Canada
PRE-OPEN
Canadian markets are looking flat to lower, while Wall Street futures were mixed as attention shifts to the U.S. Consumer Price Index, due later in the day, which is expected to show a 3% year-on-year increase in headline inflation in July, consistent with June’s figure. In Europe, the STOXX 600 advanced, and London’s FTSE 100 gained ground after UK inflation for July came in below expectations. Japan’s Nikkei rose as investors considered the news of the Japanese prime minister’s upcoming resignation, while Chinese stocks fell to their lowest levels in six months. Gold prices remained close to record highs, while the U.S. dollar hovered near a one-week low. Oil prices dipped slightly.
St-Georges Eco-Mining Corp. (CSE: SX) (OTCQB: SXOOF) (FSE: 85G1) provide an update on its battery recycling operations in Ontario and disclose that it has arranged for a non-brokered private placement offering for up to $900,000.
EVSX Battery Recycling Plant – Thorold, ON
St-Georges’ battery processing subsidiary, EVSX Corp., is installing and commissioning one of its large-capacity multi-chemistry processing lines ahead of schedule. This move is in response to a time-sensitive opportunity to secure a significant recuring allocation of specialized batteries that management believes will give EVSX the needed financial leverage to expand beyond its current operational limitations. The Company is preparing the documentation to amend its environmental and operational authorizations. It expects that employees from the battery circuit manufacturers will start arriving in Thorold later in the year to help commission the industrial line. The Company has received the required authorizations from the government to allow this collaboration to take place.
“(…) being able to handle different types of batteries is crucial to meet industry needs, current and future (…) EVSX identified gaps in the market to complement the established industry, (…) With the rapid increase in demand of LiFePO4 batteries, we anticipate a faster return rate for recycling than EV batteries. To capitalize on this growing influx, we are installing equipment that can efficiently process all types of household batteries. (…) Our setup is designed to seamlessly handle a range of batteries from household to large EVs without requiring significant reconfiguration. (…) Our long-term goal is to replicate this type of facility across the continent to reduce transportation costs and strengthen the industry’s infrastructure,” commented Enrico Di Cesare, CEO of EVSX and Director of St-Georges.
Private Placement Offering
The Company has arranged for a $900,000 private placement offering in the form of units. Up to 15,000,000 units priced at $0.06 are expected to be issued. Each unit will consist of one common share of the Company and a half a unit warrant priced at $0.08. An additional $300,000 overallocation will be available to the Company if required. This offering is expected to close in tranches over the next few weeks.
Each Unit is comprised of one common share in the capital of the Corporation (the “Shares”) and one-half purchase unit warrant (each, a “Half-Warrant”). Each Unit Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.08 per share for a period of 24 months following the closing of the financing offering (the “Expiry Date”)
Visit the Company website at www.stgeorgesecomining.com.
Churchill Resources Inc. (TSXV: CRI) provide an update on its Taylor Brook nickel project with drilling to commence in September.
“Our 2024 ground geophysical program at Taylor Brook has successfully generated two compelling, large, very high IP chargeability targets in geological settings encouraging for nickel sulphide deposits.
“TB-01 is just within the South Lobe of the TBGC, now shown by our exploration to be a layered intrusive complex potentially prospective for Ti-V-Cr-Fe, and PGE-nickel-copper mineralization. TB-01 is located at the junction with the 13km long, linear TB Magmatic Trend resistivity low feature, with coincident, highly anomalous Ni-Cu-Co soil samples at surface.
“TB-06 on the Layden Extension Grid, lies at the head of the TB Magmatic Trend some 10km from TB-01, and ~1km northeast of the high-grade Layden mineralization. Both IP high chargeability targets are near surface and hundreds of metres long, reach 200+ metres wide, and are receiving TDEM and prospecting surveys in the next few weeks, to be followed with drill testing in September.”
As previously announced, four priority target areas have been identified along the TB Magmatic Trend with compelling exploration results. Thus far in 2024, detailed follow-up work has taken place on the TBSL-1/Gravity Area, as well as on the Layden Extension Area. The Company has continued its previously announced line-cutting, Induced Polarization (“IP”) and Controlled Source Audio Magneto-Telluric (“CSAMT”) geophysical surveys along the magmatic intrusive system (“TB Magmatic Trend”) that extends from the Layden Nickel Showing area southeasterly for 13km to the Taylor Brook Gabbro Complex (“TGBC”) South Lobe. TDEM geophysical surveys over the highest interest IP targets is commencing, with the objective of detecting conductor targets within the larger chargeability anomalies. Drill pad preparation is also commencing this week. Drilling is expected to commence in mid-September 2024 to test these targets.
Criterium Energy Ltd. (TSXV: CEQ) an independent upstream energy development and production company focused on energizing growth for Southeast Asia and Criterium shareholders, is pleased to provide an operational update on the planned optimization activities in the Company’s 100% owned, operated and producing Tungkal PSC Indonesia (the “Tungkal PSC“).
Tungkal PSC Update: Mengoepeh (“MGH”) Field
Infill Program – Rig Secured, Program On Track and On Budget
Criterium has successfully secured a favorable drilling rig for the upcoming infill drilling program in the oil-producing MGH Field, which is located within the Tungkal PSC. The 750 horsepower rig and select services will be provided by PT Patlance Putra Mandiri and PT Energi Technindo Tama, both integrated oilfield services companies in Indonesia, and the rig is scheduled to mobilize from Jambi, Indonesia to the Tungkal PSC later in August 2024. The Company’s two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the wells expected to come on production in early November at a forecasted combined rate of 300 bbl/d.
For a presentation providing details and additional technical information on the drilling campaign, please visit the Presentation & Events section of Criterium’s website.
Workover Program – Continued Success Targeting New GH Sand Zone
Following up on the success of the Company’s initial workover program (as previously announced on June 25, 2024), Criterium commenced a five-well workover program on July 25, 2024. To date, two workovers have been completed, with well optimization ongoing and early indications of production levels exceeding internal base case forecasts that modeled approximately 30 bbl/d per workover. The remaining three workovers, which target the newly discovered GH sand zone (as outlined in the June 25 release), are expected to be completed by mid-August. The Company intends to provide an update on the results of these workovers concurrent with the announcement of Criterium spudding the MGH infill well program.
North Peak Resources Ltd. (TSXV: NPR) announce first assay results from the ongoing drilling at the Prospect Mountain North area of its Prospect Mountain Property (the “Property“) in Eureka, Nevada. The Company is announcing results from the first ten (10) holes of the 2024 Reverse Circulation (RC) drill program, with seven (7) holes from the Wabash/Williams/Silver Connor historical mine areas on the west side of the Property ridge and three (3) holes from the Industry tunnel area on the east side of the Property ridge.
“Though a small program, drill hole results received so far have augmented the assumptions held by our geologists on widths and confirmed the Company’s revised interpretation of steeply dipping mineralization, with further extension potential than previously thought,” said Brian Hinchcliffe, Company CEO. “Fortunately, the drillers, Envirotech, have a great crew on the rig that tackled the angled drill holes the geologists designed and that are helping to get a better understanding of the patterns of gold mineralization in this area of former high-grade mines.”
To view the source version of this press release, please visit https://www.
Sarama Resources Ltd. (ASX:SRR)(TSX-V:SWA)
The 580km² project covers the entirety of the Cosmo-Newbery Greenstone Belt and is located approximately 85km north-east of Laverton in a region known for its prolific gold endowment. As one of the last effectively unexplored greenstone belts in Western Australia, the Project presents a unique and compelling opportunity for the Company.
Highlights
Binding agreement to acquire majority interest and control of Cosmo Newbery Gold Project in Western Australia
580km² landholding capturing +50km strike length in highly prospective gold producing region
One of the last effectively unexplored greenstone belts in Western Australia
Virtually no effective exploration undertaken for several decades
Excellent access to infrastructure and nearby producing gold mines
Sarama to initially acquire an 80% interest in the majority of the Project
Ability for Sarama to increase ownership to 100% in the majority of the Project via an option to acquire the vendor’s remaining interest within a 2-year period post completion
Sarama’s President, CEO & MD, Andrew Dinning commented:
“We are pleased to have reached this milestone in the acquisition of a majority interest in the Cosmo Newbery Gold Project and look forward to completing the transaction in due course. The Company considers the Project to be highly prospective for a number of commodities and its scale, location, favourable geological setting and truly underexplored status presents a unique exploration opportunity.”
SOURCE: Sarama Resources Ltd. View the original press release on accesswire.com
Southern Silver Exploration Corp. (TSXV: SSV) has closed the second tranche of its previously reported non-brokered private placement by issuing 5,911,500 units at a price of $0.22 per unit for gross proceeds of $1,300,530. The Company has now closed two tranches for a total of 15,420,478 units for gross proceeds of $3,392,505. At final closing, the Company plans to issue up to 20,454,546 units in the non-brokered private placement (the “Offering”) at a price of $0.22 per unit for gross proceeds of $4.5 million. Each unit will consist of one common share and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one common share for a period of 3 years at a price of $0.30.
In connection with the Offering, the Company paid finders’ fees totalling $7,920 and issued an aggregate 36,000 non-transferable finder warrants for the second tranche, with each finder warrant exercisable to purchase one common share for a period of 3 years at a price of $0.30 per share. All securities issued and sold under the second tranche are subject to a hold period expiring December 13, 2024. The Offering and the payment of finders’ fees is subject to TSX Venture Exchange acceptance.
Net proceeds from the private placement will be used for the continued development of the Cerro Las Minitas (CLM) property, Durango, Mexico and for working capital. Specifically, the Company plans to initiate a program of resource expansion of up to 6000m of drilling in 11 holes to test shallow targets along the north side of the Cerro between the North Felsite and Skarn Front deposits. Drilling will start in early September. Work continues to de-risk the project through the initiation of base-line studies and continued social engagement.
As currently modelled, the CLM project features a large-Scale underground mining operation with robust project economics and high gross revenues in a well located and mining friendly jurisdiction in southeast Durango, Mexico.
SPARC AI INC. (CSE: SPAI) (OTC: SPAIF) announce that the Company has created a solution for autonomous flight for the Parrot ANAFI USA drone.
In late 2023, the Company put forward a path to develop and re-engineer the core IP and technology, embed it into microchips, mobile phones and high-end drones used by first responders. The Company also set an ambitious goal to leverage the SPARC AI algorithms to power a drone in autonomous flight.
The Company is pleased to report that it has successfully deployed the SPARC AI algorithms on the Parrot ANAFI USA drone and successfully completed a series of autonomous flights that demonstrates the drone self-navigating and flying autonomously without GPS, lidar, radar, satellite or image recognition software. Setting up the autonomous flight is done whilst the drone is deployed in the air and activated within seconds of identifying the target location. There is no need for complex flight path orchestration software or building the flight path offline and then uploading to the drone.
The company has recorded a test flight that demonstrates the drone recording the geo location of a parked car and then self-navigating, without GPS, to the exact location before flying back to base also without GPS. There is a connection between the drone and the controller for safety and for sending commands manually only when required. The video has been unedited and unscripted and presented in its raw form to fully demonstrate the drone in action.
Tocvan Ventures Corp. (CSE: TOC)(OTCQB:TCVNF)(FSE:TV3)
Based on management’s strong belief in the project’s potential, the Company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the Company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the Company completed an offsite bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach (see August 22, 2023 news release for more details).
Surface sampling has been ongoing across the Gran Pilar project area with a focus on the northern and eastern extensions of the Main Zone, North Hill and 4-T trends. To date, over 200 surface samples have been collected by technical staff with results pending. The sampling will provide key information for defining target areas for future drilling campaigns and outlining areas appropriate for future mine-infrastructure. The Company is encouraged by the initial surface results released early this year that identified several high-grade gold and silver zones east of the Main Zone highlighted by 7.3 g/t Au with 177 g/t Ag and 5.5 g/t Au with 80 g/t Ag (see Figure 1 and April 18, 2024 news release) and the continued work of small, placer miners in the area which continue to report positive results from several areas of interest. These results are coupled with high-grade gold and silver results associated with a large footprint of hydrothermal alteration five kilometers north of the Main Zone (5.6 g/t Au in the October 19, 2023 news release and 3.2 g/t Au with 1,225 g/t Ag in the March 8, 2024 news release).
As a result of the surface findings, a detailed review of Gran Pilar spanning over 6 weeks of on-site due diligence has been completed by a regional major producer. Once data has been processed and reviewed both parties will discuss next steps later in the fall.
SOURCE: Tocvan Ventures Corp. View the original press release on accesswire.com.
Thunder Gold Corp (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) announce it intends to complete a non-brokered private placement to raise gross proceeds of up to approximately $1,000,000 (the “Financing”) through the sale of up to 33,333,333 units (the “Units”) at a price of $0.03 per Unit. Each Unit shall consist of one common share of the Company and one common share purchase warrant (the “Warrant”), entitling the holder to purchase one additional common share of the Company at a price of $0.10 per share for a period of 36 months from the date of issue. Each Warrant shall be subject to an accelerated expiry date at the option of the Company in the event the twenty (20) day volume-weighted average price of the common shares of the Company on the TSX Venture Exchange (the “TSXV”) for any twenty (20) consecutive trading days is $0.20 or more.
