2024-03-22 21:21

March 22 (Reuters) - Nasdaq has notified B. Riley Financial (RILY.O) , opens new tab of non-compliance with the exchange operator's listing rules due to a delay in the filing of its annual report, the boutique investment bank said in a statement on Friday. The Los Angeles-based company said on Monday it was working with auditors to complete and file its annual report "as soon as reasonably possible", sending its shares down 11% on the day. While the notification has no immediate effect on B. Riley's listing, Nasdaq has informed the company it must submit a plan within 60 calendar days, or by May 17, to address how it intends to regain compliance with the listing rules. The bank halved its quarterly dividend last month and said it would delay filing its annual report with the Securities and Exchange Commission due to a review by its board and outside counsel of its transactions with Brian Kahn. B. Riley has been under investor and media scrutiny due to its investment in Vitamin Shoppe-owner Franchise Group when it was taken private by a management-led buyout in 2023. Media reports have named Franchise's former CEO Kahn as co-conspirator in a securities fraud involving Prophecy Asset Management. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/business/finance/b-riley-gets-nasdaq-warning-after-annual-report-delay-2024-03-22/

2024-03-22 20:50

March 22 (Reuters) - Nike (NKE.N) , opens new tab shares tumbled 8% on Friday after the Air Jordan maker warned of lower sales in its first half as it replaces older styles with trendier sneakers, while Lululemon Athletica (LULU.O) , opens new tab sank 17% as demand waned for its premium athleisure. While Lululemon's gloomy forecast spotlights the challenges for retailers as customers reduce discretionary spending due to sticky inflation, Nike's projection signals its efforts to battle newer brands for market share. "One of the things that both Lululemon and Nike have enjoyed over the last few years is premium prices on their premium products and that seems to be in doubt at this point in time," said Brian Mulberry, client portfolio manager at Zacks Investment Management, which has a stake in Nike. Nike plans to trim supplies of classic shoes such as its Air Force 1 and Pegasus, financial chief Matt Friend said on Thursday, to focus on reviving its running shoe category, as well as upcoming launches including its Air Max Dn. Meanwhile, Lululemon reported a 9% growth in North American sales for the fourth quarter, a far cry from the 29% jump a year earlier and a 12% gain in the prior quarter. "This level of deceleration (in sales growth) in the U.S. does raise some concerns on market share opportunity," Piper Sandler analyst Abbie Zvejnieks said in a note. The brokerage trimmed its PT to $525 from $560. Lululemon was set for its worst day in more than four years, while Nike shares touched a six-month low on Friday. Peer Under Armour (UAA.N) , opens new tab fell 3%. At least 12 brokerages cut their PTs on Nike following the results, pulling down the median target to $116 from $126 in December. Nike's shares were last trading at $93.50. "Until the market sees evidence that new products can grow and scale sufficiently, we think this will remain a hotly-debated stock that will remain stuck in the mud," said Wedbush analyst Tom Nikic. Nike's forward price-to-earnings multiple, a common benchmark for valuing stocks, is 24.84, compared to 52.08 and 15.31 for Adidas (ADSGn.DE) , opens new tab and Puma (PUMG.DE) , opens new tab, respectively. At least 17 brokerages cut their PTs on Lululemon. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/business/retail-consumer/nike-shares-skid-switch-newer-styles-squeeze-revenue-2024-03-22/

2024-03-22 20:39

March 22 (Reuters) - Southwest Gas Holdings (SWX.N) , opens new tab unit Centuri Holdings plans to go public in the United States, the infrastructure services company said in a filing on Friday, as the IPO market gradually recovers from a nearly two-year lull. Centuri, which builds and maintains energy networks that power millions of homes and businesses across the U.S. and Canada, did not disclose the size of the offering in its filing. The 110-year-old company's 2023 revenue rose 5% year-over-year to $2.9 billion, but its net loss widened to $184.5 million from $165 million in the previous year, according to the filing. Centuri is the latest in a series of companies that have pursued going public over the past few months, encouraged by rising bets of interest-rate cuts this year and a soft landing for the economy. Earlier on Friday, Walmart-backed digital marketing company Ibotta also filed for an initial public offering (IPO) in the U.S. in a week that saw shares of Reddit and Astera Labs(ALAB.O) , opens new tab soar in their debuts. Centuri, which employs more than 12,500 and operates across 43 U.S. states and two Canadian provinces, plans to list on the New York Stock Exchange under the symbol "CTRI". Last year, parent company Southwest Gas said it plans to separate Centuri through an IPO, use the proceeds to cut its debt and reduce its ownership after the launch. The major energy company had announced the spinoff of Centuri in 2022, while it was locked in a battle with activist investor Carl Icahn over the purchase of MountainWest Pipelines, which it sold later. Energy companies struck record billion-dollar deals in 2023, including the $50 billion-plus purchases by Exxon Mobil (XOM.N) , opens new tab and Chevron (CVX.N) , opens new tab of Pioneer Natural Resources (PXD.N) , opens new tab and Hess (HES.N) , opens new tab, respectively. UBS Investment Bank, BofA Securities, J.P.Morgan and Wells Fargo are among the underwriters for Centuri's offering. Get U.S. personal finance tips and insight straight to your inbox with the Reuters On the Money newsletter. Sign up here. https://www.reuters.com/markets/deals/south-west-gas-unit-centuri-holdings-files-us-ipo-2024-03-22/

