U.S. Factory Orders Pull Back More Than Expected In February
After reporting sharp increases in new orders for U.S. manufactured goods over the past several months, the Commerce Department released a report on Monday showing a pullback in factory orders in the month of February.
The Commerce Department said factory orders slid by 0.8 percent in February after spiking by an upwardly revised 2.7 percent in January.
Economists had expected factory orders to decrease by 0.5 percent compared to the 2.6 percent jump originally reported for the previous month.
The bigger than expected drop in factory orders came as durable goods orders tumbled by 1.2 percent, led by a 1.8 percent slump in orders for transportation equipment. Non-durable goods orders also fell by 0.4 percent.
The report also showed shipments of manufactured goods plunged by 2.0 percent in February after jumping by 1.8 percent in January.
Meanwhile, inventories of manufactured goods increased by 0.8 percent in February following a 0.2 percent uptick in January.
With inventories rising and shipments falling, the inventories-to-shipments ratio climbed to 1.40 in February from 1.36 in January.
Blinken heads to Brussels for talks on Afghanistan, Ukraine
WASHINGTON — Secretary of State Antony Blinken is heading to Brussels for talks with European and NATO allies about Afghanistan, Ukraine and other matters.
The State Department says Blinken will have meetings in the Belgian capital on Tuesday and be met there by Defense Secretary Lloyd Austin for additional consultations on Wednesday.
Spokesman Ned Price said Monday that Blinken would use the visit “to reaffirm the U.S. commitment to the Transatlantic alliance as a critical partnership for achieving our mutual goals.”
The trip comes ahead of a May 1 deadline set by the Trump administration for the withdrawal of U.S.-led coalition troops from Afghanistan. That deadline is not expected to be met, according to President Joe Biden and other officials as peace talks between the Afghan government and the Taliban remain inconclusive.
The meetings are also taking place amid a buildup of Russian troops along the Russia-Ukraine border that has concerned Western officials as tensions between Ukrainian forces and pro-Russia separatists rise in eastern Ukraine.
Aphria Maintains Q3 Adj. EBITDA Declines – Quick Facts
Aphria Inc. (APHA.TO,APHA) reported a third-quarter adjusted loss per share of C$0.15 compared to a loss of C$0.04, prior year. Adjusted EBITDA increased to C$12.7 million from C$5.7 million. Adjusted EBITDA from cannabis business was C$7.9 million in the third quarter.
For the third quarter, net loss was C$361.0 million, or a loss of C$1.14 per share, compared to net income of C$5.7 million, or earnings C$0.02 per share, a year ago.
Third-quarter net revenue of $153.6 million, an increase of 6.4% from the prior year quarter. Net cannabis revenue of C$51.7 million, a decrease of 7.8%.
Farallon Expects Toshiba’s Board To Evaluate CVC Proposal By Forming Independent Committee
Farallon Capital Management, LLC, shareholder of Toshiba (TOSYY.PK,TOSBF.PK), issued a statement on the privatization proposal made by CVC Capital Partners to Toshiba Corp. Farallon said a privatization is one of the effective measures that can improve governance and capital allocation of Toshiba.
Farallon Capital Management said Toshiba’s board has a duty to maximize mid to long-term enterprise value by evaluating the privatization proposal in a sincere manner through a fair process that includes a proactive market check and formation of an independent special committee.
Why Americans are eating more snacks
With Americans stuck at home, snack food has become a valuable commodity for consumers stressed by the Covid pandemic.
Frito-Lay, a subsidiary of PepsiCo and one of the largest snack food makers, has seen sales surge. The company produces more than 1,200 different types of snacks, including brands like Cheetos, Doritos, Lay's, Smartfood and Ruffles.
PepsiCo said in February that fourth-quarter net revenue at Frito-Lay North America increased 5% on a year-over-year basis to $5.4 billion.
And it's not just Frito-Lay that is seeing a boom in its snack business.
North American sales of savory snacks like chips, popcorn and pretzels climbed to $56.9 billion in 2020, an 11% increase from the previous year, according to Euromonitor International.
"The snacking industry was kind of growing low-to-mid single digits, humming right along, and then the pandemic just gave it this explosive growth," said CFRA analyst Garrett Nelson.
In stressful times, people turn to snacking for comfort, and the pandemic has transformed kitchens across the U.S. into giant vending machines. Watch the video above to find out more about Americans' snacking habits and if Covid-19 has put an end to the shift to healthier snacks.
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Serious crash forces I-25 closure Monday morning – The Denver Post
Interstate-25 is closed south of Denver Monday morning.
A serious crash near Monument Hill at mile marker 170 has blocked the northbound lanes.
The crash is north of Greenland Road, and the Colorado Department of Transportation advises use of alternate routes.
There is no estimated time of reopening for I-25.
Biden nominates Tucson, Arizona police chief to lead border agency: NYT
WASHINGTON (Reuters) – U.S. President Joe Biden has nominated Tucson, Arizona, Police Chief Chris Magnus to lead the Customs And Border Protection Agency, the New York Times reported on Monday .
Magnus, a critic of former President Donald Trump’s anti-immigration policies, is among the new leaders being installed at the Department of Homeland Security, the Times said. His appointment must get U.S. Senate confirmation.