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RESEND: North American Morning Briefing: Stock -2-

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The U.S. Department of Transportation awarded Spirit Airlines Inc. rights to operate flights at Newark-Liberty International Airport at the busiest times of day, capping more than two years of legal wrangling.

The dispute arose after Southwest Airlines Co. pulled out of Newark in 2019, sparking a turf war among rival airlines at the congested New Jersey hub. Low-cost airlines including Spirit saw a rare chance to expand their footprint at the airport and add flights at peak times of day, which they previously hadn’t been able to do.

   
 
 

Nasdaq, NYSE Win Court Battle With SEC Over Market Data

A federal court partly rejected a Securities and Exchange Commission plan to loosen the control that stock exchanges have over public market-data feeds, handing a victory to Nasdaq Inc. and the New York Stock Exchange.

In a ruling released Tuesday, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit found that the SEC had exceeded its authority under federal law when it issued a 2020 order overhauling the governance of the data feeds.

   
 
 

Walmart Tells Suppliers New Fuel and Pickup Fees Are Coming

Walmart Inc. said it would charge some of its suppliers a new fee to transport goods to its warehouses and stores, according to a memo viewed by The Wall Street Journal, the latest example of how businesses are looking to offset rising costs for things such as transportation and fuel.

Companies that use Walmart to transport goods to the retailer’s warehouses and stores will be charged a fuel surcharge and a “collect pickup charge” starting Aug. 1, said the memo. The shift “is a result of Walmart adapting to the significant transformation and increased cost seen in the transportation industry over the past few years,” said the memo sent to suppliers last Friday.

   
 
 

German Manufacturing Orders Unexpectedly Rose in May

German manufacturing orders increased slightly in May, beating forecasts for a decline amid rising producer prices and supply constraints.

Manufacturing orders rose 0.1% on month in adjusted terms, according to data from the German Economics Ministry released Wednesday.

   
 
 

Malaysia’s Central Bank Raises Benchmark Interest Rate as Expected

Malaysia’s central bank raised its benchmark interest rate amid rising inflation and signs that the country’s economy is recovering.

Bank Negara Malaysia on Wednesday raised its overnight policy rate by 25 basis points to 2.25%. The decision was expected by all eight economists previously polled by The Wall Street Journal.

   
 
 

Derby’s Take: Once Again, Bond Yields Have Ominous Message on Outlook

The U.S. Treasury market sent out another warning signal about the U.S. economic outlook Tuesday.

The difference between the two-year and 10-year Treasury notes turned negative-it was at negative one basis point at 5 p.m. E.T.-and created what’s called an inversion of the yield curve. That is when the normally positive relationship between these two yields flips, and it is a key metric for market participants, as yield curve inversions have a very strong track record of predicting downturns.

   
 
 

Norway’s Government Ends Strike After European Gas Prices Soar

The Norwegian government stepped in to end a strike that threatened to more than halve the country’s gas exports, saying it was causing widespread risks to energy security.

Before the strike was halted, a benchmark for gas futures contracts in northwestern Europe rose as much as 14% to EUR172.88, or about $180, a megawatt-hour Tuesday, the highest level since March. Electricity prices across the region also rose, as many power plants run on gas.

   
 
 

OPEC Secretary-General Mohammed Barkindo Dies

Mohammed Barkindo, who transformed the role of OPEC secretary-general and oversaw an expansion of the oil-producing group’s role in the markets, has died. He was 63 years old.

Mr. Barkindo’s unexpected death on Tuesday night came just a few weeks before he was due to end his six-year tenure at the top of the Organization of the Petroleum Exporting Countries.

   
 
 

NATO Advances Sweden, Finland Toward Membership as Fighting Rages in Eastern Ukraine

Russian artillery pounded Sloviansk, one of Ukraine’s last lines of defense to protect the remaining Kyiv-held strongholds in eastern Ukraine, while the North Atlantic Treaty Organization on Tuesday advanced plans to add Sweden and Finland to the alliance.

Vadim Lyakh, the mayor of Sloviansk, reported “massive shelling” of the city in a Facebook post and said the central market was on fire. Pavlo Kyrylenko, head of military administration in the eastern region of Donetsk, said on Telegram that at least two people died and seven were injured.

