US egg prices fall for the first time in months but remain near record highs
While wholesale egg prices have been coming down for a while, it was unclear how much store prices would decrease in April because consumer demand is usually high around Easter and Passover.
Still, retail egg prices remain near historic highs as a persistent outbreak of bird flu wipes out flocks of egg-laying hens. The April figure is 79 percent higher than the same month a year ago, when the price averaged $2.86 per dozen.
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Bird flu has killed more than 169 million birds since early 2022. Any time a bird gets sick, the entire flock is killed to help keep bird flu from spreading. Once a flock is slaughtered, it can take as long as a year to clean a farm and raise new birds to egg-laying age.
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That can have an effect on the egg supply because massive egg farms may have millions of birds. Outbreaks on two farms in Ohio and South Dakota last month affected more than 927,000 egg-laying hens.
Lowering egg prices has been a particular focus of President Donald Trump. In February, the US Department of Agriculture said it would invest $1 billion to help farmers improve their biosecurity measures to fight bird flu.
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The US has also increased imports of eggs from South Korea, Turkey, Brazil and other countries. According to Wells Fargo Agri-Food Institute Sector Manager Kevin Bergquist, the volume of egg and egg product imports increased 77.5 percent during the first three months of the year compared to the same period a year ago.
The antitrust division of the US Department of Justice is also investigating Cal-Maine Foods, the largest US egg producer, which supplies around 20 percent of America's eggs. Cal-Maine confirmed the investigation in early April..
Ridgeland, Mississippi-based Cal-Maine said its net income more than tripled to $508.5 million in its most recent quarter, which ended March 1.
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CNBC
14 minutes ago
- CNBC
We're raising our CrowdStrike price target after shortsighted post-earnings selling
CrowdStrike on Tuesday evening reported quarterly beats on many of the key metrics that investors focus on. However, it also delivered mixed guidance. As a result, we're not surprised to see some profit-taking in after-hours trading, following Tuesday's record-high close of nearly $489 per share. Revenue in the fiscal 2026 first quarter increased 20% year over year to $1.1 billion, landing right in line with estimates, according to LSEG. Growth was seen in all major geographic regions. Adjusted earnings per share (EPS) declined 8% annually to 73-cents in the three months ended April 30, but that was ahead of the 65-cent estimate, LSEG data showed. Annual recurring revenue (ARR) jumped 22% to $4.44 billion, also ahead of the $4.42 billion estimate, according to FactSet. This represented a net new addition of $193.8 million. Remaining performance obligations (RPO) increased 45% year-over-year to $6.8 billion, beating the $6.16 billion FactSet consensus. Management also announced a new $1 billion share repurchase authorization. CRWD YTD mountain CrowdStrike YTD With a lot to like about the quarter and guidance we can live with, we're raising our price target to $500 per share from $400. That reflects a premium of more than 9% to Wednesday's indicated open around $457. Even with an after-hours decline of more than 6%, the stock was still up over 40% from its 2025 low of $321.63 on April 4 — two trading days after President Donald Trump 's evening announcement on April 2 of much higher than expected "reciprocal" tariffs. CrowdStrike shares never deserved to be that low, but a move like that must be respected. So, we're maintaining our hold-equivalent 2 rating. Bottom line By nitpicking the results, the sellers Tuesday evening are missing the forest for the trees. Sure, CrowdStrike's current quarter and fiscal year 2026 guidance were mixed. But in both cases, profitability was better than expected. More importantly, CEO George Kurtz said on the post-earnings conference call that CrowdStrike's Falcon Flex subscription model is "accelerating platform adoption at a faster pace than we've ever seen before." The reality is that demand for best-in-class cybersecurity is only going to grow as artificial intelligence advances and hackers adopt increasingly sophisticated tools. Cybersecurity is