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“The Magic Deportation Bus”: US Prepares For Largest-Ever Mass Visa Revocation In History

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“The Magic Deportation Bus”: US Prepares For Largest-Ever Mass Visa Revocation In History

Shortly after AP News reported Monday evening that the Trump administration was preparing the largest mass visa revocation in US history, targeting up to 200,000 foreigners, the White House posted a meme on X spoofing the animated series The Magic School Bus and renaming Ms. Frizzle’s vehicle “The Magic Deportation Bus.”

The report states that the State Department is expected to announce the rolling cancellation of B1 and B2 visas issued between 2016 and 2026. The revocations will be coordinated with the Department of Homeland Security to identify affected visa holders.

“We are coordinating with DHS to identify and revoke the nonimmigrant visas of foreigners who have come to the United States claiming to be short-term visitors, but then file for asylum to stay here permanently,” State Department spokesman Tommy Pigott told the outlet.

Deputy Secretary of State Christopher Landau wrote on X, “People in the US and all over the world are fed up with bogus asylum claims. Asylum isn’t supposed to be a loophole to circumvent immigration law.”

Revocation would not automatically result in deportation. Foreigners with pending asylum cases would generally remain in the immigration system but lose their classification as legitimate business or tourist travelers.

Over the past 18 months, the State Department has revoked roughly 175,000 visas involving alleged criminal conduct, national security concerns and, in some cases, public opposition to US foreign policy.

In July, US Immigration and Customs Enforcement (ICE) arrested a record 51,000 illegal aliens. Deportations for the year stand at 356,389.

Meanwhile, Democrats continue to die on the hill of defending criminal illegal aliens, even though the vast majority of Americans support deporting illegal aliens who commit crimes.

Milton Friedman … 

At the same time, the party’s far-left wing, led by the Democratic Socialists of America, is openly promoting an agenda that would effectively eliminate borders and invite an even larger wave of illegal immigration. 

The consequences of uncontrolled mass migration are absolutely nation-killing, as Europe is discovering the hard way. The resulting public backlash is now driving what Nomura describes as Europe “lurching right” ahead of the coming 18-month election cycle. 

Tyler Durden
Tue, 08/25/2026 – 18:00

Report: Taxpayers Funding $230 Million In Federal Grants Tied To ‘Intersectionality’

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Report: Taxpayers Funding $230 Million In Federal Grants Tied To ‘Intersectionality’

Authored by AG News Staff via American Greatness,

The federal government has awarded about $230 million to programs referencing “intersectionality,” with much of the funding originating during the Biden administration, according to a new report from two policy groups.

The Defense of Freedom Institute and Legal Insurrection Foundation identified 249 federal assistance records that used the term “intersectionality,” an ideological framework that examines race, sex, class and other characteristics in assessing discrimination and privilege.

According to the report, about $140 million has been spent, while another $90 million remains obligated. Funding surged during former President Joe Biden’s administration, peaking at $80.1 million in 2023, before declining under President Donald Trump.

Some grants remain active through 2030, and roughly 100 of the 249 awards identified by researchers appear to be ongoing.

“Amazingly, we have discovered that the federal government has been funding the Intersectionality movement,” William Jacobson, founder of the Legal Insurrection Foundation and a Cornell Law School professor, told the New York Post. “This has to stop.”

The grants encompass projects ranging from medical research to universities, museums and community programs. In some cases, intersectionality was one component of research receiving federal support rather than the primary purpose of the grant.

Among the awards highlighted was nearly $11 million to the New Hampshire Department of Health for cancer prevention and control programs. The program targeted populations experiencing health disparities, including what it described as an “intersectionality of gender and income inequality.”

Other examples included $8.16 million to New York University for a diabetes equity research center and $14.25 million to Drexel University for a program intended to increase diversity among faculty studying health disparities.

The report’s authors warn that embedding intersectionality into federal programs could encourage recipients to make decisions based on race and other protected characteristics while disguising those practices in academic terminology.