   
 
 

U.N. Atomic Chief Warns of Growing Nuclear Risks

The head of the United Nations nuclear agency gave a sharp warning Tuesday about growing nuclear risks, saying that Iran’s activities risked a regional nuclear arms race and that Russia’s occupation of Ukrainian nuclear sites threatened to imperil the agency’s ability to ensure nuclear material wasn’t being misused.

In a wide-ranging speech at the Australian National University in Canberra, Rafael Grossi, the head of the International Atomic Energy Agency, warned that “we are reaching a defining moment for global nuclear nonproliferation,” in which the risks of the spread of nuclear weapons “pose a problem for everyone.”

   
 
 

Biden Administration Sues Arizona Over Proof-of-Citizenship Voter Law

The Biden administration on Tuesday sued Arizona, saying the state violates federal law by requiring proof of citizenship to vote for president.

In its latest challenge to Republican-backed changes to state voting procedures, the Justice Department said Arizona’s newly enacted requirement that residents provide documentary proof of citizenship would keep eligible voters from participating in certain federal elections.

   
 
 

U.S. State Department Names New Global Anticorruption Coordinator

The U.S. State Department has named a sanctions and nuclear weapons expert as its coordinator for global anticorruption efforts, a position created after the Biden administration pledged to fight more vigorously against corruption.

It will be a return stint at the State Department for Richard Nephew, who most recently was a senior research scholar at Columbia University’s Center on Global Energy Policy in New York, the department said on Tuesday.

   
 
 

Highland Park Parade Shooting Suspect Charged With First-Degree Murder

A 21-year-old man who police said fired more than 70 rounds from a rooftop into a crowd gathered for a Fourth of July parade in the Chicago suburb of Highland Park, Ill., was charged with seven counts of first-degree murder.

The suspect, Robert E. Crimo III, allegedly planned the attack for weeks and dressed as a woman to hide his identity, officials said Tuesday.

   
 
 

CERN’s Large Hadron Collider Scientists Reveal New Particle Discovery as Accelerator Research Resumes

The Large Hadron Collider resumed scientific operations on Tuesday after a three-year hiatus for repairs and upgrades, opening a new chapter in physicists’ longstanding quest to understand the fundamental building blocks of the universe.

The resumption came shortly after scientists with the European Organization for Nuclear Research, or CERN-the international body that operates the collider-announced that earlier research conducted at the facility revealed three previously unknown subatomic particles.

   
 
 

Write to nihad.ahmed@dowjones.com TODAY IN CANADA

Earnings:

– Nothing major scheduled

Economic Indicators (ET):

– Nothing major scheduled

Stocks to Watch:

– No items published

Other News:

No items published

Market Talk:

No items published

   
 
 

Expected Major Events for Wednesday

02:00/JPN: Jun Imported Vehicle Sales

06:00/GER: May Manufacturing orders

06:00/GER: May Manufacturing turnover

08:30/UK: Jun S&P Global / CIPS UK Construction PMI

08:30/UK: Jun Narrow money (Notes & Coin) and reserve balances

11:00/US: 07/01 MBA Weekly Mortgage Applications Survey

12:15/CAN: Jun Official International Reserves

12:55/US: 07/02 Johnson Redbook Retail Sales Index

13:45/US: Jun US Services PMI

14:00/US: Jun ISM Report On Business Services PMI

14:00/US: May Job Openings & Labor Turnover Survey

15:00/US: Jun Global Services PMI

20:30/US: 07/01 API Weekly Statistical Bulletin

23:01/UK: CBI and PwC Financial Services Survey

23:50/JPN: Jun International Reserves / Foreign Currency

23:50/JPN: Jun Provisional Trade Statistics for 1st 20 days of Month

All times in GMT. Powered by Onclusive and Dow Jones.

   
 
 

Expected Earnings for Wednesday

ASA Gold & Precious Metals Ltd (ASA) is expected to report for 2Q.

BeyondSpring Inc (BYSI) is expected to report $-0.24 for 1Q.

Computer Services Inc (CSVI) is expected to report for 1Q.

Educational Development Corp (EDUC) is expected to report for 1Q.

Friedman Industries (FRD) is expected to report for 4Q.

Portage Biotech Inc (PBT.U-L,PRTG) is expected to report for 1Q.

Saratoga Investment (SAR) is expected to report $0.53 for 1Q.

Simulations Plus Inc (SLP) is expected to report $0.18 for 3Q.

Trilogy Metals Inc (TMQ,TMQ.T) is expected to report for 2Q.

Powered by Onclusive and Dow Jones.

