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22nd Century Technologies adds 880 jobs in Virginia

McLean-based and IT services company plans to invest $1 million to expand its headquarters in and offices across Virginia, adding 880 jobs.

made the announcement Friday, saying the additional jobs will help deliver major federal and state contracts.

“22nd Century Technologies’ decision to expand in Virginia and create 880 new jobs speaks to the strength of our tech talent pipeline and our leadership in serving the nation’s most critical missions,” Youngkin said in a statement. “This company is a vital partner to the public sector, delivering innovative IT solutions and workforce support to government agencies at every level.”

The company did not immediately return requests for comment and the timeline.

Operating in 14 regional offices nationwide, 22nd Century Technologies has more than 6,000 employees and serves clients across all U.S. states, Canada and Mexico. The company was founded in 1997.

The company says it holds multiyear contracts with 14 of 15 federal executive agencies, 37 additional federal agencies, 50 state governments, 115 city and county agencies and 37 school districts.

Additionally, 22nd Century Technologies says in the past two years it expanded into IP-enabled services by launching customer-centric tech products and acquiring niche tech product firms to deepen its portfolio.

The governor’s office says the worked with the to secure the project for the state.

“Virginia has been a game changer for us,” 22nd Century Technologies CEO Anil Sharma said in a statement. “Since moving our operational headquarters here in 2008, we’ve grown from a $6 million business to a $600 million government contractor, driven by access to talent, partnerships and a pro-business environment. This expansion reflects our commitment to innovation and public service.”

General Dynamics subsidiary wins $1.85B contract modification

General Dynamics Electric Boat, the Connecticut subsidiary of -based defense contractor , has been awarded an up to $1.85 billion contract modification from the for preliminary construction efforts and to purchase long lead time materials and for Virginia-class Block VI submarines.

The announced Thursday that work will be performed in California, Arizona, Virginia, Texas, Pennsylvania, Massachusetts, New Hampshire, West Virginia, Minnesota, Illinois, Kentucky, New Jersey, New York and other locations, and is expected to be completed by September 2035.

Naval Sea Systems Command, the contracting activity, obligated $1.68 billion in fiscal 2025 shipbuilding and conversion funds at the time of the award, according to the DOD.

Last week, Electric Boat announced that it won a $987 million contract modification from the DOD to allow additional component development, class lead yard support and Submarine Industrial Base development in the production of new submarines for the Navy.

General Dynamics Electric Boat employs more than 24,000 people. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in 2024 revenue.

High times in Virginia: legal THC seltzers emerge statewide

SUMMARY:

  • is Virginia’s first THC-infused beverage distributed statewide by major wholesalers
  • New seltzer offers legal, low-dose alternative to alcohol
  • THC seltzer market in Virginia rapidly growing, with Pure Shenandoah’s Buzzin’ Berry also thriving
  • Industry leaders hope Virginia laws on THC products loosen to be comparable with other states

Virginians wanting to experience calm, mellow vibes without dealing with the haze of strong products or the tortuous hangovers of alcoholic beverages are in luck, as a new kind of THC-infused beverage is now selling throughout the state. And the best part? It’s completely legal.

Mountain High Seltzer announced earlier this month that its beverage is the first legal THC seltzer to be distributed statewide by major companies, Hoffman Beverage and Distributing, an wholesaler. The milestone is a significant win for Mountain High Seltzer founder and CEO Joe Kuhn, who has delivered the product after years of pivoting and navigating challenges in Virginia’s complex and shifting cannabis laws.

“We are currently the only THC beverage, -derived, to be distributed by bigger players,” Kuhn said.

A functional buzz

Consumers of the Mountain High Seltzer can start feeling its relaxing effects in as little as 10 to 15 minutes. The new beverage contains just 30 calories and zero alcohol, featuring a fast-acting blend of 2 milligrams of THC and 4 milligrams of CBD. Kuhn said when developing the drink, he wanted to provide consumers with a refreshment that offered “good vibes” and made their day better while keeping them functional.