“This report shows just how deeply intersectional ideology has become embedded in the federal grant-making apparatus,” Defense of Freedom Institute President Robert Eitel said.

Tyler Durden
Tue, 08/25/2026 – 17:40

Trump Says All Mines Cleared From Strait Of Hormuz, Warns Military Options Still On Table

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Trump Says All Mines Cleared From Strait Of Hormuz, Warns Military Options Still On Table

President Trump took to Truth Social on Tuesday to declare that all mines have been removed from the Strait of Hormuz – it what seems yet another attempt to declare all is well at a moment Washington has shifted from prior military operations to an economic ‘strangulation’ and siege policy targeting the Islamic Republic.

“I have just been informed by the United States Navy that all mines have been removed and/or detonated from within the International Waters of the Strait of Hormuz,” the President wrote on Tuesday. “Iran has been notified that any ship or boat placing new mines will be immediately and systematically destroyed. There is a Zero Tolerance policy on mine placement in full force and effect.”

So while there is a temporary calm for now, also with Iran not having targeted foreign vessels in at least the last couple days, Trump is essentially saying military options remain on the table.

Below is the text of the full Truth Social Post [emphasis ZH]:

I have just been informed by the United States Navy that all mines have been removed and/or detonated from within the International Waters of the Strait of Hormuz. Iran has been notified that any ship or boat placing new mines will be immediately and systematically destroyed. Through Space Force, we are watching every square inch of the Strait, as we are, also, with Pickaxe Mountain and the already destroyed three other Nuclear sites. There is a Zero Tolerance policy on mine placement in full force and effect. Thank you for your attention to this matter!

US officials along with reports in Axios and other outlets have touted US Navy assistance for a steady small ‘stealth’ stream of tankers still transiting the Strait each day with fighter jet monitoring operations near the Omani coastline.

Axios claimed for example that last week 15 million barrels of oil exited the waterway on a single day.

But some maritime monitor organizations and pundits remain skeptical, and the situation is muddied given that many ships must turn off their transponders if they choose to risk the passage, which for months has been subject to attack by Iranian drones and missiles.

This summer, for the first time in history, Trump threatened to bomb Muscat over negotiations with Tehran, given Iran has asserted that the Oman-brokered Hormuz management plan cuts the US out of the process.

Trump told Fox News journalist Trey Yingst: “If Oman gets in the way, we’ll bomb the sh*t out of them.”

Coupled with this is Bessent’s rollout on Monday of details of an economic ‘D-Day’ against Iran, saying that the country will be completely isolated from the world economy, and threatening secondary sanctions against any third party country that doesn’t comply.

The big question remains whether Washington would actually go after China over violation of the new Iran restrictions, especially given China’s President Xi Jinping is set to be hosted at the White House, just weeks away.

Tyler Durden
Tue, 08/25/2026 – 14:40

Here’s How AI Is Impacting America’s Mental Health Crisis

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Here’s How AI Is Impacting America’s Mental Health Crisis

Authored by Autumn Spredemann via The Epoch Times,

When Americans are feeling down, instead of calling a mental health professional, a growing number are reaching for their keyboards. Artificial intelligence chatbots have become confidantes, sounding boards, and even substitutes for therapists. Some say this could have a significant impact on the U.S. mental health crisis.

This shift is unfolding against the backdrop of a substantial mental health burden in the United States. An American Psychiatric Association poll revealed 62 percent of respondents reported high levels of anxiety. Meanwhile, the online mental health care provider Innerwell revealed that more than 61 million U.S. adults reported a mental health condition in 2024.

Almost half of them did not receive any treatment.

So what happens when the 24-hour availability of AI chatbots steps into the treatment void? Well, some care providers say that the outcome will be a mixed bag on its best day.

Others think the habit of turning to AI for mental health support will eventually change the nature of human relationships.

“People are increasingly outsourcing emotional labor – flirting, apologizing, repairing, expressing vulnerability – to AI,” Luis Maimoni, a licensed marriage and family therapist, told The Epoch Times.

Maimoni said AI chatbots can feel supportive, but also take the “human out of human relationships.”

“Some people do form attachments to chatbots, but that’s not the part that worries me most. The bigger issue is population-wide: when enough people stop practicing relationship skills, those skills naturally fade,” he said.

In his experience, Maimoni said turning to AI chatbots for comfort affects couples, families, and kids. He also believes this will eventually take a toll on the next generation.

“If we lose our ability to connect with each other and the world around us, we lose one of the things that makes us most human,” he cautioned.

Maimoni’s concerns are supported by the fast-growing trend of supplementing human interactions with AI in difficult situations. In a survey of more than 1,200 licensed psychologists, researchers at the American Psychological Association found that 39 percent of care providers have discussions with patients who use AI to self-diagnose.

The same study noted that 35 percent of care providers’ patients were using AI as an “additional mental health professional.”

Echo Chamber Effect

On the one hand, professional care providers say AI could offer new ways to reach people who lack access to traditional treatment. However, the technology’s expanding role with nuanced, even intimate conversations with human operators also comes with considerable risks.

“One of the most important distinctions in mental health care is the difference between validation and agreement. As a therapist, I might tell a client that I understand why an experience felt frightening without agreeing that their interpretation of what happened is necessarily accurate,” Dr. Susan Johnston told The Epoch Times.

Johnston is a Florida-based, licensed mental health counselor and the founder of Human AI Dynamics. She said good clinical work often involves “validating the emotion” of a patient while leaving room for reality testing, uncertainty, and other explanations.

She pointed out that, for the moment, most AI chatbots don’t operate with this level of discernment.

“A chatbot can sometimes blur that distinction because maintaining a supportive conversation may result in repeatedly mirroring the user’s interpretation back to them,” she said. “For someone who is already vulnerable, the response can begin to feel like independent confirmation.”

Consequently, if a person is struggling with a mental health condition, they may end up drawing the conclusion “even the AI agrees with me,” according to Johnston.

“Something designed to make a person feel heard can then unintentionally strengthen a belief that might instead need to be questioned or explored more carefully,” she said.

Dr. Michelle Harris, a licensed social worker and doctor of behavioral health, shares this perspective.

“One concern is that prolonged chatbot use can create a kind of closed feedback loop,” Harris told The Epoch Times.

Harris has more than 20 years of experience in mental wellness and is the founder of Anew Health Solutions. She said someone who is already experiencing paranoia, delusional thinking, mania, severe depression, or suicidal thoughts may return to the same fears or beliefs repeatedly. AI could then continue reinforcing that framework instead of recognizing that someone’s mental state is spiraling.

“A clinician is assessing much more than the words someone says. We are considering history, behavior, functioning, risk, changes over time, nonverbal cues, medication, sleep, support systems, and whether a person’s interpretation of reality appears to be changing. A general-purpose chatbot does not have that full clinical picture,” she explained.

Harris added mental health organizations have specifically cautioned that AI tools may engage “unsafely with vulnerable users.”

“If someone says, ‘I believe people are following me and I am terrified,’ I can acknowledge that the fear feels very real and frightening without agreeing that people are actually following them. In mental-health care, compassionate support sometimes has to exist alongside gentle challenge, further assessment, or reality testing,” she said.

A May study published in the Journal of Behavioral Addictions supports these concerns. The researchers stated clinical observations point to a link between intensive chatbot use and psychiatric destabilization in vulnerable individuals.

“For someone with a vulnerable mind, a delusion or a hallucination is a very real part of their reality and an extremely dangerous part,” Dr. Michael J. Zizmor, founder of Zizmor Mental Health, told The Epoch Times.

Zizmor said the “engagement-validation loop” perpetuated by an AI system may, in some cases, fuel delusions and gaslight a user into believing in something that a human companion would’ve pushed back on.

