Good morning. As we wake up to the latest headlines on the war in Iran, this time it’s the return of the TACO trade (Trump Always Chickens Out). President Donald Trump said he would postpone his threats of an attack on Iranian energy infrastructure for five days after what he called “productive conversations” — discussions that Iran has denied. Still, markets overnight seem to be taking the news w...
Good morning. As we wake up to the latest headlines on the war in Iran, this time it’s the return of the TACO trade (Trump Always Chickens Out). President Donald Trump said he would postpone his threats of an attack on Iranian energy infrastructure for five days after what he called “productive conversations” — discussions that Iran has denied. Still, markets overnight seem to be taking the news well, and we can expect a similar reaction here in Australia. While the latest developments are positive, there’s no shortage of warnings about the impact of the war. IEA’s executive director said Monday that the severe damage to several energy assets could extend global supply chain disruptions, while Australia’s financial regulators emphasized vigilance. - Carmeli Argana, Australian stocks reporter What’s happening now More than 40 energy assets across nine countries in the Middle East have been “severely or very severely” damaged by the war, potentially prolonging disruptions to global supply chains after the conflict ends, according to International Energy Agency Executive Director Fatih Birol. Adding to the warnings, Australia’s top financial regulators said on Monday that an escalation in global geopolitical tensions could amplify financial stability risks , emphasizing the need for continued vigilance. Authorities said they are closely coordinating with industry to assess the effects for domestic markets. Meantime, Fortescue expects its extensive use of Chinese capital and mining equipment to set it apart from rival iron ore producers as Beijing seeks to extend its influence in the market. Chief Executive Officer Dino Otranto said in an interview that Fortescue had already taken significant steps to source equipment from Chinese suppliers. And Aware Super, the A$235 billion ($164 billion) Australian pension fund, appointed Alex Satchcroft head of private equity as part of a broader reshuffle under chief investment officer Simon Warner. Satchcroft will oversee its A$11...
New York, March 23, 2026, 4:22 PM EDT Micron Technology took another hit Monday, dropping 4.4% to close at $404.25. This comes as the memory-chip giant joined the S&P 100 before the bell, part of the index’s routine reshuffle. The stock’s decline was particularly notable given the Nasdaq Composite’s 1.39% climb. News Release Archive Why does it matter? Micron finds itself right at the heart of the...
New York, March 23, 2026, 4:22 PM EDT Micron Technology took another hit Monday, dropping 4.4% to close at $404.25. This comes as the memory-chip giant joined the S&P 100 before the bell, part of the index’s routine reshuffle. The stock’s decline was particularly notable given the Nasdaq Composite’s 1.39% climb. News Release Archive Why does it matter? Micron finds itself right at the heart of the AI chip supply chain these days. The company, together with Samsung and SK Hynix, essentially forms the trio dominating high-bandwidth memory—HBM—vital for AI systems. That puts Micron’s stock in the spotlight; investors use it as a pulse check for the strength of the current spending frenzy. Reuters This isn’t a reaction to disappointing numbers. Just last week, Micron projected third-quarter revenue at $33.5 billion, give or take $750 million—handily topping LSEG’s analyst consensus of $24.29 billion. That followed a second-quarter revenue result of $23.86 billion, which also cleared expectations, and the board approved a 30% bump to the quarterly dividend. Reuters The scale of investment required caught investors off guard. Micron is projecting capital expenditures topping $25 billion for fiscal 2026—with 2027 set for another significant jump, as the company presses ahead with new cleanroom space and more equipment linked to DRAM and HBM demand. Just construction-related capex is on track to surge by over $10 billion year over year in fiscal 2027, according to the company. “Construction activity is really driving a very significant increase” in overall capex, Chief Business Officer Sumit Sadana told Reuters. One example: Micron’s $1.8 billion Tongluo fab acquisition in Taiwan, which, according to the company, should begin boosting DRAM wafer production starting in the second half of 2027. Reuters Creative Strategies CEO Ben Bajarin called the expanded build-out “makes sense” given current demand trends and capacity needs. But Mike O’Rourke, JonesTrading’s chief market s...
The United States will face a “critical shortage” of China expertise within a decade that threatens to leave policymakers struggling to manage Washington’s most consequential strategic relationship, a report said on Monday. As China experts retire and the number of Americans studying in China sharply declines, the resulting talent gap presents a “national security and an economic competitiveness” ...
