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NEW YORK (AP) — U.S. stocks drifted to a mixed close, as gains for tech stocks nudged the S&P 500 and the Nasdaq to more records. The S&P 500 eked out a gain of under 0.1% Tuesday, while the Nasdaq composite rose 0.4%. The Dow Jones Industrial Average fell 0.2%. Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. The value of the South Korean won sank against the dollar after its president declared martial law and then later said he’ll lift it. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stocks are drifting around their records on Tuesday as Wall Street's white-hot rally lets off the accelerator. The S&P 500 was virtually flat in afternoon trading, a day after rising tech stocks helped it set an all-time high for the 54th time this year. It's climbed in nine of the last 10 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average was down by 56 points, or 0.1%, with 45 minutes remaining in trading, while the Nasdaq composite added 0.2% to its own record set a day earlier. AT&T rose 3.9% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 7.9%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla s sank 2.1% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could keep avoiding a recession that many investors had earlier thought was inevitable. The yield on the 10-year Treasury rose to 4.22 from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump's preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group. Lower rates can help give the economy more juice, but they can also give inflation more fuel. The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October. Based on trading in the options market, Friday's jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital. Since his victory, Trump has broadcasted his plans for tariffs , including for goods coming from China . Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications. The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China. In financial markets abroad, the value of South Korea's currency fell 0.9% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he'd lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.3% drop for SK Telecom. Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs on China and other countries. Indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy. In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris , where the government is battling over the budget. ___ AP Business Writers Yuri Kageyama and Matt Ott contributed. Stan Choe, The Associated PressLockheed Martin Elects John C. Aquilino to Board of Directors
Michigan Trolls Ohio State by Reposting Final Score with Subtle TwistLignocellulosic Market Size, Driving Factors, Competitive Landscape And Forecast To 2034-2031 |
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Sends and CEO Alona Shevtsova to Co-Host the London FinTech Networking MeetupCITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--Dec 3, 2024-- Torrid Holdings Inc. (“Torrid” or the “Company”) (NYSE: CURV), a direct-to-consumer apparel, intimates, and accessories brand in North America for women sizes 10 to 30, today announced its financial results for the quarter ended November 2, 2024. Lisa Harper, Chief Executive Officer of Torrid, stated, “Our third quarter results were below our expectations as our fall assortments did not offer enough newness and novelty. We also saw the environment change meaningfully from the end of September and into October. Despite the weaker top line sales, we delivered a positive full-price comp, 285 basis points of gross profit expansion, and modest Adjusted EBITDA (1) growth. We ended the quarter with clean inventory levels, down 19% to last year, and $44 million in cash.” Ms. Harper continued, “While we are encouraged by our customers’ response to the newness in our assortments, given the volatility we have seen in our business, and recognizing that there is still considerable amount of the quarter ahead of us, we are taking a prudent approach to our fourth quarter outlook. As we move into fiscal 2025, we are confident that we have put in place the necessary changes and strategies to position us for growth.” Financial Highlights for the Third Quarter of Fiscal 2024 Third Quarter of Fiscal 2024 Financial and Operating Metrics November 2, 2024 October 28, 2023 Number of stores (as of end of period) 655 643 Three Months Ended (in thousands, except percentages) November 2, 2024 October 28, 2023 Comparable sales (A) (7 )% (8 )% Net loss $ (1,194 ) $ (2,748 ) Adjusted EBITDA (B) $ 19,584 $ 19,379 (A) Comparable sales (2) for the three-month period ended November 2, 2024 compares sales for the 13-week period ended November 2, 2024, with sales for the 13-week period ended November 4, 2023. (B) Please refer to “Non-GAAP Reconciliation” below for a reconciliation of net loss to Adjusted EBITDA (1). Balance Sheet and Cash Flow Cash and cash equivalents at the end of the third quarter of 2024 totaled $44.0 million. Total liquidity at the end of the quarter, including available borrowing capacity under our revolving credit agreement, was $151.8 million. Cash flow from operations for the nine-month period ended November 2, 2024, was $65.4 million, compared to $33.7 million for the nine-month period ended October 28, 2023. Outlook For the fourth quarter of fiscal 2024 the Company