Which is in accordance to a new GasBuddy forecast that predicts the national average will increase to $3.41 a gallon in 2022, up from $3.02 a gallon this yr.
The GasBuddy forecast, shared solely with CNN, initiatives selling prices at the pump will peak nationally at a regular monthly common of $3.79 in Could, ahead of at last retreating underneath recent amounts by late 2022.
“We could see a nationwide common that flirts with, or in a worst-situation situation, perhaps exceeds $4 a gallon,” claimed Patrick De Haan, head of petroleum assessment at GasBuddy, an application that tracks gasoline prices, need and outages.
That would amplify the inflationary pressures hitting American family members grappling with the most significant rate spikes in virtually 40 a long time. And it would include to the White House’s political complications.
The nationwide typical at the pump fell to $3.29 a gallon on Monday, according to AAA. That is down by 13 cents from the peak of $3.42 on November 8.
The phone for gasoline prices to increase more in the coming months stands in contrast with forecasts from the government and some, although not all, on Wall Street.
The US Electricity Information and facts Administration said on December 7 the countrywide average will possible drop to $3.01 a gallon in January and slide to $2.88 for 2022. Citigroup similarly predicted a “radical drop” in vitality charges, which includes a probable bear market place for oil upcoming calendar year.
‘The overall economy is sizzling.’
GasBuddy is basing its forecast on a number of big themes, which includes desire that continues to get better from Covid a great deal quicker than offer.
“The financial state is very hot. Need has occur roaring back again. But supply is continue to catching up just after acquiring cut considerably in 2020,” De Haan mentioned.
OPEC and its allies enacted unparalleled manufacturing cuts in the spring of 2020 after oil costs crashed beneath zero for the initially time at any time. US oil businesses also slashed output.
Irrespective of higher selling prices, neither OPEC+ nor US oil producers have gotten back to pre-Covid production.
Refinery shutdowns are a issue, as well
The other significant component is that essential refineries have been sidelined in the latest decades.
Small prices when Covid erupted forced the closure of some refineries, which churn out gasoline, jet gasoline and diesel that the economic climate depends on.
And then very last week one of America’s largest refineries, the ExxonMobil plant in Baytown, Texas, was rocked by an explosion that wounded at minimum 4 employees.
Tom Kloza, main oil analyst for the Oil Selling price Details Support, formerly instructed CNN the Baytown refinery incident could weigh on currently-constrained gasoline source. Kloza reported he would not be amazed to see average prices increase to $4 a gallon in considerably of the nation this spring and summer.
Refinery potential fell to a 6-yr small in 2021, according to the EIA. De Haan, the GasBuddy analyst, said the demise of a number of refineries has contributed to the higher selling price outlook.
“There is much less respiration space as a end result of all those refinery shutdowns,” he said.
‘Anything could change’
The very good information is GasBuddy does not anticipate the spring surge in fuel charges will very last.
The forecast calls for gas costs to stay elevated at $3.78 a gallon in June and $3.57 in July but then slipping sharply as demand from customers cools off. By December, GasBuddy expects fuel costs will normal $3.01 a gallon nationally, which is down below latest ranges.
Of system, no one particular can say with certainty the place gasoline rates will go up coming. Covid has manufactured it really complicated to properly forecast a great deal about present-day economic system.
Although GasBuddy’s prior forecasts have been moderately near to the place selling prices finished up, the firm did not see the 2021 surge coming.
De Haan concedes there is a great deal of uncertainty today, in particular on the Covid front.
“Everything could transform,” he said. “Tomorrow there could be a ridiculous variant and rates could plummet.”
Biden’s historic intervention
Nevertheless, the specter of $4-a-gallon fuel will only intensify the political discussion all-around superior gas price ranges.
Republicans have sought to blame President Joe Biden for the vitality sticker shock, pointing to his formidable local weather agenda.
Biden stepped into the fray in November by forming a coalition of electrical power consuming nations to intervene in the oil industry. The White Home declared the largest-at any time release of barrels from the Strategic Petroleum Reserve and persuaded China, India, South Korea and other nations to be a part of in.
Rumors of an intervention drove oil price ranges about 10{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} lessen prior to the SPR announcement, however specialists doubted the shift would offer lasting aid to energy price ranges. And then Omicron emerged, briefly sending oil price ranges crashing, prior to they rebounded considerably.
Emilie Simons, a White Property spokesperson, pointed out that 21 states have ordinary fuel rates under $3.15 a gallon, placing them below the 20-yr authentic average.
“Though present rate stages usually are not unprecedented,” Simons instructed CNN in an electronic mail, “the President believes that they are much too superior in particular specified that we are rising from a as soon as-in-a-century pandemic.”
