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Nasdaq, Inc.

NEW YORK, July 18, 2022 (GLOBE NEWSWIRE) -- TheNasdaqStock Market announced today that it will delist the ordinary shares, warrant, unit, and rights of Alberton Acquisition Corporation. Alberton Acquisition Corporations securities were suspended on April 26, 2022 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of Zosano Pharma Corporation. Zosano Pharma Corporations common stock was suspended on June 13, 2022 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A Common Stock and Warrant of Electric Last Mile Solutions, Inc. Electric Last Mile Solutions, Inc.s securities were suspended on June 23, 2022 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the American depositary shares and warrant of 4D pharma plc. 4D pharma plcs securities were suspended on July 7, 2022 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock and warrant of Enjoy Technology, Inc. Enjoy Technology, Inc.s securities were suspended on July 11, 2022 and have not traded on Nasdaq since that time.

Nasdaqwill file a Form 25 with the Securities and Exchange Commission to complete the delistings. The delistings become effective ten days after the Form 25 is filed. For news and additional information about the companies, including the basis for the delisting and whether the companies securities are trading on another venue, please review the companies public filings or contact the company directly.

For more information about TheNasdaqStock Market, visit the Nasdaq Web site at http://www.nasdaq.com.Nasdaqsrules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.

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Delisting of Securities of Alberton Acquisition Corporation; Zosano Pharma Corporation; Electric Last Mile Solutions, Inc.; 4D pharma plc; and Enjoy...

The 2022 season begins with some fantastic non-conference games over the first quarter of the season.

By now, you likely know about the big ones. Notre Dame and Ohio State meet in Week 1 just an hour or so after Oregon and Georgia face off. And Alabama and Texas play in Week 2, of course. But there are a lot of other intriguing non-conference matchups, too, especially in Week 3, a Saturday that could be full of fascinating matchups.

Here's our look at the most intriguing non-conference matchups over the first three weeks of the 2022 college football season.

(All times ET)

This is a fantastic way to cap off the first full Saturday of the season and a huge test for Marcus Freeman in his first regular season game as Notre Dame's coach. Ohio State has become the favorite pick of bettors to win the national title and is more than a two-touchdown favorite over an Irish team that brings back 15 starters.

New Oregon coach Dan Lannings first game with the Ducks comes against his former employer. Lanning was the defensive coordinator for Georgias national title-winning team in 2021 and will likely get a nice ovation from Bulldog fans in Atlanta. How will his familiarity with Georgias defensive personnel help QB Bo Nix and an offense that returns its entire starting offensive line?

Georgia coach Kirby Smart faces off against former defensive coordinator Dan Lanning in Week 1. (Photo by John Adams/Icon Sportswire via Getty Images)

The Pac-12 champions travel to the Swamp and are currently favored over the Gators in Billy Napiers first game coaching Florida. Florida was one of the biggest underachievers in 2021 and enters this season with Anthony Richardson as the teams starting quarterback. Its a big chance for Richardson as he enters the season tied with others as the No. 5 favorite for the Heisman.

This is the Bearcats second consecutive game against an SEC opponent after losing to Alabama in the College Football Playoff. Ben Bryant is in line to replace Desmond Ridder as Cincinnatis starting quarterback while Arkansas needs to replace Treylon Burks and four of its five leading tacklers from a team that won nine games in 2021.

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This game may be more about the name brands involved than the quality of football from two programs trying to get back to the top. But were very intrigued for Brian Kellys first game with the Tigers and if Arizona State transfer Jayden Daniels or Myles Brennan will be LSUs starting quarterback.

LSU opens the Brian Kelly era against Florida State. (Photo by Jonathan Bachman/Getty Images)

The Backyard Brawl is back for the first time since 2011. Pitt enters the game looking to beat the Mountaineers for the first time since 2008 as WVU has won three straight. Both teams will feature former USC quarterbacks, too. Kedon Slovis is in line to start for Pitt while former Trojan and Georgia QB JT Daniels is now at West Virginia.

Who knows, maybe this will be a matchup we see in the Pac-12 in the future? Oregon State returns nine starters on a defense that improved a lot from 2020 to 2021 on the way to a bowl berth for the first time since 2013. The Broncos are a favorite in the Mountain West again and are looking to bounce back from a disappointing 7-5 season.

Appalachian State is a perennial Sun Belt contender and won double-digit games for the third time in four seasons in 2021. North Carolina was a disappointment a season ago and QB Sam Howell is one of six departing starters on the Tar Heel offense.