expects: For the full year 2024, which has 52 weeks compared to 53 weeks in full year 2023, the Company expects: The above outlook is based on several assumptions, including, but not limited to, the macroeconomic challenges in the industry in fiscal 2024 as well as higher labor costs. The above outlook does not take into consideration the Consumer Financial Protection Bureau ruling which mandates, among other things, decreases in credit card late fees, and could alter the profitability of our agreements with our private label credit card financing company. See “Forward-Looking Statements” for additional information. Conference Call Details A conference call to discuss the Company’s third quarter 2024 results is scheduled for December 3, 2024, at 4:30 p.m. ET. Those who wish to participate in the call may do so by dialing (877) 407-9208 or (201) 493-6784 for international callers. The conference call will also be webcast live at https://investors.torrid.com . For those unable to participate, a replay of the conference call will be available approximately three hours after the conclusion of the call until December 10, 2024. Notes Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for additional information on non-GAAP financial measures and the accompanying table for a reconciliation to the most comparable GAAP measure. The Company does not provide reconciliations of the forward-looking non-GAAP measures of Adjusted EBITDA to the most directly comparable forward-looking GAAP measure because the timing and amount of excluded items are unreasonably difficult to fully and accurately estimate. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Comparable sales for any given period are defined as the sales of our e-Commerce operations and stores that we have included in our comparable sales base during that period. We include a store in our comparable sales base after it has been open for 15 full fiscal months. If a store is closed during a fiscal year, it is only included in the computation of comparable sales for the full fiscal months in which it was open. Comparable sales for the third quarter of fiscal year 2024 compares sales for the 13-week period ended November 2, 2024, with sales for the 13-week period ended November 4, 2023. Partial fiscal months are excluded from the computation of comparable sales. We apply current year foreign currency exchange rates to both current year and prior year comparable sales to remove the impact of foreign currency fluctuation and achieve a consistent basis for comparison. Comparable sales allow us to evaluate how our unified commerce business is performing exclusive of the effects of non-comparable sales and new store openings. About Torrid TORRID is a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for curvy women. Specializing in sizes 10 to 30, TORRID’s primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of its customers. TORRID’s extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Revenues are generated primarily through its e-Commerce platform www.torrid.com and its stores in the United States of America, Puerto Rico and Canada. Non-GAAP Financial Measures In addition to results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management utilizes certain non-GAAP performance measures, such as Adjusted EBITDA, for purposes of evaluating ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. Adjusted EBITDA is a supplemental measure of our operating performance that is neither required by, nor presented in accordance with, GAAP and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA represents GAAP net income (loss) plus interest expense less interest income, net of other expense (income), plus provision for income taxes, depreciation and amortization (“EBITDA”), and share-based compensation, non-cash deductions and charges, and other expenses We believe Adjusted EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to ongoing operating performance. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting the overall expected performance of our business and for evaluating on a quarterly and annual basis, actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and, as such, use it internally to report and analyze our results and as a benchmark to determine certain non-equity incentive payments made to executives. Adjusted EBITDA has limitations as an analytical tool. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to or substitute for net income (loss), income (loss) from operations, earnings (loss) per share or any other performance measures determined in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Forward-Looking Statements Certain statements made in this earnings release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this earnings release are forward-looking statements. Forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those that we expected, including: • the adverse impact of rulemaking changes implemented by the Consumer Financial Protection Bureau on our income streams, profitability and results of operations; • changes in consumer spending and general economic conditions; • the negative impact on interest expense as a result of steep interest rates; • inflationary pressures with respect to labor and raw materials and global supply chain constraints that could increase our expenses; • our ability to identify