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Anatomy Of The ‘Islamophobic’ Shooting That Wasn’t

Anatomy Of The ‘Islamophobic’ Shooting That Wasn’t

Authored by Andrew Bostom via RealClearInvestigations,

On Nov. 17, 2023, Mustafa Ramos, a Muslim man wearing a turban and a robe, was shot in the buttocks while selling Islamic paraphernalia adjacent to the Islamic Center of Rhode Island mosque in Providence.

The 52-year-old man was treated and released from the hospital in two hours. The incident, however, which happened just six weeks after Hamas’ deadly Oct. 7 attack targeting Israeli citizen non-combatants of all ages, quickly became national and international news as the latest example of an “Islamophobic hate crime.”

Following the lead of the initial report in the Providence Journal – which described Ramos as “a big, jovial man with a giant smile” – the Boston Globe, CNN, the U.K. Guardian and U.K. Daily Mail, among others, reported that the shooting was a hate crime while quoting people connected to the Center who felt that they and the larger Muslim community were the real targets.

As the influential albeit Hamas-linked Council on American Islamic Relations (CAIR) urged the Providence police to investigate the shooting’s potential “bias motive,” the Jewish Alliance of Greater Rhode Island and the Board of Rabbis of Rhode Island issued a joint statement on Nov. 20 denouncing “Islamophobia,” while acknowledging that “a motive has not yet been made clear.”

That uncertainty was reinforced on Nov. 27 when the Providence Journal reported that Maj. David Lapatin, commanding officer of the Providence Police Investigative Division, cautioned, “To say the mosque was targeted would be premature.”

After that, coverage of the shooting all but ended – although the Rhode Island House featured the “Islamophobic shooting” in a resolution it passed in February 2024 condemning “Islamophobia.” “It is believed,” the resolution stated, “that Mr. Ramos was a target based solely on his faith.”

Now, 32 months after the shooting, RealClearInvestigations can report exclusively that the Providence police have concluded that Ramos was not targeted because of his faith. In response to the latest set of queries posed to the police as part of RCI’s 18-month-long review of the case, Maj. Lapatin stated in a July 20, 2026, text that while the criminal investigation of the shooting remains “open,” and no arrests have been made, his department has determined that Ramos was not the victim of an “Islamophobic hate crime.”

RCI’s reporting also shows that even as the Islamic Center’s “spiritual leader” in Providence, Imam Sackor, and the national organization CAIR, cast the incident as part of a growing trend of anti-Muslim bias both locally and nationally, sermons preached at the mosque repeatedly espoused hateful rhetoric that demeaned and even threatened non-Muslims.

The Shooting

The official Providence Police incident report on the shooting does not reveal how or when Dean Scott Ramos adopted the name Mustafa. It does report that the Maine resident made frequent trips to the Providence mosque where he would set up a table to sell Islamic merchandise. On Nov. 17, 2023, the mosque’s surveillance video footage shows a masked man lurking nearby for about 20 minutes before firing four or five rounds at Ramos from a moving car that he was driving. One of the bullets struck Ramos in the buttocks.

Three days later, Ramos, who said he spent two hours in the hospital getting treated for superficial wounds, told a detective during a phone follow-up interview that “he was feeling better and confirmed that he had been shot one time.” Ramos also insisted that “he still believed he was targeted due to his religion [Islam] and the [Muslim] clothing he was wearing.”

Ramos amplified this claim in an appearance in a December 2023 appearance on the local Providence area “Club Ambition” podcast. Asked if the shooting was related to his faith, he responded, “Of course it is. You know, of course it is. I wouldn’t think it would be anything else. … As a Muslim dressed as a Muslim looked like a Muslim. … In front of the masjid (mosque). You know, I mean what would make that, what would it make it different for me, than it would for anyone else? What would be that element?”

He also suggested a fact confirmed to RCI by the police that he was not cooperating fully with the official investigation. “I’ll be honest with you,” he told the podcast host, “I’m not really interested in their investigation. That’s their job. I shouldn’t have to tell them to do their job. That’s what they get paid for.”

Ramos did not tell the podcaster that he had a criminal record. Court records show that Dean Ramos served five years in prison in the early 2000s (commuted from a 20-year sentence) for illegal manufacture and distribution of schedule I/II controlled, potentially addictive substances (examples of schedule I include heroin and ecstasy; examples of schedule II include Fentanyl and OxyContin).

The Investigation

That record might be relevant as the police investigation has revealed that the lone suspect in the shooting has an extensive criminal record. Although no one has been charged in the case, that suspect appears to loom large in the police department’s conclusion that Ramos’ shooting was not a hate crime. Maj. Lapatin told RCI last week, “After extensive investigation, given the background and behaviors of the lone suspect, we made that logical determination.”

According to the incident report, a search warrant was executed, and items “belonging to Nasir Dupont” were “photographed and seized.” Although Dupont’s religious affiliation is not known publicly, Nasir is a Muslim name derived from the Arabic word “nasir,” which means “to help, to aid, to defend.”

Public records do show that Dupont, who was born in 2003, is a recidivist criminal, with a history that includes illegal gun possession, robbery and drug-related crimes. He is currently in prison awaiting trial on drug and weapon charges.

The Providence police incident report and supplements indicate their investigation has been stalled by several limitations. These included the fact that the gunman was wearing a mask; their inability to find the getaway car; Dupont’s apparent destruction of his text messages on his phone and phone archive; and Ramos’s unwillingness to assist with the investigation.

