Trump NC, Los Angeles visits live updates

President Trump is taking the first trip of his second term on Friday, to visit Asheville, North Carolina — torn apart by Hurricane Helene in September — and then Los Angeles, Calif., devastated by wildfires in recent weeks, some of which are still burning.

Trump supporters cheer as president's motorcade drives by

Crowds of Donald Trump fans are lining the roads in North Carolina to watch his motorcade drive by.

Trump is heading to Swannanoa, NC, to meet with families whose lives were upended by Hurricane Helene.

Trump: 'Wasn't thrilled' about Schiff joining trip to Los Angeles

President Trump also revealed that he wasn't "thrilled" about Sen. Adam Schiff (D-Calif.) joining the trip to visit areas of Los Angeles destroyed by wildfires.

"I was told that Schiff was going to travel with us to California -- I wasn't thrilled, to be honest with you," Trump said.

"I saw him last night on television. It looks like he got hit with a baseball bat or something. What happened to him?"

Schiff, who had no visible bruises or disfigurations when appearing on MSNBC's "Morning Joe" Friday morning, said he had to turn down the invitation to vote on some of the president's cabinet nominees -- including Defense Secretary-designate Pete Hegseth.

Trump claims LA fires could have been averted: 'I told them to do it seven years ago':

President Trump has claimed that California's devastating wildfires could have been averted if state officials had taken his previous advice.

"If they released the water, they wouldn't have had a problem," Trump said at a briefing in Asheville, NC.

President Trump speaks with first lady Melania Trump during a disaster briefing to assess recovery efforts for Hurricane Helene.REUTERS

Trump claimed California's devastating wildfires could have been avoided if they had listened to his advice to release the water.REUTERS

"I told them to do it seven years ago," he said, referring to his first term in the White House.

"If they would have done it," he added, "you might not have even had a fire."

Trump suggests he may be 'getting rid of FEMA'

President Trump in a briefing with hurricane-hit residents of North Carolina suggested his administration may be "getting rid of FEMA."

"I think we're going to recommend that FEMA go away, and we pay directly," Trump said. "We pay a percentage to the state. But the state should fix this."

President Trump and first lady Melania arriving at a Hurricane Helene recovery briefing in a hangar at the Asheville Regional Airport in Fletcher, North Carolina.AFP via Getty Images

President Trump suggested his administration may be "getting rid of FEMA" during the briefing.AFP via Getty Images

"FEMA has been a very big disappointment. They cost a tremendous amount of money. It's very bureaucratic and it's very slow," he added before joking: "Other than that, we're very happy with them."

"Some residents still don't have hot water or drinking water or anything else," the president said earlier of the state of destruction in western North Carolina around four months since Hurricane Helene.

Trump floats water reforms, voter ID changes in exchange for wildfire relief

President Trump floated changes to California's water supply and new voter ID laws — just before suggesting state and local officials could be receiving "a lot of help" in relief funds if they're put in place.

"I want to see two things in Los Angeles: voter ID, so that the people have a chance to vote. And I want to see the water be released and come down into Los Angeles and throughout the state," Trump said.

"Those are the two things; after that I will be the greatest president that California has ever seen," he added.

"I want to see the water be released and come down into Los Angeles and throughout the state," Trump said.AFP via Getty Images

"I want the water to come down ... to Los Angeles and also go out to all the farmland that's barren and dry."

'FEMA hasn't done the job,' Trump says, so states should cover disaster costs

President Trump told reporters that the Federal Emergency Management Agency "hasn't done the job" in responding to Hurricane Helene — and floated changing relief aid funding to have states cover more costs.

"FEMA just hasn't done the job," Trump said, floating changing relief aid funding to have states cover more costs.AFP via Getty Images

"I'm stopping in North Carolina first because they've been abused by what's happened," Trump said. "We're going to fix it as fast as you can."

President Trump and first lady Melania Trump stepping off of Air Force One upon arrival at Asheville Regional Airport in Fletcher, North Carolina.AFP via Getty Images

Trump said he is visiting North Carolina first because "they've been abused by what's happened."AFP via Getty Images

"FEMA just hasn't done the job. We're looking at the whole concept of FEMA," he added.

