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Generator maker Generac soars, insurance stocks fall on Hurricane Milton

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Generator maker Generac soars, insurance stocks fall on Hurricane Milton


A worker unloads a 24-kilowatt Generac home generator off a truck at Captain Electric on February 18, 2021 in Orem, Utah. 

George Frey | Getty Images

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Shares of backup power generation company Generac Holdings surged more than 7% on Monday as Hurricane Milton rapidly strengthened into a Category 4 storm.

Milton is forecast to move north of the Yucatan Peninsula Monday and Tuesday before crossing the Gulf of Mexico to approach Florida by Wednesday, according to the National Hurricane Center. Tampa Bay could face a storm surge of eight to 12 feet, according to forecasters.

Insurance stocks that have weather catastrophe exposure, meanwhile, are falling on potential insured losses tied to Hurricane Milton. AllstateTravelers and Chubb saw their shares fall more than 3%, while Progressive and AIG all declined more than 1%.

Universal Insurance, based in Fort. Lauderdale, plunged more than 20% as the catastrophe-prone carrier with Gulf Coast exposure could see heightened hurricane risks.

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This is a developing story. Please check back for updates.



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Daniele Oriti: The physicist who argues that there are no objective laws of physics

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New Scientist. Science news and long reads from expert journalists, covering developments in science, technology, health and the environment on the website and the magazine.


New Scientist. Science news and long reads from expert journalists, covering developments in science, technology, health and the environment on the website and the magazine.

Most physicists operate under the assumption that there is a world out there that is entirely independent of us, an objective reality in which more-or-less well-defined things behave according to immutable physical laws. Yet over the past century, ever since the development of quantum theory, there have been discombobulating questions about the role of observers – not least ourselves – in the makings of reality.

These questions are often brushed under the carpet, but Daniele Oriti, a theorist at the Complutense University of Madrid, prefers to confront them. Arguably, he has been pushed to do so by his work on one of the foremost challenges in modern physics: creating a quantum theory of gravity. The difficulty here is reconciling the inherently smooth picture of space-time in general relativity with quantum theory, which is written in contradictory mathematical language. Getting the two to play nicely together has forced Oriti to think deeply about the subtleties of physical laws – not least the fact that space-time is a shaky foundation on which to build them. His verdict? That physical laws can’t exist independently of us, as something that we can all agree on, but instead reside within us somehow.

Oriti spoke to New Scientist about how he came to such a startling conclusion, why physicists need to be more aware of the complex relations between the world, scientific models and observers, and how appreciating the true nature of physical laws might yield fresh breakthroughs.

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Thomas Lewton: What do people get wrong about the nature of reality?

Daniele Oriti: At the risk of…



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SpaceX launches European asteroid probe as hurricane weather closes in

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SpaceX launches European asteroid probe as hurricane weather closes in


Dodging stormy weather ahead of Hurricane Milton, SpaceX launched the European Space Agency’s $398 million Hera probe Monday on a follow-up flight to find out precisely how a moonlet orbiting a small asteroid was affected by the high-speed impact of NASA’s DART probe in 2022.

The launching was in doubt until the last moment, with thick clouds and rain across Florida’s Space Coast, fueled by moisture pulled in by the intensifying hurricane to the west.

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A SpaceX Falcon 9 rocket climbs away from the Cape Canaveral Space Force Station on Oct. 7, 2024, boosting the European Space Agency’s Hera probe toward deep space to explore the asteroid Didymos and its small moon Dimorphos.

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Adam Bernstein/Spaceflight Now


But as the launch time approached, conditions improved enough to satisfy launch safety rules and NASA managers cleared the rocket for takeoff. Right on time, at 10:52 a.m. EDT, the Falcon 9’s first stage engines ignited with a burst of flame and the booster climbed smoothly away from the Cape Canaveral Space Force Station.

Liftoff came in the nick of time for several hundred European Space Agency managers, scientists, engineers and journalists who flew to Florida to watch the launch.

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A spectacular view from a camera mounted on the Falcon 9’s second stage as its engine powered the rocket and the European Hera asteroid probe toward a deep space Earth-escape trajectory.