Houston went 12-2 in 2021 as the play for the future strategy of coach Dana Holgorsen bore fruit in Year 3. UTSA was one of the best stories of 2021 as the Roadrunners also went 12-2 and got to No. 15 in the AP Top 25. QB Frank Harris is one of eight starters back on offense for UTSA and the Alamodome will be very loud for this one.

Texas coach Steve Sarkisian (R) served as an offensive coordinator for Nick Saban before taking the Longhorns job after the 2020 season. (Photo by Tom Pennington/Getty Images)

The matchup of future SEC foes is the first between the two teams since Alabama beat Texas to win the national title in 2010. Former Alabama offensive coordinator Steve Sarkisian will be hoping his offensive line can hold up against the Tides defensive front to let Quinn Ewers and Bijan Robinson make plays and that his defense can keep 2021 Heisman winner Bryce Young in check.

Baylor, the reigning Big 12 champion, beat the Cougars by 14 at home in 2021. BYU returns every starter on defense after taking a step back statistically in 2021 thanks to a much tougher schedule. The Cougars will need to replace RB Tyler Allgaier but QB Jaren Hall and WRs Puka Nacua and Gunner Romney return.

This matchup of former Big 12 rivals is sneakily significant. Missouri could need this win to make a bowl for the second consecutive season while Kansas State is going for its third eight-win season in Chris Kliemans four seasons with the school.

Cardinals QB Malik Cunningham is one of the best dual-threat QBs in college football and this is a second straight road game for Louisville to start the season. Well see if Mikey Keene or Ole Miss transfer John Rhys Plumlee is the starting QB for the Knights as they bring back 17 starters from a team that went 9-4 in Gus Malzahns first season.

Louisville QB Malik Cunningham scored nearly 40 TDs in 2021. (Photo by George Walker/Icon Sportswire via Getty Images)

Pitt got the best of Tennessee last year and its easy to see Tennessee returning the favor in 2022. Hendon Hooker was phenomenal in 2021 and a win against the Panthers sets Tennessee up to be 3-0 before consecutive games against Florida, LSU and Alabama.

WSU went 6-3 in the Pac-12 in 2021 and blew out rival Washington to end the regular season. The Cougars also bring in FCS star Cameron Ward at QB with his offensive coordinator at Incarnate Word, Eric Morris, now in charge of the play-calling in Pullman. Wisconsin has to replace 14 starters but is the favorite in the Big Ten West and returns RB Braelon Allen. He rushed for nearly seven yards a carry as a freshman.

Oklahoma State should be in the thick of the Big 12 race once again but needs to replace seven starters on a defense that also has a new coordinator after Jim Knowles went to Ohio State. Arizona State has to replace 15 starters including QB Jayden Daniels as the program is in the midst of an NCAA investigation into recruiting violations.

The annual rivalry game isnt higher up on the Week 2 list because ISU only brings back eight starters from a team that underachieved in 2021. Matt Campbell needs to replace Brock Purdy, Breece Hall and Charlie Kolar on offense and the teams four leading tacklers are also gone. ISU hasn't beaten Iowa since 2014.

This game gets even more interesting if Appalachian State gets a win over North Carolina in Week 1. A&M will be a significant favorite and this is a potential look-ahead spot for the Aggies ahead of a massive Week 3 showdown with Miami.

This is another tough Mountain West test for the Beavers before a game against FCS opponent Montana State ahead of Pac-12 play. Fresno State and QB Jake Haener took down UCLA in a thriller in 2021.

Miami and new coach Mario Cristobal head to College Station to play Texas A&M in Week 3. (Al Diaz/Miami Herald/Tribune News Service via Getty Images)

This is a huge spot for the Hurricanes and new coach Mario Cristobal. Tyler Van Dyke has been mentioned as a possible first-round QB in the 2023 NFL draft and a big game against the Aggies will heighten that draft buzz. A&M is the fourth SEC opponent Miami has faced in the last five seasons and only one of its previous three losses a 24-20 loss to Florida in 2019 was within 14 points.

The Huskers hung around against Oklahoma a season ago before proceeding to lose seven of their final eight games of the season on the way to a 3-9 record. Expectations in Lincoln will be for nothing short of a win, even if Oklahoma will be favored in this one.

Oregon isnt skimping on its non-conference scheduling this season. Given the Ducks game against Georgia in Week 1 and BYUs game against Baylor in Week 2, its entirely possible that the loser of this game will be 1-2.

