But cars reinforce the prospect that the readjustment period could last a while.

Automakers are flirting with the idea of keeping production lower so there are fewer cars in the market and price cuts are less common. Mr. Smoke is skeptical that they will hold that line once it means ceding market share to competitors — but the process could take months or years.

“I’m hesitant to say that we won’t have discounting again,” Mr. Smoke said. “But it’s going to take a while to get back to that world.”

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FedEx’s bleak warning could reflect global economy − and company’s own shortcomings

A FedEx worker makes a delivery on September 16, 2022 in Miami Beach, Florida.

Joe Raedle | Getty Images

FedEx warned of weakening global shipping demand in a preliminary earnings report last week, leaving the market scrambling to determine whether the problems reflect internal company shortcomings or a broader economic diagnosis.

CEO Raj Subramaniam pointed to external factors after the shipping giant missed Wall Street earnings and revenue estimates, telling CNBC’s Jim Cramer on “Mad Money” that the company is a “reflection of everybody else’s business” and that he expects a “worldwide recession.” But some analysts note the relative stability of rivals UPS and DHL, and said FedEx’s own failure to adapt also contributed to its performance.

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“This is the second year in a row now that FedEx has missed its own guidance for its fiscal first quarter, and I think that does create a bit of frustration amongst investors,” Moody’s analyst Jonathan Kanarek said.

Kanarek was among the analysts who noted the mix of factors − internal and external − that likely played a role in FedEx’s disappointing results.

Confronting reality

Some experts see FedEx’s performance as an overdue confrontation with market realities coming out of the Covid pandemic, which the company previously failed to acknowledge.

At its investor day in June, FedEx set out a bullish 2025 outlook driven by annual revenue growth of between 4% and 6% and earnings per share growth of between 14% and 19%.

“Raj came out with a big show back in June, their first analyst day in two years, and talked about an environment that was pretty upbeat. Yet here we are three months later,” Ken Hoexter, an analyst at Bank of America, told CNBC.

“They weren’t expecting, nor had built in, an economic downturn,” Hoexter said.

Since around the time of its investor day, Subramaniam said last week that FedEx has seen weekly declines in shipping volumes. It’s why the company withdrew its 2023 forecast and announced it would close offices and park planes to slash costs. Its stock fell more than 21%, wiping nearly $11 billion from its market capitalization the day after the report.

Still, FedEx stood by its 2025 expectations, a move that Gordon Haskett Research Advisors called “borderline delusional.” FedEx’s competitors, they say, are taking a more realistic approach to the end of the pandemic-era surge in demand.

While FedEx reported softness in European demand among its ailments last week, UPS gained market share in the region. In its most recent earnings call, UPS boasted its highest quarterly consolidated operating margin in almost 15 years, citing agility amid difficult macroeconomic conditions.

“UPS is two to three years ahead of FedEx in terms of the way they’re looking at post Covid margins,” said Capital Wealth’s Kevin Simpson on “Closing Bell: Overtime.” “It’s almost like FedEx didn’t think the environment would ever go back to normal.”

As part of its cost-cutting efforts, FedEx said it will reduce some ground operations and defer hiring. Meanwhile, UPS will be hiring more than 100,000 seasonal employees for the holiday period.

A bellwether?

Analysts note that FedEx’s ground and express delivery are nevertheless vulnerable to global economic conditions, and that the disappointing performance of the categories could reflect a recessionary environment.

“We really haven’t seen evidence of a broad-based slowdown. But obviously FedEx is a bellwether and we don’t want to dismiss what they’re saying,” said Moody’s Kanarek.

Bank of America’s Hoexter sees the performance of the express category, which came in $500 million below FedEx’s own expectations, as the first indicator of a broader downturn. He said small declines in volume significantly impact margins because air delivery costs so much to maintain.

Ground service, which came in $300 million short of the company’s forecasts, is the next to feel a slowdown: “When the consumer stops buying, the stores start seeing shelves filled, you stop replenishing those inventories,” Hoexter said.

Hoexter’s biweekly truck shipper survey has reported 11 straight periods in “recession range” according to a Bank of America Global Research report. That comes as FedEx reports lower-than-expected business with top clients Target and Walmart, which have both grappled with excess inventory in recent months.

FedEx reported strong freight margins, but Hoexter noted that the category is “more manufacturing-weighted, which hasn’t felt as big of a brunt.” If demand continues to slow and manufacturers require less production, Hoexter said FedEx could start to see freight volumes soften, too.

