VTv Therapeutics: Q1 Earnings Snapshot
On a per-share basis, the High Point, North Carolina-based company said it had a loss of 77 cents.
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10 minutes ago
- Business Insider
Air Canada Withdraws Guidance as Flight Attendant Strike Grounds Planes
(AC) has withdrawn its third quarter and full-year earnings guidance as a strike by its 10,000 flight attendants has led to 700 canceled flights and a shut down of its operations. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. The Montreal-based carrier, which typically carries 130,000 people a day within Canada and internationally, has been grounded as a strike by its flight attendants enters a third day. In a statement, Air Canada said it canceled 240 flights on Aug. 17 alone due to the strike, leaving thousands of passengers stranded. Canada's federal government in Ottawa moved quickly to order the flight attendants back to work and extend the union's previous collective agreement until a resolution to the current conflict is reached. The government also directed the airline and the Canadian Union of Public Employees (CUPE) to enter binding arbitration to determine the outcome of the contentious labor dispute. Unfortunately, the union has refused to comply with the government's back-to-work order and the flight attendants remain on picket lines throughout Canada. 'Hell No, We Won't Go' In a news release, representatives of CUPE said they want Air Canada to negotiate a fair deal at the bargaining table rather than rely on the federal government to order an end to the strike, which is now considered an illegal work stoppage. Along with pulling its guidance, the airline said that it plans to resume flights on Aug. 18, though it didn't provide details on how it would accomplish that feat. Management has said it will likely take between seven and 10 business days for Air Canada's schedule to normalize, if the strike were to end right away, though that appears unlikely. Is AC Stock a Buy? Air Canada's stock has a consensus Strong Buy rating among 12 Wall Street analysts. That rating is based on 10 Buy and two Hold recommendations issued in the last three months. The average AC price target of C$25.79 implies 33.20% upside from current levels.
25 minutes ago
Air Canada and flight attendants union resume talks for the first time since strike began
TORONTO -- TORONTO (AP) — Air Canada and the union representing 10,000 flight attendants resumed talks late Monday for the first time since the strike began over the weekend. The strike is affecting about 130,000 travelers a day at the peak of the summer travel season. It was the first time the two sides talked since early Saturday or late Friday. In an update to its members, the union said the airline reached out and the meeting occurred with the assistance of a mediator in Toronto. It followed the union's declaration that the flight attendants won't return to work even though the strike, now in its third day, has been declared illegal. Earlier, Air Canada said rolling cancellations would now extend Tuesday afternoon after the union defied a second return-to-work order. The country's biggest airline had said earlier that operations would resume Monday evening but the union president said that won't happen. 'We will not be returning to the skies,' said Mark Hancock, national president for Canadian Union of Public Employees, or CUPE, which also represents some non-public sectors. The Canada Industrial Relations Board had declared the strike illegal Monday and ordered the flight attendants back on the job. But the union said it would defy the directive. Union leaders also ignored a weekend order to submit to binding arbitration and end the strike by Sunday afternoon. The board, an independent administrative tribunal that interprets and applies Canada's labor laws, had said the union needed to provide written notice to all of its members by noon Monday that they must resume their duties. 'If it means folks like me going to jail, then so be it. If it means our union being fined, then so be it," Hancock said. "We're looking for a solution here. Our members want a solution here, but solution has to be found at the bargaining table.' It was not immediately clear what recourse the board or the government have if the union continues to refuse. Labor leaders are objecting to the Canadian government's repeated use of a law that cuts off workers' right to strike and forces them into arbitration, a step the government took in recent years with workers at ports, railways and elsewhere. 'We are in a situation where literally hundreds of thousands of Canadians and visitors to our country are being disrupted by this action,' Prime Minister Mark Carney said. 