MOBILTEX Rebrands GCRTech as FloPath
CALGARY, AB / ACCESS Newswire / February 10, 2025 / MOBILTEX, a global leader in critical infrastructure monitoring solutions, has announced the rebranding of its GCRTech business group to FloPath. The new name signifies the next step in the company's mission to deliver innovative, cloud-connected water flow and pressure management with a specialization in transient pressure monitoring, plus advanced PRV monitoring, management, and control.
The update follows MOBILTEX's acquisition of GCRTech in September 2022, a strategic move that combined deep domain expertise in water pressure management and robust field instrumentation with MOBILTEX's advanced ISO-certified IIoT manufacturing capabilities and cloud-based platform development for data management, analytics, and artificial intelligence.
FloPath's focus is to empower water utilities with powerful data and analytics that will simplify and streamline utility management decisions, and the new identity reflects the business group's evolution as a provider of next-generation remote monitoring and analysis solutions.
'Our group's new name is an exciting marker of our momentum and growth. As the demand for real-time visibility into water distribution networks and pressurized systems increases, we look forward to continuing to meet and address customer needs with unparalleled solutions and service,' said Ed Quilty, CEO of MOBILTEX.
Utilities typically lose 10% to 30% of their water to leaks. When pipelines burst unexpectedly, the impact on communities, businesses, and ecosystems, as well as the cost of repairs, is enormous. Annually in North America, there are almost 300,000 reported pipe breaks per year with repair costs approaching US $3 billion. FloPath tools and technology have been adopted by utilities around the globe to effectively eliminate these events.
Alain Lalonde, VP of Value Stream, added, 'The launch of the FloPath brand underlines our team's commitment to developing future-focused solutions that empower our customers to optimize systems, reduce water loss, and ensure sustainable system operations. Backed by MOBILTEX's expertise and resources, we are poised to continue to expand our offerings and reach new markets."
The FloPath business group remains committed to the MOBILTEX core value of always being 'Customer Success Obsessed' with a dedicated group of technical sales and support specialists ready to assist at every step as customers connect, collect, analyze, manage and take action on field data measurements from their critical water infrastructure assets.
About MOBILTEX
MOBILTEX Data Ltd. [an XPV Water Partners company] is headquartered in Calgary, Alberta, Canada and is proud to serve hundreds of industrial, municipal, and commercial customers around the globe - delivering mission-critical integrity monitoring solutions on over five hundred thousand kilometres of pipeline assets. MOBILTEX innovative field and cloud-connected technologies deliver significant operational, safety, and sustainability benefits to Water Utilities, Energy, and Critical Infrastructure operations. As our reputation grows, we continue to invest and expand our patented IIoT and AI/ML advancements while leveraging 5G cellular and satellite communications across our portfolio. MOBILTEX is widely recognized in the industry for innovation, reliability, and our world-class service and support.
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Yahoo
9 minutes ago
- Yahoo
Waldencast Announces Strong Progress on Business Priorities for H1 2025 and Initiatives to Drive Transformation
Obagi Medical delivers H1 2025 double-digit growth in its Core Strategic Channels. Novaestiq Acquisition Doubles the Brand's Addressable Market in the U.S. Milk Makeup Delivers Strong Retail Sales Performance in U.S. Retail in H1 2025 and Expands Its Digital Footprint in Q2 Company Launches an Exploration of Strategic Alternatives to Enhance Shareholder Value Company Postpones H1 2025 Earnings Release and Conference Call; Provides Update to FY 2025 Guidance LONDON, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Waldencast plc (NASDAQ: WALD) ('Waldencast' or the 'Company'), a global multi-brand beauty and wellness platform, today provided a business update for H1 2025 results. 'Our brands saw accelerating revenue growth in the second quarter and we delivered significant progress against our strategic priorities while making important investments to support our future, thus capping off a highly productive first half for the Company,' said Michel Brousset, Co-Founder and CEO of Waldencast plc. 'In Q2, we resumed revenue growth, as we cycled the anniversary of last year's exceptionally strong launches that weighed on Q1 comparisons. Milk Makeup sell-out performance in the U.S. accelerated to the high-20s, through the roll-out at Ulta Beauty and the launch in Amazon Premium Beauty, while continuing to deliver blockbuster innovations like Hydro Grip Gel Skin Tint and Balmade Electrolyte Lip Balm. This strong performance domestically was dampened by challenges in international markets where consumption was soft and we saw continued destocking by key retailers. Obagi Medical's revenue growth in core strategic channels accelerated to mid-teens with continued performance in the U.S. strategic distribution channels, and even faster growth in international markets. A key highlight of our strategy is that Obagi Medical has achieved the leading position in unaided brand awareness within its competitive set.1 While these achievements demonstrate the strength of our brands and the power of our growth strategy, we continue to navigate a dynamic global environment that limited our overall growth. Challenges included ongoing, though improving, out-of-stocks across both brands, as well as our deliberate decision to exit select Obagi Medical distribution points that did not align with our brand ethos.' Mr. Brousset stated further: 'We are excited to start the third quarter with improved in-stock levels on both brands. On Milk Makeup, our best-selling Hydro Grip Gel Skin Tint is now back in stock and we continue to make notable progress through the expansion at Ulta Beauty and Amazon Premium Beauty. Tempering our excitement, at the beginning of the quarter, international markets remain challenging highlighting the need for in-market incremental investment to restore growth. At Obagi Medical, we are focused on fueling our momentum in strategic channels, while continuing to refine our