Like Ramos, Dupont has not cooperated with the police investigation. Such lack of cooperation with law enforcement occurs frequently when there are crimes involving victims who have criminal records themselves. Accordingly, a mere 5-19% of non-fatal shootings in urban centers such as Chicago and Boston, for example, result in the perpetrators being arrested. Victim non-cooperation is common in those settings.

RCI’s efforts to contact Dupont’s family members to find out whether the two men had any previous connection were unsuccessful.

The Providence Police told RCI that it has not received any follow-up inquiries from the media outlets that initially reported the shooting since December 2023. RCI did not receive any responses to its requests for comment from local reporters who covered the incident.

Incendiary Rhetoric

Although news outlets repeated suggestions and claims from Ramos, the Islamic Center’s leader Imam Sackor, and CAIR that the shooting was a hate crime directed at all Muslims, none reported on the incendiary rhetoric frequently preached at the mosque, including the weeks and months after the attack on Ramos.

While decrying legitimate hate crimes and acts of bias, experts who track such rhetoric argue that many Muslim leaders advance the idea that their community is under siege to divert attention from the inflammatory language, especially against Jews and Christians, espoused in mosques around the country. The goal, they said, is not just to protect their people but to cast scrutiny of their own words as “Islamophobia.” Daniel Greenfield, an investigative journalist who has covered the phenomenon extensively, said the promotion of alleged “Islamophobic incidents” is “a diversion from genuine antisemitic Islamic religious incitement in U.S. mosques, and Muslim violence against American Jews.”

The Providence mosque and CAIR did not respond to requests for comment.

RCI’s analysis of sermons posted on Facebook that were delivered at the Providence mosque after the shooting attack preached jihadism and hatred toward non-Muslims, especially Jews, but also Christians. Examples include:

  • On Dec. 22, 2023, three days before Christmas, it was preached that the Muslim Jesus (“Isa”) will destroy Christianity, and in the same sermon, the imam invoked Qur’an (17:4–10 and 2:61/3:112) while accusing Jews of “genocide in Gaza,” and reminding Muslims that Jews are “corrupters” to be “punished” and “prophet killers.”
  • On Jan. 12, 2024, the imam, noted Qur’an 1:7 (which pious Muslims repeat 17-times daily) means it is the Jews who have “incurred Allah’s anger,” and observed they are “cursed” (Qur’an 5:78), while again accusing “prophet killing” Jews – not the Israel Defense Forces, or Israel – of committing “genocide in Gaza,” because of their inveterately evil Qur’anic nature.
  • On Jan. 3, 2025, just two days after an armed Muslim man with an ISIS flag in his car killed 14 people and injured 57 others on Bourbon Street in New Orleans the mosque’s Imam instructed his followers to treat non-Muslims harshly (citing Qur’an 48:29), and concluded with an Arabic supplication to “fight the disbelievers and polytheists,” consistent with the jihad war proclamations of the 9th Quranic sura, or chapter (9:5, 9:29, 9:73, 9:111, etc.).
  • On Friday, May 30, 2025, the Islamic Center’s sermon, ostensibly about Islam’s Hajj pilgrimage to Muslim-only Mecca, evolved into a celebration of jihad conquest, specifically, the “cleansing” of Mecca’s pagans (in 630 C.E.), and not long afterward, the attack on Syria’s and Iraq’s Christians (634 C.E.), all given Islamic religious sanction from the Qur’an’s 9th sura, a series of timeless war proclamations. Also in that triumphal vein, the mosque’s imam quoted the Qur’an (verses 3:67 and 3:68) to teach that Judaism’s patriarch was a Muslim:

“Ibrahim [Abraham] is not a Christian or a Jew. He is someone who worships only one God [Allah]. He is a Muslim.” [Q 3:67]…And the people who have the greatest claim to Ibrahim are those who follow his and this Messenger [Muhammad], and those who believe [Muslims] and Allah is the protector of the believers” [Q 3:68]

The imam segued from that traditional Qur’anic supremacism into a derision of Christianity, and an ugly, contemporary blood libel against Jews, and Judaism:

“One group, the Christians, can’t articulate what they really believe, what their tawhid (monotheism) means. And the other group (the Jews) has reduced their religion to an ethnic identity that they use to justify a slaughter of innocent people.”

The Providence mosque’s leaders did not respond to RCI’s queries about whether these and other statements were hate speech. They have removed all the mosque’s sermons since Oct. 7, 2023, from the center’s Facebook page, and no longer live stream them on Facebook each Friday. Ibrahim Hooper, the National Communications Director for CAIR, which decried what it claimed was a surge of anti-Muslim and anti-Arab hate after the October 7 attack, declined to comment on the specific examples of the mosque’s sermons provided above.

Local politicians, the police, and Jewish and Christian religious leaders did not respond to similar queries.

Providence Mosque Not An Outlier

The failure to report on or respond to the inflammatory sermons is notable because the Rhode Island mosque is not an outlier.

A landmark study whose results were published in two academic journals in 2011, “Sharia and Violence in American Mosques,” evaluated the associations between Sharia-adherence, the presence of violence-sanctioning materials at a mosque, and the advocacy of jihadism by the mosque’s leadership, in a nationally representative, random statistical sample of 100 U.S. mosques. Eighty-one percent of these representative U.S. mosques were deemed as moderately (30%) to highly (51%) supportive of promulgating jihad violence to impose Sharia. Additionally, only 4.7% of Muslim worshippers attended mosques where jihadist materials were not provided because Sharia-compliant mosques promoting jihad were the most heavily attended.

