Outraged cruise passengers blast company’s ‘idiotic’ new dress code crackdown
Norwegian Cruise Line is facing backlash from passengers over its new dining dress code policy, which restricts casual wear like shorts and flip-flops in some premium restaurants. While many travelers express frustration, arguing it contradicts the cruise line's "freestyle" and relaxed vacation vibe, others support the stricter rules for bringing "class back to sailing" in higher-end dining venues. The company has acknowledged customer feedback but maintains its stance on the new policy for certain establishments.
Vanguard Group Inc. Sells 556,572 Shares of Norwegian Cruise Line Holdings Ltd. $NCLH
Vanguard Group Inc. reduced its stake in Norwegian Cruise Line Holdings Ltd. (NCLH) by 1.0% in Q3, selling 556,572 shares, but still holds over 11% ownership. Other institutional investors like Ariel Investments, Norges Bank, and Marshall Wace adjusted their positions, resulting in 69.58% institutional ownership. Analysts maintain a "Moderate Buy" consensus rating with an average price target of $26.32.
Cruise News Update: Technical Failure, Carnival Rescue, NCL Pressure
This weekly cruise news roundup covers the cancellation of Celebrity Infinity's February 16, 2026, Greek Islands cruise due to a technical failure. It also details the rescue of six people by Royal Caribbean's Radiance of the Seas off Cuba and significant new ship orders for all three Norwegian Cruise Line Holdings brands. Additionally, the article highlights an investor's criticism of Norwegian Cruise Line Holdings' leadership and strategy, new findings in a crew member death aboard P&O Cruises' Arvia, and growing opposition to a new cruise port in Tampa, Florida.
Pay Less, Gain More: STE, RMD Top Abbott Laboratories Stock
This article suggests that investors might find better value and growth in STE and RMD stocks compared to Abbott Laboratories (ABT). It highlights that STE and RMD have lower valuations (P/OpInc) but higher revenue and operating income growth. The analysis uses financial metrics from both the present and one year prior to support the claim that ABT might be overvalued relative to its peers.
B2Gold Faces Earnings Struggles Despite Revenue Surge in Q4
B2Gold (BTG) experienced a significant revenue surge to $1.05 billion in Q4, yet its adjusted EPS of $0.11 fell short of the anticipated $0.18, leading to a stock decline of 4.83%. This discrepancy between strong revenue growth and lower-than-expected earnings points to underlying cost issues or operational challenges. The company's financial health shows a mixed picture with good gross margins but low overall profit margins, prompting investors to closely monitor future strategies to improve profitability.
Royal CEOs on the Star: Richard Fain, Jason Liberty talk culture and innovation
Former Royal Caribbean Group CEO Richard Fain and current CEO Jason Liberty discussed leadership, culture, and innovation during a chat on the Star of the Seas. Fain, who led the company for 33 years, emphasized that Royal Caribbean's success stems from its strong internal culture and focus on its people. Both leaders highlighted the importance of taking a long-term view, fostering innovation beyond single "wow" factors, and evolving the guest experience towards immersive and shareable moments.
CenterBook Partners LP Purchases Shares of 114,035 Norwegian Cruise Line Holdings Ltd. $NCLH
CenterBook Partners LP recently acquired 114,035 shares of Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) worth approximately $2.809 million during the third quarter. Other institutional investors have also adjusted their stakes in the company. Analyst ratings for NCLH are mixed, with an average rating of "Moderate Buy" and an average price target of $26.32, amidst recent activist investor activities impacting the stock's performance.
Former Royal Caribbean President Joins Push to Shake Up Norwegian Cruise Line
Adam Goldstein, former president and CEO of Royal Caribbean, has publicly joined Elliott Investment Management's campaign to shake up Norwegian Cruise Line Holdings. Goldstein announced his collaboration with Elliott via a Fortune column and expressed his desire for a board seat at Norwegian, emphasizing a forward-looking approach focused on strengthening the company's brands and agent relationships, contrasting with Elliott's more critical report. His involvement significantly raises the stakes for Norwegian, adding industry credibility to the activist investor's efforts.