distribution strategy by exiting non-equity building distribution points and investing in supply chain improvements to support future expansion. Most importantly, we are thrilled to reach a significant milestone with the completion of the acquisition of Novaestiq Corp. This marks our first step into the aesthetics space, as Novaestiq establishes our entry into the U.S. dermal filler market. Subject to obtaining relevant approvals from the U.S. Food and Drug Administration ('FDA'), this acquisition doubles Obagi Medical's addressable market potential in the U.S. and positions us uniquely as the first Mega-Brand in the combined medical-grade skincare and aesthetics industry, setting a strong foundation for future growth. In the context of a year of purposeful investment for the future, and against a backdrop of fluid market conditions, we are updating our full year outlook. We now expect Net Revenue growth in the low to mid-single digits, reflecting first-half performance and a more moderated industry environment. Adjusted EBITDA margins are now anticipated in the low to mid-teens. The relative resilience of profitability highlights the Company's strong operating discipline and ability to manage costs effectively, even as top-line expectations are revised.' Mr. Brousset concluded: 'We believe the actions we are taking will set us up to strengthen our foundation for delivering our long-term ambitions and accelerated future growth and profitability. In light of a growing number of opportunities presented to Waldencast and its shareholders, we have decided to undertake a review of a broad range of strategic alternatives focused on maximizing shareholder value. During this process, the Company remains fully focused on executing its business strategy and delivering on the evolving needs of the dynamic beauty market.' Strategic Review: Waldencast's Board of Directors has resolved to undertake a review of a broad range of strategic alternatives available to the Company focused on maximizing shareholder value. In connection with this strategic review, the Board has retained Lazard to serve as financial advisor to the Company. The Company does not intend to comment further on the status or timing of this process, unless or until the Board of Directors has approved a definitive course of action or if it is determined that other disclosure is appropriate. Given the broad nature of this review, there can be no assurance that this strategic review will result in the Company pursuing a transaction or any other particular outcome. H1 2025 Financial Results: The Company had previously announced its intention to publish results detailing its financial performance for the second quarter ended June 30, 2025 and the six-months ended June 30, 2025 ('H1 2025 Financials') after the U.S. stock market close on Monday, August 18th, 2025, followed by the Company's management team conference call and webcast to discuss its results on Tuesday, August 19th, 2025. In preparation for the strategic review and in light of the recent acquisition of Novaestiq, the company has developed a new long-range business plan which was approved by the Board of Directors in August. In consideration of this, management is conducting an expanded evaluation of its operating performance, strategic choices, long-term priorities, and goodwill valuation. This review, which reflects the Company's commitment to disciplined financial stewardship and value creation requires additional analysis of the H1 2025 Financials. The Company is working diligently to finalize this review and to complete and file the H1 2025 Financials with the U.S. Securities and Exchange Commission (the 'SEC') within regulatory deadlines and hold the related earnings call as soon as practicable. As a result, the Company will reschedule the publication of the H1 2025 Financials and planned earnings call. Brand Performance: 2025 is an investment year for the Company's brands, even against the backdrop of market deceleration, with a clear focus on foundational growth initiatives and business transformation. These investments will enhance the Company's platform and sharpen execution, and together with the strength of its brands, position the Company to deliver sustainable, long-term value creation for all stakeholders. At Obagi Medical, investment priorities include the integration of Novaestiq, supply chain restructuring and technology infrastructure optimization, as well as marketing and overhead investments, particularly in international markets. At Milk Makeup, the Company is investing in a new international organization structure, capital investment in fixtures as part of its Ulta Beauty partnership, while supporting the launch of the Company's Amazon Premium Beauty presence. At the Group level, the Company is advancing its data and IT capabilities to unlock new growth opportunities while also strengthening compliance and control frameworks. Obagi Medical: Strong growth in core strategic channels moderated by decision to exit a number of non-strategic distribution points in order to set the foundation for profitable growth in the future. Revenue in the digital channels increased momentum, boosting revenue growth; while the physician-dispensed channel revenue accelerated in the quarter, as previous supply chain constraints began to improve in Q2. Obagi Medical delivered a strong first half, with revenue from U.S. core strategic channels achieving a combined high single-digit growth, coupled with international acceleration in Q2 in the mid-40s, following launches in the Middle East and the Nordics. The Company intentionally reduced exposure to non-equity-building distribution points. While this deliberate shift weighed on revenue and profitability in the short term, it sharpens focus on sustainable, long-term growth. In parallel, the supply chain restructuring began to yield results in Q2 and is expected to deliver further improvements in the second half and beyond. As the fastest-growing top-ten professional skincare brand in the U.S. in 20242, Obagi Medical is building on this momentum with unaided brand awareness now leading its medical-grade competitive set1, driven by the Company's direct-to-consumer engine and reinforced by its dermatological brand DNA. This strength underpinned the successful launch of the Retinol + PHA Refining Night Cream, a consumer-centric innovation that is already emerging as a top performer across both digital and physician-dispensed channels. The acquisition of Novaestiq, a