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Norwegian Cruise Cuts Outlook On Gulf Disruptions, Fuel Shock
Norwegian Cruise Line Holdings shares fell in premarket trading in New York after the cruise ship operator lowered its full-year 2026 outlook, as disruptions in the Middle East, higher diesel costs, and softer travel demand in Europe weighed on first-quarter bookings.
"The Company is experiencing headwinds related to disruptions in the Middle East, including higher fuel expense and signs of softer demand as consumers reevaluate travel plans, particularly to Europe," Norwegian Cruise wrote in a press release.
It continued, "As previously noted, the Company entered 2026 behind its targeted booking curve, and these headwinds have hindered the Company's ability to accelerate bookings and close that gap," adding, "These external pressures come as the Company continues to enhance its revenue management system and improve execution, resulting in additional pressure on the business and a reduction in its full-year guidance."
Norwegian Cruise now expects adjusted EPS of $1.45 to $1.79, down from its prior forecast of $2.38 and well below the Bloomberg Consensus estimate. The downgraded outlook reflects, as management noted above, higher fuel prices, weaker European travel demand, and softer-than-expected bookings across all three of its brands.
Here's a snapshot of the full-year outlook (courtesy of Bloomberg):
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Sees adjusted EPS $1.45 to $1.79, saw about $2.38, estimate $2.13
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Sees adjusted Ebitda $2.48 billion to $2.64 billion, saw $2.95 billion, estimate $2.79 billion
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Sees depreciation and amortization $1.09 billion, saw $1.09 billion, estimate $1.08 billion
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Sees net yields -3% to -5%
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Sees Constant currency net yields about -3% to -5%
Norwegian Cruise's second-quarter forecast also missed the Bloomberg Consensus, reinforcing all the concerns management noted above.
Here's a snapshot of the second-quarter outlook (courtesy of Bloomberg):
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Sees adjusted EPS 38c, estimate 53c (Bloomberg Consensus)
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Sees adjusted Ebitda about $632 million, estimate $700.6 million
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Sees occupancy about 102.5%, estimate 105.9%
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Sees depreciation and amortization about $275 million, estimate $266.8 million
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Sees net yields about -3.6%
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Sees Constant currency net yields about -3.6%
Management provided more color on the current booking environment:
The Company remains below its optimal booking range following certain execution missteps, exacerbated by softer demand related to heightened geopolitical uncertainty. Recent events related to the conflict in the Middle East have impacted bookings across all three brands, especially in Europe during the summer season. While the near-term environment remains challenging, the Company is taking targeted actions to better align commercial strategy, including marketing, with deployment and revenue management, with the benefits of these actions expected to materialize gradually over time.
Shares of Norwegian Cruise fell more than 5% in premarket trading. For the year, as of Friday's close, shares were down about 16%. Short interest in the stock stands at 12.33% of the float, or about 56 million shares, with 2.9 days to cover. Overall, shares are still trading near Covid-era lows.
In the transportation space, the Gulf energy shock derailed Spirit Airlines' ability to reemerge from bankruptcy, with all flights canceled over the weekend and operations ceasing
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From "Don't Be Evil" To Drone King: Eric Schmidt's Interceptors Deployed With U.S. Troops
Google's old motto, "Don't be evil," was retired for very good reasons eight years ago.
On Friday, Google joined the growing list of tech firms preparing to deploy AI tools for national security work at the Department of War.
But this note is not about Google. It is about Eric Schmidt's ventures in the drone warfare space, accelerated by the wars across Eurasia.
Recall that earlier this year, Schmidt reportedly visited Kyiv to accelerate his drone-startup ventures, using Ukraine as a laboratory for AI drone warfare.
Ukraine has become the epicenter of FPV drones, interceptor drones, and AI kill chains. This has sent "war unicorns" from around the world rushing to test their new defense tech on the modern battlefield.
Continuing our coverage on Schmidt's drone warfare ventures, it appears that his California-based Project Eagle, which funded Merops AS-3 Surveyor counter-drone system, has been deployed with U.S. troops in Germany, according to Defense Blog's Dylan Malyasov.
🇺🇸 Army Sec Driscoll to HAC-D: We bought 13,000 Merops interceptor drone systems at $15,000/unit and deployed them to CENTCOM to take down Shaheds. He expects with scale they can get the purchase price down to $10,000.
Merops is US built with significant Ukrainian development… pic.twitter.com/wwxvgda9Dw
Merops is an interceptor drone that offers a low-cost solution for combating Shahed/Geran-type one-way attack drones without relying on million-dollar interceptor missiles.
Each of these interceptor drones reportedly costs about $15,000 and, as mass production gets underway, the price could fall well below $10,000 per unit.
Malyasov added color around Schmidt's drone ventures:
Merops was developed under Project Eagle, the initiative created by Eric Schmidt that operates through a network of associated companies including Swift Beat, Aurelian Industries, and Volya Robotics, per the Ukrainian Drone Ecosystem Directory. Schmidt's involvement extends beyond funding — his companies have recruited engineers from Apple, SpaceX, Google, and federal agencies to develop AI-guided intercept systems, as reported by Complex Discovery. The initiative began under the name White Stork following Schmidt's meetings with Ukrainian officials in September 2022, before being renamed Project Eagle in 2024, according to Inside Unmanned Systems.
