California Exposes Amazon's Alleged 'Retail Price Fixing' In Unredacted Court Filing

California Attorney General Rob Bonta on Monday released a largely unredacted court filing packed with internal emails that allege Amazon strong-armed brands like Levi Strauss and Hanes into pressuring Walmart, Target and other rivals to raise prices - all to protect Amazon’s $2.66 trillion empire.

The 19-page memorandum, filed in support of a preliminary injunction in San Francisco Superior Court, paints a picture of coordinated price elevation that Bonta calls “naked” and “per se illegal” under California’s Cartwright Act. The evidence builds on documents the Guardian first reported on last week, but goes significantly further by naming major brands and quoting verbatim email chains that had remained heavily redacted until Monday.

"You don’t see price fixing so explicitly and egregiously in writing like this," Bonta told reporters, framing the documents as proof that Amazon used its market dominance to eliminate real competition across the internet.

The case, The People of the State of California v. Amazon.com Inc. (CGC-22-601826), dates back to September 2022. California accuses Amazon of running what it calls a "Retail Price Fixing Scheme" that relies on threats of lost Buy Box placement, suppressed search visibility and outright order suspensions - tools the state says gave the company "overwhelming bargaining leverage" over vendors.

The emails tell the story in real time.

In one exchange detailed in the filing, Amazon flagged "styles of concern" to Levi’s - specifically Easy Khaki Classic pants listed cheaper at Walmart. The next day, Levi’s replied that it had "partnered with" Walmart to raise the price back to the desired $29.99 ladder. Amazon then matched the higher price.

Similar patterns appear with Hanes (pressuring Target and Walmart), Allergan eye drops (Walmart raised prices after Amazon suppressed the listing), pet treats coordinated with Chewy, and furniture sold through Home Depot. Vendors repeatedly acted as intermediaries, contacting rival retailers at Amazon’s direction to "fix" or "resolve" lower prices elsewhere.

The filing also describes Amazon’s internal enforcement mechanisms: "CRaP" (Can’t Realize a Profit) flags, Guaranteed Minimum Margin demands, and instructions to discuss pricing by phone to avoid a paper trail.

According to the filing, Amazon's conduct harms consumers by creating an invisible price floor across major online retailers. "The company is price fixing, colluding with vendors and other retailers to raise costs for Americans beyond what the market requires - beyond what is fair," Bonta said in a statement.

Amazon just got caught running a secret price manipulation operation with Levi's, Home Depot, Walmart, and many more.

Every time you "comparison shopped" online, you were looking at prices that were already rigged.

Here's what happened:

Amazon would monitor prices on Walmart,… pic.twitter.com/sCmIGY1cL4

— Ricardo (@Ric_RTP) April 21, 2026

Amazon pushed back sharply, calling the release "a transparent attempt to distract from the weakness of its case" and noting that the evidence is years old. "Amazon is consistently identified as America’s lowest-priced online retailer, and we’re proud of the low prices customers find when shopping in our store," a spokesperson said. "Amazon looks forward to responding in court at the appropriate time."

The timing is notable. Bonta filed the preliminary injunction request in February; a hearing is scheduled for July 23, 2026. Full trial begins January 19, 2027 - one of at least three major Amazon antitrust trials now teed up for next year, including the FTC’s separate monopoly case (joined by 18 states and the DOJ) that also features allegations of algorithmic pricing tactics known internally as "Project Nessie."

The Federal Trade Commission and 17 states sued Amazon in 2023, accusing the company of illegally maintaining a monopoly in online retail by squeezing merchants who sell on its site and prioritizing its own products. Those actions resulted in “artificially higher prices,” according to the government’s suit.

In September, the F.T.C. agreed to settle a lawsuit against Amazon that accused the company of making it difficult for consumers to cancel its Prime subscription service. Under the terms of the settlement, Amazon agreed to pay up to $2.5 billion — including $1 billion in penalties and additional payouts to consumers. It did not admit or deny wrongdoing. -NYT

Legal experts say the explicit emails could make this one of the more straightforward price-fixing cases in recent Big Tech history - though Amazon is expected to argue that vendors set their own prices and that its practices ultimately benefit consumers through lower prices and greater selection.

For now, the unredacted documents give regulators, lawmakers and the public a rare, granular look inside the mechanics of modern retail pricing power. Bonta’s office framed the release as a transparency win amid a national affordability crunch. "Amid a crisis of affordability," the attorney general said, "Amazon is illegally working to rake in profits by making sure consumers have nowhere else to turn to for lower prices."

Tyler Durden Wed, 04/22/2026 - 17:00

"Civic Action Requires More Than Textbooks": Chicago To Subsidize May Day Protests By Teachers

Authored by Jonathan Turley,

The Chicago Public Schools are facing a major truancy problem…among teachers.

The Chicago Teachers Union (CTU) was up in arms over suggestions that classes should be held on May 1 when teachers wanted to be out protesting.