The Keystone Pipeline debate
Biden’s critics frequently issue to his Day A single conclusion to rescind the permit for the Keystone XL Pipeline.
But this pipeline wasn’t even scheduled to get started carrying oil until 2023. Even the American Petroleum Institute has conceded Keystone isn’t the key aspect driving modern significant selling prices.
“Us citizens who imagine that have been fooled into contemplating that a pipeline by some means generates oil. They do not. They basically carry oil,” De Haan claimed.
In any circumstance, about 50 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of US oil pipeline area is unused immediately after many years of rapid expansion.
US pipeline capacity is sitting close to 50{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, in contrast with a variety of 60{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 70{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in advance of Covid, according to Wooden Mackenzie.
De Haan notes that though the Biden administration issued a drilling moratorium on federal land, that has been blocked in court docket and the Interior Section has been issuing enough permits not too long ago.
“We’d have observed a surge in fuel prices,” he said, “no make any difference who was in the Oval Workplace.”
The seven-day moving average of new cases was 121,437 as of Saturday, according to data from Johns Hopkins University (JHU). Prior to this week, the US last topped the 100,000-cases-a-day mark in early October.
Also on the rise is the number of Covid-19 deaths, with a seven-day average of 1,651 people dying from the virus each day as of Saturday, the JHU data showed. Average daily deaths haven’t been this high in more than a month.
The vast majority of new cases in the US continue to be from the Delta variant, but US health officials have detected the new Omicron coronavirus variant in at least 16 states as of Saturday.
The first case was found in California on Wednesday, and by the weekend the variant had been identified in 15 other states: Colorado, Connecticut, Hawaii, Louisiana, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, New Jersey, New York, Pennsylvania, Utah, Washington, and Wisconsin.
The Omicron variant has been alarming officials because early indications show it could be more contagious than the original strain, and the significant number of mutations it carries poses a potential risk of reducing some of the effectiveness the current vaccines provide. Scientists are working to determine the severity and transmissibility of Omicron — but that could take weeks, officials have said.
Still, the US is more equipped now to deal with the newly detected variant than it was during the onset of the pandemic, US Surgeon General Dr. Vivek Murthy said Thursday.
“We are in such a different place now than we were one year ago because we’ve learned a lot more. We have vaccines available. We have far more tests available, and what we’ve got to do to get through this winter is to make sure that we are doubling down on our vaccination strategy,” Murthy told CNN.
The surgeon general stressed that even though there’s a lot to learn about the new variant, mitigation efforts, including masks and hand hygiene combined with physical distancing, remain effective in providing some protection.
Just under 60{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of the total US population is fully vaccinated and nearly 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of those have received a booster, according to the latest data from the US Centers for Disease Control and Prevention (CDC).
Delta remains thedominant strain in the world
While the Omicron variant has the potential to become the dominant strain in the US, the Delta variant continues to show up in 99.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of coronavirus cases, according to Dr. Rochelle Walensky, director of the CDC.
“We know what we need to do against Delta, and that is get vaccinated, get boosted if you’re eligible and continue all of those prevention measures, including masking. And those are very likely to work against the Omicron variant,” Walensky told CNN chief medical correspondent Dr. Sanjay Gupta.
The Delta variant managed to take over the entire nation in the early weeks of summer, changing the outlook as vaccines were rolling out and becoming more widely available. The variant continues to rage in hotspots across the country.
More than 59,000 Americans are hospitalized with Covid-19, according to data from US Department of Health and Human Services. And overall, hospitalizations have been on the rise for more than three weeks.
The World Health Organization said the Delta variant has outcompeted other variants in most countries — making it the most common strain in much of the world.
“Even if the Omicron strain doesn’t turn out to be any worse, we are losing close to a thousand people every day from the Delta variant, and that in and of itself is a reason for people to get boosted,” Dr. Richard Besser, former acting director of the CDC, told CNN earlier this week.
Stricter travel rules to begin Monday
Dr. Anthony Fauci said earlier this week that traveling during the holidays is OK — but getting vaccinated and boosted are a must.
“Just as I said and I’ll say it again, if you have a vaccinated situation, enjoy the holidays with your family in a family setting,” said Fauci, the director of the National Institute of Allergy and Infectious Diseases, at a CNN Global Town Hall.
For international travelers, proof of a negative Covid-19 test within one day of departure for the US will be required as of Monday, the Biden administration announced Thursday. Previously a test could be taken up to three days before entering the country.
Plus, any foreign national who travels to the US must be fully vaccinated, though there is no vaccination requirement for American citizens for air travel, either globally or domestically.
