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Thursday, November 7, 2024

A Shift In Time Saves Nine: How The Trump Election Impacts The Supreme Court

 by Jonathan Turley,

In 1937, it was said that a critical shift of one justice in a critical case ended the move to pack the Court by Franklin Delano Roosevelt.

It was said that it was “a shift in time saves nine.” In 2024, a shift in the Senate may have had the same impact. 

Trump’s victory means that absent a renewal of the court-packing scheme and other extreme measures of the left, the Court will remain unchanged institutionally for at least a decade.

The expectation is that Associate Justice Clarence Thomas could use this perfect time to retire and ensure that his seat will be filled with a fellow conservative jurist. Justice Samuel Alito may also consider this a good time for a safe harbor departure.

They have a couple of years before they reach the redline for nominations before the next election.

The election means that court-packing schemes are now effectively scuttled despite the support of Democratic senators like Elizabeth Warren (D., Mass.) and Sheldon Whitehouse (D., R.I.). Given Kamala Harris’s reported support, the Supreme Court dodged one of the greatest threats to its integrity in its history.

The impact on the law will also be pronounced. Returning the issue of abortion to the states will remain unchanged. A younger generation will grow up in a country where the voters of each state are allowed to determine what limits to place on abortions.

Likewise, gun rights and religious rights will continue to be robustly protected. The checks on the administrative state are also likely to be strengthened. Pushes for wealth taxes and other measures will likely receive an even more skeptical court.

The possible appointment of two new justices would likely give Trump a total of five to six nominees on the court. Liberals previously insisted that it was time for Justice Sonia Sotomayor to leave the Court, a campaign that I opposed. The appointment of seven of the nine justices by a single president would be unprecedented.

(I expect, as with the calls to “end the filibuster” as undemocratic, the liberal campaign to push Sotomayor to retire ended around 2:30 am on Tuesday night).

Trump has shown commendable judgment in his prior nominations.

All three—Gorsuch, Kavanaugh, and Barrett—are extraordinary jurists who have already created considerable legacies. I testified at Neil Gorsuch’s Senate confirmation hearing and still consider him one of the most consequential and brilliant additions to the Court in decades.

These justices were subjected to appalling treatment during their confirmation process, including attacks on Barrett for her adopting Haitian children. New Trump nominees can expect the same scorched-earth campaign from the media and the left, but they will have a reliable Senate majority for confirmation.

These justices have shown the intellect and integrity that bring credit to the Court, including each voting in key cases with their liberal colleagues when their principles demanded it. Trump can cement his legacy by continuing that legacy over the next four years with nominees of the same caliber.

In this way, the election may prove the key moment in ending one of the most threatening periods of the Court’s existence. With the loss of the control of the Senate, the push for new limits on the Court and calls for investigations of conservative justices will subside for now. However, the rage in the media and academia will only likely increase.

Both media and academic commentators pushed for sweeping constitutional changes, including packing the Court or curtailing its jurisdiction. Many saw the Harris-Walz Administration as the vehicle for such extreme measures. Harris herself pledged to “reform” the Court.

Some liberals figures even called for the dissolution of the Court and other radical changes.

Erwin Chemerinsky, dean of the UC Berkeley law school, called for the scrapping of key constitutional elements in his “No Democracy Lasts Forever: How the Constitution Threatens the United States.” In a Los Angeles Times op-ed, he described conservative justices as “partisan hacks.”

In the New York Times, book critic Jennifer Szalai denounced what she calls “Constitution worship” and warned that “Americans have long assumed that the Constitution could save us; a growing chorus now wonders whether we need to be saved from it.” She frets that by limiting the power of the majority, the Constitution “can end up fostering the widespread cynicism that helps authoritarianism grow.”

In a New York Times op-ed, “The Constitution Is Broken and Should Not Be Reclaimed,” law professors Ryan D. Doerfler of Harvard and Samuel Moyn of Yale called for liberals to “reclaim America from constitutionalism.”

Other law professors have denounced the “constitutional cult” and the First Amendment as the Achilles Heel of America.

Given that the majority of voters reject panic politics and radical agendas, these figures are likely to become more activist and aggressive.

recently debated a Harvard professor at Harvard Law School on the lack of free speech and intellectual diversity at the school. I noted that Harvard had more than 75 percent of the faculty self-identified as “liberal” or “very liberal.” Only  5 percent identified as “conservative,” and only 0.4% as “very conservative.” It is not that Harvard does not resemble America, it does not even resemble Massachusetts in its virtual purging of conservative or Republican professors.

We just had a country where the majority of voters chose Donald Trump. Among law school faculty who donated more than $200 to a political party, 91 percent of the Harvard faculty gave to Democrats.