Holiday fizzle

Regardless of the factors driving FedEx’s troubles, the upcoming holiday season likely won’t bring any relief. In a statement, FedEx said the cost-cutting actions it announced last week aren’t expected to impact service. “We are confident in our ability to deliver this holiday season,” the company said.

But retailers are expecting muted holiday sales. And fearing the delays of last year, many had items shipped early. The Port of Los Angeles said that 70% of holiday goods had already hit the shores by the end of August. 

Inventory gluts that have plagued retailers in recent months may also persist, leading to lighter shipping volumes and further dampening FedEx’s business. A KPMG survey found 56% of retail executives expect to be left with excess merchandise after the holidays.

FedEx does have some cushioning if troubles persist, S&P’s Geoff Wilson notes. The company is sitting on a lot of cash – nearly $7 billion as of May 31 − as opposed to the roughly $3 billion to $4 billion it typically had before the pandemic. He also noted the company reaffirmed its share repurchase plan of about $1.5 billion

“This is the best signal management can give about long-term strength at FedEx,” Wilson said. 

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Beyond Meat suspends operating chief after arrest for allegedly biting man’s nose

Douglas Ramsey

Source: Washington County, Arkansas

Beyond Meat said its operating chief Doug Ramsey has been suspended, effective immediately, after he was arrested Saturday evening for allegedly punching a man and biting his nose.

The company said in a statement on Tuesday afternoon that Jonathan Nelson, the company’s senior vice president of manufacturing operations, will oversee Beyond’s operations activities on an interim basis.

Ramsey, 53, was charged with terroristic threatening and third-degree battery and booked in the Washington County jail after allegedly assaulting a driver in a parking garage near Razorback Stadium.

Ramsey allegedly punched through the back windshield of a Subaru after it made contact with the front tire of Ramsey’s car, according to a preliminary police report obtained by CNBC. The Subaru owner then got out of his car, and Ramsey allegedly started punching him and bit his nose, “ripping the flesh on the tip of the nose,” according to the report. The victim and a witness also alleged that Ramsey told the Subaru owner he would kill him.

Ramsey has been Beyond Meat’s chief operating officer since December. The news of his arrest after a University of Arkansas football game brought more scrutiny to the vegan food company, which has been struggling with disappointing sales and investor skepticism over its long-term growth prospects. The stock has fallen 75% this year, dragging its market down to $1.02 billion. Just three years ago, the company was valued at $13.4 billion.

Prior to joining Beyond Meat, Ramsey spent three decades at Tyson Foods, overseeing its poultry and McDonald’s businesses. Beyond Meat was relying on his experience to help the company successfully pull off big launches, particularly with fast-food companies like Taco Bell owner Yum Brands and McDonald’s.

Ramsey did not respond to a request for comment from CNBC.

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Mar-A-Lago Case: Trump Team Says No Special Exemption Should Apply For Classified Documents

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How a Quebec Lithium Mine May Help Make Electric Cars Affordable

About 350 miles northwest of Montreal, amid a vast pine forest, is a deep mining pit with walls of mottled rock. The pit has changed hands repeatedly and been mired in bankruptcy, but now it could help determine the future of electric vehicles.

The mine contains lithium, an indispensable ingredient in electric car batteries that is in short supply. If it opens on schedule early next year, it will be the second North American source of that metal, offering hope that badly needed raw materials can be extracted and refined close to Canadian, U.S. and Mexican auto factories, in line with Biden administration policies that aim to break China’s dominance of the battery supply chain.

Having more mines will also help contain the price of lithium, which has soared fivefold since mid-2021, pushing the cost of electric vehicles so high that they are out of reach for many drivers. The average new electric car in the United States costs about $66,000, just a few thousand dollars short of the median household income last year.

lithium mines are in various stages of development in Canada and the United States. Canada has made it a mission to become a major source of raw materials and components for electric vehicles. But most of these projects are years away from production. Even if they are able to raise the billions of dollars needed to get going, there is no guarantee they will yield enough lithium to meet the continent’s needs.

eliminate this cap and extend the tax credit until 2032; used cars will also qualify for a credit of up to $4,000.

For many people in government and the auto industry, the main concern is whether there will be enough lithium to meet soaring demand for electric vehicles.