and respond to new and changing product trends, customer preferences and other related factors; • our dependence on a strong brand image; • increased competition from other brands and retailers; • our reliance on third parties to drive traffic to our website; • the success of the shopping centers in which our stores are located; • our ability to adapt to consumer shopping preferences and develop and maintain a relevant and reliable omni-channel experience for our customers; • our dependence upon independent third parties for the manufacture of all of our merchandise; • availability constraints and price volatility in the raw materials used to manufacture our products; • interruptions of the flow of our merchandise from international manufacturers causing disruptions in our supply chain; • our sourcing a significant amount of our products from China; • shortages of inventory, delayed shipments to our e-Commerce customers and harm to our reputation due to difficulties or shut-down of our distribution facility; • our reliance upon independent third-party transportation providers for substantially all of our product shipments; • our growth strategy; • our failure to attract and retain employees that reflect our brand image, embody our culture and possess the appropriate skill set; • damage to our reputation arising from our use of social media, email and text messages; • our reliance on third-parties for the provision of certain services, including real estate management; • our dependence upon key members of our executive management team; • our reliance on information systems; • system security risk issues that could disrupt our internal operations or information technology services; • unauthorized disclosure of sensitive or confidential information, whether through a breach of our computer system, third-party computer systems we rely on, or otherwise; • our failure to comply with federal and state laws and regulations and industry standards relating to privacy, data protection, advertising and consumer protection; • payment-related risks that could increase our operating costs or subject us to potential liability; • claims made against us resulting in litigation; • changes in laws and regulations applicable to our business; • regulatory actions or recalls arising from issues with product safety; • our inability to protect our trademarks or other intellectual property rights; • our substantial indebtedness and lease obligations; • restrictions imposed by our indebtedness on our current and future operations; • changes in tax laws or regulations or in our operations that may impact our effective tax rate; • the possibility that we may recognize impairments of long-lived assets; • our failure to maintain adequate internal control over financial reporting; and • the threat of war, terrorism or other catastrophes, including natural disasters, that could negatively impact our business. The outcome of the events described in any of our forward-looking statements are also subject to risks, uncertainties and other factors described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on April 2, 2024 and in our other filings with the SEC and public communications. You should evaluate all forward-looking statements made in this earnings release in the context of these risks and uncertainties. We caution you that the important factors referenced above may not include all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the outcomes or affect us or our operations in the way we expect. The forward-looking statements included in this earnings release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise except to the extent required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. Investors and others should note that we may announce material information to our investors using our investor relations website ( https://investors.torrid.com ), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with our investors and the public about our company, our business and other issues. It is possible that the information that we post on social media could be deemed to be material information. We therefore encourage investors to visit these websites from time to time. The information contained on such websites and social media posts is not incorporated by reference into this filing. Further, our references to website URLs in this filing are intended to be inactive textual references only. TORRID HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (In thousands, except per share data) Three Months Ended November 2, 2024 October 28, 2023 Net sales $ 263,766 $ 275,408 Cost of goods sold 168,609 183,906 Gross profit 95,157 91,502 Selling, general and administrative expenses 74,899 71,881 Marketing expenses 13,056 12,739 Income from operations 7,202 6,882 Interest expense 8,784 9,757 Other income, net of other expense (362 ) 267 Loss before benefit from income taxes (1,220 ) (3,142 ) Benefit from income taxes (26 ) (394 ) Net loss $ (1,194 ) $ (2,748 ) Comprehensive loss: Net loss $ (1,194 ) $ (2,748 ) Other comprehensive loss: Foreign currency translation adjustment (86 ) (271 ) Total other comprehensive loss (86 ) (271 ) Comprehensive loss $ (1,280 ) $ (3,019 ) Net loss per share: Basic $ (0.01 ) $ (0.03 ) Diluted $ (0.01 ) $ (0.03 ) Weighted average number of shares: Basic 104,698 104,081 Diluted 104,698 104,081 