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BNB Price Surge Leads Crypto Gains as Bitcoin Climbs

The BNB price surge on April 21, 2025, stole the spotlight as Binance Coin jumped over 3.2% to cross the $600 mark. This move came as Bitcoin soared past $87,000, reigniting investor interest in altcoins. The bullish wave didn’t stop with BNB—SOL and XRP also made strong moves, reflecting a positive trend across the cryptocurrency market.

BNB Price Surge Driven by Token Burn and Momentum

Fueling the BNB price surge was Binance’s recent $1 billion token burn, which reduced the circulating supply. Additionally, increased trading volumes and renewed faith in Binance’s ecosystem helped BNB regain upward momentum. Investors are optimistic that Binance’s expansion and focus on compliance could drive long-term growth.

SOL Rally and XRP Breakout Add to Market Optimism

Solana (SOL) saw a 10.2% rally, breaking above the $135 resistance level with strong volume and technical confirmation. XRP, on the other hand, climbed past $2.10, setting the stage for a potential breakout above $2.15. These moves indicate bullish setups that are gaining attention from both traders and long-term holders.

Bitcoin Reinforces Its Role as Digital Gold

Bitcoin’s rise above $87,000 reflects renewed demand for a digital safe-haven. With increasing global economic uncertainty and inflation concerns, many investors view Bitcoin as “digital gold.” This sentiment is spilling over into altcoins, triggering the current crypto rally.

Conclusion and Market Outlook

The BNB price surge highlights growing investor confidence in altcoins. Alongside Bitcoin’s strength, tokens like SOL and XRP are enjoying increased attention. If this trend continues, more gains could be ahead for altcoin markets. Investors should monitor resistance levels and trading volumes closely for signs of sustained momentum.

Source: Yahoo Finance

Related: Crypto Updates | Market Trends

The post BNB Price Surge Leads Crypto Gains as Bitcoin Climbs appeared first on FinanceBrokerage.

German conservative leader Friedrich Merz failed to garner the parliamentary majority needed to become chancellor on Tuesday in a first round of voting in an unexpected setback for his new coalition with the center-left Social Democrats.

Merz, 69, who led his CDU/CSU conservatives to win a federal election in February and since secured a coalition deal with the center-left Social Democrats (SPD), won just 310 votes in the lower house of parliament, Bundestag President Julia Kloeckner said. He needed 316 to secure a majority.

Kloeckner said she was interrupting the parliamentary session so that the parliamentary groups could consult on how to proceed.

The lower house of parliament, or Bundestag, now has 14 days to elect Merz or another candidate chancellor with an outright majority – and could attempt another vote already on Tuesday.

Merz’s conservatives won national elections in February with 28.5% of the vote but need at least one partner to form a majority government.

On Monday they signed a coalition deal with the center-left Social Democrats, who won just 16.4%, their worst result in German post-war history.

This is a developing story and will be updated.

This post appeared first on cnn.com

Throughout his second term, US President Donald Trump has trained his focus on a sprawling but sparsely populated island that stretches into the Arctic circle.

The United States needs that island – Greenland, a territory of US ally Denmark – “very badly,” Trump said in an NBC interview that aired on Sunday, echoing comments he’s made repeatedly in recent months.

“Greenland is a very small amount of people, which we’ll take care of, and we’ll cherish them, and all of that. But we need that for international security,” he said, while adding, when asked, that he would not “rule out” taking the island by force.

Trump’s justification? There were Russian and Chinese boats, “gun ships all over the place — aircraft carriers, gun ships — going up and down the coast of Greenland,” he said Sunday. “We need that to be protected.”

Vice President JD Vance laid a similar assessment during a visit to the US’ singular military installation on the island, the Pituffik Space Base, in March.

The base, which lies some 750 miles north of the Arctic Circle, was not well protected from “aggressive incursions” from Russia and China, Vance told troops during an address at that time.

