• Co noted that mining rates have remained below this threshold and cash costs per ounce have remained higher than anticipated primarily due to ongoing challenges such as contractor inefficiencies and high costs, inflationary cost pressures, lower than expected head grades and multiple extreme weather events affecting northern Nevada, which have compounded conditions and caused material headwinds for the operation.
• During the suspension, the Company intends to process approximately 45,000 tonnes of aboveground stockpiles through the plant. Exploration activities are expected to also continue throughout 2023.
• As a result of the suspension, the Company's previous production and cost guidance for Jerritt Canyon can no longer be relied upon. Guidance for the Company's Mexican operations remain current and a revised consolidated production and cost guidance, including capital investments, are expected to be published in July.

• Co has been working diligently to complete required information for the Form 10-K, and a substantial part of such information has been completed, the Company needs additional time to complete tasks related to its Form 10-K and its independent registered public accounting firm requires more time to obtain further information from the Company and complete certain audit procedures.

• Mr. Hetzel's appointment follows the departure of Brett Kaufman, who was previously the CFO and Treasurer.
• This move was made as part of the Company's efforts to rightsize the accounting team.

The stock market kicked off the new week with a reversal of the money flows that occurred last week. Banks showed nice resilience today following news over the weekend that the Swiss National Bank brokered a UBS (UBS 18.80, +0.60, +3.3%) acquisition of Credit Suisse (CS 0.94, -1.06, -53.0%) for a "takeunder" price of $3.2 billion.

Additionally, the Federal Reserve announced a coordinated central bank action with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank to enhance the provision of U.S. dollar liquidity while offering assurances that "the capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient."

Still, some angst around the banking industry persists, evidenced by the material decline seen today in shares of First Republic Bank (FRC 12.18, -10.85, -47.1%). The SPDR S&P Bank ETF (KBE), which was up 4.5% at its high this morning, closed with a slimmer 1.6% gain and the SPDR S&P Regional Bank ETF (KRE), which was up 4.9% at its best level of the day, had a 1.2% gain by the close.

Shares of First Republic Bank continued to suffer sharp losses today after FRC's debt was downgraded at S&P to B+ from BB+. There was a short-lived recovery attempt in FRC when The Wall Street Journal reported that JPMorgan Chase's (JPM 127.14, +1.33, +1.1%) Jamie Dimon is leading talks with executives at other banks about a deal that could involve converting the previously announced $30 billion in deposits into a capital infusion. Ultimately, however, FRC closed near its worst levels of the day. 

Mega cap stocks, which enjoyed a leadership role last week, were relative underperformers today, which translated into some relative underperformance for the Nasdaq Composite and the information technology (+0.2%), communication services (+0.5%), and consumer discretionary (+0.4%) sectors. The Vanguard Mega Cap Growth ETF (MGK) was up a modest 0.2% versus the Invesco S&P 500 Equal Weight ETF (RSP), which rose 1.3%. The market-cap weighted S&P 500 advanced 0.9%, pushing above its 200-day moving average (3,935), which pivoted from resistance to support.  

The outperformance of small and mid cap stocks today was helped by some rebound action in the bank and energy stocks. The Russell 2000 rose 1.1% and the S&P Mid Cap 400 rose 1.7%.

All 11 S&P 500 sectors closed with gains ranging from 0.2% (information technology) to 2.1% (energy). 

The 2-yr note yield rose 10 basis points today to 3.92% and the 10-yr note yield rose nine basis points to 3.48%, as market participants anxiously await the FOMC decision on March 22. 

• Nasdaq Composite: +11.6% YTD
• S&P 500: +2.9% YTD
• S&P Midcap 400: -0.7% YTD
• Russell 2000: -0.9% YTD
• Dow Jones Industrial Average: -2.7% YTD

There was no U.S. economic data of note today.

Looking ahead to Tuesday, market participants will receive the February Existing Home Sales (Briefing.com consensus 4.16 million; prior 4.00 million) at 10:00 a.m. ET. 

• Co will report its financial results based on following business segments: Mobility Technologies (28% of FY22 revs); Repair Solutions (19%); Environmental & Fueling Solutions (47%); Other (6%).

• IAA shareholders will receive $12.80 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own.

• Co announces that its 70%-owned subsidiary, Sempra Infrastructure Partners, LP (Sempra Infrastructure), reached a positive final investment decision (FID) for the development, construction and operation of the Port Arthur LNG Phase 1 project in Jefferson County, Texas.
• Sempra Infrastructure closed its joint venture with an affiliate of ConocoPhillips (COP), as well as announced an agreement to sell an indirect, non-controlling interest in the project to an infrastructure fund managed by KKR. Additionally, Sempra Infrastructure announced the closing of the project's $6.8 bln non-recourse debt financing and the issuance of the final notice to proceed under the project's engineering, procurement and construction agreement.
• The Port Arthur LNG Phase 1 project is fully permitted and is designed to include two natural gas liquefaction trains, two LNG storage tanks and associated facilities with a nameplate capacity of approximately 13 million tonnes per annum (Mtpa). Total capital expenditures for the Port Arthur Phase 1 project are estimated at $13 bln.

• Co announces the receipt of several major dredging awards totaling $138.8 million. The awarded work includes:
  • Trujillo Alto Design and Build for the Lago Loiza (Carrazo) Dredging Project (Maintenance, Puerto Rico, $93.1 million)
  • Townsends Inlet to Cape May Inlet Project (Coastal Protection, New Jersey, $28.8 million)
  • Palm Beach Harbor Maintenance Dredging Project (Maintenance, Florida, $11.0 million)
  • South Boca Raton Beach Renourishment Project (Coastal Protection, Florida, $5.9 million)

• Murchinson's specific proposals were:
  • Allow shareholders to fill vacancies on the Board at a general meeting of shareholders.
    
  • Allow shareholders to remove directors by a simple majority at a general meeting of shareholders.
    
  • Remove four directors of the Company: Mr. Stern, the CEO and Chairman, Oded Gera, Igal Rotem and Dr. Yoav Nissan-Cohen, in addition to any and all new directors appointed by the Board following December 19, 2022 and until the conclusion of the Meeting.
    
  • Appoint two candidates, Mr. Kenneth H. Traub and Dr. Joshua Rosensweig, to serve as directors of the Company.

• Mr. Driscoll will continue to serve as a consultant of the company as Akoya executes a seamless transition between the two leaders.
• Johnny Ek joins Akoya from Specific Diagnostics (acquired by bioMrieux in May 2022) where he served as CFO since August 2021 .