The United States will face a “critical shortage” of China expertise within a decade that threatens to leave policymakers struggling to manage Washington’s most consequential strategic relationship, a report said on Monday. As China experts retire and the number of Americans studying in China sharply declines, the resulting talent gap presents a “national security and an economic competitiveness” problem, warned the report by an expert working group of the Washington-based non-profit US-China Education Trust. “It is a national security imperative that that happens,” said Nicholas Burns, the US ambassador to China under President Joe Biden, who spoke at the report’s launch, underscoring the importance of studying Mandarin and living in China. Advertisement The study, conducted between September 2025 and January 2026 and funded by the US embassy in Beijing under the President Donald Trump administration, argued that China expertise should be treated as a strategic asset, urging Washington to elevate bilateral education exchanges to the same level as trade and security in US-China relations. “America’s ability to understand and manage its most consequential strategic relationship is eroding,” the report observed, citing the loss as specialists retire and are not replaced. FULL EVENT: Chinese Foreign Minister Wang Yi holds press conference FULL EVENT: Chinese Foreign Minister Wang Yi holds press conference The report found much to blame on both sides, including restrictive visa policies, overblown espionage fears, deep mistrust, reduced budgets and overly tight national security concerns.
Two positive analyst moves in recent days, including a meaty price target hike, provided a significant lift for Ciena (CIEN +6.25%) stock on Monday. Investors took these updates to heart, and the tech equipment supplier's share price increased robustly, ultimately ending the day more than 6% higher. A bull gets more bullish Of the two, that price target increase was likely the more impactful. Befo...
Two positive analyst moves in recent days, including a meaty price target hike, provided a significant lift for Ciena (CIEN +6.25%) stock on Monday. Investors took these updates to heart, and the tech equipment supplier's share price increased robustly, ultimately ending the day more than 6% higher. A bull gets more bullish Of the two, that price target increase was likely the more impactful. Before market open Monday, Stifel's Ruben Roy upped his Ciena fair value assessment to $430 per share from $320, maintaining his existing buy recommendation. The change was made after Roy attended the company's investor breakfast and, afterwards, met with management at the pivotal Optical Fiber Communication Conference and Exhibition (OFC). According to reports, the analyst waxed bullish about Ciena's market positioning, which places it nicely to take advantage of numerous opportunities in the current feverish artificial intelligence (AI) build-out. Roy feels that the company's solid fiscal first-quarter 2026 results have already indicated it can capture plenty of this business. Separately, on Saturday, Wolfe Research issued an update noting that Oracle's aggressive pivot into a next-generation data center landlord will directly benefit Ciena. This is because the latter company is a notable supplier of the type of hardware sorely needed for this effort. Expand NYSE : CIEN Ciena Today's Change ( 6.25 %) $ 24.01 Current Price $ 407.90 Key Data Points Market Cap $54B Day's Range $ 393.95 - $ 415.57 52wk Range $ 49.21 - $ 419.80 Volume 3.5M Avg Vol 3.3M Gross Margin 39.48 % A victim of popularity? It's easy to imagine Ciena capturing a significant share of the AI boom, which looks set to be massive and sustainable for years. The catch is that, as a well-known provider of hardware that supports this technology, Ciena has been a very popular stock and is therefore now quite an expensive one. I'd still consider it a buy, but I fear much of its potential upside has already been priced ...
Chip-equipment makers could benefit from Musk’s plan to manufacture his own chips, analysts say — but the venture is still heavy on hype and light on specifics.
Chip-equipment makers could benefit from Musk’s plan to manufacture his own chips, analysts say — but the venture is still heavy on hype and light on specifics.
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Just_Super/E+ via Getty Images Palo Alto Networks ( PANW ) has developed Prisma Browser into what it said is "the most secure browser built for the agentic AI era." "Organizations are unleashing a new workforce of agents, however, you cannot give autonomy without security," said Anand Oswal , Executive Vice President of AI & Network Security at Palo Alto. "By embedding AI-powered data protection a...