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SpaceX


Hurricane Milton is expected to bring extreme winds and torrential rain to Florida’s Space Coast by Wednesday, a forecast that prompted NASA to stand down on plans to launch the agency’s $5.2 billion Europa mission to Jupiter and its ice-covered moon Europa on Thursday.

Instead, NASA announced late Sunday the rocket and it costly payload will remain in a SpaceX hangar at the base of launch pad 39A at the Kennedy Space Center until Milton passes by and safety personnel have a chance to inspect spaceport facilities for signs of damage.

The weather also has thrown a wrench into NASA’s plans to bring three NASA astronauts and a Russian cosmonaut back to Earth after a 217-day stay aboard the International Space Station.

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Crew 8 commander Matthew Dominick, Mike Barratt, Jeanette Epps and cosmonaut Alexander Grebenkin had planned to undock Monday.

But NASA announced Sunday their departure would be delayed to at least Thursday because of the expected bad weather. Crew Dragon ferry ships require calm winds and seas in the Gulf of Mexico or the Atlantic Ocean to permit a safe splashdown.

Mission to an asteroid and its moon

In the meantime, despite an initially grim forecast, SpaceX was able to take advantage of a break in the weather to kick off Hera’s two-year voyage to the asteroid Didymos and its small moon Dimorphos.

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An artist’s impression of the European Space Agency’s Hera probe and two smaller sub-satellites that will work together to explore the asteroid Didymos and its small moon Dimorphos. The moonlet was impacted by NASA’s DART probe in 2022, demonstrating the feasibility of deflecting a threatening asteroid if needed. Hera will provide more data on precisely how the moon’s orbit was affected, along with gathering data about it’s composition and structure.

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ESA


The DART impact altered the 11-hour 55-minute orbit of the 495-foot-wide Dimorphos, shaving 31 minutes off the time needed to complete one trip around the parent asteroid Didymos. The test confirmed the feasibility of someday nudging a threatening asteroid off course before a possibly devastating Earth impact.

But a successful deflection would depend on a variety of factors, including when the threat was detected — the farther out, the better — and the asteroid’s composition.

ESA’s Hera probe will orbit the Didymos system and study both asteroids in detail with 11 high-tech cameras and other instruments, deploying two small “cubesat” satellites to study the interior structure of Dimorphos, assess the DART impact crater, the moon’s internal structure and composition.

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The goal of the Asteroid Impact and Deflection Assessment, or AIDA, is to better understand the techniques that might be needed to prevent an Earth impact.

“The good news is no dinosaur killer is on its way to Earth during the next 100 years,” said 
Richard Moissl, director of ESA’s Planetary Defense Office. “We are safe from that scenario, but there are smaller ones, especially in this dangerous size, 50 meters and upwards, where it really threatens human life on the ground.”

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A last look at ESA’s Hera asteroid probe before it was encapsulated in a protective nosecone fairing for launch atop a Falcon 9 rocket.

ESA

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The first step in planetary defense is detection, he said, followed by detailed observations to pin down the asteroid’s orbit and determine whether a collision with Earth is a possibility.

“For small objects, civil protection is the way to go,” he said. “But 50 meters (160 feet across) and larger, you really want this thing not to hit Earth, not to threaten population centers. And then step three comes into play, deflection.

“But again, it’s always good to know what you’re up against. And this is where Hera and DART come into play.”

Unlike most Falcon 9 flights, there were no plans to recover the rocket’s first stage. To give Hera the velocity need to break free of Earth gravity, the Falcon 9’s two stages were programmed to use up all of their propellants, leaving none in reserve for a powered first stage landing.

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The flight plan called for two firings of the upper stage engine before Hera’s release to fly on its own one hour and 16 minutes after liftoff.

To reach Didymos and Dimorphos, Hera will have to execute a deep space thruster firing in November to set up a gravity-assist flyby of Mars in March, sailing within about 3,700 miles of the red planet. Along the way, the spacecraft will pass within 620 miles of the small martian moon Deimos.

“By swinging through the gravitational field of Mars in its direction of movement, the spacecraft gains added velocity for its onward journey,” Michael Kueppers, ESA’s project scientist, said on the agency’s website.

“This close encounter is not part of Hera’s core mission, but we will have several of our science instruments activated anyway. It gives us another chance to calibrate our instruments and potentially to make some scientific discoveries.”