However, the White House said this week that a vaccine requirement for domestic travel remained on the table as an option for the future.
CNN’s Deidre McPhillips, Jamie Gumbrecht, Jen Christensen, Maggie Fox, Travis Caldwell and Naomi Thomas contributed to this report.
U.S. stocks dropped sharply on Friday as a new Covid variant found in South Africa triggered a global shift away from risk assets.
The Dow Jones Industrial Average dropped 905.04 points, or 2.53{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, for its worst day of the year, closing at 34,899.34. The S&P 500 lost 2.27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to close at 4,594.62, while the Nasdaq Composite slipped 2.23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to finish at 15,491.66. The Dow was down more than 1,000 points at session lows.
The downward moves came after World Health Organization officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa. The new variant contains more mutations to the spike protein, the component of the virus that binds to cells, than the highly contagious delta variant. Because of these mutations, scientists fear it could have increased resistance to vaccines, though WHO said further investigation is needed. On Friday, the WHO deemed the new strain a variant of concern and named it omicron.
The United Kingdom temporarily suspended flights from six African countries due to the variant. Israel barred travel to several nations after reporting one case in a traveler. Two cases were identified in Hong Kong. Belgium also confirmed a case.
“When I read that there’s one [case] in Belgium and one in Botswana, we’re going to wake up next week and find one in this country. And I’m not going to recommend anyone buy anything today until we’re sure that isn’t going to happen, and I can’t be sure that it won’t,” CNBC’s Jim Cramer said.
Bond prices rose and yields tumbled amid a flight to safety. The yield on the benchmark U.S. 10-year Treasury note fell 15 basis points to 1.49{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} (1 basis point equals 0.01{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}). This was a sharp reversal, as yields jumped earlier in the week to above 1.68{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} at one point. Bond yields move inversely to prices.
Asia markets were hit hard in Friday trade, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng index both falling more than 2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Germany’s Dax index slid more than 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Bitcoin fell 8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
The Cboe Volatility Index, often referred to as Wall Street’s “fear gauge,” rose to 28, its highest level in two months. Oil prices also tumbled, with U.S. crude futures down 12{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and breaking below $70 per barrel.
Travel-related stocks were hit hardest, with Carnival Corp. and Royal Caribbean down 11{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 13.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, respectively. United Airlines dropped more than 9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, while American Airlines dropped 8.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Boeing lost more than 5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, and Marriott International fell nearly 6.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
Stock picks and investing trends from CNBC Pro:
Bank shares retreated on fears of the slowdown in economic activity and the retreat in rates. Bank of America dropped 3.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, and Citigroup slid 2.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
Industrials linked to the global economy declined, led by Caterpillar, off by 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Chevron dropped 2.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} as energy stocks reacted to the rollover in crude prices.
On the flip side, investors huddled into the vaccine makers. Moderna shares surged more than 20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Pfizer shares added 6.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
Some of the stay-at-home plays that gained in the earlier months of the pandemic were higher again. Zoom Video and Peloton each added more than 5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.
Friday was a shortened trading day because of the Thanksgiving holiday with U.S. markets closing at 1 p.m. ET. Holiday weeks often have relatively light trading volume, which can amplify moves in the market.
“It’s important to stress that very little is known at this point about this latest strain, including whether it can evade vaccines or how severe it is relative to other mutations. Therefore, it’s hard to make any informed investment decisions at this point,” Bespoke Investment Group’s Paul Hickey said in a note to clients. “Historically speaking, chasing a rally or selling into a sharp decline (especially on a very illiquid trading day) rarely ends up being profitable, but that isn’t stopping a lot of people this morning.”
Several investment professionals told CNBC on Friday that the sell-off could be a buying opportunity.
“Friday is the day after Thanksgiving — probably not as many traders on the desks, with an early close today. So potentially lower liquidity is causing some of the pullback,” Ajene Oden of BNY Mellon Investor Solutions said on CNBC’s “Squawk Box.” “But the reaction we’re seeing is a buying opportunity for investors. We have to think long term.”
Markets were closed Thursday for Thanksgiving and had been split earlier in the week, with the tech-heavy Nasdaq underperforming amid an upward trend in Treasury yields.
The Nasdaq finished the week down 3.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, while the S&P 500 and Dow slumped by 2.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, respectively.