Yet, the professor rejected the idea that Harvard faculty or its students should look like America (only 7 percent of incoming students identified as conservative). So, while the Supreme Court has a strong majority of conservatives and roughly half of the federal judges are conservative, Harvard law students will continue to be taught by professors who overwhelmingly reject those values, and some even reject “constitutionalism.”

The result is that the Court will continue to be demonized while the media and academia maintain their hardened ideological silos.

The rage will continue and likely rise in the coming years. However, this critical institution just moved out of harm’s way in this election. It will remain the key stabilizing institution in the most successful constitutional system in history.

*  *  *

Jonathan Turley is the Shapiro Professor of Public Interest Law at George Washington University and the author of “The Indispensable Right: Free Speech in an Age of Rage.” He teaches a course on the Constitution and the Supreme Court.

https://www.zerohedge.com/political/shift-time-saves-nine-how-trump-election-impacts-supreme-court

Planet Fitness ups guidance after Q3, starts new buyback

 Increases 2024 revenue and Adjusted EBITDA outlook

Initiated new $500 million share repurchase program upon $280 million share repurchase completion

Share Repurchase Program

On June 12, 2024, we entered into a $280 million accelerated share repurchase agreement (the "ASR Agreement") with Citibank, N.A. (the "Bank"). On June 14, 2024, we paid the Bank $280 million in cash and received approximately 3.1 million shares of our Class A common stock, which were retired.

Final settlement of the ASR Agreement occurred on September 16, 2024. At final settlement, the Bank delivered 0.7 million additional shares of the Company's Class A common stock, which were retired. The final number of shares repurchased was determined based on the volume-weighted average stock price of the Company's Class A common stock of $76.88 during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement.

On June 13, 2024, the Company's board of directors approved a share repurchase program of up to $500 million to replace the 2022 share repurchase program, which became effective on September 16, 2024 upon the completion of the ASR Agreement. As of September 30, 2024, there is $500 million remaining under the 2024 share repurchase program.

2024 Outlook

For the year ending December 31, 2024, the Company is reiterating the following expectations:

  • New equipment placements of approximately 120 to 130 in franchisee-owned locations
  • System-wide new club openings of approximately 140 to 150 locations

The following are the Company's growth expectations over its 2023 results:

  • System-wide same club sales in the 4% to 5% percentage range (previously 3% to 5%)
  • Revenue to increase in the 8% to 9% range (previously 4% to 6%)
  • Adjusted EBITDA to increase in the 8% to 9% range (previously 7% to 9%)
  • Adjusted net income to increase in the 8% to 9% range (previously 4% to 6%)
  • Adjusted net income per share, diluted to increase in the 11% to 12% range (previously 7% to 9%), based on adjusted diluted weighted-average shares outstanding of approximately 86.5 million, inclusive of the shares repurchased as part of the ASR Agreement.

The Company continues to expect 2024 net interest expense to be approximately $75.0 million (excluding the write-off of deferred financing costs associated with our debt refinancing transaction). It also expects capital expenditures to increase approximately 20% (previously 25%) driven by additional clubs in our corporate-owned portfolio and depreciation and amortization to increase approximately 10% (previously 11% to 12%).

Investor Conference Call

The Company will hold a conference call at 8:00AM (ET) on November 7, 2024 to discuss the news announced in this press release. A live webcast of the conference call will be accessible at www.planetfitness.com via the "Investor Relations" link. The webcast will be archived on the website for one year.

https://www.prnewswire.com/news-releases/planet-fitness-inc-announces-third-quarter-2024-results-302298159.html

Ligand ups guidance after Q3

 Third quarter performance driven by strong portfolio royalty revenue growth

2024 full year revenue guidance increased to $160 million - $165 million (previously $140 million - $157 million) and core adjusted earnings per diluted share1 increased to $5.50 - $5.70 (previously $5.00 - $5.50)

Company to hold Investor and Analyst Day in Boston on December 10, 2024

Conference call begins at 8:30 a.m. Eastern Time today

2024 Financial Guidance

Ligand is increasing its 2024 full year financial guidance previously outlined in July. The company now expects total revenue of $160 million to $165 million (previously $140 million to $157 million) and is raising core adjusted earnings per diluted share to $5.50 to $5.70 (previously $5.00 to $5.50).

Royalties are expected to be $105 million to $108 million (previously $100 million to $105 million), sales of Captisol of $27 million to $29 million (previously $25 million to $27 million) and contract revenue of $28 million (previously $15 million to $25 million). This guidance excludes the $60 million realized gain from short-term investments on the sale of Viking Therapeutics stock.