More recently, a painstaking investigation by the scholar Mansour Al-Hadj of “hundreds of Friday mosque sermons” across the U.S. following Hamas’ Oct. 7, 2023, jihad carnage targeting Israeli non-combatants found a similar message as the bloodshed was cast as an act of faith:

“…almost all the sermons amplify(ied) a single narrative which justifies Hamas’s attack as a legitimate act that is based on the command of Allah and the teachings of the prophet Muhammad. Therefore, they did not condemn or hold Hamas responsible for killing and abducting civilians, including children and the elderly, and sexually assaulting women…for starting a war…using the Gazans as human shields, or causing the death of thousands of Palestinians…Instead, their sermons, focused on highlighting the similarities between Hamas’ attack and the wars fought by the prophet and his companions, demonizing Israel, narrating historical antisemitic stories attributed to the prophet Muhammad and citing verses from the Qur’an that characterized Jews as corrupt, treacherous, untrustworthy, and the killers of prophets.”

Researchers at MEMRI TV, which monitors broadcasts from the Arab and Muslim world, report that anti-Christian rhetoric is common at U.S. mosques. The anti-Christian sentiments preached at the Islamic Center of Rhode Island echo hateful Islamic themes about Christians sermonized across the U.S. since Oct. 7, 2023, including:

  • On Dec. 8, 2023, Imam Hanif Fouse of Philadelphia maintained Christians were complicit with, and supportive of the Jews, “with whom Allah is angry (Qur’an 1:7) because they killed the prophets (Qur’an 2:61, 3:112). The Christians insult Allah because they claim he has a son,” he emphasized.
  • Prayers to Allah “to annihilate” the Christians were recited at the Northwest Indiana Islamic Center on Dec. 8, 2023, and June 21, 2024, at the Islamic Center of Lafayette, Louisiana.
  • In Fort Lauderdale, FL, on April 19, 2024, an Islamic scholar intoned that while “the Jews orchestrated everything against the Muslims” throughout history, it was the Christians “who executed” those schemes.
  • California Pakistani Islamic scholar Qazi Fazlullah, in a video posted on YouTube on Oct. 25, 2024, invoked Quran 5:51, repeating, “Oh believers, do not take the Jews and Christians as allies.” He added: “Make them not protectors, or friends, secret keepers, depending on them, or trusting them,” because (citing Qur’an 5:51) “they are the allies of one another.” Imam Fazlullah concluded that befriending them “goes against Islam and Muslims,” and is “not allowed.”

FBI statistics show that hate crimes are committed against members of many religious groups, but there is no evidence that the United States is suffering an epidemic of Islamophobia. For the period July 15, 2021 to July 15, 2026, for example, the bureau recorded roughly 60,000 bias-related incidents, of which 1,163 were classified as anti-Muslim.

The Rhode Island mosque incident suggests a concerted effort by some Islamic organizations to portray their community as under siege and that many media outlets actively reinforce this narrative, while ignoring the often hateful speech routinely uttered in mosques across the country.

“This seems to be yet another incident that was hyped by officials and the media as ‘Islamophobic’ but turned out to just be a criminal act,” Greenfield said. “False allegations of Islamophobia are not only politically damaging; they endanger the public and destroy trust in police departments” and among members of the communities in which the charges are made.

Tyler Durden
Wed, 07/29/2026 – 17:05

Energy Department Issues Emergency Order To Secure Power Grid In 17 US States

Energy Department Issues Emergency Order To Secure Power Grid In 17 US States

Authored by Naveen Athrappully via The Epoch Times,

The Department of Energy (DOE) has issued an order to tackle an energy emergency situation across 17 U.S. states triggered by hot weather conditions.

An aircraft takes off from Los Angeles International Airport behind electric power lines in El Segundo, Calif., on Aug. 31, 2022. Patrick T. Fallon/AFP via Getty Images

The July 26 emergency order was issued by Secretary of Energy Chris Wright to Southwest Power Pool Inc. (SPP), the regional grid operator for the 17 states.

According to the order, SPP is expecting hot weather conditions through Aug. 3. The operator requested the department to allow specific power generation units to run beyond their operating limits in order to ensure grid reliability. It also sought authority to unlock and deploy backup generation resources at data centers and other industrial and commercial customer sites to counter any risk to the bulk power system.

Wright determined that statutory emergency situations exist in certain regions, serviced by the SPP, owing to sudden increases in demand, “a shortage of electric energy, a shortage of facilities for the generation and transmission of electric energy, and other causes,” the order said. Homes and local businesses in the affected areas could lose power, presenting a risk to public safety and health.

The energy secretary allowed SPP to dispatch power-generating units “as needed to maintain reliability,” according to the order. In addition, SPP is authorized to use backup resources to operate as a last resort before issuing an Energy Emergency Alert 3 – the highest level of energy emergency action.

The emergency order applies from July 26 to Aug. 3.

In a July 26 statement, DOE said the order would stabilize the power grid and mitigate blackout risks, highlighting that outages cost American people around $44 billion annually.

“The Trump Administration is tapping into an abundant supply of unused backup generation to maintain affordable, reliable, and secure power for hardworking American families and businesses,” Wright said in the statement.

The department estimated the total nationwide unused power generation to be at over 35 gigawatts.

The emergency order comes as the National Weather Service (NWS) predicted in a July 28 post on X that “dangerous and extreme” heat would remain across portions of the central United States this week.

In a July 28 forecast, the Weather Prediction Center said the southern United States is expected to see above-normal temperatures for the next few days, with afternoon highs reaching upper 90 degrees Fahrenheit.