Called International Workers’ Day, May Day is a global day of protest for socialist, communist, and unionist groups.

The CTU was upset when parents objected that canceling a day of class for teachers to join a political protest was a burden for working parents. These teachers believe that they are teaching something far more important through their activism. In defending the demand for publicly subsidized protests, CTU Vice President Jackson Potter explained that “teaching our students what civic action looks like requires more than textbooks.”

While that does not help with the dismal proficiency scores of actual students, it is vital to training students as political foot soldiers.

The CTU and the National Education Association recently collaborated on a “curriculum build” to bring “social justice into the classroom” ahead of May Day. Dave Stieber, a history teacher in Chicago Public Schools is shown declaring that “May Day is a dress rehearsal for maybe there’s a random day in, you know, June that we all are, like, no work, no school, no shopping…So this is a continuation and a buildup of that.”

In the meantime, with only 2 of 5 students reading at grade level, the Chicago teachers chose to lower proficiency levels rather than improve their teaching record.

While failing on actually teaching students, the CTU is proficient at instructing politicians such as Mayor Brandon Johnson through the use of union dues to fund Democratic campaigns.  The CTU and other teachers’ unions funneled millions into Johnson’s campaign. By one estimate, 93 percent of Johnson’s campaign budget came from unions.

The CTU has long held the distinction of being the most radical teachers’ union in the country. It was a CTU delegation that went to Venezuela during the Maduro regime to praise conditions under socialism. In a country where dissenters and reporters were being jailed and killed, the Chicago teachers gushed about how “we did not see a single homeless person!”

Chicago area teachers have been charged with violent protests.

Suggesting that teachers should work rather than attend May Day protests set off the Chicago teachers. Now, the union has confirmed that classes will be held without the participating teachers, and Chicago Public Schools will pay for buses for both students and educators to go to the protests.

The city further promised that there would be no repercussions for either students or teachers playing hooky from school.

This is not the first time unions and teachers have allowed students to skip classes to support left-wing protests. In New York, teachers and students were allowed to skip school to demand a ceasefire in Gaza. Previously, students were allowed to skip school to protest climate change.

These school districts do not show the same participatory support for protests on the right. There is no accommodation or city-subsidized buses for pro-life protests or demonstrations in favor of Israel.

Nevertheless, the Chicago school system is declaring that this is what schooling is all about in the Windy City. CPS CEO Macquline King stated that “the agreement honors the proud history of civic action in Chicago and beyond.”

Decades ago, my parents helped create an organization to stem the exodus of families from public schools and to reinforce academic standards in the Chicago Public School system. They convinced more families to remain in the system because they believed (as I do) that public schools can play a critical role in shaping citizens through a diverse and shared experience.

I was long skeptical of voucher systems because of that commitment to public education. However, teacher unions and administrators are destroying public education in America. They are treating families as captive audiences while infusing education with social and political agendas. The only way to break this decades-long cycle of failure, in my opinion, is to give families alternatives by allowing them to send their children to schools with core educational (as opposed to advocacy) priorities.

Nevertheless, Mayor Johnson celebrated the funding of the May Day protests:

“We are pleased all parties are working together to ensure school communities can participate in commemorating International Workers Day…Encouraging participating allows Chicagoans to honor our history while advocating for our future. We look forward to a day of meaningful solidarity and community resistance to the forces trying to tear us apart.

Schools have long been a target for indoctrination by radical elements. The Cultural Revolution in China was the most extreme example where children were forced into protests and taught that political activism came before scholastics under the slogan “to rebel is justified.”

Mao declared that “our educational policy must enable everyone who receives an education to develop morally, intellectually and physically and become a worker with both socialist consciousness and culture.”

In the CTU/NEA seminar, Kirstin Roberts, a pre-school teacher in Chicago Public Schools, is shown explaining that the purpose is to “encourage teachers of young children not to feel like this is stuff that’s way beyond their students, not to be afraid of raising up social justice issues, including workers’ rights, anti-racism, pro LGBT, LGBTQIA plus issues, immigration and immigrants rights.”

The erosion of the line between education and advocacy is now occurring on every level of our educational system. Some universities now have “resident activist” programs or offer degrees in advocacy.

In my book Rage and the Republic, I discuss the rise of the “new Jacobins” in the United States, including a cadre of radical educators who use our schools to pursue fundamental changes in our constitutional system. Law professors and deans are now calling for trashing our Constitution as a threat to the nation while teachers are using classes to radicalize students.

Chicago’s subsidy of May Day protests uses public funds in the struggling school system to foster radical political agendas. It removes any doubt for parents about the priority of Johnson, the CTU, and many of these teachers.

Some of the sentiments expressed in Chicago could have been ripped from Mao’s Little Red Book and speeches. He insisted “education must serve proletarian politics” and demanded “the period of schooling should be shortened, education should be revolutionized.”

In Chicago, the “period for schooling” is now being shortened in favor of “solidarity and community resistance.” While the students may not be able to actually read, they will learn the three R’s of modern education: resisting, raging, and rebelling.