“My motto for our company is, I want you to find your dose, not the dose to find you,” Kuhn said. “I like a lighter dose … like I want someone to relax, have an experience, nice and light, unwind after work kind of thing. I’m not in the business of inebriating people. That is what I do not want to do.”

So far, the seltzers are available in two flavors: Lemon Lime and Wild Berry. A four-pack retails for $17.99.

Company beginnings

Kuhn began his business under the name Albemarle Hemp Co. in 2019 in , starting with $2,000 of his own money. His initial work involved consulting with farmers on how to grow hemp, based on the laws in effect at the time, as outlined in the 2018 federal Farm Bill.

The business soon expanded to include cannabis , outreach and product development. He described himself as an independent “one man show” who slowly built up a following. His friend Blake DeMaso, an entrepreneur in the advertising and publishing industry, eventually joined the company and became a co-owner.

Although ‘s administration tightened cannabis laws, Kuhn found ways to pivot legally. In early 2024, he began developing the Mountain High Seltzer, which would become the name of his new product as well as the rebranded name for his company.

While it is illegal to sell marijuana in Virginia for recreational use, the law does allow the sale of hemp-derived products — albeit with some significant restrictions. One of those restrictions, according to the , is that hemp products may not exceed 0.3% total THC and may not have more than 2 milligrams of total THC per package unless the product’s CBD-to-THC ratio is at least 25 parts CBD for every one part THC.

Both Kuhn and DeMaso noted that THC beverages offered in different states can have significantly higher amounts of THC. The two men believe that 5 milligrams would be ideal for the drink and hope state laws will eventually change to allow that amount.

“Two milligrams is a little light,” Kuhn said. “And in my personal opinion, anything over 10 milligrams is way too much in a beverage.”

The beverage started being sold in small amounts in spring 2024 and was added to the VDACS’ Voluntary Registry of Compliant Edible Hemp Products in November 2024. While drinks that adhere to state laws can still be sold without being on the list, Kuhn says having that “stamp of approval” was essential for getting the beverage out to larger audiences, as it helps assure businesses that the drink is compliant with the law.

DeMaso said Mountain High Seltzer partnered with Blue Mountain Brewery in March to produce the canned beverage. Previously, a small microbrewery in Lynchburg called Three Roads Brewing had made the drink. DeMaso said Hoffman and Virginia Eagle came on board as distributors in May. The drink is now sold throughout Virginia and at all 20 Total Wine & More locations in the state.

A growing industry

Mountain High is not alone in the budding THC seltzer space, as several products from different companies have emerged within the past year. Pure Shenandoah, an Elkton-based, family-run CBD and hemp products business, has found success in this market with its drink called Buzzin’ Berry.

The Buzzin’ Berry also contains 2 milligrams of THC and was the first THC seltzer added to VDACS’ voluntary registry of compliant products in June 2024, several months before Mountain High Seltzer. The drink can be found in Total Wine stores, where it sells about 50,000 cans a month.

Tanner Johnson, Pure Shenandoah’s CEO, said his product is a mixed berry flavor that tastes like a light soda. He said most people “absolutely love it” and that one drink creates a light, subtle relaxation. A second or third will give consumers a buzz. At nighttime, he said, it helps with sleep.

The Buzzin’ Berry is one of the fastest-growing segments of the Pure Shenandoah business. It can be purchased in over 150 stores around Virginia, and the company expects to reach the 500-plus mark by the end of the year.

Like Kuhn, Johnson feels the 2-milligram limit for seltzers is too restrictive and would prefer to offer a drink in the 5-to-10-milligram range.

“But just as politics goes, you know, the pendulum swings one way, and then it kind of swings back the other,” Johnson said. “We’re hoping to see a little bit of correction on the hemp side next year as well.”

For now, the company is self-distributing, but Johnson says he is currently in talks with several mass distributors and also plans to add other THC seltzers with other flavors soon. Johnson says restaurants, bars and breweries throughout the state are increasingly wanting THC seltzer products and that the seltzers are bringing new customers into the THC market.