'I urge both parties to resolve this as quickly as possible.' Carney stressed it was important that flight attendants were compensated fairly at all times. Jobs Minister Patty Hajdu said the federal government is launching a probe into the unions' allegations that flight attendants are not paid for work they do while airplanes are on the ground, and is considering introducing legislation to address the issue. Air Canada operates around 700 flights per day. The airline estimated Monday that 500,000 customers would be affected by flight cancellations. Aviation analytics firm Cirium said that as of Monday afternoon, Air Canada had called off at least 1,219 domestic flights and 1,339 international flights since last Thursday, when the carrier began gradually suspending its operations ahead of the strike and lockout. Air Canada chief executive Michael Rousseau said he still was looking for a quick resolution. 'We're obviously hoping we can go tomorrow, but we'll make that decision later today,' Rousseau said on BNN Bloomberg shortly after the union announced it would continue with the strike. Montreal resident Robert Brzymowski has been stranded in Prague along with his wife and their two children since Saturday, when Air Canada canceled their flight home from what was meant to be a two-week vacation visiting relatives. Brzymowski, who consults businesses on energy-efficient practices, said he was set to start a new job Monday but lost out on the contract because he wasn't back in Montreal in time. 'I wasn't planning on losing my job over vacation,' he said. Frustrated by what he described as a lack of communication from the airline, Brzymowski said he went to the airport in Prague on Monday morning and was able to get the airline to book them a new flight on Aug. 25 — more than a week after their original flight. He said his children will also miss the first day of the new school year, and his wife won't get paid for the week because she used the last of her paid time off for the year for this trip. 'I, for one, will never fly Air Canada again,' Brzymowski said. 'I'll take a boat if I have to.' Flight attendants walked off the job early Saturday, after turning down the airline's request to enter into government-directed arbitration, which allows a third-party mediator to decide the terms of a new contract. Air Canada and CUPE have been in contract talks for about eight months but remain far apart on the issue of pay and the unpaid work that flight attendants do when planes aren't in the air. The airline's latest offer included a 38% increase in total compensation, including benefits and pensions, over four years, that it said 'would have made our flight attendants the best compensated in Canada.' But the union pushed back, saying the proposed 8% raise in the first year didn't go far enough because of inflation. Passengers whose flights are impacted will be eligible to request a full refund on the airline's website or mobile app, according to Air Canada.
25 minutes ago
FTC sues ticket reseller, saying it illegally exceeded purchase limits for Taylor Swift, other shows
The U.S. Federal Trade Commission filed a lawsuit Monday against a ticket broker, alleging the company used illegal tactics to exceed purchasing limits for popular events and then resold tickets at significantly higher prices. In a lawsuit filed in federal court in Maryland, the FTC said Maryland-based ticket broker Key Investment Group has used thousands of fictitious Ticketmaster accounts and other methods to buy tickets for events, including Taylor Swift's Eras Tour. According to the FTC, Key Investment Group – which does business under brand names like Epic Seats and Totally Tix – purchased at least 379,776 tickets from Ticketmaster between Nov. 1, 2022, and Dec. 30, 2023. The company spent nearly $57 million to buy the tickets and resold them on secondary marketplaces for approximately $64 million. For just one Taylor Swift concert, Key Investment Group allegedly used 49 different accounts to purchase 273 tickets, dramatically exceeding the Eras Tour's 2023 six-ticket purchase limit per event, the FTC said. Fans were so frustrated by the difficulty getting tickets for Swift's tour that the U.S. Senate wound up grilling Ticketmaster in a 2023 hearing. In a statement released Monday, Key Investment Group said it will vigorously defend itself against the FTC's lawsuit. 'The case threatens to dismantle the secondary ticket market for live events, further consolidating power in the hands of the industry's largest monopoly,' the company said. Key Investment Group said the FTC is misapplying the Better Online Ticket Sales Act, a 2016 law which it said was meant to target malicious software, not legitimate resale businesses. Key Investment Group sued the FTC in July to try to prevent the agency from using the law against it, saying it uses human employees — not bots — to buy tickets. But the FTC said that law also prohibits anyone from circumventing security measures and other controls meant to enforce posted ticket limits. In March, with Kid Rock by his side in the Oval Office, President Donald Trump signed an executive order directing U.S. officials to ensure ticket resellers are complying with Internal Revenue Service rules. The order also directed the FTC to ensure 'price transparency at all stages of the ticket-purchase process' and to 'take enforcement action to prevent unfair, deceptive, and anti-competitive conduct in the secondary ticketing market."