growth-oriented aesthetic and medical dermatological innovations company, along with the U.S. rights to the Obagi Saypha®3 line of hyaluronic acid (HA) injectable gels, effectively doubles Obagi Medical's U.S. addressable market and represents the first step toward realizing the Company's vision of becoming the first dermatological Mega-Brand – uniquely serving all the demanding needs of physicians, patients, and consumers globally, and the first beauty brand to expand into aesthetics. Obagi Saypha®, currently undergoing FDA approval, is positioned to establish a physician-dispensed moat and unlock a synergistic go-to-market model that leverages the Company's existing scale, ultimately delivering a comprehensive clinic-to-home solution. Backed by advanced proprietary technology, robust clinical data, a reputation for quality and safety, global adoption, and a streamlined portfolio, Obagi Saypha® is poised to accelerate the expansion of the Company's aesthetics offering and reinforce Obagi Medical's leadership in the category. Milk Makeup: Q2 U.S. retail sales grew strongly to high-20s despite a challenging retail environment. Improved Hydro Grip Gel Skin Tint stock levels drove a strong quarter-end finish. International markets experienced a challenging performance and need for incremental investment which the Brand is starting to deploy in the second half of the year. The brand expanded its digital footprint following a successful launch with Amazon Premium Beauty. Milk Makeup delivered sequential revenue improvement versus Q1. U.S. Retail sales performance accelerated strongly to high-20s in Q2, with H1 finishing in the high teens, while international retail sales were impacted by retailer inventory reductions and a more U.S.-focused allocation of investment. In Q2, Milk Makeup expanded its digital presence with the launch of Amazon Premium Beauty. Growth was further fueled by the return of the sold-out blockbuster Hydro Grip Gel Skin Tint, already recognized with six awards, and by expanded distribution through Ulta Beauty at Target. The brand also extended its high-impact partnership with Nike, most recently with the Nike After Dark Tour, where it engaged 15,000 runners, and through the launch of the Nike Vomero Plus in Hyper Pink paired with a limited-edition Milk Makeup Balmade lip balm, sold exclusively at Dick's Sporting Goods. Milk Makeup's momentum was reinforced by 22 year-to-date product awards, underscoring the brand's innovation, cultural resonance, and ability to connect with consumers across multiple channels. Update to Fiscal 2025 Outlook: In the context of a year of purposeful investment for the future, and against a backdrop of fluid market conditions, the Company is updating its full year outlook. The Company now expects Net Revenue growth in the low to mid-single digits, reflecting first-half performance and a more moderated industry environment. Adjusted EBITDA margins are now anticipated in the low to mid-teens. The relative resilience of profitability highlights the Company's strong operating discipline and ability to manage costs effectively, even as top-line expectations are revised. 1 Google's AdMob, sample: 6,280 women surveyed via AdMob from 7/1–7/3. 2 Among the Top 10 Professional Skin Care Brands in the U.S., according to Kline's 2024 Global Professional Skin Care Series (China, Europe and the U.S.). 3 Saypha® products are not approved medical devices, and each product has a premarket approval (PMA) application under review by the FDA. About Waldencast plc Founded by Michel Brousset and Hind Sebti, Waldencast's ambition is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth purpose-driven brands. Waldencast's vision is fundamentally underpinned by its brand-led business model that ensures proximity to its customers, business agility, and market responsiveness, while maintaining each brand's distinct DNA. The first step in realizing its vision was the business combination with Obagi Medical and Milk Makeup (the 'Business Combination'). As part of the Waldencast platform, its brands will benefit from the operational scale of a multi-brand platform; the expertise in managing global beauty brands at scale; a balanced portfolio to mitigate category fluctuations; asset light efficiency; and the market responsiveness and speed of entrepreneurial indie brands. For more information please visit: Obagi Medical is an industry-leading, advanced skin care line rooted in research and skin biology, refined with a legacy of over 35 years' experience. First known as leaders in the treatment of hyperpigmentation with the Obagi Nu-Derm® System, Obagi Medical products are designed to address the appearance of premature aging, photodamage, skin discoloration, acne, and sun damage. More information about Obagi Medical is available on the brand's website at Founded in 2016, Milk Makeup quickly became a cult-favorite among the beauty community for its values of self-expression and inclusion, captured by its signature 'Live Your Look', its innovative formulas, and clean ingredients. The brand creates vegan, cruelty-free, clean formulas and has its Milk Makeup HQ in Downtown NYC. Currently, Milk Makeup offers its products through its U.S. website and retail partners including Sephora globally, Ulta Beauty and Amazon Premium Beauty in the U.S., Space NK and Boots in the United Kingdom and many more. Cautionary Statement Regarding Forward-Looking Statements All statements in this release that are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about: Waldencast's performance relating to H1 2025 and outlook and guidance for 2025; the outcome of the strategic review initiated by the Board of Directors, our ability to deliver financial results in line with expectations; expectations regarding sales, earnings or other future financial performance and liquidity or other performance measures, including those relating to Novaestiq; our long-term strategy and future operations or operating results; expectations with respect to our industry, addressable markets and the markets in which it operates; future product introductions; developments relating to the ongoing investigation and legal proceedings; and any assumptions underlying any of the foregoing. Words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'predict,' 'project,' 'should,' and 'will' and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including, among others: (i) the impact of the material weaknesses in our internal control over financial