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President Biden held his first major 2024 re-election campaign rally to a receptive Philadelphia audience on Saturday, boasting his administration’s accomplishments and naming himself the most pro-labor president ever.

The president picked Philadelphia and a friendly union-affiliated audience for the rally, made up of over 1,000 union workers chanting encouraging cries like ‘We want Joe!’ and ‘Let’s go, Joe!’

Biden touted accomplishments such as the Build Back Better Act, claiming the bill cut insurance premiums and lowered the cost of prescription drugs.

‘I’m looking forward to this campaign,’ Biden said confidently. ‘We’ve got a record to run on.’

According to rally organizers, the unions at the rally represented 18 million laborers across the U.S. Biden was endorsed by AFL-CIO, American Federation of Teachers and other significant unions Friday.

The Philadelphia speech marks the first major non-donor event Biden has hosted on the 2024 campaign trail. He recently held a fundraiser in Greenwich, Connecticut and plans on more in Illinois, New York, California and Maryland.

An optimistic Biden supporter told the Associated Press that she was confident about the president’s re-election chances.

‘I’m very optimistic. I fear that the Republicans are going to get caught in their cycle that they did last time and people aren’t going to buy it this time, so Joe’s going to sweep right in,’ librarian Jennifer McKinnon said. 

Another union worker, a 63-year-old retired electrician named Clark Hamilton, was generally supportive of the president but criticized Biden for urging Congress to block last year’s potential rail strike.

‘That’s a shame,’ Hamilton stated. ‘But he was trying to save the economy.’

The Associated Press contributed to this report.

This post appeared first on FOX NEWS

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Immigration and Customs Enforcement (ICE) announced this week that it had arrested a Mexican illegal immigrant who was convicted of sexual assault of a child, but was put on parole and later escaped monitoring.

The unnamed Mexican national was convicted in Cook County, Illinois, in 2019 and sentenced to six years in the Illinois Department of Corrections.

But in April, he was paroled on electronic monitoring. The terms of his parole meant that he had to register as a sex offender, live in a halfway house and be monitored by state parole officers.

Less than two months later, he cut the electronic monitor off on May 30 and absconded.

The escape led to a multi-day manhunt after the DOC noted his failure to return to the address. On June 2, ICE’s Enforcement and Removal Operations officers from both the U.S. Marshals Fugitive Task Force and Chicago’s Fugitive Operations Team arrested him as part of what the agency described as a ‘targeted enforcement operation.’

‘Partnering with federal, state, and local law enforcement agencies is a crucial aspect of protecting the children in this community,’ acting ERO Chicago Field Office Director Ladeon Francis said in a statement. ‘We, and our law enforcement partners, work tirelessly each day to remove unlawfully present predators from our streets, but we need the public’s help. It’s important to note that with a proactive public who report their suspicions to law enforcement, together, we will increase public safety.’

However, the Mexican national will not yet be deported. He was instead returned to the Illinois DOC, where he will be expected to complete his sentence. ICE said it has issued an immigration detainer for him, which is a request that he be transferred into ICE’s custody when he completes his sentence, so he can be removed from the U.S.

The case highlights the dangers of some of those who come across the border illegally. 

U.S. Border Patrol Chief Raul Ortiz announced on Friday that in a single week, Border Patrol agents stopped four convicted sex offenders across the border.

He also noted that there were over 5,700 illegal aliens who evaded agents and escaped into the U.S.

This week, Fox News reported how Texas law enforcement recently arrested an illegal immigrant from Honduras who is both an MS-13 gang member and on an international criminal organization watchlist.

Separately, troopers stopped a Mexican illegal immigrant with a handgun and cocaine in his vehicle. He was also smuggling 12 illegal immigrants into the U.S., including two children.

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It was less than two weeks ago that Gov. Chris Sununu of New Hampshire passed on running for the 2024 Republican presidential nomination.

Now, the popular governor, who’s been a staple on the national cable news networks and Sunday talk shows, sounds like he may be passing on running for an unprecedented fifth term steering the northeastern battleground state.

‘I haven’t firmly made the decision that I’m not going to run,’ Sununu in an interview on Boston radio station WEEI on Friday. 

‘I’m not leaning towards it,’ Sununu said of another run. He later added that he’ll ‘talk to the family about it and see what we do. But no one has ever been a five-term governor in New Hampshire. I’m not here to break records — but I could.’

After a hard-fought election to the New Hampshire governor’s mansion in 2016 and a single-digit re-election two years later, Sununu easily cruised to a landslide re-election in 2020 and a large double-digit victory last November.

‘Could I win again? Of course. But it’s [public] service, and someone else needs to kind of take the mantle,’ Sununu said.