Kuhn says that right now, the goal of his company is to make the seltzer product well-known throughout Virginia, demonstrating to consumers what a light cannabis product is, how it can serve as an alternative to other adult beverages, and how it can benefit their day-to-day activities. Eventually, he’d like to see the drink make its way into and maybe even receive national distribution.

“Part of my dream is to have it be a drink that normalizes cannabis and would be available in the over 21 section of a grocery store, convenience stores, you know, stuff like that,” Kuhn said.

Judge blocks Job Corps shutdown amid legal challenge

Summary

  • issues injunction stopping shutdown.
  • Lawsuit challenges Labor Department’s decision to close centers.
  • Job Corps offers housing, , and health care to youth.
  • Shutdown was scheduled for end of June at contractor-run sites.

NEW YORK (AP) — A federal judge on Wednesday granted a preliminary injunction to stop the U.S. from shutting down Job Corps, a residential program for , until a lawsuit against the move is resolved.

The injunction bolsters a temporary restraining order U.S. District Judge Andrew Carter issued earlier this month, when he directed the Labor Department to cease removing Job Corps students from housing, terminating jobs or otherwise suspending the nationwide program without congressional approval.

Founded in 1964, Job Corps aims to help teenagers and young adults who struggled to finish traditional high school and find jobs. The program provides tuition-free housing at residential centers, training, meals and health care.

“Once Congress has passed legislation stating that a program like the Job Corps must exist, and set aside funding for that program, the DOL is not free to do as it pleases; it is required to enforce the law as intended by Congress,” Carter wrote in the ruling.

Department of Labor spokesperson Aaron Britt said the department was working closely with the Department of Justice to evaluate the injunction.

“We remain confident that our actions are consistent with the law,” Britt wrote in an email to The Associated Press.

The Labor Department said in late May that it would pause operations at all contractor-operated Job Corps centers by the end of June. It said the publicly funded program yielded poor results for its participants at a high cost to taxpayers, citing low student graduation rates and growing budget deficits.

“Secretary DeRemer rightfully paused funding to reassess underperforming programs, operating in a $140 million deficit, with massive safety concerns at Jobs Corps centers,” Taylor Rogers, White House spokesperson, said in an email. “The district court lacked jurisdiction to enter its order, and the Trump Administration looks forward to ultimate victory on the issue.”

The judge rejected the department’s claims that it did not need to follow a congressionally mandated protocol for closing down Job Corps centers because it wasn’t closing the centers, only pausing their activities.

“The way that the DOL is shuttering operations and the context in which the shuttering is taking place make it clear that the DOL is actually attempting to close the centers,” Carter wrote.

The harm faced by some of the students served by the privately run Job Corps centers is compelling, the judge said. Carter noted that one of the students named as a plaintiff in the lawsuit lives at a center in New York, where he is based.

If the Job Corps program is eliminated, she would lose all the progress she’s made toward earning a culinary arts certificate and “will immediately be plunged into homelessness,” the judge wrote. That’s far from the “minor upheaval” described by government lawyers, he said.

The AFL-CIO’s Transportation Trades Department said the decision prevents any Job Corps center closures, job terminations or student removals, pending legislative action. “The law is clear: a federal agency cannot unilaterally dismantle a congressionally-mandated program like Job Corps,” the group said in a statement. “The students who enter the Job Corps program are the embodiment of the American dream: that if you work hard, no matter your beginnings, you can achieve success. We are proud of these students and of the Job Corps program.”

As the centers prepared to close, many students were left floundering. Some moved out of the centers and into shelters that house homeless people.

“Many of these young people live in uncertainty, so it takes time to get housing and restore a lot of those supports you need when you’ve been away from your community for so long,” said Edward DeJesus, CEO of Social Capital Builders, a Maryland-based educational consultancy which provides training on relationship-building at several Job Corps sites. “So the abrupt of these sites is really harmful for the welfare of young adults who are trying to make a change in their lives.”