Merops combat testing began by mid-2024, and by November 2025, Ukrainian defenders had credited the system with more than 1,000 intercepts of Russian Shahed-type drones, as Defense Express reported. The platform proved capable enough in combat that when the U.S.-Israeli operation against Iran commenced on February 28, 2026, the Army dispatched 10,000 Merops interceptors to the Middle East within five days, Army Secretary Driscoll told Bloomberg. The Merops interceptors deployed to protect U.S. troops from Iranian Shahed-136 munitions — the same one-way attack drones they had been countering in Ukraine, now aimed at American forces in a different theater.
Earlier this year, Schmidt told the Financial Times that "Future wars are going to be defined by unmanned weapons."
He noted, "The winner of those drone battles will then be able to advance with unmanned ground and maritime vehicles, which move slowly but can carry heavier payloads."
Silicon Valley tech bros are starting to realize that defense tech is the next major growth wave, with capital flooding into drones, AI kill chains, and counter-UAS systems as Trump's war economy begins to ramp up.
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Real Estate Browser Extension In France Provides Immigration Data Overlay
A French website and real estate browser extension for Chrome is promoting an unusual data offering, which includes information on immigration levels, insecurity, and Islamization rates — all factors that real estate buyers may want to take into consideration before they make an investment.
The OVMF assigns various scores “automatically in real estate ad photos,” according to the company behind the extension, which is free and collects no data from its users, according to the website. It also promises to highlight certain facilities in the area or neighborhood, which some real estate buyers may want to be aware of, such as asylum accommodations, troubled QPV districts, and the number of mosques in an area.
The OVMF site appears to have an enormous amount of data, such as the number of migrants in accommodation facilities, the number of different religious groups, and immigration levels for each neighborhood.
In extremely multicultural cities, the site tracks granular data such as the evolution of first names, which it uses to point out the categories of “African names,” “Traditional French names,” “Modern French names,” and “Muslim names,” as well as other categories.
Paris also features data on scam rates and other detailed information, including the share of foreigners living in specific neighborhoods, political leadership, and even trending news stories that may be relevant to security-focused real estate buyers.
Outside of the browser extension, users can also access a map of France showing known locations such as asylum accommodations and mosques across the entire country.
The site’s data on QPV districts refers to “Quartier Prioritaire de la Politique de la Ville,” which are specifically designated urban areas that receive targeted government support to reduce social and economic inequalities. Typically, they feature high rates of immigration, crime, and poverty.
The French government uses the QPV label to implement the “Politique de la Ville” (Urban Policy). The objective is to “bridge the gap” between these poorer areas and the rest of France. There are approximately 1,500 QPV districts across France, including overseas territories, and roughly 5 million people living in them.
The website and the real estate extension are likely to be geared towards individuals or families oriented to the right; however, polling may show that this information appeals to a broad swathe of the French public.
Polling has found that 48 percent of French people want zero immigration, including an even higher number of women (53 percent). Much higher rates of French are against non-European immigration, rising to 65 percent in polling. Other polling firms have given even more shocking numbers, with 74 percent of French people saying there are too many migrants in the country and 72 percent saying they backed a referendum on immigration.
Public intellectual and famed author Michel Houellebecq may have summed up the general sentiment felt by many French during his explosive interview in 2023 when he said: “The wish of the native French population, as they say, is not that Muslims assimilate, but that they stop stealing from them and attacking them — or else, another solution, that they go.”
For those French people looking to live in traditional settings with lower rates of immigration and crime, they may find this is increasingly difficult. For one, the French immigrant population continues to hit record highs year after year, while the government is actively promoting mass immigration into the rural countryside as the cities begin to overflow and social ills explode.
Many of the regions of France with the lowest immigration levels also feature more isolated communities, which may appeal to some, but for jobseekers and those looking for specific careers, often the cities are the only option.
The data from OVMF on the location of migrant centers may be especially interesting for potential real estate buyers. The issue of migrant accommodation centers is socially explosive across Europe, with locals in cities and towns protesting whenever governments announce the construction of such centers in their neighborhoods. Just last week, protests broke out in the Netherlands, which saw incredible police violence against protesting youths in Loosdrecht — all due to plans to create a new asylum center in the small town.
🇳🇱"We just want to fight for the safety of our girls... These girl cycle home, also in their shorts."
After Dutch police beat anti-immigration protesters in Loosdrecht, mothers have come on to the streets with their sons and daughters to protest.
They say they don't want dozens… https://t.co/JBRKMRQNGR pic.twitter.com/FZeHP4MiMg
In France, entire communities have organized and successfully blocked asylum centers, sometimes under extreme pressure from politicians.
Europe’s beautiful cities, which were created over centuries primarily by European labor and designers, also happen to be the same locales where foreigners want to live, which has been a major factor in exploding real estate prices. There are often various hidden costs to immigration for buyers, besides high crime rates, such as the fact that many White families, including liberals, are being forced to send their children to private schools to avoid racism and deteriorating classroom conditions.
French real estate buyers can now make an informed decision about where they want to rent or buy property.
Tyler Durden Mon, 05/04/2026 - 06:30