US issues sanctions against UN investigator probing abuses in Gaza
The State Department's decision to sanction Francesca Albanese, the U.N. special rapporteur for the West Bank and Gaza, comes after a recent U.S. pressure campaign to force the international body to remove her from her post failed.
Albanese, a human rights lawyer, has been vocal about what she has described as the 'genocide' that Israel is waging against Palestinians in Gaza. Both Israel and the U.S., which provides military support, have strongly denied that accusation.
In recent weeks, Albanese has issued a series of letters, urging other countries to pressure Israel, including through sanctions, to end its deadly bombardment of the Gaza Strip. The Italian national has also been a strong supporter of the International Criminal Court's indictment against Israeli officials, including Prime Minister Benjamin Netanyahu, for war crimes. She most recently issued a report naming several U.S. giants among companies aiding what she described as Israel's occupation and war on Gaza.
'Albanese's campaign of political and economic warfare against the United States and Israel will no longer be tolerated,' Secretary of State Marco Rubio posted on social media. 'We will always stand by our partners in their right to self-defense.'
Albanese has been the target of criticism from pro-Israel officials and groups in the U.S. and in the Middle East. Last week, the U.S. mission to the U.N. issued a scathing statement, calling for her removal for 'a years-long pattern of virulent anti-Semitism and unrelenting anti-Israel bias.'
The statement said that Albanese's allegations of Israel committing genocide or apartheid are 'false and offensive.'
It is all a culmination of an extraordinary and sprawling campaign of nearly six months by the Trump administration to quell criticism of Israel's handling of the deadly war in Gaza, which is closing in on two years. Earlier this year, the Trump administration began arresting and deporting faculty and students of American universities who participated in pro-Palestinian demonstrations and other political activities.
The war between Israel and Hamas began Oct. 7, 2023, when Hamas-led militants stormed into Israel and killed some 1,200 people, mostly civilians, and took 251 people captive. Israel's retaliatory campaign has killed over 57,000 Palestinians, according to Gaza's Health Ministry, which says women and children make up most of the dead but does not specify how many were fighters or civilians.
Nearly 21 months into the conflict that displaced the vast majority of Gaza's 2.3 million people, it is nearly impossible for the critically wounded to get the care they need, doctors and aid workers say.
'We must stop this genocide, whose short-term goal is completing the ethnic cleansing of Palestine, while also profiteering from the killing machine devised to perform it,' Albanese said in a recent post on X. 'No one is safe until everyone is safe.'
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CNBC
33 minutes ago
- CNBC
Virginia drops in America's Top States for Business rankings. Federal job cuts are a big reason
Six months into his second term in office, President Trump has begun to fundamentally change the relationship between the federal government and the states. In the process, he has shaken up CNBC's annual competitiveness ranking, America's Top States for Business. Virginia, last year's No. 1 state and a top three finisher in each of the last five years, slips to fourth place in 2025 — its worst showing since 2018 — and cedes the No. 1 spot to North Carolina. A major reason is a drop in the state's Economy ranking, to No. 14 in 2025 from No. 11 last year. Economy is the heaviest weighted category in the study under this year's methodology as more states pitch themselves as safe havens in a potential downturn. Virginia is already seeing a small downturn of sorts, as the Trump administration sets out to slash the federal workforce. That hits The Old Dominion where it lives. The federal government accounted for more than 144,000 jobs in Virginia last year, according to the Congressional Research Service. That is a larger percentage of the workforce than any state except Maryland and Hawaii. And that doesn't include Virginians who work for federal contractors, or commute to federal jobs elsewhere in the D.C. metro area. Include all of those, and the number approaches 300,000. In May, Virginia was one of only three states whose unemployment rate rose from the prior month, according to the U.S. Bureau of Labor Statistics. The state is still adding jobs each month, albeit at a slower pace than last year, and Virginia's 3.4% unemployment rate in May was still below the national average. But the slowdown — and the fact that many of the federal job cuts have yet to be reflected in the official numbers — concerns University of Virginia economist Eric Scorsone, Executive Director of the Weldon Cooper Center for Public Service. "Virginia has been an economy, historically, that is pretty resilient," he said. "But now, we're seeing something quite different, where Virginia