Daily News Round Up
Tuesday, 01 Jul 2025
- Equity Markets Show Resilience Amidst Geopolitical and Economic Uncertainty The S&P 500 reached a record high, closing Q2 positively (6,204.94, +0.52%), driven by tentative US-China trade progress and expectations of Federal Reserve rate cuts. ((FMP)) This demonstrates market confidence despite ongoing global tensions and suggests a willingness among investors to look past short-term volatility, particularly benefitting tech and cyclically linked sectors.
- Shifting Interest Rate Expectations are Influencing Market Sentiment The market increasingly anticipates Federal Reserve rate cuts, with some forecasts predicting up to seven cuts by 2026. ((FMP)) Divergent views within the Fed are apparent, ( (FXEmpire)) but decreasing inflation, as seen in PCE data, and a weakening dollar are reinforcing expectations of monetary easing, benefitting rate-sensitive sectors like utilities and real estate.
- Trade Tensions & Tariffs Remain a Key Risk for Corporate Earnings President Trump’s trade policies, including potential tariffs and revised trade deals, continue to exert significant influence, impacting both the dollar’s value (falling to a four-year low) ((FMP)) and corporate strategies (Nike planning to reduce China sourcing to minimize impact). ((FMP)) Increased costs for goods on Amazon due to tariffs are already being passed onto consumers, signaling potential inflationary pressure and impacting consumer discretionary spending. ((FMP))
- Sectoral Performance is Diverging Based on Macroeconomic Conditions Cyclical sectors like Industrials, Communication Services, Financials, and Information Technology are leading YoY performance within the S&P 500, suggesting investors are favoring companies positioned to benefit from economic growth. ((FMP)) Conversely, companies facing restructuring or specific challenges, like Wolfspeed (bankruptcy filing) and ProKidney (rating downgrade), demonstrate significant volatility, highlighting the importance of selective stock picking.((FMP), (FMP))
- AI Investment and Competition Intensifies Across Tech Companies are actively investing in and restructuring their AI efforts – Apple’s reorganization into ‘Meta Superintelligence Labs’ ((FMP)) and Meta’s investment in ScaleAI ((FMP))- signifies a growing emphasis on generative AI. DoorDash’s positive outlook is driven by growing advertising revenue linked to AI investments. ((FMP)) These initiatives will likely drive future revenue growth and margin expansion, but also underscore intense competition in the sector.
What happened yesterday?
Macro
Commodity Prices: Oil prices dropped to three-week lows on Tuesday, June 18, influenced by easing tensions following the Israel-Iran conflict and anticipated OPEC+ production increases. Brent crude futures (September) fell 0.3% to $66.57 per barrel, and West Texas Intermediate (WTI) dropped 0.3% to $63.64 per barrel – the lowest levels since June 11. OPEC+ plans to raise output by 411,000 barrels per day in August, part of a larger 1.78 million barrels per day supply expansion planned through 2025, though still short of previous cuts. Concerns over a proposed U.S. tax cut and spending package and its potential impact on the U.S. fiscal deficit are also impacting market sentiment. (FMP)
Economic Growth: Using the performance of Large-Cap US Diversified Mutual Funds as a broad indicator, Q1 2025 was relatively strong, but April’s second half was weak. Perhaps it was due to concerns about taxes, tariffs, and international turmoil. (Seeking Alpha)
Economic Growth: US small-cap stocks face an uncertain trajectory for the second half of the year as benchmark indexes sag and trail their larger peers. Stock indexes across market capitalizations and regions plunged in early April after the US proposed wide-ranging tariffs on most of its trading partners. (Seeking Alpha)
Inflation: The S&P 500 closed at 6,204.94, marking a record high and a strong finish to Q2. The Dow Jones Industrial Average gained 275 points (+0.6%), and the NASDAQ Composite rose 0.5%. A tentative trade deal between the U.S. and China, and Canada’s scrapping of its digital services tax, contributed to this positive momentum. Trade talks between Trump and Canadian PM Mark Carney are scheduled for July 21. Meta Platforms rose 0.6% after hiring four AI scientists; Oracle jumped 4% due to multi-billion dollar cloud service contracts with $30 billion in projected revenue by 2028; and Robinhood soared 12% with new crypto offerings. Markets anticipate a Federal Reserve rate cut by September, influenced by a decline in Personal Consumption Expenditures (PCE) in May and inflation remaining above 2% but without acceleration. (FMP)