reporting, including associated investigations, our efforts to remediate such material weakness and the timing of remediation and resolution of associated investigations; (ii) our ability to recognize the anticipated benefits from any acquired business, including the Business Combination and the acquisition of Novaestiq; (iii) our ability to successfully implement our management's plans and strategies; (iv) the outcome of the strategic review initiated by the Company's Board of Directors which may not result in any transaction or if pursued, may not be completed on attractive terms; (v) the overall economic and market conditions, sales forecasts and other information about our possible or assumed future results of operations or our performance; (vi) the general impact of geopolitical events, including the impact of current wars, conflicts or other hostilities; (vii) the ongoing review of our H1 2025 Financials, (viii) the potential for delisting, legal proceedings or existing or new government investigation or enforcement actions, including those relating to the restatement or the subject of the Audit Committee of our Board of Directors' review further described in our annual report filed on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025 (the 'Annual Report') or any delay in publishing our financial statements by the prescribed regulatory deadlines; (ix) our ability to manage expenses, our liquidity and our investments in working capital; (x) any failure to obtain governmental and regulatory approvals related to our business and products, products, including our ability to obtain FDA approval with respect to one or both of the Saypha products; (xi) the impact of any international trade or foreign exchange restrictions, increased tariffs, foreign currency exchange fluctuations; (xii) our ability to raise additional capital or complete desired acquisitions; (xiii) our ability to comply with financial covenants imposed by our credit agreement and the impact of debt service obligations and restricted debt covenants; (xiv) volatility of Waldencast's securities due to a variety of factors, including Waldencast's inability to implement its business plans or meet or exceed its financial projections and changes; (xv) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; (xvi) the ability of Waldencast to implement its strategic initiatives and continue to innovate Obagi Medical's and Milk Makeup's existing products and anticipate and respond to market trends and changes in consumer preferences; (xvii) any shifts in the preferences of consumers as to where and how they shop; (xviii) the impact of any unfavorable publicity on our business or products; (xix) changes in future exchange or interest rates or credit ratings; (xx) changes in, and uncertainty with respect to, laws, regulations, and policies, including as a result of the change in the U.S. administration; and (xix) social, political and economic conditions. These and other risks, assumptions and uncertainties are more fully described in the Risk Factors section of the Annual Report, and in our other documents that we file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to rely on these forward-looking statements, which speak only as of the date they are made. Waldencast expressly disclaims any current intention, and assumes no duty, to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Contacts: InvestorsICRAllison Malkinwaldencastir@ MediaICRBrittney Fraser/Alecia Pulmanwaldencast@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
11 minutes ago
- Bloomberg
OpenAI Staffers to Sell $6 Billion Worth of Shares
Bloomberg's Matt Miller discusses plans by current and former OpenAI employees to sell $6 billion worth of shares to an investor group that includes SoftBank. Plus, investors react to US government plans to take a stake in Intel. And global competition in the electric vehicle space picks up. (Source: Bloomberg)
Yahoo
20 minutes ago
- Yahoo
Stock market today: Dow, S&P 500 slip as Wall Street seeks clarity on Fed rate-cut path, Ukraine talks
US stocks closed the session little changed on Monday as investors turned their focus to a high-stakes US-Ukraine meeting, kicking off a week dominated by a Federal Reserve speech that could define the outlook for interest rates. The S&P 500 (^GSPC) fell just below flatline, while the Dow Jones Industrial Average (^DJI) declined nearly 0.1%, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) eked out slight gains. Geopolitics were front of mind on Monday as Volodymyr Zelensky and European allies spoke with President Trump in Washington, D.C., with the Ukrainian president facing US pressure to accept a peace deal that favors Russia. The meeting follows Trump's encounter with his Russian counterpart, Vladimir Putin, at their Alaska summit. But markets are also looking ahead to the main event this week, Jerome Powell's comments at the Jackson Hole symposium on Friday. His speech — likely to be Powell's last as Fed chair — will be closely followed for clues to the path of monetary policy, after inflation and retail data prompted Wall Street to temper rate cut hopes last week. The annual gathering of central bankers often brings signals of key shifts in Fed thinking, and its policymakers are facing a dilemma over what action to take. The release of minutes from the Fed's July meeting on Wednesday will set the stage for Jackson Hole in a week light on economic data. Meanwhile, second quarter earnings season is winding down, with Palo Alto Networks (PANW) and Blink Charging (BLNK) reports on Monday's docket. With most of the reports in, the results have been mostly positive. Highly anticipated earnings from Walmart (WMT), Target (TGT), Home Depot (HD), and Lowe's (LOW) are due later in the week, likely to provide insights into consumer spending. Shares of Intel (INTC) fell after Bloomberg reported the Trump administration was contemplating a 10% stake in the chipmaker. Last week, shares jumped after reports that Trump was considering using funds from the CHIPS Act to invest in the company. Stocks little changed with Fed rate cut path, retail earnings in focus US stocks closed little changed on Monday as investors turned their focus on retail earnings due out this week and this Friday's upcoming talk from Fed Chair Jerome Powell in Jackson Hole, Wyo, for clues about the central bank's rate policy. The S&P 500 (^GSPC) fell less than one point, while the Dow Jones Industrial Average (^DJI) declined