The Biden administration is invoking the Defense Production Act to increase production of baby formula and launching a program that would use commercial aircraft to pick up overseas formula that meets U.S. standards, the White House said Wednesday.
Under the Korean War-era national security mobilization law, President Biden is requiring suppliers to prioritize giving resources to U.S. formula manufactures. A new program called Operation Fly Formula would also direct the Defense Department to use its contracts with commercial air-cargo lines to pick up formula from other countries that meets U.S. health and safety standards. The White House didn't specify any countries.
Judges Deal Latest Blow to SEC's In-House Courts
WASHINGTON-Securities regulators can't bring enforcement actions seeking financial penalties through their in-house courts, a federal appeals court ruled on Wednesday.
The decision, from a split panel of the U.S. Court of Appeals for the Fifth Circuit, adds to the legal backlash over federal-agency tribunals that some critics say violate the separation-of-powers doctrine. The Securities and Exchange Commission, one of the biggest and busiest financial regulators, has been a focal point for the feud. Its enforcers sometimes litigate cases before administrative law judges who are employees of the SEC, but are supposed to exercise independent judicial powers.
Beijing Probes Central Banker for Passing Tips to Bond Traders
China's top anticorruption agency is investigating a senior Chinese central banker for suspected leaking of official economic statistics, say people with knowledge of the matter, after Beijing criticized the central bank for not adequately aligning itself with the party-state.
The Central Commission for Discipline Inspection said Wednesday that Sun Guofeng, who was until earlier this month head of the monetary-policy department of the People's Bank of China, is being investigated for "suspected serious violation of laws and discipline." It didn't disclose any specifics.
Convicted Insurance Mogul Ordered to Give Up Control of Companies
A North Carolina court has ordered convicted insurance mogul Greg Lindberg to turn over control of hundreds of his private companies to a special board in an effort to salvage four financially troubled insurers that have been under regulatory supervision since 2019.
The court order concluded that Mr. Lindberg committed fraud in failing to abide by a 2019 agreement under which North Carolina's insurance department seized control of the insurers from Mr. Lindberg.
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ATS Automation Tooling 4Q
Canada Goose 4Q
Computer Modelling 4Q
Lightspeed Commerce 4Q
Economic Indicators (ET):
0830 Mar Employment Insurance
0830 Apr New Housing Price Index
0830 Apr Industrial/Raw Material Prices
Stocks to Watch:
Velan 4Q Loss/Shr $1.19; Sales $124.8M
Expected Major Events for Thursday
04:01/US: 3Q Manpower U.S. Employment Outlook Survey
08:30/UK: 1Q Mortgage and landlord possession statistics
08:30/UK: 1Q Mortgage Arrears and Possessions data
09:00/ITA: Mar Balance of Payments
10:00/UK: May CBI Industrial Trends Survey
12:30/US: 05/14 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/US: May Philadelphia Fed Business Outlook Survey
12:30/CAN: Mar Employment Insurance
12:30/US: U.S. Weekly Export Sales
12:30/CAN: Apr New Housing Price Index
12:30/CAN: Apr Industrial product & raw materials price indexes
13:00/RUS: Weekly International Reserves
14:00/US: 1Q Quarterly Retail E-Commerce Sales
14:00/US: Apr Leading Indicators
14:00/US: Apr Existing Home Sales
14:30/US: 05/13 EIA Weekly Natural Gas Storage Report
20:30/US: Federal Discount Window Borrowings
20:30/US: Foreign Central Bank Holdings
23:01/UK: May UK Consumer Confidence Survey
23:30/JPN: Apr CPI (Nation), CPI ex-food (Nation)
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Thursday
ATS Automation Tooling Systems is expected to report $0.32 for 4Q.
Advanced Drainage Systems Inc (WMS) is expected to report $0.58 for 4Q.
Apollo Investment Corp (AINV) is expected to report $0.34 for 4Q.
Applied Materials Inc (AMAT) is expected to report $1.90 for 2Q.
