Analysts at US investment firm Oppenheimer expect much higher for the benchmark US equity indes. In breif: S&P 500 Forecast: Predicted to hit 7,100 by end-2025, driven by sustainable monetary policy, strong economy, and favourable labour markets. Earnings Growth: S&P 500 earnings projected to grow 10% to $275 in 2025 ($250 in 2024), with a forward P/E of 25.8x. Key Sectors: Focus on tech, consumer discretionary, industrials, financials, and communication services; small- and mid-cap stocks likely to rally amid Fed rate cuts. AI as a Growth Driver: AI seen as transformative, improving efficiency and productivity across sectors while addressing global challenges. Market Sentiment: Bull market expected to continue in 2025, supported by sector rebalancing, economic activity, and AI growth potential. Cautionary Note: Economic "utopia" is overstated, but markets rest on a strong foundation. On AI, they say it's a transformative force, analagous to the automobile: "This technology could drive efficiency and productivity improvements across all sectors and contribute to solving some of the world's challenges" When your candlestick charts meet the automobile.
Walmart's DEI rollback signals a profound shift in the wake of Trump's election victory NEW YORK (AP) — Walmart’s sweeping rollback of its diversity policies is the strongest indication yet of a profound shift taking hold at U.S. companies that are re-evaluating the legal and political risks associated with bold programs to bolster historically underrepresented groups in business. The changes announced by the world’s biggest retailer on Monday followed a string of legal victories by conservative groups that have filed an onslaught of lawsuits challenging corporate and federal programs aimed at elevating minority and women-owned businesses and employees. The retreat from such programs crystalized with the election of former President Donald Trump, whose administration is certain to make dismantling diversity, equity and inclusion programs a priority. Trump's threat to impose tariffs could raise prices for consumers, colliding with promise for relief DETROIT (AP) — If Donald Trump makes good on his threat to slap 25% tariffs on everything imported from Mexico and Canada, the price increases that could follow will collide with his campaign promise to give American families a break from inflation. Economists and industry officials say companies would have little choice but to pass along the added costs, dramatically raising prices for food, clothing, automobiles, booze and other goods. The president-elect floated the tariff idea and an additional 10% tax on goods from China, as a way to force the countries to halt the flow of illegal immigrants and drugs into the U.S. But his posts Monday threatening tariffs on his first day in office could be a negotiating ploy to get the countries to change behavior. Trump’s latest tariff plan aims at multiple countries. What does it mean for the US? WASHINGTON (AP) — President-elect Donald Trump has identified what he sees as an all-purpose fix for what ails America: Slap huge new tariffs on foreign goods entering the United States. On Monday, Trump sent shockwaves across the nation’s northern and southern borders, vowing sweeping new tariffs on Mexico, Canada, as well as China, as part of his effort to crack down on illegal immigration and drugs. Trump said he will impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders. Federal Reserve officials signal cautious path for rate cuts amid still-high inflation WASHINGTON (AP) — With inflation still elevated, Federal Reserve officials expressed caution at their last meeting about cutting interest rates too quickly, adding to uncertainty about their next moves. Even if inflation continued declining to the Fed’s 2% target, officials said, “it would likely be appropriate to move gradually” in lowering rates, according to minutes of the November 6-7 meeting. The minutes don’t specifically provide much guidance about what the Fed will do at its next meeting in December. Wall Street investors see the odds of another quarter-point reduction in the Fed’s key rate at that meeting as nearly even, according to CME Fedwatch. Canadian officials blast Trump's tariff threat and one calls Mexico comparison an insult TORONTO (AP) — Canadian officials are blasting President-elect Donald’s Trump’s threat to impose sweeping tariffs. The leader of Canada's most populous province on Tuesday called Trump’s comparison of Canada to Mexico “the most insulting thing I’ve ever heard.” Trump has threatened to impose tariffs on products from Canada, Mexico and China as soon as he takes office in January as part of efforts to crack down on illegal immigration and drugs. He said he would impose a 25% tax on all products entering the U.S. from Canada and Mexico. Canadians say their economy and the U.S. one are deeply intertwined and Americans would feel tariffs, too. Biden proposes Medicare and Medicaid cover costly weight-loss drugs for millions of obese Americans WASHINGTON (AP) — Millions of obese Americans would be eligible to have popular weight-loss drugs like Wegovy or Zepbound covered by Medicare or Medicaid under a new rule the Biden administration proposed Tuesday morning. The proposal, which would not be finalized until after President-elect Donald Trump takes office, could cost taxpayers as much as $35 billion over the next decade. It would give millions of people access to weekly injectables that have helped people shed pounds so quickly that some people have labeled them miracle drugs. Surveillance tech advances by Biden could aid in Trump's promised crackdown on immigration President-elect Donald Trump will return to power next year with a raft of technological tools at his disposal that would help deliver his campaign promise of cracking down on immigration — among them, surveillance and artificial intelligence technology that the Biden administration already uses to help make crucial decisions in tracking, detaining and ultimately deporting immigrants lacking permanent legal status. One algorithm, for example, ranks immigrants with a “Hurricane Score,” ranging from 1-5, to assess whether someone will “abscond” from the agency’s supervision. It’s almost time for Spotify Wrapped. When can you expect your 2024 recap? NEW YORK (AP) — It’s almost that time of year. Spotify is gearing up to release its annual Spotify Wrapped, a personalized recap of its users' listening habits and year in audio. The streaming service has been sharing these personalized analyses with since 2016. And each year, it’s become a bigger production than the last. Spotify claimed its 2023 Wrapped was the “biggest ever created” in terms of audience reach and the kind of data it provided to users. But information on Wrapped's 2024 release has been kept under ... er, wraps. In previous years, it’s been released after Thanksgiving, between Nov. 30 and Dec. 6. Thanksgiving travel is cranking