NYSE Content Advisory: Pre-market update + Ambiq raises $96 million in IPO
delivers the pre-market update on July 30th
Equities are little changed early Wednesday after a delayed trade deal with China took the S&P 500 three tenths of a percent from its record. It was the first session of the last seven that the index didn't finish at an all-time high.
This afternoon, Americans will receive the Federal Reserve's decision on interest rates. The market is nearly certain rates will remain unchanged despite pressure from the White House to lower them.
Chipmaker Ambiq debuts at the NYSE today after raising $96 million in its IPO. Shares priced at $24 in an upsized deal. Ambiq will trade under the ticker symbol AMBQ.
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Winnipeg Free Press
44 minutes ago
- Winnipeg Free Press
North Carolina Senate race sets up as a fight over who would be a champion for the middle class
RALEIGH, N.C. (AP) — Democrats still in the dumps over last year's elections have found cause for optimism in North Carolina, where former Gov. Roy Cooper jumped into the race for that state's newly open seat with a vow to address voters' persistent concerns about the challenges of making ends meet. Even Republicans quietly note that Cooper's candidacy makes their job of holding the seat more difficult and expensive. Cooper had raised $2.6 million for his campaign between his Monday launch and Tuesday, and more than $900,000 toward allied groups. Republicans, meanwhile, are hardly ceding the economic populist ground. In announcing his candidacy for the Senate on Thursday, Republican National Committee Chair Michael Whatley credited President Donald Trump with fulfilling campaign promises to working Americans and painted Cooper as a puppet of the left. Still, Cooper's opening message that he hears the worries of working families has given Democrats in North Carolina and beyond a sense that they can reclaim their place as the party that champions the middle class. They think it's a message that could help them pick up a Senate seat, and possibly more, in next year's midterm elections, which in recent years have typically favored the party out of power. 'I'm Roy Cooper. And I know that today, for too many Americans, the middle class feels like a distant dream,' the former governor said in a video announcing his candidacy. 'Meanwhile, the biggest corporations and the richest Americans have grabbed unimaginable wealth at your expense. It's time for that to change.' Cooper's plainspoken appeal may represent just the latest effort by Democrats to find their way back to power, but it has some thinking they've finally found their footing after last year's resounding losses. 'I think it would do us all a lot of good to take a close look at his example,' said Larry Grisolano, a Chicago-based Democratic media strategist and former adviser to President Barack Obama. Whatley, a former North Carolina GOP chairman and close Trump ally, used his Thursday announcement that he was entering the race to hail the president as the true champion of the middle class. He said Trump had already fulfilled promises to end taxes on tips and overtime and said Cooper was out of step with North Carolinians. 'Six months in, it's pretty clear to see, America is back,' Whatley said. 'A healthy, robust economy, safe kids and communities and a strong America. These are the North Carolina values that I will champion if elected.' Still, the decision by Cooper, who held statewide office for 24 years and has never lost an election, makes North Carolina a potential bright spot in a midterm election cycle when Democrats must net four seats to retake the majority — and when most of the 2026 Senate contests are in states Trump won comfortably last November. State Rep. Cynthia Ball threw up a hand in excitement when asked Monday at the North Carolina Legislative Building about Cooper's announcement. 'Everyone I've spoken to was really hoping that he was going to run,' said the Raleigh Democrat. Democratic legislators hope having Cooper's name at the top of the ballot will encourage higher turnout and help them in downballot races. While Republicans have controlled both General Assembly chambers since 2011, Democrats managed last fall to end the GOP's veto-proof majority, if only by a single seat. Republican strategists familiar with the national Senate landscape have said privately that Cooper poses a formidable threat. The Senate Leadership Fund, a GOP super PAC affiliated with Senate Majority Leader John Thune, wasted no time in challenging Cooper's portrayal of a common-sense advocate for working people. 'Roy Cooper masquerades as a moderate,' the narrator in the 30-second spot says. 'But he's just another radical, D.C. liberal in disguise.' Cooper, a former state legislator who served four terms as attorney general before he became governor, has never held an office in Washington. Still, Whatley was quick to link Cooper to national progressive figures such as New York Rep. Alexandria Ocasio-Cortez, former Vice President Kamala Harris and Vermont Sen. Bernie Sanders. Whatley accused Cooper of failing to address illegal immigration and of supporting liberal gender ideology. He echoed the themes raised in the Senate Leadership Fund ad, which noted Cooper's vetoes in the Republican-led legislature of measures popular with conservatives, such as banning gender-affirming health care for minors and requiring county sheriffs to cooperate with federal immigration officials. 