N.Y. Fed Empire State Manufacturing Survey for May; Canada
Housing Starts for April; Canada Manufacturing Survey for March;
Canada Wholesale Trade for March; Joe Biden meets with Greek Prime
Minister Kyriakos Mitsotakis
Stock futures edged down Monday, suggesting major indexes will
extend the selloff that has pushed the S&P 500 down for six
Investors, worried that the Federal Reserve has been too late to
spot the risks from soaring inflation, fear the central bank will
move too aggressively to fight it, a mistake that could tip the
economy into a recession.
The resulting selloff, which has been compounded by the war in
Ukraine and Covid-19 lockdowns in China, has been broad, affecting
most assets from cryptocurrencies and stocks to government bonds,
leaving investors unsure of where to seek safety.
After weeks of losses, some investors are holding on to stocks,
or buying more, hoping declines are reaching their nadir. Others
are settling in for a protracted period of volatility.
"We are moving into a more challenging time for markets. We need
to see signs that inflation is not just peaking but actually
decelerating before you find a sustainable bottom in the market.
That is going to take at least a couple of months," said David
Donabedian, chief investment officer at CIBC Private Wealth.
"That doesn't mean we won't have counter-rallies higher from day
to day, but I think this is a long drawn-out process and it is
largely data-driven," he said.
Overseas, European indexes weakened with the pan-continental
Stoxx Europe 600 edging down 0.4%.
In mainland China, major stock indexes fell after
weaker-than-expected data showed the economic cost of strict
lockdowns imposed to control Covid-19 outbreaks. Retail sales fell
about 11% year-over-year in April and industrial production
contracted 2.9% on the same basis, while growth in fixed-asset
Mainland property stocks outperformed, however, after Chinese
authorities lowered the minimum interest rate for mortgages
extended to first-time home buyers.
"The April economic numbers have confirmed investors' concerns
about a China slowdown," said Tai Hui, chief market strategist for
Asia at J.P. Morgan Asset Management in Hong Kong. Although
Shanghai has laid out a reopening plan and domestic Covid-19 cases
have been declining, investors only expect a gradual recovery over
the coming weeks and months, he said.
Still, U.S. markets have already sold off markedly in recent
weeks, partly on concerns about Chinese supply-chain disruptions,
so the weak data were unlikely to have much impact on broader
global markets, Mr. Hui said.
Stocks to Watch:
Tesla has delayed by at least a week returning production at its
plant in Shanghai to levels before the city's strict Covid-19
lockdowns, Reuters reported.
It plans to stick to one shift at the plant for the current
week, with output per day of about 1,200 units, Reuters reported,
citing an internal memo. The aim for Tesla now is to boost output
to 2,600 units per day from May 23.
Tesla didn't immediately respond to a request for comment early
If risk aversion continues to pick up, sending equity markets
lower, the DXY Dollar Index could rise well above 105.00, said
The dollar "has remained firmly in demand" as concerns grow
about risks related to Russia's invasion of Ukraine and China
lockdowns. "We doubt we are going to see a rapid and material
unwinding of defensive dollar positions in the week ahead."
ING has raised its forecasts for U.S. interest rates and now
expects three 50-basis point rate rises in June, July and September
before a return to quarter-point increases in November.
Barclays said the dollar has strengthened more than it had
expected and sees room for further gains, lifting it to $1.02 per
euro in three months' time, before weakening to $1.06 and $1.10 in
six and 12 months. Barclays doesn't expect the euro to drop to
"Expensive valuations, market expectations of European fiscal
support, a partial and gradual reopening in Shanghai and moderating
U.S. data are some of the key reasons why we are not calling for
EUR/USD parity, and why we expect dollar strength to fade over
Commonwealth Bank expects EUR/USD to consolidate this week after
last week's tumble.
European Central Bank officials have made it clear in their
speeches that an interest rate tightening cycle will come sooner
rather than later and around 20 basis points of tightening is
priced for July. However, the ECB is in a similar situation to the
Bank of England, with inflation rising in large part due to the
current energy price shock and continued supply constraints at the
same time that there are a number of strong headwinds for economic
Meantime, LBBW said the dollar "will remain strong against the
euro for the time being" and EUR/USD could drop to 1.03 by the end
"Forward contracts on currencies traded by speculators on the
Chicago Stock Exchange still do not indicate any dollar euphoria
crying out for a correction," said LBBW. Its technical analysis
suggests the trend towards dollar appreciation remains fully
RBC has advised selling GBP/SEK, targeting 12.07, with a stop
loss at 12.45, compared with a current level of 12.3158.