up. Will the weather cooperate? The Thanksgiving travel rush is picking up, with Tuesday and Wednesday expected to be much busier than the last couple days. A lot of travelers will be watching weather forecasts to see if rain or snow could slow them down. The Transportation Security Administration expects to screen more than 2.8 million people on Tuesday and 2.9 million on Wednesday after handling more than 2.5 million people on Monday. So far, relatively few flights have been canceled this week, but there have been thousands of delayed flights every day. That is becoming normal for U.S. airlines. Federal agency raises the size of most single-family loans the government can guarantee to $806,500 The Federal Housing Finance Agency is increasing the size of home loans that the government can guarantee against default as it takes into account rising housing prices. Beginning next year, mortgage buyers Fannie Mae and Freddie Mac will be able to acquire loans of up to $806,500 on single-family homes in most of the country, the agency said Tuesday. The new conforming loan limit is a 5.2% increase from its 2024 level. FHFA oversees Fannie Mae and Freddie Mac, which buy home loans from banks and other lenders. FHFA adjusts the loan limits annually to reflect changes in U.S. home values, which have been rising this year despite a national home sales slump.South Korea’s Yoon says he will lift martial law decree
Is Enron back? If it's a joke, some former employees aren't laughingTHE Ifugao State University (IFSU) Potia Campus launched Project Banac to empower rural communities with innovative knowledge and tools featuring groundbreaking and community-responsive projects and training to uplift local residents in Sitio Banac, Barangay Potia, Alfonso Lista, Ifugao, on Dec. 3, 2024. Spearheaded by program leader Serafin Ngohayon, the initiative aligns with the university's goals of fostering a strong research culture and promoting sustainable extension and community engagement. Register to read this story and more for free . Signing up for an account helps us improve your browsing experience. OR See our subscription options.
, /PRNewswire/ -- (APC), a leader in flexible packaging solutions, announced another expansion of APC's RETM Sustainable Packaging portfolio, with the addition of new high performance, paper-based packaging technologies that are targeted for curbside recyclability, while providing excellent product protection levels that extend shelf life, protect product flavor, and maintain product freshness. In repulping tests conducted by , over 85% of APC's high performance paper packaging is recovered. This recycle-ready technology is targeted to offer a positive end-of-life alternative for conventional, non-recyclable packaging structures such as Paper/PE/Foil/PE laminate structures and can be used in both heat seal and cold seal packaging formats. APC's high performance paper provides both sustainable and eco-friendly benefits offering greater than 30% reduction in carbon footprint. The technology offers several features and benefits, including PVDC-free, grease and aroma resistant, and high MVTR and OTR barriers. These performance attributes make APC's recycle ready, high performance paper packaging suitable for stand up pouches and flat pouches especially for dry goods such as seasonings, spices, coffee, powdered drinks and drink enhancements, cookies, crackers, cereal bars and baking mixes. APC's new designed for recycle, high performance paper technology was unveiled at Pack Expo Chicago 2024 at APC's Lounge & Learn event. For more information about APC's recycle ready, high performance paper packaging and samples, please contact American Packaging at or 515-733-1406. Founded in 1902, American Packaging Corporation is a recognized leader in the flexible packaging industry. Family-owned, APC distinguishes itself by investing in state-of-the-art facilities and capabilities, delivering packaging innovation, promoting sustainable products and practices, and focusing customer delight. Today, APC operates six Centers of Excellence in and employs approximately 1,300 talented, motivated professionals. For more information, please visit , Director of Corporate Marketing American Packaging Corporation E-mail: View original content to download multimedia: SOURCE American Packaging CorporationSuspect in UnitedHealthcare CEO killing charged with murder in New York, court records showSixty-eight-year-old Valerie Anderson still recalls the rush of humid Florida air that greeted her in 1992, a stark contrast to the biting winter of her hometown in Calgary. “I said, ‘Oh, this is beautiful because Calgary is so dry,’” she said. That first family vacation with her husband and two young kids ignited a love for the Sunshine State. Thirty years and three grandkids later, the Andersons proudly wear the “snowbird” badge, escaping Canada’s harsh winters to a rental property off the Florida coast. But they’re unsure how much longer they can afford to live out their dream. Like many snowbirds, they’ve been feeling a chill on their wallet as the Canadian dollar dropped about 4 per cent against the greenback in recent months, pushing up prices for everything from food to rent. “It’s definitely getting to be very expensive – food has gone up everywhere,” Ms. Anderson said. Compared with last year, she said it costs her and her husband about $25 more per person a meal. A recent glance at the menu of their favourite restaurant showed a single dish of sea bass priced at the equivalent of $80 Canadian. “We both just said, ‘I don’t think so!’” Norman Seawright, who also decamps to Florida in the winter, owns a condo there and said he’s paying “easily 20 to 25 per cent more” for everything. But while many snowbirds agree the weak loonie is weighing on them, most are reluctant to change their travel plans. Experts say those weathering the economic headwinds are offsetting losses with U.S. investments and getting strategic about taxes, exchange rates and insurance fees. “The dollar just sucks right now – clients are asking a lot of questions,” said Carson Hamill, a cross-border associate portfolio manager at Raymond James Canada. “People come to us that are renting permanently in the U.S., they’re going, ‘Oh, is it worth keeping this place?’” It might not be. Anyone who was renting a dozen years ago when the loonie was at par is now paying 40 per cent more, taking inflation and currency fluctuations into account. The unfavourable numbers can work in reverse for snowbirds who purchased property back then. If they haven’t rented out their property before, now might be the time to start – they’d be raking in that 40 per cent more in Canadian dollars, Mr. Hamill said. But homeowners have other worries. Their expenses are further weighed down by maintenance and insurance costs – the latter has surged by about 30 per cent between 2021 and 2023 in places like Florida, according to Insurify . Bankrate found that as of