Auburn went 6-7 in Bryan Harsin's first season. (Photo by Andy Lewis/Icon Sportswire via Getty Images)

It may be a stretch to say this is a must-win game for Auburn coach Bryan Harsin, but a win over Penn State would do wonders for a program that went 6-7 and had a tumultuous offseason. This will also be Penn States second road game of the season after a Week 1 visit to Purdue and the Nittany Lions first game at an SEC opponent since visiting Alabama in 2010.

MSU went to Miami and won by three touchdowns in Week 3 a season ago in what was a surprising result at the time. This is the first big test for Washington and new coach Kalen DeBoer after the Huskies were 4-8 in 2021. Improving the offense is a huge priority for DeBoer and Washington brought in former Indiana QB Michael Penix during the offseason.

Can Fresno take down another team from Los Angeles? This game gets the late-night treatment on Fox as all attention will be on Lincoln Riley and the offensive skill players that transferred to USC. The biggest question for the Trojans may be on defense, however. USC needs to replace eight starters after giving up 32 points per game in 2021.

USC hosts Fresno State in Week 3 after playing Stanford in Week 2. (Gary Coronado / Los Angeles Times via Getty Images)

SDSU beat Utah in three overtimes in 2021 and also plays Arizona and Boise State over the first five weeks of the 2022 season. SDSU has given up fewer than 20 points per game in each of the last three seasons.

This is a game NC State needs to win to assert itself as one of the best teams in the ACC. A season ago, the Wolfpack lost 24-10 at Mississippi State in Week 2.

The Longhorns will likely win this one but 2022 is UTSAs chance to establish itself as a power player in the state after its run in 2021. Wins over Houston and Texas will give UTSA bragging rights itll retain forever.

The Wildcats are the first Power Five opponent for the FCS powerhouse Bison since NDSU took down Iowa in 2016. Dont be surprised when NDSU is favored ahead of the game as Arizona went 1-11 in 2021 and was outscored by two touchdowns per game.

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The best non-conference games of the 2022 college football season - Yahoo Sports

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key financial metrics. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. In light of that, when we looked at CLPS Incorporation (NASDAQ:CLPS) and its ROCE trend, we weren't exactly thrilled.

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for CLPS Incorporation:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) (Total Assets - Current Liabilities)

0.16 = US$11m (US$102m - US$33m) (Based on the trailing twelve months to December 2021).

Therefore, CLPS Incorporation has an ROCE of 16%. In absolute terms, that's a satisfactory return, but compared to the IT industry average of 12% it's much better.

View our latest analysis for CLPS Incorporation

roce

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how CLPS Incorporation has performed in the past in other metrics, you can view this free graph of past earnings, revenue and cash flow.

In terms of CLPS Incorporation's historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 16% from 23% five years ago. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. And if the increased capital generates additional returns, the business, and thus shareholders, will benefit in the long run.

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On a side note, CLPS Incorporation has done well to pay down its current liabilities to 32% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Since the business is basically funding more of its operations with it's own money, you could argue this has made the business less efficient at generating ROCE.

While returns have fallen for CLPS Incorporation in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. Despite these promising trends, the stock has collapsed 72% over the last three years, so there could be other factors hurting the company's prospects. Therefore, we'd suggest researching the stock further to uncover more about the business.

Like most companies, CLPS Incorporation does come with some risks, and we've found 2 warning signs that you should be aware of.

While CLPS Incorporation may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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CLPS Incorporation (NASDAQ:CLPS) Is Reinvesting At Lower Rates Of Return - Yahoo Finance

LAS VEGAS The NBA transition take foul during games will result in a stricter penalty starting with the 2022-23 season, the league announced after a Board of Governors meeting. The board approved the measure during its meeting Tuesday.

The NBAs Competition Committee moved forward with a proposal to grant the team on offense with one free throw and possession of the ball if the team on defense employs the take foul, sources said.

The take foul was overly used by teams on defense to eliminate fast-break opportunities in which the defending team was at a numbers disadvantage. After the foul, the offensive team was previously given the ball out of bounds. The tactic also led to a disruption of game flow and it bogged the game down.

Another modification the committee will submit to the BOG for approval will be enforcing proper bench decorum by issuing stiffer penalties, sources said. One of a few principal matters on decorum are players standing up at the bench for extended portions of the game, obstructing the view of fans sitting behind the bench, sources said. There was no immediate announcement to a change in policy after the BOG meeting.

Fans have lobbed complaints at the league, expressing how theyre purchasing expensive seats with a blocked vantage point, sources said.