not a discretionary buy for corporations, it's a critical expense that must be prioritized regardless of economic conditions or tariff fears. With net new ARR expected to accelerate in coming quarters — and management calling for further expansion of both adjusted operating income margin and free cash flow margin in its fiscal year 2027 to "at least 24%" and "more than 30%," respectively — the stock's post-release decline will likely prove to be a buying opportunity as it has in the past. Why we own it Cybersecurity is a must-have for companies in the digital age. Led by co-founder and CEO George Kurtz, CrowdStrike is one of the best there is (along with fellow Club name Palo Alto Networks ). The company specializes in endpoint protection through its AI-native platform called Falcon. Competitors: Palo Alto Networks, Fortinet , SentinelOne , Microsoft Portfolio weighting: 3.6% Most recent buy: March 10, 2025 Initiation date: Oct. 16, 2024 Quarterly commentary The hard work Kurtz and his team have been putting in since CrowdStrike's botched software update caused a global IT outage back in July 2024 continues to pay off, and the momentum we're seeing now may even accelerate in the quarters to come. On the call, Kurtz noted that the company's nearly $194 million net new ARR result came in "double-digit millions" ahead of the team's own expectations. He was also sure to call out that CrowdStrike's gross customer retention held in at 97%, in line with the prior two quarters. Subscription gross margin was also a bright spot, coming in at 80%, on an adjusted basis. Operating cash flow, meanwhile, represented a new quarterly record and helped drive the team to a 25% free cash flow margin and double-digit free cash flow growth, sequentially. Kurtz said on the call that customers who adopt the Falcon Flex subscription — over 820 accounts, so far — spend more, commit to longer durations, and tend to adopt the Falcon platform more quickly, with more than 75% of those contracts already deployed. The Falcon Flex model allows customers to achieve a low total cost of ownership while optimizing security by letting them swap one security module for another as needed. During the quarter, Kurtz noted that the team "added $774 million of total Falcon Flex account value, bringing the total deal value of accounts that have adopted Falcon Flex to $3.2 billion." That represents a 31% increase versus the prior quarter and a greater than six-fold increase versus the year-ago period. Given the strong momentum seen in the first quarter, Kurtz is confident that we will see even better sequential net new ARR growth in the current quarter, with an acceleration in the back half of the year, consistent with prior commentary. Guidance For full-year fiscal 2026, CrowdStrike management expects total revenue of $4.74 billion to $4.81 billion, unchanged from the prior guide. But at the midpoint, it was slightly below the $4.79 billion consensus estimate, according to FactSet. The company raised its adjusted EPS outlook to a range of $3.44 to $3.56, which at the midpoint was above the $4.46 expected. Adjusted operating income was also raised to between $970.8 million and $1.01 billion, which at the midpoint of $990.8 million outpaced the $976 million expected. For its 2026 fiscal second quarter, CrowdStrike's revenue guidance at the midpoint was $1.15 billion, a bit below the $1.16 billion consensus. The midpoint of guidance for operating income of $230 million and EPS of 83 cents, however, outpaced expectations of $227 million and 81 cents, respectively. While the team does not guide for net new ARR, CFO Burt Podbere commented on the call that this guidance for the current quarter assumes a "sequential net new ARR growth rate to be at least double over what we saw from Q1 to Q2 in the prior fiscal year." (Jim Cramer's Charitable Trust is long CRWD. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Yahoo
17 minutes ago
- Yahoo
Ground is broken for multimillion-dollar religious garden, 70-foot cross in Northeastern Kentucky