The Inflation Reduction Act, which President Biden signed in August, has raised the stakes for the auto industry. To qualify for several incentives and subsidies in the law, which go to car buyers and automakers and are worth a total of $10,000 or more per electric vehicle, battery makers must use raw materials from North America or a country with which the United States has a trade agreement.

rising fast.

California and other states move to ban internal combustion engines. “It’s going to take everything we can do and our competitors can do over the next five years to keep up,” Mr. Norris said.

One of the first things that Sayona had to do when it took over the La Corne mine was pump out water that had filled the pit, exposing terraced walls of dark and pale stone from previous excavations. Lighter rock contains lithium.

After being blasted loose and crushed, the rock is processed in several stages to remove waste material. A short drive from the mine, inside a large building with walls of corrugated blue metal, a laser scanner uses jets of compressed air to separate light-colored lithium ore. The ore is then refined in vats filled with detergent and water, where the lithium floats to the surface and is skimmed away.

The end product looks like fine white sand but it is still only about 6 percent lithium. The rest includes aluminum, silicon and other substances. The material is sent to refineries, most of them in China, to be further purified.

Yves Desrosiers, an engineer and a senior adviser at Sayona, began working at the La Corne mine in 2012. During a tour, he expressed satisfaction at what he said were improvements made by Sayona and Piedmont. Those include better control of dust, and a plan to restore the site once the lithium runs out in a few decades.

“The productivity will be a lot better because we are correcting everything,” Mr. Desrosiers said. In a few years, the company plans to upgrade the facility to produce lithium carbonate, which contains a much higher concentration of lithium than the raw metal extracted from the ground.

The operation will get its electricity from Quebec’s abundant hydropower plants, and will use only recycled water in the separation process, Mr. Desrosiers said. Still, environmental activists are watching the project warily.

Mining is a pillar of the Quebec economy, and the area around La Corne is populated with people whose livelihoods depend on extraction of iron, nickel, copper, zinc and other metals. There is an active gold mine near the largest city in the area, Val-d’Or, or Valley of Gold.

Mining “is our life,” said Sébastien D’Astous, a metallurgist turned politician who is the mayor of Amos, a small city north of La Corne. “Everybody knows, or has in the near family, people who work in mining or for contractors.”

Most people support the lithium mine, but a significant minority oppose it, Mr. D’Astous said. Opponents fear that another lithium mine being developed by Sayona in nearby La Motte, Quebec, could contaminate an underground river.

Rodrigue Turgeon, a local lawyer and program co-leader for MiningWatch Canada, a watchdog group, has pushed to make sure the Sayona mines undergo rigorous environmental reviews. Long Point First Nation, an Indigenous group that says the mines are on its ancestral territory, wants to conduct its own environmental impact study.

Sébastien Lemire, who represents the region around La Corne in the Canadian Parliament, said he wanted to make sure that the wealth created by lithium mining flowed to the people of Quebec rather than to outside investors.

Mr. Lemire praised activists for being “vigilant” about environmental standards, but he favors the mine and drives an electric car, a Chevrolet Bolt.

“If we don’t do it,” he said at a cafe in La Corne, “we’re missing the opportunity of the electrification of transport.”

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Ford warns investors of an extra $1 billion in supply chain costs during the third quarter

2023 Ford F-150 Raptor R


DETROIT – Ford Motor on Monday warned investors that the company expects to incur $1 billion more in costs than previously expected during the third quarter due to supply chain issues.

The company, however, said it still expects 2022 adjusted earnings before interest and taxes of between $11.5 billion to $12.5 billion, but said the supply chain problems have resulted in parts shortages affecting roughly 40,000 to 45,000 vehicles that haven’t been able to reach dealers.

Shares of the company fell nearly 4% in extended trading following the update.

This is breaking news. Please check back for updates.

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Dig This: The Shift To EVs Requires A Massive Expansion Of Battery Metal Mining

The ongoing transition away from fossil fuels will likely trigger shortages of some key metals used in electric vehicle batteries requiring hundreds of new mines. This is according to industry experts who expect demand for EV batteries to spike to tens of millions of units annually in the years ahead.

A projected sixfold surge in demand for lithium-ion batteries over the next decade means up to 384 additional graphite, lithium, nickel and cobalt mines may be needed by 2035 to supply all those new EVs, industry forecaster Benchmark Minerals said in a report. Even a big increase in battery recycling, as planned by companies including Redwood Materials and Li-Cycle, would only cut the number of new mines to 336, according to Benchmark.