TORRID HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands, except share and per share data) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 43,953 $ 11,735 Restricted cash 399 399 Inventory 138,261 142,199 Prepaid expenses and other current assets 33,343 22,229 Prepaid income taxes 6,617 2,561 Total current assets 222,573 179,123 Property and equipment, net 85,569 103,516 Operating lease right-of-use assets 149,732 162,444 Deposits and other noncurrent assets 18,027 14,783 Deferred tax assets 8,681 8,681 Intangible asset 8,400 8,400 Total assets $ 492,982 $ 476,947 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 77,478 $ 46,183 Accrued and other current liabilities 116,650 107,750 Operating lease liabilities 36,312 42,760 Borrowings under credit facility — 7,270 Current portion of term loan 16,144 16,144 Due to related parties 4,330 9,329 Income taxes payable 62 2,671 Total current liabilities 250,976 232,107 Noncurrent operating lease liabilities 145,126 155,825 Term loan 276,445 288,553 Deferred compensation 3,735 5,474 Other noncurrent liabilities 5,986 6,705 Total liabilities 682,268 688,664 Commitments and contingencies Stockholders' deficit Preferred shares: $0.01 par value; 5,000,000 shares authorized; zero shares issued and outstanding at November 2, 2024 and February 3, 2024 — — Common shares: $0.01 par value; 1,000,000,000 shares authorized; 104,732,148 shares issued and outstanding at November 2, 2024; 104,204,554 shares issued and outstanding at February 3, 2024 1,049 1,043 Additional paid-in capital 138,532 135,140 Accumulated deficit (328,281 ) (347,587 ) Accumulated other comprehensive loss (586 ) (313 ) Total stockholders' deficit (189,286 ) (211,717 ) Total liabilities and stockholders' deficit $ 492,982 $ 476,947 TORRID HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) Nine Months Ended N ovember 2, 2024 Nine Months Ended October 28, 2023 OPERATING ACTIVITIES Net income $ 19,306 $ 15,689 Adjustments to reconcile net income to net cash provided by operating activities: Write down of inventory 1,519 3,767 Operating right-of-use assets amortization 30,429 30,494 Depreciation and other amortization 27,842 28,242 Share-based compensation 4,531 5,981 Other (957 ) (1,351 ) Changes in operating assets and liabilities: Inventory 2,052 4,969 Prepaid expenses and other current assets (11,114 ) (4,578 ) Prepaid income taxes (4,056 ) (2,564 ) Deposits and other noncurrent assets (3,375 ) (6,433 ) Accounts payable 31,876 2,969 Accrued and other current liabilities 10,775 (5,954 ) Operating lease liabilities (33,527 ) (31,565 ) Other noncurrent liabilities (588 ) (468 ) Deferred compensation (1,739 ) 507 Due to related parties (4,999 ) (5,975 ) Income taxes payable (2,609 ) — Net cash provided by operating activities 65,366 33,730 INVESTING ACTIVITIES Purchases of property and equipment (12,617 ) (15,228 ) Net cash used in investing activities (12,617 ) (15,228 ) FINANCING ACTIVITIES Proceeds from revolving credit facility 62,780 455,110 Principal payments on revolving credit facility (70,050 ) (458,390 ) Principal payments on term loan (13,125 ) (13,125 ) Proceeds from issuances under share-based compensation plans 704 320 Withholding tax payments related to vesting of restricted stock units and awards (675 ) (249 ) Net cash used in financing activities (20,366 ) (16,334 ) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (165 ) (141 ) Increase in cash, cash equivalents and restricted cash 32,218 2,027 Cash, cash equivalents and restricted cash at beginning of period 12,134 13,935 Cash, cash equivalents and restricted cash at end of period $ 44,352 $ 15,962 SUPPLEMENTAL INFORMATION Cash paid during the period for interest related to the revolving credit facility and term loan $ 27,080 $ 24,852 Cash paid during the period for income taxes $ 14,200 $ 10,976 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES Property and equipment purchases included in accounts payable and accrued liabilities $ 1,450 $ 3,360 Non-GAAP Reconciliation The following table provides a reconciliation of Net loss to Adjusted EBITDA for the periods presented (dollars in thousands): Three Months Ended November 2, 2024 October 28, 2023 Net loss $ (1,194 ) $ (2,748 ) Interest expense 8,784 9,757 Other income, net of other expense (362 ) 267 Benefit from income taxes (26 ) (394 ) Depreciation and amortization (A) 8,523 8,785 Share-based compensation (B) 685 1,585 Non-cash deductions and charges (C) 112 409 Other expenses (D) 3,062 1,718 Adjusted EBITDA $ 19,584 $ 19,379 (A) Depreciation and amortization excludes amortization of debt issuance costs and original issue discount that are reflected in interest expense. (B) During the three months ended November 2, 2024 and October 28, 2023, share-based compensation includes $(0.3) million and $0.1 million, respectively, for awards that will be settled in cash as they are accounted for as share-based compensation in accordance with ASC 718, Compensation—Stock Compensation , similar to awards settled in shares. (C) Non-cash deductions and charges includes non-cash losses on property and equipment disposals and the net impact of non-cash rent expense. (D) Other expenses include certain transaction and litigation fees (including certain settlement costs) and severance costs for certain key management positions. View source version on businesswire.com : https://www.businesswire.com/news/home/20241203834068/en/ CONTACT: Investors Lyn Walther IR@torrid.com Media Joele Frank, Wilkinson Brimmer Katcher Michael Freitag / Arielle Rothstein / Lyle Weston Media@torrid.com KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: RETAIL ONLINE RETAIL DEPARTMENT STORES FASHION SOURCE: Torrid Holdings Inc. Copyright Business Wire 2024. PUB: 12/03/2024 04:05 PM/DISC: 12/03/2024 04:06 PM http://www.businesswire.com/news/home/20241203834068/enCosta Rica Reports Terror Links in Growing Migration Crisis
