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ruet's Journal
ruet's Journal
March 29, 2023

High Egg Prices Send Profits at Largest US Producer Soaring More Than 700%

Source: CNN

Cal-Maine Foods, the largest egg producer in the United States, reported revenue doubled and profit surged 718% last quarter because of sharply higher egg prices. The company, which controls about 20% of the US egg market according to Reuters, said its average selling price for a dozen eggs in the quarter ending February 25 was $3.30, more than double the average of $1.61 a year earlier. Despite the higher prices, the total number of eggs it sold edged up 1%, so its overall revenue rose 109% to $997.5 million.

That doubling of revenue was nothing compared to its profits, however. Net income soared to $323.2 million from only $39.5 million a year ago. The jump in revenue and profit had been expected but easily topped forecasts. Shares of Cal-Maine (CALM) were up 4% in premarket trading.

Eggland's Best eggs are seen at the company's research facility in Pennsylvania. Surging egg prices mean record profits for largest US egg producer
A deadly and highly infectious avian flu has forced US farmers to kill millions of egg-laying hens, reducing the country’s egg supply and driving up prices. But Cal-Maine said in its earnings statement that there have been no positive tests for avian flu at any of its owned or contracted production facilities.

Egg producers’ pricing decisions have been criticized by some politicians, who accuse them of profiteering and price gouging.

Read more: https://www.cnn.com/2023/03/29/business/egg-profits-cal-maine/index.html



Gouging at its finest. ...congressional hearing please?
March 14, 2023

Former Rep. Pat Schroeder, a pioneer for women's rights, dies at 82

Source: NPR

WASHINGTON — Former U.S. Rep. Pat Schroeder, a pioneer for women's and family rights in Congress, died Monday night. She was 82.

Schroeder's former press secretary, Andrea Camp, said Schroeder suffered a stroke recently and died at a hospital in Celebration, Florida, the city where she had been residing in recent years.

Schroeder took on the powerful elite with her rapier wit and antics for 24 years, shaking up stodgy government institutions by forcing them to acknowledge that women had a role in government.

Her unorthodox methods cost her important committee posts, but Schroeder said she wasn't willing to join what she called "the good old boys' club" just to score political points. Unafraid of embarrassing her congressional colleagues in public, she became an icon for the feminist movement.

Read more: https://www.npr.org/2023/03/14/1163292453/former-rep-pat-schroeder-a-pioneer-for-womens-rights-dies-at-82

March 9, 2023

FBI Finally Admits To Buying Location Data on Americans, Horrifying Experts

Source: Ars Technica

At a Senate Intelligence Committee hearing yesterday, FBI Director Christopher Wray confirmed for the first time that the agency has in the past purchased the location data of US citizens without obtaining a warrant, Wired reported.

This revelation, which has alarmed privacy advocates, came after Sen. Ron Wyden (D–Ore.) asked Wray directly, “Does the FBI purchase US phone-geolocation information?” Wray’s response tiptoed around the question but provided a rare insight into how the FBI has used location data to surveil Americans without any court oversight.

“To my knowledge, we do not currently purchase commercial database information that includes location data derived from Internet advertising,” Wray said. “I understand that we previously—as in the past—purchased some such information for a specific national security pilot project. But that’s not been active for some time.”

Americans are protected against unreasonable searches under the Fourth Amendment, and the Supreme Court has said that government agencies accessing location data without a warrant can be considered in violation of Fourth Amendment rights. But privacy advocates like the Electronic Frontier Foundation (EFF) have continually found evidence that federal agencies, including the FBI, have relied on a legal loophole to continue purchasing location data that agencies otherwise may not legally be able to access.

Read more: https://arstechnica.com/tech-policy/2023/03/fbi-finally-admits-to-buying-location-data-on-americans-horrifying-experts/

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