Mish in the Media

Chaos erupted during embattled St. Louis Circuit Attorney Kim Gardner’s press conference on Thursday after Missouri Attorney General Andrew Bailey took legal action to have her removed from office, citing negligence of her duties, with one attendee yelling out that Gardner was facing ‘race harassment.’

Gardner held a press conference following the public outcry against her for the handling of a prosecution of 21-year-old Daniel Riley, who was out on bail after violating his bond multiple times. Riley over the weekend struck teenager Janae Edmondson, who was visiting St. Louis with her family on Saturday for a volleyball tournament. Police say Riley was speeding, failed to yield and caused a collision, ultimately striking and pinning Edmondson, who remains in the hospital after both her legs were amputated after sustaining injuries from the crash.

‘Can you stop the race harassment … what do you have to stop the racist people from harassing you and intimidating you? And it still comes from not the federal government, but we know we have no friends in Jefferson City,’ one person shouted after Gardner gave her opening remarks. Jefferson City is the state capital, home to the attorney general’s office.

A moderator stepped in, saying, ‘Ask your question, bro. We not going to need a speech. We’re going to take a couple of, three questions and that’s it.’

‘We’re in this right now if you all can speak cordial and civilized,’ the moderator said, talking over yells from multiple reporters.

Gardner eventually responded, saying, ‘Well, I think that’s a very complex question. It’s about the people of the city of St. Louis that elected me to do a job. And what we have to do is do our job fairly and justly. There are numerous attacks on our office. There are numerous individuals that have an agenda to make sure that my office does not succeed.’

‘That is not an excuse. But at the same time, we know we do not control every part of the system. But what we can control is we’re going to fight very hard for justice in spite of the vitriol, the hate, the racist attacks, the known manipulation of the court procedures to make sure our office fails,’ Gardner said.

Another reporter asked why, after Gardner claimed that her office had asked a court judge multiple times to revoke bond on the individual who eventually was let out on bail and caused the accident that left a teenage girl in critical condition, that there was no court record of that request. Before Gardner could answer, there was an audible kerfuffle among reporters and attendees.

‘First of all, there are, we have what’s called oral motions to revoke bond. Those can be made orally or written, and in this jurisdiction, they are made orally and that is normal practice and that was done in this case on numerous occasions,’ she replied.

Another raucous ensued before a person asked, ‘How is it that the media organizations who are responsible for researching these cases before they get on the news and start spewing facts got this so wrong, since Judge Hittenbock was responsible for the bond which ultimately set the young man free who injured the young lady?’

‘In the end of the day, we all know the facts. I want to focus on Miss Janae Edmonson and her family because we all can point fingers, but this young lady’s life is affected by the criminal justice system right now. And we want to hold this individual accountable. But I’m not going to point blame to anybody,’ Gardner said.

‘The buck stops with my office, and we did our job. As I said, could we do more? We could. But did we not do nothing? That is not true,’ she continued.

A reporter then asked Gardner’s reaction to St. Louis Mayor Tishaura Jones saying that the public has lost confidence in her, after which yells from the room erupted.

At one point someone could be heard, ‘We’re here to support her and stand behind her 100%,’ followed by applause.

Gardner eventually responded, ‘First of all, I’m going to focus on the people who elected me, that people have a process if they do not, no longer want me in this office. And that’s called an election. And so I cannot speak for the people and I will not address anything that the mayor said because I think the people should speak for themselves.’

Gardner was asked to respond to Bailey’s legal petition to have her removed from her post, to which she replied, ‘The attorney general, as others use this unfortunate incident and tragic happening to this young lady as a political stunt of an unelected individual,’ adding that ‘this is nothing more than voter suppression, which we’ve seen on a national level as well as in the state of Missouri.’

Bailey was appointed attorney general in November 2022 by Missouri Gov. Mike Parsons after former AG Eric Schmitt was elected to the U.S. Senate.

The press conference concluded with applause for Gardner from those in the room, with some heard saying, ‘We’ve got your back.’ Others broke out into a chant: ‘No justice, no peace.’

Brianna Herlihy is a politics writer for Fox News Digital.

