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Weak economy, consumer demand shifts hit Flowers Foods

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Weak economy, consumer demand shifts hit Flowers Foods

THOMASVILLE, GA. — Intensifying economic pressures, changing consumer preferences and stiffer competition translated into weaker second-quarter results at Flowers Foods, Inc. than the company had anticipated. Particular pressure on the company’s loaf bread business, including its Wonder and Dave’s Killer Bread brands, contributed to decreases in sales and profits during the period.

The setback in the second quarter has prompted Flowers to take additional cost-reduction efforts while accelerating growth initiatives. Sales and earnings guidance for the current year were lowered.

Net income in the second quarter ended July 18 totaled $40.66 million, equal to 19¢ per share on the common stock, down 30%, from $58.37 million, or 28¢ per share, in the second quarter of 2025. Sales were $1.19 billion, down 4% from $1.24 billion a year earlier. The sales decrease marked a reversal from the company’s first quarter, when Flowers Foods generated an increase of 1.1% in sales.

In the second quarter, volume dropped 5.8% while pricing/mix were up 1.8%.

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A. Ryals McMullian, chairman and chief executive officer, pinpointed soft demand for bread as the key to the weak financial results, reflecting “ongoing pressure on household budgets, evolving consumer purchasing behavior, and continued competitive dynamics.”

The competitive dynamics were responsible for a “more difficult operating environment” than Flowers had anticipated, McMullian said.

“While we expected many of these headwinds to persist, their pace and magnitude intensified during the quarter, contributing to softer demand across much of our portfolio and results that fell short of our expectations,” he said.

Economic weakness prompted consumers to trade down to more affordable options as well as toward formats where Flowers is still building scale, McMullian said.

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 “Those shifts were compounded by consistent promotional intensity and strong competition across pricing and assortment,” he said.

Flowers is accelerating initiatives to strengthen competitiveness, improve execution, advance innovation, and prioritize the highest-value opportunities, McMullian said. He said the efforts already are generating “tangible commercial momentum.”

“Recent progress includes new business wins, entry into new markets, and key wins in away-from-home and cake categories, which we expect to contribute meaningfully to sales as those opportunities fully ramp,” he said.

The effects of the consumer and competitive pressures McMullian cited were particularly pronounced in the loaf bread category, including the company’s major Nature’s Own and Wonder brands. In the case of Nature’s Own, mainline product sales were weak, but the brand overall benefited from strength in its Perfectly Crafted sub-brand, with sales rising more than 9%. McMullian described new sourdough and Italian herb varieties as growth drivers.

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The relaunch of Nature’s Own, reformulated with fewer ingredients and without flour enrichment, was described by McMullian as a “a key step” in the company’s efforts to revitalize its bread business. The move was announced midway through the second quarter.

“Early feedback from customers and distribution partners has been excellent, particularly around the brand’s simpler ingredients, stronger better-for-you positioning, and Non-GMO Project verified offering at national scale,” McMullian said. “While this initiative remains in its early stages and has not yet meaningfully contributed to results, positive customer feedback and the brand’s growing presence in the better-for-you segment reinforce our confidence in Nature’s Own’s ability to extend its category leadership over time.”

To achieve success for the relaunch, McMullian said Flowers is focused on building awareness, securing displays, improving shelf communication, and supporting the brand across the full path to purchase.”

He said the marketing campaign associated with the launch featuring spokesperson John Cena has begun to “generate stronger consumer engagement and positive social media feedback.”

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While citing Nature’s Own as brand with Wonder that was pressured during the quarter, McMullian later said the Nature’s Own brand “performed very well, gaining 30 basis points of dollar share and 20 basis points of unit share.”

“Nature’s Own Perfectly Crafted was the primary driver and continued to build momentum, increasing dollar sales and gaining 20 basis points of unit share in the quarter, helping offset some of the pressure on our overall performance in the category,” McMullian said. “During the July Fourth holiday period, we held unit share and grew dollar share during this important seasonal window.”

By contrast, Dave’s Killer Bread lost unit and dollar share during the quarter. McMullian attributed the performance to planned reductions in marketing spending, changing consumer preferences, intensifying competition and consumer price sensitivity. He said Flowers is working to improve performance through innovation, expanded distribution, and advertising.

During an analyst call Aug. 21, McMullian said marketing dollars redirected from core Dave’s Killer Bread products are shifting back.

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“We should see more normalized levels of promo and marketing spend with DKB for the balance of the year,” he said.

Asked about the consumer shifts weighing on DKB, McMullian cited one product in particular.

“We think that it’s the growth of sourdough,” he said. “It’s pretty remarkable, actually. I mean that subsegment of the category has already grown to be a $1.3 billion subcategory, pretty tremendous growth. In DKB, we only have sourdough on the West Coast currently.”

Price sensitivity also factored into the results, he said.

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“But I said earlier, I don’t think it’s all price,” he said. “It’s a combination of price for some consumers, but also offering and product attributes that are driving some of that decline.”