Jonathan Turley is a law professor and the best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution

Tyler Durden Wed, 04/22/2026 - 16:20

Pentagon Denies Widespread Reports Of Iran's 'Dark' Tankers Breaching US Blockade

Update(1510ET): The Pentagon has not been happy with today's media headlines that proclaimed Iranian 'dark' tankers (with their transponders switched off) have been able to penetrate and get past the US Navy's blockade. CENTCOM issued a late afternoon public message, stating: "Over past 24 hours, media reports have alleged that several commercial ships evaded the blockade, citing M/V Hero II, M/V Hedy, and M/V Dorena as examples. These reports are inaccurate. Hero II and Hedy did not sail past the blockade as part of a flotilla that 'ferried' millions of barrels of oil to the market.

It continued, "In fact, the Iranian-flagged tankers are anchored in Chah Bahar, Iran, after being intercepted by U.S. forces earlier this week. Dorena has been under the escort of a U.S. Navy destroyer in the Indian Ocean after previously attempting to violate the blockade."

Earlier even Bloomberg alleged that two Iranian fully laden tankers breached the US blockade. Amid two competing and contradictory narratives, the fog of war remains thick, making it difficult to assess which version is ultimately correct.

U.S. forces have directed 29 vessels to turn around or return to port as part of the U.S. blockade against Iran.

Over past 24 hours, media reports have alleged that several commercial ships evaded the blockade, citing M/V Hero II, M/V Hedy, and M/V Dorena as examples. These… pic.twitter.com/SKelkSOr77

— U.S. Central Command (@CENTCOM) April 22, 2026

* * *

As Tsvetana Paraskova of OilPrice.com reported earlier, Iran continues to export its oil out of the Persian Gulf via the Strait of Hormuz using dark mode on tankers to move past the US blockade outside the world’s most vital oil chokepoint.

At least two Iran-flagged supertankers fully laden with an estimated about 4 million barrels of crude have exited the Gulf via the Strait of Hormuz and through the U.S. blockade, Bloomberg reports, citing satellite imagery analyzed by energy flows intelligence firm Vortexa.

The two Iranian very large crude carriers have been detected by satellite images as they had turned off their transponders and AIS positioning weeks ago. One of the supertankers, the Hero II, last transmitted a signal more than a month ago, with position in the Malacca Strait, data on MarineTraffic showed. The other VLCC, the Hedy, was last detected by AIS transponders around the same area near Malaysia and Singapore more than 70 days ago.

Various vessel-tracking and maritime intelligence firms say that Iran continues to export its oil and move tankers past the U.S. blockade, by increasingly using dark activity and signal spoofing tactics.

Earlier this week, an Iranian supertanker, which had delivered 2 million barrels of crude to a ship-to-ship transfer offshore Indonesia, was en route to return to Iran’s Kharg Island after entering the Strait of Hormuz through the U.S. blockade.

An Iran-owned VLCC departed Iran in late March 2026 and traveled to the Riau Archipelago in Indonesia, where she transferred 2 million barrels of crude oil to another VLCC, according to vessel monitoring data by TankerTrackers.com.

“Iranian flows continue via deception, including dark activity and ship-to-ship transfers,” maritime intelligence firm Windward said in a daily note on Tuesday.

“Iranian maritime trade remains active, but increasingly reliant on deceptive shipping practices and alternative routing strategies. New intelligence indicates potential shifts east of Hormuz, suggesting that pressure in the Gulf is driving adaptation rather than halting flows.”  

Tyler Durden Wed, 04/22/2026 - 16:10

'Alligator Alcatraz' Can Continue Operating, Appeals Court Says

Authored by Troy Myers via The Epoch Times,

A federal appeals court on Tuesday pulled a judge’s previous order to dismantle the high-profile detention center in the Florida Everglades for illegal immigrants, known as “Alligator Alcatraz.”

In a 2–1 ruling, the U.S. Court of Appeals for the 11th Circuit sided with the Trump administration’s argument that there was minimal federal involvement in the facility’s construction, so a federal environmental review was not warranted.

“Using state employees and state funds, Florida officials, on their own initiative, constructed a detention center at an airport on state property in the Florida Everglades,” court documents showed.

Two environmental groups, Friends of the Everglades and the Center for Biological Diversity, joined the Miccosukee Tribe, which has villages close to the facility, in challenging construction of Alligator Alcatraz.

The groups accused state and federal officials of rushing to build the facility and failing to conduct an environmental review as required under the National Environmental Policy Act.

That federal law, passed in 1970, requires federal agencies to evaluate environmental impacts of proposed major construction.

Construction began last year on the facility, located at the Dade-Collier Training and Transition Airport in the Everglades, to assist with the Trump administration’s immigration enforcement and detainment of illegal aliens.

A lower court in August sided with the environmental groups and the Miccosukee Tribe, ordering officials to halt construction and even undo some work that had already been finished. But the higher court’s Tuesday order lifted that.