The Dallas Mavericks were fined a total of $175,000 throughout the 2022 playoffs for violation of bench decorum.

The BOG on Tuesday also approved the adoption of the play-in tournament before the postseason on a permanent basis after one-year runs in the 2020-21 and 2021-22 seasons.

Boston Celtics star Jayson Tatum fouls Golden State Warriors star Stephen Curry in transition during the 2022 NBA Finals. The NBA is on the verge of stiffer penalties for transition "take fouls." (Matt Stone/MediaNews Group/Boston Herald via Getty Images)

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NBA's transition 'take foul' to be penalized in 2022-23 season; play-in tournament made permanent - Yahoo Sports

Coaching matters in the National Football League. The quarterback is the most important player on the field, but without a strong coaching staff, even the most talented ones can struggle. The successful combination of the two is a very significant driver of your franchise's long-term success.

The Pittsburgh Steelers, under Mike Tomlin, are a perfect example. Tomlin joined the Pittsburgh Steelers in 2007, the fourth year of Steelers QB Ben Roethlisberger's illustrious 18-year career with Pittsburgh. During the fifteen years Tomlin and Roethlisberger led Pittsburgh into battle, Roethlisberger became only the fifth player in history to throw for over 64,000 career yards. They won a Super Bowl together, while Tomlin set one of the most impressive records a coach can earn by registering 15 consecutive non-losing seasons.

Now with Roethlisberger retired, Tomlin marches the Steelers into a new era. But can he continue his streak with Mitch Trubisky under center?

Mike Tomlin has done a masterful job getting the most of his players during his career. However, coaches need players, and there are enough red flags on this roster to signal this is the season the bottom falls out for Pittsburgh. Here are three key metrics where Pittsburgh ranked at the bottom of the league that I think will highlight the challenges they will face this season.

Pittsburgh's an auto-fade if you believe games are won in the trenches. Last season, the Steelers defense allowed a league-leading 143.8 yards rushing per game, and they didn't do much to improve in the offseason. They have gradually moved away from being the tough, physical team that will impose their will on their opponents and spent their top two draft picks on offensive skill position players for the second straight season.

Unfortunately, without a strong offensive line, those skill position players will have a tough time succeeding. Last season, RB Najee Harris was one of the league's leaders in broken tackles and was still held to only 29 yards in Pittsburgh's 42-21 playoff loss to Kansas City. The Steelers' free-agent signings of Mason Cole and James Daniels do little to improve the outlook of one of the worst offensive lines in football. The Steelers unit was recently ranked 30th by Sharp Football for this upcoming season.

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PITTSBURGH, PA - MAY 24: Pittsburgh Steelers quarterback Mitchell Trubisky (10), running back Najee Harris (22), quarterback Kenny Pickett (8), and quarterback Chris Oladokun (5) take part in a drill during the team's OTA practice, Tuesday, May 24, 2022, in Pittsburgh, PA. (Photo by Brandon Sloter/Icon Sportswire via Getty Images)

That leads me to the most critical position on the field, the quarterback. Ben Roethlisberger had his limitations last season, but they will miss his experience. Putting Trubisky, a quarterback who has struggled with decision-making, behind this offensive line will be a problem. Even if Steelers offensive coordinator Matt Canada looks to roll Trubisky out of the pocket, it won't be easy with two tackles that rank outside the top 60 at their position. It's also not ideal for a rookie quarterback, so I don't expect the Steelers to move to Pickett early in an attempt to save the season.

Typically, when a team comes off a year where they ranked 28th in yards per play, the only way to go is up. But I am not sold that's going to be the case this season with the Steelers offense under either quarterback. In his rookie year, Pickett will likely have the same challenges as Trubisky.

It's a good bet this season marks the end of an incredible run by Mike Tomlin. Based on projected win totals, the Steelers have the fourth-most difficult schedule. They open the season as 6.5-point dogs against the defending AFC champion Cincinnati Bengals. They also face the Buffalo Bills and Tampa Bay Buccaneers in the first six weeks. The Steelers are -200 to finish last in the AFC North and -375 to miss the playoffs.

The betting market is telling us this isn't a good football team, and I am willing to listen. Pittsburgh is the projected favorite in only four games the entire year, so having the total win set at 7.5 creates value on the under. I have watched Andy Reid go 4-12 in his last season in Philadelphia and also saw how a below-average quarterback room can make Bill Belichick look human. You can only coach them up so much. Betting against Mike Tomlin hasn't paid off in the past, but it's a new era in Pittsburgh. Mitch Trubisky, behind a poor offensive line, sounds like a good bet to go 7-10 or worse.