'Roy Cooper may pretend to be different than the radical extremists,' Whatley said. 'But he is all-in on their agenda.' Cooper first won the governorship in 2016, while Trump was carrying the state in his first White House bid. Four years later, they both carried the state again. Cooper, who grew up in a small town 60 miles (96.6 kilometers) east of Raleigh, has long declined requests that he seek federal office. He 'understands rural North Carolina,' veteran North Carolina strategist Thomas Mills said. 'And while he's not going to win it, he knows how to talk to those folks.' As with most Democrats, Cooper's winning coalition includes the state's largest cities and suburbs. But he has long made enough inroads in other areas to win. 'He actually listens to what voters are trying to tell us, instead of us trying to explain to them how they should think and feel,' said state Sen. Michael Garrett, a Greensboro Democrat. In his video announcement, Cooper tried to turn the populist appeal Trump made to voters on checkbook issues against the party in power, casting himself as the Washington outsider. Senior Cooper strategist Morgan Jackson said the message represents a shift and will take work to drive home with voters. 'Part of the challenge Democrats had in 2024 is we were not addressing directly the issues people were concerned about today,' Jackson said. 'We have to acknowledge what people are going through right now and what they are feeling, that he hears you and understands what you feel.' Pat Dennis, president of American Bridge 21st Century, a group that conducts research for an initiative called the Working Class Project, said Cooper struck a tone that other Democrats should try to match. 'His focus on affordability and his outsider status really hits a lot of the notes these folks are interested in,' Dennis said. 'I do think it's a model, especially his focus on affordability.' 'We can attack Republicans all day long, but unless we have candidates who can really embody that message, we're not going to be able to take back power.' ___ Beaumont reported from Des Moines, Iowa.
Winnipeg Free Press
44 minutes ago
- Winnipeg Free Press
More American couples are turning to Italy's ‘dolce vita' in a quest for memorable weddings
FLORENCE, Italy (AP) — James Atkinson and Samantha Fortino toured a Tuscan vineyard and learned to make pasta and a Bolognese sauce alongside their family and friends in Florence. Atkinson discovered a penchant for chianti, while Fortino fell for Italy's hugo spritz — a cocktail that posed no risk of staining her wedding dress on July 24. Italy has hosted a number of star-studded weddings in the past decade, most recently Jeff Bezos and Lauren Sánchez 's extravaganza in Venice. Away from the spotlight, tens of thousands of ordinary Americans have set their sights on the country for their special day in recent years. 'Weddings in America can be a little too grand and a little bit too big and it ends up not really being about the couple,' said Fortino, 28, a neonatal nurse from Skaneateles, New York. 'We both just really wanted something intimate and meaningful.' Over 15,000 foreign couples wed in Italy last year, up 64% from 2019, the year before the pandemic, according to market research from the Center of Tourist Studies of Florence. Growth was led by U.S couples, who account for almost one-third of that total. Italy was the top international destination for American couples after Mexico, according to Maryland-based wedding planning website The Knot. For many Americans, Italy embodies the simple, beautiful romance of a bygone era. Weather is balmy and its varied landscapes, from the sea to the mountains, stunning. The food is familiar and crowd-pleasing. But perhaps the biggest driver of the recent uptick is ample opportunity for a range of outings, which together with the wedding event are alluring for those on a quest for unique, memorable moments — part of a consumer trend termed 'the experience economy.' 'In the United States, everything is just more expensive for one night and we wanted to make an experience, so we did two nights here,' said Atkinson, 31, who owns a concrete company. 'It just seemed like way more worth it to us to do that and make a trip out of it with our family, our loved ones.' 'Nobody cancels' One guest who had never visited Italy was ecstatic about the invite, and took advantage to tack on side trips, first to Venice and then with the wedding crew to Cinque Terre. Another, Gary Prochna, nearly didn't attend because of work piling up at his paving company. He eventually came around and was floored by the venue — a 15th-century villa with a sweeping view over Florence and its famous Duomo. 'I got married in the United States and our venue was very nice. I thought — until this moment — we had the best wedding,' said Prochna, 68, adding that he now hopes his daughters will get hitched abroad. Marcy Blum, a prominent luxury event planner based in Manhattan, said almost 90% of the weddings she plans are in Italy. 