"I'd like to see the states take care of disasters. ... You'll do it for less than half. And you're going to get a lot quicker response," Trump announced. "We'll be making that recommendation over the next couple of weeks."

Asheville resident 'excited' for Trump visit to hurricane-struck sites 'ignored for months': 'We've been screaming ... we need help'

An Asheville resident took to X Friday morning to welcome President Trump to hurricane-struck sites in western North Carolina, saying his state has been "ignored for months."

"It's been 119 days since Hurricane Helene, and if you're wondering why all of us are still talking about it, it's because my street has this all over it," X user Matt Van Swol said, sharing a video of trailers and debris blocking access to his kids' soccer field.

"Over here, there is a bridge. It is sitting in the river; it used to connect this neighborhood to the road," he added in disbelief, pointing also to a soccer field behind the street strewn with trash.

"This is why we're excited for Trump to come today," he went on. "Trash is everywhere. This is why we've been screaming for months. We need help."

"Trump, I hope you come bring it," he added.

https://nypost.com/2025/01/24/us-news/trump-visits-asheville-nc-and-los-angeles-ca-live-updates-photos-video/

Texas Instruments’ Bearish Outlook Indicates "Auto & Industrials Have Not Bottomed Yet"

 Texas Instruments issued a weaker-than-expected earnings forecast for the first quarter, signaling continued softness in key end markets. Goldman analysts reiterated a "Sell" rating on TXN, citing concerns over elevated valuations, lower fab utilization, and record-high inventory levels that may further pressure margins. 

TXN expects first-quarter 2025 revenue between $3.74 billion and $4.06 billion, compared with the Bloomberg Consensus estimate of $3.88 billion. Expected earnings per share range from 94 cents to $1.16, missing the analyst estimate of $1.17. The outlook indicates that TXN's efforts to boost manufacturing capacity will weigh on profitability. Additionally, the broader electronics industry remains in a slump, contributing to nine consecutive quarters of declining sales.

Here is the first quarter forecast (courtesy of Bloomberg): 

• Sees revenue $3.74 billion to $4.06 billion, estimate $3.88 billion (Bloomberg Consensus)

• Sees EPS 94c to $1.16, estimate $1.17

• Sees effective tax rate about 12%, estimate 12.9%

TXN is the largest producer of basic semiconductors used in electric systems, including electric vehicles, industrial robots, solar panels, and satellites. Three months ago, management warned that some end markets were experiencing slowdowns, resulting in an inventory chip glut. 

In contrast with the gloomy forecast, TXN's fourth-quarter results beat Bloomberg Consensus estimates. Though sales declined 1.7% to $4.01 billion, analysts had projected $3.86 billion. Profit was $1.30 a share, compared with the forecast of $1.21. 

Here's a snapshot of fourth-quarter results: 

EPS $1.30 vs. $1.49 y/y, estimate $1.21

Revenue $4.01 billion, -1.7% y/y, estimate $3.86 billion

• Analog revenue $3.17 billion, +1.7% y/y, estimate $3.07 billion
• Embedded processing revenue $613 million, -18% y/y, estimate $620.6 million
• Other revenue $220 million, +7.3% y/y, estimate $233 million

Operating profit $1.38 billion, -10% y/y, estimate $1.3 billion

Capital expenditure $1.19 billion, +3.8% y/y, estimate $1.3 billion

Free cash flow $806 million, +3.9% y/y, estimate $613.7 million

R&D expenses $491 million, +6.7% y/y, estimate $498.2 million

Cash and cash equivalents $3.20 billion, +8% y/y, estimate $2.28 billion

Commenting on the earnings, Goldman analysts Toshiya Hari, Chris Kress, and others maintained a "Sell" rating on TXN, noting that valuations remain elevated relative to the higher depreciation costs and lower fab utilization, both of which are expected to pressure margins this quarter.

Hari outlined the tailwinds for TXN: 

1. China strength: China revenue increased yoy for the second consecutive quarter in 4Q24. Automotive was an area of particular strength as revenue grew high-single digits (%) on a sequential basis driven by sustained strength in EVs. Note Auto revenue outside of China declined high-single digits (%) qoq.