“Denmark has not kept pace in devoting the resources necessary to keep this base, to keep our troops, and, in my view, to keep the people of Greenland safe from a lot of very aggressive incursions from Russia, from China and from other nations,” Vance said – a claim Denmark disputes.

The Trump administration’s interest in Greenland appears to be part of what Washington sees as a broader competition for power in the Arctic, where Russia is a dominant force and China aspires to expand its footprint and capabilities.

But, when it comes to Greenland, experts are puzzled by the administration’s characterization.

Chinese firms, like others, have mounted efforts to develop expensive and geologically challenging mining projects on the resource-rich island. They’ve also bid on constructing airfields there – initiatives observers see as linked to Beijing’s broader aims to enhance its role in the Arctic and gain control of critical minerals.

But those projects have all fizzled, experts say, either due to business reasons or as governments in both Greenland’s capital Nuuk and US NATO partner Copenhagen rebuffed them, at times reportedly under pressure from Washington.

That’s left “almost no Chinese footprint in Greenland,” outside a limited presence in the fishing industry, according to Andreas Østhagen, a senior researcher at the Fridtjof Nansen Institute in Norway, who added: “There is no evidence of any ‘aggressive incursions’ by any actor in Greenland, at least not publicly available.”

And while experts say that there is Russian military activity across regional northern seas and China has scaled up naval activities off Alaska in recent years, in addition to its research and commercial operations in the broader Arctic, there’s been no publicly known signs of Chinese military vessels operating in the waters around Greenland.

Unless the administration provides more details, “I assume that Trump and his advisors are conflating various trends taking place in ‘the Arctic,’ but which in fact take place in specific (other) parts” in and around the Arctic, said Østhagen.

‘Why wouldn’t they be interested in Greenland?’

When a reporter asked JD Vance earlier this year if he had been briefed on specific threats from China and Russia on Greenland and if these were military in nature, Vance said he didn’t “want to get too specific.”

“But we know the Chinese are very, very interested in this island. We have seen some of the economic pressures they have tried to place on Greenland. We know that they are increasingly engaging in military training and military interests certainly. They have started to describe themselves as a ‘near Arctic power’ – part of that is justifying taking a firm interest in Greenland and some of the surrounding territories,” he said, in reference to the “near Arctic state” term that China has used for more than a decade.

“We have seen very strong evidence that both the Chinese and the Russians are interested in Greenland. Why wouldn’t they be interested in Greenland?” he added.

When asked to comment on Trump administration statements, Beijing has said “relations between countries should be handled in accordance with the purposes and principles of the UN.” It’s also defended its adherence to “basic principles of respect, cooperation, win-win result and sustainability in engaging in Arctic affairs.”

Close observers agree that China has looked to ramp up ties and investment in the island since the early 2000s – and has many reasons to be interested.

Greenland is rich in minerals important to the fabrication of military and high-tech goods, and, as Arctic ice melts, sea lanes alongside it are expected to become more important for global shipping.

The island and its adjacent waterways are also strategically important to the US – and its rivals. Washington’s military base plays a critical role detecting missile threats and conducting space surveillance.

Russia, a dominant military force in the Arctic with an expansive Arctic Ocean coastline, is seen by observers and US intelligence as interested in nearby naval routes, which form a key strategic chokepoint stretching from Greenland toward the United Kingdom.

When it comes to China, “I’ve yet to see any coast guard vessels, any naval vessels, let alone aircraft carriers” in waters near Greenland, said Collin Koh, a senior fellow at the S. Rajaratnam School of International Studies in Singapore, noting that Chinese aircraft carriers are “confined to the Pacific Ocean.”

Chinese researchers have written about the island’s potential importance for its own critical mineral supply chains – as well as its strategic significance as an entry point for China to influence Arctic affairs and actualize its “polar silk road” – a vision to extend leader Xi Jinping’s Belt and Road global infrastructure building drive across the top of the world.