Canyon Bakehouse, the company’s gluten-free bread brand, gained both unit and dollar share, and Nature’s Own Keto gained dollar share during the quarter.  In the company’s better-for-you snacking business, McMullian said Simple Mills retail sales increased 13%, driven by strength in cookies and crackers, reinforcing the resilience and appeal of the brand.

epub_Flowers-Foods-Lead_800x800_webp.jpg

The marketing campaign associated with the launch featuring spokesperson John Cena has begun to “generate stronger consumer engagement and positive social media feedback,” said A. Ryals McMullian, chairman and chief executive officer.

| Photo: Flowers Foods, Inc.

“This performance was driven by a combination of distribution expansion, ecommerce performance, and strong velocities on core lines in the food and mass channels,” McMullian said, noting that new product launches have exceeded distribution goals, fueling optimism that the brand’s growth will accelerate in the second half of 2026.

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Amid rumors the company’s Tastykake business may be sold, McMullian said the company “generally held share” in the snack cake category, thanks to strong results from the company’s Wonder brand.

“Wonder cake was a clear standout, gaining 60 basis points of unit share while also growing dollar share, underscoring the brand’s strong consumer relevance and the important role our cake business can play within our broader portfolio,” McMullian said. “Wonder’s continued momentum gives us a strong foundation from which to build in this category.”

Speculation about the sale of Tastykake was not addressed either in McMullian’s remarks or during the analyst call.

Asked whether pricing Flowers took earlier in the year was responsible for the downturn in sales, McMullian again said other factors may have been more important.

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“Under-penetration in half loafs, sourdough, protein, fiber, some of these more functional attributes that consumers are looking for —that’s where our primary focus is,” he said. “Which is not to say that we’re ignoring the price equation. We are taking a hard look at that, and my initial thesis is there probably are some pockets of the portfolio where that’s a factor. But I don’t think it’s the overall driving force of our performance.”

Flowers trimmed the company’s earnings per share guidance for 2026 to 75¢ to 80¢from its earlier guidance of 80¢ to 90¢ and compared with $1.09 in 2025. The company revised its sales forecast to $5.07 billion to $5.142 billion, down from earlier guidance of $5.163 billion to $5.267 billion, and down 2.2% to 3.5% from 2026.

“Given our first-half performance and the current category environment, we are updating our full-year outlook to reflect a more cautious view for the balance of 2026,” McMullian said. “While near-term conditions remain challenging, we are confident that the actions underway will strengthen our top-line trajectory and better position our portfolio to meet evolving consumer demand.”

“We are taking targeted steps to strengthen competitiveness, sharpen execution, reduce costs, and better align resources with the opportunities that can create the greatest long-term value,” McMullian said. “Consistent with these priorities, we are executing additional cost actions designed to improve efficiency, reduce our cost base, and better align our operating structure with customer needs and current market realities. While difficult, we expect these actions to create a more agile organization and better position Flowers for profitable growth over time.”

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Embedded in the outlook is improvements Flowers expects from its Nature’s Own relaunch, said Anthony Scaglione, chief financial officer.

“Additionally, it reflects the actions we are taking to improve performance, including cost controls, reorganization savings, targeted brand investment, innovation launches, and related execution,” Scaglione said.

The cost controls are expected to generate annualized savings over time of $20 million, including $9 million in 2026, but also will result in $6 million in one-time costs, Scaglione said.

Flowers sees longer-term headwinds for 2027, including escalating commodity ingredient and fuel costs, Scaglione said. He said the company is fully hedged for 2026 for its principal ingredients.

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“We remain vigilant in implementing actions to help mitigate some of this risk, including expanding our hedging program and improving our price-pack architecture to better align with consumer preferences,” he said. “This work will lead to more stabilized cost inputs from a planning standpoint as well as opportunities to offer our best-selling brands in smaller loaf sizes and ensure our snack packs are appropriately sized for consumer demand.” 

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Dr. David Borenstein Discusses How Personalized Longevity Medicine Helps Patients Optimize Health at Every Stage of Life

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Dr. David Borenstein Discusses How Personalized Longevity Medicine Helps Patients Optimize Health at Every Stage of Life

As more people seek ways to stay healthy and independent well into later life, personalized longevity medicine has emerged as a proactive approach that focuses on preventing disease rather than simply treating it. Patients searching for David Borenstein MD founder of Manhattan Integrative Medicine of South Florida are often looking to understand how this model differs from conventional healthcare and why an individualized strategy may lead to better long-term health.

Dr. David Borenstein, founder of Manhattan Integrative Medicine, believes longevity medicine begins by listening to patients and understanding the complete picture of their health. His approach combines traditional medicine with functional medicine, nutrition, hormone optimization, lifestyle medicine, advanced laboratory testing, and continuous monitoring to identify the underlying factors that influence aging and chronic disease.

