Record cocoa prices heading into Valentines Day proves to be a headache for sweets king Hershey

(AP) Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs that are leading to higher prices for chocolate.

Cocoa futures prices have doubled over the past year and hit an all-time high of $5,874 per metric ton on Friday. Bad weather in West Africa is being blamed for damaging crop yields, which is pushing cocoa prices higher.

“The magnitude and pace of recent price increases seem to be unprecedented,” wrote Citi analyst Thomas Palmer.

With less than a week to go until Valentine’s Day, chocolate is on the minds of many consumers. But with inflation concerns still top of mind, many shoppers are pulling back on their spending and eyeing rising food prices cautiously.

Still, Hershey CEO Michele Buck is trying to ease consumers’ minds.

“Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business,” Buck said during the company’s quarterly earnings conference call.

Hershey Co. anticipates its full-year earnings per share being relatively flat, partly due to higher cocoa and sugar costs.

Margins may also face some pressure.

“The confection business is going to bear the brunt of the margin impact due to cocoa,” Chief Financial Officer Steven Voskuil said on the call.

Hershey’s stock fell more than 2% Friday.

Commonwealth Auto Auction to Feature Over 400 Vehicles

(Matt Drzik/Beaver County Radio)
(Photo/AP)

The Department of General Services Bureau of Vehicle Management (BVM) announced that 400 vehicles will be up for a public purchase at the February Commonwealth Vehicle Auction. The auction will take place on February 13th at 10 a.m. at Manheim Keystone Pennsylvania, 488 Firehouse Road in Grantville.

There will be a preview available on Friday, February 9th through the February 12th for people to see what cars they would like to purchase prior to auction day.

Some of the vehicles offered are 4-wheel drive SUVs, utility vehicles and pickup trucks from Chevrolet, Dodge, Ford, Nissan, Toyota, GMC, and Jeep. There is a pre-registration that is a mandatory procedure that must be completed before February 12th. 

To purchase a vehicle at the aution buyers must have certified funds in the forms of money order, cashier’s check, or certified check, made payable to “Manheim Keystone PA.” No cash will be accepted.

More information on this auction, registration information, payment conditions and a complete listing of vehicles is available on the DGS Auto Auction Information page.

Gov. Shapiro seeks school-funding boost to help poorer districts, but Republicans remain wary

HARRISBURG, Pa. (AP) — Gov. Josh Shapiro is taking the first step in what is shaping up to be a complicated, yearslong process to respond to a court decision that found that Pennsylvania’s system of public school funding violates the constitutional rights of students in the poorest districts.

A dominant feature of Shapiro’s budget plan released Tuesday seeks a $1.1 billion boost for public school operations and instruction. The 14% increase reflects recommendations produced last month by Shapiro appointees and Democratic lawmakers to fix the state’s system of school funding.

Those recommendations envisioned a seven-year process of ramping up to a funding increase of more than $6.5 billion a year that was a little slower and lighter on money than what had been sought by the school districts that won the landmark court case a year ago.

Still, Shapiro’s proposal represents a huge new sum for schools, and a significant step in an effort to ensure that every school district in Pennsylvania, no matter how poor, gets the amount of money necessary to adequately educate each student.

Much of it would be concentrated among the biggest and poorer districts, including many that educate large proportions of minorities.

However, getting even the first installment past the Legislature — to say nothing of six other annual installments through 2030 — is not guaranteed.

Republican lawmakers have signaled that they are unwilling to significantly spend down the state’s considerable reserves or raise taxes to fulfill the long-term funding schedule.

They have also avoided engaging in the question of how much more money for public schools is required to satisfy the court.

Instead, they have suggested using taxpayer dollars to send more students to private schools, talked about what sort of curriculum will improve test scores and questioned how to gauge the effectiveness of any spending increase.

Republicans — who hold a six-seat Senate majority — also maintain that the court didn’t explicitly say that the solution lies in more funding.

“We need to take a look at the educational opportunities we have in this commonwealth and get away from numbers,” Senate Majority Leader Joe Pittman, R-Indiana, said. “We have to get beyond just dollars and cents… and we have to talk about what is the return on the investment to the taxpayer.”

Democrats back Shapiro’s proposal, with Sen. Vincent Hughes, D-Philadelphia, calling public school funding the “civil rights issue of our time.”

But neither Shapiro or Democrats have produced a plan to show how Pennsylvania will find billions more for schools if tax collections don’t pick up or the state’s reserves prove inadequate.

Pennsylvania became what researchers view as one of the most inequitable public-school funding states, in large part, by leaving a disproportionately large share of the bill to local taxpayers. It also has distributed state aid for the past three decades based on outdated or politically expedient formulas.

That often shortchanged growing or increasingly poor districts, making them more likely to have larger class sizes, less-qualified faculty and outdated buildings, textbooks, technology and curriculum, school officials say.

Of the nearly $1.1 billion that Shapiro proposed, $200 million is essentially meant to keep districts current with inflationary pressures.