The National Job Corps Association, a nonprofit trade organization comprised of business, labor, volunteer and academic organizations, sued to block the suspension of services, alleging it would displace tens of thousands of vulnerable young people and force mass layoffs.

The attorneys general of 20 U.S. states filed an amicus brief supporting the group’s motion for a preliminary injunction in the case.

Monet Campbell learned about the Job Corps’ center in New Haven, Connecticut, while living in a homeless shelter a year ago. The 21-year-old has since earned her certified nursing assistant license and phlebotomy and electrocardiogram certifications through Job Corps, and works at a local nursing home.

“I always got told all my life, ‘I can’t do this, I can’t do that.’ But Job Corps really opened my eyes to, ‘I can do this,’” said Campbell, who plans to start studying nursing at Central Connecticut State University in August.

The program has been life-changing in other ways, she said. Along with shelter and job training, Campbell received food, mental health counseling, medical treatment and clothing to wear to job interviews.

“I hadn’t been to the doctor’s in a while,” she said. “I was able to do that, going to checkups for my teeth, dental, all that. So they really just helped me with that.”

Campbell said she and other Job Corps participants in New Haven feel like they’re in limbo, given the program’s possible closure. They recently had to move out for a week when the federal cuts were initially imposed, and Campbell stayed with a friend.

There are 123 Jobs Corps centers in the U.S., the majority of them operated by private organizations under agreements with the Department of Labor. Those private jobs corps centers serve more than 20,000 students across the U.S., according to the lawsuit.

____

Susan Haigh in Hartford, Connecticut and Rebecca Boone in Boise, Idaho contributed to this report.

SAIC secures $928M Air Force contract

Reston-based announced on Wednesday it has been awarded a $928 million, five-year contract to support the U.S. ‘s Tactical Exploitation of National Capabilities (AF TENCAP).

AF TENCAP is a congressionally mandated rapid acquisition organization that leverages existing air, space, cyber, national and global intelligence, surveillance and reconnaissance systems to accelerate the delivery of secure warfighting capabilities across Air Force and joint military missions for the .

Through the contract, will provide , development, test and evaluation mission engineering services to help AF TENCAP create tech prototypes that enhance warfighting capabilities and enable the Air Force to make faster and more effective decisions.

“To deter conflict and win wars in today’s data-centric battlefield, warfighters must have integrated actionable data including the full power of intelligence community capabilities,” Vincent DiFronzo, SAIC executive vice president of the Air Force and Combatant Commands business group, said in a statement. “Using our proven expertise in rapid mission integration, SAIC leverages advanced commercial technologies to keep the DoD on the cutting edge of all-domain warfighting capabilities.”

SAIC will use sensor and data fusion, improve command and control decisions in complex environments, integrate new materials and manufacturing processes, fuse data to ensure accurate status of threat and friendly forces, support unique requirements of Special Operations Forces, enhance battlespace awareness, increase air superiority and interoperability and develop innovative cyberspace capabilities.

“SAIC is proud to be a partner of choice to accelerate next-gen warfighting concepts into operational reality,” said DiFronzo. “We’re excited to help Air Force TENCAP achieve evolutionary and revolutionary warfighting improvements in capability, performance and cost savings.”

SAIC has about 24,000 employees and reported annual revenues of $7.48 billion for fiscal 2025.

More than 300 job cuts in Virginia, state reports


SUMMARY:
• Notices for more than 300 in Virginia were filed in June
• to lay off 104 employees at Chesapeake facility
• Nakupuna Cos. will lay off 103 employees after losing federal contract
• Virginia’s rate is up

Leidos QTC Health Services, a California-based subsidiary of the -based Leidos, said that it is cutting at least 77 Virginia-based jobs, despite having received a contract extension from the Veterans Affairs Department in early January for $5.1 billion.

Leidos’ 77 layoffs are part of 365 total layoffs that were reported during the month of June to the state’s Department of and Advancement, aka Virginia Works. The agency posted the layoffs Tuesday on its WARN site.