Noting that there are opportunities for him to earn a higher salary in the private sector, he noted that ‘I’ve got kids to put through college and all that sort of thing.’

This isn’t the first time Sununu’s hinted that he might not run again for governor. He sparked plenty of speculation in April when he seemingly joked during an address to a regional business association  that ‘I’m not saying I’m not running again, but you know … I’ve gotta get a real job.’

After announcing earlier this month that he wouldn’t seek the White House, Sununu said he’d have a decision early in the summer about his political future. 

Asked about his timetable, the governor told Fox News a week ago that he would have a decision ‘this summer. Maybe after the Fourth or something.’ And pointing to his wife, Valerie, and three children, Sununu added, ‘I’ve got to talk to Val and the kids. I’ll figure it out. I really don’t know.’

For Democrats who have been unsuccessful in trying to oust Sununu, the possibility of the governor voluntarily stepping aside could be a political gift.

‘If Sununu is so eager to get a ‘real job,’ we encourage him not to waste another day or taxpayer dollar and be honest with New Hampshire families that he no longer cares about fixing their problems as governor,’ Democratic Governors Association spokesperson Izzi Levy argued in a statement.

Cinde Warmington, the only Democrat on New Hampshire’s five-member elected Executive Council, is already running. And three-term Manchester Mayor Joyce Craig, who’s already formed an exploratory committee, is expected to formally jump into the race in the coming months.

Three Republicans have been laying the groundwork to launch campaigns if Sununu doesn’t seek re-election.

Former Senator Kelly Ayotte, who is also a former state attorney general, former state senate president Chuck Morse, and Frank Edelblut, Sununu’s education commissioner who came close to defeating Sununu in the 2016 GOP gubernatorial primary, are reportedly weighing a gubernatorial bid.   

This isn’t the first time there’s been widespread speculation over Sununu’s political plans. 

He was heavily courted by national Republicans in the 2022 election cycle to challenge Democratic Sen. Maggie Hassan, Sununu’s predecessor as governor. 

After months of mulling the idea, Sununu decided against a Senate bid.

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Michael Cohen, former President Trump’s onetime personal lawyer and the key witness against him in his New York state indictment, was denied early release from his probation following his three-year prison term Friday. 

U.S. District Judge Jesse M. Furman in Manhattan said that Cohen has continued to lie in recent comments, citing comments he made in a book and on television in March when he said he hadn’t committed tax fraud, his charges were ‘all 100 percent inaccurate’ and that he was ‘threatened’ by prosecutors into pleading guilty.   

Cohen is a regular on cable news problems, often giving his opinion on Trump. 

Cohen’s lawyer David M. Schwartz claimed he had ‘clearly demonstrated’ his rehabilitation after being a ‘model prisoner’ who had ‘substantially cooperated with all government authorities.’ 

In 2018, Cohen pleaded guilty to several charges, including tax evasion, campaign finance violations, lying to Congress and several banks to obtain campaign financing and was sentenced to three years in prison.

CONVICTED FELON, KEY WITNESS MICHAEL COHEN CLAIMS TRUMP SEEKS ‘VIOLENT CLASH’ AHEAD OF INDICTMENT 

New York prosecutors relied on Cohen’s testimony before indicting Trump earlier this year on 34 charges connected to alleged hush money payments to Stormy Daniels and Karen McDougal after federal prosecutors declined to bring charges against him. Trump has pleaded not guilty. 

Cohen has also spoken out against Trump in two memoirs: ‘Disloyal’ in 2020 and ‘Revenge’ in 2022. 

He worked as Trump’s personal lawyer for more than a decade. 

Cohen ended up serving nearly two-thirds of his three-year prison sentence at home due to the coronavirus outbreak. 

Cohen told the Associated Press he will issue a statement Monday. 

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

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Wow, things have changed. I looked at some charts that I had produced a year ago and looked at those same charts today. You’d never know it was the same stock market. Let’s start with the S&P 500 and NASDAQ 100 (SPY and QQQ, respectively):

June 17, 2022:

As of June 2022, nearly everyone had turned bearish (that’s what cyclical bear markets do!) and the equity-only put-call ratio ($CPCE) finally saw retail options traders jumping into puts as fast as they could. Unfortunately, when you get that type of imbalance and a big turnaround in the CPCE, that’s generally a time when the risk of being short typically surges. Also, note the QQQ:SPY ratio (bottom panel) didn’t follow price action lower from the May low to the June low. Instead, rotation began to favor growth-oriented areas of the market and it was one of several factors that led me to this Trading Places show and bold prediction one year ago:

You wouldn’t believe the push back I got – and I’m being nice – from this market bottom call. And it wasn’t perfect, by the way. We did go slightly lower in October 2022. I did follow up in late-September 2022, though, suggesting it would be a double bottom:

None of my signals had changed, so why wouldn’t I believe it was a double bottom? The YouTubers were all over me again. Of course, any call like that needs to be given time. Here we are, one year later, and I think my call withstood the test of time. I was also EXTREMELY bullish at our MarketVision 2023 event in early January 2023, suggesting we’d see a very strong January. Purely from memory, I believe January 2023 was the 6th best January since 1950. Now would be a good time to check out the current S&P 500 and NASDAQ 100 charts.