2. We believe TI is shipping below trend in Analog and Embedded Processing: while Analog revenue increased 2% yoy in 4Q24 (following 8 consecutive quarters of yoy declines), TI's Analog business remains well below trend as illustrated in Exhibit 2 as is the case with its Embedded Processing business (Exhibit 3). We believe this is a positive set-up as we look ahead into 2H25 and 2026 given historical precedent of volumes and revenue ultimately reverting toward trend.

3. Low cancellation rates and upside in turns are positive signs: although none of the end-markets that TI serves have yet to experience an inflection in demand, we view low (and stable) cancellation rates combined with an improvement in turns (i.e. revenue that is booked in the same quarter) as a precursor to a cyclical recovery.

4. Improving FCF generation: TI generated $806mn in FCF in 4Q24, the highest since 4Q22. Looking ahead, while the big inflection is likely to happen in 2026 (when we forecast a ~$3bn yoy decrease in capital spending), we do expect a gradual recovery in FCF over the next several quarters on an improving net income and working capital outlook.

And her concerns:

1. Timing and magnitude of recovery remain uncertain: despite our belief that TI and the rest of the industry is nearing a cyclical bottom, we acknowledge that the shape of the recovery remains uncertain given the fluid macroeconomic and geopolitical backdrop.

2. Compression in gross margin: in 4Q24, gross margin declined 190bps qoq to 57.7% due to lower volumes, higher depreciation and reduced factory loadings. Gross margin is expected to decline again in 1Q25 by a few hundred bps on a sequential basis, per management, on lower revenue and further cuts to production.

3. Record high inventory: while management remains content with its balance sheet, inventory grew further and reached a new all-time high of $4.5bn (+5% qoq, +13% yoy), while days of inventory increased 10 days qoq to 241 days at the end of 4Q24 or above the high-end of the company's target range of 130 to >200 days. Management reiterated its emphasis on reducing factory loadings in 1Q25, and we expect inventory dynamics to weigh on near-term gross margins.

Given that TXN is a bellwether for the global economy, the record-high inventory of its chips is a very deep concern on the global macro level:

Here's an update to the analysts' estimates for 2025 and 2026:

We tweak our 2025/26 revenue estimates by <+1%/-1%, respectively. We reduce our 2025/26 operating EPS forecasts by 5%/11% to $5.06/$5.96 from $5.34/$6.71, respectively, on lower gross margin and marginally higher opex. Note we also introduce 2027 estimates in conjunction with this note.

Hari noted that TXN's valuation is rich at these levels. 

Her 12-month price target for TXN has been shifted down from $190 to $186. 

Here's what other Wall Street analysts are saying (courtesy of Bloomberg):

Morgan Stanley analyst Joseph Moore (underweight, PT $165)

• Texas Instruments' lower gross margins in the quarter pressure EPS
• The company will "see gross margins underperform peers through CY26"

JPMorgan analyst Harlan Sur (overweight, PT $230)

• Cyclical trends are slowly improving for Texas Instruments but industria and auto end-markets continue "to weigh on slope of recovery"
• The company's free cash flow "remains muted" on strong capital expenditure and slower end market recovery

Bloomberg Intelligence analyst Kunjan Sobhani

• Texas Instruments "continues to seek a bottom, prompting further production cuts and pricing actions, which will shave gross margin and lead to softer 1Q earnings per share"
• Industrial and auto "could bottom by mid-2025," given the turmoil in the sector and uncertainty around global trade

Truist Securities (hold, PT to $195 from $199)

• "TXN makes it clear" that "autos & industrial have not bottomed yet"
• "Profitability is under incremental pressure from a combination of lower utilization, steady OpEx, and lower interest income"

Vital Knowledge

• The results show "solid upside" on earnings and sales, but guidance mid-points for 1Q are "mixed," with revenue roughly in line and earnings below expectations

TXN shares rejected the $200 handle. 

As for the broader chip industry, sentiment around Trump's Stargate project sent the PHLX Semiconductor Sector higher on the year, yet still remains below a 2024 peak. 

 

Maybe an improving industrial capacity utliazaiton in China will help TXN. 