Armstrong Flooring Inc (AFI) is expected to report $-0.26 for 1Q.
BJ's Wholesale Club Holding Inc (BJ) is expected to report $0.72 for 1Q.
Badger Meter Inc (BMI) is expected to report $0.51 for 1Q.
Bit Digital Inc (BTBT) is expected to report for 1Q.
CAE Inc (CAE,CAE.T) is expected to report $0.22 for 4Q.
Canada Goose Holdings Inc (GOOS,GOOS.T) is expected to report $0.00 for 4Q.
Cato Corp (CATO) is expected to report for 1Q.
ClearOne Inc (CLRO) is expected to report for 1Q.
Computer Modelling Group is expected to report $0.06 for 4Q.
Deckers Brands (DECK) is expected to report $1.25 for 4Q.
Eagle Materials Inc (EXP) is expected to report $1.67 for 4Q.
Flowers Foods Inc (FLO) is expected to report $0.40 for 1Q.
Heroux-Devtek (HRX.T) is expected to report $0.23 for 4Q.
ICPEI Holdings is expected to report for 1Q.
Kayne Anderson Energy Infrastructure Fund Inc (KYN) is expected to report for Full year.
Kohl's Corp (KSS) is expected to report $0.77 for 1Q.
Lightspeed Commerce is expected to report for 4Q.
MEI Pharma Inc (MEIP) is expected to report $-0.18 for 3Q.
Monro Inc (MNRO) is expected to report $0.44 for 4Q.
National Energy Services Reunited Corp (NESR) is expected to report $0.11 for 1Q.
NorZinc is expected to report for 1Q.
Palo Alto Networks Inc (PANW) is expected to report $-1.18 for 3Q.
Plantronics Inc (POLY) is expected to report $-0.05 for 4Q.
Polymet Mining Corp (PLM,POM.T) is expected to report for 1Q.
Replimune Group Inc (REPL) is expected to report $-0.58 for 4Q.
Republic First Bancorp (FRBK) is expected to report $0.09 for 1Q.
Ross Stores Inc (ROST) is expected to report $0.99 for 1Q.
Singularity Future Technology Ltd (SGLY) is expected to report for 3Q.
Skillsoft Corp (SKIL) is expected to report for 1Q.
TeraWulf Inc (WULF) is expected to report for 1Q.
The Children's Place Inc (PLCE) is expected to report $1.28 for 1Q.
ThermoGenesis Holdings Inc (THMO) is expected to report for 1Q.
Three Valley Copper Corp (TVC.V) is expected to report for 1Q.
VF Corp (VFC) is expected to report $0.45 for 4Q.
ePlus Inc (PLUS) is expected to report $0.69 for 4Q.
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ANALYST RATINGS ACTIONS
AeroVironment Raised to Outperform From Sector Perform by RBC Capital
Cardinal Health Raised to Outperform From In-Line by Evercore ISI Group
Carrier Global Cut to Neutral From Buy by B of A Securities
Century Aluminum Cut to Peer Perform From Outperform by Wolfe Research
Comstock Resources Cut to Underweight From Neutral by Piper Sandler
Endeavor Group Holdings Raised to Buy From Neutral by Goldman Sachs
Ginkgo Bioworks Holdings Cut to Underperform From Neutral by B of A Securities
Great Ajax Raised to Buy From Neutral by Compass Point
Hanmi Fincl Cut to Neutral From Buy by DA Davidson
Hope Bancorp Cut to Neutral From Buy by DA Davidson
Mercury Systems Raised to Outperform From Sector Perform by RBC Capital
Penn National Gaming Raised to Buy From Hold by Jefferies
Salesforce Raised to Buy From Neutral by Roth Capital
Ventas Raised to Outperform From Neutral by Credit Suisse
VSE Cut to Sector Perform From Outperform by RBC Capital
Warby Parker Cut to Neutral From Buy by Goldman Sachs
World Fuel Services Raised to Buy From Hold by Stifel
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires