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Investopedia
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KinderCare Learning Stock Soars In Trading Debut
~0.9 mins read
Shares of KinderCare Learning Companies (KLC) surged on their first day of trading Wednesday after the firm raised $576 million in an initial public offering (IPO).
The operator of child-care centers announced Tuesday night that it had sold 24 million shares at $24 each, near the low end of its estimated range of $23 to $27 per share. In addition, the underwriters have a 30-day option to purchase an additional 3.6 million shares at the IPO price.
Shares recently were trading up more than 9% at $26.25.
The company noted that it would use the money "to repay amounts outstanding under its existing indebtedness and pay expenses." In an earlier regulatory filing, KinderCare said it had $548.4 million in loans outstanding and $7.3 million in other expenses.
In the same filing, it reported it had revenue of $2.5 billion in fiscal 2023, and net income of $102.6 million.
This was the second attempt by the company to go public. It abruptly pulled its planned IPO in November 2021, citing "regulatory delays."
KinderCare Learning Companies are trading on the New York Stock Exchange (NYSE) under the ticker symbol "KLC."
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Instablog9ja

Why I Dont Blame Those That JAPA Chef Tolani Laments The State Of The Economy After Buying Four Bags Of Pure Water For N2,200
~3.2 mins read
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News_Naija

Lagos-Ibadan Expressway Bridge Repairs To Disrupt Traffic Flow
~2.2 mins read
Motorists plying the Lagos-Ibadan Expressway have expressed anxiety over gridlock that may trail the planned repair of the damaged bridge at the Lotto area of the expressway. PUNCH Metro recalls that a driver of a low-bed articulated vehicle, which was transporting an excavator, hit the bridge structure, causing damage to its beams. The Federal Controller of Works in Lagos, Olukorede Kesha, who spoke during an inspection on Monday, announced that the section of the expressway where the bridge was damaged would be closed down for repair works. She expressed concern over the significant damage caused to the bridge, stressing that two of the beams were severely compromised and must be replaced. “From what we observed, the excavator’s boom was not properly lowered from the port, which made it too high to pass under the bridge. “To complete the repairs, we will have to shut this section of the road and divert traffic to the other side. Anyone familiar with the Lagos-Ibadan Expressway knows how critical this route is. Traffic here is something else.” She told NAN on Monday. Speaking with our correspondent on Tuesday, some motorists noted that with the typical high volume of traffic on the expressway, the repair may compound the traffic situation. Though they noted that inner roads may provide alternatives, a motorist, Kunle Jayeola held that they would have to also grapple with some roads that are not motorable. Jayeola urged the FG government to put in place measures to avert a repeat of the sad experience of motorists following the closure of the Independence Bridge, in Lagos Island. He said, “The planned repair is necessary, but it will come with hardship for motorists because of the large number of vehicles plying this road daily. “If care is not taken, we may have a repeat of what happened in Lagos Island recently due to the closure of the Independence Bridge. It may become worse because there are no alternative routes that motorists can resort to. “I appeal to the FG to ensure that whatever they are planning does not put the motorists at the receiving end.” Another motorist, who identified simply as Tunde, lamented that the closure of a section of the expressway would affect the movement of people and businesses plying the area. He said, “If they (FG) close this road, it will not only affect traffic and movement of people, but it will also have an impact on businesses that rely on this route for transportation. “I just hope that they will manage the situation well so that the impact is minimal because ordinary vehicle breakdowns on this road always cause gridlock, how much more of closing a section of the road?” On the concerns of motorists, the Federal Controller of Works in Lagos said traffic would only be diverted to the other lane along the expressway. “Tell me the alternative that is available there. The federal government constructed something there, and someone went ahead to damage it, and you’re talking about an alternative. We will only divert traffic to the other lane,” she said in a telephone conversation with our correspondent.
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How's The Economy Doing? Hurricanes Will Make It Harder To Tell
~2.4 mins read
Some important barometers about the health of the economy will become cloudier in the coming weeks as hurricanes Helene and Milton distort data.The storms, which hit the Southeast in late September and early October, will affect reports on employment, inflation, growth, and other indicators, complicating the job of economists and policymakers who are looking for signals about the trajectory of the U.S. economy.The garbled economic data may be among the less significant impacts of the storms, which killed at least 244 people across six states and caused as much as $81.5 billion worth of damage, according to an early estimate by CoreLogic. Still, the hurricanes struck at a time when officials at the Federal Reserve are closely watching figures to determine how quickly to cut the nation's benchmark interest rate as they seek to bring the economy in for a "soft landing" from the post-pandemic burst of high inflation, making monthly reports more influential than usual.
"For some indicators, the distortions will be large enough—and their exact size uncertain enough—to obscure the economy’s underlying trend to some degree," Ronnie Walker, an economist at Goldman Sachs, wrote in a commentary.
For example, the storms could increase the number of people who file for unemployment and reduce the number of people who reported being hired, influencing government reports on the labor market. Economists at Goldman Sachs estimated that the storms could reduce payroll growth in October by 40,000 to 50,000. By comparison, the economy added 254,000 jobs in September, continuing an unbroken streak of job growth going back to January 2021.Fed officials are closely watching jobs reports for signs that the labor market is weakening. Faltering job growth could spur the Fed to reduce interest rates faster, putting more downward pressure on borrowing costs for all kinds of loans and boosting the economy to prevent the unemployment rate from rising severely.
Decision-makers will have to determine whether any job slowdowns are because of broader economic trends or just a temporary drag from the hurricanes that could be expected to fade quickly. Walker said geographic breakdowns and commentary from the agencies producing the statistics could help clarify the data's meaning.Helene already boosted the number of unemployment claims, which are reported weekly, and forecasters expect to see a similar bump from Milton when the Department of Labor reports figures on Thursday.If Milton causes a surge of unemployment in Florida, it's possible the state could quickly bounce back. Recovering from the hurricanes is nothing new for Florida, and the jobless rate has quickly gone back down in the wake of previous storms as rebuilding efforts kicked in, Charlie Dougherty, an economist at Wells Fargo said in a commentary. The recovery timeline is less certain in the Appalachian states dealing with flooding caused by Helene, he said.
The hurricanes could also distort inflation data, further complicating the Fed's job. The Fed's interest rate hike campaign was meant to subdue inflation, and yearly price increases have fallen close to the Fed's goal of a 2% annual rate. A resurgence of inflation could cause the Fed to delay further rate cuts.If next month's inflation reports show prices rose quickly in October, that could partly be due to the hurricanes as well. As economists at Goldman said, the hurricanes destroyed many cars, possibly pushing up prices for new and used vehicles.
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