This is "primarily a bearish GBP trade" while the Swedish krona
is the only G-10 currency against the pound that is neutral to
general risk appetite, said RBC.
Reports that the U.K. government may start legislating to
override aspects of the Northern Ireland Protocol agreed as part of
the Brexit agreement take the U.K. "a step closer to a trade war
with the EU," RBC said.
Sterling faces a heavy week for U.K. data while there is little
on the calendar in Sweden and krona positioning is "close to
Ten-year Treasury and German Bund yields are likely to move
sideways in the short term, around 3% for USTs and 1% for Bunds,
said LBBW, adding for the next 12 months, it expect yields will
continue to rise.
"Unlike the prior months, however, the balance between inflation
and growth risks may improve," said LBBW, adding that the yield
increase should be less extreme than in past months.
Oil futures extended losses in Europe, after weak Chinese data
that pointed to an economic hit from strict Covid-19 lockdowns, had
dragged crude prices into the red in Asian trading.
China's strict Covid lockdowns have raised fears over economic
activity, reducing demand for crude oil and the
weaker-than-expected figures Monday suggested the hit to demand
could also be worse than thought.
While concerns that the global economy is weakening are keeping
a lid on oil prices, crude is still up more than 40% this year
after Russia invaded Ukraine in February, raising questions about
energy supplies. German officials announced over the weekend that
Europe's biggest economy will stop importing oil from Russia by the
end of the year even if the European Union cannot agree on a ban
for all members.
Gold and copper prices slipped as the bearish Chinese data and
expected weakness from Europe continued to weigh on sentiment.
In addition, the worsening economic data continues to hit gold's
place as an inflation hedge, said ANZ Research, adding that "a
stronger dollar amid expectations of an aggressive rate hike cycle
continues to weigh on investor demand."
TODAY'S TOP HEADLINES
Behind Fake-Account Issue That Elon Musk Cited in Calling
Twitter Deal 'On Hold'
Elon Musk's tweet saying his planned Twitter Inc. acquisition
was on hold put the spotlight on questions about fake accounts,
which have vexed social-media platforms for years.
Mr. Musk, the chief executive officer of Tesla Inc., said in a
tweet early Friday that his $44 billion deal to buy Twitter was
"temporarily on hold pending details supporting calculation that
spam/fake accounts do indeed represent less than 5% of users."
Ford Unloads Further 7 Million Shares of Electric-Vehicle
Ford Motor Co. said it unloaded more shares of Rivian Automotive
Inc., further pressuring the electric-truck maker's battered stock
Ford sold 7 million Rivian shares at a price of $26.88, the
company said in a regulatory filing late Friday. That followed an
8-million-share sale earlier in the week at about the same
CVC Capital in Deal Talks With Australia's Brambles as Logistics
Assets Stay Hot
SYDNEY-One of the world's biggest suppliers of wooden pallets
for moving goods around the supply chain is in the takeover sights
of European private-equity firm CVC Capital Partners.
Brambles Ltd., which has a market value of around $11.4 billion,
said on Monday that it is in early talks with CVC about a deal that
would represent the latest push by private-equity firms to own
logistics companies and repair supply chains frayed by the Covid-19
pandemic. The Australia-listed company has a sizable business in
North America where it supplies pallets to more than 24,000
JetBlue to Launch Tender Offer for Spirit, Urge Shareholders to
Vote Against Frontier Deal, Sources Say
JetBlue Airways Corp. plans to launch a hostile takeover attempt
for discount carrier Spirit Airlines Inc., according to people
familiar with the matter, after Spirit rejected JetBlue's $3.6
billion offer in favor of an existing deal with Frontier
JetBlue plans to appeal directly to Spirit's shareholders by
launching a tender offer for their shares, in hopes of pressuring
Spirit's management to re-engage in negotiations, the people said.