Federal authorities inspected the site for compliance with federal standards, court documents said, but this wasn’t enough to trigger a federally mandated environmental review.

“Because the environmentalists and Tribe failed to prove either a final agency action or federal control, and because the injunction, in part, violates a statutory prohibition of enjoining immigration enforcement, we vacate and remand,” Chief Judge William Pryor wrote in the federal appeals court ruling.

The 11th circuit has now twice lifted orders to halt construction—Tuesday’s ruling and again back in September.

“Victory secured against activist judge who held me in contempt,” Florida’s Attorney General James Uthmeier wrote on X in response to the 11th circuit’s September decision.

“A win for Florida and President [Donald] Trump’s agenda!”

Friends of the Everglades and the Miccosukee Tribe did not immediately respond to a request for comment.

The Center for Biological Diversity, however, issued a news release Tuesday in response to the latest legal development, calling it a “temporary” setback.

Wildlife and ecosystems remain imperiled, the group said.

“This disappointing decision won’t stop our challenges to the numerous environmental violations that the Trump administration is overseeing there,” Elise Bennett, director and senior attorney at the Center for Biological Diversity, said. “We’ll keep fighting because the Trump and DeSantis administrations’ obsession with sacrificing our Everglades, endangered panthers and wild waters to their cruel detention center is utterly indefensible.”

The groups further argue there was enough federal involvement to warrant a federal environmental review. The Center for Biological Diversity said FEMA committed hundreds of millions of dollars to Florida for building and operating the facility.

Eve Samples, executive director of Friends of the Everglades, had a statement in the news release as well, saying, “This fight is far from over.”

“Alligator Alcatraz was hastily erected in one of the most fragile ecosystems in the country without the most basic environmental review, at immense human and ecological cost,” she said.

Samples added that she is pursuing every legal avenue available to shut down Alligator Alcatraz.

Tyler Durden Wed, 04/22/2026 - 15:50

Tesla Earnings Preview: "Braced For A Miss"

Tesla reports after the US market close on Wednesday and according to the UBS trading desk, there has been very little discussion around TSLA lately, with the stock drifting 14% lower for most of the year until last week, when it squeezed higher to trade just below $390. 

The company has been the laggard among mega-cap peers despite still-lofty expectations. Consensus points to 1Q revenue of about $22.7 billion, with adjusted EPS around 38 cents and roughly 25 cents on a reported basis, even as deliveries of about 358,000 vehicles missed forecasts and flagged softer core auto demand. Analysts still expect a sharp rebound, with roughly 30% profit growth and a 15% increase in revenue.

Markets will likely overlook near-term weakness but focus heavily on what’s next: Investors are looking for updates on the robotaxi rollout, AI and robotics, as well as clarity on cash burn tied to a planned step-up in capex to as much as $20 billion this year. The disconnect is stark: as Bloomberg notes, a cyclical slowdown in autos versus an equity story still priced on long-duration growth, reflected in valuation metrics that are stretched across the board (roughly 184x forward earnings, ~15x sales and over 100x EV/EBITDA).

Taking a step back, the good news for Tesla - and the broader market - is that earnings revisions for the S&P 500 continue to trend higher for 2026 and 2027, even if largely concentrated in a handful of AI stocks - and early results have been solid, with a strong beat rate. But the reaction function is fading. According to Bank of America, stocks are no longer rewarding top and bottom line beats as they typically do, suggesting a high bar for earnings driven gains as the index hovers near all-time highs. 

Tesla, as one of the highest-duration names in the market, becomes a key test of that dynamic. If management reinforces the AI/autonomy narrative and justifies elevated capex, it supports the broader recovery in tech. But the overhang remains what is going on with Iran and the state of peace talks. This is not a market driven by idiosyncratic earnings. Netflix’s 10% drop alongside rising indexes underscores that geopolitics are taking precedence.

UBS analyst Joe Spak upgraded TSLA from Sell to Neutral last week as the stock reached his price target, and now sees a more balanced risk/reward profile - near‑term demand challenges and an investment phase offset by a longer‑term physical AI opportunity.

For 1Q, Spak expects an EPS miss, which is unlikely to be a surprise. UBS is modeling adjusted EPS of $0.33 versus $0.44 consensus. However, Spak believes the buy side is already braced for a miss based on 1Q26 delivery data, particularly weaker energy storage deployments.

Spak is modeling auto gross margins (ex‑credits) of 16.1% versus 15.5% consensus, believing FSD could help keep margins slightly elevated. If Tesla books an IEPPA receivable this quarter, that could further support gross margins and provide upside to expectations. Otherwise, Spak expects updates on Tesla’s long‑term vision, primarily focused on Robotaxi, Optimus, FSD, and the TeraFab.