is seeing some job losses, or at least job stagnation, whereas the nation as a whole is still creating jobs." The Center's most recent forecast, published in April, calls for the state to lose 32,000 jobs this year, with the job losses accelerating as the year goes on. While Scorsone said those job losses will occur primarily in the federal sector, he also sees a ripple effect. "Things like leisure and accommodations," he said. "As people lose jobs, they're going to spend less on those things, [and] maybe in retail," he added. Gov. Glenn Youngkin, a Republican, says the state can absorb those federal job cuts. In February, the state launched a web site, targeting displaced workers with job listings and other resources from across the state. "We have 250,000 open jobs posted that are unfilled. And so, there's a great opportunity for folks to find a new opportunity, new job, new career," Youngkin said on CNBC's "Squawk Box" on April 15. A recent check of the site showed that the number of openings has shrunk to 199,000 as jobs have been filled and private sector hiring has slowed. That still would appear to be more than enough for the federal workers likely to be displaced. But Scorsone said it is not that simple. "Virginia's federal workforce is different than, say, other states. Our workforce tends to be highly educated, professional executive level," he said. "Many of the jobs that are open may be in different sectors, like health care. You can't just easily move into a health care job if that's not your area of expertise," he added. In his CNBC appearance in April, Youngkin acknowledged the likelihood that the state will lose jobs, and that the private sector alternatives will not be an exact fit for many displaced government employees. "Listen, they're not perfect matches," he said. "They're high paying, good jobs that require someone to possibly get some retraining or re-skilling, or go into a new field, but they're really good jobs." Youngkin said the budget cuts, and job losses, are necessary. "We need to rein in spending and re-establish fiscal reality back into the federal government," he said, adding that Virginia goes into the upheaval from a position of strength. "We're seeing record surpluses in our budgets. We're able to use those surpluses to reduce taxes and invest in education and law enforcement and other investments in business development," Youngkin said. Indeed, Virginia is still a business powerhouse, with the top Education ranking in the CNBC study, and the second best rating for Infrastructure. Over time, no state has performed better than Virginia in the CNBC rankings. The state has taken top honors six times since the project began in 2007. But in 2025, with economic anxiety rising, Virginia's economic situation is just shaky enough to take it down a few pegs.
CNBC
34 minutes ago
- CNBC
Massachusetts is 2025's Most Improved State for Business boosted by financial independence from D.C.
For 400 years, the spirit of independence has served the people of Massachusetts well. In 2025, it helped the state achieve a turnaround of sorts in CNBC's annual America's Top States for Business study. The Bay State is America's most improved state in this year's rankings, rising 18 spots to No. 20 overall, after staging the biggest drop — falling 23 places — last year. Massachusetts was able to make that U-turn thanks to its relative independence from Washington. With federal budget cuts looming, this year's CNBC study considered their potential impact on each state's economy. Economy is the most important category in 2025, and Massachusetts improved its ranking in the category to No. 15, from No. 40 last year. According to the Center on Budget and Policy Priorities, federal funds comprised 30% of Massachusetts government spending last fiscal year. That made Massachusetts the 14th least dependent state on Washington (Wyoming was the least dependent at 19%; Louisiana was the most at 50%). In addition, Massachusetts' federal workforce of about 25,000 people makes up only about half a percent of its total workforce, according to data from the Congressional Research Service. That makes the state's federal workforce the eighth-smallest in the country relative to the total. "We tackle hard problems in Massachusetts. Hard stuff. Wicked hard stuff sometimes," Gov. Maura Healey, a Democrat, said in her State of the Commonwealth speech in January. She pointed to $1.5 billion in state funding for child care to make up for federal cuts after the pandemic. "We were the only state to fully replace federal support that went away," she said. Massachusetts still lags the nation in access to affordable child care, according to Child Care Aware of America, but it improved its performance this year, helping the state to an eighth-place finish in the Quality of Life category. But independence only goes so far, even in Massachusetts. The state is the third-largest recipient of federal health and science research grants, after New York and California. The Trump administration has taken aim at those grants nationwide, but nowhere more directly than in Massachusetts. Since