June 17, 2023:

It’s a little different picture, don’t you think? Those who deny the bullishness in 2023 seriously need to reconsider their methods and strategies. The time to get in was obviously at those two bottoms in 2022. The big Wall Street firms manipulated EVERYONE. Our EarningsBeats.com members were well-equipped to deal with the manipulation. I wrote about it often in our Daily Market Reports and have publicly expressed how this manipulation takes place. I pointed it out repeatedly WHILE IT WAS HAPPENING. I said that Wall Street firms were accumulating growth while everyone else was panicking out of their positions, which had lost plenty. We have some very grateful members. Listen, many folks thought I was off my rocker! And based on how Wall Street “trains” us to think, I get it. I heard it all!

“Tom, this is a bear market. What upside is there in calling a bottom?””You don’t know what’s about to happen next.””You can get in at 3000 (S&P 500) or below in the next 3 months””We’re going to retest the March 2000 lows.”

And it went on and on. The only thing I could do was share my proprietary research. From there, everyone had to make their own choices.

My favorite response on YouTube and other outlets, though, has always been, “Tom’s a permabull, he always thinks we’re going higher”. Anyone that says that either didn’t follow any of my work during the first half of 2022 or just has a very short-term memory. When all the cheerleaders on CNBC were touting all-time highs at the beginning of 2022 and all the Wall Street Bets folks were trying to withdraw from what they thought was their personal ATM machines (stock market), I provided very stern warnings about 2022. I literally offered up a warning to start the year:

This was New Year’s Eve, December 31, 2021. Yes, while everyone else was out, beginning their New Year’s Eve festivities, I was doing more research about the stock market. Why? Because I’m passionate about the stock market and I LOVE to research and teach about the stock market. I provided warnings here, I never said we topped. For me, it’s all about risk. There was WAY too much risk to remain long at the time. By February, I was definitely in the cyclical bear market camp:

At that time, I hosted a webinar, “Anatomy of a Cyclical Bear Market”, so that our EarningsBeats.com members were prepared for what lied ahead. It played out almost perfectly through that June 2022 bottom call.

Anniversary Special

I call what I see. If my charts suggest caution, then I tell our members exactly that. And when I’m bullish, I don’t hesitate to speak my mind. I don’t care what anyone else thinks, I remain completely objective in my calls. Do I lean to the bullish side? Absolutely! And why wouldn’t I? Look at this 100-year chart of the S&P 500:

Honestly, which way would you lean?

We are having a one-year Bottom Call Anniversary Special at EarningsBeats.com. It’s nowhere to be found on our website. I’m offering this to those who have followed me over the years here at StockCharts.com and those following me on YouTube. Our Market Guidance has been second to no one. If you’d like to understand more fully how the stock market works, now is the PERFECT time to give us a try. For a one-year subscription (normally $997 for 12 months), I’ll throw in the 30-day trial period AND 2 BONUS MONTHS for no additional cost! That’s 15 months for the price of 12 for proven stock market guidance, research, and education. You won’t find a better deal from us. To get your “15-month for the price of 12” subscription started, write to us at “support@earningsbeats.com” and simply put ANNIVERSARY SPECIAL in the title. We’ll get back to you to get you set up right away. This special offer will end at midnight ET on Tuesday.

Happy trading!

Tom

Focusing on the Economic Modern Family, the weekly charts will help us see who is doing what, why, and perhaps help us understand for how long.

Granddad and Grandma Russell and Retail are the matriarch and patriarch of the Family. IWM cleared the 50- and 200-week moving averages and is in an accumulation phase. 190 remains an elusive point to clear (the 23-month moving average not seen here is key).

Our Real Motion Indicator shows that IWM is stalling in momentum as it is over the 50-WMA (blue) but well under the 200-WMA (green). It is possible that IWM fails from here at key resistance, dragging the market down too. Or it is also possible that IWM is revving up to clear 190, and momentum will begin to increase.

Such is Gramps.

Grandma Retail is below the key weekly MAs. She seriously needs a push above, which of course would help the Russell. Momentum is also inline, yet testing the 50-WMA. Granny’s activity this week is key.