Instead of waiting for illness to develop, Dr. Borenstein focuses on helping patients improve their healthspan, the years of life spent enjoying good physical, cognitive, and metabolic health.

What Is Personalized Longevity Medicine?

Personalized longevity medicine is a data-driven approach that seeks to optimize health before disease develops. Rather than focusing solely on treating symptoms, it evaluates the biological processes that influence how each individual ages.

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According to Dr. Borenstein, longevity medicine is centered on extending healthspan by identifying risks early, optimizing body function, and addressing the root biological mechanisms associated with aging. Unlike traditional medical care, which often reacts to illness after symptoms appear, longevity medicine emphasizes prevention, personalization, and continuous monitoring.

This philosophy closely aligns with root cause medicine. Instead of asking, “What medication treats this symptom?” physicians ask, “Why is this happening in the first place?”

Why Personalized Medicine Is Different

No two people age the same way.

Two individuals with similar medical histories may have completely different nutritional deficiencies, hormone levels, inflammatory markers, metabolic profiles, or lifestyle factors contributing to their health.

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That is why Dr. Borenstein believes longevity medicine cannot rely on one-size-fits-all protocols. Each treatment plan is built around comprehensive data analysis, advanced diagnostics, targeted lifestyle modifications, and regular reassessment as patients progress.

His philosophy is equally rooted in listening. Understanding a patient’s symptoms, goals, and overall health serves as the foundation for creating an individualized care plan rather than treating isolated conditions independently.

What Tests Are Performed During a Longevity Evaluation?

A longevity evaluation goes well beyond a routine annual physical.

Depending on the patient’s medical history and goals, a comprehensive assessment may include:

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  • Comprehensive blood testing
  • Nutrition and vitamin analysis
  • Thyroid optimization assessment
  • Testosterone optimization evaluation
  • Inflammation testing
  • Blood glucose and metabolic health markers
  • Cholesterol and triglycerides
  • Cardiovascular risk factors
  • Sleep assessment
  • Lifestyle evaluation
  • Body composition measurements

Rather than generating isolated laboratory values, these results help physicians understand how different body systems interact.

The objective is to identify small imbalances before they contribute to more significant health problems.

How Functional Medicine Improves Long-Term Health

Functional medicine examines how multiple biological systems influence overall wellness.

Instead of treating one diagnosis at a time, functional medicine evaluates how nutrition, hormones, inflammation, metabolism, stress, sleep, and lifestyle affect each other.

Dr. Borenstein integrates these principles into traditional medical care by combining evidence-based medicine with individualized nutrition plans, targeted supplementation, hormone optimization when appropriate, exercise guidance, and continuous monitoring.

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The goal is not simply to manage disease but to improve overall function and reduce future health risks.

The Foundation of Healthy Aging

Successful longevity medicine depends on several interconnected pillars.

Nutrition for Longevity

Nutrition supplies the building blocks for cellular repair, immune function, hormone production, and metabolic health. Personalized nutrition recommendations recognize that dietary needs vary based on laboratory findings and individual health goals.

Exercise for Longevity

Regular physical activity helps preserve muscle mass, improve cardiovascular health, increase insulin sensitivity, and support cognitive function. Exercise also plays an important role in maintaining independence as people age.

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Sleep and Stress Management

Quality sleep allows the body to repair tissues, regulate hormones, and support brain health. Chronic stress, meanwhile, may contribute to inflammation, metabolic dysfunction, and reduced immune function.

Hormone Optimization

Hormones influence energy levels, metabolism, mood, muscle strength, and overall quality of life.

When clinically appropriate, testosterone optimization and thyroid optimization may become valuable components of a personalized treatment plan. However, Dr. Borenstein emphasizes that hormone therapy works best when combined with improvements in nutrition, exercise, sleep, and stress management rather than being viewed as a standalone solution.

Why Inflammation Matters for Healthy Aging

One of the most important goals of personalized longevity medicine is identifying chronic inflammation before it contributes to long-term disease.

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Persistent inflammation has been associated with cardiovascular disease, insulin resistance, metabolic dysfunction, cognitive decline, and impaired immune function.

Inflammation testing can help physicians understand how lifestyle, nutrition, hormones, and other biological factors are affecting overall health.

Rather than suppressing inflammation alone, root cause medicine focuses on addressing the factors contributing to it.

A Personalized Care Example

Every patient requires an individualized treatment strategy, and outcomes vary based on each person’s health status and medical needs.

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Dr. Borenstein recalls one patient who presented with multiple chronic conditions, including high blood pressure, elevated cholesterol, diabetes, sleep apnea, and excess weight. The patient hoped to improve his health through a more natural approach while avoiding statin therapy and blood pressure medication if appropriate.

Rather than focusing on the diagnoses alone, Dr. Borenstein ordered a comprehensive blood panel.

The evaluation identified several additional issues, including nutritional deficiencies, low thyroid function, low testosterone levels, and elevated inflammatory markers.