The Units shall be subject to the statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Company may pay finder’s fees to eligible finders in accordance with the policies of the TSXV consisting of a cash fee equal to up to 6% of the gross proceeds raised under the Financing and finder warrants (“Finder Warrants”) in an amount equal to up to 6% of the number of Units sold pursuant to the Financing. Each Finder Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.10 per share for a period of 36 months from the date of issue.
Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF)
In addition, Torq is required to expend at least USD $1,000,000 in exploration before August 22, 2025 and an additional USD $1,000,000 (to a total of USD $2,000,000) in exploration before August 22, 2026.
Shawn Wallace, Executive Chair and CEO commented, “We appreciate the cooperation of the Margarita Project owners for allowing the deferral of certain near-term option obligations. The deferral of these obligations coupled with the recently announced Gold Fields Option and Joint Venture for the Santa Cecilia Project will give the Company significant financial relief from its payment and capital expenditure requirements.
With Santa Cecilia proposed to be financed by virtue of the Option and Joint Venture, it should prove much less onerous to continue financing and exploring the Margarita Project. Both deals will allow the Company and its partners to unlock the potential for both of these exciting projects in a sustainable and accretive manner. We are looking forward to getting back to active exploration work in the months to come despite the current difficult junior explorer market conditions.” View the original press release on accesswire.com
Wednesday, August 14, 2024 (9:00-9:20 AM EST)
InvestorTalk with Rahim Suleman from Neo Performance Materials Inc. (TSX: NEO)Join Zoom Meeting – click here
ECONOMIC DATA (EDT)
1100 LSEG IPSOS PCSI for Aug: Prior 46.97
COMPANIES REPORTING
Africa Oil Corp: Expected Q2 earnings of 8 cents per share
Boralex Inc: Expected Q2 earnings of 7 Canadian cents per share
Hydro One Ltd: Expected Q2 earnings of 48 Canadian cents per share
Metro Inc: Expected Q3 earnings of C$1.34 per share
Northland Power Inc: Expected Q2 earnings of 17 Canadian cents per share
Wesdome Gold Mines Ltd: Expected Q2 earnings of 15 Canadian cents per share
World Markets
Euro STOXX 50 futures were up 15 points at 4,728, FTSE futures added 31 points to 8,272, German DAX futures gained 38 points at 17,920, by 0430.
Asian shares rose, and the dollar nursed losses after soft U.S. producer prices data stirred hopes that consumer price inflation would be benign.
Oil prices climbed on estimates about shrinking U.S. crude and gasoline inventories as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies.
S&P 500 Index Mini Futures: 5,459; flat
DJIA Mini Futures: 39,899; up 0.03%; 10 points
Nikkei: 36,197.63; down 0.1%; 34.88 points
MSCI Asia, Ex-JP: 559.36; up 0.47%; 2.61 points
EUR/USD: $1.0992; down 0.01%; 0.0002 point
GBP/USD: $1.2860; down 0.01%; 0.0001 point
USD/JPY: 146.91 yen; up 0.05%; 0.07 point
Spot Gold: $2,460.18; down 0.20%; $4.85
U.S. Crude: $78.85; up 0.64%; $0.50
Brent Crude: $81.15; up 0.57%; $0.46
10-Yr U.S. Treasury Yield: 3.8484%; down -0.006 point
10-Yr Bund Yield: 2.1880%; up 0.006 point
Asian shares rose, and the dollar nursed losses after soft U.S. producer prices data stirred hopes that consumer price inflation would be benign.
Oil prices climbed on estimates about shrinking U.S. crude and gasoline inventories as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies.