Sister Semiconductors (SMH) and Transportation (IYT) are both in good shape.

These 2 sectors give us continued optimism that the rally, which began more technical in nature, is now telling us that demand is increasing, and growth stocks did and are doing their job.

If IYT and SMH sustain this rally, we should see IWM and XRT take note.

Biotechnology (IBB) could be a very interesting sector to watch, independently of the others. Should IBB clear over the 200-WMA or 135, it’s possible we see a move up to 150! Real Motion and momentum have to catch up though and clear its 50-WMA.

Regional Banks (KRE), or our Prodigal Son, is in a world of his own. After the banking crisis of March that lasted 2 weeks, KRE is trying to bottom. Ending this past week inside the trading range of last week, we will be watching this sector carefully as well.

The Real Motion indicator, though, is most interesting as it is working a mean reversion. If momo does not rollover (as it did along with price on Friday) then maybe KRE can surprise.

Bitcoin (versus the US Dollar), the Family’s newest member, is in better shape than one would imagine given all the press. We could say the range between $25-30,000 makes the next moves clear, depending on the way the range breaks.

Momentum is flat, which supports the trading range until further notice.

The Economic Modern Family remains fairly divided. Is the next leg up or down? Does IWM or XRT take IYT and SMH’s lead or vice versa? Is IBB going to run up, reflecting real economic growth? Does KRE signal the all-clear or yet another pending banking crisis? And Bitcoin-will the decoupling from QQQs reverse or deepen?

We love the Economic Modern Family!

Have an enjoyable long weekend! Look for Mish on Fox Business Monday, on Making Money with Charles Payne.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

“I grew my money tree and so can you!” – Mish Schneider

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

“I grew my money tree and so can you!” – Mish Schneider

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

Ahead of the Fed’s announcement, Mish shares her take on major currency pairs, starting with EUR/USD, in this appearance on CMC Markets.

Mish joins Ash Bennington to discuss the market’s response to today’s inflation data, the AI-powered tech rally, whether we’re seeing signs of exhaustion in equities ahead of the Fed announcement on Real Vision.

Mish explains how the Russell 2000 is the canary in a coal mine on Business First AM.

Mish offers her technical forecasts for gold, EUR/USD, USD/JPY and WTI Crude Oil ahead of today’s CPI report on CMC Markets.

Mish Schneider and TG Watkins continue their chat about the business of trading in this video from StockCharts TV. Topics range from their work/home life balance, how being a consumer does or does not play into their trading decisions, and what they do in their free time to unwind.

Mish and Nicole Petallides go over rates, key sectors and the economy in this video from TD Ameritrade. They also discuss what raw materials are coming into vogue.

Mish and Jon talk about what could make markets continue or reverse and what to buy right now on BNN Bloomberg’s Opening Bell.

Mish and Charles talk inflation fears, the “wall of worry” and trading large-caps on Fox Business’ Making Money with Charles Payne.

The first 5 months of 2023 have been rallying on optimism going forward. Will that continue for the next few months? Mish digs into that question in this Twitter Spaces conversation with Wolf Financial.

Mish discusses impacts of weather, labor market and the FED on tap on Fox Business’ Coast to Coast with Neil Cavuto.

The US dollar rallied following a positive US jobs report last Friday, but could the Federal Reserve’s upcoming interest rate decision halt the greenback’s rise? Mish offers her views on USD/JPY, the S&P 500, and light crude oil futures on CMC Markets.

Mish talks GME (Gamestop) and more on Business First AM.

Where is the US economy actually heading? Rajeev Suri of Orios discusses this question and what trends suggest with Mish in this video.

Coming Up:

June 19: Making Money with Charles Payne, Fox Business

June 22: Forex Premarket Show with Dale Pinkert

June 23: Your Daily Five on StockCharts TV

ETF Summary

S&P 500 (SPY): 440 pivotal.Russell 2000 (IWM): 23-month MA 193 still a bit away.Dow (DIA): 34,000 in the Dow now pivotal.Nasdaq (QQQ): 370 target hit proceeded by some selling.Regional Banks (KRE): 42 support, 44 pivotal.Semiconductors (SMH): 150 now major support.Transportation (IYT): 237 area the 23-month moving average.Biotechnology (IBB): 121-135 range.Retail (XRT): Back below the 200-DMA as the week ends. Granny could rule.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

In what can be called a fairly buoyant week of trade, NIFTY went on to move towards its previous high point and closed at its lifetime high. The financials, though, represented by Banknifty (Nifty Bank) relatively underperformed as the Banknifty Index closed on a flat note. The trading range for the markets remained decent; NIFTY oscillated in a 304.95-point range during the last five sessions. The coming week will be crucial as we may see the NIFTY testing the previous high point of 18887; at the same time, it would be crucial to see if we can achieve a long-awaited breakout. The NIFTY has ended the week with a net gain of 262.60 points (+1.41%) on a weekly basis.