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WASHINGTON (AP) — FBI Director Christopher Wray told bureau workers Wednesday that he plans to resign at the end of President Joe Biden's term in January, an announcement that came a week and a half after President-elect Donald Trump said he would nominate loyalist Kash Patel for the job. Wray said at a town hall meeting that he would be stepping down “after weeks of careful thought,” roughly three years short of the completion of a 10-year term during which he tried to keep the FBI out of politics even as the bureau found itself entangled in a string of explosive investigations, including two that led to separate indictments of Trump last year as well as inquiries into Biden and his son. “My goal is to keep the focus on our mission — the indispensable work you’re doing on behalf of the American people every day,” Wray told agency employees. “In my view, this is the best way to avoid dragging the bureau deeper into the fray, while reinforcing the values and principles that are so important to how we do our work.” The intended resignation was not unexpected considering that Trump had settled on Patel to be director and had repeatedly aired his ire at Wray, whom he appointed during his first term. But his departure is nonetheless a reflection of how Trump's norm-breaking style has reshaped Washington, with the president-elect yet again flouting tradition by moving to replace an FBI director well before his term was up and Wray resigning to avert a collision with the incoming administration. “It should go without saying, but I’ll say it anyway — this is not easy for me," Wray said. “I love this place, I love our mission, and I love our people — but my focus is, and always has been, on us and doing what’s right for the FBI.” Wray received a standing ovation following his remarks before a standing-room-only crowd at FBI headquarters and some in the audience cried, according to an FBI official who was not authorized to discuss the private gathering by name and spoke on condition of anonymity to The Associated Press. Trump applauded the news on social media, calling it “a great day for America as it will end the Weaponization of what has become known as the United States Department of Injustice" and saying that Patel's confirmation will begin “the process of Making the FBI Great Again.” If confirmed by the Senate, Patel would herald a radical leadership transformation at the nation's premier federal law enforcement agency. He has advocated shutting down the FBI's Washington headquarters and called for ridding the federal government of “conspirators," raising alarms that he might seek to wield the FBI's significant investigative powers as an instrument of retribution against Trump's perceived enemies. Patel said in a statement Wednesday that he was looking forward to "a smooth transition. I will be ready to serve the American people on day one.” It's extremely rare for FBI directors to be ousted from their jobs before the completion of their 10-year terms, a length meant to insulate the agency from the political influence of changing administrations. But Trump has done it twice, placing Wray in the job in 2017 after firing Director James Comey amid an investigation into ties between Russia and the Republican president’s campaign. Despite having appointed Wray, Trump had telegraphed his anger with the FBI director on multiple occasions throughout the years, including as recently as the past week. In an interview with NBC’s “Meet the Press” that aired Sunday, Trump said, “I can’t say I’m thrilled with him. He invaded my home,” a reference to the FBI search of his Florida property , Mar-a-Lago, two years ago for classified documents from Trump’s first term as president. That search, and the recovery of boxes of sensitive government records, paved the way for one of two federal indictments against Trump. The case, and another one charging him with plotting to overturn the 2020 election, have both been dismissed by the Justice Department special counsel that brought them in light of Trump's November victory. Attorney General Merrick Garland praised Wray for having “served our country honorably and with integrity for decades.” He said: “Under Director Wray’s principled leadership, the FBI has worked to fulfill the Justice Department’s mission to keep our country safe, protect civil rights, and uphold the rule of law.” Natalie Bara, the president of the FBI Agents Association, said in a statement that Wray had led the FBI “through challenging times with a steady focus on doing the work that keeps our country safe. ” Throughout his seven years on the job, the self-professed "low-key, understated" Wray brought a workmanlike approach to the job, repeatedly preaching a “keep calm and tackle hard” mantra to bureau