S&P 500 Index Mini Futures: 5,459; flat
DJIA Mini Futures: 39,899; up 0.03%; 10 points
Nikkei: 36,197.63; down 0.1%; 34.88 points
MSCI Asia, Ex-JP: 559.36; up 0.47%; 2.61 points
EUR/USD: $1.0992; down 0.01%; 0.0002 point
GBP/USD: $1.2860; down 0.01%; 0.0001 point
USD/JPY: 146.91 yen; up 0.05%; 0.07 point
Spot Gold: $2,460.18; down 0.20%; $4.85
U.S. Crude: $78.85; up 0.64%; $0.50
Brent Crude: $81.15; up 0.57%; $0.46
10-Yr U.S. Treasury Yield: 3.8484%; down -0.006 point
10-Yr Bund Yield: 2.1880%; up 0.006 point
| Metals | Price | Day | % | Weekly | Monthly | YoY | Date |
|---|---|---|---|---|---|---|---|
| Gold USD/t.oz | 2472.23 | 8.11 | 0.33% | 3.66% | 2.05% | 30.01% | 07:23 |
| Silver USD/t.oz | 27.851 | 0.015 | 0.05% | 4.56% | -8.99% | 23.79% | 07:23 |
| Copper USD/Lbs | 4.0537 | 0.0022 | 0.05% | 2.57% | -10.45% | 9.99% | Aug/14 |
| Steel CNY/T | 2825.00 | 75.00 | -2.59% | -5.04% | -14.37% | -21.09% | Aug/14 |
| Iron Ore USD/T | 100.44 | 0.23 | -0.23% | -2.35% | -8.42% | -4.00% | Aug/13 |
| Lithium CNY/T | 76500 | 1,000 | -1.29% | -3.77% | -13.56% | -69.09% | Aug/12 |
| Platinum USD/t.oz | 940.00 | 2.80 | 0.30% | 2.79% | -5.77% | 5.81% | Aug/14 |
| Titanium CNY/KG | 47.50 | 0.00 | 0.00% | -2.06% | -2.06% | -4.02% | Aug/14 |
| HRC Steel USD/T | 665.06 | 10.94 | -1.62% | -2.77% | 0.46% | -11.44% | Aug/14 |
US
Markets closed higher Tuesday, led by encouraging inflation news (more on that below). The Nasdaq Composite soared 2.43% and the S&P 500 climbed 1.68%. Meanwhile, the Dow Jones Industrial Average ended the day up 408 points, or 1.04% higher. The S&P 500 has recovered some of its recent losses and is now less than 5% from its record high set in July. In fact, all three major averages are back above their Aug. 2 closing level, where they were before the dramatic Aug. 5 global market sell-off. Volatility has also eased since then, with the CBOE Volatility Index (VIX) hovering below 20 on Tuesday after soaring above 65 last week.
The producer price index released Tuesday showed wholesale inflation rose less than expected in July. The core PPI reading, which leaves out volatile food and energy components, was flat. Dow Jones consensus estimates had expected increases of 0.2% for both readings. The headline PPI increased 2.2% on a year-over-year basis, which was a significant drop from June’s 2.7% reading. Investors will now turn their attention to July’s consumer price index report, which will be released Wednesday at 8:30 a.m. ET. Economists surveyed by Dow Jones are expecting a similar 0.2% increase for the CPI’s all-items reading, as well as the core measurement. A positive CPI reading could ease some pressure on the Federal Reserve and allow the central bank to focus on other economic challenges, such as the slowing labor market.
Alaska Air Group Inc & Hawaiian Holdings Inc: Alaska Air said it had agreed to extend by a day the review period of its proposed $1.9 billion acquisition of peer Hawaiian Holdings. Alaska and Hawaiian agreed with the U.S. Department of Justice (DOJ) to extend the review period to until 12:01 AM ET on Aug. 16, the Seattle, Washington-based carrier disclosed in a filing. The deal was announced last year and the carriers said in March they “have been working cooperatively with the DOJ and expect to continue to do so”. The deal would give Alaska Air control of more than half of the market for flights to Hawaii, one of the world’s top holiday destinations.
Alphabet Inc: The U.S. Department of Justice is considering options that include breaking up Alphabet’s Google, a week after a judge ruled the tech giant illegally monopolized the online search market, Bloomberg News reported on Tuesday. The verdict, delivered last week, held that Google violated antitrust law, spending billions of dollars to create an illegal monopoly and become the world’s default search engine. The ruling is seen as the first big win for federal authorities taking on the market dominance of Big Tech. The DOJ’s other options include forcing Google to share data with competitors and instating measures to prevent it from gaining an unfair advantage in AI products, the report said, citing people familiar with the matter.
Arm Holdings Plc & Intel Corp: Intel, which is cutting thousands of jobs as it struggles to stay relevant in the chip industry, sold its 1.18 million share stake in British chip firm Arm Holdings in the second quarter, a regulatory filing showed on Tuesday. Intel would have raised about $146.7 million from the sale, based on the average price of Arm’s stock between April and June, according to Reuters calculations. Intel had cash and cash equivalents of $11.29 billion, and total current liabilities of about $32 billion, as of end June. Intel stock has lost more than 59% of its value so far this year, slumping 26% on Aug. 2 after the company suspended its dividend. It was nearly flat in extended trading on Tuesday.
General Motors Co: The company has been sued by the state of Texas, which accused the automaker of installing technology on more than 14 million vehicles to collect data about drivers, which it then sold to insurers and other companies without drivers’ consent. Texas Attorney General Ken Paxton said Tuesday’s lawsuit arose from a probe announced in June into whether several automakers collected and sold mass amounts of data without drivers’ knowledge. Paxton said GM’s data were used to compile “Driving Scores” assessing whether more than 1.8 million Texas drivers had “bad” habits such as speeding, braking too fast, steering too sharply into turns, not using seatbelts and driving late at night.
