All rights reserved. Any other product or company names mentioned herein are the trademarks of their respective owners.

Tim Perrott
Investor Relations
561-438-4629
Tim.Perrott@theodpcorp.com

Source: The ODP Corporation

Consumer Prices Rise at Faster Pace in August

Posted on by slightbourne@noblecapitalmarkets.com

The Consumer Price Index (CPI) increased 0.6% in August on a seasonally adjusted basis, quickening from the 0.2% rise seen in July, according to the Bureau of Labor Statistics’ latest report. Over the past 12 months through August, headline CPI inflation stands at 3.7% before seasonal adjustment, up from 3.2% for the 12-month period ending in July.

The August monthly gain was primarily driven by a spike of 10.6% in the gasoline index. Gasoline was coming off a tamer 0.2% increase in July. Food prices also contributed to inflationary pressures, with the food at home index edging up 0.2% again last month. The food away from home index rose 0.3%.

Meanwhile, the energy index excluding gasoline picked up as well. Natural gas costs ticked up 0.1%, electricity prices rose 0.2%, and fuel oil prices surged 9.1%.

The core CPI, which removes volatile food and energy categories, rose 0.3% in August after a 0.2% gain in July. The shelter index has been a main driver of core inflation. It covers rental costs and owners’ equivalent rent, both of which have rapidly increased due to imbalances between housing supply and demand.

On an annual basis, the energy index has fallen 3.6%, as gasoline, natural gas and fuel oil costs are down over the past 12 months. However, the food and core indexes are up 4.3% and 4.3% year-over-year, respectively.

Within the core CPI, the main drivers have been shelter costs, up 7.3% over the last 12 months, along with auto insurance (+19.1%), recreation services (+3.5%), personal care (+5.8%) and new vehicles (+2.9%). Medical care services inflation has also accelerated to 6.6% over the past year.

Geographically, inflation varies significantly by region. The Northeast has seen 4.2% CPI inflation over the past year, the Midwest 3.9%, the South 3.7%, and the West just 2.9%. By city size, larger metropolitan areas over 1.5 million people have experienced 3.8% inflation, compared to 3.6% for mid-sized cities and 3.7% in smaller cities.

August’s monthly data shows inflation quickened after signs of cooling in July. While gasoline futures retreated in September, shelter inflation remains stubbornly high with no meaningful relief expected until mortgage rates decline substantially.

With core inflation running well above the Fed’s 2% target, further interest rate hikes are anticipated to combat still-high inflation. But the path to a soft economic landing appears increasingly narrow amid recession risks.

The next CPI update will be released in mid-October, shedding light on whether persistent pricing pressures are continuing to squeeze household budgets. For now, the August report shows inflation picking up steam after the prior month’s encouraging data.

Looking Ahead

Consumers may get temporary relief in the near term at the gas pump, as oil and gasoline futures prices pulled back in September following OPEC’s modest production cut.

Yet the larger concern remains the entrenched inflation in essentials like food, rent and medical care. Shelter inflation in particular has shown little sign of abating, as rental rates and housing prices remain disconnected from incomes.

Mortgage rates have soared above 6% in 2023 after starting the year around 3%. The sharp rise in financing costs continues to shut many homebuyers out of the market. Until mortgage rates meaningfully decline, shelter inflation is likely to persist.

And that will be challenging as long as the Fed keeps interest rates elevated. Monetary policy has lagged in responding to inflation, putting central bankers in catch-up mode. Further rate hikes are expected in the coming months absent a significant cooling in pricing pressures.

But the risks of the Fed overtightening and spurring a recession continue to intensify. The path to a soft landing for the economy is looking increasingly precarious.

For consumers, it means further inflationary pain is likely in store before a sustained moderation emerges. Budgets will remain pressured by pricier essentials, leaving less room for discretionary purchases.

While the monthly data will remain volatile, the overall trend points to stubborn inflation persisting through year-end. The Fed will be closely watching to see if their actions to date have slowed price gains enough. If not, consumers should prepare for more rate hikes and resulting economic uncertainty into 2024.

Release – Caramel Churro Crunch Ice Cream and Shake Arrive on Marble Slab Creamery Menu

Posted on by aweinsoff@channelchek.com

Research News and Market Data on FAT

SEPTEMBER 12, 2023

Fall Flavors Get a Sweet Spin at Original Frozen Slab Concept

LOS ANGELES, Sept. 12, 2023 (GLOBE NEWSWIRE) — Marble Slab Creamery, the imaginative small-batch ice cream franchise that never fails to dream up the ultimate flavor combinations, announces its brand-new flavor offering – Caramel Churro Crunch. Available as an Ice Cream or a Shake, the autumn-inspired flavor is sure to take guests’ tastebuds straight to sweater weather.