3 Russell 2000 Stocks That Fall Short
This article identifies three Russell 2000 small-cap stocks—America's Car-Mart (CRMT), Kadant (KAI), and Merit Medical Systems (MMSI)—that StockStory analysts believe fall short due to various financial and operational weaknesses. It details specific concerns for each company, such as poor sales performance, declining earnings per share, high debt, muted revenue growth, and shrinking profitability. The author suggests these stocks may not be good investment opportunities and recommends alternative high-quality growth stocks.
Former Royal CEO Adam Goldstein working with Elliott as it pushes for change at NCLH
Former Royal Caribbean Group executive Adam Goldstein has partnered with activist investor Elliott Investment Management to advocate for significant changes at Norwegian Cruise Line Holdings (NCLH). Goldstein, named as a potential director for NCLH's board, asserts that NCLH is underperforming despite its strong assets and premium cabin mix, financially lagging behind its competitors. Elliott is seeking a new board, a review of executive leadership, and a new business plan for NCLH, in which it holds over a 10% stake.
Elliott Pressure On Norwegian Cruise Line Raises Questions On Value And Governance
Elliott Investment Management has acquired a significant stake in Norwegian Cruise Line Holdings (NYSE:NCLH) and is pushing for leadership and board changes. This activist campaign follows recent executive decisions and aims to address concerns regarding the company's governance and performance. Investors are now closely watching how these potential changes could impact the cruise line's future direction, risk profile, and opportunities.
Adam Goldstein Backs Changes at Norwegian Cruise Line Holdings
Adam Goldstein, former Royal Caribbean International president and CEO, has confirmed his collaboration with Elliott Investment Management to advocate for changes to Norwegian Cruise Line Holdings' board. In a Fortune opinion piece, Goldstein expressed his belief that Norwegian possesses industry-leading assets but has lagged financially compared to its peers. He emphasized that if appointed to the board, he would serve all shareholders and stakeholders, focusing on disciplined execution to restore Norwegian to a leadership position.
Adam Goldstein tells why he backs Elliott's bid for NCLH change
Former Royal Caribbean executive Adam Goldstein has publicly endorsed Elliott Investment's campaign to initiate changes at Norwegian Cruise Line Holdings (NCLH). In a commentary for Fortune, Goldstein emphasized NCLH's existing strengths, including a strong fleet and dedicated personnel, and asserted that the company has the potential for significant improvement. He stressed that his involvement is driven by a commitment to the cruise industry's future and that, if appointed to the NCLH board, he would represent all shareholders.
Former Royal Caribbean CEO announces he's joining Norwegian Cruise Line to fix it
Former Royal Caribbean International CEO Adam Goldstein is joining forces with activist investor Elliott Investment Management to help reshape the future of Norwegian Cruise Line Holdings (NCLH). Goldstein, who previously held top positions at Royal Caribbean, aims to address NCLH's financial struggles and perceived mismanagement, drawing comparisons to Royal Caribbean's success. However, an analyst suggests Elliott's proposed solutions might be too aggressive, potentially leading to negative impacts on customer experience, similar to concerns raised about their involvement with Southwest Airlines.
Royal Caribbean Adds Maritime Tech Voice As Debt And Valuation Scrutinized
Royal Caribbean Cruises Ltd. (NYSE:RCL) has appointed Christopher J. Wiernicki to its Board of Directors, a move that is expected to strengthen the company’s focus on marine engineering, digitalization, safety, and energy transition. Wiernicki’s expertise could influence future strategic decisions around fleet investments and environmental initiatives, which is particularly relevant given Royal Caribbean's high debt levels. Despite the challenges, the stock currently shows strong short-term momentum and is trading close to its estimated fair value.
The Bull Case For Viking Holdings (VIK) Could Change Following Expanded 2027 U.S. River Cruise Lineup
Viking Holdings (VIK) has announced an expanded lineup of 2027 U.S. river cruises on the Mississippi and Ohio rivers, reinforcing its focus on culturally rich, destination-focused experiences. While these new itineraries align with Viking's strategy, the immediate investment narrative will be more influenced by upcoming Q4 2025 and full-year 2025 earnings results on March 3, 2026, which will provide crucial details on bookings, pricing, and profitability. Investors should weigh the enthusiasm for new sailings against potential rising costs and capital needs, and consider that some analysts are more cautious about the company's growth projections.
Royal Caribbean Stock: Deep Discount Or Sinking Ship?