“​​We’re heading toward an extreme cliff that, unfortunately, our industry needed to invest $100 billion five years ago to avoid,” Brian Menell, chairman and CEO of TechMet, a Dublin-based firm that’s backing companies producing and processing EV battery metals, told Forbes. “Over a two- to three-year horizon, the pain is going to become severe. And that pain is going to grow over the subsequent five to eight years from a constrained supply of battery metals.”

Over the past two years, automakers have announced billions of dollars of investments for new production lines designed specifically to build electric vehicles and the batteries to power them. But that’s the easy part. Ensuring adequate supplies of metals and minerals to make battery cathodes and anodes—currently sourced almost entirely from China, South Korea and Japan—means automakers need to either become skilled commodity traders or partner with firms that are. Though Menell estimates the real supply crunch won’t begin for three to five years, market prices for critical materials are already surging. Lithium carbonate, a battery-grade version of the metal, hit a record $71,315 per metric ton on Sept. 16, Bloomberg reported, citing data from Asian Metal Inc.

General MotorsGM , which intends to sell only electric vehicles by 2035, has been especially aggressive this year in lining up supplies from multiple sources, including lithium from South America, cathode materials from Canada and a bet that a new lithium extraction operation in California’s Salton Sea could prove especially impactful—if it works. For the near term, at least, the company believes it has what it needs.

“GM now has binding agreements securing all battery raw materials supporting our goal of 1 million units in annual capacity in North America in 2025,” chair and CEO Mary Barra said in the company’s earnings call in July. “This includes lithium, nickel, cobalt, and the full (cathode anode material) supply.”

Redwood, led by TeslaTSLA cofounder JB Straubel, has stressed the looming shortage of battery materials since it came out of stealth a few years ago and warned of a critical need to boost both used battery recycling and find new sources of minerals as demand surges through the end of the decade. “We can’t recycle our way to 500% demand (we’ll need to mine more),” Redwood tweeted this month.

Tesla, the top global EV brand, has said it plans to scale up its factories to make 2 million vehicles annually by next year and ten times that level by the end of the decade.

“If you just look at Tesla’s ambition to produce 20 million electric vehicles a year in 2030, that alone will require close to two times the present global annual supply—and that’s before you include VW, Ford, GM and the Chinese,” Menell said. Elon Musk’s company is also especially reliant on China for battery materials.

“Tesla today buys 85% of their inputs from China or China-controlled supply chains,” Menell said. If there were any disruption or change in the company’s friendly relations with government officials there, “China could close down Tesla in a matter of weeks,” he said.

Tesla didn’t respond to a request for comment.

(For more on sourcing battery minerals, see California’s Lithium Rush For EV Batteries Hinges On Taming Toxic, Volcanic Brine)

Adding new mines will take time and can create environmental damage, including groundwater pollution, excessive water use, destruction of wildlife habitats, damage to topsoil, harmful runoff from chemicals used in some mining operations and pollution from tailings, the residual materials left after valuable metals have been removed. That’s one reason that GM and TechMet are investing in lithium extraction projects near the Salton Sea, pulling the silvery metal from hot volcanic brine that’s already being used to power geothermal energy plants in the region. The potential amount of lithium available in that part of California is vast, but the process of extracting it from the brine is still experimental and isn’t yet being done at commercial scale.

“We simply won’t fulfill demand by 2035,” Moores tells Forbes. “On average the miners are getting the material out of the ground at half the speed the lithium-ion battery and EV industry needs it. This may improve over this decade but demand for electric vehicles will not be satisfied—or reach a stable mature industry level—until we enter the 2040s.”

The challenge of expanding supplies is complicated by the need to limit damage to the environment and ensure sustainable extraction methods, says Menell. For example, a potentially promising alternative to mining and volcanic brine includes collecting stone nodules on the ocean floor that are rich in sought-after minerals but that risks damaging aquatic ecosystems. Startups including DeepSea Metals, for example, have seen opposition from environmental groups over its plans to deploy large robots to mine the ocean floor for minerals such as cobalt and nickel.

New U.S. legislation signed into law that creates incentives for domestic production of batteries, minerals and sourcing of components from within North America and from U.S. allies is a big help but vastly more investment is needed, according to Menell.