Inflation: The closely watched services inflation print picked up to 3.3% in June. (CNBC)
Inflation: Until there is evidence of higher inflation, the bond market has to temper its pessimistic outlook by reducing demand for yields. (WSJ)
Interest Rates: Morgan Stanley strategist Michael Wilson anticipates the S&P 500 rally to extend into the back half of 2025, citing improving fundamentals and expectations of Federal Reserve rate cuts. Earnings revision breadth has risen to -5% from a low of -25% in April, historically preceding multi-month rallies in 2016 and 2020. Morgan Stanley forecasts seven rate cuts by 2026. Oil prices have decreased by 14% since June 19th. The analysis suggests large-cap quality names will outperform, followed by broader sector leadership. The recommendation is to automate monitoring using Financial Modeling Prep APIs, flagging EPS surprises beyond ±5% and tracking Fed meeting announcements. (FMP)
Interest Rates: Despite low investor sentiment—reflected in Investor Intelligence and AAII bull-bear ratios—stocks continue to climb. Citigroup’s Economic Surprise Index remains negative, and Q1 GDP was revised down to -0.5%. Personal income and spending dipped in May, with continuing jobless claims inching higher. Four of the five best-performing S&P 500 sectors YTD are cyclical: Industrials, Communication Services, Financials, and Information Technology. Yarndeni Research forecasts two Fed rate cuts by year-end, a view supported by futures markets pricing in four cuts over the next 12 months. (FMP)
Interest Rates: Powell holds cautious Fed stance as Bostic resists cuts while Waller, Bowman push for July easing. Dollar weakness signals trader expectations. (FXEmpire)
Interest Rates: June’s bond-market rally could give way to a different trading dynamic in July that results in a fresh round of volatility in the government’s shortest-term debt obligations, known as Treasury bills. (Market Watch)
Interest Rates: U.S. companies are throwing the dice on less policy uncertainty, and lower interest rates, in the future. (Market Watch)
International relations: The U.S. dollar has fallen to its weakest point versus the euro since September 2021, influenced by President Trump’s proposed $3.3 trillion spending and tax-cut bill and stalled trade talks. Market-implied odds of Federal Reserve (Fed) rate cuts have increased. The euro is near $1.1808, up 13.8% year-to-date (YTD), marking the strongest first-half gain on record. Sterling is around $1.3739, close to a 3½-year peak. The yen has firmed to ¥143.77 per dollar, a 9% rally – the best start since 2016. The Dollar Index slipped to 96.612, its weakest since February 2022. (FMP)
International relations: Global equities reached intraday record highs on Monday, with the S&P 500 and Nasdaq Composite closing at all-time highs. The Dow Jones increased by 275.50 points (+0.63%) to 44,094.77, the S&P 500 rose by 31.88 points (+0.52%) to 6,204.95, and the Nasdaq Composite gained 96.28 points (+0.48%) to 20,369.73. The technology sector saw a 1% gain. The U.S. dollar index experienced its worst H1 performance in over 50 years, and potentially since the 1970s. Canada extended trade negotiations with the U.S. until July 21, and withdrew its digital services tax just hours before enforcement. U.S. President Donald Trump initially set a July 9 deadline for tariffs, but deals could potentially close before September 1 (Labor Day). Atlanta Fed President Raphael Bostic anticipates one rate cut in 2025, while Chicago Fed’s Austan Goolsbee warned of a potential stagflation scenario. Investors are awaiting Thursday’s nonfarm payrolls report, along with unemployment rate and average hourly earnings data. Federal Reserve Chair Jerome Powell maintains a “wait-and-see” stance. (FMP)
International relations: Large Japanese manufacturers became slightly more optimistic about their business conditions in the second quarter despite tariff concerns, reviving rate-hike expectations. (WSJ)
International relations: A proxy for global asset allocation is back to a robust risk-on posture, according to the ratio for an aggressive strategy vs. its conservative counterpart. (Seeking Alpha)