The job cuts include 103 layoffs at Nakupuna Cos. in Arlington, 104 layoffs at CarParts.com’s Chesapeake location, which is closing Aug. 8; and 81 layoffs at ‘s Charlottesville store, which is closing in August as well.

The decision to cut the jobs that are largely remote but assigned to the Reston headquarters is “regarding an internal initiative,” Leidos said in a statement this week. About a dozen of the impacted workers are in Virginia, a spokesperson clarified.

“We are helping support the impacted employees and will work with them to identify other potential opportunities within Leidos,” the company stated. “As this process can take several weeks, the final number of people who will no longer work for the company is not yet known.”

On Jan. 6, Leidos announced that the Department of Veterans Affairs had awarded Leidos QTC an indefinite-delivery/indefinite-quantity contract to process medical disability exams for retired military personnel seeking disability claims, in the final days of the Biden administration. It is not clear whether the delivery orders under the contract have changed under the Trump administration.

According to the GovTribe website, Leidos QTC won $5.1 billion on the $13.2 billion-ceiling contract, which started in 2018.

Previously, Leidos said it would be laying off 29 people in Alexandria and Manassas in May, and in a May court filing, the U.S. Department of Homeland Security terminated a $2.4 billion IT and cybersecurity contract awarded last year to Leidos.

CarParts.com, Nakupuna and Kroger

CarParts.com did not respond to a request for comment about the Chesapeake facility closing. However, the company reported in May that its net sales for the first quarter decreased 11% from the same quarter the previous year to $147.4 million.

“This reiterates how critical it is for us to continue to upgrade our customer base with higher income and less price sensitive customers as well as diversify our acquisition mix,” David Meniane, Carparts.com’s CEO, said in a statement then.

Nakupuna also did not respond to a request for more information about the job cuts. However, in the notice to the state, Ret Grady, chief human resources officer for Nakupuna, wrote that it’s closing one of its operating units at the Arlington location “due to the unexpected decision by the U.S. Department of the Navy not to award the task order required for continuity of services of one of Nakupuna’s government contracts.”

Grady noted that the company received less than two weeks’ notice of the Navy’s decision.

have laid off hundreds of employees in recent months as the Trump administration has slashed federal agencies’ budgets and attempted to claw back funding from some already awarded contracts.

Nakupuna has more than 1,300 employees, according to information the company posted on LinkedIn. Among the roles being cut are business analyst, scrum master and tester positions, the company’s letter to the state says.

Also, Kroger filed notice June 20 that 81 employees at a Charlottesville store will lose their jobs when the store closes Aug. 22. A second store in is set to close as well, although the state has not posted a notice about how many layoffs that will trigger.

State unemployment rate rises

Virginia’s seasonally adjusted unemployment rate increased by 0.1 percentage points to 3.4% in May, the state announced this week. The national joblessness rate was 4.2%. Gov. Glenn Youngkin emphasized the bright side, though, noting that nonfarm payrolls increased by 1,200 jobs in May.

“The continued growth in nonfarm payrolls underscores the strength of Virginia’s job market,” Youngkin said in a statement.  “The addition of 1,200 jobs in May, along with the upward revision of 2,200 jobs in April, reflects Virginia’s financial strength, driven by companies growing and hiring more Virginians.”

However, U.S. Rep. Don Beyer, a Democrat who represents parts of Northern Virginia, noted in a statement this week that Virginia has seen five consecutive months of the state’s unemployment rate rising, which has not happened since the Great Recession of 2008-09.

“Gov. Youngkin inherited a strong economy that was rebounding from the pandemic downturn with strong growth and job gains, and a 2.7% unemployment rate that was the envy of much of the nation,” Beyer said Tuesday. “To be clear, our commonwealth is still a great place to do business, with job gains still coming and unemployment below the national average. But today’s data shows we are now clearly moving in the wrong direction.”