Commits to Compelling 2025 Growth Objectives and Announces Multi-Year Share Buyback Program
– Grow, Innovate, and Optimize strategic initiatives to deliver accelerated, compound annual growth rates of mid-single-digits for revenue and mid-teens for operating income from 2022 – 2025
– Expect to deliver strong cash flow generation with cumulative cash from operations of approximately $4.0 billion and free cash flow of about $2.4 billion from 2022 – 2025
– Balanced capital allocation plans support business reinvestment, debt reduction, and increased shareholder returns
– $300 million multi-year share buyback program announced, enhancing shareholder returns after recently reinstating quarterly cash dividend
– Separate public listing of the Digital & Betting business under evaluation
LONDON, Nov. 16, 2021 /PRNewswire/ — International Game Technology PLC (“IGT”) (NYSE:IGT) will host a virtual Investor Day today at 8:30 am EST, detailing the progress the Company has made over the past two years to build a solid foundation for profitable growth across all business segments, generate robust cash flows, and pursue a disciplined capital allocation strategy.
IGT (NYSE:IGT) is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.igt.com.
“IGT’s industry leadership is built on a legacy of innovation and trust. Through greater player engagement, responsible management, and best-in-class content, services, and solutions, we are well-positioned for profitable growth,” said Marco Sala, CEO of IGT. “Our diverse portfolio aligns with attractive end-markets and our strategy is to grow, innovate, and optimize. Over the next four years, we are confident we can deliver accelerating organic growth, significant margin expansion, and robust free cash flow to drive stakeholder value and increased shareholder returns.”
Strategic Initiatives to Grow, Innovate, and Optimize Provide Foundation for Compelling Long-term Outlook
Grow: leverage innovation in content and solutions as well as leading market positions to expand market share, support customer sales growth, and capture new market opportunities
Innovate: utilize large and highly differentiated intellectual property portfolio and leading investment in research and development to create best-in-class games, systems, and solutions to further enhance player experiences and support customer growth
Optimize: operational excellence and structural cost reductions enable continued margin improvement; new OPtiMa 2.0 cost-reduction program expected to deliver more than $150 million in incremental savings, compared to pre-pandemic levels, by the end of 2023
Introducing 2022 Outlook
Revenue of $4.1 – $4.3 billion
Operating margin of 20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} – 22{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}
Cash from operations ranging from $850 million – $1.0 billion
Capital expenditures totalling $400 million – $450 million
Net debt leverage of 3.5x – 4.0x
Setting Compelling and Achievable Financial Goals for 2022 – 2025, Including Robust Growth in Revenue and Margins and Significant Cash Flow Generation
Revenue of $4.6 – $5.0 billion in 2025, reflecting a mid-single-digit compound annual growth rate (“CAGR”)
Mid-teens operating income CAGR; operating margin expansion of over 500 basis points to 26{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} – 29{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} (at the mid-point) in 2025
Cumulative cash from operations of approximately $4.0 billion; free cash flow of approximately $2.4 billion
Disciplined Capital Allocation Plans Balance Reinvestment in the Business with Increased Shareholder Returns
A comprehensive capital investment plan of approximately $2.8 billion in aggregate capital expenditures and research and development from 2022 – 2025, supporting the existing portfolio with a focus on fast-growing iLottery and Digital & Betting activities
Continue to reduce leverage to a range of 2.5x – 3.5x across the investment cycle, targeting the lower part of the guidance range by 2025
Reinstated quarterly cash dividend of $0.20 per common share (previously announced with earnings on November 9, 2021)
Implementing $300 million multi-year share repurchase program, the first in IGT PLC’s history
Strategic Positioning to Increase Optionality for Digital & Betting Segment
Event Details Tuesday, November 16, 2021 8:30 a.m. – 11:30 a.m. EST
Webcast Registration: A live webcast is available under “Events Calendar” on IGT’s Investor Relations website at www.IGT.com. Registration for the event is required and can be completed in advance. A replay will also be available on the website following the call.
Presentation Materials: Materials presented at the event will be posted on IGT’s Investor Relations website at www.IGT.com during the event.
Share Repurchase Program IGT’s Board of Directors authorized a program for the repurchase of up to $300 million of the Company’s outstanding ordinary shares during a period of four years commencing on November 18, 2021.
Repurchases will be made pursuant to repurchase contracts entered into with counterparties approved by IGT’s shareholders, pursuant to which such counterparties will purchase ordinary shares for delivery to the Company. The timing and amount of any repurchases will be determined by IGT’s management based on an evaluation of market conditions, applicable securities laws and other factors. These repurchases may be made pursuant to repurchase plans that meet the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Rule 10b5-1 allows the Company to repurchase its ordinary shares at times it might otherwise be prevented from doing so under insider trading laws or because of self-imposed blackout periods.