“One of the big solutions is for the big pools of climate change, impact-investing ESG capital out there to stop wasting their time with autonomous driving software startups and focus on facts,” he says. “Unless they put tens and tens of billions of dollars into mining and metals–albeit ESG-compliant and well-managed mining and metals–we’re not going to have an energy transition and we’re not going to meet climate change goals.”

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Railroads’ Strategy Thrilled Wall Street, but Not Customers and Workers

America’s first commercial railroads were built almost two centuries ago. Freight rail has been a symbol of the nation’s economic might and ingenuity ever since.

In recent years, some of the biggest names on Wall Street have made significant investments in railroads, reaping big stock gains as railroads reported higher profits. But the underlying strategies that strengthened railroads’ bottom lines have caused friction with customers, regulators and particularly workers — giving rise to a contract dispute that threatened a nationwide shutdown of the railway system.

After losing ground to trucking in the mid-20th century, the rail industry managed to recover through decades of consolidation and a push for efficiency. Critics say those same dynamics created a system with thin staffing and minimal competition, making it particularly vulnerable to shocks like the coronavirus pandemic.

Those complaints were at the center of the contract impasse that left tens of thousands of workers prepared to walk off the job last week. A strike could have been economically devastating, paralyzing shipments of grain, chemicals and other cargo.

It was averted with less than a day to go when the Biden administration helped to broker a tentative agreement that addresses some of those issues and will be put to a vote of the rail unions’ members in the coming weeks.

The freight rail industry says it has worked hard to adapt to rapid changes — including the pandemic and, before that, a decline in demand for coal, a critical source of business.

“The industry has had to continually evolve to grow its other services,” said Ian Jefferies, the president of the Association of American Railroads, an industry group. To make up for the decline in coal, freight shippers have tried to transport more grain, truck trailers, shipping containers and other goods, he said.

according to the Surface Transportation Board, which monitors and regulates rates.

Prices started to increase in the early 2000s, driven by rising costs for labor, fuel, materials and supplies as well as a growing focus on profitability. From 2002 to 2019, long-distance trucking rates increased by 40 percent, according to a Transportation Department report published this year, while rail rates grew by 96 percent, though they are still well below historical levels, adjusted for inflation.

won a proxy battle for Canadian Pacific in 2012 and installed Mr. Harrison to lead the company.

Mr. Harrison brought his approach to Canadian Pacific, then to CSX in 2017, before his death that year. Other freight carriers and Wall Street increasingly took notice, and the practice has spread throughout the industry.

Many freight rail experts say P.S.R. brought necessary reforms to the industry, but they also say some practices, which can differ greatly among carriers, went too far or were poorly executed. Unions say the system has created miserable working conditions.

letter to shareholders.

“I’ll venture a rare prediction,” he wrote in February. “BNSF will be a key asset for Berkshire and our country a century from now.”

Peter S. Goodman and Clifford Krauss contributed reporting.

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Weekend Box Office: ‘Barbarian’ Passes $20 Million As ‘Brahmāstra’ Sinks

In holdover news at the weekend box office, Barbarian held up unusually well for a horror film, earning $6.3 million in weekend two for a mere 40% drop. That gives the under-$5 million 20th Century Studios release a $20.915 million domestic cume. A normal rate of descent would give Zach Cregger’s original, buzzy and unapologetically grotesque (in a fun way) grindhouse horror flick a $35 million domestic finish, on par with The Boy in 2016. It could leg out past that, but Don’t Worry Darling, Smile and Halloween Ends (along with, very much relatively speaking, Terrifier 2) will supply horror-specific competition over the next month, so let’s not get too excited. Still, this is a big win for spoiler-free marketing and another example of how CinemaScore can be a little hinky when it comes to horror movies, which is fine if everyone understands.

Sony’s Bullet Train earned another $2.5 million (-24%) in weekend seven for a new $96.38 million domestic cume. Credit old-school ‘last biggie of summer’ legs or credit being double-billed with The Woman King at the drive-in theaters, but Brad Pitt’s R-rated actioner should crawl past $100 million by the end. The $90 million David Leitch-directed flick sits at $222 million worldwide, so it’ll reach the 2.5x mark even as its eventual EST, VOD and DVD revenue should take it from ‘break even’ to ‘actual hit.’ If not, it’ll be Netflix’s most-watched movie for a few days in several months. Paramount’sPARA Top Gun: Maverick earned another $2.1 million domestic and $4 million overseas for a new $709.055 million domestic and $1.463 billion global cume. No new milestones this weekend, while the Tom Cruise film is still available only in theaters and on EST (priced to buy digital) until November 1.