Using those findings, he developed a personalized treatment plan that included dietary changes, nutritional supplements, and selected medications to improve thyroid and testosterone function.

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Approximately six months later, the patient had lost 35 pounds while experiencing improvements in cholesterol, triglycerides, blood sugar, blood pressure, vitamin levels, thyroid function, and testosterone measurements. According to Dr. Borenstein, these improvements occurred while using diet, supplements, and minimal medications.

While this represents one individual’s experience and not a guaranteed outcome, it illustrates how comprehensive evaluation can uncover multiple underlying contributors to poor health that may otherwise remain undetected.

Why Doesn’t One Treatment Work for Everyone?

Personalized healthcare recognizes that every patient has a unique combination of genetics, lifestyle, metabolism, hormones, nutrition, inflammation, and environmental influences.

Because those variables differ, effective treatment plans must also differ.

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Instead of following standardized protocols, longevity medicine uses continuous monitoring and objective biological data to refine recommendations over time.

Frequently Asked Questions

What is personalized medicine?

Personalized medicine creates healthcare strategies based on an individual’s biology, laboratory results, symptoms, lifestyle, and health goals rather than using identical treatments for every patient.

How does functional medicine improve long-term health?

Functional medicine seeks to identify and address the underlying biological factors contributing to illness while integrating nutrition, lifestyle medicine, conventional care, and targeted therapies.

What causes accelerated aging?

According to Dr. Borenstein, many people incorrectly believe genetics determine most of their lifespan. He notes that lifestyle choices play a far greater role in healthy aging than many patients realize, making nutrition, exercise, sleep, stress management, and preventive care essential components of longevity medicine.

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Can hormone optimization improve quality of life?

For appropriately evaluated patients with documented deficiencies, hormone optimization may support energy, muscle health, metabolism, cognitive function, and overall well-being as part of a broader personalized healthcare plan.

Why is inflammation important for healthy aging?

Inflammation can influence cardiovascular health, metabolic health, immune function, and cognitive performance. Measuring inflammatory markers may help identify opportunities for early intervention before chronic disease develops.

A Growing Interest in Personalized Healthcare

Interest in personalized longevity medicine continues to grow as patients become more informed about preventive medicine and healthy aging. Dr. Borenstein believes greater access to health information through the internet and artificial intelligence will encourage more people to seek proactive care that helps them remain active and independent throughout life.

For those researching David Borenstein MD reviews or David Borenstein MD Manhattan Integrative Medicine of South Florida, his philosophy is consistent throughout his practice: listen carefully, evaluate comprehensively, identify the root causes affecting health, and develop individualized treatment plans that help patients optimize their health at every stage of life.

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John Caudwell and Lord Stuart Rose join campaign against UK ‘tax creep’

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A letter signed by high-profile business leaders has been sent to the government urging it to stop rolling out new tax hikes on founders

John Caudwell with the architectural model of 1 Mayfair

John Caudwell with the architectural model of his 1 Mayfair development(Image: Caudwell/David Woolfall)

Billionaire political donor John Caudwell and retail heavyweight Lord Stuart Rose have spoken out against the “creep of taxes” affecting businesses up and down the country.

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The two prominent business figures have thrown their weight behind a campaign spearheaded by entrepreneur group Helm, urging the government to “stop the creep of taxes on wealth creators”.

A letter, co-signed by Pimlico Plumbers’ former chief Charlie Mullins and Gail’s Bakery chairman Luke Johnson, calls on Labour to halt the rollout of fresh tax burdens on founders, encompassing levies on dividends, capital gains and business assets.

Lord Rose, the former chairman of both Asda and Marks & Spencer, declared he had “never been more concerned about the cost of doing business”, warning that taxation and regulation had become “serious impediments to growth and employment”.

“Employers’ National Insurance alone took £100m a year out of one supermarket,” Rose said, referring to the impact of former Chancellor Rachel Reeves’ £25bn tax hike in late 2024, as reported by City AM.

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“Multiply that across the economy and it is easy to see why investment has stalled.”

Birmingham-born John Caudwell separately told the Telegraph he did not believe Labour were “electable” despite having previously donated to the party ahead of the last general election.

The open letter arrives in the run-up to John Healey’s Budget on 28 October. The new Chancellor has pledged to give businesses “breathing space” following the private sector bearing a considerable burden of the tax increases introduced under Reeves.

The letter concludes that a “steady creep of tax rises and reductions in entrepreneurial reliefs is making it harder to build and scale a business in the UK”.

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Economists are sounding the alarm over the structure of the tax system and the shifts that have occurred over the past century.

One Westminster think tank has argued that the tax system has become increasingly detrimental to growth over the past 15 years.

The Institute of Economic Affairs (IEA) has warned that the overall system has deteriorated over the last 15 years, to the point where incentives for investment have been “eroded”.

Tom Clougherty, former chief of the right-leaning think tank, said that raising taxes on investment twice during periods of economic crisis was a “major error, and likely had a chilling effect on growth”.