High heat combined with high humidity can result in widespread “Major to Extreme HeatRisk levels,” with people lacking adequate cooling or hydration at risk of heat-related illnesses, according to the center. By the end of this week, the “dangerous heat” is forecast to expand into the Southwest and Intermountain West, the center said.

Strengthening Power Grid

Amid high heat conditions, other major power grid operators have also issued operational alerts.

On July 28, the Midcontinent Independent System Operator, which serves 15 states, released a hot weather alert update as temperatures in the region are expected to hit 103 degrees Fahrenheit. The alert is effective till the end of this month.

On July 15, PJM Interconnection, the nation’s largest electric grid operator that serves 13 states, had declared a hot weather alert that remained in effect through July 17. Such an alert is issued to prepare power generation facilities and personnel to meet a jump in electricity demand.

Meanwhile, earlier this year, the DOE announced $1.9 billion in funding opportunities to strengthen the U.S. power grid, with the funds coming from a five-year grid resilience program.

The funding will prioritize projects that expand grid capacity, replace existing power lines with higher-capacity conductors, improve overall system security and reliability, and lower prices for consumers.

According to Katie Jereza, assistant secretary at the DOE’s Office of Electricity, the funding will stabilize and optimize America’s grid operations, strengthening it for rapid growth.

Wright said in the statement that for too long, “important grid modernization and energy addition efforts were not prioritized by past leaders.”

“Thanks to President [Donald] Trump, we are doing the important work of modernizing our grid so electricity costs will be lowered for American families and businesses,” Wright said.

Tyler Durden
Wed, 07/29/2026 – 16:35

MSFT Bounces After Revenue Beat On Cloud Strength, CapEx In Line

MSFT Bounces After Revenue Beat On Cloud Strength, CapEx In Line

Microsoft walked into tonight’s fiscal fourth-quarter earnings report carrying the most bearish positioning it has seen in more than a decade, and it does so on an afternoon when the Fed – now run by a chairman who has made a point of telling markets nothing – triggered significant volatility in stocks and bonds.

The positioning data tells the story first. According to S3 Partners data reported by CNBC, roughly 92 million Microsoft shares are now sold short, or 1.27% of the public float – the highest short interest as a percentage of float since May 2015, and the largest short-interest build anywhere in the Magnificent Seven. More telling than the level is the behavior: S3 says there has been virtually no short covering into the print, which means the bears are not taking profits on a stock that is already down more than 18% year-to-date and, as GeekWire notes, sitting near a one-year low despite consistently beating estimates. They are holding, and they are holding into the report.

The reason is not mysterious to anyone who watched last week.

Alphabet delivered what would once have been a triumphant quarter – revenue up 24%, cloud up 82% – then raised its 2026 capex forecast by roughly $15 billion to as much as $205 billion, and for its trouble watched the stock fall 7% the next day and slip below its prior $4 trillion valuation.

Crucially, the lesson from GOOGL is that the market has stopped rewarding hyperscalers for spending money, which is inconvenient for companies whose entire strategic posture is spending money.

“Alphabet’s capex boost increases the odds of similar behavior” from Microsoft and Amazon, Evercore ISI’s Mark Mahaney wrote in a client note last week, which is precisely what the shorts are betting on.

And so, with all that in mind, what did MSFT report?

The headline is a strong top-line beat out of the gate:

  • Microsoft Q4 Revenue was $90.01 billion, up 18%, and better than the consensus $87.7 billion.

  • Q4 diluted earnings per share jumped 23% (on a non-GAAP basis) to $4.74 (but this is not entirely comparable to the $4.25 consensus thanks to $3.2billion gain from their investment in Anthropic and 7c/share loss from OpenAI’s investment)

Under the hood, MSFT’s cloud unit posted a larger-than-expected increase in sales, suggesting that the company’s computing infrastructure and artificial intelligence services continue to make inroads with businesses.

Azure cloud-computing revenue increased 43% during the fiscal fourth quarter, the company said Wednesday in a statement. That exceeded analysts’ average growth estimate of about 40%. 

Nadella highlighted progress on the “cost-to-outcome curve” and noted two major milestones

“We are advancing the frontier on the cost-to-outcome curve, ensuring every customer can turn tokens into business results,” said Satya Nadella, chairman and chief executive officer of Microsoft.

“This year, Azure revenue surpassed $100 billion for the first time, and Microsoft 365 Copilot reached over 30 million paid seats, reflecting the confidence customers are placing in us to power their AI transformation.”

All units beat on revenues:

  • Microsoft Cloud Q4 revenue $59.3 billion, estimate $58.71 billion, up 27% YoY

  • Intelligent Cloud revenue $39.31 billion, estimate $38.17 billion

  • Productivity and Business Processes revenue $37.85 billion, estimate $37.27 billion

  • More Personal Computing revenue $12.85 billion, estimate $12.17 billion

Net income was $35.8 billion and increased 31% on a GAAP basis, and was $35.3 billion and increased 22% on a non-GAAP basis

Finally, and perhaps most crucially, Capital expenditures (including assets acquired under finance leases) increased 70% to $41 billion in the quarter, which is notably less than the $42.5 billion expected, on track to meet their roughly $190 billion annual guidance, but Capital-spending details on the conference call are more important, given the metric exceeds 50% of calendar 2026 sales.

Following an afternoon of pain (thanks to Warsh), MSFT shares are bouncing modestly after hours – up around 3%…

Tonight closes the books on a fiscal year in which Microsoft guided capital expenditures and finance leases to roughly $190 billion – up 61% from the prior year – including, per CFO Amy Hood’s April guidance, a $25 billion hit from higher component prices as the global memory crunch feeds straight into the cost of building AI infrastructure.

The forward-looking problem is worse: BNP Paribas analysts are already penciling in $262 billion of capex for fiscal 2027. Cloud gross margin, guided to roughly 64% for the quarter, has been grinding lower as data-center depreciation piles up, meaning the spending is now visibly eating into the earnings it was supposed to eventually justify.

Along those lines, Bloomberg’s Brody Ford reports that Microsoft added more than $130 billion in new data center leases in the past quarter, signaling an accelerating pace of spending on artificial intelligence infrastructure.

The company’s total commitments for leases that have not yet commenced were $329.1 billion as of the quarter ended June 30, Microsoft said Wednesday in a regulatory filing. That’s up from $196.6 billion in the prior period.

“That’s really a signal of the continued demand strength that we see,” Jonathan Neilson, Microsoft investor relations chief, said in an interview.

“These leases are going to be there to serve demand for many many years.”

The future costs, which come on top of active leases, won’t appear on Microsoft’s balance sheet until it begins making payments on them. The company said they are “primarily” for data centers and some are “subject to certain contractual conditions being met.”

This represents Microsoft’s largest quarterly jump in data center leasing by far.

The software giant continues to be held back by a lack of data center capacity after taking a pause on its leasing activity through much of 2025.

However, as we detailed earlier, simply put, until MSFT demonstrates some more tangible progress in AI (Copilot progress, proprietary LLM, proprietary chip, etc. as OpenAI potentially steals institutional share), it will likely remain on the battleground.

Microsoft will give its sales outlook for the current quarter, its fiscal Q1, as well as details on actual FY2026 CapEx on the conference call with analysts tonight.

Tyler Durden
Wed, 07/29/2026 – 16:21

Houthis Signal Red Sea Shipping Tolls In Mirror Image Of Iran’s Hormuz Plan

Houthis Signal Red Sea Shipping Tolls In Mirror Image Of Iran’s Hormuz Plan

Houthis have entered the chat…

Already multiple Saudi vessels have been targeted in the Red Sea region, forcing a number of tankers to U-turn, and now Yemen’s Houthis are seeking to introduce their own ‘toll system’ for the Bab el-Mandeb Strait.

“Yemen’s information minister said intelligence confirmed IRGC advisers were directly involved in designing a Houthi-enforced toll system for the Bab el-Mandeb, mirroring Iran’s contested claim to charge fees in the Strait of Hormuz,” European media reports Wednesday.

Source: Winward

“The Houthi armed group is working with Iran to charge ships to transit the Bab el-Mandeb in the Red Sea, threatening another waterway after Tehran’s blockade of the Strait of Hormuz, a minister in Yemen’s internationally recognised government said on Wednesday.” 

The scheme is to be a mirror image of that Tehran is seeking to enforce in the Strait of Hormuz, where it continues to insist that it will settle for nothing less than its own vision of management, including fee collection for “navigation” “environmental” and safety assurance. According to more via Reuters:

Yemen’s Houthi group is considering imposing fees on commercial ships sailing through the southern Red Sea, a week after declaring a naval blockade ​on Saudi Arabia, regional sources with knowledge of the matter told Reuters.

The Iran-aligned Houthis on July 20 declared a maritime embargo against Saudi ‌Arabia, opening a new front against the U.S. and its allies in the Iran war and expanding attacks on tankers carrying global energy and other supplies to waters beyond the Gulf.

The US and Saudi backed government in Yemen, which has for over a decade been at civil war with the Houthi rebels, has described the move as “a dangerous escalation aimed at transforming one of the world’s most strategic maritime corridors into a permanent source of funding for the militia’s military and terrorist activities,” according to Yemen’s Information Minister Moammar al-Eryani.

The pro-Saudi axis has said it recently obtained “confirmed intelligence” indicating that Iran’s IRGC were helping to manage the toll initiative.

“The intelligence indicates that IRGC experts and advisers are directly involved in designing the technical and administrative framework of the project,” Eryani added.

Eryani stated this would include “the establishment of a dedicated entity responsible for collecting payments from shipping companies and commercial vessels”.

Iran has been pledging to support its ground proxies in Iraq and Yemen, as both since last weekend appeared to begin launching attacks on Saudi Aramco facilities.

Overnight saw a rare joint US-Saudi response with attacks on Iraqi militias. In the case of Yemen, there’s not much the coalition can do given the Houthis have remained entrenched even after years of massive bombing campaigns, including strikes conducted solely by the Israeli Air Force at times.

China is said to be in direct talks with the Houthis to allow for passage of Chinese vessels, also based on prior precedent wherein the Houthis allowed Russian and Chinese ships to pass without incident, connected to the prior Gaza war.

Tyler Durden
Wed, 07/29/2026 – 15:15

Garmin Boosts Full-Year Forecast As Wearables Earnings Jump

Garmin Boosts Full-Year Forecast As Wearables Earnings Jump

Garmin shares jumped as much as 9.6% in premarket trading after the GPS-device maker delivered a broad beat on second-quarter earnings and raised its full-year outlook.