Market Sentiment: Implied volatilities fell across asset classes last week as geopolitical risk dissipated, and economic data came in better than expected. While most of the VIX decline was attributable to the SPX® spot rally, lower SPX fixed-strike vols and flatter skew/convexity accounted for ~1.3 pts of the 4.3 pt decline. (Seeking Alpha)
Market Sentiment: Stocks surged in June, led by tech and the Magnificent Seven, with strong gains across U.S. and international equities. Economic data is mixed: employment shows cracks, retail sales are softening, but inflation remains near the Fed’s target. (Seeking Alpha)
Policy: Markets today await Powell’s speech, ISM, and JOLTS data, shaping Fed rate cut bets as Q3 trading begins. (FXEmpire)
Policy: Final Senate vote could come early Tuesday (WSJ)
Policy: The American Bankers Association said it “strongly supports” many provisions within the bill. The bill is almost “unquestionably” good for the U.S. economy over the next few years compared to passing nothing, a Nomura economist said. (CNBC)
Policy: The Fed chair will speak Tuesday morning at the European Central Bank’s Forum on Central Banking in Sintra, Portugal. (Barrons)
Policy: Tucked within the (ironically named) One Big, Beautiful Bill Act lies a provision that could dramatically reshape international capital flows. Section 899, colloquially termed the “revenge tax,” would empower the federal government to impose escalating taxes on the US passive income of individuals and corporations in countries with tax policies deemed discriminatory against American firms. (ETF Trends)
Policy: President Donald Trump has continued to put pressure on Federal Reserve Chair Jerome Powell to dramatically lower interest rates. (Market Watch)
Trade: Prices for China-made goods on Amazon have increased by **2.6%** from January through mid-June, exceeding the **1%** rise in the core goods Consumer Price Index (CPI) over the same six-month period (annualized **2%**). A DataWeave analysis reviewed **1,407** China-origin products on Amazon, revealing a median basket price increase of **2.6%**. Third-party sellers, accounting for **62%** of those items, are particularly affected due to smaller profit margins. The analysis highlights a direct pass-through of tariffs imposed on Chinese imports starting in May, impacting consumers and retailers who must now consider product substitutes or earlier holiday deals. (FMP)
Trade: Asian stock markets generally edged higher on Tuesday, influenced by Wall Street’s record rally, but tempered by trade tensions with a July 9 tariff deadline set by U.S. President Trump. South Korea’s KOSPI jumped 1.6%, led by Samsung Electronics, which rose nearly 2%. Japan’s Nikkei 225 fell 1%, while the TOPIX index slipped 0.8%. China’s Shanghai Composite rose 0.2%, and the CSI 300 gained 0.1%, supported by unexpectedly positive China Caixin Manufacturing PMI data in June. Australia’s ASX 200 added 0.2%, and Singapore’s STI rose 0.8%. India’s Nifty 50 futures remained flat. Trump threatened fresh tariffs on Japan and reaffirmed the July 9 deadline, following criticism of Japan’s rice import stance. U.S. Treasury Secretary Scott Bessent suggested potential last-minute trade deals but none are guaranteed. (FMP)
Trade: The U.S. trade officials, under President Donald Trump, are shifting away from comprehensive trade deals toward narrower, phased agreements to avoid the automatic reimposition of tariffs by a July 9 deadline. Initially, Trump promised 90 comprehensive trade deals in 90 days following a temporary tariff pause enacted on April 2, however, this goal is now unlikely. The new approach includes limited agreements covering specific sectors, a default 10% baseline tariff for nations without finalized deals, and possible delayed sectoral tariffs on autos, steel, and pharmaceuticals, potentially reaching as high as 50%. Uncertainty surrounds which sectors will face future tariffs. Treasury Secretary Scott Bessent indicated that sectoral actions may be pushed into a later phase. Countries are seeking agreements in principle to delay punitive tariffs. Investors are advised to monitor sectors including automotive manufacturing, steel and heavy industrials, and pharmaceuticals, along with U.S. and global trade balance releases and Fed remarks concerning tariff-induced inflation. (FMP)
Trade: A 10% U.S. tariff on European goods, combined with a similar or greater appreciation of the euro against the dollar, would significantly impact euro zone exports, European Central Bank policymaker Martins Kazaks said on Monday. (Reuters)