UVA Health receives $50M in two anonymous gifts for Manning Institute


SUMMARY:

  • received two $25M donations for
  • Funds will be used for translational for cancer, Alzheimer’s and autoimmune disease treatments
  • Institute’s building under construction, expected to be complete by end of 2027

UVA Health announced Thursday that two anonymous donors have given $25 million estate gifts to support the ‘s Manning Institute of Biotechnology, funds that will go toward developing cures for cancer and neurodegenerative diseases like Alzheimer’s.

“I’m deeply grateful for the generosity and vision of these donors, whose contributions will help us to realize the full potential of the Manning Institute, and for everyone who has helped UVA Health reach this milestone,” U.Va. President Jim Ryan said in a statement. “These extraordinary gifts will support the Manning Institute’s research and aid in developing new treatments for hard-to-treat or incurable diseases, which will change lives across the commonwealth and beyond.”

Mark Esser, the Manning Institute’s head and chief scientific officer, said the two gifts are unrestricted and will help move medical research to the market stage, when patients can benefit from new treatments. The Manning Institute was launched in 2023 with a $100 million gift from Paul and Diane Manning, -area philanthropists, along with $150 million from U.Va. and $100 million from the state.

The institute’s 350,000-square-foot facility is under construction at U.Va.’s Fontaine Research Park, and Esser said Thursday that he expects to host a “topping off” ceremony in October, marking the construction benchmark of laying the last steel girder on the top floor. The building is expected to be completed in late 2027, Esser added.

Meanwhile, the institute is preparing to hire a chief operations officer, a job that will be advertised soon, and it is also conducting searches for “talent magnets” to join the institute’s faculty, well-regarded researchers who will draw other talented scientists to U.Va., Esser said.

“Lots of folks have already reached out to me,” said Esser, whose background is in immunology and who earned his doctorate in microbiology at U.Va. “If we can get some top talent, they’ll be excited to come here.”

The new funding will primarily be used to help progress early-stage research into development cures and treatments for cancer, autoimmune diseases and neurodegenerative illnesses, which have to be tested through clinical trials before they are available in the marketplace, Esser says.

Scientists are well aware of the Trump administration’s cuts in federal funding for all kinds of scientific research, as well as changes in priorities at the Centers for Disease Control and Prevention and the National Institutes of Health under Health and Human Services Secretary Robert F. Kennedy Jr.

In recent weeks, Kennedy dismissed 17 members of the CDC’s vaccine advisory panel and added eight new members, some of whom are known vaccine skeptics. He also has announced massive budget cuts to the CDC and NIH. In May, Kennedy said the HHS would no longer recommend COVID-19 vaccinations for healthy children and pregnant women, drawing heavy criticism from some health care workers and others.

However, Esser notes that researchers are used to adapting to changes in political priorities and funding. He noted that AI tools are helping streamline some research processes, as well as clinical testing protocol changes that allow scientists to skip animal testing and move directly to human trials, as positive developments.

“Basic biomedical research is a little bit up in the air,” he said. “Certainly the university is addressing that … but I think the Manning Institute actually provides us an opportunity to really think creatively and differently on how we’re going to fund biomedical research. I’m actively talking to folks in the state, obviously philanthropists and some very generous benefactors to the university. But also the private sector, from venture capital to pharmaceutical companies, have all expressed an interest in funding some of the research here at the University of Virginia.”

Pringles maker Kellanova’s shares rise after US regulators approve its proposed merger with Mars

Snack maker ‘s shares rose Thursday on news that its proposed merger with had cleared U.S. regulators.

The U.S. Federal Trade Commission announced late Wednesday that after nearly a year of investigation, it determined that a merger between Mars and Kellanova wouldn’t threaten competition in the market.

Kellanova shares were up nearly 1% in morning trading. Mars is privately held.

, Virginia-based Mars makes sweet like , Snickers and Skittles as well as Ben’s Original rice and pet food. Chicago-based Kellanova, which was created in 2023 when the Co. split into two companies, owns brands including Cheez-its, , Eggo, Town House, MorningStar Farms and Rice Krispies Treats.