At the same time, JetBlue plans to urge Spirit shareholders to vote
against Spirit's planned merger with Frontier Group Holdings Inc.
on June 10 in a further effort to sway the company's leaders, the
Renault Sells Russia Business to State-Backed Entity for One
PARIS-French auto maker Renault SA has reached a deal to cede
its 68% stake in Russia's biggest car maker to a state-backed
entity for one ruble and a six-year option to buy back its shares,
according to people familiar with the matter, an illustration of
the limited options Western firms face in leaving Russia.
Renault said Monday that it was handing over its stake in
AvtoVAZ to NAMI, a state-backed automotive research and development
center. Renault said it was also transferring ownership of a
factory in the center of Moscow, which makes vehicles under the
Renault and Nissan brands, to the city's government.
Plains All American to Settle Class-Action Lawsuit Over 2015
California Oil Pipeline Spill
The owner of an oil pipeline that caused a 4-mile-long spill
along a California beach in 2015 has agreed to pay $230 million to
settle a class-action lawsuit brought by fishermen and property
owners, according to attorneys and court documents.
Plains All American Pipeline LP will pay $184 million to those
affected within the fishing industry and $46 million to property
owners, according to court documents, if the settlement reached
Friday is approved by a federal court.
Walmart Anticipates a Store Manager Shortage Despite
Walmart Inc. wants to avoid a big problem: having too few store
It is a key position for the retail giant, one that requires
long hours and in big stores overseeing an operation with roughly
$100 million in annual sales and a team of 300.
Emirates Telecommunications Buys $4 Bln Stake in Vodafone
Emirates Telecommunications Group Co. said Monday it has
purchased a 9.8% stake in Vodafone Group PLC, worth around 3.26
billion pounds ($4.0 billion).
The multinational telecommunications services provider didn't
disclose how much it paid for the stake, but said it had acquired
around 2.77 billion shares in Vodafone, a telecoms company. As
Vodafone's shares closed Friday at a price of 117.82 pence, the
stake is likely worth around GBP3.26 billion.
Saudi Aramco Posts Record Quarterly Profit on Surging Oil
DUBAI-Saudi Arabia's national oil company said Sunday that its
net income rose more than 80% to record highs in the first quarter
of the year, a surge that shows how some of the world's biggest
state-owned energy producers are benefitting from a price boom
accelerated by Russia's invasion of Ukraine.
Saudi Arabian Oil Co., known as Aramco, said its quarterly
profit swelled to $39.5 billion in the quarter, a period during
which Saudi Arabia, the de facto leader of the Organization of the
Petroleum Exporting Countries, continued to rebuff U.S. requests to
pump more oil to help tame surging crude prices, instead sticking
by an agreement with Russia to only marginally increase output.
Pay Packages for CEOs Rise to Record Level
The median pay package for chief executives of the biggest U.S.
companies reached $14.7 million in 2021, setting a sixth-straight
annual record as strong profits and robust markets boosted
Total compensation rose by at least 12% for most of the
executives, and most companies recorded annual shareholder returns
of nearly 30%, according to a Wall Street Journal analysis of data
for more than 400 companies from MyLogIQ LLC.
Chinese Wind-Turbine Companies Seek Global Growth as Western
TARANTO, Italy-Chinese wind-turbine makers have grown big on the
back of their rapidly growing home market. Now they want to expand
abroad, putting further pressure on Western wind-turbine makers,
which have been struggling to profit from a renewable-energy
The ambitions are visible near this coastal city on the heel of
the Italian boot, where Renexia SpA, the renewable-energy arm of
Italian infrastructure company Toto Holding SpA, recently
inaugurated Beleolico, a 30-megawatt offshore wind farm using Ming
Yang Smart Energy Group Ltd. turbines, last month.
China's Economic Activity Cooled Sharply in April
BEIJING-China's economic activity cooled sharply in April,
official data showed Monday, as the stringent Covid-19 control
measures locked down cities and disrupted businesses.
Retail sales, a gauge of China's consumption, fell 11.1% on year
in April, widening from a drop of 3.5% in March, the National
Bureau of Statistics said. The result was also much lower than the
5.4% decline expected by economists polled by The Wall Street
China PBOC Cuts Mortgage Rate Lower Limit for First-Home
China's central bank cut the lower limit on mortgage rates for
first-home buyers, a move that could revive the property market and
support the cooling economy.