Last year, Beijing dispatched its special representative on European Affairs to Greenland for talks on economic cooperation, while Nuuk in 2021 opened a representation office in Beijing – one of only five globally – and sent delegations to the Chinese capital in the past.

But efforts from Chinese firms to gain a physical foothold in Greenland or access its raw materials have been ill-fated.

Chinese companies did become involved in four major mining projects in Greenland, all initiated between 2009 and 2015, but those have either dissolved or stalled, according to experts and research from the Danish Institute for International Studies.

The most well-known of those projects, at a mine in coastal Kvanefjeld, would have allowed a Chinese-funded Australian venture to operate what the company described as a project with the potential to become “the most significant western world producer of critical rare earths.”

The project, however, was blocked in 2021 when the government restricted mining deposits with certain uranium concentrations, citing environmental concerns. The company has launched an arbitration case and expressed hope that a new government elected earlier this year could look more favorably on the project.

But currently, “China has no footprint at all in Greenland mining,” according to Marc Lanteigne, a professor at the University of Tromsø: The Arctic University of Norway, who described China’s footprint on Greenland is “almost negligible” besides “very limited cooperation in seafood trade.”

Lanteigne also noted how the Danish government, under pressure from the United States, stepped in to finance airport refurbishment projects after a Chinese firm was shortlisted as a potential contractor, with the firm withdrawing its bid.

The Danish government in 2016 also blocked a Hong Kong firm’s bid to purchase an abandoned naval facility. Plans in 2017 from the Chinese Academic of Sciences to build a research station also didn’t get government approval, according to researchers.

Denmark has been “quite diligent” in looking to ensure that Greenland’s economic sovereignty is not “transferred to any degree to China,” said Lanteigne. “There has been a great deal of Danish-American cooperation … to monitor Greenland to make sure that there are no overt security threats.”

Meanwhile, a 1951 agreement allows the US to establish American military bases on the island.

‘The real threat’?

That raises the question of why Washington says it needs to take control of Greenland – an expansionist rhetoric that has echoes of the president’s earlier calls to take control of the Panama Canal, over false claims that China “operates” the key waterway.

Greenland has appeared keen to work with US firms on mining projects and the US’ ability to operate its military on the island would be unlikely to change even if Greenland became independent in the future, observers say.

“The reality is that Greenland, as an autonomous territory in the Kingdom of Denmark, has managed its relations to the great powers on its own accord,” said Ties Dams, a research fellow at the Clingendael Institute think tank in the Netherlands.

“If Vance’s comments are indeed a prologue to a military incursion by the US, then the US is the real threat to Greenland’s cherished and longstanding autonomy,” he added.

In response to earlier comments from Trump, Greenland’s Prime Minister Jens-Frederik Nielsen firmly stated that the US “won’t get” Greenland as Trump has previously suggested.

Denmark’s Foreign Minister Lars Løkke Rasmussen has also said Denmark was “open to criticism” by the US but had already “stepped up” investment in Arctic security and remained open to enhanced cooperation with the United States.

The US, meanwhile, some two weeks after Vance’s visit, announced it had removed Pituffik Space Base commander Col. Susannah Meyers. Pentagon spokesperson Sean Parnell said that “actions to undermine the chain of command or to subvert President Trump’s agenda will not be tolerated at the Department of Defense,” in a post on X that linked to a Military.com article, an independent outlet, that said Meyers had sent an email to base staff distancing herself from Vance’s visit.

The Trump administration’s focus on Greenland – and China’s in recent years – come amid increasing focus on the Arctic as an arena for rivalry between the world’s great powers.

China announced its Arctic strategy in a 2018 white paper, where it declared itself “an active participant, builder and contributor in Arctic affairs.”

The document also laid out its aims to explore, conduct research and combat climate change in the Arctic – as well as its ambitions to develop shipping routes and become more involved in fishing and resource extraction, while building its polar silk road.