   
 
 

ANALYST RATINGS ACTIONS

Antero Resources Raised to Buy From Hold by Truist Securities

Aveanna Healthcare Cut to Hold From Buy by Truist Securities

Crocs Raised to Buy From Hold by Loop Capital

Excelerate Energy Raised to Overweight From Equal-Weight by Wells Fargo

HP Cut to In-Line From Outperform by Evercore ISI Group

Live Nation Raised to Outperform From Neutral by Macquarie

Micron Technology Cut to Equal-Weight From Overweight by Fox Advisors

PerkinElmer Cut to In-Line From Outperform by Evercore ISI Group

Talaris Therapeutics Cut to Equal-Weight From Overweight by Morgan Stanley

(MORE TO FOLLOW) Dow Jones Newswires

July 06, 2022 06:49 ET (10:49 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.


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N.Y.P.D. Police Corruption and the Internal Affairs Bureau

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Chief Campisi said that the 2006 report, which he signed, was wrong to link tips and investigations — “It should have been two charts” — and that earlier reports, particularly those in 1996 and 1998, were poorly written.

Corruption cases are divided into more than a dozen categories in the reports, from violation of departmental regulations to serious felonies. In each of the last 16 years, two-thirds to three-quarters of the offenses involved narcotics, theft and what the department refers to as “other crimes” — like fraud, assault, drunken driving and domestic violence.

Narcotics offenses dropped sharply, to 213 cases in 2008, from 653 in 1993. At the same time, cases involving stolen property grew, to 394 in 2008 from 367 in 1993. Meanwhile, “abuse of department regulations,” as the reports call it — drinking or sleeping on duty, say — more than doubled, to 154 in 2008 from 64 in 1993. And the number of instances in which officers were accused of injuring or assaulting suspects or making false arrests soared to more than 180 in each of 2006 and 2007, from 10 in 1993.

The number of officers arrested reached a high of 167 in 1995 — as the department itself swelled with the absorption of the Housing and Transit Bureaus — and then fell fairly steadily to 86 in 2004. Since then, despite the shrinking of the ranks and the decline in crime, arrests crept up, to 124 in 2008.

The reports also chronicle the Police Department’s routine drug tests; through the years, officers were most often caught having used cocaine. The testing peaked in 1996, with 16,194 random tests, and 61 officers failing. In 2008, 10 officers failed drug tests, but it is difficult to gauge the significance of the number since the report does not say how many tests were administered.

Similarly, the reports’ accounts of integrity tests are inconsistent. Only 3 of the 16 annual reports include the number of both tests and failures; the most recent, in 2002, showed 486 tests and 54 failures, including 15 for criminal misconduct, 36 for procedural problems and 3 for supervisory issues.


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Meet Trump’s New Hip-Hop Lawyer In Georgia Probe

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By Andrew Strickler (August 12, 2022, 4:01 PM EDT) — Former President Donald Trump is often accused of having contempt for the rule of law. But he is pretty comfortable with lawyers of all stripes, from conservative beltway insiders to conspiracy-minded fabulists.

Trump’s newest hire is Atlanta attorney Drew Findling, a pro-choice, anti-mass incarceration advocate best known for representing hip-hop luminaries such as Cardi B.

In a nod to the serious nature of the Georgia probe into election interference led by Fulton County District Attorney Fani T. Willis, Findling is also a criminal defense specialist with plenty of experience with executive-level clients facing conspiracy and public corruption charges.

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Business Highlights: Bill’s inflation impact, stock rally

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___

Inflation Reduction Act may have little impact on inflation

WASHINGTON (AP) — With inflation raging near its highest level in four decades, the House gave final approval to President Joe Biden’s landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually do what it says? Economic analyses suggest that the answer is likely no — not anytime soon, anyway. The legislation, which now heads to the White House for Biden’s signature, won’t directly address some of the main drivers of surging prices — from gas and food to rents and restaurant meals. Still, over time, the bill could save money for some Americans by lessening the cost of certain prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices.

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Wall Street extends winning streak to 4th week

NEW YORK (AP) — Stocks are closing higher on Wall Street, giving the S&P 500 its first 4-week winning streak since November. The benchmark index gained 1.7% Friday, and other indexes also rose. Technology stocks drove much the broad rally. Inflation cooled more than expected last month, sending stocks higher. Investors see a greater chance inflation may have peaked, allowing the Federal Reserve to be less aggressive with its rate hikes than it has been this year. Crude oil prices fell, while bond yields were mixed.