Just_Super/E+ via Getty Images Palo Alto Networks ( PANW ) has developed Prisma Browser into what it said is "the most secure browser built for the agentic AI era." "Organizations are unleashing a new workforce of agents, however, you cannot give autonomy without security," said Anand Oswal , Executive Vice President of AI & Network Security at Palo Alto. "By embedding AI-powered data protection and securing AI interactions directly in the browser, leaders can now confidently greenlight strategic AI initiatives that were previously stalled." Prisma Browser allows businesses to use the large language model of their choice across all models and platforms while securing AI interactions and preventing sensitive data from being released during automated tasks. It also prevents agents from being hijacked or manipulated and is enabled for global compliance. Palo Alto revealed updates to the Prisma AIRS platform as well. It provides end-to-end security across the AI agent life cycle. "Enterprise AI adoption has rapidly expanded from one-off pilots to broad-scale deployments," the cybersecurity company said. "However, as autonomous agents now independently access databases and execute workflows, new trust gaps and attack surfaces emerge without the proper guardrails. Prisma AIRS bridges the gap by securing not only what an AI says but also what an agent does at every point of the AI supply chain." Finally, Palo Alto also introduced Next-Generation Trust Security, which transforms cryptographic trust from a manual process to an automated network control. "Managing updates manually takes considerable time and coordination across several teams, and with increased scale and speed requirements, a manual approach is no longer viable," Oswal said. "With NGTS and our quantum-safe security solution, the network becomes the ultimate control point to automate the cryptographic reset." More on Palo Alto Networks Palo Alto Networks: Organic Growth Begins To Normalize, Q3 EPS Miss Driven ...
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Fabricio Rosa/iStock via Getty Images Written by Nick Ackerman Trinity Capital Inc. ( TRIN ) has seen a pullback in its share price, along with the whole business development space. The primary culprit seems to be the jitters popping up in the private credit space, with some BDCs also reporting rather dismal quarters. This was loans being written down entirely , causing net asset values to fall dr...
Fabricio Rosa/iStock via Getty Images Written by Nick Ackerman Trinity Capital Inc. ( TRIN ) has seen a pullback in its share price, along with the whole business development space. The primary culprit seems to be the jitters popping up in the private credit space, with some BDCs also reporting rather dismal quarters. This was loans being written down entirely , causing net asset values to fall dramatically. Then, even in the non-listed space, BDCs have had to put in place the redemption limits . While they have those limits in place due to the illiquid nature of the investments, it still isn't a healthy sign. For now, TRIN hasn't reported a soft quarter yet, at least not seeing a material decline in the NAV or notable increase in non-accruals or payment-in-kind. In fact, we've seen the opposite occur year-over-year. However, it still hasn't escaped the pressures weighing down the entire space more broadly. This has made it a more tempting offering—I wouldn't necessarily start screaming bargain or anything, but it's definitely worthy of considering around these levels for a long-term investor. TRIN Basics 1-Year Z-score: -0.73. Discount/Premium: +10.73%. Dividend Yield: 13.73%. Expense Ratio: 16.1% (7.4% excluding leverage). Leverage Ratio: 1.19x. Managed Assets: $2.485 billion. TRIN is an "international alternative asset manager, aiming to provide investors with stable and consistent returns through access to the private credit market." TRIN is fairly unique in that it was a merger of legacy funds in 2020, and then it completed an IPO to hit the public stage in early 2021. Thus, starting to trade on the Nasdaq under the ticker TRIN. Initially, they were mostly a venture capital-focused BDC, investing primarily in start-ups through lending and incorporating equipment financing. Today, TRIN looks a bit different as they add additional pillars to their overall operations. At this point, they appear to be looking like they want to become more of an asset manager. This ...
monsitj/iStock via Getty Images Gold futures pared earlier losses but closed sharply lower Monday after President Trump said he would postpone threatened strikes on Iranian infrastructure and said the U.S. had engaged in productive talks with Iran toward ending hostilities, but prices remained under pressure from concerns over inflation and higher interest rates. Surging energy prices, with Brent...
monsitj/iStock via Getty Images Gold futures pared earlier losses but closed sharply lower Monday after President Trump said he would postpone threatened strikes on Iranian infrastructure and said the U.S. had engaged in productive talks with Iran toward ending hostilities, but prices remained under pressure from concerns over inflation and higher interest rates. Surging energy prices, with Brent crude pushing past $100/bbl before pulling back, have raised expectations for higher interest rates, dampening the outlook for non-yielding assets. " Gold is right now trading like a risk asset, as it has during most broad risk-off moments over the past two decades," Citigroup analysts said in a note. "This pro-cyclical risk asset behavior is particularly extreme given the large amount of momentum and retail buying of gold that we have seen over the past six months." The yellow metal has shed more than $1,000/oz since its all-time record high posted in January, and many analysts expect continued heightened volatility in the short term, with the Iran war boosting inflation fears and weighing on the outlook for global growth, before reasserting its long-term role as a store of wealth. Gold's one-day jump at the start of the Iran war followed by a period of declines is consistent with previous episodes of extreme shocks, where liquidity needs outweigh safe-haven demand in the early stages, analysts at ANZ wrote. The metal's recent decline is "a late stage shakeout before a massive continuation of trend," John Caruso of RJO Futures said in a note. "The bigger picture remains intact: ballooning G7 budget deficits, sticky inflation, and central bank foreign reserve diversification amid sustained deglobalisation," SP Angel analyst John Meyer wrote. After tumbling nearly 10% last week , front-month Comex gold ( XAUUSD:CUR ) for March delivery ended down 3.6% to $4,404.10/oz, its eighth loss in the past nine sessions and its lowest settlement value since January 2, and front-...
