Time To Grow PFL Fanbase, Revenue: CEO John Martin
Professional Fighters League CEO John Martin says now is the time to grow the PFL fanbase and revenue and wants the business to be popular everywhere. He speaks to Romaine Bostick on "The Close." (Source: Bloomberg)
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The market euphoria may continue if there are unexpected tariff reductions or a more dovish stance by the Fed than investors anticipate, the strategists said. US stocks face near-term risk as the market is too complacent about tariffs and the related backlash, according to BNP Paribas Asset Management strategist Chi Lo. On the trade front, Trump suggested he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. While some investors are concerned about 'frothiness,' Craig Johnson at Piper Sandler says that, from a technical point of view, that this is not the case when looking 'down-cap' from the heavy-weights in the S&P 500 and Nasdaq indices. 'We believe that this bull market is broadening out in terms of participation,' he said. In a sign of how breadth remains, the NYSE advance-decline line, a popular indicator that tracks the number of securities rising minus the number falling on the exchange each day, hit fresh highs. Corporate Highlights: Elon Musk warned of difficult times ahead for Tesla Inc. following one of the carmaker's worst stretches since it first started producing electric sedans over a dozen years ago. Alphabet Inc. said demand for artificial intelligence products boosted quarterly sales, and now requires an extreme increase in capital spending — heightening pressure on the company to justify the cost of keeping up in the AI race. International Business Machines Corp. reported weaker-than-expected sales in its closely watched software segment, disappointing investors who have grown increasingly optimistic about the business. 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American Airlines Group Inc. scaled back its earnings outlook amid deep fare discounts offered to woo reluctant travelers back on flights during a slump in consumer demand. Southwest Airlines Co. expects economic turmoil to erase as much as $1 billion of its annual pre-tax profit this year, prompting the US airline to offer shareholders a much-reduced outlook for 2025. Union Pacific Corp., North America's largest railroad, is in advanced discussions with Norfolk Southern Corp. about a potential tie-up in what would be the industry's largest deal ever. The Food and Drug Administration won't sign off on Sarepta Therapeutics Inc. bringing its controversial gene therapy back to the market until the company can persuade US regulators that it won't cause more deaths, according to an official familiar with the situation. Dow Inc. slumped after the chemical company reported its first quarterly loss in five years as trade and tariff uncertainties weighed on volumes. 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Fast Company
an hour ago
- Fast Company
Trump rollback on clean energy subsidies stalls major solar, wind projects and manufacturing plans
Singapore-based solar panel manufacturer Bila Solar is suspending plans to double capacity at its new factory in Indianapolis. Canadian rival Heliene's plans for a solar cell facility in Minnesota are under review. Norwegian solar wafer maker NorSun is evaluating whether to move forward with a planned factory in Tulsa, Oklahoma. And two fully permitted offshore wind farms in the U.S. Northeast may never get built. These are among the major clean energy investments now in question after Republicans agreed earlier this month to quickly end U.S. subsidies for solar and wind power as part of their budget megabill, and as the White House directed agencies to tighten the rules on who can claim the incentives that remain. This marks a policy U-turn since President Donald Trump's return to office that project developers, manufacturers and analysts say will slash installations of renewable energy over the coming decade, kill investment and jobs in the clean energy manufacturing sector supporting them, and worsen a looming U.S. power supply crunch as energy-hungry AI infrastructure expands. Solar and wind installations could be 17% and 20% lower than previously forecast over the next decade because of the moves, according to research firm Wood Mackenzie, which warned that a dearth of new supplies could slow the expansion of data centers needed to support AI technology. Energy researcher Rhodium, meanwhile, said the law puts at risk $263 billion of wind, solar, and storage facilities and $110 billion of announced manufacturing investment supporting them. It will also increase industrial energy costs by up to $11 billion in 2035, it said. 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But even that strategy has become risky, developers said. Days after signing the law, Trump directed the Treasury Department to review the definition of 'beginning of construction.' A revision to those rules could overturn a long-standing practice giving developers four years to claim tax credits after spending just 5% of project costs. Treasury was given 45 days to draft new rules. 'With so many moving parts, financing of projects, financing of manufacturing is difficult, if not impossible,' said Martin Pochtaruk, CEO of Heliene. 'You are looking to see what is the next baseball bat that's going to hit you on the head.' About face Heliene's planned cell factory, which could cost as much as $350 million, depending on the capacity, and employ more than 600 workers, is also in limbo, Pochtaruk said in an interview earlier this month. The company needs more clarity on both what the new law will mean for U.S. demand, and how Trump's trade policy will impact the solar industry. 'We have a building that is anxiously waiting for us to make a decision,' Pochtaruk said. Similarly, Mick McDaniel, general manager of Bila Solar, said 'a troubling level of uncertainty' has put on hold its $20 million expansion at an Indianapolis factory it opened this year that would create an additional 75 jobs. 'NorSun is still digesting the new legislation and recent executive order to determine the impact to the overall domestic solar manufacturing landscape,' said Todd Templeton, director of the company's U.S. division that is reviewing plans for its $620 million solar wafer facility in Tulsa. Five solar manufacturing companies – T1 Energy, Imperial Star Solar, SEG Solar, Solx and ES Foundry – said they are also concerned about the new law's impact on future demand, but that they have not changed their investment plans. The policy changes have also injected fresh doubt about the fate of the nation's pipeline of offshore wind projects, which depend heavily on tax credits to bring down costs. According to Wood Mackenzie, projects that have yet to start construction or make final investment decisions are unlikely to proceed. Two such projects, which are fully permitted, include a 300-megawatt project by developer US Wind off the coast of Maryland and Iberdrola's 791 MW New England Wind off the coast of Massachusetts. Neither company responded to requests for comment. 'They are effectively ready to begin construction and are now trapped in a timeline that will make it that much harder to be able to take advantage of the remaining days of the tax credits,' said Hillary Bright, executive director of offshore wind advocacy group Turn Forward.