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Research indicates that levies on investment – via corporation tax, personal taxes on dividends and capital gains tax changes – have risen by 10 percentage points since the Great Financial Crisis of 2008.

The new report apportions blame to successive Tory and Labour governments for targeting investors and workers over less productive sectors of the economy. Since 2024, the Labour government has cumulatively raised approximately £65bn in taxes, with more than half directly affecting businesses.

“The tax system didn’t cause Britain’s growth slowdown, but it has made bouncing back much harder than it needed to be,” Clougherty said. “Looking back, it seems extraordinary that we have twice responded to major economic crises by sharply raising taxes on investment – but that’s what happened.

“My fear is that on current trends the 2020s and 2030s are going to be much worse in this respect than the 2010s. The tax system is probably a greater threat to enterprise and initiative today than at any point in the last 35 years.”

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The IEA paper highlights research by accountancy body ICAEW indicating that the HMRC handbook has more than tripled in size, ballooning from 7,250 pages to approximately 23,500 pages.

Clougherty further contended that the UK would rank higher than its current position of 32 out of 38 on the Tax Foundation’s International Tax Competitiveness Index, had levies on personal income remained at pre-financial crisis levels.

According to the IEA’s findings, the burden on personal income has swelled from 44.5 per cent of government revenue in 2000 to 51 per cent of receipts some 24 years on.

Clougherty noted that the number of people paying the additional rate of tax, roughly 5.5m more since 2000, has represented a “striking change” in the UK economy.

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The withdrawal of the personal allowance for those earning in excess of £100,000 now affects 500,000 more people than when it was first introduced.

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Building Projects That Last Across Continents

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Building Projects That Last Across Continents

From Military Service to Real Estate Development

Ron Yeffet’s career began far from the construction sites and boardrooms that would later define his professional life. Born in Jerusalem in 1966, he entered the Israeli Defense Forces at 18 and served 37 months as a Major Sergeant in the Artillery and Bomb Squad Unit. That experience left a lasting mark on how he approached everything that followed.

“You learn very quickly that details matter. In that environment, there is no room for shortcuts,” Yeffet recalls. That mindset carried directly into his next chapter. Shortly after completing his service, he traveled to the United States to start his career as an entrepreneur.

Building a Foundation in New York Real Estate

Ron Yeffet landed in New York City with no perfect plan but a clear direction. He entered the real estate development industry and began learning the fundamentals of project execution, strategic planning, and stakeholder coordination. Over time, those early lessons became the foundation of a career that would span more than 25 years and extend across multiple continents.

“I didn’t have a perfect plan. I had a direction and a willingness to work,” he says. That willingness led to opportunity. He began managing development projects across New York, New Jersey, and Pennsylvania, building a reputation for precision and reliability.

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Expanding Into Infrastructure and Energy Projects

As his experience deepened, so did the scope of his work. Yeffet moved beyond traditional real estate into infrastructure projects that required a different kind of thinking. He began working on concrete superstructures, energy supply systems, power plants, and major roadways in Israel, Italy, and parts of Africa.

“Infrastructure is not just about building something quickly. It’s about building something that works for decades,” Yeffet explains. His projects became known for their long-term impact, not just their immediate results.

This shift required collaboration with governments, engineers, contractors, and local experts across different regions. Yeffet built a hybrid model that combined in-house leadership with trusted external partners, allowing his enterprise to adapt to the demands of each project and location.

The Role of Planning and Execution

For Yeffet, success in large-scale development comes down to two things: planning and execution. He believes that weak planning leads to weak outcomes, no matter how much effort is put in later.

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“If the plan is weak, the outcome will be weak. Strong planning allows the team to execute with confidence,” he says. That philosophy shaped how he approached every project, from early feasibility studies to final delivery.

He also emphasizes that no project succeeds alone. “Great projects are never done alone. You need the right people, and you need to trust them,” Yeffet notes. His ability to assemble and lead teams across different countries and industries became a defining feature of his career.

A Focus on Community and Long-Term Impact

Beyond the technical side of development, Yeffet has consistently focused on the communities his projects affect. He believes that real estate and infrastructure work should create stability and connection, not just buildings and roads.

“When you build a community, you are building something that continues long after the project is done. It creates stability and connection,” he says. That philosophy extends to his involvement with charitable organizations, including Or Itzhak in Albania and Or Itzhak in Thessaloniki. He also serves on the Honorary Council for Senegal in Israel.

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His work reflects a belief that development should serve people first, and that thinking long-term means thinking about the lasting value projects create for those who live and work in them.

Lessons From Decades of Development

Yeffet’s career offers a clear picture of what it takes to build projects that matter. He didn’t start with connections or capital. He started with discipline, a willingness to learn, and a belief that execution matters more than ideas alone.

“Big ideas are easy. The hard part is turning them into something real,” he says. That perspective kept him grounded through decades of work across different markets, regulatory environments, and project types.