The remaining $871 million is defined as the “adequacy” supplement designed to boost underfunded districts. It would be spread between 416 of the state’s 500 districts.

Philadelphia, the state’s largest district, would get $202 million, or 23%. After that, half of the adequacy money, just over $435 million, would go to 70 districts next in line for the largest proportional shares.

Those districts tend to be poorer, with an average household income of $53,000, versus an average of $63,000 in the rest of the state’s districts.

Those districts also tend to be larger — including Reading, Allentown, Bethlehem and Upper Darby — and tend to educate large proportions of minorities.

For instance, Black or Hispanic students are either a majority or a plurality in the 14 districts that would get the biggest slices of the money.

Public school advocates who supported the lawsuit hope that Republicans will sign on because their districts will benefit.

For instance, roughly half of the districts that get the biggest slices of money — such as Hazleton, Erie, Harrisburg, York, Lebanon, Central Dauphin and East Stroudsburg — are in Senate districts represented by Republicans.

Of the six plaintiff districts that sued the state, four — Lancaster, Greater Johnstown, Panther Valley and Shenandoah Valley — are also in Republican districts.

Deborah Gordon Klehr, executive Director of the Education Law Center, the nonprofit legal foundation that helped argue the winning case in court, said she hopes an unconstitutional school-funding system is enough incentive for lawmakers “to do the right thing.”

Stock market today: Wall Street hangs near records as it closes another winning week

NEW YORK (AP) — U.S. stocks are hanging near record heights Friday, on track to close another winning week in their stunning rally since Halloween.

The S&P 500 was 0.2% higher in early trading and could finish a day above the 5,000 level for the first time after briefly breaching it on Thursday. It’s heading for its 14th winning week in the last 15.

The Dow Jones Industrial Average was down 33 points, or 0.1%, a day after setting its latest all-time high. The Nasdaq composite was 0.4% higher to pull within 1.3% of its record set in 2021, as of 9:45 a.m. Eastern time.

Wall Street’s rally got going with hopes that cooling inflation would get the Federal Reserve to dial down the pressure by cutting interest rates. Lately, such cuts look to be coming later than hoped because reports keep showing a remarkably solid economy. But that strength has in turn raised expectations for profits from companies, supporting stocks.

Cloudflare was the latest company to soar after reporting stronger profit than analysts expected for its latest quarter. The cloud-services company jumped 21.7% after it said it signed both its largest new customer and its largest renewal ever, despite an overall economic environment that “remains challenging to predict.”

FirstEnergy rose 4.8% for the largest gain in the S&P 500 after its profit and revenue for the latest quarter likewise topped Wall Street’s forecasts.

Big Tech stocks were doing most of the market’s heavy lifting, as they’ve been for more than a year. Nvidia, Microsoft and Amazon were the three strongest forces lifting the S&P 500 after each rose at least 0.6%.

They helped offset a 3.7% drop for PepsiCo, which reported weaker revenue for the latest quarter than analysts expected. It said growth is slowing because customers are getting back to their snacking and other behaviors from before the pandemic.

Expedia tumbled 18.8% despite also reporting stronger profit than expected. Analysts pointed to some forecasts by the company for measures for the first three months of 2024 that point to slower bookings growth. The company also announced a new CEO, Ariane Gorin, will take over in May.

Take-Two Interactive, the publisher of “Grand Theft Auto” and other video games, sank 9.1% after it reported weaker profit than expected. It also cut its forecast for results for its fiscal year, which ends at the close of March.

Profits have largely been coming in better than expected for big companies in the S&P 500 this reporting season, which passed its halfway point this week.

That has helped optimism rise on Wall Street, but contrarians say it might have gone too far and carried stocks to too expensive heights.

Traders are flowing into some riskier investments at a quick enough pace that a contrarian measure kept by Bank of America is leaning more toward “sell” now than “buy,” though it’s not at convincing levels. The measure tracks how much fear and greed are in the market, and it suggested buying in October when fear was at a convincing high.

In the bond market, Treasury yields were inching higher, but movements were calmer than earlier in the month when they were jumping as traders forcefully pushed out their forecasts for rate cuts.

The yield on the 10-year Treasury rose to 4.17% from 4.15% late Thursday.

In stock markets abroad, indexes were moving modestly and mixed in Europe. In Asia, several markets were shut for the Lunar New Year holiday.

Tokyo’s Nikkei 225 edged up by 0.1% after touching a 34-year high earlier in the day.

Midland Native Will Referee Super Bowl 58 This Sunday

(Matt Drzik/Beaver County Radio)
(Photo/AP)

Midland native Bill Vinovich will be donning the white hat in front of a global audience of millions as he will be the head referee Sunday night at Allegiant Stadium in Las Vegas, as the defending champion Kansas City Chiefs battle the San Francisco 49ers in Super Bowl 58.