Key Points The VanEck BDC Income ETF is faltering this year. Issues in the private credit space, including the Blue Owl Capital mess, are weighing on it. Some experts believe there’s now historical value available with these direct lenders. 10 stocks we like better than VanEck ETF Trust - VanEck Bdc Income ETF › One of the big themes emerging in the early stages of 2026 is rising fears about the s...
Key Points The VanEck BDC Income ETF is faltering this year. Issues in the private credit space, including the Blue Owl Capital mess, are weighing on it. Some experts believe there’s now historical value available with these direct lenders. 10 stocks we like better than VanEck ETF Trust - VanEck Bdc Income ETF › One of the big themes emerging in the early stages of 2026 is rising fears about the state of private credit markets, with Blue Owl Capital (NYSE: OBDC) ranking as one of the epicenters of that angst. This is an admittedly condensed version of what took place and what's roiling private credit investors: Blue Owl Capital is essentially a business development company (BDC), meaning it's a non-bank lender. Last month, the company announced a permanent halt to redemptions at one of its funds geared toward retail investors, pledging to compensate those stakeholders with capital from asset sales and loan payments. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » That's a very simplified version of what happened, but the takeaways are much more straightforward. Investors, even some pros, are spooked about private credit at the moment. Second, risk-tolerant market participants may find value in BDCs. Enter the VanEck BDC Income ETF (NYSEMKT: BIZD). For the bold, BIZD may be a value play Understanding why the BIZD ETF, the second-highest yielder in the VanEck suite, is down by more than 12% so far this year is easy. Investors are skittish about this asset class. Blue Owl Capital is the fund's second-largest holding, with a 8.4% weight, and as lost more than 38% in stock price in 2026. But there are some gray areas to consider. Private credit default rates hit new highs last year. Still, the bulk of those disasters are confined to small issuers, while larger issuers have significantly longer odds of ...
Key Points A prominent member of the C-suite more than doubled his position in the company. He now owns more than 574,000 shares. 10 stocks we like better than Grocery Outlet › Grocery Outlet (NASDAQ: GO) has had its struggles lately, but you wouldn't know that from its stock's performance on Monday. Investors eagerly snapped up shares of the food retailer to send them to a more than 11% gain that...
Key Points A prominent member of the C-suite more than doubled his position in the company. He now owns more than 574,000 shares. 10 stocks we like better than Grocery Outlet › Grocery Outlet (NASDAQ: GO) has had its struggles lately, but you wouldn't know that from its stock's performance on Monday. Investors eagerly snapped up shares of the food retailer to send them to a more than 11% gain that trading session. The main catalyst in the rally was a chunky insider stock buy. A major insider move In a regulatory filing, Grocery Outlet divulged that its CEO and chairman, Jason Potter, purchased 286,097 shares of the company's common stock last Thursday, March 19. The price was $5.90 per share, for a total outlay of just under $1.7 million. The buy-in more than doubled his stake; it now stands at 574,366 shares. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Potter's move comes less than three weeks after Grocery Outlet published an earnings report that disappointed investors. Although its fiscal fourth quarter of 2025 saw the retailer grow net sales by almost 11% year-over-year (to $1.22 billion), much of that rise had to do with an extra week in that quarter compared to the year-ago period. Comparable sales, a closely watched metric in the retail world, seemed more revealing. They fell by nearly 1% in the reported quarter. Meanwhile, despite a 29% rise in net income not under generally accepted accounting principles (GAAP) to $18.7 million, that line item came in under the consensus analyst estimate. Strong buy... according to the CEO Potter's bold move sent a strong enough signal to the market that he believes in the company's future. It also served as a reminder that those quarterly results weren't as disastrous as the market's initial reaction might have suggested. Still, with a "business opti...
Troubadour Resources ( TR:CA )(OTC PINK:TROUF) said on Monday it has withdrawn its previously announced non-brokered private placements of units and flow-through units. The company said it has decided not to proceed with the offerings at this time. Troubadour added it will continue to evaluate alternative financing options as it advances its business objectives. TROUF closed -7.88% at $0.0187. Sou...