Key areas where UBS expects additional detail include:

1. Color on demand trends across all regions
2. Reasons behind the energy storage deployment miss and implications for the balance of the year
3. Updates on Robotaxi deployment across additional cities
4. Progress on Gen 3 Optimus
5. Capex outlook not only for 2026 but beyond, including funding plans (TeraFab, solar, etc.)
6. Progress on the six factories TSLA plans to build this year
7. Commentary on commodity and logistics costs

Tune in shortly after the close for the full results.

Tyler Durden Wed, 04/22/2026 - 15:34

Duffy Seeking $10 Billion From Congress To Revamp Air Traffic Control System

Authored by Aldgra Fredly via The Epoch Times,

U.S. Transportation Secretary Sean Duffy said on April 21 the department requires $10 billion in additional funding from Congress to overhaul the nation’s air traffic control with a new software system.

Duffy told Reuters in an interview that the additional funding would go toward developing new software aimed at improving the efficiency of air travel and reducing flight delays.

“This tool lets us see and then spread flights in a way that allows for way less disruption,” he told the news outlet. “We could fix this.”

Congress allocated $12.5 billion last year under the One Big Beautiful Bill to upgrade air traffic control infrastructure and equipment to enhance aviation safety. At an April 21 event, Duffy provided an update on the project, saying it is expected to be completed in about two and a half years.

Duffy said the Federal Aviation Administration (FAA) has replaced nearly 50 percent of ​copper ⁠wires, converted 270 radio sites nationwide, installed new surface awareness systems at 54 airports, and transitioned 17 towers to electronic flight strips using the allocated budget from Congress.

“We are going to need more money for the software side of this build,” he said at the event.

“Congress is ... going to have to find a pathway to get us the rest of that money. It’s going to take us time to develop it, deploy it, debug it, train on it. And so getting that software started now, hopefully as our build completes with all of the infrastructure, we will have the technology of the software ready to meet up in two and a half years and have a brand new system for America to use.”

The Transportation Department said in January the overhaul would involve launching an airspace modernization office to oversee the installation of a new air traffic control system and creation of an advanced aviation technologies office to oversee the integration of drones and other air mobility vehicles into U.S. airspace.

The FAA will also move more key leadership posts to permanent roles and consolidate management of finance, information technology, and human resources under the administrator, according to the Transportation Department, adding that the restructuring will not lead to workforce reductions.

Multiple safety-related incidents happened at airports over the past year due to equipment issues. In May 2025, air traffic controllers in Denver were forced to switch to emergency backup frequencies after they lost contact with aircraft for about 90 seconds. The controllers had to use emergency backup because both primary and main backup frequencies went down.

Another incident took place in late April 2025, when controllers overseeing Newark Liberty International Airport lost contact with planes for about 30 seconds, leading to flight delays.

Tyler Durden Wed, 04/22/2026 - 15:20

Two Armed Robbers Steal $1.8 Million From Brinks Armored Truck In Philadelphia

Authored by Bryan Jung via PJMedia.com,

Two masked men armed with rifles carried out a brazen daylight robbery of a Brinks armored truck  in the Tacony section of Northeast Philadelphia, escaping with what authorities say could be as much as $1.8 million in cash.

Philadelphia Police Department officials told ABC 6 that the robbery occurred around 9:45 a.m on April 21 on the 7200 block of Torresdale Avenue, as the Brinks truck was servicing a Budget Financial Center.

Brinks is a national security and cash logistics company that transports money for banks and retailers.

According to law enforcement officials, a blue Acura SUV pulled into the lot, with two suspects dressed in black jumping out, brandishing rifles and confronting the driver before seizing bags of cash.

No injuries were reported, with the suspects fleeing the scene within seconds, witnesses said.

Surveillance footage reviewed by investigators shows the men exiting the vehicle and pointing a rifle at the armored truck employee.

Shortly after the heist, police located a blue Acura believed to have been used in the robbery under Interstate 95 near Front Street and Fairmount Avenue in the city’s Northern Liberties neighborhood.

The Federal Bureau of Investigation is now leading the investigation alongside local police, as authorities work to identify the suspects and recover the stolen cash.

This robbery follows a year-long string of armored truck heists in the Philadelphia region, including separate incidents in 2025 involving armored delivery trucks.

Three men were charged last June for stealing around $2 million from a truck in the Port Richmond robbery, while later that month, another pair of robbers with AR-style rifles held up a Loomis driver who was delivering cash to an Aldi store on Whitaker Avenue in Northeast Philadelphia, taking around $100,000 and the driver's handgun.

Three men robbed a Brinks driver on July 2 at the Holmesburg Shopping Center on Frankford Avenue, stealing an undisclosed amount of cash and the driver’s firearm.

On July 15, two armed men armed with AR style rifles attempted to rob a Brinks driver in the Rhawnhurst section of Philadelphia, but fled after the driver opened fire.

The Brinks employee drew his duty weapon and began firing in the direction of the suspects, one of whom fled on foot, while the second drove away in a black Nissan Maxima from the scene.

On July 22, an armed man robbed around $700,000 from a Brinks truck outside an H Mart grocery store in Cheltenham, which was the scene of another Brinks robbery on August 12 by two unknown suspects.