Last August, Mars announced its intention to buy Kellanova for $35.9 billion. It said the deal would help it broaden its snacking portfolio and expand globally. Around 50% of Kellanova’s net sales come from outside the U.S. and Canada.

Mars President and CEO Poul Weihrauch said that with the ‘s decision, the proposed merger has now cleared all but one of the 28 regulatory approvals it sought. An review by the remains outstanding.

“This brings us one step closer to uniting two iconic businesses with complementary footprints and portfolios, allowing us to deliver more choice and innovation to consumers,” Weihrauch said in a statement.

Mars and Kellanova said they expect the deal to close towards the end of this year, pending the European review.

US stocks climb to the brink of a record

Summary

 

NEW YORK (AP) — The U.S. stock market ran up to the edge of another record on Thursday.

The S&P 500 climbed 0.8% and is sitting just 0.05% below its all-time closing high, which was set in February. It briefly topped the mark during the afternoon in the latest milestone for the index at the heart of many 401(k) accounts, which had dropped roughly 20% below its record during the spring on worries about President Donald Trump’s tariffs.

The Industrial Average rallied 404 points, or 0.9%, and the Nasdaq composite gained 1%.

McCormick, the seller of cooking spices, helped lead the way and jumped 5.3% after delivering a better-than-expected profit report. The company also gave a forecast for profit over its full fiscal year that topped analysts’ expectations, including planned efforts to offset increased costs caused by tariffs.

Over the longer term, it’s been big technology that have led the market for years and since the S&P 500 hit a bottom in April.

Chip company Nvidia, which has been the poster child of the frenzy around artificial-intelligence technology, added 0.5%. It’s the most valuable company in the U.S. stock market after rushing 61% higher since April 8, towering over the S&P 500’s gain of 23%. Another AI darling, Super Micro Computer, rose 5.7% to bring its gain since April 8 to 55%.

Micron Technology, which sells computer memory and data storage, swung between gains and losses after reporting stronger profit and revenue for the latest quarter than analysts expected. CEO Sanjay Mehrotra said it’s seeing growing AI-driven memory demand, and the company gave a forecast for profit in the current quarter that topped analysts’ expectations. Its stock ended the day down 1%.

All told, the S&P 500 rose 48.86 points to 6,141.02. The Dow Jones Industrial Average rose 404.41 to 43,386.84, and the Nasdaq composite gained 194.36 to 20,167.91.

Wall Street’s worries about Trump’s tariffs have receded since the president shocked the world in April with stiff proposed levies, but they have not disappeared. The wait is still on to see how big the tariffs will ultimately be, how much they will hurt the economy and how much they will push up inflation.

The economy so far seems to be holding up OK, though slowing, and more reports arrived on Thursday bolstering that. One said that orders for washing machines and other manufactured goods that last at least three years grew by more last month than economists expected. A second said fewer U.S. workers filed for benefits last week, a potential signal of fewer layoffs.

A third report said the U.S. economy shrank by more during the first three months of 2025 than earlier estimated. But many economists say those numbers got distorted by a surge of purchases of foreign products by U.S. companies hoping to get ahead of tariffs. They’re expecting a better performance in upcoming months.

Following the reports, Treasury yields swiveled up and down in the bond market before easing.

The yield on the 10-year Treasury fell to 4.24% from 4.29% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, fell to 3.71% from 3.74% late Wednesday.

Analysts said yields may have felt pressure because of a report from The Wall Street Journal saying Trump could name his nominee to replace Fed Chair Jerome Powell unusually early, in an attempt to undermine him. That could hurt confidence among investors about the Fed’s capability to make unpopular decisions when it comes to fighting inflation.

Powell has been repeating recently that the Federal Reserve is waiting to see how Trump’s tariffs will affect the economy before deciding when to resume cutting interest rates. It has been on pause this year because lower rates can give inflation more fuel, along with providing the economy a boost.

