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DoJ fights back against Atlas Trading dismissal

Atlas Trading’s Zack Morris, et al may be celebrating too early following the United States District Court dismissal of the criminal case against them. 

The US Department of Justice (DOJ) has filed a motion that requests the court stay execution of its order dismissing the superseding indictment for the US to “consider its options in this case, including an appeal to the United States Court of Appeals for the Fifth Circuit.”

The motion boldly states that the dismissal order “was plainly contrary to the law, such that the United States would be likely to succeed on an appeal to the United States Court of Appeals for the Fifth Circuit (should the United States pursue that path).”

You can read more on the matter here.

What’s going on?

• Bridge in Baltimore Collapses Due To Container Ship Collision (theDeepDive)

• China Files WTO Complaint Over US Electric-Vehicle Subsidies (Bloomberg)

• Cocoa prices hit $10,000 per metric ton for the first time ever (CNBC)

• DeSantis Signs Bill Restricting Teen Social Media Use (theDeepDive)

• Visa, Mastercard Agree to Lower Swipe Fees, Settling Long-Running Lawsuit (WSJ)

• Luxury parka maker Canada Goose laying off 17% of staff (BNN)

• Belgium Pivots to Embrace Nuclear Power Revival (theDeepDive)

• Canada to Toughen Foreign Investment Rules for AI, Space Technology (Bloomberg)

• Elon Musk Changes X Policy to Protect Antisemitic Cartoonist (theDeepDive)

• Nigeria’s central bank hikes interest rate to 24.75% as it battles sky-high inflation (CNBC)

What’s the latest?

• Bridge Collapse: After a container ship collided with the Francis Scott Key Bridge in Baltimore early Tuesday, causing it to collapse, six people were reported unaccounted for. The U.S. Coast Guard, along with the Baltimore Fire Department, has launched a search operation using divers, sonar, and infrared technologies to locate survivors, detecting the presence of vehicles below the water's surface.

• Rising Protectionism: Canada is intensifying its oversight of foreign investments in critical sectors such as artificial intelligence, quantum computing, and space technology, mandating non-Canadian companies to notify the government in advance of any planned investments or acquisitions. Industry Minister Francois-Philippe Champagne emphasized that this measure aims to allow sufficient time for national security reviews, potentially restricting access to sensitive data during the process.

• More Layoffs: Canada Goose is laying off 17% of its global corporate workforce, according to a LinkedIn note from CEO Dani Reiss. The luxury parka maker is making these job cuts as a strategic move to better position the company for scaling, with a renewed focus on efficiency and key brand, design, and operational initiatives. While the specific number of employees affected by the layoffs was not disclosed, Refinitiv data indicates Canada Goose had 4,760 staff in April 2023.

• BoC Complaints: Carolyn Rogers, senior deputy governor of the Bank of Canada, has focused on Canada's urgent productivity challenge, noting the country's significant lag in investments in machinery, equipment, and intellectual property compared to its peers. Rogers stressed that enhancing productivity is crucial for achieving faster economic growth and higher wages without exacerbating inflation risks, and called for a more competitive business landscape to foster innovation and efficiency.

• Asset Sale: Parkland Corp. is planning to sell 157 of its convenience store and fuel station locations across Quebec, Ontario, Alberta, British Columbia, Manitoba, and Saskatchewan. This portfolio includes outlets under the Chevron, Ultramar, Pioneer, FasGas brands, and the On the Run convenience store banner. The sale initiative unfolds amid pressure from Engine Capital LP, a New York-based activist investor, for a complete overhaul of Parkland's board.

The world has no uranium inventory

The stock market and stuff

• Overpriced or Overrated? First 2024 Cybertruck Auction Falls Flat (theDeepDive)

• Alibaba to buy Cainiao stake for up to $3.75 billion as it drops IPO plan (Reuters)

• Trump Media stock jumps as much as 50% after DJT ticker debut (CNBC)

• GM Halts Controversial Driving Data Sharing Practice (theDeepDive)

In the juniors

• CanAlaska Options Off Two Properties For $10 Million In Exploration Spend, Plus Cash And Shares (theDeepDive)

• Pegasus Resources Assays 18.8% U3O8 In Sample At Its Energy Sands, Utah Project (theDeepDive)

• Lordstown Motors’ Ex-CEO Settled $175K SEC Suit After Already Earning $66 Million From Selling Shares (theDeepDive)

• Forum Energy Metals Mobilizes For 10,000 Metre Drill Program In Thelon Basin (theDeepDive)

FULL DISCLOSURE: Pegasus Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Pegasus Resources. The author has been compensated to cover Pegasus Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.