Core Insights - Myriad Uranium Corp. reports significant chemical assay results from the Copper Mountain Uranium Project, indicating grades up to 60% higher than previously reported probe equivalents, suggesting a more extensive high-grade uranium mineralization than previously estimated [1][2][3] Drilling Results - The drilling program focused on the Canning Deposit, identified as the largest mineralized area based on historical data from Union Pacific's 1979 mine plan [2] - Confirmed U3O8 grades across 34 boreholes are significantly higher than eU3O8 probe grades, with the deepest intercept (CAN0034) showing a 242% increase over its equivalent probe grade [3][4] - Chemical assay will be the primary reporting method for Copper Mountain going forward, as it provides more accurate results compared to gamma probe readings [3][4] Historical Context - The initial drill campaign results suggest that the historical estimate of 15-30 million pounds U3O8 across six deposits may be conservative, with potential for new, previously unaccounted mineralization [4] - The findings support previous internal documents from Neutron Energy, indicating the potential for "several hundred million pounds" of uranium at Copper Mountain [4] Future Plans - The company has submitted a Plan of Operations application to drill high-priority prospects, which could increase the number of permitted boreholes to 70 [22] - The drilling program aims to explore deeper mineralization beyond the 600 feet level previously drilled by Union Pacific, with encouraging results from the latest borehole [15][16] Technical Aspects - Drilling was conducted using diamond core and reverse circulation methods, with core samples processed for further analysis [18] - Downhole logging utilized spectral gamma probes to measure gamma emissions, providing insights into mineral composition and aiding in lithological determination [19][20]

Core Viewpoint - Multiple well-known companies in the U.S. are implementing price increases in May, indicating a trend of rising costs across various sectors. Group 1: E-commerce and Retail - E-commerce giants Temu and Shein issued nearly identical price increase notifications [1] - Retail giants Walmart and Macy's announced price hikes in May [1] - Toy manufacturer Mattel announced price increases for certain products in the U.S. in early May [1] Group 2: Apparel and Footwear - Nike announced price increases for athletic shoes priced between $100 and $150, with a maximum increase of $5 [1] - Apparel brand Ralph Lauren plans to raise prices more significantly than initially planned to offset tariff impacts [1] Group 3: Technology and Automotive - Microsoft raised the suggested retail prices for its Xbox consoles and controllers globally in early May [1] - Ford increased the prices of three models produced in Mexico, with the highest increase reaching $2,000 [1] - Subaru announced price hikes for several models, effective in June [1] Group 4: Tools and Consumer Goods - Tool manufacturer Stanley Black & Decker raised prices in April and plans to increase them again in the third quarter [1] - Procter & Gamble indicated that it may need to pass price increases onto consumers, with potential price hikes visible as early as July [1]

Group 1 - The number of job cuts announced in the first five months of 2025 increased by 80% compared to the same period in 2024, totaling approximately 696,000 job cuts [1][2] - Job cuts are only 65,000 away from matching the total for all of 2024, which was just over 385,000 [1] - Economic and market conditions, along with federal funding cuts, are significant factors contributing to the increase in layoffs [2][4] Group 2 - Retail job cuts reached nearly 76,000 for the year, marking a 274% increase over 2024, making it the second-highest industry for job cuts after the federal government [4] - Store closures have been a major contributor to job losses, with several retailers shutting down locations due to economic pressures [6] - Notable retailers such as JCPenney, Macy's, and Forever 21 have announced store closures, with Forever 21 winding down its business primarily due to competition [7][8]