“The danger is compounded by the bots’ extremely humanlike and available nature, which may lead delusions to be reinforced, grandiose delusions to be magnified, feelings of hopelessness and worthlessness to become overwhelming, an unwillingness to take prescribed medications to occur, or to engage in dangerous behaviors,” Zizmor said.

Meanwhile, AI advocates say chatbots could play a telehealth-style support role for those who are struggling with certain mental health conditions. They argue chatbots could be particularly useful given the worsening shortage of healthcare workers in the United States.

As of 2026, around 130 million Americans live in areas with a shortage of mental health professionals.

Some believe AI can help close the gap between supportive care needs and availability amid America’s ongoing shortage of qualified human counselors.

“With these developments, rigorously tested AI chatbots are an underappreciated solution to the shortage of therapists and may help address key challenges in mental health care: access, affordability, and the delivery of consistent, empathetic care,” researchers at the Milbank Memorial Fund stated.

Old Problems, New Approach

Johnston believes a cautious strategy is needed with AI chatbots used for mental health support, but also thinks the technology could be beneficial under the right circumstances.

She believes this matters more than many realize because of the U.S. healthcare system’s longstanding struggles with provider shortages, cost, insurance barriers, and potentially lengthy wait times to see a therapist.

“If AI helps some people cope, seek help earlier, or maintain gains between appointments, there could be a meaningful public-health benefit; if another group becomes more isolated, experiences worsening symptoms, or delays professional care, that could add pressure to an already strained system. At this scale, I don’t think we can evaluate AI only by asking what happens to the average user; we also have to understand what happens to the smaller groups of users who may be particularly vulnerable,” she said.

Harris agreed that mental health support in the United States is a “very real issue” due to workforce shortages, and AI might be helpful on this front.

“AI has tremendous potential as an adjunct,” Harris said. “Someone might use it to organize their thoughts before an appointment, learn basic coping strategies, identify questions to ask a provider, or receive general information while waiting for care. Research involving a purpose-built generative-AI therapeutic chatbot has shown promising symptom improvements, which tells us there may be meaningful opportunities here.”

That said, she clarified there’s a big difference between a clinically developed and studied intervention and using a general-purpose chatbot as a therapist.

Zizmor, Harris, and Johnston firmly agree that AI isn’t creating a national mental health crisis in its own right, but rather throwing a can of gas on the existing one.

From Zizmor’s perspective, he believes AI is an amplifier, not a root cause. He thinks the outcome of the technology’s use in mental health support depends entirely on the circumstances of the person using it. He said AI’s use in this capacity should be regulated “not as an independent replacement for healthcare professionals, but rather as an addition under their supervision.”

Harris concurred. “AI may help bridge certain gaps. But the danger is when the bridge becomes the destination.

For Johnston, the rise of chatbot popularity as a mental health crutch heralds an opportunity to look at the deeper issue.

“Rather than only asking whether people are becoming too attached to AI, I think we also need to ask what the AI is providing that the person was not getting somewhere else and why that need went unmet,” Johnston said.

“The answer may tell us as much about the weaknesses in America’s existing mental-health system as it does about artificial intelligence.”

Tyler Durden
Tue, 08/25/2026 – 14:20

Netanyahu Claims ‘Iran Tried To Assassinate One Of My Sons’

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Netanyahu Claims ‘Iran Tried To Assassinate One Of My Sons’

Previously, Iranian state media aired images which appeared to threaten President Donald Trump’s son Barron Trump, and following this Israeli Prime Minister Benjamin Netanyahu appears to be seizing the moment.

Netanyahu has claimed in a phone interview with Israel’s Channel 14 on Monday that Iran tried to assassinate one of his two sons. “Iran targeted one of my sons. Iran tried to kill, to murder one of my sons,” he claimed.