Warner Bros.’ DC League of Super Pets earned $2.175 million (-18%) in its eighth weekend for a new $87.86 million domestic cume. Over the next week, it will pass Where the Crawdads Sing ($88.9 million by tomorrow) and The Black Phone ($90 million thus far) to crack this summer’s top ten among domestic earners. It’s not a hit, as the $90 million Dwayne Johnson/Kevin Hart toon has earned ‘just’ $177 million worldwide, but post-theatrical should put it into eventual profitability. Sony’s The Invitation, which dropped on PVOD in rated and unrated versions (it’s pretty good, even if I feel guilty for waiting to rent the unrated cut), earned $1.7 million (-36%) this weekend for a $21.5 million 24-day domestic total. Universal and Illumination’s Minions: The Rise of Gru earned another $1.32 million (-24%) in weekend 12 for a new $364 million domestic and $913 million worldwide.

Brahmāstra: Part One – Shiva earned just $1.1 million (-76%) in its second weekend for a $6.8 million ten-day domestic total. The $51 million Bollywood fantasy has earned $30 million in India and $38 million worldwide. The Astroverse wanted to be the next MCU. We’ll see if it becomes the next Dark Universe. Universal’s Beast earned another $820,000 (-54%) to top $30 million domestic and $55 million, which is good enough for a $36 million ‘Idris Elba versus a lion’ thriller with solid PVOD/EST/DVD potential. Sony’s Where the Crawdads Sing has earned $88.9 million domestic and $127 million worldwide on a $24 million budget. Inflation aside, that would have been solid for a female-led melodrama in 2002 let alone 2022. Jordan Peele’s Nope has earned $122 million domestic and $169 million worldwide. Jurassic World Dominion sits with $375 million domestic and $997 million worldwide. So close…

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Will Smith’s ‘Emancipation’: What Will Apple Do?

Apple has a Will Smith problem.

Mr. Smith is the star of “Emancipation,” a film set during the Civil War era that Apple envisioned as a surefire Oscar contender when it wrapped filming earlier this year. But that was before Mr. Smith strode onto the stage at the Academy Awards in March and slapped the comedian Chris Rock, who had made a joke about Mr. Smith’s wife, Jada Pinkett Smith.

Mr. Smith, who also won best actor that night, has since surrendered his membership in the Academy of Motion Picture Arts & Sciences and has been banned from attending any Academy-related events, including the Oscar telecast, for the next decade.

Now Apple finds itself left with a $120 million unreleased awards-style movie featuring a star no longer welcome at the biggest award show of them all, and a big question: Can the film, even if it succeeds artistically, overcome the baggage that now accompanies Mr. Smith?

Variety reported in May, however, that the film’s release would be pushed into 2023.

rushed the stage and slapped Mr. Rock. Later in the show, Mr. Smith won the best actor award for his work in “King Richard.”

video on his YouTube channel in which he said he was “deeply remorseful” for his behavior and apologized directly to Mr. Rock and his family.

provided to Variety. When his appeal was measured again in July, (before he released his video apology) it dropped to a 24 from a 39, what Henry Schafer, executive vice president of the Q Scores Company, called a “precipitous decline.”

Apple has delayed films before. In 2019, the company pushed back the release of one of its first feature films, “The Banker,” starring Anthony Mackie and Samuel L. Jackson, after a daughter of one of the men whose life served as a basis of the film raised allegations of sexual abuse involving her family. The film was ultimately released in March 2020 after Apple said it reviewed “the information available to us, including the filmmakers’ research.”

Many in Hollywood are drawn to Apple for its willingness to spend handsomely to acquire prominent projects connected with established talent. But the company has also been criticized for its unwillingness to spend much to market those same projects. Two people who have worked with the company, and who spoke on condition of anonymity to discuss dealings with Apple, said it usually created just one trailer for a film — a frustrating approach for those who are accustomed to the traditional Hollywood way of producing multiple trailers aimed at different audiences. Apple prefers to rely on its Apple TV+ app and in-store marketing to attract audiences.

Yet those familiar with Apple’s thinking believe that even if it chooses to release “Emancipation” this year, it will not feature the film in its retail outlets like it did for “CODA,” which in March became the first movie from a streaming service to win best picture. That achievement, of course, was overshadowed by the controversy involving Mr. Smith.

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