He also learned that reputation is built through consistency. “Relationships are built on trust and results. If you deliver consistently, people want to work with you again,” Yeffet explains. That principle guided his approach to partnerships, client relationships, and team leadership.

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Discipline as a Daily Practice

One theme that runs through Yeffet’s entire career is discipline. It’s not something he reserves for high-stakes moments. It’s a daily practice that shapes how he thinks and acts.

“Discipline is not something you turn on later. It becomes part of how you think and act every day,” he says. That discipline extends to how he plans projects, manages teams, and approaches long-term strategy.

It also connects back to his military service, where attention to detail and consistent execution were non-negotiable. Those early lessons became the framework for how he operates decades later.

A Career Built on Compounding Knowledge

Looking back, Yeffet describes his career as one of continuous learning. Every project taught him something new, and that knowledge compounded over time.

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“I never wanted to stay in one lane. Every project teaches you something new, and that knowledge compounds over time,” he reflects. That curiosity kept his work fresh and allowed him to expand into new markets and project types without losing focus on what made his approach effective.

Today, as President of R & I Trading of New York, Yeffet continues to lead development and infrastructure projects across the United States, Israel, Europe, and Africa. His work reflects the same principles that shaped his early career: careful planning, rigorous execution, and a commitment to building things that last.

His story is a reminder that big ideas matter, but execution matters more. And that the best projects are built not just with concrete and steel, but with discipline, trust, and a long-term view of what success looks like.

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Coin hidden in 1971 earns finder free pint of beer

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An old penny on top of a piece of card - on it is written: David Judd - one pint of best beer if penny returned

The card, discovered by Ellie Mead in Bicester, promised “one pint best beer if penny returned”.

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California Cancels Paramount-WBD Negotiations. The Stocks Are Moving.

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Paramount Building at Times Square New York - NEW YORK CITY, UNITED STATES - FEBRUARY 14, 2023

California Attorney General Rob Bonta called off planned talks with Paramount executives regarding the lawsuit that is blocking the studio’s effort to merge with Warner Bros. Discovery. Paramount Skydance (PSKY) stock dropped almost 2% on Monday morning. Meanwhile, Warner Bros. Discovery (WBD) rose more than 1%. WBD is nearing a buy point in an eight-month base, according to MarketSurge. Talks…

Copyright ©2026 Investor’s Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Will Paras Defence, MTAR Tech, HAL, other defence stocks deliver explosive returns? Here’s what analysts say

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Will Paras Defence, MTAR Tech, HAL, other defence stocks deliver explosive returns? Here's what analysts say
Defence stocks have seen a sharp surge recently, pushing the defence index to record high earlier last week, with analysts continuing to remain bullish on the sector amid strong government reforms.

Paras Defence shares rallied over 15% during the week to hit a fresh 52-week high of Rs 1,585 apiece. Defence heavyweights Bharat Dynamics (BDL), Bharat Electronics (BEL), Hindustan Aeronautics (HAL), BEML and Mazagon Dock Shipbuilders gained up to 9% in a month. Multibagger MTAR Tech shares meanwhile have delivered 194% returns in 2026 so far.

Defence stocks came under the spotlight last year after the Indian armed forces conducted targeted military operations against terrorist outfits in Pakistan and Pakistan Occupied Kashmir (PoK) under the codename ‘Operation Sindoor’. The shares of the companies delivered explosive returns around May last year, before falling prey to sharp profit booking.

The stocks have again seen strong buying interest recently. The Nifty India Defence index hit a fresh 52-week high of nearly 9,978 early last week, surging nearly 39% from its record low level in less than five months. The boost came after the Defence Ministry launched the sixth indigenisation list containing 405 items that will only be sourced from Indian suppliers, with an estimated business potential of Rs 3,070 crore.

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What lies ahead for defence stocks?

Defence remains one of SBI Securities’ preferred investment themes. The government’s focus on drones, counter-drone systems, hypersonic technologies and next-generation warfare capabilities highlights its intention to position India as a potential global defence manufacturing powerhouse, said Sunny Agrawal, Head of Fundamental Research at SBI Securities.


The analyst added that Prime Minister Narendra Modi’s Independence Day speech showed an emphasis on transitioning India from a large defence market to a global leader in advanced defence technologies, which is expected to drive the next phase of growth in the sector.
Also read | Are DLF, Godrej Properties, Sobha, other realty stocks heading for a rally? Here is why analysts remain bullishSpeaking about the recent announcement by the Ministry of Defence, Sunny Agrawal said that the inclusion of over 400 items, covering weapon systems, missiles, sensors, radars, communication equipment, naval systems, avionics, sub-systems, components and spares, under the Positive Indigenisation Lists, restricting future imports of these products, marks a major boost to defence indigenisation.

“The move is expected to enhance domestic procurement, strengthen order visibility and create long-term growth opportunities for Indian defence manufacturers. Recent DAC approvals worth around Rs 52,000 crore further strengthen the order pipeline across air defence, missile systems, anti-drone technologies and electronic warfare platforms,” he further said.