The People's Bank of China said Sunday that it would allow
commercial banks to reduce their mortgage rates by up to 20 basis
points from the current floors, while keeping the minimum mortgage
rates for second-home buyers unchanged.
EU Lowers Growth Outlook, Raises Inflation Forecasts Due to
Russia's invasion of Ukraine has dashed hopes for a prolonged
and robust expansion following the Covid-19 pandemic, the European
Commission said Monday as it lowered growth expectations for the
eurozone economy for 2022 and 2023.
"Russia's invasion of Ukraine is causing untold suffering and
destruction, but is also weighing on Europe's economic recovery,"
said Paolo Gentiloni, Commissioner for the Economy.
The war is exacerbating pre-existing headwinds to growth that
were previously expected to subside, as it exerts further upward
pressure on commodity prices, causing renewed supply disruptions
and greater uncertainty, the European Commission said in its spring
Investors Stay Put, Because They Can't Think of Better
Even the worst markets are supposed to have havens. Some
unnerved investors are wondering if this one doesn't.
The S&P 500 is down 16%, its worst start to a year since
1970, according to Dow Jones Market Data. But assets of all kinds
are also falling. Gold, typically considered a haven, has swung
into the red. Bonds are typically another shelter, but this year
they are falling alongside stocks, an unusual tandem that reflects
Nations Aim to Secure Supply Chains by Turning Offshoring Into
WASHINGTON-As war and the pandemic expose the fragility of
supply chains, the U.S. and its allies are pursuing a new kind of
global trade, one that confines commerce to a circle of trusted
nations. Fans call the shift "friend-shoring."
The new strategy is a departure from economic globalization of
recent decades, when businesses bought and made products where
costs were low and free-trade policies made moving goods around the
world cheaper and faster.
India Bans Wheat Exports, Putting More Pressure on Global Food
NEW DELHI-India said it would ban wheat exports, in a move that
will add to global inflationary pressure and further strain global
food supplies that have been disrupted by the war in Ukraine.
"The food security of India, neighboring and other vulnerable
countries is at risk," India's Directorate General of Foreign Trade
said in a notice on Friday explaining the ban.
Yellen Seeks to Win European Support for a Tax Deal Congress
WASHINGTON-Treasury Secretary Janet Yellen wants to clinch the
European Union's approval of a global minimum tax on the profits of
large corporations, hoping to smooth out Poland's objections to
approving the plan in meetings next week.
But the larger threat to the agreement's future may rest closer
to home, in Congress, which hasn't yet approved the plan Ms. Yellen
Jeff Bezos Criticizes Joe Biden in Twitter Spat Over
Amazon.com Inc. founder Jeff Bezos criticized the Biden
administration in two tweets over the weekend for tying the
corporate tax structure to rising inflation.
The tweets were spurred by one from President Biden on Friday,
which said: "You want to bring down inflation? Let's make sure the
wealthiest corporations pay their fair share."
Rising Food Prices Roil Developing World
Soaring food prices are triggering shortages and protests across
the developing world as disruption from the Ukraine war adds to
existing strains on global supplies of grains, meat and other
India on Saturday invoked a rare ban on wheat exports to help
tame domestic prices, a move likely to exacerbate global strains.
The country is the world's second-largest wheat grower, behind
China. Late last month, Indonesia halted the export of certain
types of palm oil in an effort to lower soaring prices of cooking
oil at home.
Individual Investors Step Back From Options Bets
Options trading by individual investors is fading, the latest
sign that the stock market's speculative fever has broken.
Those individual investors had embraced options as a way of
riding the stock market's momentum that drove shares of companies
from Apple Inc. to Nvidia Corp. to new heights. Now, the Federal
Reserve's move to raise interest rates to tame inflation has thrown
that dynamic into reverse, sending the prices of stocks
Stocks Are Way Down. They're Still Expensive.
U.S. stocks are off to their worst start to a year in more than
a half-century. By some measures, they still look expensive.
Wall Street often uses the ratio of a company's share price to
its earnings as a measuring stick for whether a stock appears cheap
or pricey. By that metric, the market as a whole had been unusually
expensive for much of the past two years, a period when especially
easy monetary policy turbocharged the popular view that low
interest rates gave investors few alternatives to stocks.