Garmin produces GPS-enabled electronics and wearable technology across five main markets:

  • Fitness: smartwatches, running watches, cycling computers and activity trackers
  • Outdoor: hiking watches, handheld GPS devices, satellite communicators and dog-tracking systems
  • Aviation: cockpit displays, navigation systems, avionics and flight instruments
  • Marine: chartplotters, sonar, radar, autopilots and fish finders
  • Automotive: vehicle navigation systems, cameras and technology supplied to automakers

The company attributed the outperformance to “strong demand for advanced wearables,” particularly within its fitness segment:

Revenue from the fitness segment increased 25% in the second quarter with growth across all product categories, led by strong demand for advanced wearables. Gross and operating margins were 64% and 37%, respectively, resulting in $277 million of operating income.

During the quarter, we launched the Forerunner 70 and Forerunner 170, easy-to-use GPS running smartwatches designed to help runners of all levels reach their goals. In addition, we celebrated Global Running Day and Global Cycling Day with the release of our running and cycling data reports, highlighting how athletes around the world are recording runs and rides. More recently, we announced the CIRQA Smart Band, a screenless wearable that offers rich wellness and fitness insights without requiring a subscription and further expands our addressable market for wellness devices.

Hottest watch on the golf course is the Garmin Approach S70 Golf GPS Watch: 

Here’s a snapshot of second quarter results:

Pro forma EPS $2.81 vs. $2.17 y/y, estimate $2.28

Revenue $2.02 billion, +11% y/y, estimate $1.92 billion

  • Aviation net sales $268.7 million, +7.8% y/y, estimate $265.4 million
  • Fitness net sales $756.8 million, +25% y/y, estimate $670.5 million
  • Outdoor net sales $482.7 million, -1.6% y/y, estimate $477.6 million
  • Marine net sales $341.4 million, +14% y/y, estimate $322.4 million

Operating income $615.5 million, +30% y/y, estimate $486 million

  • Fitness operating income $277 million, +40% y/y, estimate $196.8 million
  • Outdoor operating income $163.6 million, +3.5% y/y, estimate $142.3 million
  • Aviation operating profit $72 million, +14% y/y, estimate $66.7 million
  • Marine operating income $100 million, +59% y/y, estimate $66.6 million

Gross margin 62.4% vs. 58.8% y/y, estimate 58.8%

Here’s a snapshot of the full-year forecast:

Sees pro forma EPS $10.00, saw $9.35, estimate $9.62 (Bloomberg Consensus)

Sees revenue about $8.05 billion, saw about $7.9 billion, estimate $7.99 billion 

Sees gross margin 59.7%, saw 58.5%, estimate 58.8%

The report offers a positive outlook on consumer hardware demand, with folks increasingly gravitating toward wearables. It also highlights a growing divergence within the technology sector: while the AI selloff pressures memory-chip producers and hyperscalers, consumer-device companies with strong demand and earnings momentum continue to outperform.

Tyler Durden
Wed, 07/29/2026 – 15:00

The Mamdani Grocery Grift: NYC Mayor Sells Taxpayers A Bill Of Goods On City-Run Stores

The Mamdani Grocery Grift: NYC Mayor Sells Taxpayers A Bill Of Goods On City-Run Stores

Authored by Jonathan Turley,

Last week, Mayor Zohran Mamdani’s short stint as a faux president ended with an embarrassing acknowledgment that he could not, as promised during his campaign, arrest Israeli Prime Minister Benjamin Netanyahu.

So, this week, Mamdani the Grocer made a reappearance, with details on the five city-run grocery stores that he will open.

But rather than deliver discount groceries, Mamdani is selling New Yorkers a bill of goods that will cost them millions.

What Mamdani described was a discount food bank dressed up as a grocery. Standing in front of blackboards saying “REDUCED 30%,” Mamdani sounded like a bodega hawker: “Once a month, our five city-run grocery stores will set prices for this core set of goods at 30% below typical retail prices. No exceptions, no gimmicks”

Here’s the most delicious part: the presser was a gimmick from beginning to end.

The mayor promised that “The savings will last for the entire month. That means no weekly fluctuations or sticker shock at the checkout line — not for our seniors living on fixed incomes, nor for the parents who rely on a regular supply of apple slices to keep toddler tantrums at bay.”

The Mamdani markets are new variations of an old New York grift: selling gold watches for $5.

The dupes want to believe that somehow this street vendor, surreptitiously displaying watches inside his overcoat, actually found a way to sell “solid gold watches” for just a few bucks.

The math simply does not add up for Mamdani.

Most groceries have an average profit margin between 1% and 3%, one of the smallest margins of any industry.

To promise a 30% discount below market rate that cannot be adjusted due to monthly market fluctuations is economically absurd.

It is not a description of a competitive grocery but a public charity. It is a quasi-food bank where taxpayers subsidize the cost.

As usual, Mamdani turns this into a class war, demonizing business owners. He suggests that real grocery stores are simply price gougers hoarding windfall profits from consumers. He ignores that they must pay rent, upkeep and fees — all things the city-run stores may simply write off.

He proclaimed, “May the most affordable grocery store win.”

Of course, the test is not which grocery is the most affordable, but which is the most sustainable. If you are willing to take a bath on sales, you can always offer the most affordable prices for as long as your excess cash holds out.

In Mamdani’s case, he has the credit of New York City to draw on to compete against Mom-and-Pop bodegas.

The subsidy, however, is only part of the costs. The average bodega owner must cover the fixed costs of renting a space, building the store, and complying with inspectors. Those are the fixed costs that must be internalized into the cost of produce to break even.

Real stores are competing in one of the tightest markets in the world and are grappling with a 33% nationwide increase in costs since 2019. Mamdani wants to use the stores to prove that socialism works as part of his effort to introduce New York to the “warmth of socialism.” We may never know the real costs of the Mamdani markets.