personnel despite a steady drumbeat of attacks from Trump and his supporters. He also sought to avoid public conflict when possible with the Trump White House, distancing himself and his leadership team from the FBI's Russia investigation over errors that took place before he took office and announcing dozens of corrective actions meant to prevent the recurrence of the surveillance abuses that plagued the inquiry. But there were other instances when he memorably broke from Trump — he did not agree, for instance, with Trump’s characterization of the Russia investigation as a “witch hunt." He made known his displeasure when the White House blessed the declassification of materials related to the surveillance of a former Trump campaign aide and contradicted a Trump talking point by stating that Ukraine had not interfered in the 2016 election. He repeatedly sought to keep the focus on the FBI's day-to-day work, using the bulk of his resignation announcement to praise the bureau's efforts in countering everything from violent crime and cyberattacks to Chinese espionage and terrorism. Yet as he leaves office at a time of heightened threats , much of the public focus has been on the politically sensitive investigations of his tenure. Besides the inquiries into Trump, the FBI in recent years also investigated Biden's handling of classified information as well as Biden's son Hunter for tax and gun violations. Hunter Biden was pardoned by his father last week. A particular flashpoint came in August 2022, when FBI agents searched Mar-a-Lago — an action officials defended as necessary given the boxes of documents that were being concealed at the Palm Beach property and the evidence of obstruction that the Justice Department said had been gathered. Trump railed against the FBI over that search and has kept up his criticism ever since. Trump was angered by Wray's comment at a congressional hearing that there was “some question about whether or not it’s a bullet or shrapnel” that struck Trump's ear during an assassination attempt in Pennsylvania in July. The FBI later stated unequivocally that it was indeed a bullet. Before being named FBI director, Wray worked at a prestigious law firm, King & Spalding, where he represented former New Jersey Gov. Chris Christie during the “Bridgegate” scandal. He also led the Justice Department’s criminal division for a period during President George W. Bush’s administration.
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I tested two vacuums: One is clear winnerWith Black Friday behind us, we have Cyber Monday to look forward to, and Best Buy is really keeping the Cyber Weekend interesting. We're still seeing some eye-catching electronics and appliances from top brands at their lowest here, and even tech like the Apple iPad 9th gen and the Bose QuietComfort Ultra headphones have remained low at Best Buy. Browse the collection we've gathered, and you'll be sure to find something within your budget. Our CNET shopping experts are working round the clock to sort through all the Black Friday and Cyber Monday deals, so you don't have to. The deals chosen include trusted brands and products we've reviewed so you can buy with confidence. We'll continue updating this selection from Best Buy as the Black Friday and Cyber Monday sales keep rolling in. Check back so you don't miss great deals. Feeling thrifty? You might want to check out our roundup of the best deals under $100 . We've even got a roundup of some stellar savings under $50 . Our favorite Best Buy Black Friday deals live now Best Buy has tons of excellent deals you can shop ahead of Black Friday, but these are our top picks for the overall best bargains available right now. The TCL QM8 earned the top spot overall on our list of the best TVs of 2024 , which makes it a serious bargain when you can find it on sale. It's packed with advanced features and hardware, including a QD-Mini LED screen, AI optimization, Dolby Vision IQ support, four HDMI ports and much more. Air fryers are perfect for quick and easy weeknight meals. This digital Bella model has a large 8-quart capacity so you can cook for the whole family, features eight preset cooking functions and has a dishwasher-safe basket and tray for easy cleanup. This ninth-gen Apple iPad from 2021 is marked down by $130 at both Amazon and Best Buy. It has a 10.2-inch screen with an A13 Bionic chip running the show, 64GB of storage, Wi-Fi (not cellular) as well as a 12-megapixel front camera and 8-megapixel back camera. CNET's Scott Stein reassessed the 2021 iPad last year and gave it an Editors' Choice as an affordable, basic tablet that's perfect for kids. The current 10th-gen iPad starts at $349 and is only a year newer. Make your holiday cleanup a bit easier with almost half off a robot vacuum. This Roborock vacuum comes with a self-emptying dock, giving you a true hands-free experience. It's also a two-in-one vacuum and mop. This discounted model is a slight step down from the S8 Pro Ultra that earned a spot on our list of the overall best vacuums of 2024 . This rugged and portable Bluetooth speaker is one of our favorites on the market right now. It's waterproof and dustproof, boasts a 12-hour battery life and features dual passive radiators for rich, full sound. All six color variants are on sale at Best Buy, and you'll get four free months of SiriusXM with the