Shanghai Lays Out Covid-19 Reopening Plan as China Cancels 2023
HONG KONG-Shanghai officials outlined plans for a phased
reopening of shopping malls, supermarkets and other businesses,
even as many residents in China's financial hub remained confined
to their locked-down homes.
Chen Tong, Shanghai's deputy mayor, said Sunday that the city
would begin allowing businesses to open on a limited basis starting
Monday as daily Covid-19 infection cases continue to decline nearly
two months into a hard lockdown of the city of 25 million
Mass Covid Testing, Already a Familiar Ritual, Becomes China's
China is doubling down on mass testing as a key weapon against
Covid-19 even as costs mount and the highly infectious Omicron
variant exposes challenges with the strategy.
Mass testing has become a part of daily life across the country.
Similar to how many people in the West have had to show a vaccine
pass to dine out, enter the office or get on a plane, in China, the
thing not to leave home without is a negative Covid test.
Finland Plans Next Step in NATO Bid as Ukraine Mounts
Counteroffensive Near Key Eastern City
KYIV, Ukraine-Finland said Sunday it would seek parliamentary
approval to join NATO as Kyiv's forces began a counteroffensive
toward the eastern city of Izyum, which Ukrainian officials said
was aimed at disrupting Russian supply lines into the Donbas
Finnish President Sauli Niinistö said the government would apply
for membership in the North Atlantic Treaty Organization subject to
approval by parliament, which is widely expected, in the coming
Ukraine Launches Counteroffensive to Disrupt Russian Supply
KYIV, Ukraine-Ukraine began a counteroffensive toward the
eastern city of Izyum aimed at disrupting Russian supply lines into
the Donbas region, officials said, as Ukrainian forces continued
clearing villages north of Kharkiv and Russian President Vladimir
Putin warned his Finnish counterpart that joining NATO would risk
damaging relations with Moscow.
Kathy Barnette Scrambles Pennsylvania GOP Senate Primary,
Drawing Trump Ire
In the closing days of Pennsylvania's Republican primary for
U.S. Senate, a candidate who has had a tiny fraction of the
resources of the two front-runners is suddenly a contender,
triggering attacks against her from different directions.
Kathy Barnette, an Army Reserve veteran and commentator, is
surging in part because of a rise from poverty that includes being
the product of sexual assault, something she has said helped forge
her fierce opposition to abortion. She is also benefiting from
endorsements in the final week of the primary campaign from two
powerful conservative groups.
Election Officials Steel Themselves for Threats as Midterm
Season Gears Up
Forrest Lehman, the elections director in Pennsylvania's
Lycoming County, was brought up short earlier this year by a poll
worker's question: What should I do if I get a death threat?
"I never would have had a question like that before 2020," said
Mr. Lehman, expressing relief that he knew of no such threats in
his largely rural county. "I don't expect that to happen," he
added, "but it's illustrative that it's on their mind now."
Write to firstname.lastname@example.org TODAY IN CANADA
1Q unless stated otherwise
Voyager Digital 3Q
Economic Indicators (ET):
0815 Apr Housing Starts
0830 Mar Monthly Survey of Manufacturing
0830 Mar Wholesale Trade
Expected Major Events for Monday
06:00/GER: Apr WPI
06:00/JPN: Apr Preliminary Machine Tool Orders
12:15/CAN: Apr Housing Starts
12:30/CAN: Mar Monthly Survey of Manufacturing
12:30/CAN: Mar Wholesale trade
12:30/US: May Empire State Manufacturing Survey
20:00/US: Mar Treasury International Capital Data
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Monday
AIkido Pharma Inc (AIKI) is expected to report for 1Q.
AcelRx Pharmaceuticals Inc (ACRX) is expected to report $-0.06
Alaunos Therapeutics Inc (TCRT) is expected to report $-0.05 for
Altus Power Inc (AMPS) is expected to report for 1Q.
Angion Biomedica Corp (ANGN) is expected to report for 1Q.
Avenue Therapeutics Inc (ATXI) is expected to report $-0.49 for
Brainstorm Cell Therapeutics Inc (BCLI) is expected to report
$-0.13 for 1Q.
CEL-SCI Corp (CVM) is expected to report $-0.16 for 2Q.
Celsion Corp (CLSN) is expected to report for 1Q.