Troubadour Resources ( TR:CA )(OTC PINK:TROUF) said on Monday it has withdrawn its previously announced non-brokered private placements of units and flow-through units. The company said it has decided not to proceed with the offerings at this time. Troubadour added it will continue to evaluate alternative financing options as it advances its business objectives. TROUF closed -7.88% at $0.0187. Source: Press Release More on Troubadour Resources Inc. Troubadour Resources launches $3M non-brokered private placement Financial information for Troubadour Resources Inc.
Available for over a year Donald Trump has told reporters there have been talks between the US and Iran in which the two sides had “major points of agreement” and both wanted “to make a deal”. The US president says his Middle East envoy Steve Witkoff and son-in-law Jared Kushner talked to Iran on Sunday and that discussions would continue on Monday. However, the Fars news agency, which is linked t...
Available for over a year Donald Trump has told reporters there have been talks between the US and Iran in which the two sides had “major points of agreement” and both wanted “to make a deal”. The US president says his Middle East envoy Steve Witkoff and son-in-law Jared Kushner talked to Iran on Sunday and that discussions would continue on Monday. However, the Fars news agency, which is linked to the Islamic Revolutionary Guard Corps, denied any such talks took place, saying there were neither direct nor indirect communications with the US. Iran’s foreign ministry reportedly said that Trump’s statements were “part of efforts to reduce energy prices and buy time to implement his military plans”, with state media saying they showed the US president was “backing down”. Trump said the US is talking to a “top person” within the Iranian regime to try to end the war, but this person was not the new supreme leader, Mojtaba Khamenei. In this episode, Justin, Sumi and Marianna answer your questions with Matt Chorley on 5 Live and discuss what might be going on with the conflicting statements behind the scenes. This comes after a Trump ultimatum issued on Saturday evening - for Iran to fully open the Strait of Hormuz by Monday midnight, or have its power plants bombed. The team also answer questions on who’s influencing Trump, what is public opinion in the US and where this war puts Vice President JD Vance. HOSTS: • Justin Webb, Radio 4 presenter • Sumi Somaskanda, North America Correspondent • Marianna Spring, Social Media Investigations Senior Correspondent GET IN TOUCH: • Join our online community: https://discord.gg/qSrxqNcmRB • Send us a message or voice note via WhatsApp to +44 330 123 9480 • Email Americast@bbc.co.uk • Or use #Americast This episode was made by Purvee Pattni and Alix Pickles. The technical producer was James Piper. The series producer is Purvee Pattni. The senior news editor is Sam Bonham. If you want to be notified every time we publish a new episode...
Maryna Iaroshenko/iStock via Getty Images Duluth Holdings Inc. ( DLTH ) is finally showing signs of stabilization. The workwear, outdoor apparel, and casual wear retailer has struggled massively in past years as sales have slumped, resulting in a significant earnings decline. A focus on core assortments, price integrity, and more efficient operations finally drove encouraging profitability in the ...
Maryna Iaroshenko/iStock via Getty Images Duluth Holdings Inc. ( DLTH ) is finally showing signs of stabilization. The workwear, outdoor apparel, and casual wear retailer has struggled massively in past years as sales have slumped, resulting in a significant earnings decline. A focus on core assortments, price integrity, and more efficient operations finally drove encouraging profitability in the recent Q4 report . A successful turnaround could create significant upside in the investment, but such a turnaround is still too uncertain to price in for now. While Q4 results have sent Duluth’s stock up considerably, the stock’s long-term performance clearly reflects the company’s issues. The stock has lost most of its value during the past decade. Seeking Alpha Duluth's Past Years' Earnings Haven't Been Pretty Duluth’s financial performance hasn’t been pretty in the past few years. Revenues have turned into a near-consistent downward trend after FY2021, and earnings have followed. The company still generated $51.9 million in adjusted EBITDA in both FY2018 and FY2019, but most recently, FY2025 only showed EBITDA of $24.9 million at a thin 4.4% margin. Fixed cost deleverage in retail stores and other functions, and increased promotional activity, have weighed considerably on Duluth’s margins while sales have declined. Author's Illustration Using TIKR Data Underneath, Duluth’s brands don’t seem to have resonated well with consumers anymore. There are a number of other workwear brands that have a more modern brand image than Duluth and the company’s other names, including competitors such as Carhartt, Kontoor Brands, Inc. ( KTB )-owned Wrangler, and Dickies, among others. The outdoor and lifestyle categories include names such as Columbia Sportswear Company ( COLM ), Patagonia, and V.F. Corporation ( VFC )-owned The North Face. The market is crowded, and Duluth clearly doesn’t have a stable market position. Duluth is working towards a turnaround through several strategic eff...