The two suspects took a bag filled with money and fled the scene in a black Acura, which was later recovered, according to the FBI.

In October, two more men were indicted on charges of robbing Brinks trucks in Elkins Park, Montgomery County, and on Castor Avenue in Northeast Philadelphia.

Federal investigators have previously linked the multiple 2025 incidents involving Brinks trucks to organized criminal gangs using similar tactics, including stolen vehicles and high-powered firearms.

Officials are asking anyone with information to contact law enforcement as the suspects remain at large.

Tyler Durden Wed, 04/22/2026 - 14:40

Trump Deploys Five Defense Production Act Memos For American Energy

President Trump signed five presidential determinations under Section 303 of the Defense Production Act on Monday. All five declare critical energy capacities essential to national defense and authorize federal purchases, commitments, and financing to cut through financing shortages, permitting delays, and supply chain choke points. 

Any mention of renewables are noticeably absent, as the administration has been pounding the table on the reliability of coal and natural gas, especially through the recent winter storm...

"Sleep Tight, America. We Got This": NatGas And Coal Power Plants Prevented Grid Collapse During Historic Winter Blast https://t.co/CvAfdeiwts

— zerohedge (@zerohedge) January 27, 2026

They sit under the national energy emergency we flagged back in January 2025. The moves target fossil fuel production and the infrastructure that actually moves power, while nuclear and geothermal get their own lanes.

Section 303 of the DPA allows the government to act as the financial support for these industries due to the administration’s interpretation that the private sector can't do it on their own. 

Domestic Petroleum Production, Refining, And Logistics Capacity

This determination covers exploration, production, refining, gathering and transmission pipelines, storage, and marine terminals. DPA authorities now back projects to secure jet fuel, diesel, and gasoline for the military and industrial base, cutting reliance on foreign suppliers that have weaponized energy in the past.

Coal Supply Chains And Baseload Power Generation Capacity

Coal mining, rail and barge transport, terminals, on site stockpiles, and plant life extensions all get the treatment. The memo stresses that baseload coal power remains irreplaceable for defense installations and the exploding electricity demand from AI and manufacturing. Federal support will speed maintenance and logistics that markets alone have left stalled.

Natural Gas Transmission, Processing, Storage, And LNG Capacity

Pipelines, compression, processing plants, underground storage, LNG liquefaction, and export facilities fall under this one. The goal is steady domestic supply plus stronger exports to allies. Long lead times for equipment and construction are the stated problem. 

Development, Manufacturing, And Deployment Of Large Scale Energy And Energy Related Infrastructure

This broader determination is for engineering, site acquisition, permitting, early stage financing, and domestic manufacturing capacity for large energy projects. It removes the capital and regulatory friction that has slowed big builds across the sector, creating a practical foundation for faster scaling wherever the need is greatest.

Grid Infrastructure, Equipment, And Supply Chain Capacity

Transformers, transmission lines, substations, high voltage breakers, power electronics, and the full upstream supply chain are targeted here. Aging equipment, foreign dependence, and slow domestic output threaten reliability. The action backs US manufacturing to harden the grid that must carry power from every source.

Nuclear and Geothermal

As we have tracked since the May 2025 executive orders, the nuclear fuel supply chain is already moving under its own DPA Consortium and related authorities, with the explicit target of quadrupling US nuclear output by 2050. 

Geothermal development was also left out of today's batch. It too appears to be advancing on its own parallel track through existing federal programs and private sector momentum that do not require another layer of Section 303 intervention right now.

These efforts could benefit from the expanded DPA authorities granted to Energy Secretary Chris Wright on March 13, 2026. In an amendment to the National Defense Resources Preparedness executive order, President Trump delegated additional powers directly to the Energy Department, enabling Wright to invoke Section 303 authorities swiftly to restart critical domestic oil infrastructure and counter supply disruptions caused by the war. That same streamlined authority now positions Wright to accelerate implementation of yesterday's five determinations.

Tyler Durden Wed, 04/22/2026 - 14:20

CIA Security Officer Files Lawsuit Against Steve Baker And The Blaze For Identifying Her As J6 Bomber

Authored by 'sundance' via The Last Refuge,

Steve Baker and The Blaze are being sued by former Capitol Hill police officer Shauni Kerkoff, who Baker accused of being the J6 pipe bomber based on “gait” analysis and other dubious claims.

Mr Baker, a former FBI employee named Kyle Seraphin and Kentucky representative Thomas Massie also pushed the accusation, saying FBI Director Kash and other FBI officials were lying and an innocent guy was arrested.

The arrested suspect, Brian J. Cole, Jr., confessed to the crimes.

Yesterday, Shauni Kerkoff, who now works for the CIA security office, filed a lawsuit against Steve Baker and The Blaze, claiming Steve Baker was motivated by anger over his arrest for activity in the J6 event where Ms. Kerkoff was present providing security.