The takeaway is that TXN's outlook highlights an uneven recovery across the sector, while companies supplying data center chips remain in focus with bulls. Meanwhile, persistent weakness in the automotive and industrial markets suggests more headwinds ahead for TXN. 

https://www.zerohedge.com/markets/texas-instruments-bearish-outlook-indicates-auto-industrials-have-not-bottomed-yet

PMGC Unit to Present Breakthrough Muscle Preservation Asset

 

Northstrive Biosciences Inc. was invited to present EL-22, a novel myostatin asset aimed at preserving muscle while on weight loss treatments, at the UCLA Obesity Symposium called Anti-Obesity Treatments: Challenges and Emerging Solutions, organized by UCLA Metabolism Theme.

Northstrive Biosciences’ management is scheduled to present on Friday, February 7th at 11:30 am PT.

https://www.globenewswire.com/news-release/2025/01/24/3014867/0/en/Northstrive-Biosciences-Inc-a-Subsidiary-of-PMGC-Holdings-Inc-to-Present-Breakthrough-Muscle-Preservation-Asset-at-Exclusive-UCLA-Obesity-Symposium.html

Allurion Study Results Up Price

 Shares of Allurion Technologies (ALUR, Financials) surged 80.5% in after-hours trading on Thursday, closing at $6.68 as of 7:59 p.m. GMT-5.

The company's announcement of intentions for a clinical trial combining its Allurion Program with GLP-1 treatments preceded the strong increase in the shares.

The research aims to solve the problem of muscle mass loss, which has been noted in up to 40% of overall weight reduction among GLP-1 treated individuals. Allurion emphasized earlier studies demonstrating that their non-invasive gastric balloon and Virtual Care Suite software helps patients lose notable weight while either retaining or even building muscle mass.

In one research, over four months participants on the Allurion Program showed a 14% drop in overall weight and a 5.6% gain in lean body mass. Another trial revealed a 15.7% weight decrease devoid of effect on lean mass.

Combining weight reduction with muscle preservation in the latest clinical research would help to build a more efficient method of GLP-1 medication, the business said. It seeks to establish this mix as a standard for treatment of obesity.

Along with a Virtual Care Suite that provide tools for healthcare professionals to monitor and modify treatments, the Allurion Program has a swallowable gastric balloon that calls for no surgical procedure. The suite is also available separately, allowing for adaptable use in patient treatment.

The business expressed hope about the possibility to reinvent the standard of care in obesity treatment, even if it has not revealed a precise schedule for the research.

https://finance.yahoo.com/news/allurion-stock-skyrockets-80-hours-153252947.html

ADNOC shipping rules out quick return to Red Sea, CEO says

 Red Sea shipping remains risky despite the Gaza ceasefire and an announcement by Yemen’s Houthis to limit attacks, according to the CEO of Abu Dhabi National Oil Company's logistics and shipping arm.

Shipping executives remain cautious about a return to the Red Sea given the risk to seafarers, cargo and their assets. The Iran-backed Houthis have carried out more than 100 attacks on ships since November 2023, resulting in most shipping companies diverting vessels away from the Suez Canal to instead use the longer route around southern Africa.

"As we speak today, we cannot say it's almost completely gone, and it's a go ahead for all the fleet to go inside the Red Sea. As I said, there is a people side of it, so we cannot risk our people going there while there is maybe a fragile ceasefire now," ADNOC Logistics & Services CEO Abdulkareem Al Masabi told Reuters.

Danish shipping company Maersk said on Friday it would continue to reroute around Africa via the Cape of Good Hope until safe passage through the Red Sea and Gulf of Aden area was ensured for the longer term.

The Houthis will limit their attacks on commercial vessels to Israel-linked ship provided the Gaza ceasefire is fully implemented, although they have conditioned their halt in attacks on U.S. or UK linked shipping with various provisos, which has added to caution on any return, shipping and insurance sources say.

The Houthis on Wednesday freed crew of the Galaxy Leader, a vessel that the militant group seized more than a year ago. And Washington this week designated the Houthi movement as a "foreign terrorist organization", which is likely to add to fresh tensions with the militia.

https://www.usnews.com/news/world/articles/2025-01-24/adnoc-shipping-rules-out-quick-return-to-red-sea-ceo-says