Trade: Negotiators from more than a dozen major U.S. trading partners are rushing to reach agreements with U.S. President Donald Trump’s administration by a July 9 deadline to avoid import tariffs jumping to higher levels, and Trump and his team kept up the pressure on Monday. (Reuters)
Trade: The S&P 500 has now added more than 9% since President Trump announced sweeping tariffs. (WSJ)
Trade: As America’s largest trading partners race toward deals, they are increasingly worried about being hit with future tariffs on their critical industries. (NYTimes)
Trade: The White House said it will likely ask more countries to drop their digital services taxes as part of ongoing trade talks with the Trump administration. The remark from National Economic Council director Kevin Hassett came shortly after Canada rescinded its DST. (CNBC)
Industry
Automotive: U.S. auto sales are set to rise in the second quarter aided by sustained demand, but industry experts forecast President Donald Trump’s tariffs to pressure prices in the months ahead. (Reuters)
Corporate
Apple Inc: Apple Inc. (NASDAQ:AAPL) is reportedly exploring outsourcing core capabilities of Siri to third-party large language models like Anthropic’s Claude or OpenAI’s ChatGPT. This shift is being considered due to the accelerated pace of generative AI innovation and Siri lagging behind competitors like Google Assistant and Alexa. Apple’s in-house “Apple Foundation Models” were slated to power Siri’s next major upgrade by 2026. In FY 2023, Apple’s R&D expenses rose to over $30 billion, with significant investment in on-device intelligence and foundational model research. The move potentially indicates concerns about the scaling and reliability of Apple’s internal models and a gap between technical ambition and market-ready output. Despite this potential shift, Apple maintains high-grade investment ratings and consistent risk-adjusted returns. The company has enormous cash reserves to finance R&D. If implemented, the rollout would likely be a hybrid approach, initially involving opt-in beta testing. Apple may license custom-trained models and could still aim to build proprietary LLMs for future iOS releases. (FMP)
Concentrix Corporation: Concentrix Corporation (CNXC) reported Q2 fiscal 2025 results with adjusted EPS of $2.70, missing the expected $2.78. Revenue reached $2.42 billion, exceeding the expected $2.38 billion, representing a 1.5% year-over-year growth. Non-GAAP operating income was $303.7 million, a 5.4% decrease year-over-year. Q3 revenue guidance is $2.445-$2.47 billion (above the $2.392 billion consensus), with adjusted EPS of $2.80-$2.91. Full-year FY2025 revenue guidance is $9.72-$9.815 billion, and adjusted EPS is $11.53-$11.76. The company declared a quarterly dividend of $0.33275 per share and repurchased approximately 920,000 shares at an average price of $49.09. (FMP)
Consolidated Edison: Mizuho upgraded Consolidated Edison (NYSE:ED) from Neutral to Outperform, raising its price target from $105 to $107. Over the past three months, ED shares have underperformed the UTY index. Mizuho noted that ED has resolved all 14 electric and gas (E&G) rate cases through settlements since 2010 and currently trades at a 2% discount to sector peers on a forward P/E basis. (FMP)
DoorDash: Oppenheimer raised its DoorDash (NASDAQ:DASH) price target to $280 from $220, maintaining an Outperform rating. DoorDash recently reported $1 billion in advertising revenue, projected to reach $2.6 billion by 2027, assuming a 2% ad penetration of gross bookings. Investments in grocery delivery are expected to reduce the core take rate by 70 basis points. EBITDA margins are forecast to increase from 2.8% of gross bookings in 2025 to 3.5% by 2027, representing a 30% EBITDA CAGR over that period. The potential Deliveroo acquisition could be approximately 9% accretive to 2027 EBITDA. Gross order value forecasts were raised by 1% for 2025 and 2% for 2026. The new target price is based on 23x 2027E EBITDA, a 36% premium to peers, reflecting a projected 51% faster EBITDA growth from 2024–2027 organically. (FMP)
Dow Jones / Tesla: Dow Jones Industrials and other major indexes gained in Monday’s stock market. Tesla fell ahead of second quarter deliveries. (Investors Business Daily)
Goldman Sachs: Bank stocks have outperformed the broad market with Goldman Sachs up 23% and JPMorgan Chase up 22% in the first half of 2025. (Market Watch)