2024-03-22 20:25

TSX ends down 0.5% at 21,984.08 For the week, the index gains 0.6% Materials sector falls 1% as metal prices fall Financials end 0.6% lower March 22 (Reuters) - Canada's commodity-linked main stock index ended lower on Friday as the U.S. dollar strengthened but the index still notched its sixth straight weekly gain. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended down 103.18 points, or 0.5%, at 21,984.08, after posting on Tuesday its first record high closing level in two years. For the week, the index was up 0.6%. The weekly winning streak was the longest since December 2020. "Today is a bit of a day off (due to) the strong dollar. Investors are taking some profit off the table in many areas," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. "Whenever you have U.S. dollar strength, it's not good for commodities. We know our markets are very heavily weighted in that space." Resource shares account for roughly 30% of the Toronto market. The materials sector, which includes precious and base metals miners and fertilizer companies, fell 1% as gold and copper prices fell. The U.S. dollar (.DXY) , opens new tab notched a second straight week of gains against a basket of major currencies, making commodities priced in the U.S. currency more expensive for buyers using other currencies. Heavily-weighted financials also lost ground, falling 0.6%, and technology was down 1.1%. Tilray Brands Inc shares climbed 19.8%, with shares of pot firms jumping as Germany makes cannabis possession legal. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/tsx-futures-rise-ahead-domestic-economic-data-stocks-eye-weekly-gain-2024-03-22/

2024-03-22 20:10

BRUSSELS, March 21 (Reuters) - (This March 21 story has been corrected to say ‘high-assay low-enriched uranium’ or HALEU instead of helium in paragraph 20) Leaders from pro-nuclear European countries and energy experts called for a nuclear energy revival on Thursday at a summit in Brussels, seeking to rebuild the European industry after years of gradual decline. The political push to expand nuclear - a low-carbon energy source - is part of the drive to meet Europe's ambitious climate targets. But it faces headwinds including a lack of investment and cost overruns and delays that have plagued recent projects. "Without the support of nuclear power, we have no chance to reach our climate targets on time," International Energy Agency (IEA) chief Fatih Birol told reporters ahead of the Nuclear Energy Summit in Brussels. Nuclear fell out of favour in Europe over safety concerns following Japan's Fukushima nuclear accident in 2011, which prompted Germany to immediately shut down six nuclear plants and phase out its remaining reactors. The last three were shut down in April 2023. But the need to find alternatives to Russian gas following Moscow's invasion of Ukraine in 2022 and the European Union's commitment to cut net greenhouse gas emissions 55% by 2030 has renewed interest in nuclear power. However, EU countries remain divided on whether to promote nuclear energy, with two entrenched camps - one led by France that believes nuclear expansion is crucial, and the other including anti-nuclear countries Austria and Germany, who want the focus to stay on renewable sources such as wind and solar. Hungary's Prime Minister Viktor Orban said Europe must free itself of being "a hostage of ideological approaches". In a joint statement, countries committed "to work to fully unlock the potential of nuclear energy by taking measures such as enabling conditions to support and competitively finance the lifetime extension of existing nuclear reactors". The statement also commits to the construction of new nuclear power plants and the early deployment of advanced reactors, including small modular reactors worldwide while maintaining the highest levels of safety and security. NUCLEAR FINANCING UN atomic agency IAEA chief Rafael Grossi said financing was a key issue, adding that nuclear needed to be treated on a level playing field with other energy projects. "We still have an international and institutional architecture that forbids financing of nuclear projects," he said. Grossi told the conference that since the COP 28 climate conference, most countries now agreed that nuclear was part of the solution, which should help secure funding. "Many decisions of financial institutions depend on governments wanting something or not opposing it," he said. Belgian Prime Minister Alexander De Croo suggested involving the European Investment Bank in financing new reactors. "There is no lack of private financing. Quite the contrary, what lacks is the right circumstances to get private financing going and a multilateral bank should be a lever to multiply investment," he said. In response to a question, De Croo also said that European nuclear industry supply chains needed to disconnect from Russia as fast as possible, while balancing existing operations. Several European countries depend on Russian technology and uranium to supply and maintain their reactors. The United States, too, is looking to revive nuclear. "We're supporting the French initiative to encourage the World Bank and other development banks to eliminate the restriction on funding nuclear," John Podesta, senior advisor to the U.S. President for clean energy, told reporters. He added that Congress recently approved $2.7 billion to restart an enrichment programme, particularly for advanced fuels such as high-assay low-enriched uranium (HALEU), which according to the World Nuclear Association is enriched uranium used mostly in research reactors and medical isotope production. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. https://www.reuters.com/business/energy/european-leaders-call-nuclear-industry-revival-2024-03-21/

2024-03-22 19:27

BRUSSELS, March 22 (Reuters) - Antwerp police conducted six raids on Wednesday and made four arrests as part of an investigation into some diamond imports suspected of being Russian-origin, Antwerp's public prosecutor office said in a statement on Friday. The investigation is the first related to the EU and Group of Seven (G7) import ban on diamonds from Russia that began on Jan. 1 to punish Moscow for its invasion of Ukraine. A wider ban on Russian-origin stones imported via third countries began on March 1. Russia's state-owned company Alrosa is one of the world's largest diamond miners. The investigation was launched after customs officials seized diamonds in late February, the statement said. A spokesperson for the prosecutor said three shipments had been confiscated. The Belgian city has for centuries been a global diamond hub, particularly for rough diamonds, though 90% of polishing is now done in India. Sources familiar with the matter said the value of the three seized shipments was in the millions of euros. One source specified the overall value was around 8 million euro ($8.64 million). A spokesperson for the prosecutor declined to comment on the combined value of the shipments. In the statement, the prosecutor's office added that documents and digital media were seized during the raid. ($1 = 0.9257 euros) The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/europe/belgian-police-conduct-raids-after-suspected-russian-diamonds-seized-2024-03-22/