September 2024, the average insurance policy in Florida for US$300,000 in coverage was US$5,531 – 142 per cent higher than the national average. Kris Rossignoli, a cross-border tax and financial planner at Cardinal Point Capital Management ULC in New York, said his firm has seen many snowbirds selling larger properties and purchasing smaller homes as one way to cut costs. Evan Rachkovsky, director of research and communications at the Canadian Snowbird Association, said snowbirds who want to offset insurance costs often pick a destination in Central Florida – Lakeland and Winter Haven are two popular choices – farther from the coast and less susceptible to extreme weather. Whether or not they own property, snowbirds will see additional costs tied to the exchange rates offset through well-performing U.S. investments in savings and retirement accounts. John Woodfield, a senior wealth adviser and portfolio manager at SWAN Wealth Management, Raymond James, in Kelowna, B.C., said snowbirds should, and often do, hold American investments in their portfolios in U.S. currency to generate income stream in U.S. dollars, as a hedge against currency drops. “The dividends and your growth would all be in USD – as the Canadian dollar falls, the value of those stocks actually go up.” He said the recent currency moves have added roughly 6 per cent to Canadian client returns this year. Investors, however, need to keep in mind that dividends paid by U.S. companies into non-registered accounts held by non-residents of the U.S. face a withholding tax, though Mr. Woodfield said the benefits generally outweigh this. Another thing snowbirds often overlook is that if they own real estate in the U.S. and they die, their property will be subject to U.S. estate taxes, which are costlier with the current exchange rates. “As the lawyers down there say, ‘It’s great to own U.S. property, but it’s not great to die owning U.S. property,” said Mr. Woodfield, adding that Canadians can dodge this by setting up and purchasing property through a corporation in Canada. Beyond leveraging the U.S. dollar and reducing taxes, snowbirds should think about mitigating day-to-day costs by optimizing their travel credit cards or exploring prepaid cards. The majority of credit cards used for purchases outside the country will charge a foreign transaction fee adding up to about 2.5 per cent of the purchase cost in Canadian – that’s $125 in fees on $5,000. Marty Firestone, a travel insurance specialist, warns credit card-based insurance wields heavy restrictions for older travellers and won’t have as comprehensive coverage as they need. He said medical costs in the U.S. have increased about 25 per cent year-over-year with premiums climbing in tandem. He recommends no snowbird leave the country with less than $2,000,000 in coverage, and cut costs with a multi-trip annual policy. “They can travel up to a prescribed amount of days, come back home, for even a minute, and go back down again and they don’t pay for the amount they go back down again for,” he said, adding that this can save thousands. Still, some travellers might want to avoid the U.S. altogether. Lindsay Kipp, a travel expert at Flight Centre Canada, said Nicaragua and Panama are becoming popular alternative destinations for snowbirds at a fraction of the usual costs. Though Ms. Anderson has been reluctantly eyeing deals in Mexico and Portugal, she said she’d sooner cut discretionary spending and dining out than change travel plans any time soon.
Conservative legal group lawsuit says California voter rolls are ripe for fraud
By GABRIELA SÁ PESSOA and MAURICIO SAVARESE, Associated Press SAO PAULO (AP) — Brazil’s federal police said Thursday they indicted former President Jair Bolsonaro and 36 other people for allegedly attempting a coup to keep him in office after his defeat in the 2022 elections. Police said their findings were being delivered Thursday to Brazil’s Supreme Court, which must decide whether to refer them to Prosecutor-General Paulo Gonet, who will either formally charge Bolsonaro and put him on trial, or toss the investigation. The former right-wing president has denied all claims he tried to stay in office after his narrow electoral defeat in 2022 to his rival, leftist President Luiz Inácio Lula da Silva. Bolsonaro has faced a series of legal threats since then. Police said in a brief statement that the Supreme Court had agreed to reveal the names of all 37 people who were indicted “to avoid the dissemination of incorrect news.” The 700-page police document likely will take several days for the court to review, Supreme Court justice Alexandre de Moraes said. Dozens of former and current Bolsonaro aides also were indicted, including Gen. Walter Braga Netto, who was his running mate in the 2022 campaign; former Army commander Gen. Paulo Sérgio Nogueira de Oliveira; Valdemar Costa Neto, the chairman of Bolsonaro’s Liberal Party; and his veteran former adviser, Gen. Augusto Heleno. The investigation started last year. On Tuesday, four military men and one federal police agent were arrested as part of the same probe . Other investigations focus on Bolosnaro’s potential roles in smuggling diamond jewelry into Brazil without properly declaring them, and in directing a subordinate to falsify his and others’ COVID-19 vaccination statuses. Bolsonaro has denied any involvement in either. Another probe found that he had abused his authority to cast doubt on the country’s voting system, and judges barred him from running again until 2030. The far-reaching investigations have weakened Bolsonaro’s status as a leader of Brazil’s right wing, said Carlos Melo, a political science professor at Insper University in Sao Paulo. “Bolsonaro is already barred from running in the 2026 elections,” Melo told the The Associated Press. “And if he is convicted he could also be jailed by then. To avoid being behind bars, he will have to convince Supreme Court justices that he has nothing to do with a plot that involves dozens of his aids. That’s a very tall order,” Melo said. On Tuesday, the federal police arrested four military and a federal police officer accused of plotting to overthrow the government following the 2022 elections, including alleged plans to kill Lula and other top officials.Bryant defeats Tennessee State 97-85RALEIGH, N.C. (AP) — The very close election for a North Carolina Supreme Court seat heads next to a hand recount even as election officials announced a machine recount of over 5.5 million ballots resulted in no margin change between the candidates. The statewide machine recount — in which ballots were run again through tabulators — that wrapped up this week showed Democratic Associate Justice Allison Riggs with a 734-vote lead over Republican challenger Jefferson Griffin, who is a Court of Appeals judge. Most county election boards reported minor vote changes from the machine recount requested by Griffin. But State Board of Elections data showed the post-recount