Today, China has built out its ice breaker fleet, operates research stations in Norway and Iceland, and has partnered with international scientists on a range of projects, in additional to some commercial activities in the non-Russian Arctic.

But growing suspicion in Europe about Beijing’s ambitions in the region – and what experts say is the likely dual military use of its scientific data and research missions – have led to similar instances of cancelled or rejected projects elsewhere in Europe.

“China is in a position now where pretty much its only entry ticket to the Arctic is through Russia,” said Lanteigne from the University of Tromsø.

China has been an important investor in Russian energy extraction and emerged as a dominant presence on increasingly viable shipping lanes along Russia’s Arctic coastline, though at least some of those operations have been affected by Chinese firms not wanting to run afoul of international sanctions on Russia for its war in Ukraine.

Meanwhile, there are other areas of the Arctic where Russia genuinely has been making “somewhat aggressive incursions,” according to Østhagen of the Fridtjof Nansen Institute. That’s particularly in “the European Arctic, where Norway and Finland must manage an increasingly belligerent Russian neighbor,” he said. “But there’s not more Russian activity off the coast of Greenland than elsewhere – in fact, there’s less.”

And China has “scaled up its naval – and eventually also airborne – activity off Alaska in recent years,” he added.

Last year, Russian and Chinese jets were spotted for the first time conducting a joint patrol near Alaska. Months later, Chinese and Russia coastguards also had a first joint patrol in Arctic waters, according to Chinese state media. The two countries have also conducted joint exercises in the Baltic Sea in Europe and the Bering Strait between Russia and Alaska in past years.

But observers say Russia is likely to remain wary of a Chinese security presence in its Arctic region, and Beijing is likely to continue to focus on looking for ways to engage economically, scientifically and diplomatically in the broader region.

That’s especially as Beijing expects the US to try “to push China off that area of the map,” according to Dams of the Clingendael Institute.

China “will resist absolutely, trusting the US strategy of clinging to supremacy will fail on its own accord, if only given time,” he said.

This post appeared first on cnn.com

Nearly 600 million people in sub-Saharan Africa live without access to electricity, creating huge barriers to development. Not only does it stifle industrial growth and agricultural efficiency, but it also has implications on health and education: students often have little lighting by which to study, vaccinations cannot be refrigerated, and a lack of access to clean cooking technologies has led to severe household air pollution – causing 700,000 premature deaths a year.

According to the International Energy Agency (IEA), energy investment in Africa has fallen in recent years, although recent programs such as Mission 300, launched by the World Bank and African Development Bank, aim to unlock investment and provide power to 300 million people in the next six years.

This interview has been edited for length and clarity.

Eleni Giokos: When we talk about 600 million people on the continent having some kind of energy insecurity or no access to electricity, what does that mean in terms of investment required to bridge that gap?

Fatih Birol: Africa is a continent of contrasts when it comes to energy. Africa has a lot of energy sources: oil, gas, solar, wind, geothermal energy, hydropower, all of them. But at the same time, Africa is very poor when it comes to use of energy. Every second (person) in Africa (has) no access to electricity, and at the same time, four out of five families use open fire to prepare their meals. Lack of energy hinders Africa’s development, (it is) maybe (the) number one problem when it comes to Africa’s economy.

What do we need? In Africa, we need these huge energy sources to meet with investment, with money to make projects, to bring energy to the people and to the economy. So, this is the key issue today in Africa.

Let’s look at the energy supply mix right now on the African continent. According to IEA statistics, coal accounts for 13%, oil 26%, gas 18%, biofuels 40%. Renewables are a small portion. Where is the money meant to come from to really tap into this abundant resource?

Today in Africa, the energy sector receives about $100 billion of investments. If we want to see an Africa which is providing energy – clean energy – to its citizens, we need to see at least three times higher, about $300 billion investment. This needs to come from the countries themselves, and Africa has such huge potential, that with right investment policies, it shouldn’t be difficult to attract foreign investments. The problem is foreign investors think Africa is a risky investment climate. The governments’ job is to minimize those risks, minimize the bureaucracy, increase transparency … rather than providing uncertainties for the investors. Investors should know that if (they) invest in African energy, they will get a decent return, and this is guaranteed. This is the way that governments need to prepare the investment framework for the investors.