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Amazon’s Ring, MGM to launch show from viral doorbell videos

NEW YORK (AP) — Amazon-owned companies Ring and Hollywood studio MGM are partnering to create a TV show in the mold of “America’s Funniest Home Videos.” MGM says the half-hour “Ring Nation” program will showcase viral footage from Ring’s doorbell and smart-home cameras. The series is the latest example of Amazon’s fusion of its various business arms. It also presents a branding and marketing opportunity for Amazon, which bought Ring in 2018. Since then, the company has dealt with rounds of privacy concerns around Ring and its relationship with police departments across the country. The show will be hosted by comedian Wanda Sykes and premier in syndication on September 26.

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Best Buy trims jobs after it cuts sales and profit outlook

NEW YORK (AP) — Best Buy, the nation’s largest consumer electronics chain, is trimming jobs in an effort to adjust to new changes in consumer behavior as the virus wanes. Best Buy declined to say how many jobs it was cutting but The Wall Street Journal, which was first to report the news, estimated it involved hundreds of jobs at the store level. The job cuts come after Best Buy reduced its annual sales and profit forecast late last month, citing surging inflation that has dampened consumer spending on gadgets. The Minneapolis-based company echoed Walmart, which a few days before said higher prices on basic necessities are forcing shoppers to cut back on discretionary items.

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Russian GDP drops 4% in Q2 — 1st full quarter of fighting

MOSCOW (AP) — Russia’s gross domestic product contracted 4% in the second quarter of this year, the first full quarter since Russia sent troops into Ukraine. The state statistical service reported the drop on Friday. Russia was hit with a wide array of sanctions following its move into Ukraine in late February, including ones that cut off some Russian banks from the SWIFT international transfer system, and a significant exodus of foreign companies. The report by the Rosstat service did not analyze why GDP was lower this year than in the same quarter of 2021. But it said there was a 15.3% drop in wholesale trade and a 9.8% contraction in retail trade. Russia had reported sizable GDP increases for the last four quarters.

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Publisher of USA Today, other papers axes staff to cut costs

NEW YORK (AP) — Newspaper publisher Gannett Co. confirmed Friday that it’s laying off some of its newsroom staff as part of a cost-cutting effort to lower its expenses as its revenue crumbles amid a downturn in ad sales and customer subscriptions. The McLean, Virginia-based company declined to provide details about the number of people who were losing their jobs. Gannett, which owns USA Today and more than 200 other daily U.S. newspapers with print editions, ended last year with more than 16,000 employees worldwide, according to the company’s annual report. The payroll included including more than 4,200 reporters, editors and photographers.

___

Peloton cuts jobs, raises prices in bid for profitability

NEW YORK (AP) — Peloton is laying off almost 800 employees and raising prices for some of its equipment as part of its latest bid to make the business profitable and free up cash. The moves were disclosed Friday in a memo to employees of the maker of high-end exercise bikes and treadmills from the company’s new CEO Barry McCarthy. The actions also include closing Peloton’s North America distribution network and shifting its delivery work to third-party providers. Peloton also plans to slash reduce its North American store base, which currently numbers 86. But the company didn’t say how many locations will close. The moves mark the latest changes since McCarthy took over in February. He replaced John Foley, who co-founded the business 10 years ago.

___

South Korea to pardon Samsung’s Lee, other corporate giants

SEOUL, South Korea (AP) — Samsung’s de-facto leader has secured a pardon of his conviction for bribing a former president in a corruption scandal that toppled a previous South Korean government. The act of leniency underscored the tech company’s huge influence in the nation. Lee Jae-yong’s pardon is partially symbolic since he was released on parole a year ago after serving 18 months of a prison term that would have ended in July. Critics say the billionaire has remained in control of Samsung even while behind bars. Still, the pardon will allow the heir to the electronics juggernaut to fully resume his management duties and could make it easier for the company to pursue investments and mergers. The Justice Ministry said Friday that Lee and other top business leaders will be pardoned Monday.

___

The S&P 500 jumped 72.88 points, or 1.7%, to 4,280.15. The Dow Jones Industrial Average gained 424.38 points, or 1.3%, to 33,761.05. The Nasdaq rose 267.27 points, or 2.1%, to 13,047.19. The Russell 2000 index of smaller companies added 41.36 points, or 2.1%, to 2,016.62.


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