According to the New York Post, the city plans to open an East Harlem location as its first store, at a reported cost of $30 million.

However, that is not the full cost.  The Post also reported that the city had already appropriated $25 million to improve the first site. The city will lose millions that could have been acquired through a sale of the land or through rents to private companies. Those costs are left on other ledgers and not likely counted in the true costs of the Mamdani markets.

The first store will not even open until 2027 despite the props behind Mamdani. The second Manhattan store will not open until 2029.  That is three years and tens of millions of dollars for just the first two stores.

That is how Mamdani is promising New Yorkers savings of  “$90 a month, or roughly $1,000 a year.” He is using the city to subsidize food under the guise of selling at low, but still profitable prices. Ironically, those who can take advantage of the subsidy at the first two stores in Manhattan will be anyone, including the privileged, wealthy New Yorkers whom Mamdani denounces for not paying their fair share. After all, everyone wants below-market-priced slices in the Big Apple.

The first city-run grocery, in East Harlem, will cost $30 million to build — and perhaps more. It will never need to pay this money back nor factor it into its prices. The “warmth of socialism” will cover it; that is, you.

In reality, Mamdani will be selling apples at a far greater cost than any competitor, but those true costs will be buried in the city budget and paid for by the taxpayers.

Indeed, the Mamdani markets are likely to prove the most expensive groceries in the city.

Mamdani, however, has never sweated the math or the means. He knows that the focus will be on the cash register price and not the true cost.

Of course, there is a big difference between the gold watch grift and the Mamdani grift: buying a knockoff watch only costs chumps a few bucks. The Mamdani con will cost New Yorkers millions, and most will thank him for it.

Jonathan Turley is a law professor and the New York Times best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution.”

Tyler Durden
Wed, 07/29/2026 – 14:40

Watch Live: Fed Chair Warsh Explains ‘Hawkish’ Hold

Watch Live: Fed Chair Warsh Explains ‘Hawkish’ Hold

Having delivered the biggest “non-cut” surprise to markets in decades – by holding rates unchanged (markets were pricing a 35% chance of a hike) – and given Warsh’s distaste for forward guidance, he is unlikely to offer any clearer signals during the press conference.

Bear in mind that since 2015, traders have foreseen the Fed’s ultimate rate decision with an average error of 2.4 basis points the day before the central bank’s announcement, according to a note from Ian Lyngen, head of US rates strategy at BMO Capital Markets.

“The market is set up for a sharper kneejerk response to the FOMC announcement than is typically the case,” Lyngen said.

Jonathan Pingle, chief US economist at UBS, said he hadn’t felt this uncertain about an imminent Fed rate decision in 20 years, back when Ben Bernanke became Fed chair.

However, the three dissents in favor of a rate hike clearly show the direction of travel,and that may prove helpful to Warsh if he aims to tamp down inflation pressures.

While yields are down and gold up after the statement, the dissenters would suggest this decision leans hawkish (Goldman expected 2 dissents, so marginally hawkish).

Warsh will likely emphasize that all options remain open, and that future decisions will depend on the data.

Desks anticipate a continued emphasis on the inflation side of the dual mandate, without offering any type of commitment for future hikes, though he might also acknowledge the upside risks to inflation posed by the latest rise in oil prices.

He recently announced the leaders of the five Chairman’s Task Forces for Advancing Monetary Policy and might provide an update on the timeline for their work.

Watch the full press conference live here (due to start at 1430ET):

Tyler Durden
Wed, 07/29/2026 – 14:25

No Rate-Change Sparks 3 Dissents As Warsh Fed Delivers Biggest ‘Non-Cut’ Surprise In Decades

No Rate-Change Sparks 3 Dissents As Warsh Fed Delivers Biggest ‘Non-Cut’ Surprise In Decades

Tl;dr: The Fed held rates unchanged, delivering the biggest surprise “non-cut” to the market in decades. Three dissenters wanted a rate-hike, clearly signaling the direction of travel and confirming this decision as a “hawkish hold” though arguably only marginally.

*  *  *

Since the last FOMC meeting on June 17th (Kevin Warsh’s first as Fed Chair), a lot has happened, with the Iran war re-erupting driving oil prices and the dollar higher, while stocks (momo/semis meltdown), bonds, gold, and bitcoin are all lower…

Both growth and inflation macro data has surprised to the downside…

But, oil’s resurgence has pushed rate-hike odds significantly higher…

But, this will still be one of the first Fed meetings in years where the market does not have at least 80% confidence in what the committee will do…

One way or another, this will be the largest “non-cut” surprise in decades.

As we detailed earlier, since 2015, traders have foreseen the Fed’s ultimate rate decision with an average error of 2.4 basis points the day before the central bank’s announcement, according to a note from Ian Lyngen, head of US rates strategy at BMO Capital Markets.

“The market is set up for a sharper kneejerk response to the FOMC announcement than is typically the case,” Lyngen said.

Jonathan Pingle, chief US economist at UBS, said he hasn’t felt this uncertain about an imminent Fed rate decision in 20 years, back when Ben Bernanke became Fed chair.

A lack of a track record by Warsh and recent divisions among Fed officials are further clouding the outlook, he said, not ruling out a scenario where Warsh is the one who casts the deciding vote.

“Given the fact that he can push around sort of the median of the committee at the moment, he’s going to decide policy for the next few meetings, and we really have no idea how Kevin Warsh thinks about monetary policy.”