When I look at the overall global carbon emissions from the continent related to energy emissions, Africa accounts for only 3% of what we see globally. The continent has an amazing opportunity, firstly, to industrialize, but doing it in a different way to the rest of the world. What strategy do you think that should be adopted?

Africa’s sins in terms of climate change are almost negligible. Africa’s share (of the world’s energy-related carbon dioxide emissions) is less than 3%, but the worst effects of climate change are felt in Africa. When we look at the future of African energy, especially for electrification, I see that renewables will play a very important role: solar, wind, hydropower and others. But it is not only electrification you need for the industrialization of the (continent), you also need other energy sources. For example, I believe Africa should make use of natural gas in a responsible way – it has huge natural gas resources. Africa should use its solar, wind, hydropower, natural gas, maybe nuclear (power) in some countries, all its energy sources, to develop. It is Africa’s time to develop now, and Africa needs a lot of energy – and Africa needs to get this energy in a clean, secure and affordable way.

The African Continental Free Trade Area, the ambition to create the largest trading block in the world, how is that going to change the game, in terms of African countries collaborating?

The idea is very good. If we can find (a way) to foster trade among African countries, it can increase the cost effectiveness of many projects and reduce the tax issues. It can provide a boost to the investment needs in Africa, if it is rightly implemented.

What countries are you hopeful about, where are you seeing major progress?

I wouldn’t like to pick one country, but I see that (across) Africa, governments are now understanding more and more that without fixing the energy problem, they cannot make their citizens happy or wealthy. If there is no energy, there is no stability. If there is no energy, there is no economic development. And Africa needs to solve this problem. Some governments are making very good steps in sub-Saharan Africa, but some others are lagging, unfortunately.

This post appeared first on cnn.com

When the cardinals enter the Sistine Chapel on Wednesday at the start of conclave, the process of electing a new pope, they will be sealed off from the world.

But that doesn’t stop people trying to influence the thinking of the 133 prelates who will choose a successor to the late Pope Francis. The electors are allowed to take in written materials and, in the days leading up to the conclave, have been offered a book on their fellow cardinals – one which contains a clear message.

Titled “The College of Cardinals Report,” it offers profiles on around 40 papal candidates, including a breakdown on where they stand on topics such as same-sex blessings, ordaining female deacons and the church’s teaching on contraception. The subtext: Choose a pope who will take the church in a different direction to Pope Francis – whose progressive reforms angered some conservatives.

The project has been led by two Catholic journalists, Edward Pentin, who is from Britain, and Diane Montagna, from the United States – both of whose work appears on traditionalist and conservative Catholic news sites. Montagna has been handing the book to cardinals entering and leaving the pre-conclave meetings, Reuters reported.

The creators of the report say they produced the resource to help cardinals get to “know one another better” and that it was compiled by an “international and independent team of Catholic journalists and researchers.” It comes ahead of a conclave where the cardinals – a diverse group drawn from 71 countries, many of them appointed by Francis over the last decade – don’t know each other well and have been wearing name badges during their meetings.

The report was compiled in association with Sophia Institute Press, a traditionalist-leaning publishing house based in New Hampshire, and Cardinalis, a magazine based in Versailles, France. Sophia Institute Press publishes the radically anti-Francis “Crisis Magazine” and in 2019 published the book “Infiltration,” which claims that in the 19th century, a group of “Modernists and Marxists” hatched a plan to “subvert the Catholic Church from within.” Meanwhile, Cardinalis regularly features articles on prominent conservative cardinals.