This article analyzes Royal Caribbean (RCL) stock, exploring whether it presents a deep discount opportunity or is a sinking ship. It highlights RCL's strategic investments, strong booking trends, impressive operating margins, and modest valuation, while also discussing the bear and bull cases regarding potential price wars and capacity increases from competitors. The piece concludes by suggesting alternative stocks and emphasizing the importance of a robust asset allocation framework for wealth management.
Elliott seeks strategic reset at NCLH-Norwegian Cruise Line Holdings
Elliott Investment Management has acquired a stake exceeding 10% in Norwegian Cruise Line Holdings (NCLH) and is pushing for significant structural and strategic changes. The activist investor argues that NCLH's performance and share price have lagged behind competitors due to leadership, strategy, and execution issues. Elliott is proposing an overhaul of the board and a revised business plan focusing on marketing, cost discipline, itinerary management, and guest experience, a move that has already positively impacted NCLH's share price.
Elliott Management's ambitous goal for Norwegian Cruise Line faces major hurdles -- Citi Research (NCLH:NYSE)
Activist investor Elliott Management has acquired a 10% stake in Norwegian Cruise Line Holdings (NCLH) and is expected to push for board changes and operational improvements, aiming to reverse years of mismanagement. Citi Research indicates that while Elliott's ambitious target of over $4 billion EBITDA by 2027 is unlikely due to competitive pressures from Royal Caribbean, it might be achievable by 2028 with enhanced management and strategic investments. The cruise line faces challenges in private destination investments and competitiveness against its better-capitalized rival.
NCLH’s Sommer ‘excited’ for retirement, cruise expert weighs in
Harry Sommer, former President and CEO of Norwegian Cruise Line Holdings Ltd (NCLH), has retired "suddenly" after the company's board appointed John W. Chidsey as his successor with immediate effect. Sommer expressed excitement for his retirement on LinkedIn, focusing on family and personal passions, while luxury cruise veteran Larry Pimentel noted that such immediate exits often stem from performance-based reasons, with the board losing confidence in leadership's ability to create shareholder value. Pimentel interpreted the board's language as indicating a need for a "turnaround specialist" to "sharpen execution, improve performance, strengthen financial performance, reduce leverage."
Royal Caribbean faces protest related to Perfect Day Mexico project
Royal Caribbean is encountering protests in Mahahual, Mexico, regarding its "Perfect Day Mexico" project. Local residents are demanding that the cruise line fulfill promises for infrastructure improvements in the community that were pledged when Royal Caribbean took over the Costa Maya cruise port. This comes after a temporary halt to construction preparations by a federal judge due to environmental review requirements.
Verizon vs Johnson & Johnson: Which Dividend Hike Winner Is the Better Buy?
Verizon (VZ) and Johnson & Johnson (JNJ) recently increased their dividends, but offer different investment profiles. Verizon provides a higher current yield of 5.8% but carries substantial debt and has slower dividend growth. Johnson & Johnson has a lower 2.1% yield but boasts a much longer track record of dividend increases and stronger growth prospects due to its healthcare business.
TD Cowen upgrades ICON stock on valuation after accounting probe
TD Cowen upgraded ICON plc (ICLR) from Hold to Buy, despite lowering its price target from $183 to $120. The firm believes the stock's 33% decline due to an accounting probe overstates the impact on earnings, with the stock appearing significantly undervalued at a P/E of 12.01 and a strong free cash flow yield of 14%. While risks remain with the ongoing investigation and AI overhang, TD Cowen finds the risk-reward profile compelling.
Stocks making big moves yesterday: Somnigroup, LKQ, Donnelley Financial Solutions, Xerox, and Norwegian Cruise Line
This article details the stock performance of five companies based on their activities on the previous trading day. Somnigroup and LKQ saw declines due to missed forecasts and competitor issues, respectively. Donnelley Financial Solutions, Xerox, and Norwegian Cruise Line experienced gains following strong earnings, a new joint venture with TPG, and activist investor interest, respectively.