While the NIFTY stares at a potential breakout there are a couple of very important things that we need to keep in mind and also not get carried away by the kind of up move that we saw in the previous session. Friday was a day when there was a FTSE and Sensex rebalance and that was to result in significant net inflows for the Indian markets. If we discount this, then we must not forget that we are rallying on a weak market breadth, and with VIX that has closed to a new low which is in striking distance to 2019 lows. With each up-move that is seen, if these two factors are not getting corrected, then we are traveling a weak rally and this is what we need to keep in our minds.

FOMC is out of the way; ECB raises the rates. Both ECB and FOMC have spoken their minds. Expect the start of the week on a very quiet note. The levels of 19000 and 19230 are likely to act as strong resistance for the markets. The supports are likely to come in lower at 18600 and 18480 levels.

The weekly RSI is 65.57; it has made a fresh 14-period high which is bullish. It however stays neutral and does not show any divergence against the price. The weekly MACD is bullish and stays above the signal line.

The pattern analysis suggests that there is a serious divergence between the performance of NIFTY against Banknifty and the Financial Services index where the latter are relatively underperforming. Furthermore, another anomaly is the relative underperformance of the NIFTY against the broader NIFTY 500 index. All these factors need to get corrected if we are here to see any strong and sustainable breakout from the current levels. The precariously low levels of VIX continue to leave the markets vulnerable to profit-taking bouts from higher levels.

The defensive mood was evident even in Friday’s session as the market breadth was evidently weak. Only two sectors that had a strong breadth were the defensive ones; FMCG and Pharma. All in all, as we chase and follow the rally, we will continue to stay highly vigilant at current levels. While staying extremely mindful while giving priority to booking and protecting profits at higher levels, all new purchases should be kept extremely selective. While continuing to keep leveraged positions at modest levels unless a sustainable directional bias is achieved, a cautious outlook is advised for the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

The analysis of Relative Rotation Graphs (RRG) shows NIFTY Auto, Consumption, Midcap 100, and Realty indices placed inside the leading quadrant. We will continue seeing these groups relatively outperforming the broader NIFTY 500 index.

NIFTY FMCG, Financial Services, Banknifty, Infrastructure, and PSE sectors are inside the weakening quadrant. Individual shows from the components of these groups is likely but they may continue to show weak relative performance.

The PSU Bank index is inside the lagging quadrant. However, it shows improvement in its relative momentum against the broader markets. NIFTY IT, Commodities, and Services sector indices continue to languish inside the lagging quadrant.

NIFTY Metal, Energy, and Media indices are inside the improving quadrant. The Media Index out of these three appears weaker as it is giving up on its relative momentum against the broader markets.

Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

Shares of Mediterranean restaurant chain Cava soared as much as 117% in its market debut Thursday.

The company’s stock closed at $43.78 per share, up from its opening trade of $42 per share. Its closing price gives it a market value of $4.88 billion and makes it the top-performing IPO this year for companies valued above $500 million.

Cava Group priced its IPO at $22 per share on Wednesday, above the expected range of $19 to $20. The company sold 14.4 million shares, raising nearly $318 million and initially valuing the restaurant chain at roughly $2.45 billion.

The stock trades on the New York Stock Exchange under the ticker symbol “CAVA.”

Although it was founded in 2006, Cava opened its first fast-casual location in 2011, modeling its build-your-own Mediterranean meals after the formula made popular by Chipotle Mexican Grill. The chain built a customer base by introducing some eaters to ingredients like harissa and tahini and positioning itself as a healthy and convenient option. The company also sells its dips, spreads and salad dressings in grocery stores.

Cava acquired Zoes Kitchen in 2018, taking the rival Mediterranean chain private for $300 million. It’s spent the last five years converting Zoes Kitchen locations into Cava restaurants, contributing to its footprint of 263 locations as of April 16.

Last year, Cava’s net sales climbed to $564.1 million, 12.8% higher than the year earlier.

“You’re seeing the inflection point in the business, and all of that robust structure we’ve invested in, the restaurant growth, starting to take hold and drive tailwinds to the business,” CEO Brett Schulman said on CNBC’s “Squawk on the Street.”

But its losses also widened from $37.4 million in 2021 to $59 million in 2022. Still, industry experts say that the chain has demonstrated a clear path to profitability, making it more attractive for investors looking for growth stocks. In the first quarter, it reported a net loss of $2.1 million, narrower than its $20 million net loss in the year-ago period.