The College of Cardinals Report website attempts to ward off accusations of bias, saying, “Our approach is fact-based and we strive to be impartial, offering as accurate a picture as possible of the sort of man who might one day fill the shoes of the Fisherman”– a reference to the first pope, St. Peter.

Its authors also say there is historical precedent for their initiative, pointing to times when “diplomats and other trusted scribes would compile more in-depth and reliable biographies of the cardinals and distribute them to interested parties.”

In his rules on the election of popes, John Paul II prohibited, on pain of excommunication, “all possible forms of interference, opposition” from political authorities, including “any individual or group” who “might attempt to exercise influence on the election of the Pope.” The idea behind the secrecy of the conclave is to prevent outside influence. In the past, European monarchs held a power of veto in a papal election, with the last one exercised in 1903.

But the 2025 conclave has been subject to various kinds of attempts to influence it. Clerical sexual abuse survivors have set up a database to vet cardinals’ records on handling the issue, while social media has been full of controversial content – from AI-generated videos of cardinals partying in the Sistine Chapel to US President Donald Trump releasing an artificially created image of himself as the pope.

Well-funded conservative Catholic groups are among the would-be influencers. Sophia Institute Press publishes books in partnership with The Eternal Word Network (EWTN), the largest religious broadcaster in the world and one which has often given a platform to Francis’ critics.

The Napa Institute, a conservative Catholic group, has been present in Rome in the run-up to the conclave, as has the Papal Foundation, a group of Catholic philanthropists. “This room could raise a billion to help the church. So long as we have the right pope,” an anonymous Papal Foundation backer told the Times of London.

Some members of these groups are also supporters of Trump. Tim Busch, a Californian lawyer and the co-founder of Napa, has described the Trump administration as the “most Christian he’s ever seen.” While Busch has rejected the claim he is “anti-Francis,” he said that the ultra-conservative Archbishop Carlo Maria Viganò had “done us a great service” when he released a 2018 dossier calling on the late pope to resign. Viganò was last year excommunicated for schism.

Kurt Martens, a professor of canon law from the Catholic University of America, said church legislation seeks to “protect the cardinals against all kinds of outside influencing and interference.” He pointed to the “Red Hat Report,” a US group that back in 2018 was seeking more than $1 million to compile dossiers on candidates in an attempt to prevent a repeat of the conclave that elected Francis.

Martens said initiatives such as the cardinals’ report and the Red Hat Report “intend to not just give objective information, but colored information, and thereby seeks to influence the outcome of the conclave.” He added: “Per the rules of St. John Paul II, that is absolutely forbidden.”

This post appeared first on cnn.com

Israel’s military has issued an unprecedented evacuation warning for Yemen’s international airport in Sana’a.

It marks the first time the Israel Defense Forces (IDF) has put out an evacuation warning in Yemen, more than 1,000 miles from Israel.

“Failure to evacuate the area endangers your lives,” Avichay Adraee, the IDF spokesperson in Arabic, said on social media.

The warning comes a day after the Israeli military carried out a series of strikes against the port in Yemen’s Hodeidah and a nearby cement factory. The Houthi-run Ministry of Health said at least one person had been killed and another 35 injured in an Israeli strike on the factory in Bajil, east of Hodeidah.

The IDF strikes came after a Houthi ballistic missile penetrated Israel’s air defenses and hit near Tel Aviv’s international airport on Sunday. Several attempts to intercept the missile failed, the IDF said.

Israel struck Sana’a international airport in December, killing at least three people and injuring 30 others, according to the Houthi-run al-Masirah satellite television network.

This is a developing story and will be updated.

This post appeared first on cnn.com

Footwear giant Skechers has agreed to be acquired by private equity firm 3G Capital for $63 per share, ending its nearly three-decade run as a public company, the retailer announced Monday.

The price 3G Capital agreed to pay represents a 30% premium to Skechers’ current valuation on the public markets, which is in line with similar takeover deals. Shares of Skechers soared more than 25% after the transaction was announced.