Conference Call and Webcast

Ligand management will host a conference call today beginning at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss this announcement and answer questions. To participate via telephone, please dial (888) 596-4144 using the conference ID 8755336. Callers outside the U.S. may dial +1(646) 968-2525. To participate via live or replay webcast, a link is available at https://www.ligand.com.

https://www.businesswire.com/news/home/20241107690627/en/

Moderna Sales Get Lift From Early Nod for Newest Covid Shot

 Moderna Inc. delivered better-than-expected profit and sales in the third quarter after an early start to sales of this season’s Covid boosters.

The company’s latest Covid shot was approved three weeks earlier than last year, according to a statement Thursday, helping drive product sales up 3.6%. Moderna still foresees 2024 product sales of $3 billion to $3.5 billion.

It’s unclear whether Moderna will sell as many Covid vaccines as it did last year, but it looks like a “durable and sizable market,” Moderna CFO Jamey Mock said in an interview. “It proves that there’s certainly a patient population that wants to be protected against Covid.”

Investors have been spooked since the pandemic by fading sales of Covid vaccines and a slow rollout for Moderna’s only other product, an RSV vaccine. The RSV shot was cleared in May, after customers had ordered rival products, and had just $10 million in sales in the quarter.

Moderna’s shares rose as much as 9.4%, the most intraday since May, when markets opened in New York after falling 48% this year through Wednesday’s close. They plunged in September after the company forecast 2025 sales below analysts’ expectations and pushed back its target to break even by two years to 2028.

Jefferies analyst Michael Yee called the third-quarter results “an incremental positive,” adding that some investors are relieved that even though Covid shots appear to have peaked early this season, Moderna didn’t lower its sales guidance.

Moderna is unlikely to see a substantial increase in RSV vaccine sales until the second half of 2025, when contracting for the next season takes place, Mock said.

The Cambridge, Massachusetts-based company dramatically cut costs in the quarter, in part by reducing unused manufacturing capacity. That helped quarterly profit beat expectations at 3 cents a share.

On Thursday, Moderna announced expanded roles and promotions for several executives. President Stephen Hoge will assume responsibility of sales, as well as research and medical affairs. He’s taking over a commercial assignment that was held by Stephane Bancel, who will remain chief executive officer. The moves were first reported Tuesday by Bloomberg News.

https://finance.yahoo.com/news/moderna-sales-lift-early-nod-114126317.html

Aveanna ups guidace after Q3

 

  • Third Quarter Revenue was $509.0 million, a 6.5% increase over the prior year period
    • Gross margin increased 8.4% to $159.7 million, compared to Q3 2023
  • Third Quarter Net loss was $42.8 million, compared to net loss of $102.4 million in the comparable prior year period
    • Adjusted Net income was $4.6 million, an increase of $9.3 million over the comparable prior year period
  • Adjusted EBITDA was $47.8 million, a 32.2% increase as compared to the prior year period
  • Full Year 2024 Revenue guidance raised to approximately $2.0 billion
    • Full Year 2024 Adjusted EBITDA guidance raised to greater than $168 million

GHO and Ampersand Capital to acquire Avid Bioservices

 Funds managed by GHO Capital Partners and Ampersand Capital Partners have signed a definitive agreement to acquire biologics contract development and manufacturing organisation (CDMO) Avid Bioservices in a $1.1bn cash transaction.

The merger agreement stipulates that GHO and Ampersand will purchase all outstanding shares of Avid for $12.50 per share in cash.

The acquisition price reflects a 13.8% premium over the closing share price of Avid Bioservices on 6 November 2024, the last full trading day before the announcement.

It also represents a 21.9% premium over the 20-day volume-weighted average share price leading up to the same date.


https://finance.yahoo.com/news/gho-ampersand-capital-acquire-avid-115956089.html

Viatris backs views after Q3

 

  • Total Revenues of $3.8 Billion and Operational Revenue Growth of ~3% on a Divestiture-Adjusted Basis Demonstrate Strength of Company's Base Business[1] 
     
  • Strong New Product Revenues of $133 Million Drove Growth Across Segments
     
  • U.S. GAAP Net Earnings were $95 Million; Adjusted EBITDA Grew ~4% to $1.3 Billion on a Divestiture-Adjusted Basis; U.S. GAAP Diluted EPS was $0.08 per Share; Adjusted EPS Grew ~6% to $0.75 per Share on a Divestiture-Adjusted Basis[2] 
     
  • Repaid ~$1.9 Billion of Debt, Expects to Achieve its Long-Term Gross Leverage Target of ~3.0x by end of the Year[3]
     
  • Entered into Exclusive Licensing Agreement for Sotagliflozin, Expanding its Innovative Portfolio in Cardiovascular Diseases
     
  • Reaffirms 2024 Full-Year Outlook and Continues to Expect 2024 Full-Year Revenue Growth of ~2% on a Divestiture-Adjusted Operational Basis[4]