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After another deep space maneuver in February 2026, Hera will finally be on course to slip into orbit around Didymos the following October. The mission is expected to last about six months.



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Hera spacecraft to visit Dimorphos asteroid that humans knocked off course

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Hera spacecraft to visit Dimorphos asteroid that humans knocked off course


A spacecraft is due to launch from Florida destined for an asteroid that US space agency Nasa knocked off course in 2022.

It is part of an international mission to see if we can stop dangerous asteroids hitting Earth.

The Hera craft will look at what happened to a space rock called Dimorphos when Nasa intentionally collided with it.

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If all goes to plan, the spacecraft will reach Dimorphos in December 2026.

The Hera mission, which is run by the European Space Agency, is a follow-on from Nasa’s Double Asteroid Redirection Test (DART) project.

Dimorphos is a small moon 160m-wide that orbits an asteroid close to Earth called Didymos in something called a binary asteroid system.

In 2022 Nasa said it successfully changed Dimorphos’s course by crashing a probe into it. It altered the rock’s path by a few metres, according to Nasa’s scientists.

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The asteroid was not on course to hit Earth, but it was a test to see whether space agencies could do it when there is genuine risk.

Now the Hera craft will look at the size and depth of the impact crater created on Dimorphos.

Two cube-shaped probes will also study the make-up of the asteroid and its mass.

“We need to understand what are the physical properties of these asteroids? What are they made of? Are they blocks of rock? Are they made of sand inside?” says Naomi Murdoch, a scientist involved with the European Space Agency mission.

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That should help scientists understand the best way to attempt to intercept other asteroids, which can be many different sizes and shapes, in the future.

Scientists do not believe that we are currently at risk of a dinosaur-style extinction caused by an asteroid hitting Earth. An asteroid of that size could be easily spotted in space.

The size of asteroid that DART and Hera are targeting are about 100-200m wide and are very difficult to see from our planet.

From time to time they hit Earth. On 2013 a house-sized asteroid exploded in the sky above the town of Chelyabinsk in Russia. The shock wave blew out windows for over 200 square miles and damaged buildings. Over 1,600 people were injured in the blast.

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Scientists hope to one day be able to identify asteroids like this and knock them off course.

“It’s not to avoid an extinction of the human race. It’s to create a system to minimize the damage as much as we can. The dinosaurs didn’t have a space program, but we do,” says Prof Murdoch.

But scientists warn that even though Nasa has proved it is possible to alter one asteroid’s course, it does not mean it can easily be done on all space rocks.

Intercepting an asteroid before it hits Earth also relies on being able to spot the incoming hazard in the first place.

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Nobel Prize goes to microRNA researchers

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Nobel Prize goes to microRNA researchers


Reuters Profile pictures of Victor Ambros and Gary Ruvkun placed side by side. Victor is smiling with a head of grey curly hair while Gary is sporting darker hair tinged with grey and a dark brown moustache. Reuters

Victor Ambros (l) and Gary Ruvkun (r) share the 2024 Nobel Prize in Physiology or Medicine

The Nobel Prize in Physiology or Medicine 2024 has been awarded to US scientists Victor Ambros and Gary Ruvkun for their work on microRNA.

Their discoveries help explain how complex life emerged on Earth and how the human body is made up of a wide variety of different tissues.

MicroRNAs influence how genes – the instructions for life – are controlled inside organisms, including us.

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The winners share a prize fund worth 11m Swedish kronor (£810,000).

Every cell in the human body contains the same raw genetic information, locked in our DNA.

However, despite starting with the identical genetic information, the cells of the human body are wildly different in form and function.

The electrical impulses of nerve cells are distinct from the rhythmic beating of heart cells. The metabolic powerhouse that is a liver cell is distinct to a kidney cell, which filters urea out of the blood. The light-sensing abilities of cells in the retina are different in skillset to white blood cells that produce antibodies to fight infection.

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So much variety can arise from the same starting material because of gene expression.

The US scientists were the first to discover microRNAs and how they exerted control on how genes are expressed differently in different tissues.

The medicine and physiology prize winners are selected by the Nobel Assembly of Sweden’s Karolinska Institute.