GPO/Flash90

“Therefore, the security they get is not a luxury,” he added, in reference to his argument that the state must continue protecting his family for years to come – even if he loses the upcoming election.

He described that without this protection for at least five years, “they would succeed,” referencing imagined would-be Iranian assassins.

Netanyahu has two sons, Yair and Avner, but he didn’t specify if one or the other was under threat by an alleged assassination plot.

Avner lives in Israel, while Yair – the one who is much more visible and outspoken on social media – lives in a luxury area of Miami.

Israeli media further claims as follows: “A Channel 12 report says the alleged attempt took place at a time when Yair Netanyahu was not in Israel, but does not specify that Yair was the target.”

The report also seeks to address why this is suddenly being “revealed” now:

The alleged assassination plot has been known to the Israeli security establishment for several months, the TV report says, but has been barred from publication by the military censor.

Israel has tended to push ‘assassination plot’ claims while offering no public evidence and at opportune times which seemed aimed at escalating Washington’s involvement against Iran.

For example, back in July when Netanyahu was openly pushing against White House efforts to pursue a negotiated settlement with Tehran there was this:

Israel shared intelligence with the United States that Iran had recently devised a new plan to assassinate President Donald Trump, two sources familiar with the matter told CNN, adding another layer of tension as a ceasefire deal between the countries comes under strain.

One of the sources said the warning came this week. Another source said the US had picked up a steady drumbeat of intelligence in recent weeks about possible plans to assassinate Trump, but the warning from Israel was new and concerned a specific plot.

At the time, the White House did not seem too alarmed by the ‘warning’ – and hasn’t made much reference to it since.

In the opening days and weeks of Operation Epic Fury, literally dozens of top Iranian government and military officials were assassinated – and in some cases their family members died in the same attacks. Israel’s military owned up to many of these operations, boasting publicly during the height of the bombing campaign. 

This new claim by Netanyahu of covert plot against his family also comes just as Bessent unveiled a so-called Economic D-Day policy to strangle the Islamic Republic economically.

Tyler Durden
Tue, 08/25/2026 – 14:00

“All Accurate”: Musk Confirms Massive New Starship Rocket Base In Louisiana

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“All Accurate”: Musk Confirms Massive New Starship Rocket Base In Louisiana

Our report from several weeks ago, titled SpaceX In ‘Final Stages’ Of Securing Massive New Rocket Launch Site In Louisiana,” was confirmed Tuesday afternoon by Elon Musk and his rocket company.

“Starbase, Louisiana, will be built to support thousands of Starship flights a year, with missions launching to Earth orbit, the Moon, Mars, and beyond,” SpaceX wrote on X.

Musk also chimed in, saying reports about the new $100 billion spaceport near Pecan Island, Louisiana, were “all accurate.”

Let’s come back to our Aug. 3 report, in which we cited the Times-Picayune:

SpaceX is poised to take control of roughly 130,000 acres at Pecan Island, more specifically in coastal Vermilion Parish, as part of a settlement resolving long-running coastal lawsuits against ExxonMobil. Gov. Jeff Landry is expected to announce the agreement this month.

One X user responded to Musk’s post: “This is unironically the biggest thing to happen to Louisiana since the Louisiana Purchase.”

 

Tyler Durden
Tue, 08/25/2026 – 13:40

Stellar 2Y Auction Stops Through On Most Foreign Buying Since March 2025

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Stellar 2Y Auction Stops Through On Most Foreign Buying Since March 2025

After last week’s post “Bessent buyback” fireworks, which sent yields on a rollercoaster ride in the subsequent days, many were very curious to see how today’s sale of $69BN in 2 year paper, the week’s first coupon auction, would go and whether Bessent inadvertently had impaired primary market issuance. In the end, the auction went through without a glitch.

The $69BN auction of 2Y notes priced at a high yield of 4.204%, down notably from 4.315% last month as rate hike odds have eased substantially, and stopped through the When Issued 4.208% by 0.4bps, the 3rd consecutive stopping through auction in a row.