Hewlett Packard Enterprise Co: Hewlett Packard Enterprise Co (HPE, NYSE:HPE) received a “Buy” rating from Bank of America Securities with a stock price of $20.59. The U.S. Department of Justice (DOJ) approved HPE’s $14 billion all-cash acquisition of Juniper Networks, though HPE agreed to divest its global Instant On campus and branch WLAN business and provide limited access to Juniper’s Mist AI Ops technology to competitors. Following the DOJ’s approval, HPE’s stock increased by 12.5% to approximately $21, with daily fluctuations between $20.13 and $20.97. HPE’s market capitalization is approximately $26.97 billion, and trading volume reached 39.57 million shares. The stock has seen an 11.65% increase, a change of $2.15, and has a 52-week range of $11.97 to $24.66. (FMP)
Lemonade Inc: Lemonade Inc. shares increased by nearly 5% in premarket trading following an announcement of a strategic shift in its reinsurance structure, effective July 1. The company will cut its ceded quota share reinsurance from approximately 55% to 20%, retaining more underwriting risk. This change aims to enhance gross margin potential and reflects growing confidence in their underwriting precision. The new 12-month reinsurance term covers all Lemonade business lines globally and continues partnership with primary quota share carriers. Lemonade also plans to renew ancillary protections, including Property Per Risk coverage. The shift is expected to result in increased underwriting income retention and reduced reinsurance overhead, with the potential for improved loss ratio performance. (FMP)
Lindsay Corp: Lindsay Corporation (NYSE:LNN) reported a strong fiscal third quarter, exceeding earnings and revenue estimates. Adjusted EPS was $1.78, compared to an expected $1.41, with revenue reaching $169.5 million against an expectation of $157.87 million. Total revenue grew by +22% year-over-year (YoY). International Irrigation revenue surged to $74.7M, a +60% YoY increase, driven by a major project rollout in the Middle East and North Africa (MENA) region and higher volumes in Brazil and South America. North America Irrigation revenue was $69.1M (+1% YoY), and Infrastructure Segment revenue was $25.7M (+6% YoY). Operating income was $23.8 million (+19%), while net earnings were $19.5 million, a -4% YoY decline attributed to a prior-year tax credit. The company highlighted developing drought conditions in the U.S. Midwest as potentially boosting demand for irrigation replacement parts. (FMP)
Meta Platforms Inc: Meta Platforms Inc. (NASDAQ: META) is reorganizing its AI efforts into a new unit, Meta Superintelligence Labs, appointing Alexandr Wang as Chief AI Officer. This move aims to accelerate development of Artificial General Intelligence (AGI) and compete with OpenAI, Google, and DeepSeek. The restructuring follows underwhelming reception of the Llama 4 model, executive churn within AI teams, and increasing investor scrutiny over generative AI monetization. Zuckerberg has invested $14.3 billion into Scale AI earlier this month and reportedly offered seven-figure compensation packages to OpenAI co-founder Ilya Sutskever’s SSI to recruit talent. The new lab seeks to accelerate AGI development, monetize AI through commercial tools, and regain dominance in the AI space. Financial analysts will be scrutinizing quarterly results for signs of monetization from Meta AI. (FMP)
Nike Inc: Nike’s Q4 sales fell 12% to $11.10 billion, beating forecasts, and shares jumped 9% premarket. U.S. tariffs on China imports are expected to add $1 billion in expenses, prompting Nike to reduce China-sourced shoes from 16% to high-single digits by May 2026. Gross margin slipped 440 basis points to 40.3% due to discounts and mix shifts. Q1 revenue is guided to a mid-single-digit dip, improving from the previously expected 7.3% decline. (FMP)
Progress Software (NASDAQ: PRGS): Progress Software Corp. (NASDAQ: PRGS) reported Q2 fiscal 2025 earnings of $1.40 per share, exceeding the $1.30 estimate. Revenue was $237 million, slightly below the consensus of $237.53 million. Q3 2025 EPS guidance is projected to be between $1.28 and $1.34, compared to the analyst consensus of $1.30. Over the last 3 months, the stock has increased by 10.09%, and over the last 12 months, it has risen by 19.22%. In the last 90 days, there have been six positive EPS revisions and one negative revision. (FMP)