Trump, though, has been adamant about wanting cuts to rates sooner and has insulted Powell repeatedly. Two of his appointees to the Fed have also said recently that they would consider cutting rates as soon as the Fed’s next meeting in July.

“Yields fell, the dollar weakened, and break evens rose, all suggesting that a puppet of the White House in the seat of the Chair could be bad for inflation,” said Brian Jacobsen, chief economist at Annex Wealth Management. But Jacobsen said decisions on interest rates would still rest with a committee of Fed officials, not just the chair, and other officials could possibly keep the new leader “in check if needed.”

In stock markets abroad, indexes were mixed in Europe following a mixed finish in Asia.

Japan’s Nikkei 225 rose 1.6%, and South Korea’s Kospi fell 0.9% for two of the bigger moves.

___

AP Business Writer Elaine Kurtenbach contributed.

Notes: Eds: UPDATES: with close of US trading

Kroger to close at least two Virginia stores in profitability move


SUMMARY:

  • to shutter stores nationwide over next 18 months
  • Closures aim to improve efficiency and long-term profits
  • and locations likely to close
  • Impacted employees offered jobs at other store locations

At least two Virginia Kroger stores will be among the 60 locations the Cincinnati, Ohio-based company plans to shutter over the next 18 months to improve efficiency and profitability.

Kroger announced the plan during a corporate earnings call Friday. The company hasn’t said which stores it plans to close, but said the closures will happen around the country. It also said employees at impacted stores will be offered jobs at other locations.

On June 20, Kroger filed a (WARN), which was posted Tuesday afternoon by Virginia Works, the state’s department of and advancement. The filing  said 81 employees will lose their jobs by Aug. 22 due to the store at 1904 Emmet St. N in Charlottesville closing.

A news release distributed Friday by United Food & Commercial Workers Local 400, which represents 35,000 members in grocery, retail, , health care, food processing, service and other industries in Maryland, Virginia, Washington, D.C., West Virginia, Ohio, Kentucky and Tennessee, noted that in addition to the Charlottesville store, another Virginia Kroger, a location at 466 S. Cummings St. in Abingdon, will close Sept. 19. Virginia Works had not yet posted a WARN notice about employees at that store as of Thursday, but Mike Cochran, Abingdon’s town manager, said he was notified Friday that the store is closing. 

“We also have a Food Lion and Food Country in town, about a mile from this location, plus the Food City store, so there will still be choices for the customers,” he wrote in an email. “That Kroger has a lot of customers that are very local to it and many are elderly so this will be a change for them.”

A spokesperson for the city of Charlottesville declined to comment on the Emmet Street store closing.

“We see this as an opportunity to move these closed store sales to other stores, and we think that should improve profitability,” Ronald Sargent, Kroger’s interim chairman and CEO, said during Friday’s call.

Sargent also said Kroger plans to open at least 30 stores this year and will accelerate its store openings in “high-growth geographies” next year.

Kroger is the nation’s largest supermarket chain, with 2,731 stores in 35 states and Washington, D.C. It operates stores under multiple brand names, including Smith’s, Ralphs, King Soopers and Fred Meyer.

Sargent said Kroger usually evaluates the performance of individual stores on an annual basis, but it deferred any store closings during its two-year effort to merge with rival Albertsons. The two companies announced the $24.6 billion merger plan in 2022, but the deal fell apart late last year after two judges blocked it due to concerns about competition.

Kroger did not respond to a request for comment Wednesday.

Mark Federici, president of UFCW Local 400, stated in a news release distributed Friday that the Kroger closings will limit food access for the communities where the stores are located.

“Instead of investing billions of dollars in buying its own stock and paying legal fees for a doomed merger with Albertsons, plus millions more in compensation for corporate executives, Kroger needs to invest in better compensation for associates, better staffing in stores and making store improvements to better serve their customers,” Federici said in a statement.

Federici added that the union plans to support impacted workers and suggested that Kroger’s offer to move workers to different stores falls short.  “For many workers, the reality is these stores are too far from one another for a transfer to be practicable,” he said in a statement.