The share repurchase program is expected to be funded through cash generated from operations. Any shares acquired pursuant to the repurchase program will be cancelled or held in treasury. The repurchase program does not obligate the Company to acquire any particular amount of its ordinary shares, and it may be suspended or terminated at any time.
Any repurchases of the Company’s ordinary shares will be made in accordance with the authority granted by IGT shareholders at its annual general meeting (“AGM”) to repurchase ordinary shares that is in effect from time to time. At its 2021 AGM, IGT shareholders voted to authorize the repurchase of up to 20,485,646 ordinary shares of the Company. Repurchases will be discontinued in the event the Company lacks the general authority to repurchase ordinary shares.
Evaluation of Potential Separate Public Listing of Digital & Betting Business IGT recently established a dedicated Digital & Betting business segment, enhancing visibility to this high-growth part of IGT’s portfolio of businesses. As a part of its ongoing commitment to ensuring appropriate strategic flexibility for its Digital & Betting business, the Company is also undertaking a legal entity and organizational realignment over the next 12 months designed to provide the Digital & Betting business with dedicated management, a more nimble organization and governance structure and the ability to pursue organic and inorganic growth opportunities. As part of this process, the Company may evaluate a potential separate public listing of its Digital & Betting business to further enhance its strategic flexibility while maintaining a controlling interest following the consummation of any such potential separate public listing. There can be no assurances as to the form and timing of any separate public listing or other strategic activity that may result from this evaluation or if any such listing or activity will be consummated at all. IGT does not currently intend to disclose further developments regarding its evaluation of a potential separate public listing for its Digital & Betting business until such time as a final determination has been made or IGT otherwise determines that further disclosure is appropriate.
About IGT IGT (NYSE: IGT) is a global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivalled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.IGT.com.
Cautionary Statement Regarding Forward-Looking Statements This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the “Company”) and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as “aim,” “anticipate,” “believe,” “plan,” “could,” “would,” “should,” “shall”, “continue,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project” or the negative or other variations of them. These forward-looking statements do not guarantee future performance and speak only as of the date on which such statements are made. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company’s annual report on Form 20-F for the financial year ended December 31, 2020 and other documents filed from time to time with the SEC, which are available on the SEC’s website at www.sec.gov and on the investor relations section of the Company’s website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company’s business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.
Contact Phil O’Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452 Francesco Luti, +39 06 5189 9184; for Italian media inquiries James Hurley, Investor Relations, +1 (401) 392-7190
The main shopping area during Alibaba’s Singles Day shopping festival in Shanghai on Thursday.Credit…Aly Song/Reuters
The Chinese e-commerce giant Alibaba said $84.5 billion in merchandise was sold on its platforms during the Singles Day shopping festival that ended on Thursday, an 8.5 percent increase over last year and an indication that Beijing’s campaign to tighten regulation of internet companies has not dimmed consumers’ enthusiasm for buying stuff online.
Even so, the growth in sales was down from the 26 percent increase that the company reported in 2020 compared with the year before.
The number Alibaba announces each year after its big retail bonanza is gross merchandise volume, which is meant to represent the total value of orders. There is no standardized way of calculating this metric within the e-commerce industry, so Alibaba has leeway to choose the result it reports.
This year’s figure captured sales from Nov. 1 through Nov. 11. Singles Day was once a 24-hour event, but has ballooned into a multiweek extravaganza. Before last year, Alibaba’s headline number captured sales on Nov. 11 only.
China’s government has moved rapidly over the past year to impose new strictures on giant internet companies, which long grew with little oversight of their business practices. Beijing now wants the tech industry to compete fairly and contribute more to society. In response, Alibaba put a socially conscious spin on this year’s Singles Day, emphasizing eco-friendly products and campaigns to help neglected children and seniors.
Before Thursday, it was not clear that Alibaba would release a final Singles Day sales figure at all this year. When asked about it by The New York Times this week, an Alibaba spokeswoman declined to comment. Last month, Alibaba’s chief marketing officer, Chris Tung, said the company’s focus had shifted from pure sales growth to “sustainable growth.”
A supermarket in Manchester, England, in September. Retail sales fell in Britain in the third quarter, partly because of difficulties distributing goods.Credit…Jon Super/Associated Press
The British economy’s recovery slowed through the summer, delaying its return to its prepandemic size as supply shortages hampered businesses and exports declined.
Gross domestic product grew 1.3 percent in the third quarter, down from 5.5 percent in the previous three months, the Office for National Statistics said on Thursday. The growth was driven by spending on services, especially in hotels, restaurants and entertainment as the last of the major pandemic restrictions were lifted in July and people vacationed in the country. A return to in-person doctor appointments also boosted the growth data.