Remember, there are/were 9 members of the committee that saw hikes this year…

Most pundits and sell-side analysts see the central bank leaving rates on hold – especially since last month’s inflation reports came well below expectations, and there are no dots or forecasts to update this month.

So, with the market pricing a one-third chance of a hike today, what did The Fed decide?

  • *FED VOTES 9-3 TO HOLD BENCHMARK RATE IN 3.5%-3.75% RANGE

  • *FED: HAMMACK, KASHKARI AND LOGAN DISSENT IN FAVOR OF RATE HIKE

  • *FED REPEATS ECONOMIC ACTIVITY IS EXPANDING AT A SOLID PACE

  • *FED REPEATS COMMITTEE WILL DELIVER PRICE STABILITY

  • *FED REPEATS JOB GAINS HAVE KEPT PACE WITH WORKFORCE

The three dissents in favor of a rate hike clearly show the direction of travel.

And that may prove helpful to Warsh if he aims to tamp down inflation pressures.

Read the redline below (not much changed)…

Tyler Durden
Wed, 07/29/2026 – 14:00

FDA Panel Backs Wider Access To Six Peptide Therapies, Citing Grey Market Concerns

FDA Panel Backs Wider Access To Six Peptide Therapies, Citing Grey Market Concerns

Via American Greatness,

A Food and Drug Administration (FDA) advisory panel has voted to recommend expanding legal access to six popular peptide compounds. Supporters say it could pull patients out of the unregulated grey market that has flourished under years of federal inaction.

The FDA’s Pharmacy Compounding Advisory Committee reviewed seven peptides during a two-day hearing in Maryland last week, weighing whether each should be added to the agency’s Section 503A Bulks List. Reuters reported the panel voted in favor of moving six forward: BPC-157 for ulcerative colitis, TB-500 and KPV for wound healing, MOTS-c for obesity and osteoporosis, Semax for cerebral ischemia, migraine and trigeminal neuralgia, and Epitalon for insomnia.

Peptides are short chains of amino acids that help regulate metabolism, growth and tissue repair, according to the Cleveland Clinic. Some, including insulin and GLP-1 weight loss drugs, are already FDA approved, while others have remained in regulatory limbo even as demand exploded among patients seeking help with weight loss, muscle building, chronic disease and performance.

If the FDA ultimately adopts the recommendation, licensed compounding pharmacies could prepare the peptides for valid prescriptions, giving patients a legitimate alternative to unregulated online vendors who have filled the gap left by federal delay.

Jim LaValle, a Texas based clinical pharmacist who chairs the International Peptide Society and testified at the hearings, said the vote was not a rubber stamp but a meaningful step toward accountability. “This was not FDA approval, nor was it a blanket endorsement of every peptide, every use or unrestricted access,” he told Fox News Digital. “I have said throughout this process that you do not solve a quality problem by forcing the market underground.”

LaValle said he was encouraged because the recommendation creates a path away from unverified research use only products and toward oversight by qualified clinicians and licensed pharmacies. He described the right model as access paired with guardrails: trained clinicians, licensed pharmacies, validated quality testing and consistent patient follow up.

“My hope is that the FDA follows the recommendation with a transparent, science-driven process, establishes clear, peptide-specific standards, and follows the guidance for approving a substance that meets the FDA’s current regulations,” LaValle said, adding that the process should include verifying that both active ingredients and finished products meet quality standards and tracking any side effects.

LaValle cautioned that the committee’s vote is only a recommendation, not final FDA approval, and that compounded medications are regulated differently than fully approved drugs. He urged patients to avoid research use only products sold online and to work only with licensed clinicians and pharmacies. “The peptide revolution is here,” he said. “However, don’t expect miracles. Better choices related to diet, exercise, gut health, sleep, stress and managing metabolic health, guided by regular lab assessments, should be the goal.”

The FDA will now weigh the recommendation before issuing a final decision.

Tyler Durden
Wed, 07/29/2026 – 12:05

NANO Nuclear Expands Air Force Footprint With Second AFWERX Award

NANO Nuclear Expands Air Force Footprint With Second AFWERX Award

NANO Nuclear Energy has been selected for a new AFWERX Small Business Innovation Research Phase I award, giving the company another opportunity to advance its KRONOS MMR Energy System with the Department of the Air Force.

The new Phase I award is framed as a broad research and development agreement. NANO said the contract is focused on using KRONOS to “address the most pressing challenges in the DAF [Department of the Air Force].”

The distinction between this award and NANO’s previous Air Force contract is worth noting. 

Last year’s roughly $1.25 million Direct-to-Phase II award was tied to a specific objective: studying the feasibility of deploying a KRONOS MMR at Joint Base Anacostia-Bolling in Washington, DC. That work examines the base’s energy requirements, grid vulnerabilities, siting options, environmental considerations and regulatory pathways.

Rather than evaluating a reactor for one predetermined location, the new engagement could give NANO a wider platform to demonstrate how KRONOS might support energy resilience across additional Air Force installations and potentially other defense applications. It arrives as the military is moving ahead with microreactor projects at several bases, reflecting growing concern over fragile commercial grids and the need for dependable, on-site power.

Of course, an early-stage government award should not be confused with a reactor purchase order. There is still plenty of engineering, licensing and bureaucracy standing between an SBIR contract and an operating nuclear plant.

Still, NANO now has multiple active Air Force engagements instead of a single feasibility study. The earlier Phase II contract gave the company a concrete deployment target, while this broader Phase I award could give it something potentially more valuable over the long run.

Tyler Durden
Wed, 07/29/2026 – 11:45