lead exactly the same as what Riggs held after all 100 counties fully completed their ballot canvass in November. Griffin led Riggs by about 10,000 votes on election night, but that lead dwindled and flipped to Riggs as tens of thousands of qualifying provisional and absentee ballots were added to the totals through the canvass. Griffin, who already has pending election protests challenging the validity of more than 60,000 ballots counted statewide, has asked for a partial hand-to-eye recount, which county boards will start Wednesday or Thursday. The partial hand recount applies to ballots in 3% of the voting sites in all 100 counties, chosen at random Tuesday by the state board. Once the partial recount is complete, a statewide hand recount would be ordered if the sample results differ enough from the machine recount that the result would be reversed if the difference were extrapolated to all ballots. Riggs, who was appointed to the Supreme Court in 2023 and now seeks an eight-year term, again claimed victory Tuesday. In a campaign news release, spokesperson Embry Owen said Griffin “needs to immediately concede – losing candidates must respect the will of voters and not needlessly waste state resources.” Riggs is one of two Democrats on the seven-member court. Through attorneys, Griffin has challenged ballots that he says may not qualify for several reasons and cast doubt on the election result. Among them: voter registration records of some voters casting ballots lack driver's license or partial Social Security numbers, and overseas voters never living in North Carolina may run afoul of state residency requirements. State and county boards are considering the protests. Griffin's attorneys on Monday asked the state board to accelerate the matters before it and make a final ruling early next week. "Our priority remains ensuring that every legal vote is counted and that the public can trust the integrity of this election,” state Republican Party spokesperson Matt Mercer said in a news release. Final rulings by the state board can be appealed to state court. Joining Griffin in protests are three Republican legislative candidates who still trailed narrowly in their respective races after the machine recounts. The Supreme Court race and two of these three legislative races have not been called by The Associated Press. READ: The key pending legislative race is for a House seat covering Granville County and parts of Vance County. Republican Rep. Frank Sossamon trails Democratic challenger Bryan Cohn by 228 votes, down from 233 votes before the recount. Sossamon also asked for a partial hard recount in his race, which was to begin Tuesday. Should Cohn win, Republicans will fall one seat short of the 72 needed in the 120-member House to retain its veto-proof majority — giving more leverage to Democratic Gov.-elect Josh Stein in 2025. Senate Republicans already have won 30 of the 50 seats needed to retain its supermajority in their chamber. The AP on Tuesday did call another legislative race not subject to a protest, as Mecklenburg County GOP Rep. Tricia Cotham won her reelection bid over Democrat Nicole Sidman. A machine recount showed Cotham ahead of Sidman by 213 votes, compared to 216 after the county canvass. Cotham’s switch from the Democrats to the Republicans in April 2023 secured the Republicans' 72-seat veto-proof majority so that Democratic Gov. Roy Cooper’s vetoes could be overridden by relying solely on GOP lawmakers. Copyright 2024 The Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
They were all exceptional – Mikel Arteta loved seeing Arsenal run riot in LisbonTSS Inc.'s CEO Darryll Dewan sells $1.51 million in stock
— Enhanced liquidity through issuance of Second Lien Notes — Obtained amendment to credit agreement and extended note payable — Fourth quarter fiscal 2024 revenue down 7.3% to $130.4 million — Full year fiscal 2024 revenue down 14.3% to $490.7 million — Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months (“Q4 FY 2024”) and twelve months ("FY 2024") ended September 30, 2024. Revenue by Segment (in millions of USD) Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, “The fourth quarter was productive for Inotiv, including completing previously announced site optimization plans, some recovery of NHP sales with existing and new customers, raising capital and amending our credit agreement. Going forward, we are planning further integration and cost reduction initiatives, we will continue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet. We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger. "Overall, with the exception of the volatility we saw in the NHP business in 2024, we have seen financial improvements in some other aspects of our business. In addition to improving our financial performance, our goals for 2025 include reducing volatility in our NHP business and a continued focus on the customer, compliance and animal welfare. We will continue our customer-driven strategy that has a strong scientific foundation and fuels innovation as One Inotiv. We’ve grown stronger, adding key partners and building new services and products that have expanded our scientific expertise, services, and offerings. By integrating these efforts over the last two years, we’re streamlining our systems and processes to create a more unified customer driven approach across our global footprint." Highlights Q4 FY 2024 Highlights Revenue was $130.4 million in Q4 FY 2024, a decrease of $10.3 million or 7.3%, compared to $140.7 million during the three months ended September 30, 2023 (“Q4 FY 2023”), primarily driven by a $5.6 million, or 11.2%, decrease in Discovery and Safety Assessment ("DSA") revenue and a decrease of $4.7 million, or 5.2%, in Research Models and Services (“RMS”) revenue. Revenue of $130.4 million in Q4 FY 2024 was an increase of $24.6 million, or 23.3%, compared to revenue of $105.8 million in the sequential prior quarter of Q3 FY 2024 2 . Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $8.7 million, or 6.2% of total revenue, in Q4 FY 2023. Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $26.1 million, or 24.7% of total revenue, in the sequential prior quarter of Q3 FY 2024. Adjusted EBITDA 1 in Q4 FY 2024 was $5.4 million, or 4.1% of total revenue, compared to $23.7 million, or 16.8% of total revenue, in Q4 FY 2023. Book-to-bill ratio for Q4 FY 2024 was 0.78x for the DSA services business. DSA backlog was $129.9 million at September 30, 2024, down from $132.1 million at September 30, 2023. FY 2024 Highlights Revenue was $490.7 million during FY 2024, a decrease of $81.7 million, or 14.3%, compared to $572.4 million during the twelve months ended September 30, 2023 ("FY 2023"), primarily driven by a $76.7 million, or 19.8%, decrease in RMS revenue and a $5.0 million, or 2.7%, decrease in DSA revenue. Consolidated net loss for FY 2024 was $108.9 million, or 22.2% of total revenue, compared to consolidated net loss of $104.9 million, or 18.3% of total revenue, for FY 2023. Consolidated net loss for FY 2024 included a $28.5 million charge related to the Resolution Agreement (the “Resolution Agreement”) the Company and its related entities entered into with the U.S. Department of Justice ("DOJ") and the United States Attorney’s Office for the Western District of Virginia (“USAO-WDV”) and the Plea Agreement (the “Plea Agreement”) Envigo RMS, LLC and Envigo Global Services, Inc. entered into with the DOJ and the USAO-WDV. Each of the Resolution Agreement and the Plea Agreement were entered into on June 3, 2024 in connection with the resolution of a previously-announced criminal investigation into the Company’s shuttered canine breeding facility located in Cumberland, Virginia. Consolidated net loss for FY 2023 included a $66.4 million non-cash goodwill impairment charge related to the RMS segment. Adjusted EBITDA 1 in FY 2024 was $18.2 million, or 3.7% of total revenue, compared to $65.8 million, or 11.5% of total revenue, in FY 2023. Book-to-bill ratio for FY 2024 was 0.99x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to “Note on Non-GAAP Financial Measures” in this release for further information. 2 "Q3 FY 2024" refers to the three months ended June 30, 2024. Operational and Capital Resources Highlights The consolidation of operating activities from the Company's Blackthorn, U.K. facility into its Hillcrest, U.K. site have been completed and the Company exited the leased facility by the end of September 2024. On September 13, 2024, the Company entered into a Seventh Amendment to the Company's Credit Agreement. The Seventh Amendment, among other changes, permitted the incurrence of the issuance by the Company of Second Lien Notes (as defined below) in an aggregate amount of approximately $22.6 million, made certain changes to the component definitions of the financial covenants, including the definition of Fixed Charge Coverage Ratio, and increased the cash netting capability in the Secured Leverage Ratio covenant. The Seventh Amendment included the addition of a maximum capital expenditure limit and a minimum EBITDA test effective September 13, 2024, waived the existing financial covenants from the date of the Seventh Amendment until June 30, 2025, and established additional new financial covenants for the fiscal quarters starting June 30, 2025 and thereafter. On September 13, 2024, certain investors acquired $22.0 million principal amount of the 15.00% Senior Secured Second Lien PIK Notes due 2027 (the "Second Lien Notes") and warrants to purchase 3,946,250 of the Company’s common shares for consideration comprised of (i) $17.0 million in cash and (ii) the cancellation of approximately $8.3 million of the Company’s 3.25% Convertible Senior Notes due 2027. In connection with this transaction, the Company also issued to the structuring agent approximately $0.6 million principal amount of the Second Lien Notes and warrants to purchase 200,000 of the Company's common shares as compensation for its services as structuring agent. Announcement In fiscal 2025, the Company intends to initiate the next phase of our site optimization program to further improve and consolidate additional RMS facilities in the U.S. This next phase is another important program, which the Company projects will eliminate approximately $4.0 million to $5.0 million in operating expenses and further improve RMS margins when completed. Most of these financial benefits are not expected until fiscal 2026. The Company expects to incur additional immaterial capital expenditures, which are included in our capital plan, and immaterial expenses in connection with the next phase of our site optimization program. The Company also believes it can achieve another $0.5 million to $1.0 million in cost reductions from the continued integration of its North American transportation and distribution system. Subsequent Event On October 24, 2024, the Company and Orient BioResource Center entered into a Third Amendment to extend the maturity date of the Seller Payable to January 27, 2026. Fourth Quarter Fiscal 2024 Financial Results (Three Months Ended September 30, 2024) Revenue decreased 7.3% to $130.4 million in Q4 FY 2024 as compared to $140.7 million in Q4 FY 2023. The lower total revenue in the fourth quarter was driven by a $5.6 million decrease in DSA revenue and a $4.7 million decrease in RMS revenue. DSA revenues decreased primarily due to a decrease in safety assessment services of $3.4 million, which was primarily due to decreased revenue from general toxicology services as a result of a change in the mix of studies conducted, and a decrease in discovery service revenue of $2.0 million as a result of the decline in overall biotech activity in the market. The decrease in RMS revenue was due to the lower non-human primate ("NHP") related product and service revenue of $1.6 million mainly as a result of lower pricing for NHPs. Additionally, in Q4 FY 2024, there was a decrease of $1.7 million in RMS revenue as a result of the sale of our Israeli businesses in Q4 FY 2023. The remaining decrease in RMS revenue in Q4 FY 2024 was primarily due to a decline in small animal model sales. Operating loss was $13.2 million in Q4 FY 2024 as compared to operating income of $2.5 million in Q4 FY 2023. RMS operating income decreased by $10.7 million, or 91.1%, driven by the decrease in revenue discussed above and an increase in cost of revenue of $6.8 million. The increased RMS cost of revenue was primarily due to increased costs associated with NHP-related product and service revenue of $10.4 million, partially offset by decreases from the impact of the sale of our Israeli business of $1.2 million, as well as decreases in restructuring costs, transportation costs and costs related to sites closed in connection with our optimization plan. DSA operating income decreased by $4.8 million, or 71.5%, primarily due to the decrease in revenue noted above. Full Year Fiscal 2024 Financial Results (Twelve Months Ended September 30, 2024) Revenue decreased 14.3% to $490.7 million in FY 2024 as compared to $572.4 million in FY 2023. The lower total revenue in FY 2024 was primarily driven by a $76.7 million decrease in RMS revenue and a decrease in DSA revenue of $5.0 million. The decrease in RMS revenue was due primarily to the negative impact of lower NHP sales of $60.4 million. Additionally, there was a decrease of $10.6 million in RMS revenue as a result of the sale of our Israeli businesses in the fourth quarter of fiscal 2023. The remaining decrease in RMS revenue in FY 2024 was due primarily to decreases in small animal model sales and RMS services in the U.S., partially offset by an increase in diet, bedding and enrichment product sales and an increase in small animal model sales outside of the U.S. and RMS services outside of the U.S. The decrease in DSA revenue in FY 2024 was primarily driven by a $5.0 million decrease in discovery services revenue as a