“With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital,” Skechers’ CEO, Robert Greenberg, said in a news release.

“Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the Company’s long-term growth,” he said.

The transaction comes at a difficult time for the retail industry and in particular, the footwear sector, which relies on discretionary spending and overseas supply chains that are now in the crosshairs of President Donald Trump’s trade war. 

Last week Skechers signed onto a letter penned by the Footwear Distributors and Retailers of America trade group asking for an exemption from Trump’s tariffs.

And, a little over a week ago, Skechers withdrew its full-year 2025 guidance “due to macroeconomic uncertainty stemming from global trade policies” as companies brace for a drop in consumer spending that will disproportionately impact the footwear and apparel sectors. 

Skechers declined to say how much of its supply chain is based in China, which is currently facing 145% tariffs, but cautioned that two-thirds of its business is outside of the U.S. and therefore won’t see as much of an impact. 

A source close to the deal who spoke on the condition of anonymity to discuss nonpublic details said the trade environment didn’t force Skechers into a deal and that 3G Capital had been interested in acquiring the company for years.

Tariffs do present some uncertainty in the short term, but 3G Capital believes the long-term outlook of Skechers’ business remains attractive and is well positioned for growth, the person said.

Skechers is the third-largest footwear company in the world behind Nike and Adidas.

Greenberg will stay on as Skechers’ CEO and continue enacting the company’s strategy after the acquisition is completed.

This post appeared first on NBC NEWS

U.S. pharmacy chain Rite Aid on Monday filed for bankruptcy protection for the second time in as many years, according to a court filing.

Pharmacy chains, such as Rite Aid, Walgreens and CVS, have been under pressure as falling drug margins and competition from Walmart and Amazon have led to a closure of hundreds of stores.

Walgreens, facing significant losses, recently agreed to a $10 billion buyout by private equity firm Sycamore Partners — a dramatic decline from its $100 billion valuation a decade ago, underscoring the severe challenges facing traditional pharmacy retailers.

Rite Aid used its previous bankruptcy in 2023 to cut $2 billion in debt, close hundreds of stores, sell its pharmacy benefit company, Elixir, and negotiate settlements with its lenders, drug distribution partner McKesson and other creditors.

The previous bankruptcy also resolved hundreds of lawsuits alleging that Rite Aid ignored red flags when filling suspicious prescriptions for addictive opioid pain drugs.

But despite those settlements, Rite Aid still had $2.5 billion in debt when it emerged from bankruptcy as a private company owned by its lenders in 2024.

According to Monday’s court filing, the company has estimated assets and liabilities in the range of $1 billion to $10 billion.

The company was unable to secure additional capital from lenders, which it needed to continue operating the business, Bloomberg News reported earlier in the day, citing an internal letter from CEO Matthew Schroeder to the company’s employees.

The letter also states that the drug store chain intends to reduce its workforce at its corporate offices in Pennsylvania.

Rite Aid operated about 2,000 pharmacies in 2023 but now has only 1,250 stores across the U.S., with recent closures significantly reducing its presence in markets such as Ohio and Michigan.

This post appeared first on NBC NEWS

Communication Services Drops to #5

The composition of the top five sectors remains largely stable this week, with only slight adjustments in positioning. Consumer staples continue to lead the pack, followed by utilities, financials, real estate (moving up one spot), and communication services (dropping to fifth). This defensive lineup persists despite a rallying market, presenting an interesting dilemma for sector rotation strategies.

  1. (1) Consumer Staples – (XLP)
  2. (2) Utilities – (XLU)
  3. (3) Financials – (XLF)
  4. (5) Real-Estate – (XLRE)*
  5. (4) Communication Services – (XLC)*
  6. (6) Healthcare – (XLV)
  7. (7) Industrials – (XLI)
  8. (8) Materials – (XLB)
  9. (11) Technology – (XLK)*
  10. (10) Energy – (XLE)
  11. (9) Consumer Discretionary – (XLY)*

Weekly RRG

The weekly Relative Rotation Graph (RRG) paints a picture of potential change on the horizon.