Financial Performance - Net sales for the first quarter of 2025 decreased by $247 million, or 5.1%, compared to the first quarter of 2024, primarily due to the closure of 64 non-go-forward locations[85]. - Macy's, Inc. comparable sales declined 2.0% on an owned basis and 1.2% on an owned-plus-licensed-plus-marketplace basis in the first quarter of 2025[82]. - Bloomingdale's comparable sales increased 3.0% on an owned basis and 3.8% on an owned-plus-licensed-plus-marketplace basis in the first quarter of 2025[84]. - The Company reported net sales of $171 million and an operating loss of $361 million for the 13 weeks ended May 3, 2025[110]. - Comparable sales decreased by 2.0% on an owned basis and 1.2% on an owned-plus-licensed-plus-marketplace basis for the 13 weeks ended May 3, 2025[115]. - Adjusted EBITDA for the 13 weeks ended May 3, 2025, was $324 million, compared to $364 million for the same period in 2024[117]. - The Company reported a net loss of $48 million for the 13 weeks ended May 3, 2025[110]. Expenses and Margins - Gross margin for the first quarter of 2025 was $1,804 million, maintaining a gross margin rate of 39.2%[87]. - Selling, general and administrative expenses increased by $2 million, or 0.1%, in the first quarter of 2025 compared to the first quarter of 2024[87]. - The company incurred impairment, restructuring, and other costs amounting to $7 million, which impacted earnings by $0.03 per share[120]. - Losses on early retirement of debt were recorded at $3 million, with no impact on earnings per share for the previous year[120]. - The income tax impact of certain items was a reduction of $2 million, affecting earnings by $0.01 per share[120]. Cash and Investments - The Company ended the first quarter of 2025 with a cash and cash equivalents balance of $932 million, an increase of $56 million from $876 million at the end of the first quarter of 2024[95]. - The Company’s investments in subsidiaries amounted to $9,914 million as of May 3, 2025[108]. Shareholder Returns and Debt Management - The Company paid dividends totaling $51 million in 2025, compared to $48 million in 2024[99]. - The Board of Directors authorized a new $2,000 million share repurchase program, with $1,274 million remaining available as of May 3, 2025[100]. - Macy's amended its asset-based credit facility, reducing it from $3,000 million to $2,100 million and extending the maturity date to April 2030, providing access to committed liquidity for the next five years[101]. - The total aggregate principal amount of senior unsecured notes outstanding was $2,785 million as of May 3, 2025[107]. - The Company had no outstanding borrowings under the ABL Credit Facility as of May 3, 2025[105]. Tax and Effective Rate - The effective tax rate for the first quarter of 2025 was 44.1%, compared to 36.7% for the first quarter of 2024[91]. - For the 13 weeks ended May 3, 2025, the net income per share was $0.13, down from $0.22 for the same period in 2024, representing a decrease of 40.91%[120]. - The adjusted net income per share, excluding certain items, was $0.16 for the current period, compared to $0.27 in the prior year, reflecting a decline of 40.74%[120]. Market Risk - There have been no material changes to the company's market risk as described in the 2024 10-K filing[121].

Group 1 - The analyst previously gave a buy rating to Macy's Inc. (M) in December, anticipating an upward inflection in growth and share price [1] - The current outlook for Macy's Inc. has become more pessimistic, indicating potential challenges ahead [1] Group 2 - The investment approach focuses on identifying undervalued companies with long-term growth potential, emphasizing value investing principles [1] - The strategy involves purchasing quality companies at a discount to their intrinsic value and holding them for long-term earnings and shareholder returns [1]

Core Viewpoint - The U.S. Court of Appeals has temporarily suspended the enforcement of tariffs imposed by the Trump administration, allowing for further legal debate on the matter [1][2]. Group 1: Legal Developments - The U.S. Court of Appeals approved the Trump administration's request to suspend the International Trade Court's ruling that prohibited the enforcement of tariffs under the International Emergency Economic Powers Act [1][2]. - The International Trade Court previously ruled that the President exceeded his authority by imposing tariffs on nearly all trading partners, stating that such powers are constitutionally reserved for Congress [2]. - The U.S. Court of Appeals has ordered both parties to submit written arguments regarding the tariff enforcement by early next month [1][2]. Group 2: Trade Agreements - White House economic advisor Kevin Hassett indicated that three trade agreements are nearing completion, despite the court's ruling against the tariff policy [4][5]. - Hassett mentioned that negotiations with India are progressing towards a significant trade agreement, with a focus on reducing tariffs and enhancing economic ties [5][6]. Group 3: Impact on Retail and Pricing - Many U.S. retailers are planning to raise prices due to the impact of tariffs, with Macy's and Walmart among those affected [7][8]. - Macy's CEO stated that approximately 20% of their products come from China, and the tariff impact has led to a downward revision of earnings guidance by $0.15 to $0.40 per share [7]. - Other companies, including Procter & Gamble and Adidas, have also indicated plans to increase prices in response to rising costs from tariffs [8].

Core Viewpoint - Macy's is planning to raise prices on select products due to global tariffs, while also taking measures to reduce exposure to China and renegotiate supplier orders [1][3][5]. Group 1: Company Strategy - CEO Tony Spring indicated that the company is minimizing the impact of tariffs by renegotiating orders and canceling or delaying those that do not meet value expectations [1]. - The company is adopting a "surgical" approach to tariffs, implementing selective price increases in categories where customer value remains strong [2]. - Macy's is closely monitoring sourcing options in Southeast Asia and Europe, while maintaining limited exposure to Canada and Mexico [5]. Group 2: Financial Impact - The company estimates that tariffs will affect its annual gross margin by approximately 20 to 40 basis points, influenced by inventory purchased under a previous 145% levy on China [6]. - Macy's has cut its full-year profit guidance due to the impact of tariffs, a slowdown in consumer discretionary spending, and increased competition [7]. - The adjusted earnings per share forecast for fiscal 2025 has been lowered to a range of $1.60 to $2, down from a previous estimate of $2.05 to $2.25 [8]. Group 3: Industry Context - Macy's is among several retailers facing challenges from the ongoing trade war, with competitors like Target also reporting revenue declines and adjusting guidance due to tariff uncertainties [10]. - Walmart has also warned of potential price hikes due to the significant impact of tariffs on retail margins [11][13].