'The reason Italy is so popular is because that's where your guests want to go,' she said. 'You send an invitation that you're getting married in Capri or Positano and everybody comes. Everybody. They want to come. Nobody cancels.' Jack Ezon, CEO of Embark Beyond, a luxury travel and destination event service also based in Manhattan, said 60% of his company's events were outside the U.S. before the pandemic. Today it's almost 90%, nearly all split evenly between Italy and France. The threat of tariffs under President Donald Trump has given destination weddings a boost. Ezon has moved six events from the U.S. to Europe this year, because people were afraid tariffs on alcohol would cause their bar bill to explode. Cost comparison The shift to destinations has benefited planners with networks across Italy and local vendors. According to Wedding Italy, the husband-and-wife team who put on the Atkinson wedding, American clients spend three times as much as Italians, due to more elaborate wedding decor and other events in their multi-day lineup. Average spend on hometown weddings in the U.S. was $32,000 last year, according to The Knot. By comparison, foreigners' weddings in Italy cost an average 61,500 euros ($70,600) and typically have dozens fewer guests, the Center of Tourist Studies of Florence's data showed. In the garden where the Atkinsons held their service, cypress trees swayed in the wind as the bride emerged from the chapel, beaming in her lace mermaid-silhouette gown. She walked down the aisle as speakers played the theme song to Star Wars. It was her sneaky trick to make the groom cry, and it worked like a charm. Before the exchange of rings, before the lovebirds threw their arms around one another, their officiant said: 'Traditionally I would ask: Is there any reason why this couple shouldn't be married? But for goodness' sake – we all flew to Italy and can't get our points back! So instead I'll ask: Who here approves of this union?' Cheers all around.
Globe and Mail
an hour ago
- Globe and Mail
Cactus (WHD) Q2 EPS Falls 18.5%
Key Points Earnings per share (non-GAAP) missed estimates at $0.66, down from $0.81 (non-GAAP) in Q2 2024. Below analyst expectations, with non-GAAP EPS of $0.66 (vs. estimate $0.72) and GAAP revenue of $273.6 million (vs. estimate $278.8 million). The quarterly dividend increased 8% to $0.14 per share, even as profits and margins fell. These 10 stocks could mint the next wave of millionaires › Cactus (NYSE:WHD), a key manufacturer of pressure control equipment and spoolable pipe for the oil and gas industry, released its second quarter results on July 30, 2025. The report showed the company missed analyst projections on both non-GAAP earnings and GAAP revenue, reflecting softness in North American oilfield activity and new pressures from tariffs. Earnings per share (non-GAAP) were $0.66 versus the $0.72 that analysts expected, while revenue (GAAP) was $273.6 million, falling short of the $278.8 million consensus. Both top- and bottom-line results declined compared to last year. Segment weakness in Pressure Control and adverse margin effects outpaced strength in Spoolable Technologies and continued strong cash flow. The overall assessment for the quarter: Cactus remains financially stable and is executing on strategic initiatives, but faces operational and margin headwinds in its core markets. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change EPS (Non-GAAP) $0.66 $0.72 $0.81 (18.5 %) Revenue (GAAP) $273.6 million $278.8 million $290.4 million (5.8 %) Adjusted EBITDA $86.7 million $103.6 million (16.4 %) Adjusted EBITDA Margin 31.7 % 35.7 % (4.0 pp) Net Income $49.0 million $63.1 million (22.3 %) Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report. Business Snapshot and Focus Areas Cactus designs, manufactures, and services wellhead equipment and spoolable composite pipe products that are essential for drilling and pipeline operations. Its Pressure Control segment supplies wellhead and pressure-related equipment. The Spoolable Technologies segment, expanded by the FlexSteel acquisition, provides flexible composite pipes used for transporting oil, gas, and water. The company's success is closely tied to oilfield activity, which fluctuates with energy prices and capital spending by oil producers. Recent management efforts have focused on integrating FlexSteel, strengthening supply chains, and increasing international exposure to reduce reliance on the U.S. market. Key success factors include operational efficiency, manufacturing flexibility, customer relationships, and the ability to manage regulatory and tariff risks. Quarter Review: Revenue, Margins, and Segment Performance Cactus's results were shaped by industry cyclicality and new cost pressures. Total revenue (GAAP) fell 5.8% compared to Q2 2024. This total missed Wall Street's estimate by nearly $5.2 million (GAAP revenue). The main source of underperformance was the Pressure Control segment, where revenue dropped 5.5% sequentially and 4.0% from a year earlier (GAAP). Management cited 'lower