This post appeared first on FOX NEWS

Politics

California bill would eventually ban all tobacco sales

Some California lawmakers want to eventually ban all tobacco sales in the nation’s most populous state, filing legislation to make it illegal to sell cigarettes and other products to anyone born after Jan. 1, 2007.

If signed into law, it would mean by 2073 people wanting to buy cigarettes would have to show ID to prove they are at least 67 years old.

‘We can ensure that the next generation of children in California do not become addicted to smoking,’ said Assemblymember Damon Connolly, a Democrat from San Rafael and the author of the bill.

The proposal is likely to face strong opposition from the tobacco industry, which would fight to maintain access to its largest U.S. market. If the ban were to become law, the industry could sue to block it. It could also challenge the ban at the ballot box, asking voters to stop it from taking effect.

‘(The ban) will impact a lot of jobs and it will have a repercussion throughout the economy of California,’ said Charles Janigian, president of the California Association of Retail Tobacconists.

Connolly and others are confident the ban would survive if they can get it passed the Legislature. It’s modeled after a similar law New Zealand enacted last year that bans the sale of tobacco products to anyone born after Jan. 1, 2009. In the U.S., the city of Brookline, Massachusetts, passed a local law banning the sale of tobacco products within its borders to anyone born after Jan. 1, 2000 — a law that so far the courts have allowed to remain in effect.

In 2020, California Gov. Gavin Newsom signed a law banning the sale of most flavored tobacco products in the state. The tobacco industry asked voters to block the law, but in November voters allowed it to take effect.

‘This is a logical next step of that,’ Connolly said. ‘The goal here is to lead, to actually change the conversation beyond our state’s borders and really try to move the needle forward in the direction that favors public health.’

The bill would not penalize people for using or possessing tobacco products. Instead, it would fine retailers for selling to them. Connolly said he’s open to amendments that might create an exemption for religious and cultural uses. But he said the ban would not impact marijuana, which is legal to smoke recreationally in California.

‘Tobacco products and marijuana are not an apples to apples comparison,’ he said.

The U.S. Centers for Disease Control and Prevention says smoking marijuana includes many of the same toxins and cancer-causing chemicals found in tobacco smoke. The agency says more research is needed, but said limited evidence has shown a connection between chronic marijuana smoking and testicular cancer.

The ban could also eliminate income for the state, as California collected more than $1.5 billion in tobacco taxes in 2021, according to the California Department of Tax and Fee Regulation.

‘At the end of the day, the state is the net loser,’ Janigian said.

Connolly said the ban would save taxpayers money, citing the ‘tremendous impacts of nicotine and tobacco on our public health system.’

‘Preventing the next generation of Californians from becoming addicted to smoking should be a priority for anyone who cares about the public health of our state and the well being of our children,’ Connolly said.

This post appeared first on FOX NEWS

Politics

Georgia bill would ban some transgender procedures for minors

Georgia state senators advanced a bill that would ban some transgender procedures and surgeries for anyone younger than 18-years-old.

The Georgia Senate Health and Human Services Committee passed Senate Bill 140 by a 10-4 vote on Wednesday. It would ban sex reassignment surgeries, hormone replacement therapies, and any other surgical procedure done ‘for the purpose of altering primary or secondary sexual characteristics.’

However, as written, the bill would allow doctors in the state to prescribe puberty blockers, something banned by other Republican-held state legislatures.

Sen. Carden Summers, a Republican sponsor of the bill, said that she and others want to wait to see more research on transgender procedures.

‘We’re simply saying we want a wait-and-see approach, a do-no-harm approach,’ Summers said.

Jen Slipakoff, a Georgia resident and parent of a transgender child, said that he doesn’t like lawmakers getting involved in these kinds of medical decisions.

‘The sponsors of this bill insist on being in the doctor’s office with me,’ Slipakoff said. ‘It is the height of hubris to think you know better than me and my daughter’s doctor about what she needs.’

Slipakoff lost a bid for state House in 2018, running as a Democrat.

If passed, Georgia would join a wave of other states that have also passed bans on transgender procedures for minors.

In Mississippi, the senate voted on Tuesday to approve a bill banning gender reassignment surgery and other transgender procedures for anyone younger than 18.

Mississippi Gov. Tate Reeves, a Republican, said he will sign the bill.