They said: “Their groundbreaking discovery revealed a completely new principle of gene regulation that turned out to be essential for multicellular organisms, including humans.

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“It is now known that the human genome codes for over 1,000 microRNAs.”

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Without the ability to control gene expression, every cell in an organism would be identical, so microRNAs helped enable the evolution of complex life forms.

Abnormal regulation by microRNAs can contribute to cancer and to some conditions, including congenital hearing loss and bone disorders.

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A severe example is DICER1 syndrome, which leads to cancer in a variety of tissues, and is caused by mutations that affect microRNAs.

Getty Images A graphical outline of a human body that shows the bones inside in blue with a swirl of genetic code in the background, evoking the idea our bodies arise from the genetic information insideGetty Images

Prof Ambros, 70, works at the University of Massachusetts Medical School, and Prof Ruvkun, 72, is a professor at Harvard Medical School.

Both conducted their research on the nematode worm – C. elegans.

They experimented on a mutant form of the worm that failed to develop some cell types, and eventually homed in on tiny pieces of genetic material or microRNAs that were essential for the worms’ development.

This is how it works:

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  • A gene or genetic instruction is contained within our DNA
  • Our cells make a copy, which is called messenger RNA or simply mRNA (you’ll remember this from Covid vaccines)
  • This travels out of the cell’s nucleus and instructs the cell’s protein-making factories to start making a specific protein
  • But microRNAs get in the way by sticking to the messenger RNA and stop it working
  • In essence the mircoRNA has prevented the gene from being expressed in the cell

Further work showed this was not a process unique to worms, but was a core component of life on Earth.

Prof Janosch Heller, from Dublin City University, said he was “delighted” to hear the prize had gone to Profs Ambros and Ruvkun.

“Their pioneering work into gene regulation by microRNAs paved the way for groundbreaking research into novel therapies for devastating diseases such as epilepsy, but also opened our eyes to the wonderful machinery that is tightly controlling what is happening in our cells.”

Previous winners



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Oil jumps as market waits for Israel attack on Iran

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Oil jumps as market waits for Israel attack on Iran


Croft: The oil market is still in watch-and-wait mode.

U.S. crude oil rose nearly 3% on Monday, as the market waited for Israel to strike Iran.

Oil prices spiked last week on fears that Israel could hit the Iran’s oil industry in retaliation for Tehran’s ballistic missile attack.

U.S benchmark West Texas Intermediate surged 9.09% last week for the biggest weekly gain since March 2023. Global benchmark Brent jumped 8.43% for the biggest weekly advance since January 2023.

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Here are Monday’s energy prices:

  • West Texas Intermediate November contract: $76.44 per barrel, up $2.06, or 2.77%.
  • Brent December contract: $79.91 per barrel, $1.86, or 2.38%.

President Joe Biden on Friday discouraged Israel from striking Iranian oil facilities, after prices jumped about 5% a day earlier when the president suggested the U.S. was discussing the possibility of such a strike.

Don’t miss these energy insights from CNBC PRO:



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Fed rate cuts should favor preferred stocks, Virtus fund manager says

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Fed rate cuts should favor preferred stocks, Virtus fund manager says


A place for "preferred" stocks

One financial firm is trying to capitalize on preferred stocks – which carry more risks than bonds, but aren’t as risky as common stocks.

Infrastructure Capital Advisors Founder and CEO Jay Hatfield manages the Virtus InfraCap U.S. Preferred Stock ETF (PFFA). He leads the company’s investing and business development.

“High yield bonds and preferred stocks… tend to do better than other fixed income categories when the stock market is strong, and when we’re coming out of a tightening cycle like we are now,” he told CNBC’s “ETF Edge” this week.

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Hatfield’s ETF is up 10% in 2024 and almost 23% over the past year.

His ETF’s three top holdings are Regions Financial, SLM Corporation, and Energy Transfer LP as of Sept. 30, according to FactSet. All three stocks are up about 18% or more this year.

Hatfield’s team selects names that it deems are mispriced relative to their risk and yield, he said. “Most of the top holdings are in what we call asset intensive businesses,” Hatfield said.

Since its May 2018 inception, the Virtus InfraCap U.S. Preferred Stock ETF is down almost 9%.

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