frac equipment rental' and 'unexpected doubling of the Section 232 tariff' as key reasons for this segment's revenue and margin declines. These tariffs increased costs for imported steel, and management expects the full impact to roll through the profit statement over coming quarters as pre-tariff inventory is depleted. Pressure Control margins experienced sharp compression. Operating margin for the segment declined to 23.5%, down from 28.6% last quarter and 29.7% in the same period last year. Segment-adjusted EBITDA margin fell by over 5 percentage points year over year. In addition to tariff expenses, legal reserves tied to ongoing litigation added to the cost base. Looking ahead, the company is working to neutralize the tariff impact by moving production to Vietnam, but expects only partial relief until API (American Petroleum Institute) certification for Vietnam manufacturing is completed. In contrast, Spoolable Technologies delivered sequential revenue growth of 3.9%, with operating income up 17.5% sequentially and segment-adjusted EBITDA margin (non-GAAP) improving by 320 basis points. Management noted that international demand, particularly for sour service pipe products to the Middle East, drove the better-than-expected results in this segment. The company also highlighted strong demand from Canadian customers and the first commercial shipment of sour service pipe to the Middle East. Net income margin (GAAP) fell to 17.9%, a drop of 3.8 percentage points from Q2 2024. Adjusted EBITDA margin declined to 31.7% (non-GAAP). The company attributed these declines to lower sales volumes and increased costs, including tariffs and legal expenses. Despite these margin pressures, cash flow remained strong, with cash and equivalents rising to $405.2 million and no outstanding bank debt. Capital expenditures were held in check and full-year 2025 net capital expenditures guidance was trimmed to $40–$45 million, reflecting a more conservative outlook in response to weaker activity. The quarterly dividend was raised 8% to $0.14 per share, payable in September 2025. This marks continued commitment to shareholder returns, even as near-term profitability comes under pressure. Payments and distributions totaled $10.4 million. International Strategy, Tariff Response, and Operational Initiatives Regulatory and supply chain issues were a defining theme this quarter. Tariffs on imported steel, especially from China, increased unexpectedly, directly impacting input costs for Pressure Control products. The company's response involves transitioning manufacturing from China to Vietnam. Management stated, 'expect to neutralize the increased tariff expenses by mid next year. And although our margins may face modest compression between now and then, our inventory on hand and mitigating efforts will allow us to largely preserve our profitability on an absolute basis.' However, with its current inventory accounting methods and supply patterns, the full negative effects will unfold over several future quarters. At the same time, the company's strategy puts emphasis on capturing international growth. Notably, Spoolable Technologies booked its first commercial sale of 'sour service' flexible pipe—a composite pipeline product designed for environments with high hydrogen sulfide (H2S) levels—in the Middle East. These international shipments, together with better factory efficiencies, helped offset domestic market softness. Capital spending remained targeted and measured. Cactus continued investing in supply chain diversification, with planned expenditure at its Baytown manufacturing facility. The company aims to keep spending focused on efficiency and adapting to shifting tariff structures, rather than on major expansions. Cash generation from operations reached $82.8 million, supporting both investments and continued dividends without taking on debt. The acquisition agreement for 65 % of Baker Hughes's Surface Pressure Control business is underway. This transaction is intended to broaden Cactus's international reach and add new products. Transaction-related expenses reached $3.5 million. Management described integration and planning as 'progressing smoothly,' and noted positive initial feedback from key customers. Outlook: Guidance and What to Watch Management guided that revenue will fall modestly in both main segments, reflecting ongoing weakness in North American oilfield activity. No firm revenue or earnings figures for the next quarter or full year were provided. The leadership team noted actions taken to 'right-size our organization to align with expectations for the second half of the year.' Progress in integrating the Baker Hughes Surface Pressure Control business is a key watch-point. The company's strong liquidity and recent dividend increase provide some financial cushion during this period of adjustment. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,049%* — a market-crushing outperformance compared to 182% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. See the stocks » *Stock Advisor returns as of July 29, 2025 JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool recommends Cactus. The Motley Fool has a disclosure policy.