Core Insights - Macy's, Inc. reported first-quarter fiscal 2025 results with both top and bottom lines exceeding Zacks Consensus Estimates, although both metrics declined compared to the previous year [1][3] Financial Performance - Adjusted earnings were 16 cents per share, surpassing the Zacks Consensus Estimate of 14 cents, but down 40.7% from 27 cents in the prior year [3] - Net sales reached $4,599 million, exceeding the consensus estimate of $4,458 million, but decreased by 5.1% year over year [3] - Comparable sales fell by 2% on an owned basis and 1.2% on an owned-plus-licensed-plus-marketplace basis compared to the previous year [3] Brand Performance - Macy's brand comps declined by 2.9% on an owned basis and 2.1% on an owned-plus-licensed-plus-marketplace basis [6] - Bloomingdale's brand saw a 3% increase in comps on an owned basis and 3.8% on an owned-plus-licensed-plus-marketplace basis [6] - Bluemercury brand experienced a 1.5% increase in comps on an owned basis, marking the 17th consecutive quarter of growth [6] Margins and Expenses - Gross margin remained flat at 39.2%, with improved merchandise margins offset by increased delivery expenses [7] - Selling, general and administrative (SG&A) expenses were $1.91 billion, up 0.1% year over year, with SG&A as a percentage of total revenues rising 170 basis points to 39.9% [8][9] - Adjusted EBITDA was $324 million, down 11% from $364 million in the prior year, with an adjusted EBITDA margin of 6.8%, down 50 basis points year over year [9] Cash and Equity Overview - The company ended the quarter with cash and cash equivalents of $932 million and long-term debt of $2.77 billion [10] - Merchandise inventories declined by 0.5% year over year [10] - The company repurchased 8.7 million shares for $101 million, with $1.3 billion remaining under its $2 billion share repurchase authorization [11] Guidance for Fiscal 2025 - Macy's updated its annual guidance, expecting net sales between $21 billion and $21.4 billion for fiscal 2025 [14] - Comparable owned-plus-licensed-plus-marketplace sales are projected to decline by 0.5-2% year over year [15] - Adjusted earnings per share are expected to be between $1.60 and $2.00, down from the previous estimate of $2.05-$2.25 [16]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered by the team includes insights into sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Summary of Key Points Core Viewpoint - Numerous companies are lowering their profit forecasts for 2025 due to the impact of tariffs and economic uncertainty, indicating a broader trend of caution across various industries. Group 1: Retail Sector - Abercrombie & Fitch lowered its full-year profit forecast for 2025, citing a $50 million hit from tariffs, including a 30% tariff on imports from China and a 10% tariff on other imports [1][2] - Macy's also reduced its earnings per share outlook for the year, attributing it to tariffs, moderation in consumer spending, and increased competition [3] - Target expects sales to decline throughout 2025, previously projecting a 1% growth, due to weaker spending linked to tariff uncertainties [3] Group 2: Consumer Goods and Food & Beverage - Diageo warned of a $150 million hit to annual profits in 2025 but plans to offset half of this impact through unspecified actions [4] - PepsiCo lowered its earnings forecast for 2025, facing higher supply chain costs due to tariffs and a volatile consumer environment [15] - Kraft Heinz also lowered its outlook, citing a volatile operating environment influenced by tariffs and inflation [13] Group 3: Automotive Industry - Ford expects tariffs to reduce its earnings before interest and taxes by about $1.5 billion in 2025 and has suspended its full-year guidance [8] - General Motors lowered its earnings forecast to between $10 billion and $12.5 billion, down from $13.7 billion to $15.7 billion, due to the impact of tariffs [12] - Toyota estimated a $1.25 billion profit loss in April and March due to U.S. tariffs, forecasting a nearly 21% dip in operating income through 2025 [5] Group 4: Technology and Electronics - AMD anticipates a $1.5 billion revenue loss in 2025 due to restrictions on chip shipments to China [7] - Apple expects a $900 million hit to its bottom line in the second quarter due to tariffs, complicating future predictions [10] - Logitech withdrew its outlook for the 2026 fiscal year due to ongoing tariff uncertainties [17] Group 5: Airlines and Transportation - JetBlue and Alaska Airlines both pulled their full-year guidance for 2025 due to macroeconomic uncertainty [13][17] - Delta Airlines withdrew its full-year guidance, citing broad macro uncertainty [18] - United Airlines issued a second guidance featuring significantly lower earnings for 2025, reflecting the unpredictable economic environment [17] Group 6: Miscellaneous - Steve Madden withdrew its financial guidance for 2025, facing heightened uncertainty from new tariffs [6] - Rivian lowered its targets for vehicle deliveries and capital spending for 2025 due to significant uncertainty in the global economic landscape [6] - Snap declined to issue guidance for its second quarter, citing uncertainty in macroeconomic conditions affecting advertising demand [14]