‘Sterilizing and castrating children in the name of new gender ideology is wrong. That plain truth is somehow controversial in today’s world,’ Reeves said on Twitter. ‘I called for us to stop these sick experimental treatments, and I look forward to getting the bill.’

The Associated Press contributed to this report.

Adam Sabes is a writer for Fox News Digital. Story tips can be sent to Adam.Sabes@fox.com and on Twitter @asabes10.

This post appeared first on FOX NEWS

Stocks

Hey Stock Market! Where Are You Heading?

When the stock market can’t decide which way it will go, investors have difficulty making decisions. But it doesn’t have to be that way. You can up your investing game plan by following this road map.

CHARTWATCHERS KEY POINTS

Looking at different asset types helps to get a big picture view of the stock markets.Viewing charts of the broader equity markets gives you a picture of one area of the markets.It’s important to add other asset types such as Treasury yields, gold, and US dollar into your charting routine.

When FOMC minutes were released on Wednesday, the likelihood of higher Fed Funds rate sent the stock market lower, finding support at the 50-day moving average. A strong labor market and wage inflation are still a concern. Jobless claims continue falling, while wages continue to rise. Higher home prices also remain a concern, although they seem to be pulling back, as 30-year mortgage rates have started moving higher after a short-term pullback.

The CME FedWatch tool showed the possibility of a 50 basis point (bps) rate hike at around 27%. It’s still lower than a 25 bps interest rate hike expectation, but higher than the 16% probability prior to the FOMC release. Treasury yields rose, with the 10-year yields moving closer to the 4% level.

One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute. — William Feather.

Revised Q4 real GDP showed that the economy grew a little slower than expected (2.7% vs. 2.9%), the main reason being consumers cutting back on spending. This is in line with guidance earlier this week from big box retailers Walmart (WMT) and Home Depot (HD), which both indicated that consumers were getting more conservative in their spending.

Nvidia’s (NVDA) stellar earnings and its involvement in the AI wave helped boost the Technology sector, with the Nasdaq Composite ($COMPQ) closing higher today by 83.33 points.

Investors are getting mixed messages, which aren’t helping the stock markets get into a bullish groove. Let’s see if the personal income and expenditures for January that’ll be released Friday morning helps. Remember, the personal-consumption expenditures (PCE) price index is one the Fed likes to use to measure inflation. And if it comes in higher than estimates, equities could go down further.

Rev Up Your Market Engagement

If you’re looking to invest some cash in the stock market and are having a hard time deciding what to invest in and when, it’s best to explore different areas of the stock market to help make decisions. One way to do that is to set up a chart that analyzes equity performance against other assets.

The chart below shows how you can compare the performance of S&P 500 index with 10-Year US Treasury yields, gold futures, and the US dollar.

CHART 1: S&P 500 INDEX CHART VS. TREASURY YIELDS, GOLD, AND US DOLLAR. A downward-trending S&P 500 index and upward-trending US Treasury yields, gold, and US dollar opens up investing opportunities in areas other than US large cap stocks. Click on the chart to access live chart.Chart source: StockCharts.com. For educational purposes only.

Note that as the S&P 500 was trending lower, the relative performance of 10-year yields, gold prices, and the US dollar, with respect to the S&P 500, were trending higher. When you see this type of scenario play out, some questions may arise:

How much lower will equities fall and for how long?Does it make sense to invest in bonds, or in gold stocks/ETFs?How can you take advantage of the rising value of the US dollar?

Rising Interest Rates: Best Investments

Interest rates and bond prices have an inverse relationship, which means that, as interest rates rise, bond prices fall. So why invest in bonds when they’re falling? All bonds are not created equal. Shorter-term bonds tend to be less sensitive to interest rate changes. Pull up a chart of the iShares 20+ Year Treasury Bond ETF (TLT) and compare its performance to the SPDR Barclays 1-3 Month T-Bill ETF (BIL). You’ll notice that BIL has a clear uptrend whereas TLT goes through ups and downs.

Another alternative would be to invest in sectors that tend to perform better in a rising interest rates environment. Financial companies often perform better in a rising rate environment. Pull up a chart of the Financial Select Sector SPDR ETF (XLF), as in the chart below.