Grail Inc: The cancer test maker said on Tuesday it has cut about 350 existing jobs as the diagnostics company focuses on the development of its flagship cancer-detection test Galleri, sending its shares up more than 11% in extended trading. Grail expects these cost reductions to extend its existing cash runway from the second half of 2026 into 2028 and anticipates reducing its burn in 2025 to $325 million. Grail on Tuesday also reported a second-quarter revenue of $32 million, up 43% from the year earlier. It sold more than 215,000 Galleri tests during the period.
Alaska Air Group Inc & Hawaiian Holdings Inc: Alaska Air said it had agreed to extend by a day the review period of its proposed $1.9 billion acquisition of peer Hawaiian Holdings. Alaska and Hawaiian agreed with the U.S. Department of Justice (DOJ) to extend the review period to until 12:01 AM ET on Aug. 16, the Seattle, Washington-based carrier disclosed in a filing. The deal was announced last year and the carriers said in March they “have been working cooperatively with the DOJ and expect to continue to do so”. The deal would give Alaska Air control of more than half of the market for flights to Hawaii, one of the world’s top holiday destinations.
Alphabet Inc: The U.S. Department of Justice is considering options that include breaking up Alphabet’s Google, a week after a judge ruled the tech giant illegally monopolized the online search market, Bloomberg News reported on Tuesday. The verdict, delivered last week, held that Google violated antitrust law, spending billions of dollars to create an illegal monopoly and become the world’s default search engine. The ruling is seen as the first big win for federal authorities taking on the market dominance of Big Tech. The DOJ’s other options include forcing Google to share data with competitors and instating measures to prevent it from gaining an unfair advantage in AI products, the report said, citing people familiar with the matter.
Arm Holdings Plc & Intel Corp: Intel, which is cutting thousands of jobs as it struggles to stay relevant in the chip industry, sold its 1.18 million share stake in British chip firm Arm Holdings in the second quarter, a regulatory filing showed on Tuesday. Intel would have raised about $146.7 million from the sale, based on the average price of Arm’s stock between April and June, according to Reuters calculations. Intel had cash and cash equivalents of $11.29 billion, and total current liabilities of about $32 billion, as of end June. Intel stock has lost more than 59% of its value so far this year, slumping 26% on Aug. 2 after the company suspended its dividend. It was nearly flat in extended trading on Tuesday.
General Motors Co: The company has been sued by the state of Texas, which accused the automaker of installing technology on more than 14 million vehicles to collect data about drivers, which it then sold to insurers and other companies without drivers’ consent. Texas Attorney General Ken Paxton said Tuesday’s lawsuit arose from a probe announced in June into whether several automakers collected and sold mass amounts of data without drivers’ knowledge. Paxton said GM’s data were used to compile “Driving Scores” assessing whether more than 1.8 million Texas drivers had “bad” habits such as speeding, braking too fast, steering too sharply into turns, not using seatbelts and driving late at night.
Grail Inc: The cancer test maker said on Tuesday it has cut about 350 existing jobs as the diagnostics company focuses on the development of its flagship cancer-detection test Galleri, sending its shares up more than 11% in extended trading. Grail expects these cost reductions to extend its existing cash runway from the second half of 2026 into 2028 and anticipates reducing its burn in 2025 to $325 million. Grail on Tuesday also reported a second-quarter revenue of $32 million, up 43% from the year earlier. It sold more than 215,000 Galleri tests during the period.
Kellanova: Family-owned candy giant Mars, whose brands include M&M’s and Snickers, said it would buy Cheez-It and Pringles maker Kellanova in a nearly $36 billion deal, making it the biggest deal in the packaged food industry. Mars will pay $83.50 per share in an all-cash deal for Kellanova, representing about 33% premium to Kellanova’s close on Aug. 2, before Reuters first reported that Mars was exploring a deal for the Pringles maker. The deal dwarfs Mars’ $23 billion takeover of Wrigley in 2008 and would bring under one roof a slate of popular consumer brands including Mars’ Twix, Bounty and Milky Way chocolates as well as Kellanova’s snacks portfolio of Pop-Tarts, Rice Krispies Treats and Eggo frozen waffles.
