Here’s one way to make use of all the snow you’ve been getting this winter
Here’s one way to make use of all the snow you’ve been getting this winter
They’re only $14.
These exits were far from graceful.From Cosmopolitan
Singer has put forward a $500,000 reward for the dogs’ safe return
If approved by FDA it would become the third vaccine authorised for emergency use in US
(Bloomberg) -- Thomas Costerg doesn’t usually go to bed with a computer, but he couldn’t help himself Thursday night after what had just happened in the Treasury market.“I could not sleep well,” said the senior U.S. economist at Pictet Wealth Management in Geneva. “These were quite extreme moves.”With a ferocity that caught nearly everyone off guard, one of the most vital numbers in global finance -- the yield on 10-year Treasuries -- spiked back to where it’d been before the pandemic caused markets to go nuts 12 months ago.You might think that was reason to celebrate -- a welcomed finish line to cross as the world tries to return to normal. After all, yields had sunk toward zero because of virus panic. So surely getting back to 1.47% -- where 10-year notes finished on Feb. 21, 2020, before a weekend of dire coronavirus news woke investors up to the threat and kick-started the most painful period in markets since the Great Recession -- would be welcomed news?Not at all.“The mood was bordering on frantic,” said Emily Roland, the Boston-based co-chief investment strategist for John Hancock Investment Management and its $164 billion of assets.Almost everything that matters was red Thursday. Treasuries sank, driving the yield on 10-year notes up as many as 23 basis points to 1.61%. Stock losses were most pronounced in Nasdaq-100 and small-cap shares that, with help from frenzied speculators and economic optimists alike, had led equities higher. Corporate bonds continued to rack up the biggest losses since the pandemic began as companies scramble to sell debt before yields go up even more. The dollar surged in a classic haven trade.The bond market has for weeks signaled an inflection point could be coming, with soaring interest-rate options and the steepest U.S. yield curve in years suggesting big shifts afoot. That also suggests turmoil may resurface in the days ahead.The AuctionWhat had been a rough day turned terrible at 1 p.m. Thursday when the U.S. Treasury Department auctioned $62 billion of seven-year debt. It was a disaster. Demand was the lowest in the auction’s history -- a development that scared investors so much that yields across the curve spiked. In just a few minutes, the 10-year jumped to 1.61% from 1.49%.The yield shift was most extreme in five-year Treasuries, where the longer-term outlook for monetary policy is represented. Their surge upended wagers on a steeper yield curve, which had been reliably profitable for months. Traders exiting those positions fueled additional curve-flattening that further eroded profits in the trade. The exodus also shifted pricing for the next Fed rate hike. At one point, the market came close to pricing in a full 25-basis-point increase as early as the end of next year.Joe Gilster, a rates trader at DV Trading, had started his day at 5 a.m. in Chicago, but, so he could accompany his 37-weeks-pregnant wife to the doctor, he’d pared back his portfolio’s risk by 10:30 that morning. “When I left, it was bad, but not like crazy,” he said. But then the texts started pouring in. “Dude, get back to your desk, this is insane,” was the core message.He stayed with his wife -- it’s their first kid -- but tried to act calm. “I didn’t want my wife to get worried or anything.” Gilster recalls thinking: “I cannot believe the prices I’m seeing in the eurodollars.” Gilster was back in action at 1:30 p.m., and kept at it until midnight. “I was lucky,” he said, “to miss the absolutely crazy part of the day.”Although the trouble began in bonds, it spread everywhere. In the stock market, the Nasdaq-100 hit its lowest point a few hours after the bond auction, ending down 3.6% for the day.“An orderly move higher in rates, equity markets should be able to digest,” said John Hancock’s Roland. “But because it was so fast and the magnitude was so great, that caused investors to panic a little.”Michael Antonelli, an equities guy at heart, spent the day speaking to his Wall Street peers trying to figure out why yields were moving so fast. All the Robert W. Baird & Co. market strategist kept hearing was, “that was a sloppy seven-year auction.” His clients weren’t panicking, but Antonelli sensed confusion. He admits he was confused, too.“Did we just hit the level on a 10-year where I should be worried? The reality is, everyone is asking this question. We simply don’t know,” he said.One issue with higher rates is that it could be a sign that the U.S. economy is recovering too quickly from the pandemic. Federal Reserve officials haven’t shown concern about the rapid rise that’s lifted the 10-year from 0.91% on New Year’s Eve. “I am not worried about that,” Atlanta Fed President Raphael Bostic said Thursday.Sleepless in Geneva, that didn’t sit well with Pictet’s Costerg. “I was surprised to see the almost complacency from Fed officials, with naive comments about U.S. bond yields reflecting a stronger outlook,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
It’s the WWE-style intro that will be scarred into most attendees’ minds forever
PASCAGOULA, Miss., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE: HII) announced today that its Ingalls Shipbuilding division has been awarded a cost-plus-fixed-fee contract for life-cycle engineering and support services on the U.S. Navy's San Antonio (LPD 17) class of amphibious transport docks. This follow-on contract consists of a base contract valued at $36.9 million with a cumulative value of $213.9 million if all options are exercised. “This contract enables Ingalls to continue providing LPD support and services that are critical to the sustainment of the Navy’s amphibious fleet,” Ingalls Shipbuilding President Brian Cuccias said. “Our talented workforce has the knowledge and experience required to perform this important work, and we are committed to ensuring these state-of-the-art warships serve our nation well into the future.” Services provided in this contract include engineering change management; systems engineering and integration; supply chain management; training for new LPD 17-class shipboard systems; and the execution of industrial post-delivery availabilities. “We appreciate the Navy’s continued investment in our experienced team and their reliance on the support we provide,” said David King, Ingalls' LPD 17 life-cycle program manager. “This contract builds on our strong partnership with the Navy in the construction and post-delivery management of Navy ships. We look forward to supporting these ships as they evolve to meet the changing threat environment.” San Antonio-class ships are 684 feet long and 105 feet wide and displace approximately 25,000 tons. Their principal mission is to deploy the combat and support elements of Marine expeditionary units and brigades. The ships can carry up to 800 troops and have the capability of transporting and debarking landing craft air cushion or conventional landing crafts, augmented by helicopters or vertical take-off and landing aircraft such as the MV-22. These ships will support amphibious assault, special operations or expeditionary warfare missions through the first half of the 21st century. Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division supports national security missions around the globe with unmanned systems, defense and federal solutions, and nuclear and environmental services. Headquartered in Newport News, Virginia, HII employs more than 42,000 people operating both domestically and internationally. For more information, please visit www.huntingtoningalls.com. HII on the web: www.huntingtoningalls.comHII on Facebook: www.facebook.com/HuntingtonIngallsIndustriesHII on Twitter: twitter.com/hiindustriesHII on YouTube: www.youtube.com/huntingtoningallsHII on Instagram: www.instagram.com/huntingtoningalls Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Contact: Teckie Hinkebeinteckie.email@example.com(228) 935-1323
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