But the recovery was weaker in other sectors. Retail sales fell as well as car sales because of the global shortage of semiconductors. Supply chain disruptions and bottlenecks have held back growth in Britain and are expected to last longer than previously anticipated. It’s a problem afflicting other countries, including Germany. There have been backups at Britain’s ports and difficulties distributing goods.
The changes to migration and trade because of Brexit, including fewer European Union workers and a stricter customs regime, have exacerbated the supply bottlenecks, according to the Office for Budget Responsibility, which provides independent forecasts for the British government.
Exports fell nearly 2 percent over the previous quarter, partly because of a decline in the export of transport equipment and machinery.
Britain’s “unique Brexit-related issues,” including additional customs paperwork, food safety checks and hurdles to tariff-free trade with the European Union, its biggest trading partner, “no doubt amplify the port and transport challenges,” Kallum Pickering, an economist at Berenberg Bank, wrote in a note to clients.
The slowing momentum in the world’s recovery from the pandemic has led to downgrades of global and British growth forecasts. The Bank of England said last week that the British economy would grow 7 percent this year, reducing its forecast by a quarter percentage point. It cut a whole percentage point off growth for 2022 — to 5 percent — as supply disruptions are expected to weigh on the economy until late in the year and the annual inflation rate is forecast to climb to about 5 percent in the spring.
The Bank of England said it would probably need to raise interest rates in the coming months as prices climbed, but it is waiting for more official data on what has happened in the labor market after the end of the government-sponsored furlough program in September. The central bank said that more than a million jobs were benefiting from the program as it ended and that there might be a small increase in unemployment now that those payments were over. The bank has to balance taming inflation without putting the recovery off course with tighter monetary policy.
As the recovery is expected to continue to slow, the National Institute of Economic and Social Research warned this week that British households will be “painfully squeezed” as prices rise, fiscal stimulus is reduced and tax increases come into force in April. The London institution also said the number of households that can’t afford basic necessities could double because of a cut to a major government benefit program.
Shoppers in Dublin last month. Economic output in the European Union is expected to grow 5 percent this year.Credit…Clodagh Kilcoyne/Reuters
Europe is facing fresh threats to its pandemic recovery as energy prices surge at a “tumultuous pace” and bottlenecks in the supply chain dampen growth and slow production, the European Commission said on Thursday.
In its latest economic forecast, the commission said sporadic pandemic-related lockdowns in some parts of Europe, together with emerging labor shortages, were adding to the disruptions, while inflation has hit a 10-year high.
Europe’s economy rebounded this year from the pandemic faster than expected, and regained prepandemic levels of growth during the summer. Among the 28 countries in the European Union, economic output is now expected to grow 5 percent this year, slightly better than a forecast made a few months ago — an unusually robust rebound after pandemic lockdowns shuttered the economy last year.
Growth will slow to a 4.3 percent pace next year and then decelerate to 2.5 percent in 2023, the commission said.
Europe spent hundreds of billions of euros to keep workers furloughed during national shutdowns, and such programs have helped millions of people stay in their jobs and avoid a surge in unemployment, the report said. About 1.5 million jobs were created from April to June, and nearly as many workers exited job retention schemes.
As in the United States and Britain, however, labor shortages have been plaguing industries that were quick to reopen, especially restaurants and parts of the retail sector. At the same time, there are still large numbers of people who are jobless and people who are available to work but not actively looking, the report said.
While the economic rebound has been swift, the surge in inflation is likely to weigh on the finances of Europe’s households and businesses. A jump in natural gas prices has led to higher electricity bills. Altogether, the price of goods, services, energy and food jumped 3.4 percent in September from a year earlier, and even without volatile food and energy prices, the inflation rate is the highest in a decade. Inflation is estimated to have climbed to 4.1 percent in October.
But prices have jumped because of postpandemic reopenings, the commission noted, so such pressures are expected to be largely fade over the next year, the commission said.
Elon Musk had asked his Twitter followers whether he should sell 10 percent of his Tesla stock, referring to a debate over how the wealthiest Americans should be taxed.Credit…Aly Song/Reuters
Elon Musk, the chief executive of Tesla, disclosed on Wednesday that he had sold about $5 billion worth of Tesla shares, in part to cover his tax obligations after exercising options on a large tranche of stock.
Mr. Musk sold about 4.5 million shares between Monday and Wednesday, according to filings with the Securities and Exchange Commission. Tesla’s stock closed trading on Wednesday at $1,067.95, which would value the shares at about $4.8 billion, but some were sold for slightly higher prices.