slightly, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) rose less than 0.1%. Investors now turn their focus to a slew of retailers that will report earnings this week, giving Wall Street a glimpse of consumer health and how tariffs are impacting corporate bottom lines. Home Depot to report Q2 earnings as Wall Street eyes third straight quarter of US sales growth Yahoo Finance's Brooke DiPalma reports: Read more here. Oil edges higher following Ukraine-US meeting Oil edged higher on Monday following a meeting between President Trump and his counterpart from Ukraine, Volodymyr Zelensky. West Texas Intermediate (CL=F) gained more than 1% to hover near $63.54, while Brent crude (BZ=F) also edged higher to above $66 per barrel. President Trump has said he wants Russia and Ukraine to end the war. Since meeting with Russia's Vladimir Putin last Friday in Alaska, Trump has not called for any "secondary tariffs" on China for purchasing Russian oil. Following the meetings, traders do not see the prospect of a quick ceasefire between Ukraine and Russia, a measure that would likely increase supply into the market. Yes, 'nepo babies' make more money — but not necessarily in the fields you'd expect Yahoo Finance's Emma Ockerman reports: Read more here. Bitcoin, ethereum slip as crypto markets pull back after hitting 2025 highs Bitcoin (BTC-USD) extended declines on Monday following last week's record highs as investors took profits from the latest crypto rally. The world's largest cryptocurrency sank as much as 2% to hover near $116,000 after surging past $123,500 last Thursday. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasuries, have driven the price of bitcoin up 23% year to date. Ether (ETH-USD), the second-largest crypto by market cap, also declined 3% to hover near $4,350 per token following a surge last week to its highest level of the year and approaching its record high just below $4,900. "The sharp pullback in cryptocurrencies comes as the market is getting deleveraged following the peaks recorded last week," said Samer Hasn, senior market analyst at foreign exchange trading platform pointing to "an erosion of bullish momentum." Hasn pointed out that since last Thursday, more than $1.7 billion in long crypto futures positions have been liquidated, according to CoinGlass data. Read more here. Intel drops to session lows after report Trump administration wants 10% stake in chipmaker Intel (INTC) shares dropped nearly 4% to session lows on Monday after Bloomberg reported the White House is eyeing a 10% stake in the chipmaker. Last week, the stock popped after a report indicated President Trump's intent to invest in the company after meeting with CEO Lip-Bu Tan, who has been at the job since March. Trump had previously publicly called for Lip-Bu Tan to resign, calling him "highly conflicted." Intel is undergoing a turnaround plan after years of lagging its peers in the chip and AI space. Goldman Sachs economics team: More job report weakness is coming Yahoo Finance's Francisco Velasquez reports: Read more here. Mega caps' stock market dominance 'may be done' The stock market has been all about large market capitalization companies for over a decade. Dating back to 2015, Bank of America Securities Head of US equity and Quantitive Strategy Savita Subramanian found that the largest 50 stocks in the S&P 500 (^GSPC) have outperformed the benchmark index by 73 percentage points. Subramanian points out the last notable run of similar outperformance for the 50 largest stocks in the index came in the late 1990s leading into the bursting of the dot-com bubble. Subramanian thinks a similar tide shift might be coming to markets now. "History would suggest there is more to go in cap-weighted dominance," Subramanian wrote in a note to clients. "But if the Fed's next move is a rate cut, and if the Regime indicator is shifting to a Recovery, we think the run may be closer to done." BofA's "regime indicator," which includes a variety of factors such as corporate earnings revisions, inflation data and economic growth projections, has started to point to the recovery phase. This combined with a Federal Reserve that markets believe will cut interest rates by at least half a percentage point before the end of year, is a positive setup for value stocks, Subramanian argues. And the largest stocks in the market right now are "anti value." "[Federal Reserve] easing has been accompanied by Mega caps lagging more than leading, and higher inflation should support a broadening of the S&P 500 beyond defensives/secular growth," Subramanian wrote. Private club operator Soho House going private in $2.7 billion deal Shares of Soho House (SHCO) jumped as much as 16% on Monday after news that the private members club operator is set to go private, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. TeraWulf stock jumps as Google ups stake in bitcoin miner to 14% Bitcoin miner and data center operator TeraWulf (WULF) saw its stock jump nearly 11% after announcing that Google is taking a 14% stake in the company. In return for the equity stake, Google is providing a backstop as TeraWulf uses debt financing to expand a Lake Mariner data center campus in western New York, making it one of the largest campuses in the US. In connection with the project, TeraWulf announced a $400 million debt offering on Monday. The new data center capacity will be leased by AI cloud provider Fluidstack. The deal was first unveiled when the company released its second quarter earnings results last week. TeraWulf initially said Google would provide a $1.8 billion backstop in exchange for an 8% stake in the company during its earnings call, but that figure was upped to $3.2 billion on Monday. CEO Paul Prager said its Lake Mariner campus will be one of the "cornerstone assets for the future of AI infrastructure." TeraWulf is one of many bitcoin miners transitioning to provide AI infrastructure. Novo Nordisk gains after the bell as company offers discounted Ozempic Danish pharma giant Novo Nordisk (NVO) saw its US-listed shares gain more than 5% Monday after the open as the company said it would offer patients its diabetes drug Ozempic for less than half the price if they pay cash. The move makes the medication more affordable for patients who don't have insurance coverage, though the reduced price still amounts to $499, keeping it out of reach for many Americans. Also on Monday, GoodRx announced it will begin selling both of Novo Nordisk's GLP-1 drugs for $499 a month. Shares had climbed premarket