CHART 2: DAILY CHART OF XLF. If XLF breaks below its 50-day moving average, it could fall towards its next two support levels (pink horizontal lines). Also note the relative strength of XLF vs. the S&P 500 index. It looks to be turning up. Click on the chart to access the live chart.Chart source: StockCharts.com. For educational purposes only.

XLF is hanging out at its 50-day moving average support. It could bounce off this level and move higher, or it could go lower towards the $34.50 level or even towards $33.25. You’ll want to see a followthrough of an uptrend before opening a long position in XLF.

More important, looking at the relative strength of XLF relative to the S&P 500 (lower subchart), it’s in negative territory as of this writing, although it looks like it may be turning higher. Something to keep an eye on, going forward. If it turns and starts to move higher, XLF could be a potential long candidate for your portfolio.

Investing in Gold

Gold is considered a risk-off investment—when stock markets are underperforming, investors often invest in gold. It’s thought of as a hedge against inflation and recession. Short of buying physical gold or futures, you could consider investing in gold ETFs, such as the SPDR Gold Shares (GLD) or gold-related stocks.

To screen for gold-related stocks, from Your Dashboard, scroll down the Member Tools section to Summary Pages and select Industry Summary. Gold mining ($DJUSPM) falls under Materials, and, when you click on it, you’ll see a chart on the left. Below it are several icons. Click on the one on the extreme right and you’ll see a list of all the industry members. Looking for the large cap stocks in this category? Sort the columns by market cap (U) and start your analysis. If you find a stock you like, add it to one of your ChartLists. Then take it one step higher and set alerts for when prices reach a certain threshold.

Taking Advantage of a Strong US Dollar

A strengthening dollar can be a headwind for large US multinationals that have a lot of international business dealings. So, if the dollar rises in line with a strengthening US economy, you may be better off investing in small cap stocks with domestic operations.

To get a big picture view of small caps, you can access the S&P 600 Small Cap index ($SML) from the Market Overview section on Your Dashboard. If the technicals look good, you could consider investing in small cap ETFs. Think real estate, defense, and health insurance companies. Some small cap ETFs to consider are the iShares Russell 2000 (IWM), the Vanguard Small-Cap Value (VBR), and the Schwab U.S. Small-Cap (SCHA).

The Bottom Line

The stock market is continuing with its up and down indecisive movement. It’s almost as if investors are waiting for some news that provides some certainty. This could go on for a while, given that the next Fed interest rate decision isn’t until March 22. But even though the broader equity markets aren’t showing signs of direction, there are other areas you could look at, such as Treasury yields, gold, and the US dollar. Uptrends in these three could open up investment opportunities beyond large cap stocks.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Stocks

Mortgage Rates Continue Higher But Still Historically Low

DecisionPoint Alert Chart List

We watch the 30-Year Fixed Mortgage Interest Rate, because, for the most part, people buy homes based upon the maximum monthly payment they can afford. As rates rise, a fixed monthly payment will carry a smaller mortgage amount. As buying power has been shrinking, home prices have come under pressure.

This week the 30-Year Fixed Rate rose from 6.32 to 6.50. The following table shows that, since the historic low in the 30-Year Fixed Rate mortgage, the same monthly payment can only service a mortgage that is one-third smaller than in January 2021. Or the same size mortgage ($500,000) will require a payment that is 56.8% higher.

This chart shows that rates are back to about where they were at the start of the Financial Crisis.

I hear a lot of gnashing of teeth about high interest rates, but when we bought our first home in 1964, the interest rate was 7.25%. When we bought our present home in 1972, the interest rate was 7.25%, so 6.5% seems pretty good to me.

The chart below shows the explosion of rates in the 1970s and 1980s. I don’t know how today’s inflation compares to that period, but it does demonstrate how bad things can get if inflation is not tamed.

CONCLUSION: Current interest rates are, in my opinion, somewhat normal with the exception of the inversion. I hear fantasies about when the Fed can start to cut, but cutting rates could just send us back to where the current inflation troubles began.

Watch the latest episode of DecisionPoint on StockCharts TV’s YouTube channel here!

Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin

Helpful DecisionPoint Links:

DecisionPoint Golden Cross/Silver Cross Index Chart List

DecisionPoint Sector Chart List

DecisionPoint Chart Gallery

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

Stocks

How to Use Emerging Relative Strength

On this week’s edition of Stock Talk with Joe Rabil, Joe shows how he looks for signs of reversal in the relative strength vs. SPX. He explains how to look for emerging patterns that can be a leading indication of the price action. Instead of just looking for today’s strongest RS lines, Joe discusses how to identify patterns earlier in the process. He then covers the stock symbol requests that came through this week, including RNR, REGN, and more.

This video was originally broadcast on February 23, 2023. Click this link to watch on YouTube. You can also view new episodes – and be notified as soon as they’re published – using the StockCharts on demand website, StockChartsTV.com, or its corresponding apps on Roku, Fire TV, Chromecast, iOS, Android and more!

New episodes of Stock Talk with Joe Rabil air on Thursdays at 2pm ET on StockCharts TV. Archived episodes of the show are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show. (Please do not leave Symbol Requests on this page.)

Stocks

Sugar Prices Soar — What Could It Mean?

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

What if sugar futures are really onto something?

What if they are relaying food shortages? More social disruption? The Start of Russian hoarding? Which leads to Geopolitical hell? And all the inflation theories that could still develop are staring us right in the face?

In the face of a rising U.S. dollar…

In the face of higher yields and a more hawkish Fed…

In the face of some cooling inflation indicators and a correction in gold…

In the face of a soft GDP…

In the face of a persistent trading range in the key indices…

Sugar has gone up 225% since April 2020.

Sugar led the inflation rout in 1976 and then again in 1979. Sugar is in pretty much everything we consume. Heck, even Apple (AAPL) just announced a way to gauge your sugar levels if you have diabetes (1 in 3 Americans do). In other words, eat sugar, and we (Apple) got you.

The point is this… should this rout continue, pay attention. AI and growth stocks will not help feed the planet–not for a long time.

P.S. Tweet 2/22/23 at 8:19 AM ET: $UNG textbook blow off potential bottom on high volume. One to watch

Price 7.30 at the time. Up over 12% since then.

Commodities–don’t give up.

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

IT’S NOT TOO LATE! Click here if you’d like a complimentary copy of Mish’s 2023 Market Outlook E-Book in your inbox.

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

Mish and Charles talk food inflation and the Metaverse on Making Money with Charles Payne!

See Mish present “Best Trade, Worst Trade, Next Trade” on Business First AM.

Mish shares insights on the US Dollar, euro, gold and natural gas in this appearance on CMC Markets.

Mish shares three charts she is using to measure inflation using the commodities markets on the Wednesday, February 14 edition of StockCharts TV’s The Final Bar with David Keller!

Mish gives you some ideas of what might outperform in this new wave of inflation on the Friday, February 10 edition of StockCharts TV’s Your Daily Five. She has picks from energy, construction, gold, defense, and raw materials.

Read about Mish’s interview with Neils Christensen in this article from Kitco!

ETF Summary

S&P 500 (SPY): 390 support with 405 closest resistance.Russell 2000 (IWM): MA support around 184. 190 has to clear again.Dow (DIA): 326 support 335 resistance.Nasdaq (QQQ): 300 the pivotal area 290 major support284 big support 300 resistance.Regional Banks (KRE): 65.00 resistance 61 support.Semiconductors (SMH): 240 pivotal with 248 key resistance 248 resistance 237 then 229 support.Transportation (IYT): Why we look for 2-day confirms on phases-back over the 50-DMA-228 support 232 resistance.Biotechnology (IBB): 125-130 new range.Retail (XRT): 66-68 huge area to hold if the market still has legs.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

Stocks

Stocks Tentatively In a Trend but Could Face Pressure

Equities are maintaining their “Go” trend status this week, but there could be weakness ahead. Treasury bonds and commodities struggle while the US dollar finds its feet in a new trend.

Equities Continue To Pull Back From Recent High

Looking at the chart of iShares S&P 500 ETF (SPY), GoNoGo Trend shows that the “Go” trend remains. However, prices have fallen into paler aqua bars at week’s end. SPY is testing support from November highs. The question is if the correction will stop here. GoNoGo Oscillator is once again at the zero line, and if the “Go” trend is to continue, we’ll need to see the oscillator find support at the zero level.

