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Massive crane put in place to clear Baltimore bridge debris as crews assess damage
(Reuters) – The biggest operational crane on the U.S. Eastern Seaboard towered over Baltimore’s port on Friday, ready to begin clearing the wreckage of the Francis Scott Key Bridge days after a cargo ship crashed into it, sending the span crashing into the harbor.
Crews were still surveying the damage as of midday Friday. The crane, which can lift up to 1,000 tons, arrived late Thursday night and will probably start hauling debris out of the water on Saturday morning, according to U.S. Coast Guard spokesperson Carmen Carver.
A second crane is en route and expected to arrive soon to assist the effort, she said.
State and federal authorities are focused on clearing the busy port and rebuilding the bridge after the Dali, a massive container ship that had lost power, plowed into a support column early on Tuesday, toppling the structure and leaving six workers presumed dead.
Divers have recovered two bodies of the missing construction workers, who were repairing the bridge at the time of the collision. The remaining four are believed to be trapped beneath the water. All were immigrants from Mexico and Central America.
Finding the remaining bodies is the top priority, Maryland Governor Wes Moore told a press conference on Thursday. Crews must also assess how to remove the stuck vessel, loaded with thousands of containers and trapped by bridge debris.
“The Dali is almost as long as the Eiffel Tower, and the Dali has the Key Bridge on top of it. We’re talking 3,000 or 4,000 tons of steel that’s sitting on top of that ship, so we’ve got work to do,” Moore said at Thursday’s press conference.
Within hours of Moore’s request for emergency funds, the U.S. government on Thursday had awarded Maryland $60 million to clear debris and begin rebuilding the bridge, a reflection of how critical the infrastructure is to shipping and transportation industries along the Eastern Seaboard.
Three days after the tragedy, the jobs of some 15,000 people whose work revolves around daily port operation are on hold. Maryland lawmakers are looking to pass emergency legislation to provide income replacement for those affected, the state senate president said this week.
The situation poses a temporary risk to the area’s economy, since the port receives the greatest share of U.S. auto imports and is one of just four on the U.S. east coast with the 50-foot channel needed for larger cargo boats, bond rating agency Moody’s (NYSE:) Investors Service said.
Replacing the 47-year-old bridge will likely require “years of work,” but the port, whose operations recently surpassed pre-pandemic levels, could reopen within weeks, “if debris is rapidly removed,” according to a Moody’s report.
“As long as the port is closed, diversion of automotive imports and other cargo to other East Coast ports will erode Baltimore’s advantage as the port closest to the Midwest, to the detriment of terminal operators,” the report said.
IRVING, Texas – Sow Good Inc. (OTCQB to NASDAQ: SOWG), a company specializing in freeze-dried candies and treats, announced today the pricing of its public offering of 1.2 million shares at $10 each. The offering, which is expected to close on May 6, 2024, could bring in $12 million before deductions for expenses and underwriting discounts.
The announcement follows the company’s recent approval to list its common stock on the Nasdaq Capital Market, with trading commencing today. Shareholders are not required to take any action regarding the uplisting, and the ticker symbol “SOWG” will remain the same.
Sow Good has granted underwriters a 30-day option to buy up to an additional 180,000 shares. Roth Capital Partners is the sole book-running manager, with Craig-Hallum acting as co-manager for the offering.
The company plans to use the net proceeds for various corporate purposes. These include expanding production capacity, funding working and growth capital, enhancing sales and marketing efforts, and reducing certain debt tranches.
This press release contains forward-looking statements regarding the company’s strategy, plans, and objectives, including the offering’s anticipated benefits, growth expectations, and future capital expenditures. However, these statements involve risks and uncertainties that could cause actual results to differ materially.
The offering is made only through a prospectus filed with the U.S. Securities and Exchange Commission (SEC), available from Roth Capital Partners or the SEC’s website.
Sow Good Inc. is known for its innovative approach to transforming traditional candy into a new subcategory of confectioneries through proprietary freeze-drying technology.
This news article is based on a press release statement.
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InvestingPro Insights
As Sow Good Inc. (OTCQB to NASDAQ: SOWG) embarks on its latest public offering, investors are keenly observing the company’s financial metrics and market performance. According to real-time data from InvestingPro, Sow Good Inc. has a market capitalization of approximately $96.2 million, which reflects the market’s current valuation of the company.
Despite a challenging week with a price total return of -31.72%, the company has demonstrated a strong return over the last year, with a 158.35% increase.
InvestingPro Tips indicate that Sow Good Inc. stock trades with high price volatility and has experienced significant price movements. This could be an important consideration for investors who are sensitive to short-term market fluctuations.
The company’s stock has fared poorly over the last month, with a -21.57% price total return, but it’s worth noting that it has had a high return over the last year and a large price uptick over the last six months, reflecting a longer-term positive trend.
Investors should also be aware that Sow Good Inc. operates with a moderate level of debt and has liquid assets that exceed short-term obligations, which could be seen as a positive sign of the company’s financial health. Yet, the company is not profitable over the last twelve months, as indicated by its negative P/E ratio of -19.41 and an even more pronounced adjusted P/E ratio of -51.8 for the last twelve months as of Q4 2023.
For those looking to delve deeper into the company’s financials and performance, InvestingPro provides a wealth of additional tips. To explore these insights and to make more informed investment decisions, interested readers can take advantage of a special offer: use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 15 more InvestingPro Tips available, investors can gain a comprehensive understanding of Sow Good Inc.’s position in the market.