Southwest Airlines Co: Elliott Investment Management has launched a boardroom battle at Southwest Airlines seeking to replace 10 of 15 directors, as the hedge fund pushes to oust the airline’s chief executive and improve performance, it said on Tuesday. The move is an escalation in a fight over who should lead the airline and how it should change. Southwest’s stock price has fallen 24% in the last 52 weeks, as it tries to implement a turnaround plan including adding seats with more legroom, moving to assigned seats and naming a new board member in July. The board nominees by activist investor Elliott consist of former airlines chief executives, consultants and officials, including former Virgin America CEO David Cush and Robert Milton, the former CEO of Air Canada.
ECONOMIC DATA (EDT)
0830 Core CPI mm SA for July: Expected 0.2%; Prior 0.1%
0830 Core CPI yy NSA for July: Expected 3.2%; Prior 3.3%
0830 CPI index NSA for July: Expected 314.775; Prior 314.175
0830 Core CPI index SA for July: Prior 318.35
0830 CPI mm SA for July: Expected 0.2%; Prior -0.1%
0830 CPI yy NSA for July: Expected 3.0%; Prior 3.0%
0830 Real weekly earnings mm for July: Prior 0.3%
0830 CPI mm NSA for July: Prior 0.030%
0830 CPI index SA for July: Prior 313.050
0830 CPI wage earner for July: Prior 308.054
1100 Cleveland Fed CPI for July: Prior 0.2%
1100 LSEG IPSOS PCSI for Aug: Prior 55.99
Southwest Airlines Co: Elliott Investment Management has launched a boardroom battle at Southwest Airlines seeking to replace 10 of 15 directors, as the hedge fund pushes to oust the airline’s chief executive and improve performance, it said on Tuesday. The move is an escalation in a fight over who should lead the airline and how it should change. Southwest’s stock price has fallen 24% in the last 52 weeks, as it tries to implement a turnaround plan including adding seats with more legroom, moving to assigned seats and naming a new board member in July. The board nominees by activist investor Elliott consist of former airlines chief executives, consultants and officials, including former Virgin America CEO David Cush and Robert Milton, the former CEO of Air Canada.
ECONOMIC DATA (EDT)
0830 Core CPI mm SA for July: Expected 0.2%; Prior 0.1%
0830 Core CPI yy NSA for July: Expected 3.2%; Prior 3.3%
0830 CPI index NSA for July: Expected 314.775; Prior 314.175
0830 Core CPI index SA for July: Prior 318.35
0830 CPI mm SA for July: Expected 0.2%; Prior -0.1%
0830 CPI yy NSA for July: Expected 3.0%; Prior 3.0%
0830 Real weekly earnings mm for July: Prior 0.3%
0830 CPI mm NSA for July: Prior 0.030%
0830 CPI index SA for July: Prior 313.050
0830 CPI wage earner for July: Prior 308.054
1100 Cleveland Fed CPI for July: Prior 0.2%
1100 LSEG IPSOS PCSI for Aug: Prior 55.99
Europe / Asia
Family-owned candy giant Mars, whose brands include M&M’s and Snickers, is nearing a deal to acquire Kellanova, maker of snacks such as Cheez-It and Pringles, for nearly $30 billion, a person familiar with the matter told Reuters on Tuesday.
Google unveiled a lineup of new Pixel smartphones with deeper integrations of its artificial intelligence technology as it races to incorporate AI into its hardware.
Ukraine kept pounding the Russian border region of Kursk with missiles and drones, as Kyiv said it had made further territorial gains in an incursion that U.S. President Joe Biden called a “real dilemma” for the Kremlin’s leader.
UBS reported a net profit of $1.14 billion for the April-June period, the first results since the completion of the bank’s formal legal merger with its one-time rival Credit Suisse.
Danish brewer Carlsberg lifted its forecast for full-year operating profit growth despite posting weaker-than-expected sales for the second quarter hit by bad June weather.
Flutter raised its full-year guidance after a much better than expected second quarter and said it would not hit customers with a surcharge in high-tax U.S. states, shortly after which rival betting firm DraftKings dropped plans to do so.
