The Commerce Department published notices in the Jan. 7 Federal Register on the following AD/CV duty proceedings (any notices that announce changes to AD/CV duty rates, scope, affected firms, or effective dates will be detailed in another ITT article):
H.h. gregg stands by its decision “not to fully participate in the heavily promotional environment” during the holiday selling season, CEO Dennis May said in a statement Monday announcing bleak preliminary sales results for the chain’s third quarter ended Dec. 31. “We did manage our inventory and liquidity position well, with total inventory per store below prior year levels,” May said. The chain estimates its Q3 sales fell 11.6 percent to $707.1 million on same-store sales decreases of 11.2 percent. Though same-store sales of in-home products jumped 36.1 percent and appliance sales were up 1.5 percent, CE category same-store sales fell 19.7 percent, and same-store sales of computing and wireless decreased 24.5 percent. May called the CE and computing and wireless results “significantly below our expectations,” and blamed the “sales miss” on “increased promotional offerings of televisions and tablet products across a variety of retail formats.” That environment “reinforces our decision to continue to transform our business towards a broader assortment of home products, including appliances and home furnishings,” May said. The company expects its earnings performance to be “materially below” that of its full-year forecast when it releases Q3 results on Jan. 30, the company said. In recent forecasts, h.h. gregg has said it expects its full-year net profit to rise to 75-90 cents a share from 74 cents a year earlier. But those forecasts assumed same-store sales decreases for the year would hold at 2-3.5 percent. Despite its report of the Q3 sales miss, h.h. gregg shares rose 5.4 percent midday to $12.87 before closing the day. Analysts saw that as vindication of h.h. gregg’s decision not to go toe to toe with Best Buy in matching holiday doorbuster offers. However, h.h. gregg closed the day 4.9 percent lower at $12.94. For Best Buy, where executives made clear before the holiday selling season that they did not “want to be beaten” in matching or exceeding the best holiday deals available (CED Aug 21 p1), shares midday were down 4 percent to $39.05 before closing the day 3 percent lower at $39.41.
The Commerce Department made a preliminary affirmative antidumping determination that welded stainless pressure pipe from Malaysia (A-557-815) is being sold in the U.S. at less than fair value. The agency based its preliminary finding on "adverse facts available" because all three respondents to the investigation declined to participate in the proceeding. That includes a finding of critical circumstances and retroactive suspension of liquidation for the three individual respondents. As a result, Commerce is directing CBP to suspend liquidation and require cash deposits of estimated AD duties on subject merchandise, effective for subject merchandise from the three individual respondents entered on or after Oct. 9, and effective for all other Malaysian pressure pipe exporters on or after Jan. 7.
The Commerce Department made a preliminary affirmative antidumping determination that welded stainless pressure pipe from Thailand (A-549-830) is being sold in the U.S. at less than fair value. As a result, Commerce is directing CBP to suspend liquidation and require cash deposits of estimated AD duties on subject merchandise, effective for subject merchandise entered on or after Jan. 7.
The Commerce Department made a preliminary affirmative antidumping determination that welded stainless pressure pipe from Vietnam (A-552-816) is being sold in the U.S. at less than fair value. As a result, Commerce is directing CBP to suspend liquidation and require cash deposits of estimated AD duties on subject merchandise, effective for subject merchandise entered on or after Jan. 7.
After Congress ended 2013 without enacting any major legislation to bolster cybersecurity, industry observers told us in interviews they see limited prospects for progress on such bills in 2014. Congress passed two spending bills that included some cybersecurity language, but did not complete consideration of marquee legislation addressing the issue, including the House-passed Cyber Intelligence Sharing and Protection Act (HR-624) and the Cybersecurity Act of 2013 (S-1353).
After Congress ended 2013 without enacting any major legislation to bolster cybersecurity, industry observers told us in interviews they see limited prospects for progress on such bills in 2014. Congress passed two spending bills that included some cybersecurity language, but did not complete consideration of marquee legislation addressing the issue, including the House-passed Cyber Intelligence Sharing and Protection Act (HR-624) and the Cybersecurity Act of 2013 (S-1353).
A U.S. Supreme Court decision on whether to accept cert on broadcasters’ case against Aereo will likely be announced Jan. 13, said a blog post on the Fletcher Heald website (http://bit.ly/1eYALs4). Though the matter is listed on the Supreme Court website as set for conference Jan. 10, the results of such conferences are typically announced on the next available court date, said Fletcher Heald appellate attorney Harry Cole in an email. The next court date following the conference is Jan. 13. Broadcasters want the Supreme Court to overturn the decision of the 2nd U.S. Circuit Court of Appeals not to grant a preliminary injunction against Aereo’s streaming TV service (CD Oct 15 p15) . The cert petition was distributed to the justices on Dec. 24 (CD Jan 2 p9). Four justices would have to vote in favor of taking the case for cert to be granted, said Cole. “We don’t know for sure that all nine Justices will participate, since one or more recusals are always possible,” said Cole in the blog post.
The Commerce Department is exempting certain types of rectangular wire from antidumping and countervailing duties under the AD/CVD orders on aluminum extrusions from China, in the final results of a changed circumstances review. The partial revocation comes at the request of 3M, and was unopposed by domestic industry. Commerce will direct CBP to end suspension of liquidation for entries of covered rectangular wire and refund any AD and CV duty cash deposits collected. It is also adding the following paragraph to the scope of the AD/CVD orders:
Domestic solar panel manufacturer Solar World Industries America on Dec. 31 began a push to strengthen antidumping and countervailing duties on solar cells from China, filing a petition for new AD/CV duties on modules made from third-country solar cells. Solar World says the AD/CV duty orders on crystalline silicon photovoltaic cells, issued in December 2012, leave a “loophole” that’s letting in an increasing amount of Chinese solar modules made from Taiwanese solar cells. The petition seeks to remedy that by imposing AD/CV duties on “crystalline solar photovoltaic products,” which specifically include third-country solar cells, from China and Taiwan.