Caramel Churro Crunch Ice Cream is made using Marble Slab Creamery’s original frozen slab technique. It starts with creamy Sweet Cream Ice Cream and is then swirled with caramel sauce and mini crunchy churros. The Marble Slab Creamery Caramel Churro Crunch Shake is a blend of Sweet Cream Ice Cream, mini crunchy churros, and a swirl of caramel sauce, all topped with whipped cream and crushed mini churros. The tasty but limited-time treat is available starting today and runs through Oct. 31.

For 40 years, Marble Slab Creamery has been an innovator in the ice cream space, creating the frozen slab technique and offering homemade, small-batch Ice Cream with always free Mix-Ins, Shakes in a variety of flavors, and Ice Cream Cakes. The leading chain boasts over 375 locations and continues to expand across the globe, most notably with its cookie sister brand, Great American Cookies, providing guests with the ultimate destination for sweet treats.

“Churro continues to be a trending flavor profile we couldn’t help but lean into for fall,” said Katie Thoms, Senior Director of Marketing at FAT Brands’ Quick Service Division. “We’re proud of this decadent flavor combination we’ve created and know our fans will love to cozy up with a cup, cone or shake.”

For more information on Marble Slab Creamery, visit www.marbleslab.com.

About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, casual and polished casual dining restaurant concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Native Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit http://www.fatbrands.com.

About Marble Slab Creamery
Since dreaming up the frozen slab technique and serving fresh homemade, small-batch Ice Cream in-store since 1983, Marble Slab Creamery has always known how to dream big. We sprinkle our customers with imagination and promise to inspire with infinite Ice Cream possibilities to feed your curiosity and capture cravings. With our always-free mix-in philosophy, delicious Ice Cream and Shakes in a variety of flavors, hand-rolled waffle cones, and Ice Cream Cakes, imagination has no limits. Today, Marble Slab Creamery is enjoyed by consumers across the globe with locations in Bahrain, Canada, Kuwait, Saudi Arabia, Guam, Puerto Rico, and the United States. For more information, visit www.marbleslab.com.

MEDIA C ONTACT :
Ali Lloyd, FAT Brands
alloyd@fatbrands.com
435-760-6168

Source: FAT Brands Inc.

Release – Office Depot Launches New Podcast Series to Empower Small Business Owners

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ODP

The “Imagine Success” Podcast Will Help Listeners Gain Insights and Inspiration from Conversations with Industry Leaders and Small Business Owners

BOCA RATON, Fla.–(BUSINESS WIRE)–Sep. 12, 2023– Office Depot, a leading omnichannel retailer dedicated to helping its small business, home office, and education clients live more productive and organized lives through innovative products and services, today announced the launch of a new podcast series called “Imagine Success,” available now at officedepot.com/podcast and on major podcast platforms including Spotify and Apple Podcasts. The series will include thought-provoking conversations to inspire entrepreneurs and help guide them through the various stages of a business’s life cycle, from taking the leap to building a brand to identifying sources of funding, scaling for growth, conquering challenges and more.

Hosted by Kevin Moffitt, executive vice president of The ODP Corporation and president of Office Depot, the podcast series features real-world strategies and stories from industry leaders and small business owners alike. Through these stories, guests will educate and inspire others to achieve their own version of success.

“At Office Depot, we’re always striving to find new, innovative ways to enable success for small business owners,” said Moffitt. “We hope listeners of the podcast will find practical insights, valuable takeaways and actionable tips from each episode that will empower them to pursue their passions and achieve their business goals.”

As the proud son of small business owners who’ve opened four different businesses since the mid-1970s, Moffitt kicks off the podcast’s debut episode in conversation with his parents, Bertha and Victor Moffitt. The first episode of the Imagine Success podcast explores putting a business idea into motion and also features interviews with Brit Morin and Justine Pon. Morin is a venture capitalist, serial entrepreneur and founder and CEO of Brit + Co, a modern lifestyle and education company, plus Selfmade, an educational platform that Office Depot has been a proud sponsor of since 2020, that helps female founders start and grow their own businesses. Pon is the founder of The Ponnery, an arts and crafts product company that celebrates Asian American food and culture.