While staples, utilities, real estate, and financials maintain their positions in the leading quadrant, they show signs of losing relative momentum over the past few weeks.

Financials, particularly, are teetering on the edge of rolling into the weakening quadrant.

Communication services have already shifted, now firmly in the weakening quadrant and traveling on a negative RRG heading. This movement explains its drop to the fifth position in our sector rankings.

Daily RRG

Switching to the daily RRG, we see a slightly different picture for our top sectors.

Staples, utilities, real estate, and financials are all positioned in the weakening quadrant, traveling on negative RRG headings.

This short-term view indicates that we must closely monitor these sectors to determine if they can regain momentum before potentially dropping out of the top five.

Interestingly, communication services is showing signs of life on the daily chart. Despite falling to the fifth position overall, its tail is now in the improving quadrant and moving toward leading.

The caveat? It’s a very short tail, close to the benchmark—essentially moving in line with the market. This makes communication services the sector most at risk of losing its top-five status in the near term.

Consumer Staples

Consumer staples is bumping up against overhead resistance between $82.50 and $83.

This hesitation in upward price movement is causing weakness in the RS line, which has started to dip.

Consequently, the RS momentum line is rolling over. However, the high RS ratio—indicating a strong relative trend—is keeping staples at the top of our list for now.

Utilities

Utilities has been flirting with a breakout since the start of 2025, pushing against overhead resistance around $80 about four times already.

When it breaks, we’ll likely see an acceleration towards the all-time high just above $82.50.

Like staples, the inability to break resistance is causing a stall in the RS line and a rollover in relative momentum.

Financials

After a strong rally off the $42 support level, previously resistance (the old technical adage holds true), financials is now facing a challenge.

The rally is approaching the former rising support level that marked the uptrend channel. This could cause some hesitation in both price and relative strength.

The RS line remains within its rising channel, but momentum has waned, causing the green RS momentum line to roll over.

Real-Estate

Real estate moved up one position to fourth and is still emerging from a long relative downtrend that began in April 2022.

The RS ratio line has picked up the relative strength rally that started in early 2025 but is now stalling.

This has resulted in the green RS momentum line rolling over. On the price chart, real estate is mid-range with room to move higher.

Communication Services

Communication services have dropped to the fifth position, but the price chart has an interesting development.

Last week, the price broke back above the old neckline of a small head-and-shoulders pattern. The fact that we’re now rallying above this neckline could indicate a failed head-and-shoulders pattern—usually a very strong bullish sign.

However, recent weakness in relative strength has pushed the sector deeper into the weakening quadrant on the RRG.

This sector must pick up rapidly in the coming weeks to maintain its position in the top five.

Portfolio Performance

The defensive positioning of our top five sectors is leading to underperformance as the broader market rallies.

Currently, we remain at approximately a 3% underperformance compared to SPY just like last week.

However, from the perspective of sector rotation, we must still consider this rally in the S&P 500 to be temporary.

The underlying message continues to emphasize defense.

It’s important to remember that there is always a lagging element in RRGs and this strategy.

If the market has truly turned, we will see that shift reflected in our sectors, and at some point, we will start to make up the difference.

These performance gaps can change very rapidly in favor of the RRG portfolio when the market comes under pressure and our defensive sectors start to lead again.

#StayAlert and have a great week — Julius

In this video, Dave reveals four key charts he’s watching to determine whether the S&P 500 and Nasdaq 100 will be able to power through their 200-day moving averages en route to higher highs. Using the recently updated StockCharts Market Summary page, he covers moving average breadth measures, his proprietary Market Trend Model, offense vs. defense ratios, and the Bullish Percent Indexes.

This video originally premiered on May 5, 2025. Watch on StockCharts’ dedicated David Keller page!

Previously recorded videos from Dave are available at this link.