result of the decline in overall biotech activity in the market. Operating loss was $86.4 million in FY 2024 as compared to $81.5 million in FY 2023. The higher total operating loss in FY 2024 was due to an increase in RMS operating loss of $7.0 million and a decrease in DSA operating income of $6.5 million, partially offset by a decrease in unallocated corporate expenses of $8.6 million. The increase in RMS operating loss was primarily driven by the negative margin impact resulting from the decrease in RMS revenue noted above and included the $28.5 million charge incurred during FY 2024 related to the Resolution Agreement and Plea Agreement, partially offset by the $66.4 million non-cash goodwill impairment charge related to our RMS segment in FY 2023 that did not recur in FY 2024. DSA operating income decreased primarily due to the decreased revenue noted above. Unallocated corporate expenses decreased primarily due to decreases in professional fees, acquisition and integration costs, stock compensation expense and compensation and benefits expense, partially offset by an increase in information technology expenses. Cash and cash equivalents of $21.4 million at September 30, 2024, compares to $35.5 million at September 30, 2023. Cash used by operating activities was $6.8 million for FY 2024, which included payments of $6.5 million related to the Resolution Agreement and the Plea Agreement, compared to cash provided by operating activities of $27.9 million for FY 2023. For FY 2024, capital expenditures totaled $22.3 million compared to $27.5 million for FY 2023. Total debt, net of debt issuance costs, as of September 30, 2024, was $393.3 million. As of September 30, 2024, there were no borrowings on the Company’s $15.0 million revolving credit facility. Webcast and Conference Call Management will host a conference call on Tuesday, December 3, 2024, at 4:30 pm ET to discuss fourth quarter and full year fiscal 2024 results. Interested parties may participate in the call by dialing: (800) 267-6316 (Domestic) (203) 518-9783 (International) "Inotiv" (Conference ID) The live conference call webcast will be accessible in the Investors section of the Company’s web site and directly via the following link: https://viavid.webcasts.com/starthere.jsp?ei=1697836&tp_key=5c08e65813 For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv’s web site at: https://ir.inotiv.com/events-and-presentations/default.aspx . Note on Non-GAAP Financial Measures This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and twelve months ended September 30, 2024 and 2023 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss, statements of operations line items interest expense and income tax benefit/provision, as well as non-cash charges for depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution and Plea Agreements, gain on sale of subsidiary, gain on extinguishment of debt, and goodwill impairment loss. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company’s ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's condensed consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company’s products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotiv.com/ . This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to ( i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pricing, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 12, 2023, as well as other filings we make with the Securities and Exchange Commission.Pakistan and Saudi Arabia have pledged to expand mutual cooperation to improve internal security in their respective countries, the Interior Ministry said on Sunday. Saudi Arabia and Pakistan have long shared a multifaceted relationship rooted in mutual economic interests, strategic military cooperation, and shared Islamic heritage. Historically, these ties have encompassed economic assistance, energy supplies and military collaboration, with Saudi Arabia being a significant source of financial aid and oil for Pakistan. During an ongoing visit to Saudi Arabia, Interior Minister Mohsin Naqvi met Saudi Minister of State for Interior Dr Khalid Mohammed Abdullah Al Battal in Riyadh, where he also toured the Public Security Police Headquarters. State broadcaster PTV News reported that upon his arrival, Naqvi was warmly welcomed by Dr Al Battal and Pakistani Ambassador to Saudi Arabia Ahmed Farooq. According to a thread posted by the Interior Ministry on X, the interior minister met Chief of Public Security Lieutenant General Muhammad Al-Bassami and inspected state-of-the-art facilities. During his tour, Naqvi observed the Saudi Safe City Centre and “praised the system of controlling crime and traffic accidents through the use of modern technology,” the post read. “It was a pleasure to see the excellent public security system of Saudi Arabia,” the interior minister said, with the ministry announcing that Pakistan and Saudi Arabia agreed to “activate [a] joint task force soon”. “Cooperation in police training can be promoted and mutual experiences can be learned from,” Naqvi said, adding that Pakistan was also planning to constitute a special protection unit to protect diplomats. The interior minister was also given a briefing during his tour of the facility. He was informed that a system had been developed by Saudi Arabia to control crime and traffic incidents through artificial intelligence, while special forces controlled from the public security headquarters would also perform duties during Hajj and Umrah. Interior Minister Mohsin Naqvi meets Chief of Saudi Public Security Lieutenant General Muhammad Al-Bassami in Riyadh on December 15. — Screengrab via X (@MOIofficialGoP) During his meeting with his Saudi counterpart earlier in the day, Naqvi congratulated the Saudi leadership and people for receiving the hosting rights for the 2034 FIFA World Cup and expressed good wishes for the event. “Saudi Arabia is a brotherly Islamic country and Pakistan’s most trusted friend,” Naqvi said, adding that Pakistan takes pride in this friendship. The interior minister further stated that Saudi Arabia has always shown immense love and sincerity towards Pakistan. Naqvi also appreciated Saudi Crown Prince Mohammad bin Salman’s vision of 2030 which paves the way for achieving progress and prosperity. In return, the Saudi Minister of State for Interior said that Pakistan and Saudi Arabia are enjoying very close and cordial relations. He expressed the hope that important meetings with Saudi officials during the visit of the Interior Minister will further enhance ties between the two countries. This visit comes after Prime Minister Shehbaz Sharif’s two-day official visit to Saudi Arabia last week, where he held meetings with Saudi Crown Prince Mohammed Bin Salman and President of France Emmanuel Macron. Earlier in the month, Saudi Arabia extended a $3 billion deposit placed with Pakistan for another year to continue bolstering the economy, the State Bank of Pakistan announced in a press release.