April, the Trump administration has moved to freeze $3.2 billion in grants to Harvard University and to terminate another $100 million in federal contracts with the 389-year-old institution, accusing the university of liberal bias and of harboring antisemitism. The school has sued to block the cuts, citing the First Amendment, and the university's own efforts to curtail antisemitism on campus. But Christopher Anderson, president of the Massachusetts High Technology Council — a business organization that has been advocating for the state's tech industry since 1977 — said Harvard is not the only institution threatened by the federal cuts. "We do have a large number of research institutions that are critically important to generating and contributing to our innovation economy here," he told CNBC. "Everyone's feeling the pinch," he added. In May, the University of Massachusetts directed department heads to develop budget scenarios that include 3% and 5% cuts. As of mid-June, the university said it had already received $29 million less in federal research awards than at the same time a year earlier. To blunt some of the impact of the cuts, the university established a matching fund that it says has committed more than $700,000 toward salaries and research funding that would otherwise be cut. But that money is a drop in the bucket, with the university normally receiving $180 million a year in federal research support, including $44 million in so-called "indirect" funding for facilities and administration that the administration has sought to sharply reduce. "Unfortunately, the commonwealth is really not in a position to play the role of savior as perhaps it could if it had been managing its state budget more appropriately," Anderson said. Anderson said that 15 years of what he called "unsustainable" growth in state spending have hobbled Massachusetts at the worst possible time. "At exactly the time when the federal government is cutting back, we find ourselves unable to invest quickly or effectively in the key economic development projects that are driven by powerful innovations like artificial intelligence," he said. Anderson also pointed to the Mass Leads Act, signed into law by Gov. Healey last year, which the High Technology Council supported. The four-year economic development bill purports to include hundreds of millions of dollars in funding for life science, climate technology, and artificial intelligence. While the law sets a goal of $4 billion for economic development, Anderson said only $251 million of that is currently funded due to state borrowing caps. "It doesn't allow Massachusetts to keep up," he said. An analysis by the National Center for Science and Engineering Statistics found Massachusetts roughly in the middle of the pack when it comes to state support for research and development, ranking 22nd in 2023. While Massachusetts improved its overall ranking in the CNBC study, it still has some serious issues beyond its budget pressures. It is the second-most-expensive state to do business in, behind Hawaii. Wage costs are the highest in the nation; utility costs are the third highest. And the state ranks No. 42 for Business Friendliness, with a heavy regulatory hand. Anderson said the long-term solution to the state's competitive issues might be to take that independent streak a bit further, encouraging research institutions to work more closely with the private sector rather than relying on state support. "This could be the beginning of a new era of collaboration between private sector companies and these institutions," he said. Join the conversation. Didn't see your state mentioned? You can see where it ranked overall, and in all 10 categories of competitiveness, in the full rankings of the 2025 America's Top States for Business.
Yahoo
35 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures stall as Nvidia milestone, Trump tariffs vie for focus
US stock futures traded broadly flat on Thursday, putting a Nvidia-fueled (NVDA) rally on pause as Wall Street weighed Delta's (DAL) upbeat earnings amid fresh tariff threats from President Trump. Dow Jones Industrial Average futures (YM=F) inched down 0.1%, while S&P 500 futures (ES=F) were little changed. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were also steady on the heels of a winning day for the major gauges. Markets are regrouping after Trump's latest salvos on tariffs, which have done little to sap the ebullient mood that has pervaded for more than two months. After Wednesday's market close, Trump issued his most stringent threat yet, threatening Brazil with rates of 50% on its imports. Before the bell, Delta (DAL) kicked off second-quarter earnings season with its report, in high focus after the airline pulled its guidance last quarter due to Trump's trade moves. Its profit and revenue narrowly beat Wall Street expectations, and its shares jumped 12%. At the same time, and carrier restored its earnings outlook, citing "greater clarity" as trade deals get done. Market focus remains on potential trade pacts with bigger US trading partners, such as the EU, India, and Canada. While