The restaurant company plans to use the proceeds from its IPO for new location openings and general corporate purposes.

More from CNBC

Microsoft’s stock hits record after executives predict $10 billion in annual AI revenue Disney finance chief Christine McCarthy to step down Disney looks to get out of animation rut with Pixar’s ‘Elemental’

Cava adds to the growing number of publicly traded fast-casual chains. Sector leader Chipotle made its public market debut back in 2006 and has seen its market value grow to $56.9 billion.

More recently, salad chain Sweetgreen went public in November 2021. It now has a market value of $1.2 billion. Investors have dinged the stock for the company’s lack of profit, although shares have climbed more than 25% this year.

Cava’s debut could inspire other restaurant chains to follow its lead, helping to snap the IPO market’s drought. Brazilian steakhouse Fogo De Chao and Korean barbecue chain Gen Restaurant Group have both filed regulatory paperwork confidentially, while both Panera Bread and Fat Brands’ Twin Peaks have shared an intent to issue an initial public offering in the near future.

This post appeared first on NBC NEWS

A top Rhode Island official announced his resignation Thursday, closing part of an investigation into accusations of misconduct, including racially and ethnically charged remarks and requests for special treatment, during a business trip to Philadelphia earlier in the year.

The investigation focused on the visit by David Patten to review a state contractor, Scout Ltd., on March 10. Patten served as state director of capital asset management and maintenance in the Department of Administration.

After the trip, Scout officials wrote an email alleging what they described as bizarre and offensive behavior from Patten.

On Thursday, Rhode Island Gov. Dan McKee called for Patten’s resignation.

An aide to McKee pointed to a human resources investigation which he said highlighted Patten’s ‘highly inappropriate conduct, which was disturbing, entirely unacceptable, and not representative of Rhode Island’s values or the integrity of our state workforce.’

Patten, through his lawyer Michael Lynch, announced his decision to step down Thursday, effective June 30.

Lynch said in a statement his client’s behavior was ‘the result of a health issue termed an acute stress event — culminating from various events over the past 3 years for which he treated and has been cleared to return to work.’

‘While a simple apology is never enough, Mr. Patten is apologetic to the citizens of Rhode Island,’ Lynch added. ‘He also apologizes to the many individuals in Philadelphia he met with in March and were, unfortunately, recipients of comments that resulted from Mr. Patten suffering this acute stress event.’

Patten’s alleged transgressions were detailed in the Scout email released in response to appeals from The Providence Journal and WPRI-TV.

When speaking with a doctor who helped the poor, Patten allegedly asked, ‘When you go to the bars at night, you must have to swat off the women.’ The doctor said he was happily married. When Patten pressed him on his heritage, the doctor said he was Jewish, apparently prompting Patten to say ‘mazel tov’ and that he knew Jewish people in Brooklyn, according to the email.

During a visit to a shoe store, Patten was offered sneakers. After receiving the pair, he allegedly said, ‘Are these made in China? I hope not, because I really hate China,’ and then directed his attention to a female Asian staff member, saying, ‘No offense, hun.’

The e-mail said Patten pressed other businesses to let him take items for himself.

‘Patten at almost every visit insisted on taking something from the tenant home with him, whether that be vegan cheese, hand blown glass or a pair of sneakers,’ the email read.

Patten had been on paid leave since three days after the trip. As part of his resignation, the state will continue to pay a portion of his health coverage until Sept. 30.

McKee addressed the incident and Patten’s resignation with reporters Friday.

‘We expect more from our state employees than the behavior that Mr. Patten is now apologizing for in Philadelphia,’ McKee said. ‘People who behave in that way, I don’t expect that they are going to be employed by the state of Rhode Island.’

McKee said his hands had been tied earlier in the process when the incident was being reviewed by human resources, adding that ‘the investigation was as thorough and swift as possible.’

McKee said the situation began during the March 10 trip to Philadelphia when a report about Patten’s behavior was sent to human resources, prompting the initial investigation.

Two days later, the state received an email from Scout alleging ‘bizarre, offensive’ behavior that was ‘blatantly sexist, racist and unprofessional.’

On March 14, Patten’s access to state computer systems and cell phones was locked.

‘I personally called Scout Management to apologize for the behavior that was being reported,’ McKee said, adding he also offered to speak with anyone Scout asked him to call as governor to also provide an apology.

In April, McKee said his legal office referred the matter to state police. That investigation is ongoing, he said.

On May 30, Patten’s doctor cleared him to return to work. Instead, he was put on paid administrative leave to allow the human resources investigation to continue, according to the governor.