Stocks making the biggest moves midday: General Mills, Southwest, Genuine Parts, Norwegian Cruise Line & more
General Mills tumbled after lowering its 2026 outlook, while Southwest Airlines surged following a UBS upgrade. Warner Bros. Discovery and Paramount Skydance rose after Netflix granted a waiver for deal talks. Other significant movers included Tripadvisor, Genuine Parts, Masimo, Norwegian Cruise Line Holdings, ZIM Integrated Shipping Services, Vulcan Materials, Labcorp, and Leidos, each reacting to company-specific news or analyst actions.
Activist Investor Responsible for Southwest Airlines Changes Targets Norwegian Cruise Line Holdings
Activist investor Elliott Investment Management, holding over 10% stake in Norwegian Cruise Line Holdings (NCLH), is demanding significant changes following the sudden replacement of CEO Harry Sommer. Elliott cites NCLH's deteriorating margins, strategic errors, and poor leadership selection as reasons for its underperformance compared to peers. The investment company, known for its involvement with Southwest Airlines, is pushing for comprehensive Board changes, executive leadership review, and a new business plan focused on profitability, threatening to take its case directly to shareholders if its demands are not met.
Norwegian Cruise (NCLH) Soars 12% as Activist Firm Buys Stake
Norwegian Cruise Line Holdings Ltd. (NCLH) saw its share prices jump by 12.15% after activist investor Elliott Management disclosed acquiring a 10% stake in the company. Elliott plans to push for changes to NCLH's board and management, criticizing the current leadership and the CEO's appointment. NCLH acknowledged Elliott's stake, stating its commitment to long-term value creation led by its newly appointed CEO.
Norwegian Cruise (NCLH) Soars 12% as Activist Firm Buys Stake
Norwegian Cruise Line Holdings (NCLH) saw its shares jump 12% after activist firm Elliott Management disclosed a 10% stake in the company. Elliott plans to push for changes to the board and management, criticizing the current leadership and the appointment of CEO John Chidsey. Norwegian Cruise acknowledged Elliott's engagement while defending its CEO and commitment to long-term value.
Norwegian Cruise (NCLH) Soars 12% as Activist Firm Buys Stake
Norwegian Cruise Line Holdings Ltd. (NCLH) saw its shares jump by 12.15% after activist investor Elliott Management disclosed a 10% stake in the company. Elliott plans to push for changes to NCLH's board and management, criticizing the current board's performance and CEO appointment. The activist firm aims for constructive resolution but is prepared to engage shareholders directly to address the company's challenges with costs, competition, and demand.
Ardagh Metal Packaging (NYSE:AMBP) Short Interest Up on NYSE Composite
The article discusses Ardagh Metal Packaging's (NYSE:AMBP) short interest increase on the NYSE Composite, contextualizing it within trading activity, institutional shifts, and broader packaging sector dynamics. It examines how these factors intersect with exchange structure and liquidity behavior. The piece highlights that elevated short interest signifies intensified trading engagement rather than operational changes.
Knife River Corporation to Announce Q4 2025 Results Amid Anticipation
Knife River Corporation's stock has risen by 16.34% ahead of its Q4 and full-year 2025 earnings call, driven by market innovations and positive investor sentiment. The company plans to host a live webcast with detailed presentations, which investors anticipate will provide critical insights into its performance and future strategic direction. While the company reported mixed results with modest dips in quarterly metrics, its gross margins remained strong and its valuation measures suggest potential for growth if the upcoming results show improved profitability.
Why Is Norwegian Cruise Line (NCLH) Stock Rocketing Higher Today
Norwegian Cruise Line Holdings Ltd (NCLH) stock jumped 12.3% today after activist investor Elliott Management built a stake of over 10% and plans to push for strategic and execution changes. Elliott believes the company is profoundly undervalued despite strong industry demand. This news, following a previous boost from Royal Caribbean's strong guidance, indicates market optimism for improved performance through activist involvement.
Looking for Growth? 3 Schwab ETFs to Consider Buying in February
This article recommends three Schwab ETFs for investors seeking growth in February. It highlights the Schwab 1000 Index ETF (SCHK) for broad market exposure and low expense ratio, the Schwab Fundamental International Large Company Index ETF (FNDF) for international diversification at an attractive valuation, and the Schwab U.S. Large-Cap Growth ETF (SCHG) for exposure to large-cap U.S. growth companies, particularly those in tech, healthcare, and financials with an AI trend focus. The author suggests a portfolio comprising all three for optimal diversification and performance.