Trump has said a pact with India is close, the odds have narrowed after he warned of an extra 10% tariff on BRICS members. Read more: The latest on Trump's tariffs Amping up the pressure for deals, Trump has sent 22 letters to the heads of countries this week. Each has a similar formula, dictating the tariff rates he says will apply to their imports starting Aug. 1. Meanwhile, eyes are back on prospects for AI after the Nasdaq Composite (^IXIC) clinched a new record close on Wednesday, thanks in large part to a continued surge from Nvidia. The chipmaker's stock rose in premarket, set to build on the all-time high hit after Nvidia became the first public company to cross a market value of over $4 trillion. An update on weekly jobless claims due later will get attention in a week light on economic data to help set expectations for interest-rate cuts. Few Federal Reserve policymakers were open to a July start to lowering rates at their June meeting, according to minutes released on Wednesday. Circle stock (CRCL) jumped 3% in premarket trading on news that the Jack Ma-backed Ant Group Co. is reportedly considering adopting its stablecoin on the Chinese fintech company's blockchain platform. Bloomberg reported that Ant International, the company's global unit, is planning to incorporate Circle's USD coin (USDC-USD) on its blockchain platform after the asset becomes compliant in the US, according to people familiar with the matter. They did not give a timeline for when that might happen. Ant Group is also seeking to apply for stablecoin licenses; it has reportedly processed more than $1 trillion in global transactions last year, a third of which were on the blockchain. And Circle has been buoyed recently by increased optimism over the stablecoin regulatory environment. Circle stock is up over 500% since its IPO a little over a month ago. Read more here. Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world's largest producer. The news has shaken the industry and risks US consumers seeing a price surge. The FT reports: Read more here. Taiwan Semiconductor Manufacturing Company's (TSM) revenue rose 39% last quarter, boosting expectations that AI spending remains robust. Bloomberg reports that TSMC's sales to Nvidia (NVDA) and Apple (AAPL) reached roughly $32 billion for the June quarter, above expectations. Shares of TSMC advanced 0.88% in premarket trading. More from Bloomberg: Read more here. Delta stock (DAL) soared more than 12% in premarket trading after the company's earnings topped Wall Street estimates and Delta reinstated its guidance for the year. Delta CEO Ed Bastian told Yahoo Finance's Pras Subramanian that progress on trade deals and the approval of the tax deal were "helpful" in removing uncertainty for the airline. Subramanian reports: Read more here. Earnings: Delta (DAL), Conagra Brands (CAG), Levi's (LEVI), WD-40 (WDFC) Economic data: Initial jobless claims (week ending July 5); Continuing claims (week ending June 28) Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia's real edge isn't just its products, but its customers The early winner in the 'Dexit' war for corporate relocations: Nevada Trump threatens to impose 50% tariff on Brazil Nvidia stock set to rise after company becomes first to hit $4T Kellogg stock soars 50% on report Ferrero buyout is near Xi signals China may finally move to end deflationary price wars Tesla to hold annual shareholder meeting in November Nvidia's Huang to meet Chinese leaders while AI curbs deepen MP Materials, Pentagon team up on rare earth magnets; stock jumps Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance UK's LaToya Harding reports: The FTSE 100 (^FTSE) hit a new all-time high on Thursday morning, while European stocks also advanced. The German Dax (^GDAXI) also touched a record, as traders shrugged off the threat of Donald Trump's escalating trade wars. The US president confirmed overnight that a 50% copper tariff will come into place on 1 August, and announced a 50% tariff on goods from Brazil. ... The Brazilian Real weakened by 2.29% against the US dollar on the back of the news, its biggest decline since 4 April, but mining stocks rallied in London, signalling that investors are not concerned about the new tariffs. ... Read more on UK and Europe markets here. Here are some top stocks trending on Yahoo Finance in premarket trading: Freeport-McMoRan (FCX) shares rose over 3% before the bell on Thursday after President Trump said he would impose 50% tariffs on copper. Southern Copper Corporation (SCCO) stock was also up almost 4% in premarket trading following Trump's announcement that he would hit copper imports with a 50% tariff. Ultragenyx Pharmaceutical Inc. (RARE) stock fell over 20% after announcing that the US FDA had granted Breakthrough Therapy Designation for GTX-102 as a treatment for Angelman syndrome. Dollar Tree (DLTR) rose 2% before the bell following the news that that its board authorized a $2.5 billion share buyback plan. Some analyst calls that caught my eye this morning as the Street preps for yet another earnings season. Advanced Micro Devices (AMD) HSBC analyst Ryan