McKee called for Patten’s resignation Thursday. Patten announced his resignation and the human resources investigation was suspended.

Patten was making more than $174,000 annually.

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Former President Donald Trump’s 2024 Republican primary opponents have taken a variety of approaches in responding to Trump’s indictment this week. 

Tuesday saw a first in American history when Trump turned himself in to law enforcement in Miami to face 37 federal counts alleging he mishandled sensitive documents.

Some of Trump’s fellow Republican candidates have been more willing to criticize the former president than others. Here is how the various candidates are responding as they jockey for position behind the frontrunner.

Pence

Trump’s former number two, former Vice President Mike Pence, initially called on Attorney General Merrick Garland last week to explain the indictment to the American public.

After the indictment came out, Pence told the Wall Street Journal on Tuesday that he couldn’t defend Trump. 

‘Having read the indictment, these are very serious allegations,’ Pence said. ‘And I can’t defend what is alleged. But the president is entitled to his day in court, he’s entitled to bring a defense, and I want to reserve judgment until he has the opportunity to respond.’

Pence also torched the Justice Department (DOJ) for its role in the ‘two and a half years of a Russia hoax’ that he says makes it hard for him to believe ‘that politics didn’t play some role in this decision.’

The former vice president faced criticism from some on the right after he refused to say on Wednesday whether he’d pardon Trump if elected president on the Clay Travis and Buck Sexton Show, calling it a ‘premature conversation.’

Ramaswamy

GOP presidential contender Vivek Ramaswamy made headlines this week when he vowed that he would pardon Trump if elected to the presidency and challenged other candidates in the race to do the same.

‘The use of police force by a sitting U.S. President against his chief political rival in the midst of a presidential election sets a dangerous precedent in our country,’ Ramaswamy said in a press release.

‘No one is above the law: the U.S. President shouldn’t be able to use the federal police to arrest his opponents,’ he continued.

‘No one should be below the law either, yet there are now two standards of justice depending on your political viewpoints,’ Ramaswamy added. ‘That’s the single greatest threat to our constitutional republic today.’

Ramaswamy’s pledge has put pressure on other candidates to consider pardoning Trump in the event they ascend to the White House, but responses have been mixed so far with his opponents putting him on blast.

Democratic presidential candidate Robert F. Kennedy, Jr.’s campaign told Fox News Digital that they ‘have no comment on any Initiative which comes from Republican primary candidates.’

Haley

GOP presidential contender and former United Nations Ambassador Nikki Haley also appeared to take a different path in the Trump indictment.

On Monday, Haley said that if the charges in the indictment against Trump are true, he was ‘reckless’ with the nation’s national security.

‘If this indictment is true, if what it says is actually the case, President Trump was incredibly reckless with our national security,’ she said Monday on ‘The Story.’

‘More than that, I’m a military spouse: My husband’s about to deploy this weekend,’ she continued. ‘This puts all of our military men and women in danger.’

Come Tuesday, Haley threw her hat behind pardoning the former president, saying on the Clay Travis and Buck Sexton Show that she is ‘inclined’ to pardon Trump if the former president is convicted.

‘When you look at a pardon, the issue is less about guilt and more about what’s good for the country,’ Haley said. ‘And I think it would be terrible for the country to have a former president in prison for years because of a documents case.

‘So I would be inclined in favor of a pardon,’ she continued, adding that it is ‘really premature’ to discuss a pardon prior to a conviction.

DeSantis

Florida Governor Ron DeSantis, who is currently trending in second among the GOP presidential primary candidates, is on a tightrope as he looks to take Trump’s top spot without alienating his voter base.

DeSantis denounced the indictment last week, calling it the ‘weaponization of federal law enforcement’ and noting the differences between Trump’s treatment and that of former Secretary of State Hillary Clinton.

Since then, though, DeSantis has been quiet on the indictment and whether he’d pardon Trump if elected president.

In May, DeSantis was asked on the Clay Travis and Buck Sexton Show if he would pardon Trump or January 6 defendants, DeSantis didn’t name names but said his administration ‘will be aggressive [in] issuing pardons.’

Trump’s supporters are vehemently against the indictment, and DeSantis needs their support to take the nomination.

A backseat stance on the Trump indictment might not prove helpful for the governor if he is trying to win over the former president’s supporters — including in his own state.

Elder

GOP contender Larry Elder made it clear that he would pardon Trump if elected president, but would not be signing on to Ramaswamy’s pledge.

Elder told Fox News Digital he is ‘not running for President to play silly games and respond to every candidate’s demands.’

‘As President, I would instruct my Attorney General to drop the politically motivated charges against Trump,’ Elder said.