'Belligerent critic': 75 Nobel Laureates beg senators to shut down major Trump nominationDefense fund established by supporters of suspected CEO killer Luigi Mangione tops $100,000San Francisco 49ers head coach Kyle Shanahan and quarterback Brandon Allen spoke with reporters after Friday's practice as the team prepares for its Week 12 matchup against the Green Bay Packers. Here's everything they said. Transcript provided by the San Francisco 49ers Communications staff. 49ers Head Coach Kyle Shanahan Opening comments: "Injuries for the game: [CB] Charvarius Ward will be out, [WR] Jacob Cowing, out, [LB] Tatum Bethune, out, [DL] Kevin Givens, out, [DL] Nick Bosa, out, [QB] Brock Purdy, out, [T] Trent Williams, questionable, [OL Jon] Feliciano, questionable. Go ahead." Is there any development with Brock's shoulder where it got downgraded during the week and is there long-term concern for it? "I don't want to say there's long-term concern. We got the MRI on Monday. We thought he just needed some rest and really weren't concerned about him not being good this week. But when he started up Thursday, just surprised him, surprised us, how it felt. So we had to shut him down. So, I really don't what to think of it. The MRI doesn't look like that, so it should be alright. But the way it responded this week, it's really up in the air for next week, so we'll have to see on Monday." Did it happen on the touchdown run? "He doesn't know in particular. I don't think so, but he can't remember a play that it specifically happened on." Is it one of those things where as time went on it just started to bother him? "Just complained about how tight it was throughout the game and it started happening throughout the game. That's why he was warming up just a lot more than usual. He said he had a hard time keeping it loose and then after the game is when it really started to hurt and then Monday morning is really why he had to go get an MRI for it." Will QB Brandon Allen start? "Yes." What do you like about Brandon? "I think Brandon's a really good thrower, runs our offense well. He's done a really good job since he's been here, been here two years now. Guys believe in him and believe he'll give us a good chance to win." Was one of the positives about Brandon that the offense doesn't change very much with him in there? That he's like Purdy in a lot of ways that you don't really skip a beat. "Yeah, there's not a big game-plan adjustment, this is something that we didn't think would happen early in the week. We were fully preparing for Brock to go and getting a little surprised about this yesterday. Nothing has to change, so that's a good deal for us." Without Purdy and without Bosa, the situation obviously doesn't look great and it's the NFL, everyone will say you guys have no chance, but things have happened. I guess, what is your message to the team when you face this kind of adversity? "I think we've had a real good week of practice. I know it's disappointing. We knew there was a chance for Nick, I think the guys were a little surprised with Brock yesterday, but we addressed all that today and we're going to have 48 guys in uniform. I know our guys believe in themselves. I believe in them. We're missing two good players, definitely, but we've got a lot of good players out there. So by no means do we not have a chance to win. We're going to go fight our tails off and expect this to be a real good game." With Mooney, he just needed some more time? "Yeah, just taking three full weeks off, it's not like dealing with all that stuff he's getting workouts in or anything like that, so we were just happy to get him back in the building this week. We didn't want to put any pressure on him by any means to get ready to play. He just wanted to get back into the feel. He had two-and-a-half good days of practice. I say half just because of what today's like, but hopefully he'll be good to go next week." Has Trent shown progress or is it still right up to kick off? "It's still right up to kickoff." Does the fact that you went through three quarterbacks a couple years ago and still made the NFC Championship give the team hope knowing that you've been through this kind of adversity before? "I don't think they look at it that way. It's good to have that story and stuff, but I think why they have hope is because they're with Brandon every single day. I know outside of here people haven't seen a lot of Brandon because he hasn't had to go in yet. But this is Brandon's second year. They see him on scout team all the time. Obviously guys want Brock up, but guys are excited to see Brandon play." Given that Brandon had been sort of in your coaching tree so to speak, with Los Angeles Rams Head Coach Sean McVay and with Green Bay Packers Head Coach Matt LaFleur and Cincinnati Bengals Head Coach Zac Taylor who had been with Sean, did he pick things up quickly as soon as he got here? "He picked things up just being a vet and stuff. I'd say the coaching tree's a little overrated. It branches off. We're all from the same places, but he looks at things where he has been, things are all subtly different, but he's got a lot of experience, been around a while and he's been comfortable and we've been comfortable with him since his first day here." How did how did Charvarius Ward get through practice this week and where is he at? "I thought he did a real good job getting through the week. We threw him out. He got to ease in there doing all the scout-team stuff. I thought he really gave us good looks all week. Got his body feeling just more confident each day. Just talking to him, I think he's in a good spot and we all know he's grieving a lot and we know that never fully stops. But I think it has been somewhat therapeutic for him to get out on the football field and things like that and be able to focus a little bit on his craft for just a little bit. He's always going through that and it's nice that we can be here for him as much as we can with him back in the building." QB Joshua Dobbs was disappointed as he would expect to be when he wasn't the backup. How has he been as the third guy all year running the scout team doing what you asked? "He's been awesome. They split the scout team reps so they both get equal reps over there throughout the year and really loved having him in the room. And he's been great on the field too." We haven't asked you about Green Bay Packers QB Jordan Love yet. What do you like about him and what's unique about him? "Just how big of a threat he is. He's a thrower. There's not a throw he can't make. I love his mindset, how aggressive he is. He's always trying to end you. He's always going for the big plays, and he's got the skillset with his feet too that when things aren't there he can make a lot of plays. Big, tall guy, very athletic, and we know how good he's been these two years and he is going to be good for a long time." Will Brock stay behind for treatment rather than travel? "No, he'll come with us." Same with Bosa? "No, Bosa will stay here." 49ers QB Brandon Allen Head coach