ECONOMIC DATA (GMT)
0600 United Kingdom Core CPI mm for July: Expected 0.2%; Prior 0.2%
0600 United Kingdom Core CPI yy for July: Expected 3.4%; Prior 3.5%
0600 United Kingdom CPI mm for July: Expected -0.1%; Prior 0.1%
0600 United Kingdom CPI yy for July: Expected 2.3%; Prior 2.0%
0600 United Kingdom RPI mm for July: Expected 0.1%; Prior 0.2%
0600 United Kingdom RPI yy for July: Expected 3.6%; Prior 2.9%
0600 United Kingdom CPI Services mm for July: Expected 0.8%; Prior 0.6%
0600 United Kingdom CPI Services yy for July: Expected 5.5%; Prior 5.7%
0600 United Kingdom PPI Input Prices NSA mm for July: Expected 0.0%; Prior -0.8%
0600 United Kingdom PPI Input Prices NSA yy for July: Expected 0.2%; Prior -0.4%
0600 United Kingdom PPI Output Prices NSA mm for July: Expected 0.0%; Prior -0.3%
0600 United Kingdom PPI Output Prices NSA yy for July: Expected 1.2%; Prior 1.4%
0645 France CPI (EU Norm) Final mm for July: Expected 0.2%; Final 0.2%
0645 France CPI (EU Norm) Final yy for July: Expected 2.6%; Final 2.6%
0645 France CPI NSA yy for July: Expected 2.3%; Final 2.3%
0645 France CPI NSA mm for July: Expected 0.1%; Final 0.1%
0900 Euro Zone Employment Flash yy for Q2: Expected 1.0%; Final 1.0%
0900 Euro Zone Employment Flash qq for Q2: Expected 0.2%; Final 0.3%
0900 Euro Zone GDP Flash Estimate qq for Q2: Expected 0.3%; Final 0.3%
0900 Euro Zone GDP Flash Estimate for Q2: Expected 0.6%; Final 0.6%
0900 Euro Zone Industrial Production mm for June: Expected 0.5%; Prior -0.6%
0900 Euro Zone Industrial Production mm for June: Expected -3.0%; Prior -2.9%
Google unveiled a lineup of new Pixel smartphones with deeper integrations of its artificial intelligence technology as it races to incorporate AI into its hardware.
Ukraine kept pounding the Russian border region of Kursk with missiles and drones, as Kyiv said it had made further territorial gains in an incursion that U.S. President Joe Biden called a “real dilemma” for the Kremlin’s leader.
UBS reported a net profit of $1.14 billion for the April-June period, the first results since the completion of the bank’s formal legal merger with its one-time rival Credit Suisse.
Danish brewer Carlsberg lifted its forecast for full-year operating profit growth despite posting weaker-than-expected sales for the second quarter hit by bad June weather.
Flutter raised its full-year guidance after a much better than expected second quarter and said it would not hit customers with a surcharge in high-tax U.S. states, shortly after which rival betting firm DraftKings dropped plans to do so.
ECONOMIC DATA (GMT)
0600 United Kingdom Core CPI mm for July: Expected 0.2%; Prior 0.2%
0600 United Kingdom Core CPI yy for July: Expected 3.4%; Prior 3.5%
0600 United Kingdom CPI mm for July: Expected -0.1%; Prior 0.1%
0600 United Kingdom CPI yy for July: Expected 2.3%; Prior 2.0%
0600 United Kingdom RPI mm for July: Expected 0.1%; Prior 0.2%
0600 United Kingdom RPI yy for July: Expected 3.6%; Prior 2.9%
0600 United Kingdom CPI Services mm for July: Expected 0.8%; Prior 0.6%
0600 United Kingdom CPI Services yy for July: Expected 5.5%; Prior 5.7%
0600 United Kingdom PPI Input Prices NSA mm for July: Expected 0.0%; Prior -0.8%
0600 United Kingdom PPI Input Prices NSA yy for July: Expected 0.2%; Prior -0.4%
0600 United Kingdom PPI Output Prices NSA mm for July: Expected 0.0%; Prior -0.3%
0600 United Kingdom PPI Output Prices NSA yy for July: Expected 1.2%; Prior 1.4%
0645 France CPI (EU Norm) Final mm for July: Expected 0.2%; Final 0.2%
0645 France CPI (EU Norm) Final yy for July: Expected 2.6%; Final 2.6%
0645 France CPI NSA yy for July: Expected 2.3%; Final 2.3%
0645 France CPI NSA mm for July: Expected 0.1%; Final 0.1%
0900 Euro Zone Employment Flash yy for Q2: Expected 1.0%; Final 1.0%
0900 Euro Zone Employment Flash qq for Q2: Expected 0.2%; Final 0.3%
0900 Euro Zone GDP Flash Estimate qq for Q2: Expected 0.3%; Final 0.3%
0900 Euro Zone GDP Flash Estimate for Q2: Expected 0.6%; Final 0.6%
0900 Euro Zone Industrial Production mm for June: Expected 0.5%; Prior -0.6%
0900 Euro Zone Industrial Production mm for June: Expected -3.0%; Prior -2.9%
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Source (but not limited too) Reuters, CNBC, Financial Post, Financial Times, Globe & Mail, Kitco, Refinitiv, Dow Jones