Monday after the company said Friday it received approval from the FDA for its liver disease MASH. Also boosting shares, Novo Nordisk reportedly will not charge more for pill versions of its weight-loss injections, which are expected to launch in 2026. This would be a departure from drugmakers' typical practice of charging more for new medications. The moves come after President Trump has ramped up pressure on drugmakers to lower prices, though his tariffs could raise prices. Read more here. Stocks muted at the open US stocks stalled at the market open as investors awaited a high-stakes US-Ukraine meeting, kickstarting a week leading up to Federal Reserve Chair Jerome Powell's most important policy speech of the year in Jackson Hole on Friday. The S&P 500 (^GSPC) fell just below the flat line, and the Dow Jones Industrial Average (^DJI) was also roughly flat, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.1%. Trump wants to take Fannie Mae and Freddie Mac public. The plan has some problems. Yahoo Finance's David Hollerith reports: Read more here. Solar stocks rally as Trump administration releases new guidance on tax credits Solar stocks continued rallying in premarket trading on Monday after the Trump administration clarified new eligibility requirements for tax credits that weren't as burdensome as feared. Shares of residential solar company Sunrun (RUN) have gained 38% since Friday. SolarEdge shares rose 19%, and First Solar (FSLR) and Enphase Energy (ENPH) stocks are both up more than 10%. Bloomberg reports: Read more here. Good morning. Here's what's happening today. Economic data: NAHB homebuilder sentiment (August) Earnings: Palo Alto Networks (PANW), Blink Charging (BLNK) Here are some of the biggest stories you may have missed over the weekend and early this morning: Powell's dilemma heading into his final Jackson Hole speech Trump eyes Fannie and Freddie IPO, but the plan faces hurdles What to watch this week: Powell at Jackson Hole. Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Novo Nordisk stock rises after Wegovy gets new US approval US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. Powell at Jackson Hole, Walmart earnings: What to watch this week The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. Goldman team likely to stay in Trump's crosshairs President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." Stocks little changed with Fed rate cut path, retail earnings in focus US stocks closed little changed on Monday as investors turned their focus on retail earnings due out this week and this Friday's upcoming talk from Fed Chair Jerome Powell in Jackson Hole, Wyo, for clues about the central bank's rate policy. The S&P 500 (^GSPC) fell less than one point, while the Dow Jones Industrial Average (^DJI) declined slightly, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) rose less than 0.1%. Investors now turn their focus to a slew of retailers that will report earnings this week, giving Wall Street a glimpse of consumer health and how tariffs are impacting corporate bottom lines. US stocks closed little changed on Monday as investors turned their focus on retail earnings due out this week and this Friday's upcoming talk from Fed Chair Jerome Powell in Jackson Hole, Wyo, for clues about the central bank's rate policy. The S&P 500 (^GSPC) fell less than one point, while the Dow Jones Industrial Average (^DJI) declined slightly, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) rose less than 0.1%. Investors now turn their focus to a slew of retailers that will report earnings this week, giving Wall Street a glimpse of consumer health and how tariffs are impacting corporate bottom lines. Home Depot to report Q2 earnings as Wall Street eyes third straight quarter of US sales growth Yahoo Finance's Brooke DiPalma reports: Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. Oil edges higher following Ukraine-US meeting Oil edged higher on Monday following a meeting between President Trump and his counterpart from Ukraine, Volodymyr Zelensky. West Texas Intermediate (CL=F) gained more than 1% to hover near $63.54, while Brent crude (BZ=F) also edged higher to above $66 per barrel. President Trump has said he wants Russia and Ukraine to end the war. Since meeting with Russia's Vladimir Putin last Friday in Alaska, Trump has not called for any "secondary tariffs" on China for purchasing Russian oil. Following the meetings, traders do not see the prospect of a quick ceasefire between Ukraine and Russia, a measure that would likely increase supply into the market. Oil edged higher on Monday following a meeting between President Trump and his counterpart from Ukraine, Volodymyr Zelensky. West Texas Intermediate (CL=F) gained more than 1% to hover near $63.54, while Brent crude (BZ=F) also edged higher to above $66 per barrel. President Trump has said he wants Russia and Ukraine to end the war. Since meeting with Russia's Vladimir Putin last Friday in Alaska, Trump has not called for any "secondary tariffs" on China for purchasing Russian oil. Following the meetings, traders do not see the prospect of a quick ceasefire between Ukraine and Russia, a measure that would likely increase supply into the market. Yes, 'nepo babies' make more money — but not necessarily in the fields you'd expect Yahoo Finance's Emma Ockerman reports: Read more here. Yahoo Finance's Emma Ockerman reports: Read more here. Bitcoin, ethereum slip as crypto markets pull back after hitting 2025 highs Bitcoin (BTC-USD) extended declines on Monday following last week's record highs as investors took profits from the latest crypto rally. The world's largest cryptocurrency sank as much as 2% to hover near $116,000 after surging past $123,500 last Thursday. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasuries, have driven the price of bitcoin up 23% year to date. Ether (ETH-USD), the second-largest crypto by market cap, also declined 3% to hover near $4,350 per token following a surge last week to its highest level of the year and approaching its record high just below $4,900. "The sharp pullback in cryptocurrencies comes as the market is getting deleveraged following the peaks recorded last week," said Samer Hasn, senior market analyst at foreign exchange trading platform pointing to "an erosion of bullish momentum." Hasn pointed out that since last Thursday, more than $1.7 billion in long crypto futures positions have been liquidated, according to CoinGlass data. Read more here. Bitcoin (BTC-USD) extended declines on Monday following last week's record highs as investors took profits from the latest crypto rally. The world's largest cryptocurrency sank as much as 2% to hover near $116,000 after surging past $123,500 last Thursday. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasuries, have driven the price of bitcoin up 23% year to date. Ether (ETH-USD), the second-largest crypto by market cap, also declined 3% to hover near $4,350 per token following a surge last week to its highest level of the year and approaching its record high just below $4,900. "The sharp pullback in cryptocurrencies comes as the market is getting deleveraged following the peaks recorded last week," said Samer Hasn, senior market analyst at foreign exchange trading platform pointing to "an erosion of bullish momentum." Hasn pointed out that since last Thursday, more than $1.7 billion in long crypto futures positions have been liquidated, according to CoinGlass data. Read more here. Intel drops to session lows after report Trump administration wants 10% stake in chipmaker Intel (INTC) shares dropped nearly 4% to session lows on Monday after Bloomberg reported the White House is eyeing a 10% stake in the chipmaker. Last week, the stock popped after a report indicated President Trump's intent to invest in the company after meeting with CEO Lip-Bu Tan, who has been at the job since March. Trump had previously publicly called for Lip-Bu Tan to resign, calling him "highly conflicted." Intel is undergoing a turnaround plan after years of lagging its peers in the chip and AI space. Intel (INTC) shares dropped nearly 4% to session lows on Monday after Bloomberg reported the White House is eyeing a 10% stake in the chipmaker. Last week, the stock popped after a report indicated President Trump's intent to invest in the company after meeting with CEO Lip-Bu Tan, who has been at the job since March. Trump had previously publicly called for Lip-Bu Tan to resign, calling him "highly conflicted." Intel is undergoing a turnaround plan after years of lagging its peers in the chip and AI space. Goldman Sachs economics team: More job report weakness is coming Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Mega caps' stock market dominance 'may be done' The stock market has been all about large market capitalization companies for over a decade. Dating back to 2015, Bank of America Securities Head of US equity and Quantitive Strategy Savita Subramanian found that the largest 50 stocks in the S&P 500 (^GSPC) have outperformed the benchmark index by 73 percentage points. Subramanian points out the last notable run of similar outperformance for the 50 largest stocks in the index came in the late 1990s leading into the bursting of the dot-com bubble. Subramanian thinks a similar tide shift might be coming to markets now. "History would suggest there is more to go in cap-weighted dominance," Subramanian wrote in a note to clients. "But if the Fed's next move is a rate cut, and if the Regime indicator is shifting to a Recovery, we think the run may be closer to done." BofA's "regime indicator," which includes a variety of factors such as corporate earnings revisions, inflation data and economic growth projections, has started to point to the recovery phase. This combined with a Federal Reserve that markets believe will cut interest rates by at least half a percentage point before the end of year, is a positive setup for value stocks, Subramanian argues. And the largest stocks in the market right now are "anti value." "[Federal Reserve] easing has been accompanied by Mega caps lagging more than leading, and higher inflation should support a broadening of the S&P 500 beyond defensives/secular growth," Subramanian wrote. The stock market has been all about large market capitalization companies for over a decade. Dating back to 2015, Bank of America Securities Head of US equity and Quantitive Strategy Savita Subramanian found that the largest 50 stocks in the S&P 500 (^GSPC) have outperformed the benchmark index by 73 percentage points. Subramanian points out the last notable run of similar outperformance for the 50 largest stocks in the index came in the late 1990s leading into the bursting of the dot-com bubble. Subramanian thinks a similar tide shift might be coming to markets now. "History would suggest there is more to go in cap-weighted dominance," Subramanian wrote in a note to clients. "But if the Fed's next move is a rate cut, and if the Regime indicator is shifting to a Recovery, we think the run may be closer to done." BofA's "regime indicator," which includes a variety of factors such as corporate earnings revisions, inflation data and economic growth projections, has started to point to the recovery phase. This combined with a Federal Reserve that markets believe will cut interest rates by at least half a percentage point before the end of year, is a positive setup for value stocks, Subramanian argues. And the largest stocks in the market right now are "anti value." "[Federal Reserve] easing has been accompanied by Mega caps lagging more than leading, and higher inflation should support a broadening of the S&P 500 beyond defensives/secular growth," Subramanian wrote. Private club operator Soho House going private in $2.7 billion deal Shares of Soho House (SHCO) jumped as much as 16% on Monday after news that the private members club operator is set to go private, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Shares of Soho House (SHCO) jumped as much as 16% on Monday after news that the private members club operator is set to go private, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. TeraWulf stock jumps as Google ups stake in bitcoin miner to 14% Bitcoin miner and data center operator TeraWulf (WULF) saw its stock jump nearly 11% after announcing that Google is taking a 14% stake in the company. In return for the equity stake, Google is providing a backstop as TeraWulf uses debt financing to expand a Lake Mariner data center campus in western New York, making it one of the largest campuses in the US. In connection with the project, TeraWulf announced a $400 million debt offering on Monday. The new data center capacity will be leased by AI cloud provider Fluidstack. The deal was first unveiled when the company released its second quarter earnings results last week. TeraWulf initially said Google would provide a $1.8 billion backstop in exchange for an 8% stake in the company during its earnings call, but that figure was upped to $3.2 