The bid to cover was an unspectacular 2.599, down from 2.662 in July and the lowest since March (it was below the 2.611 recent average).

The internals were stronger with Indirects awarded 66.0%, up from 56.6% and the highest allocation to foreign buyers since March 2025. Directs dropped to 23.09% from 34.05%, the lowest since March, which left 10.9% for Dealers the second lowest since February. 

Overall, this was a stellar 2Y auction and one would hardly have guessed that the bond market had gone through the most turmoil of 2026 just a few days earlier.

Tyler Durden
Tue, 08/25/2026 – 13:23

“Going Through Some Pain”: Dick’s Smashed Most On Record As Foot Locker Bet Goes Limp

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“Going Through Some Pain”: Dick’s Smashed Most On Record As Foot Locker Bet Goes Limp

Dick’s Sporting Goods shares crashed by the most on record Tuesday after the sporting goods retailer slashed its annual sales and adjusted operating-income forecasts, as softness at recently acquired Foot Locker deepened concerns about the $2.4 billion takeover.

We’re going to go through some pain,” Chairman Ed Stack told analysts on an earnings call.

Dick’s now expects fiscal-year net sales of $21.9 billion to $22.2 billion, below its previous forecast of $22.1 billion to $22.4 billion, as deteriorating sales at Foot Locker offset continued strength at its core stores.

The divergence was alarming: Foot Locker’s pro forma comparable sales fell 3.6% in the second quarter, while comparable sales at Dick’s stores rose nearly 5%.

Notably, Foot Locker’s core shoppers are young men aged 12 to 25 who buy premium sneakers and athletic apparel. These shoppers tend to be more value-conscious and somewhat lower-income. So, with national gasoline prices remaining well above $4 per gallon, cutting back on sneakers could be one of their first moves.

As the quarter progressed, conditions across portions of the athletic footwear and apparel marketplace became increasingly promotional, and we took action to remain competitively priced to protect and grow our leadership position. This environment had a more significant impact on the Foot Locker Business given its greater exposure to legacy footwear silhouettes and greater dependence on footwear launch and retro product. Not only were there fewer launches in the second quarter, but those launches performed below both industry and our expectations. As a result, we are taking a more cautious view of the balance of the year,” Stack said.

Dick’s shares crashed nearly 28% during the cash session, marking the biggest intraday decline on record, according to Bloomberg data going back to 2002.

The stock was down 34% for the year as of around lunchtime Tuesday.

Here’s Barclays analyst Adrienne Yih’s initial take on the dismal earnings report:

Despite challenging footwear backdrop, core DICK’S proves the strength of the model; Foot Locker exposes the weakness of the category. Despite an increasingly promotional footwear and apparel environment, the DICK’S business delivered +4.9% comps, with broad-based growth, higher transactions, and market-share gains. Foot Locker’s -3.6% comp and sales-outlook reduction underscore the pressures facing footwear-centric retailers tied to legacy silhouettes, fewer launches, and retro products. With FY26 comparable-sales guidance reiterated for the DICK’S banner, growth is likely to moderate from current levels, while Foot Locker is expected to experience a weaker fall season. FY26 adjusted operating income was lowered due to expectations for an increasingly challenging footwear industry, as evidenced by footwear brands in recent weeks. We believe DKS’s long-term strength as the dominant player remains intact, but near-term industry trends will affect the Foot Locker turnaround. In premarket trading on Aug. 25, 2026, DKS shares fell 17%, compared with a flat S&P 500.