deal if you are a new subscriber. Best Black Friday TV deals at Best Buy Enjoy a crisp 75-inch QLED display in an elegant minimalist package with Samsung's The Frame Series . This 4K TV is an anti-reflective artistic wall mount that blends seamlessly into your living space. Grab it while it's still in stock. Best Black Friday iPad deals at Best Buy This ninth-gen Apple iPad from 2021 is marked down by $130 at both Amazon and Best Buy. It has a 10.2-inch screen with an A13 Bionic chip running the show, 64GB of storage, Wi-Fi (not cellular) as well as a 12-megapixel front camera and 8-megapixel back camera. CNET's Scott Stein reassessed the 2021 iPad last year and gave it an Editors' Choice as an affordable, basic tablet that's perfect for kids. The current 10th-gen iPad starts at $349 and is only a year newer. Best Black Friday laptop deals at Best Buy Apple rarely has sales but Best Buy has the 14-inch MacBook Pro on sale for $200 off. This model has the M3 chip, 8GB of RAM, 10-core GPU, 1TB SSD and Apple Intelligence. This third-gen Chromebook tablet comes with both the keyboard and a newly improved magnetic kickstand perfect for landscape typing or vertical reading, and the Mediatek processor is slightly more powerful and efficient than its Snapdragon-powered predecessors. This is the first deal yet for the Duet 11, which launched just last month. You will not find a better touchscreen Chromebook deal under $200. This half-off clamshell will receive system and security updates through June 2033, and the touchscreen will improve the Android app experience on this lightweight laptop perfect for homework and casual computing. Best Black Friday headphones and speakers deals at Best Buy The AirPods Pro 2 , winners of this year's Editors' Choice Award, stand out as the best AirPods with the Apple H2 chip, delivering exceptional sound quality, noise cancellation and transparency mode. This updated version features USB-C charging and enhanced dust resistance for added durability. The Wonderboom usually wins Black Friday, but the new Miniroll has stolen our hearts with its ultra-portable form factor and easy-to-mount backstrap. It can party all day (or night) with its 12-hour battery life, and UE finally used USB-C to charge the Miniroll, so no more digging out a micro-USB cable. Best Buy seems sold out of Calming Pink, but Amazon and Ultimate Ears still have it. Best Black Friday home appliance deals at Best Buy Dyson regularly makes our list of best vacuums , and for good reason. The Dyson V15 is perfect for quick cleanups and deep cleans. It's also super portable. Best Black Friday gaming deals at Best Buy Now's the best time of the year to finally get a PS5 for yourself or a loved one. This is simply a slimmer version of the regular PS5 we know and love, but this one comes with 1TB of extra storage and the added benefit of a smaller profile. If you're buying for a Fortnite fan, the Cobalt Star PS5 Slim Bundle is down to the same $425 price tag. Best Black Friday smart home deals at Best Buy The Echo Show 8 (2023) is currently $70 off at Best Buy. It features an 8-inch adaptive display, a 13-megapixel camera with a physical shutter for privacy, and improved spatial audio for better sound quality. With its touchscreen, voice control and integration with Alexa and smart devices like Ring cameras, it's a great pick for managing your smart home. Best Black Friday action camera deals at Best Buy The latest from GoPro is available for $100 less, which makes upgrading from anything older than Hero 12 worth it. Grab the GoPro Hero 13 Black for as low as $340 without the bundle. Best Black Friday health and fitness deals at Best Buy It may be a year old, but it's still one of the best smartwatches on the market, and it's a steal at half off. Plus, it's already gotten the update that gives it all the software goodies of the Galaxy Watch 7. The cream colorway has already sold out, and the Graphite may follow soon, so act fast. Track your adventures and stay connected with the Garmin Instinct 2 smartwatch, now at a Black Friday price that's tough to beat. With rugged durability, GPS capabilities, and up to 28 days of battery life, this deal is a must-have for outdoor enthusiasts and fitness fanatics alike. Best Black Friday toys and games deals at Best Buy Rev up the fun this Black Friday with the Razor Dirt Rocket MX350, perfect for young riders (8 years old and up) who love adventure. With a maximum speed of 14 mph and a 7-mile range, this electric dirt bike is built for good fun on a reasonable budget. When is Best Buy's Black Friday and Cyber Monday sale? Best Buy's official Black Friday sale kicked off Thursday, Nov. 21, with a second wave of deals following on Nov. 22 and another on Black Friday itself (Nov. 29). The sale is technically set to end at 11:59 p.m. CT on Nov. 30, but you're likely to see many of the same discounts continuing through Cyber Monday, Dec. 2, along with a handful of new offers. There is no guarantee that deals live on Black Friday will still be available during Cyber Monday or beyond. So if you see something you like, don't wait. What kind of Black Friday and Cyber Monday deals will be available at Best Buy? Many items throughout the store are still on sale at Best Buy for Black Friday, and we expect a lot of those deals to stick around for Cyber Monday. From past experience, we