According to the lawsuit, Steve Baker and The Blaze created a conspiracy theory using Shauni Kerkoff as the target of their claims.

This is going to be an interesting lawsuit to watch unfold as there are various types of conspiracy claims similar to Mr Baker that are circulating. 

If their claim is false, both Mr Baker and The Blaze could end up in the same financial position as Alex Jones.

[SOURCE]

I suspect this is not going to end well for Steve Baker, The Blaze or Glenn Beck.

Tyler Durden Wed, 04/22/2026 - 14:00

"All Systems Go": Goldman Sees Improvement As Boeing Turnaround Gains Momo

Boeing shares jumped as much as 5% after the company posted a smaller-than-expected first-quarter cash burn and delivered the most aircraft since 2019 (outdelivered Airbus for the first time in years), reinforcing the view that the turnaround is beginning to lift off. The CEO's earlier comment was "all systems go," while Goldman's initial read on the quarter pointed to "improvements."

First-quarter earnings results show Boeing is gaining traction and is set to ramp up 737 production, a key step toward restoring its cash cow narrowbody jet production ...

... and reducing debt by $7 billion. 

The company reaffirmed its expectation of generating $1 billion to $3 billion in free cash flow in 2026, while adjusted losses were narrower than forecast.

Additionally, Boeing's defense and space units improved, with revenue up 21% and margins increasing.

"We're making strides to strengthen our culture and restore trust with our customers while growing our record backlog to nearly $700 billion," CEO Kelly Ortberg wrote in a message to employees. 

Ortberg joined CNBC's "Squawk on the Street" after the earnings report and said, "All systems are go." He noted that there has been no slowdown in aircraft orders since the US-Iran war began in late February.

Shares were up as much as 5% earlier in the session but were trading closer to 4% by around noon. Even with today's move, the stock is only modestly higher on the year, up about 5.2%. The bigger picture is that Boeing shares have remained stuck in a six-year trough following the two fatal 737 Max crashes, which capped production. 

A break above $250 would mark an important technical point that could unlock upside momentum. 

Goldman analyst Noah Poponak's first take on Boeing's quarter was broadly constructive: 

Boeing Co. (BA): 1Q26 First Take: Improvements

Bottom line: BA 1Q26 results include revenue and free cash above consensus, improving defense margins, evidence of ability to keep moving higher in commercial aircraft rate, and further advancement in aircraft certification timelines. 2026 free cash flow guidance is reiterated. We see no clear incremental negatives, and there are a few incremental positives.

Details: Revenue of $22.22bn is above FactSet at $21.85bn. BCA segment operating income of $(563)mn compared to our estimated $(699)mn. BDS margin of 3.1% compares to our 1.8% estimate. 1Q26 free cash flow is $(1,454)mn, ahead of our estimate of $(2,800)mn and consensus at $(2,340)mn. The company is advancing the 737-10 through FAA Type Inspection Authorization (TIA) flight testing, with certification for both the 737-7 and 737-10 targeted for 2026 and initial deliveries scheduled for 2027. The 777X program has progressed to TIA Phase 4a of certification flight testing for the 777-9 with first deliveries anticipated in 2027.

Our 12-month price target of $276. 

Separate institutional commentary (courtsey of Bloomberg):

JPMorgan, Seth M. Seifman (overweight; PT $270)

• Says cash flow came in better than expected, noting that advances were a key component

• "With solid numbers and less exposure to the Iran war than aftermarket names, we assume this will be well-received"

Jefferies, Sheila Kahyaoglu (buy; PT $295)

• "A solid, no drama print" with first quarter free cash flow significantly above expectations

• Notes that Boeing did not provide 2026 guidance in the release, but previously spoke to a free cash flow inflow of low single digits in 2026

TD Cowen, Gautam Khanna (buy; PT $250)

• Notes that core EPS loss was better than expected, with "BA deliveries and margin slightly agead of BA's late Q1 guidance update"

Deutsche Bank, Scott Deuschle (hold; PT $223)

• Says free cash flow beat was driven by higher operating cash flow, which benefited from a combination of higher net income, favorable advances and accounts payable that helped offset headwinds on inventory

• "This print is generally ahead of both sell-side expectations and our sense for buyside expectations"

Bloomberg Intelligence, George Ferguson

• Boeing's turnaround of commercial airplane was slowed by the necessary purchase of Spirit Aerosystems and will require $5-$6 million cost improvement per fuselage to counter"

All eyes are on the $250 technical break.

Tyler Durden Wed, 04/22/2026 - 13:40

Solid 20Y Auction Stops Through With Above Average Foreign Demand

The week's lone coupon auction priced at 1pm when the Treasury sold $13 BN in 20Y paper, in a solid if not stellar auction.

The auction stopped at a high yield of 4.883%, up from 4.817% in March and the highest since last July. It also stopped through the 4.892% When Issued by 0.9bps, the highest since January.

The bid to cover was 2.68, down from 2.76 in March but above the 2.63 six-auction average.