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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
On Thursday, an analyst from Jefferies revised the stock price target for Boeing (NYSE: NYSE:), bringing it down to $270 from the previous $300, while still holding a Buy rating on the stock. The adjustment follows Boeing’s recent closure of a new $10 billion debt offering.
The offering, which matures in 2042, carries an average interest rate of 6.6%, subsequently increasing Boeing’s annual interest expense by $660 million. This additional cost is expected to impact earnings per share (EPS), with a projected decrease of $0.60 in 2024 and $0.90 in 2025.
The new debt is anticipated to provide Boeing with significant operational flexibility in the near term, including the potential acquisition of SPR. However, the financial maneuver has led to a downward revision of the company’s free cash flow (FCF) estimates. The analyst now expects Boeing’s FCF to be $1.2 billion in 2024 and $5.3 billion in 2025, a decrease from the previously estimated $1.6 billion and $5.8 billion, respectively.
Boeing’s net debt (ND) to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio is projected to end 2024 at 7.9 times, based on deflated EBITDA. This ratio is expected to decrease significantly to 2.0 times by the end of 2026, following an anticipated $12.6 billion debt paydown over the period.
The company’s recent financial activities, including the substantial debt offering, are part of Boeing’s broader strategy to strengthen its balance sheet and ensure operational stability as it navigates the current market environment. Despite the reduced price target, the maintained Buy rating indicates a continued positive outlook on the company’s stock by the analyst at Jefferies.
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InvestingPro Insights
Recent data from InvestingPro paints a nuanced picture of Boeing’s financial standing. With a market capitalization of $108.84 billion, the company is a significant player in the Aerospace & Defense industry. Yet, Boeing’s P/E ratio stands at a negative -50.08, reflecting the challenges it faces. The company’s revenue over the last twelve months as of Q1 2024 is reported at $76.44 billion, with a growth rate of 8.37%, indicating some resilience in their operations.
InvestingPro Tips highlight that Boeing is not expected to be profitable this year, which aligns with the analyst’s concerns about the company’s increased interest expenses and revised EPS. Additionally, Boeing’s stock price has shown considerable volatility, with a 3-month total price return of -18.11%. This volatility is a critical factor for investors to consider, especially in light of the company’s recent debt offering and the impact on its financial projections.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/BA, which could provide further insight into Boeing’s financial health and stock performance. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking more valuable tips to inform your investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
ATCHISON, Kan. – MGP Ingredients , Inc. (NASDAQ:), a prominent producer of distilled spirits and food ingredient solutions, has declared a quarterly dividend of $0.12 per share on its common stock. The dividend is set to be distributed on May 31, 2024, to shareholders who are on record as of May 17, 2024.
The company, with a history dating back to 1941, is recognized for its extensive portfolio of premium branded and distilled spirits, including bourbon and rye whiskeys, gins, and vodkas. MGP Ingredients operates distilleries in Kentucky and Indiana, along with bottling facilities spread across Missouri, Ohio, and Northern Ireland, positioning it as one of the largest distillers in the United States.
MGP Ingredients also boasts a branded spirits portfolio that encompasses a range of brands, including those from Luxco, a subsidiary known for its award-winning spirits. Luxco’s offerings feature brands like Ezra Brooks, Rebel, and Blood Oath, among others, produced at various distilleries such as Lux Row Distillers and Limestone Branch Distillery.
Aside from spirits, MGP Ingredients’ Ingredient Solutions segment provides specialty proteins and starches derived from plants, catering to a broad spectrum of food products and emphasizing functional, nutritional, and sensory benefits.
The announcement of the dividend reflects the company’s continued commitment to delivering value to its shareholders. This financial decision is based on the company’s performance and strategic initiatives aimed at maintaining its position in the market.
The information for this report is based on a press release statement from MGP Ingredients, Inc.
InvestingPro Insights
MGP Ingredients, Inc. (NASDAQ:MGPI) has recently affirmed its shareholder commitment with the announcement of a quarterly dividend, echoing the company’s stable financial standing and strategic market positioning. Here are some insights based on real-time data from InvestingPro that provide a deeper understanding of the company’s financial health and stock performance:
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InvestingPro Data shows that MGP Ingredients has a market capitalization of $1.72 billion and is trading with a P/E ratio of 16.36, which adjusts to a more attractive 13.4 based on the last twelve months as of Q4 2023. The company’s revenue, during the same period, grew by 6.92%, indicating a steady financial trajectory.
Despite analysts anticipating a sales decline in the current year, MGP Ingredients has demonstrated a capacity to cover its interest payments with its cash flows. Moreover, the company’s liquid assets surpass its short-term obligations, showcasing a solid liquidity position.
Notably, MGP Ingredients is trading near its 52-week low, presenting a potential opportunity for investors considering the company’s historical profitability and high return over the last decade. It’s also worth mentioning that the company operates with a moderate level of debt and has been profitable over the last twelve months.
InvestingPro Tips suggest that while there are downward revisions on earnings for the upcoming period, the company is expected to remain profitable this year. For investors seeking a more comprehensive analysis, there are 6 additional InvestingPro Tips available at https://www.investing.com/pro/MGPI, which can be accessed with an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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