know the retailer will continue to offer savings on tech gadgets, appliances, home goods, fitness equipment, toys and much more. Do I need a membership to shop Best Buy's Black Friday and Cyber Monday sale? No, a Best Buy membership is not required to shop Best Buy's Black Friday sale. However, some deals and discounts will be exclusively available to members. This can include members-only offers or additional savings on already-discounted products. CNET is always covering a wide array of deals on tech products and much more. Start with the hottest sales and discounts on the CNET Deals page , and sign up for the CNET Deals Text to get daily deals sent straight to your phone. Add the free CNET Shopping extension to your browser for real-time price comparisons and cash-back offers. And peruse our gift guide , which includes a full range of ideas for birthdays, anniversaries and more.
Is Enron back? If it’s a joke, some former employees aren’t laughingMichigan, Ohio State fight broken up with police pepper spray after Wolverines stun Buckeyes 13-10 COLUMBUS, Ohio (AP) — A fight broke out at midfield after Michigan stunned No. 2 Ohio State 13-10 as Wolverines players attempted to plant their flag and were met by Buckeyes who confronted them. Police had to use pepper spray to break up the players, who threw punches and shoves in the melee that overshadowed the rivalry game on Saturday. Ohio State police said in a statement “multiple officers representing Ohio and Michigan deployed pepper spray.” Ohio State police will investigate the fight. Ohio State coach Ryan Day said he understood the actions of his players. Michigan coach Sherrone Moore said everybody needs to do better. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get updates and player profiles ahead of Friday's high school games, plus a recap Saturday with stories, photos, video Frequency: Seasonal Twice a week- In its continued support of those experiencing food insecurity, the Church of Scientology Los Angeles helps launch the holidays with its 4th Annual Turkey Drive - LOS ANGELES, Calif., Dec. 3, 2024 (SEND2PRESS NEWSWIRE) — The bright yellow tents of the Volunteer Ministers of the Church of Scientology Los Angeles had something special at their weekly food drive on the Saturday before Thanksgiving: 300 turkeys for local families. The economic impact of the pandemic in 2020 marked the beginning of widespread unemployment and financial hardship. Although lockdowns have been over for several years, and many people have regained or found new employment, food insecurity remains a growing concern. A 2023 study by USC Dornsife Public Exchange revealed that nearly one-third of Los Angeles County residents experience food insecurity. According to the Los Angeles Regional Food Bank , more than half of the parents surveyed in May 2024 reported difficulty accessing food, particularly as pandemic-era benefits phased out. It also reported that L.A. County has more food-insecure children than any other county in the U.S. In response to this urgent need, the Church of Scientology Los Angeles began providing a weekly food drive in 2020 and has continued to offer this service, helping hundreds of families each week. The Church of Scientology Volunteer Ministers program is a religious social service created in the mid-1970s by L. Ron Hubbard. It constitutes one of the world’s largest independent relief forces. A Volunteer Minister’s mandate is to be “a person who helps his fellow man on a volunteer basis by restoring purpose, truth and spiritual values to the lives of others.” Their creed: “A Volunteer Minister does not shut his eyes to the pain, evil and injustice of existence. Rather, he is trained to handle these things and help others achieve relief from them and new personal strength as well.” Their motto is no matter the circumstances, “Something can be done about it.” For more information on the technology used by the Volunteer Minister, watch Scientology Tools for Life and the documentary Operation: Do Something About It on the Scientology Network on DIRECTV 320 or at www.Scientology.tv . LEARN MORE: https://www.scientologynews.org/press-releases/ https://www.scientology-losangeles.org VIDEO: https://youtu.be/B0xMnowNCYo?si=DDYMrYdRbb-XAG-1 https://www.scientology.tv/watch/series/inside-scientology/inside-a-church.html PHOTO link for media: https://www.Send2Press.com/300dpi/24-1203-s2p-COS-TurkeyDrive-300dpi.jpg PHOTO CAPTION: Cars line up at the Church of Scientology Los Angeles for a special addition to its weekly food drive. TAGS: #ChurchOfScientologyLosAngeles #TurkeyDrive #FoodDrive #Thanksgiving #ScientologyVolunteerMinisters NEWS SOURCE: Church of Scientology International Keywords: Religion and Churches, Church Of Scientology Los Angeles, Turkey Drive, Food Drive, Thanksgiving, LOS ANGELES, Calif. This press release was issued on behalf of the news source (Church of Scientology International) who is solely responsibile for its accuracy, by Send2Press® Newswire . Information is believed accurate but not guaranteed. Story ID: S2P122625 APDF15TBLLI To view the original version, visit: https://www.send2press.com/wire/church-of-scientology-food-drive-makes-thanksgiving-special-for-300-local-families/ © 2024 Send2Press® Newswire, a press release distribution service, Calif., USA. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.