Stats provided by Clevanalytics, Sharp Football, PFF.com, Football Outsiders

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NFL betting, odds: Why fading the Steelers is a must this season - Yahoo Sports

Elon Musks plan to get employees back in the office is hitting a bit of a speed bump: There arent enough desks or parking spots for returning workers.

Teslas most productive factory, located in Fremont, Calif., has struggled to accommodate the influx of employees responding to Musk's new in-office mandate, The Information's Becky Peterson reported. Employees told The Informationthat a hiring surge at the company and remodeled parts of the office have made for crowded space. A lack of communication from Teslas dwindling human resources department has only exacerbated the issue.

Workers have returned to an overflowing parking lot and resorted to parking at the local transit station, resuming a pre-pandemic problem. Once employees shuttled to the office, some found there was no desk for them to work from or stable enough Wi-Fi to do their jobs. They told The Information that some managers told them to work from home some days because there werent enough workstations.

Musk made his stance on remote work clear earlier this month, when a thread of leaked emails revealed that he required everyone at the company to spend at least 40 hours (a full workweek) in offices. He said his presence in Tesla factories is what led to the companys success, adding that hell assume workers who dont return to office have resigned.

He cited the now overcrowded Fremont facility specifically, stating that employees must return to a major office. Moreover, the office must be a main Tesla office, not a remote branch office unrelated to the job duties, for example being responsible for Fremont factory human relations, but having your office be in another state, he wrote.

Some executives have pushed back against what they perceive as a tone-deaf ultimatum, claiming that CEO presence is overrated and that flexibility is imperative when trying to keep and recruit employees throughout the Great Resignation.

Like Tesla, companies that have tried to implement hybrid or fully in-person work policies have met challenges as employees resist the commute back to headquarters and the idea of returning to normal. Employees at Apple have threatened to quit over the companys hybrid model, and Google has struggled to figure out the logistics of bringing employees back. And only half of Goldman Sachs employees showed up in early March following an in-office mandate, with junior bankers threatening to quit.

Musks back-to-office transition is proving just as complicated, especially as he reportedly lays off salaried staff. He may be ready for the return of some workers, but Tesla's Fremont office sure isnt.

This story was originally featured on Fortune.com

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Tesla workers are returning to office only to find there arent enough desks or parking spots for them - Yahoo Finance

NEW YORK It's a full year until the 2023 NBA draft, but the players projected at the top five are like no other draft class in the past. Usually NBA fans tune into the NCAA men's tournament to get a first glimpse of the future NBA stars set to hit the draft stage three months later, but next year will be different.

Projected atop the draft is a player from France playing in the EuroLeague (Victor Wembanyama), a teenager dominating the G League for the G League Ignite (Scoot Henderson) and a set of twins playing in Overtime's OTE league (Amen and Ausar Thompson). There are possibly only a couple of college players who could filter into the top five next year Arkansas guard Nick Smith Jr., Villanova guard Cam Whitmore and Texas forward Dillon Mitchell.

It's a very unusual draft with four non-college players projected toward the top, since 2005 when the NBA prohibited players from jumping straight from high school.

To put it in perspective: In the past 10 years, there have been only six non-college players selected in the top five total.

European players have usually made the jump to the NBA with high draft selections. Luka Doncic was the No. 3 pick in the 2018 draft by the Dallas Mavericks, and Kristaps Porziis was drafted by the New York Knicks with the fourth overall pick in 2015.

Wembanyama, the 7-foot-2 point-forward out of France, is the runaway favorite to be the No. 1 pick in the 2023 NBA draft. His skills are like no other player, and he is the best prospect in the world now, regardless of class.

Victor Wembanyama is projected as the runaway favorite for the No. 1 overall pick in the 2023 NBA draft. (Panagiotis Moschandreou/Euroleague Basketball via Getty Images)

There hasn't been a European player selected No. 1 overall since 2006 when the Toronto Raptors took Italian forward Andrea Bargnani. Wembanyama is different than any other European player, past or present, and could be a generational talent.

"Right now, its Wembanyama and everyone else for the 2023 draft," one NBA scout told Yahoo Sports. "Theres always concern about someone so good so young, but it hasnt gotten in the way of Wembanyama from getting better over the years. Hes the closest thing to a transcendent talent the draft has seen since probably Zion [Williamson], and even then the feelings throughout the league were much more mixed compared to where things stand right now with Wembanyama."