Expensive defence valuations

While the outlook remains bullish, Santosh Yellapu, Research Analyst at Anand Rathi Institutional Equities, noted that most of the defence stocks are at the higher end of the valuation band.

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“Any correction in the stock price should only be used as a better entry point giving more margin of safety,” according to the analyst.

Also read | Paras Defence expects exports to double as Middle East conflict boosts demand

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Trump threatens 50% tariffs on all Canadian autos and steel in January 2027

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Trump threatens 50% tariffs on all Canadian autos and steel in January 2027

President Donald Trump threatened Monday to impose 50% tariffs on Canadian-made vehicles, auto parts and steel beginning in January 2027, accusing Canada of “ripping off” the United States for years.

Trump issued the warning in a Truth Social post, writing, “WE DON’T NEED CANADA, THEY NEED US!”

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Canada has been ripping off the United States of America for years. Their ridiculously high tariffs on our Farmers and farm products has made life impossible for these great American Patriots, and has long created a 60 Billion Dollar Deficit between our two Countries. Not sustainable, and NOT ANYMORE!” the president’s post read.

CANADA’S CARNEY SAYS US MADE LAST-MINUTE ‘POWER PLAY’ AS TRADE TALKS COLLAPSE; RETALIATORY TARIFFS IN PLACE

President Donald Trump speaks

President Donald Trump speaks during a campaign rally for U.S. Senator Darline Graham, R-S.C., at the Myrtle Beach Convention Center in Myrtle Beach, South Carolina, on Aug. 21, 2026.  (REUTERS/Evan Vucci / Reuters Photos)

Trump said the 50% rate would apply to “all” Canadian cars and trucks, both “large and small,” as well as automotive parts and steel, beginning Jan. 1, 2027.

“Build in the U.S. and there are ZERO TARIFFS,” Trump wrote. “Canada will be treated like a State no longer!”

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“On Trade, and in other ways, also, they are among the worst Nations in the World to deal with. They feel entitled, and yet, WE DON’T NEED CANADA, THEY NEED US!” Trump continued. “They do 95% of their business with the U.S., with us, the exact opposite!”

Trump’s new tariff threat follows the collapse of trade talks between Washington and Ottawa after Canadian Prime Minister Mark Carney suspended negotiations with the U.S. and ordered Canada’s trade team back to Ottawa.

Canadian Prime Minister Mark Carney speaks at a podium during a news conference on U.S.-Canada trade negotiations

Canadian Prime Minister Mark Carney speaks during a news conference on U.S.-Canada trade negotiations. ( Dave Chan / AFP via Getty Images / Getty Images)

Carney’s move came as a separate round of 50% U.S. tariffs on roughly $20 billion worth of Canadian imports took effect early Saturday.

US-CANADA TRADE NEGOTIATIONS SUSPENDED, CARNEY VOWS DOLLAR-FOR-DOLLAR RETALIATION AGAINST TRUMP’S 50% TARIFFS

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The prime minister on Saturday accused Washington of making a last-minute “power play,” saying the U.S. sought to restrict Canada’s ability to negotiate trade agreements with other countries.

Donald Trump shakes hands with Canadian Prime Minister Mark Carney during summit in Egypt

President Donald Trump greets Canada’s Prime Minister Mark Carney during a world leaders’ summit on ending the Gaza war on Oct. 13, 2025, in Sharm El-Sheikh, Egypt.  (Evan Vucci – Pool / Getty Images / Getty Images)

According to Carney, trade talks broke down after the U.S. introduced new demands involving Canada’s other trading relationships, its auto sector and protections for Canadian culture and the French language.

“In short, they asked too much, and they offered too little,” Carney said.

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Carney previously said Ottawa plans to match the U.S. tariffs “dollar for dollar,” with the levies targeting multiple sectors, including steel, dairy, appliances, agricultural equipment, pulp and paper and electronics. The duties are set to take effect the Tuesday after Labor Day, Sept. 8.

Fox News Digital’s Michael Sinkewicz and Fox Business’ Brittany Miller contributed to this report.

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(VIDEO) Luka Doncic Debuts Slimmer Physique at Lakers’ Slovenia Minicamp Ahead of New NBA Season as Fans React

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Luka Doncic

Los Angeles Lakers superstar Luka Doncic drew widespread attention over the weekend after photos and video from an unofficial team minicamp in his native Slovenia showed him sporting a noticeably slimmer physique, fueling renewed discussion about his conditioning ahead of a season in which he will serve as the franchise’s undisputed leader for the first time.

Doncic organized and hosted the multi-day gathering in Slovenia, bringing nearly the entire Lakers roster to his home country for a trip centered on workouts, team meals and sightseeing, according to Heavy.com. The group spent time training and bonding in Ljubljana and nearby areas, with several videos and photos from the camp circulating widely on social media over the weekend. The Lakers offered their clearest official look at Doncic’s new appearance Sunday, posting a video showing the guard with longer hair, a white headband similar to one worn by teammate Austin Reaves, and a visibly leaner frame.