Jerry and Charlotte Lundergan with the Rev. Augustine Aidoo of Saint Patrick Church between them get help from others in breaking ground June 3, 2025, for a six-acre religious garden and 70-foot cross at the church cemetery in Maysville. (Kentucky Lantern photo by Jack Brammer) Religious garden, giant cross to rise in Maysville: Jerry Lundergan's vision MAYSVILLE — On a sun-splashed Tuesday morning, former Kentucky Democratic Party Chair Jerry Lundergan, along with his wife, Charlotte, and several others, heaved shovelfuls of dirt heavenward to break ground for a multimillion-dollar religious garden and 70-foot cross at Saint Patrick Cemetery. Lundergan, a well-known Lexington entrepreneur who owns several companies in the food services and hospitality industry and emergency disaster services, wants to turn six acres in the front of the historic cemetery in the village of Washington in his hometown of Maysville into a religious site that he thinks may attract tens of thousands of people each year. The project will feature a replication of the Garden of Gethsemane near Jerusalem where the New Testament says Jesus prayed the night before his crucifixion. It will contain life-size bronze statues of Christ and the main characters in the 14 Stations of the Cross. They are representations of events in Jesus' life on his way to his crucifixion. The planned cross will stand seven stories high. Lundergan is aiming at a completion date of early next April for Easter services and envisions tens of thousands of visitors each year. A minimal fee may be charged but nothing like the admission prices at the Creation Museum and Ark Encounter in Northern Kentucky that sometimes go over $100, he said. Lundergan noted that any proceeds would go to maintain the garden and cemetery and support Saint Patrick Church. Lundergan acknowledged Tuesday that the project will cost several million dollars. No tax dollars are to be used, he said, but the state may sell to the church at appraised value 2 ½ acres of surplus land in front of the cemetery — on what is known as old U.S. 68— to be used for parking. The bishop of Covington, the Rev. John Curtis Iffert, has leased land to Lundergan, who plans to give the entire garden to Saint Patrick Church once it is completed. Lundergan unveiled the first Station of the garden at the groundbreaking ceremony that attracted about 120 people. It shows Jesus speaking to Pontius Pilate, the Roman governor who presided over the trial of Jesus and ultimately ordered his crucifixion. Reto Demetz, an Italian sculptor who designed the statues, was on hand to talk about his work. Other professionals involved in the project are Lexington landscape designer John Carman of the CARMAN firm and Betty Vento of Mentor, Ohio, who is an expert on religious statues. But the day belonged to Lundergan, who thanked his wife and their five daughters for their support and said they were fulfilling a dream. Daughter Alissa Lundergan Tibe moderated the hourlong ceremony. He recalled how he visited the cemetery as a boy with his parents, who attended St. Patrick's Church, and where he was baptized, married and someday will be buried in its cemetery. He spoke of his love for the church and Maysville. His comments received a standing ovation. The Rev. Augustine Aidoo of Saint Patrick Parish prayed that the project becomes 'a beacon of hope' while several public officials touted its potential economic development effects as well as its religious message. Maysville Mayor Debra Cotterill said the project's 'economic implications are enormous' with many visitors. It is to have a welcome center with a gift and snack shop that will be on the site where the groundbreaking was held. Mason County Judge Executive Owen McNeil predicted the project 'will attract visitors from around the globe,' and state Rep. William 'Buddy' Lawrence, R-Maysville, said it will attract national and global attention. David Cartmell, mayor of Maysville for 20 years and now a city commissioner, said the project will become 'iconic' for the region. 'This is a big, big day in Maysville,' he said. Lundergan plans to post a website soon keeping interested people informed of the development of the project. He said it could be reached by searching for Gethsemane Garden Maysville. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
New York Post
30 minutes ago
- New York Post
NYC snubbed on new ‘10 best hotels in the world' list compiled by expert travel reviewers