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Right behind Wembanyama is Henderson, who signed a two-year, $1 million contract with the G League Ignite at just 17 years old. In the 2021 draft, Jalen Green was the first top-three draft pick to come out of the G League Ignite program, and Jonathan Kuminga was also a top-10 pick. Henderson is the next elite point guard coming up and had NBA scouts excited last season when he was dominating grown men in the G League. He also pulled this dunk out of his pocket after a summer workout that is worth watching more than once.

Which brings us to the Thompson twins out of Overtime's OTE league. The 6-foot-7 guards are two of the most athletic guards in this draft class and will potentially be the first players drafted in the lottery since OTE launched in 2021.

"The Thompson twins fit the mold of the NBA and the way the game is being played really well," one NBA scout told Yahoo Sports. "Long, athletic playmakers with a high basketball IQ. You would expect one to be better than the other, but I could see them going one right after the other next year. They're that good."

The G League and OTE are new, lucrative options for young, talented players wanting to make their path to the NBA outside of the NCAA and college basketball. The G League Ignite team allows the opportunity for players to adjust to the NBA game one or two years earlier and go against professionals and players who have been in the NBA or are trying to work their way to an NBA roster. OTE has a state-of-the-art facility in Atlanta where the young players get top-notch training and nutrition as well as a paid contract.

The old path to being a top pick in the NBA was the blue-blood, one-and-done path. Five-star recruits go to either Kentucky, Duke, North Carolina or Kansas and then position themselves to be a high draft pick. Times are changing, and NBA scouts and executives are fine traveling to wherever the top basketball is being played.

If the draft were tomorrow and all four non-college players went in the top five, it would be the first time in draft history that only one college player was selected in the top five. We're still a year away from the 2023 draft, but Wembanyama and Henderson are close to a lock at Nos. 1 and 2. If NBA fans want to study the top players coming up next year, it's time to start paying attention to the EuroLeague, G League and Overtime Elite games.

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2023 NBA draft: Why the top 5 picks, led by Victor Wembanyama and Scoot Henderson, will be like no class before - Yahoo Sports

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

Thursday, June 30, 2022

Today's newsletter is by Jared Blikre, a reporter focused on the markets on Yahoo Finance. Follow him on Twitter @SPYJared.

The Nasdaq (^IXIC) and Russell 2000 (^RUT) are having their worst year ever.

The Dow Jones Industrial Average (^DJI) is off to its worst start since 1962.

And you'd have to travel back to 1970 for a worse first and second quarter in the S&P 500 (^GSPC).

Investors wondering what happens the rest of the year when markets are down big through June won't find much comfort in mixed data.

Nor much comfort in the finding that all roads for stock investors tend to lead back to the Federal Reserve.

Let's start with the Nasdaq, which is down a record 29% so far this year, and has lost 10% in the first half of a year 8 times. Looking at the table below, the average return in the second half was a loss of 5.8% with a median loss of 8.7%.

Not much for investors to get excited about.

Notably, the worst return prior to 2022 was twenty years ago in 2002, as the busted tech bubble bear market entered its second year. The Nasdaq lost an additional 8.7% into the end of 2002, for a total loss of 32%.

With the economy recovering from recession, the Fed introduced another round of cuts toward the end of 2002 taking rates down to 1.25% for the first time since 1961 and stocks finally found their footing.

The tech index, however, would not return to its prior record high until 2015.

Looking at the Dow's performance we see few modern parallels 3 of the Dow's worst 4 years ever took place before the US entered World War II. Through Wednesday's close, the Dow is on pace for its 5th-worst year on record.

Like the Nasdaq, however, we find the Global Financial Crisis front and center among the worst years endured by stock market investors.

The Dow lost 14.4% in the first six months of 2008, only to drop another 22.7% over the balance of the year as the global economy teetered on the brink of collapse.

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That same year, the Nasdaq was down 13.6% through the end of June. The failure of Lehman Brothers opened the floodgates in September of that year, and the tech index got whacked for an additional 31% loss, losing some 40.5% by the time the year was up.

As investors may recall, the market finally turned around when the Fed announced its to-that-point unprecedented quantitative easing program in March 2009.

The theme for investors, as ever, is that the market moves with the Fed. But there's nuance in this view.