Chimerix (CMRX) is expected to report $-0.33 for 1Q.
Clear Secure Inc (YOU) is expected to report for 1Q.
Dynacor Gold Mines (DNG.T) is expected to report for 1Q.
Galectin Therapeutics (GALT) is expected to report for 1Q.
HOOKIPA Pharma Inc (HOOK) is expected to report for 1Q.
Impel Pharmaceuticals Inc (IMPL) is expected to report for
InnSuites Hospitality Trust (IHT) is expected to report for
K92 Mining Inc (KNT.T) is expected to report for 1Q.
Kala Pharmaceuticals Inc (KALA) is expected to report $-0.34 for
Lifeway Foods (LWAY) is expected to report for 1Q.
LogicBio Therapeutics Inc (LOGC) is expected to report for
Luna Innovations (LUNA) is expected to report $-0.03 for 1Q.
Milestone Scientific Inc (MLSS) is expected to report $-0.03 for
Mind Medicine (MindMed) Inc (MMED.GR) is expected to report for
Mullen Automotive Inc (MULN) is expected to report for 2Q.
Nuvo Pharmaceuticals Inc (NRIFF) is expected to report for
Orbital Energy Group Inc (OEG) is expected to report for 1Q.
Passage Bio Inc (PASG) is expected to report for 1Q.
PolarityTE Inc (PTE) is expected to report $-0.99 for 1Q.
Professional Diversity Network Inc (IPDN) is expected to report
S&W Seed (SANW) is expected to report $-0.10 for 3Q.
SPAR Group (SGRP) is expected to report for 1Q.
Siebert Financial Corp (SIEB) is expected to report for 1Q.
StageZero Life Sciences Ltd (SZLS.T) is expected to report for
Stratus Properties (STRS) is expected to report for 1Q.
Synthetic Biologics Inc (SYN) is expected to report $-0.23 for
Syros Pharmaceuticals Inc (SYRS) is expected to report $-0.46
US Well Services Inc (USWS) is expected to report for 1Q.
Vidler Water Resources Inc (VWTR) is expected to report for
Warby Parker Inc (WRBY) is expected to report for 1Q.
Weber Inc (WEBR) is expected to report for 2Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Atmos Energy Cut to Neutral From Buy by Goldman Sachs
Avaya Holdings Cut to Market Perform From Outperform by Cowen
Blackstone Sec Lending Fd Raised to Outperform From Market
Perform by Raymond James
Brickell Biotech Cut to Hold From Buy by Lake Street
Carvana Cut to Hold From Buy by Jefferies
Constellation Energy Raised to Buy From Neutral by
Duolingo Raised to Outperform From Market Perform by Raymond
Endeavor Group Holdings Raised to Buy From Neutral by UBS
Endeavor Group Holdings Raised to Overweight From Equal-Weight
Evolus Raised to Equal-Weight From Underweight by Barclays
First Solar Raised to Overweight From Neutral by Piper
Fluence Energy Cut to Neutral From Buy by Goldman Sachs
Ford Motor Raised to Equal-Weight From Underweight by Morgan
Krispy Kreme Raised to Buy From Hold by HSBC
Mercury Systems Raised to Buy From Hold by Truist Securities
Meritage Cut to Peer Perform From Outperform by Wolfe
New Relic Cut to Hold From Buy by Needham
Oshkosh Cut to Underperform From Neutral by B of A
Outbrain Cut to In-Line From Outperform by Evercore ISI
Paysign Raised to Outperform From Market Perform by Barrington
Proterra Cut to Underperform From Buy by B of A Securities
Pulse Biosciences Cut to Neutral From Buy by HC Wainwright &
Redbox Entertainment Cut to Neutral From Buy by B. Riley
Republic Services Raised to Buy From Neutral by B of A
Squarespace Raised to Outperform From Neutral by Wedbush
Switch Cut to Equal-Weight From Overweight by Barclays
TuSimple Cut to Sector Perform From Outperform by RBC
United Parcel Service Cut to Neutral From Overweight by JP
Waste Management Raised to Neutral From Underperform by B of A
WEC Energy Group Raised to Buy From Neutral by B of A
This article is a text version of a Wall Street Journal
newsletter published earlier today.
(END) Dow Jones Newswires
May 16, 2022 05:39 ET (09:39 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.