ProKidney (NASDAQ:PROK): BofA Securities downgraded ProKidney (NASDAQ:PROK) from Neutral to Underperform, reducing its price target from $3 to $1. This downgrade is due to a reduced outlook for REACT, a drug candidate targeting diabetic chronic kidney disease. Shares fell over 10% intra-day. BofA now projects peak sales of $900 million for REACT, down from a previous estimate of $1.8 billion, with a 40% probability of success. Pivotal Phase 3 data is not expected before the third quarter of 2027. The $1 price objective is based on a discounted cash flow analysis reflecting the lower sales potential. (FMP)
Raytheon (NYSE:RTN): Raytheon (NYSE:RTN) has been awarded a $49.79 million firm-fixed-price contract modification from the U.S. Navy for full-rate production of Standard Missile-6 (SM-6) tactical systems, as part of the FY2025 weapons procurement budget. The contract includes funding for spare components and the manufacturing, assembly, testing, and delivery of SM-6 Tactical All-Up Rounds, with a completion timeline extending through April 2029. Work will be distributed with 35% each to Tucson, AZ and East Camden, AR, and additional contributions from Elma (NY), Middletown (OH), Anniston (AL), and Wolverhampton, UK. Raytheon’s revenue CAGR over the past 3 years is 7.1%, and its defense backlog exceeds $80 billion. The company maintains a free cash flow margin consistently above 8% and a low-risk rating. The SM-6 offers over-the-horizon anti-air, anti-surface, and terminal ballistic missile defense capabilities. (FMP)
Tesla Inc: Tesla is set to release its second-quarter vehicle delivery data on Wednesday, with markets anticipating approximately 390,000 deliveries, a decrease from 443,956 in Q2 2023 (an 83% increase year-over-year) and 336,691 in Q1 2024 (-8% year-over-year). Historical data shows a decline: Q2 2023 deliveries were 443,956 (+83% YoY), Q1 2024 were 336,691 (-8% YoY) and estimated Q2 2024 are ~390,000 (-12% YoY). Key financial metrics reveal a ~5% sequential decline in Trailing Twelve Month (TTM) revenue and a falling Return on Equity (ROE) from ~27% to under 20%. The stock is currently off ~14% year-to-date (YTD). Tesla recently completed its first driverless car delivery near its Austin Gigafactory. (FMP)
The Greenbrier Companies: Greenbrier Companies (NYSE:GBX) is a freight railcar designer, builder, and marketer with a market capitalization of approximately $1.46 billion and a current stock price of $46.46. Recent trading volume was 160,258 shares, with a daily high of $46.78 and a low of $46.14. The company declared a quarterly cash dividend of $0.32 per share, payable on August 7, 2025, to shareholders of record as of July 17, 2025. Greenbrier has maintained a 45th consecutive quarterly dividend, offering a dividend yield of 2.63%, a dividend per share of $1.22, and a payout ratio of 18.99%. Analysts maintain positive and overweight ratings, recommending a hold strategy. (FMP)
Walgreens Boots Alliance: Walgreens Boots Alliance (WBA) reported Q3 FY2025 results exceeding expectations, with adjusted EPS of $0.38 versus an expected $0.31, and revenue of $39 billion against an expected $36.79 billion, representing a 7.2% year-over-year (YoY) growth. The company’s adjusted EPS declined from $0.63 YoY. Walgreens is being acquired by Sycamore Partners for $10 billion, a deal expected to finalize in Q3 or Q4 of calendar year 2025, pending approval. The acquisition will result in Walgreens being delisted from NASDAQ and ending nearly 100 years of public trading. Walgreens declined to provide full-year guidance due to the pending transaction. The company aims to reduce annual costs by $1 billion and has previously been valued at $100 billion. (FMP)
Wolfspeed Inc: Wolfspeed Inc. (NYSE:WOLF) filed for Chapter 11 bankruptcy protection on Monday, triggering a surge of over 150% in pre-market trading. The move is part of a prepackaged restructuring plan to reduce debt by $4.6 billion and cut annual interest payments by 60%. The plan is supported by 97% of senior secured noteholders and 67% of convertible noteholders, aiming to slash total liabilities by approximately 70%. Prior to restructuring, Wolfspeed had over $5.9 billion in total liabilities and $500 million in cash and equivalents. Key financial metrics included a TTM EBITDA Margin of -28.4%, a Debt-to-Equity Ratio of 4.72, and an unsustainable Interest Coverage Ratio of -3.9x. The company anticipates emerging from bankruptcy by Q3 2025. The global SiC market is projected to exceed $20 billion by 2030. Wolfspeed has ongoing supply agreements with EV makers like Tesla and GM. (FMP)