2Q26 miss; FY26 guidance lowered. Consolidated DKS adjusted EPS of $3.53 missed the consensus estimate of $3.76, driven by lower sales and higher operating expenses. Total revenue of $5.59 billion came in below the consensus estimate of $5.65 billion. Comparable sales grew 4.9% at the DICK’S business, while the Foot Locker business turned negative at -3.6%. Overall, pro forma comparable sales increased 2.1%. Gross margin of 34.1% exceeded the consensus estimate of 33.9%. The operating-expense rate of 25.9% of sales missed the consensus estimate of 25.5%. FY26 guidance for the consolidated entity was updated, with management now forecasting adjusted EPS of $11.00 to $12.00, down from $13.50 to $14.50 previously and below the consensus estimate of $14.34; net sales of $21.9 billion to $22.2 billion, down from $22.1 billion to $22.4 billion previously and below the consensus estimate of $22.4 billion; comparable sales at the core DICK’S business of +2.5% to +4.0%, unchanged from the previous forecast; comparable sales at the Foot Locker business of -2.0% to 0.0%, down from +1.5% to +3.0% previously; and adjusted EBIT of $1.46 billion to $1.56 billion, down from $1.71 billion to $1.83 billion previously and below the consensus estimate of $1.80 billion.

Core DKS inventory in strong position. Based on our proprietary inventory analysis, DKS has posted four consecutive quarters of positive sales-to-inventory growth. In FY2Q26, the Inventory Management Spread (“IM Spread”) was 88 basis points, worsening from 377 basis points in the previous quarter. DKS’s Gross Margin Return on Inventory (“GMROI”) has improved for four consecutive quarters, while its Operating Margin Return on Inventory (“OMROI”) has worsened for two consecutive quarters. (Until the anniversary of the Foot Locker acquisition, our inventory metrics include only the core DICK’S business and exclude the Foot Locker business.)

What other analysts are saying, courtesy of Bloomberg:

Quo Vadis Capital

  • “We are not tempted by DKS shares at an 18% premarket decline,” writes John Zolidis, president and founder of Quo Vadis.
  • He cites two problems at the retailer.
  • First, the outlook for Dick’s core business was revised downward based on an increasingly promotional environment in the channel and the company’s decision “to participate” in that activity.
  • “This is disappointing in the context of management’s previous commentary about the strength of the business and implied insulation from pockets of weakness in customer cohorts and subcategories seen elsewhere,” Zolidis says.
  • The second and bigger issue is the lack of improvement at Foot Locker.
  • “DKS did not understand what it was buying with Foot Locker,” in his view, and the risk is now “becoming very real” that DKS will need to commit additional capital to Foot Locker.
  • “The best path may be to admit the mistake now and write off the entire chain,” Zolidis adds.

Citi (Buy)

  • Analyst Paul Lejuez expects the stock to come under “significant pressure” following the lowered annual guidance and the “more challenging backdrop” cited by management.
  • “We suspect that weak Foot Locker 2Q comps were expected by many, but the lowered FY Dick’s banner EBIT margin and Foot Locker sales/EBIT reduction (which calls into question the timing of any potential fix) are the big negative surprises,” he writes.

Bloomberg Intelligence

  • The earnings shortfall and reduced annual outlook for Foot Locker’s same-store sales “deepens skepticism about the merits” of the acquisition, analyst Lindsay Dutch writes.
  • “Dick’s promised a turnaround of Foot Locker, yet the 3.6% same-store sales decline in 2Q shows it has failed to deliver as tighter discretionary budgets pressure the lifestyle footwear category,” she says.
  • The legacy business “remains solid, with steady sports-focused demand.”

UBS (Buy)

  • The 2Q results and annual guidance update show that the company has been “subjected to the challenging conditions in the athletic footwear and apparel market as of late,” analyst Michael Lasser writes.
  • The core business continued to gain market share, but both segments, Dick’s and Foot Locker, sacrificed some margin to drive business, he says.
  • Key question: If challenging conditions in the athletic footwear and apparel market persist for a prolonged period, how will the earnings power of the combined business be affected?
  • Another question is whether Foot Locker’s recent performance will prompt management to change its strategy for the segment.