In the filings, Mr. Musk said he had sold about a million of the shares “solely” to cover taxes on 2,154,572 shares he picked up at $6.24 each. Those shares he acquired, for a total of $13.4 million, were instantly worth about $2.3 billion. Later Wednesday, he disclosed the sale of an additional 3.6 million shares, though he did not provide a reason for those divestments.
Mr. Musk still owns nearly 17 percent of Tesla’s stock, shares worth about $180 billion. Tesla recently passed $1 trillion in market valuation.
Over the weekend, Mr. Musk posted a poll to Twitter asking his followers whether he should sell 10 percent of his stock, referring to a political debate over whether the wealthiest Americans should be taxed according to their wealth rather than their income. He said he would abide by whatever respondents chose, and about 58 percent said to sell.
Regardless of the poll, the disclosures indicated that Mr. Musk had put a plan in place in September to sell shares when buying options. Mr. Musk holds more than 20 million stock options, worth nearly $30 billion, that expire in August. Many of those options are unlikely to qualify for preferential tax treatment, meaning he could owe billions of dollars in taxes if he exercises all of them.
Tesla’s stock slid 16 percent in the two days of trading after his Twitter post, though it gained 4.3 percent on Wednesday before Mr. Musk disclosed his trades. Tesla’s shares were up in aftermarket trading following his disclosures.
Stephen Gandel contributed reporting.
Correction:
An earlier version of this article misstated the day that Elon Musk sold $1.1 billion in Tesla shares to cover tax obligations. It was Monday, not Wednesday. (He sold an additional $3.9 billion in shares this week unrelated to the exercise of his stock options.)
China Evergrande has made interest payments totaling nearly $150 million on three bonds that had grace periods set to expire on Wednesday, a spokeswoman for the German clearing house Clearstream said. The payments, which were made as a 30-day grace period on the coupon was set to expire, mean Evergrande has avoided default for now.
The Justice Department and the Securities and Exchange Commission have opened investigations into the embattled Silicon Valley company Ozy Media, according to people with knowledge of the matter.
Federal prosecutors with the Eastern District of New York have in recent weeks been in contact with at least one companythat had dealings with Ozy, two people with knowledge of the matter said. In the parallel civil inquiry, S.E.C. investigators have contacted at least two companies that discussed investing in Ozy, two people with knowledge of the commission’s effort said.
The precise focus of the investigations could not be determined. A lawsuit filed last month accused Ozy of misleading potential investors. Companies’ statements to investors are often examined in S.E.C. investigations. READ MORE →
On Wednesday, Disney said its flagship streaming service had added 2.1 million subscriptions in the recent quarter, sharply fewer than analysts polled by FactSet had forecast. After a dazzling introduction in late 2019, Disney+ has encountered numerous headwinds, including a pandemic-related shortage of new shows, an increasingly competitive streaming environment, the delay of Indian Premier League cricket games and difficulties rolling out in Latin America. Slower growth is a concern because it makes it harder for Disney+ to achieve the 230 million to 260 million paid subscribers promised by the company by the end of the 2024 fiscal year. READ MORE →
Video
The animated version of the new Meta logo released by the company.
A sleek animation online shows logos of all Facebook’s apps and products fusing together to form a shimmering vision of the future: a two-tone blue infinity symbol next to the word “Meta.”
To design experts, the change by a scandal-plagued company was the latest example of efforts by corporate America to create brands that are less unique and ultimately less offensive. It was also a reflection of the growing challenge for corporate identities to exist in many different sizes and digital settings at once, from V.R. headsets to smartwatches — a challenge that is magnified for Meta as it tries to establish an identity for something that largely doesn’t exist yet.
“It checks a lot of boxes,” said Michael Evamy, the author of “Logo,” an anthology of corporate brands and logos. “It’s very simple. It’s very visible at all scales. It’s blue.” (Blue, he noted, is historically a color associated with safety and trustworthiness. The infinity symbol, devoid of corners and jagged edges, can be seen as nonthreatening.) READ THE ARTICLE →
U.S. Rep. Dusty Johnson, a Mitchell resident, acknowledged Indigenous American Day on the U.S. Dwelling floor with a story about Tashina Crimson Hawk of the Rosebud Sioux Tribe.
Johnson explained the 17-calendar year-aged is “an exceptional student” and a rodeo queen. He explained she graduated early from higher college and then grew to become an entrepreneur with a very long-term objective to become a veterinarian.
Here’s the video clip of Johnson speaking about Purple Hawk.
St. Joseph Indian School in Chamberlain is celebrating Indigenous American Working day by web hosting a working day of offering, 1 working day of giving for 365 Times of Hope.