The longer-term weekly SPY chart shows another amber “Go Fish” bar (see chart below). This has been a string of uncertainty as price is able to climb above the downward sloping trendline and consolidate above. GoNoGo Oscillator remains in positive territory but not overbought after rallying off the zero line a few weeks ago.

Treasury Rates Back in “Go” Trend

Treasury rates continued to rally and GoNoGo Trend was able to paint strong blue “Go” bars this week as price rises to test resistance from prior high (see chart of 10 Year US Treasury Yield below). We will be noting whether this stops rates in its tracks or if it’ll set a new high as GoNoGo Oscillator shows positive momentum.

US Dollar Enters “Go” Trend

Almost in lockstep with treasury rates, the US dollar is entering a “Go” trend this week after a period of uncertainty. There’s some overhead resistance that you can see in the chart below in the form of the horizontal line. GoNoGo Oscillator is in positive territory but not overbought. Volume is heavy. Don’t be surprised to see a little struggle here but if price moves above resistance, it could signal further gains for the greenback.

Gold Turns Tail and Enters “NoGo”

Gold prices moved lower this week, and GoNoGo Trend painted strong purple “NoGo” bars. This trend change came a few weeks ago after GoNoGo Oscillator broke below the zero line on heavy volume. Currently, GoNoGo Oscillator shows that momentum is in negative territory but not yet oversold. With no obvious support at these levels $GLD could fall a little further (see GLD chart below).

Oil Slowly Grinds Lower

The weekly chart of United States Oil Fund (USO) shows that all the choppy movement on the daily chart hasn’t done much to change the larger time frame trend, which remains a “NoGo,” and prices are moving lower slowly respecting the downward sloping trend line. GoNoGo Oscillator has had difficulty getting far away from the zero line but hasn’t yet been able to break into positive territory. We will watch to see if it gets rejected again at this level.

The Bottom Line

The stock market is at a critical juncture, which makes it even more important to keep an eye on intermarket relationships. A change in trend could be an early indication of which way equities could move.

Business

Starbucks adds olive oil in coffee, CEO calls it a ‘market maker’

Starbucks’ new line of olive oil-infused coffee drinks could disrupt the industry, interim CEO Howard Schultz told CNBC’s Jim Cramer on Tuesday.

“This is a transformational moment in the history of our company creating a new category, a new platform,” Schultz told CNBC’s “Mad Money.” He said Starbucks’ new olive-oil coffee, which he conceived after an inspirational trip to Sicily, will be incremental to the business over time.

The drinks debut Wednesday at the company’s 25 Italy locations. Schultz believes it will be a “market-maker” in an industry that has felt the squeeze of tightening consumer demand. The “Oleato,” which is named after the Italian word for “with oil,” will come to the U.S. this spring, starting in California.

Alongside olive oil coffee, Starbucks is also unveiling an Oleato espresso martini, which will be available in select locations in Italy, as well as Seattle and New York.

Schultz is launching the new coffee line ahead of his April departure as interim CEO. Incoming chief executive Laxman Narasimhan will take over the position, though Schultz, 69, will maintain his board seat and act as an ambassador for the Oleato brand.

“I’ll carry the Starbucks flag and the American flag all over the world for Oleato,” said Schultz, who will be concluding his third tenure as chief executive. “But make no mistake, Laxman is the CEO and at the annual meeting on March 23, there’s only one leader at Starbucks. It’s going to be him.”

Starbucks’ olive oil coffee comes as the company continues to navigate a tough macro environment, though Schultz has maintained optimism. He noted that the company has added roughly $40 billion to its market cap since he started as interim CEO.

To be sure, Starbucks has raised prices about 5% to offset inflation, but Schultz said he does not expect any more increases.

“I’m not worried about inflation going forward, and I might be the only CEO in America that feels like we’re going to have a soft landing,” said Schultz.

The company has seen sagging international sales after a resurgence in Covid cases in China led to shrinking demand in that market. Going forward, Schultz is anticipating a rebound for China and for consumer demand at large.

“The wind is at our back,” Schultz said.