Jefferies (Hold)

  • “The core Dick’s business held up well this quarter, with Foot Locker soft,” analyst Jonathan Matuszewski writes.
  • “More important, as foreshadowed by other retailers and brands in the sporting goods retail landscape, the category has softened and management now expects more promotionality and less robust growth in 2H,” he adds.

Tyler Durden
Tue, 08/25/2026 – 12:30

Canada Retaliates, Slaps $20 Billion In Tariffs On 700 US Goods

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Canada Retaliates, Slaps $20 Billion In Tariffs On 700 US Goods

Days after the US hit Canada with a 50% tariff on $20 billion worth of Canadian goods amid a collapse in trade talks – and a Monday threat to include cars, trucks, auto parts and steel, Canada hit back on Tuesday – announcing retaliatory tariffs as high as 50% on $20 billion worth of American products. 

Canada will begin collecting tariffs of 50, 25, and 15 percent on roughly 700 products beginning on Sept. 8. Most notably is the doubling of tariffs on American steel and aluminum to 50%. In addition to tit-for-tat tariffs on things like tools, clothing and forestry products, Canada is also targeting consumer products like home appliances. 

The retaliation was expected following warnings by Prime Minister Mark Carney – a former central banker, who said that Canada would match US tariffs “dollar for dollar,” though he admitted that the move “will raise costs and reduce choice for Canadians,” NYT reports.

One of the major sources of tension in the trade negotiations was the United States’ 25 percent tariff on automobiles, a major export for Canada, introduced about 18 months ago. On Tuesday Canada said it would keep its retaliatory tariff on American-made cars at 25 percent and maintain a system that allows companies that build cars in Canada to continue to import them from the U.S. tariff-free, within limits. Canadians buy more cars from the United States that they ship there. -NYT

Canada imports around $272 billion in US goods annually – while Carney’s government says it will spend far more on keeping Canadian exporters solvent than it will bring in from the tariff, so ouch. 

Or as the NYT frames it; “because Canada’s economy is about one-twelfth the size of the U.S. economy, its retaliatory tariffs will have the effect of a pea shooter in a gun battle.” 

Tyler Durden
Tue, 08/25/2026 – 12:15

Trump Admin Proposes New $100K H-1B Fee To Offset Immigration Enforcement Costs

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Trump Admin Proposes New $100K H-1B Fee To Offset Immigration Enforcement Costs

The Trump administration plans to charge employers a fee of $103,265 for H-1B skilled foreign workers, according to a proposed regulation posted on Monday. Revenue from the fee would be used to offset the costs of running the federal immigration system – including courts and US Immigration and Customs Enforcement (ICE). 

A similar $100,000 fee was shot down in June by an Obama-appointed federal judge in Massachusetts, after Trump attempted to implement it via presidential proclamation and 20 blue states went apeshit. The administration’s argument is that the H-1B program has been used to take jobs from Americans, and the additional fee would cause employers to consider the cost of just hiring Americans.

Citing a working paper in the National Bureau of Economic Research, the new proposed regulation argues that the new fee would make employers “less likely to hire an H-1B worker over a qualified and highly-skilled American.” The paper found that H1-B workers make on average around 15% less than American counterparts

The program, passed by Congress in 1991, lets employers hire 65,000 skilled foreign workers per year – with an additional 20,000 visas available for workers who hold advanced degrees from US universities. 

The new proposed regulation is set to publish in the Federal Register today – and would exempt some groups such as most US colleges, universities and nonprofit hospitals associated with academic institutions. Unlike last year’s proposal, this one would apply to many people already living in the US – not just new applications submitted from abroad.

The new rule would also restrict a major pathway used by tech companies. In recent years, Amazon has received the most H-1B visas – with over 9,300 approved petitions in FY2026 through June 30, the Washington Post notes – citing US Citizenship and Immigration Services data. Other companies using the H-1B program are India-based IT and outsourcing firms such as Infosys and Tata Consultancy Services, followed by American companies Apple and Microsoft.

Tyler Durden
Tue, 08/25/2026 – 11:40