Mellor drops an upgrade on AMD (AMD) to Buy. Says Mellor: "Turning bullish on new product pipeline. We now believe there could be significant upside to FY26 estimated AI revenue as our revised forecast of USD15.1 billion is now 57% above consensus forecasts of USD9.6 billion driven by a higher-than-expected pricing premium of its recent MI350 series launch. We are also encouraged by its MI400 rack architecture (to be launched in 2026) but it remains too early to quantify. Hence, we now expect that upside to FY26 estimated AI revenue will lead to higher re-rating to AMD that is not fully priced in by the market despite the 14% share price rally post its AI day event (12 June). PepsiCo (PEP) JP Morgan analyst Andrea Teixeira is cautious on PepsiCo (PEP) going into its July 17 earnings report. Says Teixeira"We believe expectations are for another soft quarter for PEP as consumption trends in the U.S. deteriorated in the quarter for both PFNA and PBNA segments, while International should remain relatively solid with some puts and takes. We don't envision a substantial change to underlying guidance at this point following the cut to EPS with 1Q25 and a low enough bar for OSG, although USD softening could provide some relief to reported results. To date, PEP's initiatives to turn around the snacking business have disappointed with tracked channel trends remaining under pressure, and with more time elapsing from shelf resets and price portioning and pack size adjustments (to lower absolute price points), if the company doesn't begin to show signs of improving trends near term (i.e., getting less bad against easing comparisons) there could be a need for more meaningful investment." The maker of Nutella and Ferrero Rocher, Ferrero, is reportedly close to finalizing a deal to acquire WK Kellogg Co. (KLG) for a roughly $3 billion dollar price tag, per the WSJ. The stock soared in after-hours trading following the report, up over 50%. As of Wednesday's market close, the company had a market cap of roughly $1.5 billion. The cereal maker, behind brands like Froot Loops and Frosted Flakes, has been under pressure lately as consumers crave less breakfast food. Over the course of four weeks, ending June 29, cereal category sales fell 1.8% "in line with the trend from recent months," Stifel analyst Matthew Smith wrote in a note to clients. For WK Kellogg in particular, dollar sales were down 5.7% in that same time frame. It could get even worse when compared to the highs of the pandemic, per Smith. He said that "cereal sales had been running down -1.5% or so, we believe the volumes are likely to continue to move towards the historical decline rate." "The category is holding in and it's shifting ... we will shift with it," CEO Gary Pilnick told investors on its recent earnings call, "as consumers are looking for value, they're looking for health and wellness... No matter what the combination is, the cereal category is a tremendous destination for those consumers." WK Kellogg did not respond to a request for comment. Circle stock (CRCL) jumped 3% in premarket trading on news that the Jack Ma-backed Ant Group Co. is reportedly considering adopting its stablecoin on the Chinese fintech company's blockchain platform. Bloomberg reported that Ant International, the company's global unit, is planning to incorporate Circle's USD coin (USDC-USD) on its blockchain platform after the asset becomes compliant in the US, according to people familiar with the matter. They did not give a timeline for when that might happen. Ant Group is also seeking to apply for stablecoin licenses; it has reportedly processed more than $1 trillion in global transactions last year, a third of which were on the blockchain. And Circle has been buoyed recently by increased optimism over the stablecoin regulatory environment. Circle stock is up over 500% since its IPO a little over a month ago. Read more here. Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world's largest producer. The news has shaken the industry and risks US consumers seeing a price surge. The FT reports: Read more here. Taiwan Semiconductor Manufacturing Company's (TSM) revenue rose 39% last quarter, boosting expectations that AI spending remains robust. Bloomberg reports that TSMC's sales to Nvidia (NVDA) and Apple (AAPL) reached roughly $32 billion for the June quarter, above expectations. Shares of TSMC advanced 0.88% in premarket trading. More from Bloomberg: Read more here. Delta stock (DAL) soared more than 12% in premarket trading after the company's earnings topped Wall Street estimates and Delta reinstated its guidance for the year. Delta CEO Ed Bastian told Yahoo Finance's Pras Subramanian that progress on trade deals and the approval of the tax deal were "helpful" in removing uncertainty for the airline. Subramanian reports: Read more here. Earnings: Delta (DAL), Conagra Brands (CAG), Levi's (LEVI), WD-40 (WDFC) Economic data: Initial jobless claims (week ending July 5); Continuing claims (week ending June 28) Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia's real edge isn't just its products, but its customers The early