billion on Monday. CEO Paul Prager said its Lake Mariner campus will be one of the "cornerstone assets for the future of AI infrastructure." TeraWulf is one of many bitcoin miners transitioning to provide AI infrastructure. Bitcoin miner and data center operator TeraWulf (WULF) saw its stock jump nearly 11% after announcing that Google is taking a 14% stake in the company. In return for the equity stake, Google is providing a backstop as TeraWulf uses debt financing to expand a Lake Mariner data center campus in western New York, making it one of the largest campuses in the US. In connection with the project, TeraWulf announced a $400 million debt offering on Monday. The new data center capacity will be leased by AI cloud provider Fluidstack. The deal was first unveiled when the company released its second quarter earnings results last week. TeraWulf initially said Google would provide a $1.8 billion backstop in exchange for an 8% stake in the company during its earnings call, but that figure was upped to $3.2 billion on Monday. CEO Paul Prager said its Lake Mariner campus will be one of the "cornerstone assets for the future of AI infrastructure." TeraWulf is one of many bitcoin miners transitioning to provide AI infrastructure. Novo Nordisk gains after the bell as company offers discounted Ozempic Danish pharma giant Novo Nordisk (NVO) saw its US-listed shares gain more than 5% Monday after the open as the company said it would offer patients its diabetes drug Ozempic for less than half the price if they pay cash. The move makes the medication more affordable for patients who don't have insurance coverage, though the reduced price still amounts to $499, keeping it out of reach for many Americans. Also on Monday, GoodRx announced it will begin selling both of Novo Nordisk's GLP-1 drugs for $499 a month. Shares had climbed premarket Monday after the company said Friday it received approval from the FDA for its liver disease MASH. Also boosting shares, Novo Nordisk reportedly will not charge more for pill versions of its weight-loss injections, which are expected to launch in 2026. This would be a departure from drugmakers' typical practice of charging more for new medications. The moves come after President Trump has ramped up pressure on drugmakers to lower prices, though his tariffs could raise prices. Read more here. Danish pharma giant Novo Nordisk (NVO) saw its US-listed shares gain more than 5% Monday after the open as the company said it would offer patients its diabetes drug Ozempic for less than half the price if they pay cash. The move makes the medication more affordable for patients who don't have insurance coverage, though the reduced price still amounts to $499, keeping it out of reach for many Americans. Also on Monday, GoodRx announced it will begin selling both of Novo Nordisk's GLP-1 drugs for $499 a month. Shares had climbed premarket Monday after the company said Friday it received approval from the FDA for its liver disease MASH. Also boosting shares, Novo Nordisk reportedly will not charge more for pill versions of its weight-loss injections, which are expected to launch in 2026. This would be a departure from drugmakers' typical practice of charging more for new medications. The moves come after President Trump has ramped up pressure on drugmakers to lower prices, though his tariffs could raise prices. Read more here. Stocks muted at the open US stocks stalled at the market open as investors awaited a high-stakes US-Ukraine meeting, kickstarting a week leading up to Federal Reserve Chair Jerome Powell's most important policy speech of the year in Jackson Hole on Friday. The S&P 500 (^GSPC) fell just below the flat line, and the Dow Jones Industrial Average (^DJI) was also roughly flat, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.1%. US stocks stalled at the market open as investors awaited a high-stakes US-Ukraine meeting, kickstarting a week leading up to Federal Reserve Chair Jerome Powell's most important policy speech of the year in Jackson Hole on Friday. The S&P 500 (^GSPC) fell just below the flat line, and the Dow Jones Industrial Average (^DJI) was also roughly flat, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.1%. Trump wants to take Fannie Mae and Freddie Mac public. The plan has some problems. Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Solar stocks rally as Trump administration releases new guidance on tax credits Solar stocks continued rallying in premarket trading on Monday after the Trump administration clarified new eligibility requirements for tax credits that weren't as burdensome as feared. Shares of residential solar company Sunrun (RUN) have gained 38% since Friday. SolarEdge shares rose 19%, and First Solar (FSLR) and Enphase Energy (ENPH) stocks are both up more than 10%. Bloomberg reports: Read more here. Solar stocks continued rallying in premarket trading on Monday after the Trump administration clarified new eligibility requirements for tax credits that weren't as burdensome as feared. Shares of residential solar company Sunrun (RUN) have gained 38% since Friday. SolarEdge shares rose 19%, and First Solar (FSLR) and Enphase Energy (ENPH) stocks are both up more than 10%. Bloomberg reports: Read more here. Good morning. Here's what's happening today. Economic data: NAHB homebuilder sentiment (August) Earnings: Palo Alto Networks (PANW), Blink Charging (BLNK) Here are some of the biggest stories you may have missed over the weekend and early this morning: Powell's dilemma heading into his final Jackson Hole speech Trump eyes Fannie and Freddie IPO, but the plan faces hurdles What to watch this week: Powell at Jackson Hole. Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Economic data: NAHB homebuilder sentiment (August) Earnings: Palo Alto Networks (PANW), Blink Charging (BLNK) Here are some of the biggest stories you may have missed over the weekend and early this morning: Powell's dilemma heading into his final Jackson Hole speech Trump eyes Fannie and Freddie IPO, but the plan faces hurdles What to watch this week: Powell at Jackson Hole. Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Novo Nordisk stock rises after Wegovy gets new US approval US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. Powell at Jackson Hole, Walmart earnings: What to watch this week The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. Goldman team likely to stay in Trump's crosshairs President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