Blackstone Secured Lending Fund stock hits 52-week low at $24.14
Blackstone Secured Lending Fund (BXSL) stock has fallen to a 52-week low of $24.14, representing a 30.3% drop from its peak and a 1-year total return of -19.17%. Despite the downturn, the fund maintains a 12.5% dividend yield and a P/E ratio of 9.2. Analysts are closely watching its upcoming earnings report on February 25th for further insights.
Twist Bioscience stock hits 52-week high at $51.02
Twist Bioscience (TWST) stock reached a new 52-week high of $51.02, driven by increased investor confidence and advancements in synthetic biology. The company has shown strong returns over the past six months and year-to-date, despite analysts noting the stock appears overvalued relative to its Fair Value. Recent developments include exceeding revenue expectations in Q1 2026, a new licensing agreement, and shareholder approval of director elections and executive compensation.
Is It Time To Reassess Norwegian Cruise Line Holdings (NCLH) After Prolonged Share Price Weakness
Norwegian Cruise Line Holdings (NCLH) has experienced significant share price weakness, with declines across various timeframes. Despite this, a Discounted Cash Flow (DCF) analysis suggests the stock is undervalued by 63.1%, and its P/E ratio is also below industry averages. The article presents bullish and bearish narratives for NCLH, highlighting different investor perspectives on its future valuation.
Charting a New Course: Inside the 2026 Resurgence of Norwegian Cruise Line Holdings (NCLH)
Norwegian Cruise Line Holdings (NCLH) has entered a transformative chapter in 2026, marked by a 6.26% stock rally following a leadership change and a significant 17-ship expansion agreement. Despite its substantial $14.4 billion debt, the company is poised for growth with record-breaking bookings and a focus on operational excellence under new CEO John W. Chidsey. NCLH's "three-brand" strategy and upcoming fleet innovations position it for a high-reward play in the resilient cruise sector, though investor sentiment remains a "Moderate Buy" due to leverage concerns.
Norwegian Cruise Line Holdings to Add New Ships for All Three Brands
Norwegian Cruise Line Holdings Ltd. (NCLH) announced an agreement with Fincantieri for three new cruise ships, one for each of its brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. These vessels will be delivered between 2036 and 2037, supporting NCLH's long-term growth strategy. The company now has a total of 17 new ships on order, projecting a four percent compound annual growth rate from 2026 through 2037.
Alnylam stock rating upgraded at Freedom Capital on AMVUTTRA growth
Freedom Capital Markets upgraded Alnylam Pharmaceuticals (NASDAQ:ALNY) stock to Buy from Hold, citing AMVUTTRA’s strong revenue growth despite lowering the price target due to near-term revenue and gross margin pressures. This upgrade reflects anticipated upside from the current share price, even with increasing competition in the TTR market. Other firms like RBC Capital and BofA Securities have also adjusted their price targets while maintaining positive ratings, highlighting Alnylam's commercial execution and future pipeline catalysts.
Elliott Sends Letter and Presentation to Board of Directors of Norwegian Cruise Line Holdings Ltd.
Elliott Investment Management, holding over 10% economic interest in Norwegian Cruise Line Holdings, sent a letter and presentation to the company's Board of Directors. Elliott asserts that Norwegian Cruise Line Holdings is significantly undervalued due to a decade of strategic misjudgments and poor execution by its Board and leadership. They are pushing for comprehensive board changes, new independent directors, and a revised business plan to unlock shareholder value, aiming for a stock price of $56 per share, representing over 150% upside.
MercadoLibre vs Alibaba: Which E-Commerce Giant Is the Better Buy in 2026?
MercadoLibre and Alibaba are pursuing contrasting strategies: MercadoLibre focuses on logistics and fintech in Latin America, maintaining positive cash flow and margins. Alibaba is heavily investing in AI and cloud infrastructure, sacrificing short-term profitability which resulted in negative free cash flow. MercadoLibre shows strong growth in gross merchandise and payment volume, positioning itself as a dominant regional player, whereas Alibaba's strategy is a riskier long-term bet on AI and cloud with significant current profitability declines.