La Liste just revealed the top 10 best hotels in the world — and none of the luxury ones in New York made the elite list. With so many incredible travel destinations — it's hard to narrow down the best places to stay, but the Paris-based company known for its hotel and restaurant rankings took on the difficult task of doing just that. To compile this list, the site looked at 400 different hotel reviews given by press — which then went through an algorithm system to create a score on a 100-point scale, as explained by Bloomberg. 'We are a synthesis of all the rankings and ratings that we find knowledgeable,' Helene Pietrini, managing director of La Liste, told Bloomberg. As a result, 10 different hotels around the world all ranked No. 1 — six of them are in Europe, and none in the tri-state area. Who made the cut? 1. La Réserve Paris This 5-star hotel is one that tourists — and travel reviewers — can't get enough of. 'The property has exceptional service, some great food and beverage outlets, a pool and spa, and a beautiful historic design. If money is no object, it really is hard to choose between the top properties in Paris — it all depends on what part of town you prefer staying in, and what kind of vibe and design you like,' One Mile At A Time wrote. 2. Cheval Blanc Paris Jing Daily described this Paris hotel as one that 'doesn't just offer accommodation at a level where everything is exceptional. What truly sets it apart is its ability to craft unforgettable moments — moments that I don't think I will ever forget.' 3. The Connaught Hotel in London 4 This London hotel is beloved by many travelers. In Pictures via Getty Images Forbes Travel Guide described this gem of a hotel as 'the perfect base to explore the rest of London, including the theaters of the West End, open spaces of nearby Hyde Park and Green Park and the designer boutiques, galleries, antique stores and restaurants a stone's throw away on Mount Street.' 4. The Savoy in London 4 The Savoy is the second UK hotel to make the elite list. Peter Dazeley Condé Nast Traveler described The Savoy as 'iconic' and a 'rumored favorite hotel of Marilyn Monroe and Marlene Dietrich (who has a suite named after her), the Savoy was the first hotel in Britain to have elevators and electric light, and it is still at the top of its game.' 5. Il San Pietro di Positano, Italy This hotel in Positano, Italy, is a favorite amongst travelers. 'Despite its celebrity status and litany of services, it remains a family affair – impeccably run by the Cinque family for over 50 years. The lush gardens and lemon groves, the fabulously romantic terrace bar and Michelin-starred restaurant Zass all offer mesmerizing Amalfi-coast views; down by the water, there's a pool, spa, tennis court, solarium and the al fresco beachside restaurant, Carlino's,' the Telegraph raved. 6. J.K. Place Capri, Italy This hotel on the island of Capri, Italy, is described as anything but ordinary. Forbes said this is 'one of the only hotels in Capri located right on the ocean. It has 22 unique rooms and suites. Many rooms have small balconies facing the sea, and the penthouse suite has a long private terrace with a panoramic view of the Gulf of Naples.' And the cost for these spectacular rooms? Seafront rooms reportedly go for $2,000 a night in the summer. 7. Mandarin Oriental, Bangkok, Thailand 4 Expert reviewers couldn't say enough good things about this Thailand hotel. Getty Images Condé Nast Traveler explained that the Mandarin Oriental is 'Bangkok's first hotel is still, despite some extremely stiff competition from any number of more recent arrivals, it best — as well as one of the finest examples anywhere on earth of a grande dame that knows exactly how to grow old gracefully. Arrive by boat and you'll see the hotel from the Chao Phraya River, as nature intended.' 8. The Peninsula Shanghai, China Forbes Travel Guide had nothing but amazing things to say about the Peninsula Shanghai. 'The service is impeccable from the moment you arrive at the Five-Star hotel until you check out. And don't worry if your Chinese is limited to ni hao ('hello'): Everyone on the staff speaks English well and could not be more gracious or more readily available to help.' 9. The Peninsula Chicago 4 The Peninsula Chicago was the only US hotel to make the top 10 list. Getty Images It's a high honor for The Peninsula Chicago to make this elite list, since it's the only US option. Experts at the Pursuitist describe this hotel as 'the perfect upscale destination for families, dignitaries, celebrities, and affluent business travelers. With numerous delicious fine-dining options, the stunning pool, spacious rooms and suites, there is so much to adore about the legendary Peninsula Chicago.' 10. Rosewood Mayakoba, Playa del Carmen, Mexico This hotel is known for its modern rooms and quiet atmosphere with stunning views. 'A stay at Rosewood Mayakoba is just as much about luxury as it is about immersing oneself in the wilds of Mexico's Yucatán Peninsula,' Conde Nast Traveler wrote.