Fan reaction to the images was immediate and largely enthusiastic, though tempered by a degree of skepticism rooted in past experience. According to Yardbarker, supporters have expressed excitement that Doncic’s leaner conditioning could translate into improved movement and endurance on the court heading into the new season. At the same time, several fans cautioned against premature celebration, pointing to previous offseasons in which Doncic arrived looking trim before his conditioning appeared to regress over the course of a long NBA campaign. One social media reply captured that lingering skepticism directly: “I won’t be fooled like last year,” while another added, “Par for the course! Just wait until February!”

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Unlike some of those earlier offseason transformations, however, Doncic’s current physique reflects a sustained, well-documented overhaul that began well over a year ago rather than a temporary summer adjustment. According to Heavy.com, the transformation started immediately following the Lakers’ first-round playoff elimination in the spring of 2025, when Doncic instructed his performance team to begin training without the customary offseason break. He initially spent a full month focused specifically on recovery, strength and conditioning work before expanding his regimen to two 90-minute workout sessions per day, incorporating weightlifting, resistance-band exercises, hurdles, sprints, agility drills and shooting work.

Doncic also overhauled his diet as part of the broader program, adopting a gluten-free, low-sugar eating plan that includes at least 250 grams of protein daily, according to Heavy.com. He follows an intermittent-fasting schedule that generally keeps him from eating between 8:30 p.m. and noon, with his first daily workout typically occurring near the end of that fasting window. Doncic detailed the specifics of that regimen in a July 2025 cover story for Men’s Health, describing the visible physical results of the program at the time. “Just visually, I would say my whole body looks better,” Doncic told the magazine.

According to Today.com’s coverage of that Men’s Health feature, Doncic had been listed at 6-foot-6 and 230 pounds during the prior season before undertaking the transformation, and appeared visibly leaner following the changes to his training and nutrition. His diet regimen has relied heavily on sugar-free shakes made with low-carb whey protein, along with eggs, chicken and nuts for healthy fats, with fruit serving as his primary dessert option to provide essential vitamins. One of Doncic’s trainers told Men’s Health that a central goal of the overhauled program was to help reduce inflammation throughout his body.

According to SI.com, citing Slovenian media reports, Doncic lost approximately 31 pounds compared with the prior year as part of that initial conditioning push in the summer of 2025. That reported weight loss came after Doncic had faced public criticism over his conditioning in previous seasons, criticism that intensified following a widely discussed trade that sent him from the Dallas Mavericks to the Lakers.

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The physical changes appeared to translate directly into on-court performance improvements. According to Yahoo Sports, Doncic produced an MVP-caliber 2025-26 season following his initial conditioning overhaul, averaging 33.5 points, 7.7 rebounds and 8.3 assists per game, statistical output that reinforced the connection between his improved physical conditioning and his continued dominance on the court despite the significant physical transformation.

This year’s Slovenia trip carries added significance beyond simply continuing that conditioning trend, given the shifting leadership dynamics within the Lakers organization. According to Heavy.com, the gathering represented Doncic’s first real leadership gesture since LeBron James departed the franchise earlier this summer to sign with the Philadelphia 76ers, formally establishing Doncic as the Lakers’ unquestioned centerpiece and leader heading into the new season. Yahoo Sports similarly described the camp as an arguably necessary bonding opportunity given how many new players the Lakers acquired over the offseason, including newcomers Walker Kessler, Quentin Grimes, Collin Sexton and Matisse Thybulle, who joined Doncic and Reaves as part of a reshaped roster following James’ exit.

Doncic has continued to sign long-term commitments to the franchise alongside his physical transformation, having agreed to a three-year, $165 million contract extension with the Lakers on Aug. 2, 2025, according to SI.com, a deal that positions him as the face of the franchise for at least the next three seasons and likely well beyond that, according to many observers within the league.

With the Lakers set to open their preseason schedule Oct. 5 and begin the regular season shortly afterward, Doncic’s continued conditioning and leadership presence heading into training camp are likely to remain closely watched storylines, particularly given the significant roster turnover the team has undergone following James’ departure and the increased responsibility now resting on Doncic as the franchise’s unquestioned leading figure. Whether his current physique proves to be a durable, season-long transformation or gives way to the kind of in-season regression some skeptical fans have referenced from previous years remains a question that will only be answered once the Lakers’ 2026-27 campaign gets fully underway.

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Marvell’s $120 Billion Google Deal Changes Everything Ahead of Earnings

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Marvell’s $120 Billion Google Deal Changes Everything Ahead of Earnings

Marvell’s $120 Billion Google Deal Changes Everything Ahead of Earnings

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Fubon Financial Holding Co., Ltd. 2026 Q2 – Results – Earnings Call Presentation (OTCMKTS:FUISF) 2026-08-24

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

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