‘I can tell you that it is deeply disturbing that Hillary Clinton was not charged for her blatant violation of the Espionage Act when she destroyed her private email server,’ the California Republican continued. ‘And why is the special counsel investigation into [President] Biden’s mishandling of classified documents taking so much longer than the investigation of Trump?’

‘The politicization of the criminal justice system in this country is appalling, and the partisan prosecution of Donald Trump is just one example,’ Elder continued.

Elder said a ‘huge problem is the Soros-funded prosecutors throughout the country who are refusing to do their job and enforce the law.’

Scott

GOP presidential candidate and Senator Tim Scott, R-S.C., took a moderate stance on the indictment, saying at a Monday campaign stop that this is a ‘serious case with serious allegations’ and accusing the Biden administration of ‘hunting Republicans.’

‘As Americans, we have to have a justice system where the lady of justice wears a blindfold,’ Scott told reporters after his appearance in Spartanburg.

‘What we see today across this administration of President Joe Biden is a double standard,’ he said. ‘That double standard is both un-American and unacceptable. You can’t protect Democrats while targeting and hunting Republicans.’

When asked if he would pardon Trump, Scott said he did not want to speculate on a hypothetical question but that he grow Americans’ faith in the DOJ ‘so that every single American could have confidence that they will be treated the same, no matter your color and no matter your partisan affiliation.’

Christie

Former New Jersey Governor Chris Christie, who jumped into the 2024 GOP primary last week, hopped on the airwaves with Fox News’ Brian Kilmeade, where he discussed Trump’s arraignment and whether he would pardon the former president.

Christie said Trump ‘disregarded’ the ‘system’ that was in place that denoted what he could and could not take from the White House.

‘And if you’re like an aide to the president, United States, and he says, hey, I’ve gone through that, those are mine. I want to keep them, put them on the helicopter,’ Christie said. ‘What are you going to do? Say, sir, I’d like to have the opportunity to review that, to see if you, the President [of] the United States [is] complying with the law.’

‘Here’s the problem, Brian: Donald Trump has turned everything on its head,’ Christie continued. ‘And what we have here is something he did as alleged in the indictment that was clearly not right. And he’s not looking to blame everybody else. It’s his fault he made these judgments.’

As for a pardon, Christie said ‘it’s impossible to answer that right now’ and noted the ‘pardon power is the power to say if . . . somebody thinks someone’s been treated unfairly, if you think there’s not been a fair trial, you have to consider all those things.’

‘I can’t imagine if he gets a fair trial that I would pardon him. I can’t imagine that I would remember. The other problem, to accept a pardon, you have to admit your guilt. To accept a pardon, you have to say, yes, I was wrong and I. And I accept the pardon. I can’t imagine Donald Trump would ever do that.’

Johnson

Perry Johnson, another Republican candidate for president, said early on in the Trump criminal charges saga that he would pardon the former president if elected, even putting out a campaign ad about it.

When asked about Ramaswamy’s challenge to pardon the former president, Johnson blasted his opponent as trying ‘to get to the front of the bandwagon.’

‘When I called for candidates to join me in supporting a pardon for Donald Trump just a few months ago, Vivek Ramaswamy refused,’ Johnson said. ‘Now, he’s trampling TV cameras to get to the front of the bandwagon.’

Even with Trump’s indictment and arraignment, Republicans’ support of behind the former president remains strong.

Suarez

Miami Mayor Francis Suarez entered the presidential race the same week Trump was arraigned in his city, and the former president’s angered supporters decried him as a ‘swamp monster.’

Suarez, a noted Trump critic who didn’t vote for the then-Republican nominee in 2020, said in an MSNBC interview this week that Trump is ‘innocent until proven guilty’ and entitled to a trial by a jury of his peers.

The Miami mayor said ‘that process has to play out before any type of a discussion on pardons can happen’ but stopped short of saying he would pardon the former president.

‘But certainly, if I became president, one of the things I would look at as president is using the pardon power to heal the country,’ Suarez said. ‘That, by the way, doesn’t go for one party. That goes for both parties.’

A Quinnipiac University poll Wednesday showed Trump’s favorability rating at 37% among registered voters, largely unchanged from the group’s previous polls. The poll was conducted June 8 through 12, while Trump’s charges and scheduled court hearing dominated the news. The indictment against Trump was unsealed on June 9.

Trump pleaded not guilty to federal criminal charges that he illegally retained national security records at his Mar-a-Lago estate in Palm Beach, Florida, following the end of his term in office, and that he obstructed federal efforts to recover the documents. In total, Trump faces 37 felony charges.

Fox News Digitals’ Charles Creitz and Kyle Morris contributed reporting.

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