Kyle Shanahan said for a while this week he thought QB Brock Purdy was going to be okay and would play. When did you have a sense like you might be starting? "Today, really. I know he had a plan for his shoulder all week. He was going to rest it a little bit on Wednesday. I think we kind of split reps there on Wednesday, he was going to rest it a little bit. And then I think the plan was Thursday to come out and practice and I guess just in warmups, just wasn't feeling right. Still expected him to kind of go in, get treatment, come back. But, yeah. Kind of found out today." This defense has taken the ball away at a really high rate. What do they look like on film to you? "Yeah, solid defense. Obviously, their defense is a key part in why they have a pretty good record and they do a great job of forcing turnovers. So it'll be our job to protect the ball, keep it in our guys' hands. And that's really, throughout the NFL, that's a big key to winning games is protecting the football." Obviously, your job is to prepare every week like it's going to be this week, but it's maybe it's easier said than done, I don't know. Does it feel different to you right now, now that you know that you'll be playing? "Preparation really hasn't changed besides just getting more reps. I think that's really been the only difference this week, was actually getting to throw to some of the guys and getting live reps with [WR Jauan Jennings] J.J., [WR] Deebo [Samuel Sr.], [TE] George [Kittle], all those guys, [WR] Ricky [Pearsall]. So that was really the only main difference for me this week." Obviously, you don't want Brock to have an injury, but are you excited about this? "Yeah, it's an opportunity. The circumstances are what they are, but I think our team, all year long, we've been kind of dealing with injuries here and there and it's been a big next-man-up mentality. So it's definitely an opportunity for me to go out and play well and put our guys in a good position to win the game. And obviously, we want Brock back and healthy and all that, but for the time being it is an opportunity for me." You had all last year in this system as well. What's kind of your state of comfort or readiness to take this on? "I feel very comfortable in the offense. Definitely going back to last year and then all through this year, just being in the system, calling the plays, seeing them play out, all that. So, I definitely feel comfortable in this offense." Can you kind of speak from a quarterback's perspective of, if there's a throwing shoulder injury, what kind of fear that strikes for a quarterback and whether you've been through something like that? "I really wouldn't be able to say, to be honest. I know this is like the first time Brock's missed a game, probably in his life, and he's a tough guy, I'm sure he will bounce right back. I'm not too worried about, I don't think any of our guys are. He'll rehab and get back as fast as he can. And as far as shoulders, it happens. I don't think it'll be anything lingering or long-term for him." Is there anything you've been able to take away from Brock as far as the way he prepares that helps you? I know you worked behind Cincinnati Bengals QB Joe Burrow, but I know Minnesota Vikings QB Sam Darnold cited Brock's preparation last year. "Yeah, he's unbelievable, the way he prepares. And you kind of have to to be able to execute this offense well. There are a lot of motions, a lot of shifts, a lot of things that go into it. And to be on top of all that, and you've seen him on the road doing all that with silent cadence and all that. So there is a lot that goes into it. And his preparation kind of was, when I first got here last year, watching him do, I was like, 'Okay, this is kind of how you have to study here.' Because you can go other places and offenses aren't as, aren't as complex, aren't as difficult so you can still study but you're looking at the same things week-to-week. But in this offense, we really do a good job moving guys around and getting guys open. So there's a lot of studying that goes into it. So watching him prepare and the way he does, I've definitely tried to model my preparation after him." Does the fact that you've had background with the Shanahan tree, so to speak, I think even back with former quarterbacks coach Rich Scangarello, I think had been a Shanahan coach. And then you had Cincinnati head coach Zac Taylor and Los Angeles Rams head coach Sean McVay and Green Bay Packers head coach Matt LaFleur, you've dealt with all those guys. Did that give you some help in running up to this? "Yeah, I think especially going back to last year, I think first coming in and not just being blown away by the offense and all that because I've had similar reads, we call it different things here and there, but similar reads, similar progressions, pretty much the same routes type things. I do think it helped just in terms of me being comfortable when I first got here. But even so, we do different things and there's more preparation that goes into that. But like I said, going back to last year and this year, I feel pretty comfortable." Not suggesting that you're about to leave the NFL, but you're 32. Has it ever crossed your mind, like, "Will I ever get another opportunity?" "I take everything one day at a time. For me, it is my opportunity now, so I'll take advantage of it now. But those things really don't cross my mind, how long you're gonna play and all that. There are definitely guys older than me still playing, so that usually doesn't come across my mind." What's it been like with your teammates? I know this kind of just happened, but have they kind of rallied around you? You're coming in, in a very critical part of the season for the team. "Yeah, I think they've done a great job all week. Like I said, we have a big next-man-up mentality, so nothing's really changed for those guys. They work every week. And I think we've had a really good week of practice and getting our timing down with me throwing the ball and all that with some of the guys just because we don't have the built up reps that Brock does with them. But I think it's been a blessing having those guys in the huddle with me and some of the leadership that's in that huddle so I can just come in and fill the spot for Brock for now and just try to make some plays and get the ball in their hands." Do you have to guard against not trying to do too much, trying to go out there and win the game rather than just do your job? "I don't know about that, but I don't think I've ever been the type to try to do too much. But as a quarterback, my job is just to get the ball to our playmakers. And so, that's my plan going into the game." Did you get a message from Brock? Did he say anything to you when it was official? "Yeah, I just talked to him. He believes in me, says, 'You're here for a reason. Go in, step up, play well.' He'll be back, so I'm not worried about it." This article first appeared on 49ers Webzone and was syndicated with permission.
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