U.S. President Barack Obama (R) listens after announcing his nomination of Federal Reserve Chairman Ben Bernanke to a second term, in Oak Bluffs, Massachusetts in this August 25, 2009 file photo. REUTERS/Brian Snyder/Files

Exactly how long it takes stocks to recover bear market losses tends to depend on where we are within a secular or decades-long timeframe. After prolonged secular bull markets such as the two-decade bull of the 1980s and 1990s a secular bear market tends to follow. These are periods where old market paradigms give way to new ones amid violent portfolio adjustment.

From 2000-2009, for instance, a secular bear market saddled investors with a "lost decade." Eventually, this period gave way to the second tech boom we're currently watching unwind.

And similar to the early 2000s, a rapidly changing macro environment is resulting in violent portfolio rotations across asset classes it is no coincidence that a traditional 60/40 portfolio is having its worst year since 1970.

The 1970s, of course, are the last period in US economic history known for persistently high inflation, which the late Paul Volcker famously broke as Fed chair with aggressive rate hikes in the early '80s.

The oil embargo of 1973 kicked off a nasty, two-year bear market in the Nasdaq, during which the index would eventually shed half its value. The same year, the Dow endured a 16% decline.

Of course, this era might fell all too familiar to investors today.

Soaring energy prices have been a feature of what appears to be a new era of persistently high inflation, ending what's been a 40-year decline in interest rates.

If we take the Fed at its word that the central bank is singularly dedicated to fighting inflation we shouldn't expect Powell & Co. to deliver relief to investors anytime soon. But if the Fed does pivot, as markets are eventually pricing in for 2023, we could see an "echo bubble" down the road.

And maybe this is something for investors to get excited about.

8:30 a.m. ET: Personal Income, month-over-month, May (0.5% expected, 0.4% during prior month)

8:30 a.m. ET: Personal Spending, month-over-month, May (0.4% expected, 0.9% during prior month)

8:30 a.m. ET: Real Personal Spending, month-over-month, May (-0.3% expected, 0.7% during prior month)

8:30 a.m. ET: Initial Jobless Claims, week ended June 25 (229,000 expected, 229,000 during prior week)

8:30 a.m. ET: Continuing Claims, week ended June 18 (1.318 million expected, 1.315 million during prior week)

8:30 a.m. ET: PCE Deflator, month-over-month, May (0.7% expected, 0.2% during prior month)

8:30 a.m. ET: PCE Deflator, year-over-year, May (6.4% expected, 6.3% during prior month)

8:30 a.m. ET: PCE Core Deflator, month-over-month, May (0.4% expected, 0.3% during prior month)

8:30 a.m. ET: PCE Core Deflator, year-over-year, May (4.8% expected, 4.9% during prior month)

9:45 a.m. ET: MNI Chicago PMI, June (58 expected, 60.3 during prior month)

Pre-market

Post-market

Micron Technology (MU) is expected to report adjusted earnings of $2.44 per share on revenue of $8.64 billion

Walgreens Boots Alliance (WBA) is expected to report adjusted earnings of 94 cents per share on revenue of $32 billion

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Tech stocks are having their worst year ever. Here's what history says happens next: Morning Brief - Yahoo Finance

USC and UCLA are leaving the Pac-12 for the Big Ten in 2024, the schools and conference announced Thursday.

Jon Wilner of the San Jose Mercury News first reported the universities were in talks of joining the Big Ten.

The move, slated for Aug. 2, 2024 for the two Los Angeles-based universities, comes on the heels of Texas and Oklahoma leaving the Big 12 for the SEC. It is the latest shakeup in the world of college athletics, which has been undergoing a massive transformation in the past few years. Texas and Oklahoma will officially join the SEC no later than 2025. The departures of Texas and Oklahoma spurred the Big 12 to add BYU, Cincinnati, Houston and UCF. Those schools will officially become Big 12 members in July 2023.

In addition to prominent schools switching conferences, the one-time transfer rule passed and name, image and likeness (NIL) payments are now permitted for athletes.

"Ultimately, the Big Ten is the best home for USC and Trojan athletics as we move into the new world of collegiate sports," USC athletic director Mike Bohn said in a statement. "We are excited that our values align with the league's member institutions."

The loss of USC and UCLA is a massive blow for the Pac-12, and it further distances the Big Ten and SEC from the rest of the FBS conferences, particularly on a financial level.

The Big Ten is currently negotiating its next media rights deal, which could be worth billions. The league's existing deals with ESPN and Fox run through the 2022-23 academic year.

The Pac-12 distributed $344 million among its members in the 2021 fiscal year. For the Big Ten, it was $680 million.