Vinovich, who was born in Rochester in 1960, will be working in his fifth Super Bowl overall and third as main referee. Coincidentally, his last appearance as the head officer for the NFL’s biggest game was for Super Bowl 54 back in 2020, also between the Chiefs and 49ers.

When he is not making holding calls in the heat of the moment, Vinovich works as a certified public accountant in California.

AP Decision Notes: What to expect in the latest Pennsylvania House special election

This Jan. 2024 combination photo shows nominees for a Bucks County special election to fill a vacant Pennsylvania state House seat, Republican Candace Cabanas, left, and Democrat Jim Prokopiak in Fairless Hills, Pa., (AP Photo/Matt Rourke)

WASHINGTON (AP) — Control of the Pennsylvania House of Representatives hangs in the balance in a special election in the Philadelphia suburbs. Tuesday’s election there is the fourth time in a year a vacancy has put the majority up for grabs. The candidates are Democrat Jim Prokopiak and Republican Candace Cabanas. Prokopiak is an attorney from Levittown and has served on the Pennsbury School Board since his election in 2021. Cabanas of Fairless Hills is a political newcomer who has worked in the home health care and hospitality industries. The winner will replace Democrat John Galloway, who was elected to a judgeship.

Kobe Bryant immortalized with a 19-foot bronze statue outside the Lakers’ downtown arena

A statue of former Los Angeles Lakers guard Kobe Bryant is seen after its unveiling outside the NBA basketball team’s arena, Thursday, Feb. 8, 2024, in Los Angeles. (AP Photo/Eric Thayer)

LOS ANGELES (AP) — The Los Angeles Lakers have unveiled a statue of Kobe Bryant, honoring their late superstar with a 19-foot bronze likeness outside their downtown arena. The 4,000-pound statue depicts Bryant in his white No. 8 jersey with his right index finger raised as he walked off the court following his 81-point performance against the Toronto Raptors in January 2006. The statue was unveiled at a ceremony attended by dozens of Lakers greats and hundreds of season ticket holders. His widow Vanessa Bryant spoke at the ceremony after remarks from owner Jeanie Buss, former teammate Derek Fisher, Kareem Abdul-Jabbar and longtime Lakers coach Phil Jackson.

Lamar Jackson is near-unanimous choice for his second AP NFL Most Valuable Player award

Baltimore Ravens’ Lamar Jackson, AP Most valuable player speaks during the NFL Honors award show ahead of the Super Bowl 58 football game Thursday, Feb. 8, 2024, in Las Vegas. The San Francisco 49ers face the Kansas City Chiefs in Super Bowl 58 on Sunday. (AP Photo/David J. Phillip

LAS VEGAS (AP) — Lamar Jackson was a near-unanimous choice for his second AP NFL Most Valuable Player award announced at NFL Honors on Thursday night. Christian McCaffrey ran away with the AP Offensive Player of the Year award. Myles Garrett beat out T.J. Watt for the AP Defensive Player of the Year award. C.J. Stroud won the AP Offensive Rookie of the Year award in a landslide. Texans defensive end Will Anderson Jr. won the AP Defensive Rookie of the Year award. The Browns took home four awards. Quarterback Joe Flacco was AP Comeback Player of the Year. Browns coach Kevin Stefanski edged DeMeco Ryans for AP Coach of the Year honors by one first-place vote. Browns defensive coordinator Jim Schwartz won the AP Assistant Coach of the Year award.

Steelers defensive lineman Heyward receives Walter Payton Man of the Year award at NFL Honors

LAS VEGAS (AP) — Pittsburgh Steelers defensive lineman Cam Heyward received the NFL’s Walter Payton Man of the Year award on Thursday night at NFL Honors.

Prince Harry introduced Heyward.

“Prince freakin’ Harry,” a stunned Heyward said.

This was the sixth time the Steelers nominated Heyward for the award. He created the Heyward House Foundation that supports several initiatives in the Pittsburgh area.

“I want to say thank you to the Pittsburgh Steelers for giving me this opportunity,” Heyward said. “Mike T (Tomlin), it’s an honor to be coached by you. I couldn’t play for any other coach. To my teammates, I’m thankful to be your teammate.”

The foundation also honors his father, Craig “Ironhead” Heyward, a fullback who played 11 seasons in the NFL. He died in 2006 at 39 of brain cancer.

2 JetBlue planes make contact at Logan Airport, wingtip touches tail

Screenshot

BOSTON (AP) — Two JetBlue planes made contact in a minor collision at Boston Logan International Airport. An airport authority spokeswoman says one plane’s wingtip touched another plane’s tail while both Airbus 321 jets were in the de-icing area. Nobody was hurt. The Federal Aviation Authority says it happened around 6:40 a.m. Thursday. Passengers on Flights 777 and 551 were moved onto other aircraft. The FAA says it all happened in an area of the tarmac controlled by JetBlue. The airline says flights to Las Vegas and Orlando will operate on other aircraft while these planes are repaired.