Norwegian Cruise Line Holdings Orders 3 Next-Generation Cruise Ships From Fincantieri
Norwegian Cruise Line Holdings Ltd. has ordered three new next-generation cruise ships from Fincantieri, consolidating their long-standing relationship. The vessels, for Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, are scheduled for delivery between 2036 and 2037 and will incorporate advanced technology, comfort, and environmental sustainability features. This significant agreement strengthens Fincantieri's leadership in shipbuilding and ensures a solid workload through 2037.
Royal Caribbean Group appoints former ABS CEO to board of directors
Royal Caribbean Group has appointed Christopher J. Wiernicki, former Chairman and CEO of American Bureau of Shipping (ABS), to its Board of Directors. Wiernicki brings over 40 years of experience in marine and offshore design, operations, safety management, and clean energy transition. This appointment comes as Royal Caribbean Group maintains a "GREAT" financial health rating and positive outlook, despite a recent stock price decline, with analysts showing confidence in its financial health and strategic direction.
Norwegian Cruise Line surges 7% amid disclosed Elliott Management 10% stake 📈
Norwegian Cruise Line Holdings shares surged nearly 7% in pre-market trading after activist hedge fund Elliott Management disclosed a 10% stake, signaling potential undervaluation and upcoming strategic changes. Elliott aims to narrow the performance gap between Norwegian and its rivals, Royal Caribbean and Carnival, by pushing for operational and strategic adjustments. UBS notes that NCLH faces structural challenges including a weaker brand, balance-sheet constraints, and less advanced revenue management, with Elliott's involvement adding pressure during a leadership transition.
Palo Alto, General Mills and Medtronic fall premarket; Norwegian Cruise Line rises
U.S. stock futures experienced a dip on Tuesday as investors processed new corporate earnings reports following a holiday. Palo Alto Networks and Medtronic saw their stocks fall, with General Mills cutting its annual forecasts due to weaker consumer sentiment, while Norwegian Cruise Line jumped on news of activist investor Elliott building a significant stake. Masimo also surged after reports of a potential acquisition by Danaher.
Louisiana-Pacific earnings beat by $0.03, revenue fell short of estimates
Louisiana-Pacific (NYSE: LPX) reported fourth-quarter EPS of $0.03, surpassing analyst estimates by $0.03, but its revenue of $567 million fell short of the consensus estimate of $594.64 million. The company's stock has seen a 25.41% increase in the last three months but a 17.11% decrease over the last 12 months. InvestingPro assesses Louisiana-Pacific's financial health as "good performance."
Norwegian Cruise Line shares move higher as activist investor Elliot Management builds stake
Norwegian Cruise Line Holdings Ltd (NCLH) shares rose after activist investor Elliott Investment Management acquired a stake of over 10% and indicated plans to push for leadership and operational changes. Elliott criticized the current board's performance and management decisions, specifically calling for new independent directors and a revised business plan to improve the company's competitive position against rivals like Royal Caribbean and Carnival. Norwegian Cruise Line confirmed its commitment to long-term value creation under its recently appointed CEO.
NCLH orders three new ships
Norwegian Cruise Line Holdings Ltd (NCLH) has placed an order for three new next-generation cruise ships, one each for its Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. Italian shipbuilder Fincantieri will construct these vessels, which are slated for delivery in 2036 and 2037. The ships will have capacities ranging from 822 to 5,000 berths and are designed as sister ships to each brand's newest vessels.
Elliott said to have built over 10% stake in Norwegian Cruise Line
Activist investor Elliott Investment Management has reportedly acquired over a 10% stake in Norwegian Cruise Line, intending to push for changes to improve the struggling company's performance. The firm plans to engage with Norwegian to address its underperformance compared to rivals like Royal Caribbean and Carnival Corp, potentially suggesting board nominees such as former Royal Caribbean president Adam Goldstein. Elliott aims to enhance both financial performance and guest experience, believing Norwegian has the potential for a successful turnaround.
Elliott builds over 10% stake in Norwegian Cruise, seeks board change
Activist investor Elliott Management has acquired over a 10% stake in Norwegian Cruise Line Holdings, pushing for significant board and management changes to improve the cruise operator's performance. Elliott criticizes the current board's oversight and management selection, including the recent appointment of John Chidsey as CEO, and has proposed new independent directors. The firm believes its actions could significantly raise the stock price, addressing struggles with cost pressures, competition, and weak demand.