winner in the 'Dexit' war for corporate relocations: Nevada Trump threatens to impose 50% tariff on Brazil Nvidia stock set to rise after company becomes first to hit $4T Kellogg stock soars 50% on report Ferrero buyout is near Xi signals China may finally move to end deflationary price wars Tesla to hold annual shareholder meeting in November Nvidia's Huang to meet Chinese leaders while AI curbs deepen MP Materials, Pentagon team up on rare earth magnets; stock jumps Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance UK's LaToya Harding reports: The FTSE 100 (^FTSE) hit a new all-time high on Thursday morning, while European stocks also advanced. The German Dax (^GDAXI) also touched a record, as traders shrugged off the threat of Donald Trump's escalating trade wars. The US president confirmed overnight that a 50% copper tariff will come into place on 1 August, and announced a 50% tariff on goods from Brazil. ... The Brazilian Real weakened by 2.29% against the US dollar on the back of the news, its biggest decline since 4 April, but mining stocks rallied in London, signalling that investors are not concerned about the new tariffs. ... Read more on UK and Europe markets here. Here are some top stocks trending on Yahoo Finance in premarket trading: Freeport-McMoRan (FCX) shares rose over 3% before the bell on Thursday after President Trump said he would impose 50% tariffs on copper. Southern Copper Corporation (SCCO) stock was also up almost 4% in premarket trading following Trump's announcement that he would hit copper imports with a 50% tariff. Ultragenyx Pharmaceutical Inc. (RARE) stock fell over 20% after announcing that the US FDA had granted Breakthrough Therapy Designation for GTX-102 as a treatment for Angelman syndrome. Dollar Tree (DLTR) rose 2% before the bell following the news that that its board authorized a $2.5 billion share buyback plan. Some analyst calls that caught my eye this morning as the Street preps for yet another earnings season. Advanced Micro Devices (AMD) HSBC analyst Ryan Mellor drops an upgrade on AMD (AMD) to Buy. Says Mellor: "Turning bullish on new product pipeline. We now believe there could be significant upside to FY26 estimated AI revenue as our revised forecast of USD15.1 billion is now 57% above consensus forecasts of USD9.6 billion driven by a higher-than-expected pricing premium of its recent MI350 series launch. We are also encouraged by its MI400 rack architecture (to be launched in 2026) but it remains too early to quantify. Hence, we now expect that upside to FY26 estimated AI revenue will lead to higher re-rating to AMD that is not fully priced in by the market despite the 14% share price rally post its AI day event (12 June). PepsiCo (PEP) JP Morgan analyst Andrea Teixeira is cautious on PepsiCo (PEP) going into its July 17 earnings report. Says Teixeira"We believe expectations are for another soft quarter for PEP as consumption trends in the U.S. deteriorated in the quarter for both PFNA and PBNA segments, while International should remain relatively solid with some puts and takes. We don't envision a substantial change to underlying guidance at this point following the cut to EPS with 1Q25 and a low enough bar for OSG, although USD softening could provide some relief to reported results. To date, PEP's initiatives to turn around the snacking business have disappointed with tracked channel trends remaining under pressure, and with more time elapsing from shelf resets and price portioning and pack size adjustments (to lower absolute price points), if the company doesn't begin to show signs of improving trends near term (i.e., getting less bad against easing comparisons) there could be a need for more meaningful investment." The maker of Nutella and Ferrero Rocher, Ferrero, is reportedly close to finalizing a deal to acquire WK Kellogg Co. (KLG) for a roughly $3 billion dollar price tag, per the WSJ. The stock soared in after-hours trading following the report, up over 50%. As of Wednesday's market close, the company had a market cap of roughly $1.5 billion. The cereal maker, behind brands like Froot Loops and Frosted Flakes, has been under pressure lately as consumers crave less breakfast food. Over the course of four weeks, ending June 29, cereal category sales fell 1.8% "in line with the trend from recent months," Stifel analyst Matthew Smith wrote in a note to clients. For WK Kellogg in particular, dollar sales were down 5.7% in that same time frame. It could get even worse when compared to the highs of the pandemic, per Smith. He said that "cereal sales had been running down -1.5% or so, we believe the volumes are likely to continue to move towards the historical decline rate." "The category is holding in and it's shifting ... we will shift with it," CEO Gary Pilnick told investors on its recent earnings call, "as consumers are looking for value, they're looking for health and wellness... No matter what the combination is, the cereal category is a tremendous destination for those consumers." WK Kellogg did not respond to a request for comment. 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