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Millions without power in Texas as snow storm slams U.S. – CTV News

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DALLAS —
A frigid blast of winter weather across the U.S. plunged Texas into an unusually icy emergency Monday that knocked out power for more than 2 million people, shut down grocery stores and air travel and sent cars skidding on dangerously snowy and slick roads.

The worsening conditions halted the delivery of new COVID-19 vaccine shipments. Massive power outages across Houston included a facility storing 8,000 doses of Moderna vaccine, and health officials scrambled to find takers at the same time authorities were pleading for people to stay home.

Temperatures nosedived into the single-digits as far south as San Antonio, and homes that had already been without electricity for hours had no certainty about when the lights and heat would come back on, as the state’s overwhelmed power grid throttled into rotating blackouts that are typically only seen in 100-degree Fahrenheit (38-degree Celsius) summers.

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The storm was part of a massive system that brought snow, sleet and freezing rain to the southern Plains and was spreading across the Ohio Valley and to the Northeast. The Southwest Power Pool, a group of utilities across 14 states, called for rolling outages because the supply of reserve energy had been exhausted. Some utilities said they were starting blackouts, while others urged customers to reduce power usage.

“We’re living through a really historic event going on right now,” said Jason Furtado, a professor of meteorology at the University of Oklahoma, pointing to all of Texas under a winter storm warning and the extent of the freezing temperatures.

In Houston, where county leaders had warned that the freeze could create problems on the scale of massive hurricanes that slam the Gulf Coast, one electric provider said power may not be restored to some homes until Tuesday. More than 500 people were hunkering down at one shelter, but Mayor Sylvester Turner said other warming centres had to be shut down because those locations, too, lost power.

State officials said soaring demand and cold weather knocking some power stations offline had pushed Texas’ system beyond the limits.

“This weather event, it’s really unprecedented. We all living here know that,” said Dan Woodfin, senior director of system operations at the Electric Reliability Council of Texas. He defended preparations made by grid operators and described the demand on the system as record-setting.

“This event was well beyond the design parameters for a typical, or even an extreme, Texas winter that you would normally plan for. And so that is really the result that we’re seeing,” Woodfin said.

The largest grocery store chain in Texas, H-E-B, closed locations around Austin and San Antonio, cities that are unaccustomed to snow and have little resources to clear roads. The slow thaw and more frigid lows ahead was also taking a toll on Texas’ distribution of COVID-19 vaccines.

State health officials said Texas, which was due to receive more than 400,000 additional vaccine doses this week, now does not expect deliveries to occur until at least Wednesday.

The weather also put existing vaccine supply in jeopardy. Rice University on Monday abruptly began offering vaccines on its closed Houston campus after Harris Health System told the school it had about 1,000 vaccines that “were going to go to waste,” said Doug Miller, a university spokesman. “The window was just a couple hours. They have to take care of it quickly,” Miller said.

A Harris County Public Health facility storing the vaccines lost power between 1 a.m. and 2 a.m. on Monday and its backup generator also failed, said Rafael Lemaitre, a spokesman for Harris County Judge Lina Hidalgo.

Caught without enough groceries on hand, Lauren Schneider, a 24-year-old lab technician, walked to a Dallas grocery store near her home Monday morning dressed in a coat, hat and face mask. Schneider said she didn’t feel comfortable driving with the roads covered in snow and ice. She said she hadn’t seen a serious snowfall in Dallas since her childhood.

“I really didn’t think it’s would be this serious,” said Schneider.

Teresa and Luke Fassetta, trundling through the snow carrying grocery bags, said the store lost power while they were shopping. The couple said they lost power overnight, then got it back around 9 a.m., and they were hoping it would still be on when they arrived home. If not, Teresa said, “we just have a bunch of blankets and candles and two cats to keep us warm.”

Several cities in the U.S. saw record lows as Arctic air remained over the central part of the country. In Minnesota, the Hibbing/Chisholm weather station registered minus 38 degrees Fahrenheit (minus 39 degrees Celsius), while Sioux Falls, South Dakota, dropped to minus 26 Fahrenheit (minus 26 degrees Celsius).

In Kansas, where wind chills dropped to as low as minus 30 degrees Fahrenheit (minus 34 degrees Celsius) in some areas, Gov. Laura Kelly declared a state of disaster.

Most government offices and schools were closed for Presidents Day, and authorities pleaded with residents to stay home. Louisiana State Police reported that it had investigated nearly 75 weather-related crashes caused by a mixture of snow, sleet and freezing rain in the past 24 hours.

“We already have some accidents on our roadways,” Kentucky Gov. Andy Beshear said during a morning news conference. “It is slick and it is dangerous.”

Air travel was also affected. By midmorning, 3,000 flights had been cancelled across the country, about 1,600 of them at Dallas/Fort Worth International and Bush Intercontinental airports in Texas. At DFW, the temperature was 4 degrees Fahrenheit (-15 degrees Celsius) – 3 degrees (-16 degrees) colder than Moscow.

In Houston, officials said Bush Intercontinental Airport runways would remain closed until at least 1 p.m. Tuesday, a day longer than previously expected.

The storm arrived over a three-day holiday weekend that has seen the most U.S. air travel since the period around New Year’s. More than 1 million people went through airport security checkpoints on Thursday and Friday. However, that was still less than half the traffic of a year ago, before the pandemic hit with full force.

The southern Plains had been gearing up for the winter weather for the better part of the weekend. Texas Gov. Greg Abbott issued a disaster declaration for all of the state’s 254 counties. Abbott, Oklahoma Gov. Kevin Stitt and Arkansas Gov. Asa Hutchinson each activated National Guard units to assist state agencies with tasks including rescuing stranded drivers.

President Joe Biden also declared an emergency in Texas in a statement Sunday night. The declaration is intended to add federal aid to state and local response efforts.

Bleiberg reported from Dallas. Associated Press journalists David Koenig in Dallas, Juan A. Lozano in Houston, Rebecca Reynolds Yonker in Louisville, Ky., Kate Brumback in Atlanta, Margaret Stafford in Liberty, Mo., and Amy Forliti in Minneapolis contributed to this report.

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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