The Los Angeles media market is one of the largest in the country and the USC and UCLA brands are attractive ones for viewers. With USC and UCLA in the fold, the Big Ten would extend its traditionally Midwest reach to the West Coast.

In an open letter, UCLA chancellor Gene D. Block said:

For our fans, Big Ten membership equates to better television time slots for our road games, but the same number of home games either at the Rose Bowl, in Pauley Pavilion or other UCLA venues. We will make efforts to preserve our traditional regional rivalries and are pleased that our crosstown rival, USC, will also be joining the Big Ten in 202425. While we are fierce competitors on the field, we have a rich tradition of collaboration that we look forward to continuing.

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USC and UCLA brings the Big Ten to 16 members, the same number that the SEC will have once Texas and Oklahoma officially join the league. And according to USA Today, the Big Ten could look to expand even further.

How will the Pac-12 respond? The conference added Colorado and Utah in 2011 and has had consistent membership since. But the Pac-12 has not had a team reach the College Football Playoff since Washington in 2016.

The Big Ten could add USC and UCLA, according to reports. (Photo by Jeffrey Brown/Icon Sportswire via Getty Images)

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It's official: USC, UCLA to leave Pac-12 and join Big Ten in 2024 - Yahoo Sports

As more passengers head to the airport, airlines are struggling to keep up with demand, resulting in a chaotic summer travel season with thousands of delayed or canceled flights.

More than 5,800 flights within, departing from, or arriving in the U.S. were delayed on Wednesday, according to flight-tracking website FlightAware, and another 600 flights were canceled.

The recent disruptions add to what has been a very rough summer for travelers, with more than 2,800 U.S. flights canceled over Memorial Day weekend and more than 3,000 scratched over the Fathers Day and Juneteenth long weekend.

So what should you do if your flight gets canceled? The Points Guy Founder Brian Kelly shared some tips on how to rebook quickly and secure your refund.

If you need to get to where you're going immediately, pull out your phone and buy yourself a new ticket, Kelly advised (video above). The airline is probably not going to be able to rebook you. If you're going to wait in line for hours to be rebooked, then chances are any of the remaining seats will be snatched up.

People wait in long lines amid summer travel chaos and flight cancellations due to lack of personnel at Dusseldorf International Airport in Dusseldorf, North Rhine-Westphalia, Germany on June 25, 2022. (Photo by Kadir Ilboga/Anadolu Agency via Getty Images)

For reimbursement, Kelly warned it may be best to go through a credit card company because U.S. carriers "don't owe you anything" for canceled flights.

American Express Platinum and Chase Sapphire credit cards have what's called trip delay and cancellation coverage, Kelly added. So if you're disrupted, ... go to your credit card company to get reimbursed for hotels and rental cars and all those extra expenses.

Trip protection has become a popular add-on for travelers amid a tumultuous travel season, but where you obtain that coverage is important, Kelly said.

If you booked through Expedia and others, they're going to pass you around, and no one's going to take responsibility, he cautioned. Always decline their coverage to protect your trip.

Kelly recommended travel coverage from independent online marketplace InsureMyTrip.com instead. "You can look at all the different policies, and you're going to get much better coverage at a cheaper price, he said.

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Planes sit on the tarmac at the Des Moines International Airport, Monday, June 13, 2022, in Des Moines, Iowa. (AP Photo/Charlie Neibergall, File)

Mass cancellations and delays are unlikely to be resolved anytime soon, and airlines are blaming pilot shortages and understaffed air traffic control as two culprits.

Going into this busy holiday travel weekend, airlines still don't have their footing," Kelly said. People should be prepared for disruptions, and it's pretty much every airline.

Despite efforts to improve reliability amid soaring demand, airlines have preemptively trimmed schedules this summer.

Delta cut about 100 flights per day in July while United axed about 50 flights a day from Newark Liberty International Airport starting July 1. Alaska Airlines and JetBlue also announced flight reductions.

Meanwhile, the Transportation Security Administration (TSA) projects a busy summer season, with passenger volumes that "will match and may occasionally exceed those of 2019 for the first time since the pandemic began."

Last Sunday, TSA screened more than 2.46 million people, the most air travelers in the U.S. since the start of the pandemic. This coming weekend, 3.55 million people are expected to fly ahead of the Fourth of July holiday.

As long as that demand is high and planes are full, were going to continue to see these disruptions, Kelly said. The demand just continues to grow, and I don't see that stopping unless a big recession hits the U.S.

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Flight cancellations: How to rebook quickly, according to an expert - Yahoo Finance