The internals were also solid with Indirects taking 67.4% of the auction, down modestly from 69.2% last month but also above the 62.9% recent average for foreign buyers. And with Directs taking 22.9%, up modestly from 21.6% last month, Dealers were left holding just 9.7%, down from the recent average of 11.2%.

Overall, this was another solid auction, which is a welcome outcome at a time when 10Y yields are trading near weekly highs just around 4.30%.

Tyler Durden Wed, 04/22/2026 - 13:31

Virginia Redistricting Rout Deals Major Blow To House Republicans

Democrats’ decisive win in Virginia Tuesday night has dealt a significant blow to Republican hopes of retaining control of the House.

By persuading voters to dismantle the state's independent redistricting commission - created just six years ago - Democrats wiped out four Republican-held congressional districts. This means Virginia's House delegation is now on track to shift to a 10-to-1 Democratic advantage, a dramatic reversal for a state that remained firmly in GOP hands not long ago.

That said, Democrats dropped $65 million on the races (though the final tally was uncomfortably close), while Punchbowl reports that Republicans are trading blame internally - second-guessing whether they let a chance slip away to blunt the Democratic surge.

And with midterms right around the corner, there are few indications that President Trump or House Republican leadership possesses either the strategic focus or message discipline needed to protect their narrow majority. Fresh off Trump's 2024 presidential win, Republicans, led by Speaker Mike Johnson, clung to control by the slimmest of margins. Pulling off a repeat performance now looks considerably tougher.

Betting markets are already pricing in a Democratic win in the House.

//--> //--> Will the Democratic Party control the House after the 2026 Midterm elections?
Yes 85% · No 16%
View full market & trade on Polymarket

While party leaders insist a third Trump impeachment is off the table, the shift would almost certainly unleash a barrage of investigations and subpoenas aimed at the White House and Cabinet agencies - with major legal and political ripple effects. Lawmakers could also face even more protracted government shutdowns than the record-length appropriations lapses seen in the current Congress.

"I told Mike Johnson in July of last year that, 'If you go down this road, it's not going to work out for you,'" Jeffries told Punchbowl Tuesday night.

He added: "And at the end of the day, his best-case scenario was that he would net zero seats, but force at least 10 Republicans, who are incumbent members of his conference, into premature retirement. And that is exactly what has happened."

Jeffries earned significant credit for orchestrating Tuesday's outcome - as Virginia Democrats first had to steer the ballot measure through the state legislature twice, beat back multiple court challenges, and then win over voters. A nonprofit aligned with Jeffries poured $38 million into the effort to secure passage, and he personally managed the operation from beginning to end - designing the referendum strategy, recruiting staff and directing on-the-ground coordination. Many Virginia Democrats initially resisted the high-stakes gamble, requiring Jeffries to personally persuade both the state delegation and the warring legislative chambers to fall in line.

True to form, Jeffries remained measured when asked whether Tuesday's result clinched the majority or signaled an impending blue wave. He did, however, declare victory in the broader redistricting battle.

"When you line up the congressional map in Texas and compare it with the response in California, they're going to lose seats and would be fortunate if in Texas, they win two or three of the five seats that they claimed they were going to steal from Democrats," Jeffries said.

The biggest wild cards left for both sides are Florida and the future of the Voting Rights Act, which is up to the Supreme Court. Tuesday's result intensifies pressure on Florida Gov. Ron DeSantis to advance an ambitious congressional map next week capable of delivering Republicans a net gain of three to five seats. Yet DeSantis is encountering pushback from the state's Republican congressional delegation and the GOP-controlled legislature, many of whom doubt such an aggressive redraw is feasible. Several Florida Republicans caution that Latino voters are not reliably in the GOP column and may not show up for the party the way they did in 2024, urging caution.

Spending in Virginia was wildly lopsided. Democrats poured $56.4 million into television and digital ads; Republicans mustered just $24.6 million. Republicans still lost by fewer than 90,000 votes out of more than 3 million cast.

According to the report, GOP strategists insist they deliberately avoided nationalizing the contest to keep from energizing the Democratic base. They argue that heavier spending would simply have provoked an even larger Democratic response. They also note that the "No" side outperformed Trump's 2024 numbers in the state. Former Virginia Attorney General Jason Miyares and onetime House Majority Leader Eric Cantor, who helmed the opposition effort, pledged to keep fighting the new map in court.

House Republicans, however, were already firing off frantic messages Tuesday night. Several told reporters they had been assured that additional money would make no difference in Virginia - yet the narrow margin suggests otherwise. 

The American Action Network, a nonprofit close to Johnson, quietly funneled money to the group bankrolling the "No" campaign, according to a person familiar with the transaction. Meanwhile, only one solidly Republican seat remains, in the state's southwest corner. GOP Reps. Ben Cline and Morgan Griffith may find themselves forced into a member-versus-member primary.

Tyler Durden Wed, 04/22/2026 - 13:00