This post appeared first on NBC NEWS

Business

Southwest Airlines encounters disruptions in latest winter storm

Southwest Airlines experienced more flight delays and cancellations than other carriers as another winter storm in the northern U.S. disrupted flight travel across the country early Wednesday.

According to data from FlightAware, Southwest Airlines was leading all carriers in cancellations or delayed flights, with a total of 411 early Wednesday. Delta Air Lines was also heavily affected, with a total of 378 delayed or canceled flights; by Wednesday afternoon, it had pulled ahead of Southwest for the volume of flights affected.

Regional carrier SkyWest Airlines, which operates flights for United, Delta and American airlines, among others, was the third most affected, with 295 delayed or canceled flights.

An alternative flight tracking site, Anuvu, which also measures delays and cancellations, showed Southwest and Delta tied for worst on-time departure rate as of Wednesday morning, at just 56%. Delta had the highest cancellation rate, at 10%, compared with Southwest’s 6%.

FlightAware showed that the airport most affected by the storm was Minneapolis-Saint Paul, a hub for Delta that is also served by Southwest, with 44% of flights canceled Wednesday. Denver International Airport, a hub for Southwest, was also heavily affected, with 11%, or 100 flights, canceled and 58 flights, or 6%, delayed. Other airports served by Southwest that were affected by the storm include Detroit Metropolitan, Chicago Midway and Salt Lake City International.

Southwest and Delta have both issued flight waivers for travelers potentially affected by this week’s storm that will allow them to rebook without paying any additional charge.

In a statement, Southwest said it was proactively making schedule adjustments based on forecasts.

Capt. Casey Murray, a Southwest pilot and spokesperson for the Southwest Airlines Pilots Association, said in an interview that the precautionary cancellations are the result of Southwest’s ongoing issues with its procedures, especially related to staff scheduling. At Southwest, crew members must manually call in about their availability, rather than notify the carrier electronically; Southwest is negotiating changes to the procedure with the pilots union.

‘It’s about how this airline connects crews to airplanes, and that still is not being addressed,’ Murray said.

Southwest is still dealing with the fallout from a 2022 Christmas weekend winter storm meltdown that saw at least 2 million travelers’ flights canceled and that cost the airline at least $800 million. Southwest has commissioned a study to determine what went wrong but has preliminarily blamed a combination of technical and procedural factors. Its COO also told a recent Senate hearing that the carrier’s winter weather preparedness was inadequate.

Tips for rebooking a flight

To avoid being trapped in a line to rebook at your airline’s terminal, get on the internet immediately and start looking for alternative forms of travel. Experts say Google’s flight search option is the best bet for finding the most up-to-date choices when it comes to getting a new flight, which are also searchable by a number of criteria, including price.

If you’re strapped for cash and are looking to rebook, you’ll still want to attempt to call the airline before or as you wait in line for an in-person rebooking agent. Of note: Not all major airlines have rebooking agreements with other carriers. The ones that do are: Alaska, American, Delta, Hawaiian, JetBlue and United. The ones that do not are: Allegiant, Frontier, Southwest and Spirit.

What your rights are if your flight was canceled

In this situation, you are only entitled to a refund if you don’t take an offer to be rebooked on another flight. That also means you don’t have to accept an airline’s offer of a voucher. According to the Transportation Department: “If an airline cancels a passenger’s flight or makes a significant change in the flight, regardless of the reason, airlines are required to provide a prompt refund to a ticketed passenger, including those with non-refundable tickets, should the passenger choose not to accept the alternative offered, such as rebooking on another flight.”

Unfortunately, you have few rights if your flight is delayed or canceled for reasons outside of an airline’s control

According to the Transportation Department website, only factors like maintenance or crew problems, cabin cleaning, baggage loading and fueling count as within an airline’s control.

If your flight was delayed for three hours or more or if it canceled and you have to wait at least three hours for a new flight, you are entitled to a meal, meal cash or a voucher and, with the exception of Frontier Airlines, are entitled to complimentary hotel accommodations and complimentary ground transport to and from a hotel for an overnight cancellation situation. Click here for more.

If your flight is delayed for any other reason, like weather, you are not entitled to any compensation or refund.

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