Visit officedepot.com/podcast to listen to the podcast and discover innovative products and helpful services designed to support small business owners.

About Office Depot

Office Depot, LLC, an operating company of The ODP Corporation, is a leading specialty retailer providing innovative products and services delivered through a fully integrated omnichannel platform of Office Depot and OfficeMax retail stores and an award-winning online presence, OfficeDepot.com, to support the productivity and organization of its small business, home office and education clients. Office Depot is committed to enabling its clients’ success, strengthening local communities and providing equal opportunities for all. For more information, visit officedepot.com, download the Office Depot app on your iPhone or Android and follow @officedepot on Facebook, Twitter, Instagram and TikTok.

Office Depot is a trademark of The Office Club, LLC. OfficeMax is a trademark of OMX, Inc. ODP and ODP Business Solutions are trademarks of ODP Business Solutions, LLC. Veyer is a trademark of Veyer, LLC. Varis is a trademark of Varis, Inc. Any other product or company names mentioned herein are the trademarks of their respective owners.

Shera Bishop
Media Relations for Office Depot
Shera.Bishop@officedepot.com

Source: Office Depot, LLC

Apple Goes Green: Tech Giant Unveils First Carbon Neutral Lineup

Posted on by slightbourne@noblecapitalmarkets.com

Apple just recently announced its first carbon neutral products – the new Apple Watch lineup. This achievement comes from innovations across Apple’s global supply chain over years to dramatically reduce emissions. It’s a major milestone toward Apple’s 2030 goal to make all products carbon neutral.

To become carbon neutral, Apple steeply cut watch emissions first via clean energy, recycled materials, and low-emission transportation. Any remaining emissions are addressed with high-quality carbon credits from nature-based projects like forests.

This shift demonstrates how companies can decarbonize operations and products through renewable electricity, material innovation, and carbon removal. If adopted widely, these strategies can significantly benefit the environment.

Apple’s progress was enabled by large investments in wind and solar energy. Their actions helped create over 15 gigawatts of new clean power. Scaling renewable energy is crucial for the transition away from fossil fuels.

Take a moment to look at more natural resources and mining companies by viewing Mark Reichman’s coverage list.

The company also pioneered using recycled metals and fibers in devices. This reduces the need for carbon-intensive mining and materials manufacturing. Broad adoption would lessen impacts on natural resources.

Additionally, Apple funded carbon removal through forest restoration. This supports nature-based solutions to sequester CO2. The climate impact could grow exponentially if more firms financed conservation projects.

In summary, Apple’s carbon neutral product milestone highlights the environmental promise of renewable energy, the circular economy, and carbon removal. It demonstrates the potential for these strategies to transform manufacturing, conserve natural resources, and fight climate change.

J.M. Smucker To Acquire Hostess Brands for $5.6 Billion

Posted on by slightbourne@noblecapitalmarkets.com

Consumer foods giant J.M. Smucker has agreed to purchase bakery company Hostess Brands for $5.6 billion in a major food industry acquisition. The deal will expand Smucker’s snacks and sweets portfolio with the addition of iconic Hostess brands such as Twinkies, Ding Dongs, and Donettes.

Under the terms of the acquisition, Smucker will pay $34.25 per share for Hostess in a cash and stock deal. This represents a premium of about 20% over Hostess’ closing share price on Friday. Smucker will also take on approximately $900 million of Hostess’ debt.

For Smucker, the deal provides an avenue for growth as demand for its key categories like jam and peanut butter has slowed. Twinkies and other Hostess snacks can tap into rising consumer appetites for nostalgic comfort foods. The acquisition also boosts Smucker’s presence in the in-store bakery section and convenience stores.

Meanwhile, Hostess Brands has faced slipping sales volumes after raising prices to offset inflationary pressures. As growth stalled, larger rivals circled with takeover interest to tap into the strong consumer awareness of brands like Twinkies. Hostess ultimately opted for Smucker’s buyout offer.

The transaction comes amid a wave of deal-making in the food industry, as companies look to acquisitions for expansion. With the Hostess deal, Smucker follows in the footsteps of rivals like Campbell Soup, Mars, and Unilever which have all acquired brands in recent months to spur growth.

The Hostess acquisition is expected to close in January 2024 after customary approvals. It will add an estimated $1.4 billion in Hostess net sales to Smucker’s portfolio upon completion.

Take a look at Fat Brands Inc., a leading global franchising company that acquires, markets and develops fast casual and casual dining restaurant concepts around the world.