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After struggling this year because of limited snow and a falloff in visitors, ski resort operator Vail Resorts (MTN) announced a "transformation plan" that includes layoffs. Shares slumped as the company also reported a bigger loss for the fourth quarter.

Vail Resorts explained that it was launching a two-year plan that it said would "transform the company for future growth and global expansion." As part of that effort, Vail Resorts will slash 14% of its corporate workforce and less than 1% of its operational positions. The total layoffs will comprise less than 2% of its employees.

The company added that the steps are "designed to improve organizational effectiveness and scale for operating leverage as the company grows." Chief Executive Officer (CEO) Kirsten Lynch added that Vail Resorts believes "this is a natural progression and next step for our company, that builds upon our success and paves the way for the next phase of growth."

The news came as Vail Resorts reported a fourth-quarter loss of $4.67 per share, 39% bigger than a year ago and wider than the per-share loss of $4.20 expected by analysts polled by Visible Alpha.

The company noted that the weak results were primarily caused by underperformance in its Australian winter business, as snowfall at the resorts in that country declined 28% from the previous year. 

Vail Resorts shares fell 4% Friday morning and are down about 15% year-to-date.

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Surprise as actor Timini Egbuson, despite his wealth, takes to Snapchat with a ‘subtle’ plea for someone to buy him the new iPhone 16.

He said so nobody will buy him iPhone 16? That’s cr@zy.

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Cassava Sciences (SAVA) shares dropped more than 11% after the company agreed to a $40 million settlement with the Securities and Exchange Commission (SEC) over charges that it manipulated clinical trial data related to its Alzheimer’s disease drug.

The company, along with two former executives, made “misleading statements” in September 2020 about the results of a Phase 2 trial of Cassava’s drug simufilam, the SEC said Thursday.

The medical professor who co-developed the drug manipulated the results so that it appeared the drug had shown dramatic success treading Alzheimer's, the SEC said. The settlement was made without Cassava confirming or denying the SEC's findings.

The SEC found that Cassava misled investors by claiming the trial was conducted in blind conditions and by not revealing their co-developer’s role. The company also falsely claimed that simufilam improved patients’ cognition by only disclosing a portion of the data, the SEC said. 

In addition to the $40 million settlement from Cassava, then-CEO Remi Barbier agreed to pay $175,000. (A former senior vice president was also named in the settlement.) Richard Barry took the reins as CEO of Cassava earlier this month after being named the company’s executive chairman in July. 

Despite Friday's slide, shares of Cassava are still up some 25% this year.

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A Canadian man has written about a Nigerian engineer who claimed asylum and is allegedly exploiting the system.

A Nigerian “engineer” flew here and immediately claimed asylum. and gets $3100 a month. He works for cash under the table.

When asked are you not afraid of being deported? He said thats the best part he already have a new name and documents ready to go so they pay for him to have a holiday then he just come back and do it again.

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Just because the Federal Reserve made a steeper interest rate cut last week than many expected, don’t count on central bankers to keep delivering sizable rate cuts, one central banker said Thursday.

Federal Reserve Gov. Michelle Bowman said in a speech Thursday at a bankers' conference that economic conditions may not permit Fed officials to cut the influential federal funds rate at the pace some investors are anticipating.

Last week, Bowman voted against the Fed’s decision to reduce interest rates, arguing that the half-percentage-point move was too large, though she agreed it was time to cut. 

Bowman said inflation was “uncomfortably” above its target while the labor market was still near full employment.

“Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility,” Bowman said.

Bowman said a bigger rate cut could signal to markets that the economy is weaker than it looked or that additional “jumbo”-size cuts may be coming down the pike.

She said rates won't need to be cut as steeply as some investors have priced in. According to the CME Group's FedWatch Tool, which forecasts rate movements based on fed funds futures trading data, traders are pricing in about a 50% chance of a half-point cut in the next meeting in November.

In their latest economic projections, Fed officials have forecast a quarter-percentage point cut at that meeting, another in the December meeting and a full percentage point of rate cuts next year.

While investors may be pricing in more than central bankers expect to cut, another Fed official reiterated that cuts are still on the way.

At a separate speaking event at Harvard University, Federal Reserve Gov. Adriana Kugler said the central bank’s move to lower interest rates would prevent “unnecessary pain and weakness” in the economy as price pressures continued to ease.

“If progress on inflation continues as I expect, I will support additional cuts in the federal funds rate going forward,” she said. 

While several Federal Reserve officials, including Fed Chair Jerome Powell, delivered remarks today, only Bowman and Kugler addressed interest rates and the economy. Powell will speak next Monday at an economic conference, where his remarks could include discussions on the Fed’s path for interest rates.

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