“Our intention is to access 365 men and women — just one donor for each working day of the calendar year — to open up their hearts and give a gift,” the generate suggests. “That’s a significant target, but we’re introducing to it — we want to do this in the following 24 hours! And the clock begins … NOW!”
As of 1 p.m. Monday, the university was about 1-3rd into obtaining its purpose of $3,000.
And, a reminder that there’s a quite neat statue in Chamberlain as perfectly.
Did you catch Oktoberfest in Mitchell?
What a superior turnout for an inaugural occasion!
Weiner pet races. Beer. Downtown entertaining on Mitchell’s Most important Street. Let’s hope this turns into an yearly drop typical for Mitchell.
A look ‘Back in Time’
Earl and Hilda Erickson bought the Mitchell A&W Generate-Inn from Alex Sobotta on Aug. 1, 1951. Take note in the to start with photo (from the 1950s) the setting up is really close to Havens Road, (then-U.S. Freeway 16), and motorists just about experienced to back out on to the freeway to go away the restaurant. To the west of the cafe in the brick developing was the Previous Home Bread Warehouse, which is now Alignment Authorities (300 W. Havens). Earl Erickson and his son, Roger. designed a carport onto the creating in 1966. Roger Erickson leased the travel-in from Earl and Hilda in 1966 and obtained it in 1972. Earl and Hilda continued to function for Roger adhering to the sale. Roger Erickson begun design on a new setting up in 1975 on East Havens Avenue at the corner of Langdon Road, and opened for enterprise in the spring 1976, offering their renowned root beer and broasted rooster. The outdated setting up was sold to John Bruce and moved out to the Jack Thurman farm west of Mitchell. The new good deal and creating had 32 speakers so that patrons could purchase from their automobiles though carhops sent orders to the buyers. The Carnegie Resource Center has a performing speaker menu on display along with other memorabilia from the A&W. The constructing has housed various other organizations since closing in March 1994. (Mitchell Place Historic Modern society photograph)
Right now in South Dakota record
On Oct. 11, 1953, sculptor James Earle Fraser died at age 76. Fraser grew up close to Mitchell in the 1880s, and created several of Washington D.C.’s most legendary structural art and sculptures. You can read all about Fraser from the Smithsonian American Art Museum in this article. Information and facts from the web page says when Fraser was 4 many years outdated, his relatives moved to South Dakota, the place he lived in a boxcar, slept on the floor wrapped in painted buffalo skins, and realized to make arrowheads from Sioux kids.
Platte college acknowledged
The Department of Education declared Friday that Explorer Elementary (Harrisburg) and Platte-Geddes Elementary have been named 2021 Countrywide ESEA (Elementary and Secondary Education Act) Distinguished Universities. They will be honored at the Nationwide ESEA Conference to be held in February 2022.
“We are so very pleased of the employees and college students at Explorer Elementary and Platte-Geddes Elementary,” said Secretary of Education Tiffany Sanderson. “Each point out can only nominate two educational facilities, so this is a prestigious honor. We commend all of their challenging function to aid students’ studying.”
Platte-Geddes Elementary was identified for outstanding college student performance and academic development for two or more consecutive many years.
“We have outstanding teachers who have invested a great number of hrs preparing lessons that match grade-level expectations,” explained Platte-Geddes Elementary Principal Jennifer Knecht. “Our instructors constantly use assessment knowledge to uncover the unique ability areas where by our students want help. We established large anticipations. Our learners, academics, and dad and mom are entitled to this prestigious award for their hard do the job and devotion to tutorial excellence. I am so very pleased of each and every trainer and scholar in our university.”
And, last but not the very least …
Not very good information for West River deer hunters.
According to a push launch, the South Dakota Match, Fish and Parks has eradicated supplemental unsold antlerless deer licenses from some searching models in western South Dakota owing to a fatal deer illness. GFP is also encouraging all West River deer hunters to inquire with nearby landowners and wildlife conservation officers on regional conditions, to determine if they really should return their present-day deer license due to the fact of these troubles.
“Based on mortality we have earlier documented and the ongoing stories from landowners, hunters and other folks in the discipline relating to useless deer, we have decided we have a major hemorrhagic disorder outbreak in western South Dakota,” reported wildlife division director, Tom Kirschenmann.
In reaction to this outbreak, GFP has eradicated an additional 379 unsold antlerless deer licenses in Harding, Meade, and Perkins counties. Just a week in the past, GFP removed 559 antlerless deer licenses legitimate on private land only in Harding and Meade counties.
Deer on the South Dakota skyline. (Luke Hagen / Republic)
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