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Miami Herald
12 hours ago
- Business
- Miami Herald
Cyberattack on grocery supplier reveals fragility of US food supply
Hackers infiltrated one grocery distributor, and within days, there were bare shelves at stores around the country and even some pharmacies unable to fill prescriptions. That's not the beginning of some thriller novel. It's the real events that played out earlier this month as major wholesale distributor UNFI, dealt with a cyberattack. But the moral of the story is already clear: The nation's highly consolidated food supply is in need of stout digital defenses to protect it. 'It pretty much exposes the fragility of our whole grocery system,' said Gregory Esslinger, a distribution expert, brand adviser and former UNFI manager. 'It's a national security issue, honestly.' Based in Providence, Rhode Island, UNFI has about $31 billion in revenue and supplies 30,000 stores nationwide. 'It's been years, but they're still gradually integrating the SuperValu systems,' Esslinger said of UNFI. 'When you integrate systems, you potentially open doors to issues like this.' While operations at the country's largest publicly traded grocery wholesaler have edged back to normal after UNFI detected the attack June 5 and shut down its ordering systems, preventing and better responding to the next hack will be the greater test. 'If it happens again, that would be the end of them,' Esslinger said. 'The confidence would be shattered.' Having a handful of big suppliers like UNFI distribute the majority of the nation's groceries can help keep the price of food down, but it carries enormous risk when something goes wrong. Every part of the supply chain should take note of what happened and revisit their security plans, experts said. 'If you're in the industry, this is a great opportunity to take this to the board, ask for the budget, ask for what you need to mitigate the risks,' said Cliff Steinhauer, director of information security and engagement at the National Cybersecurity Alliance. 'You know the phrase, 'Don't let a good crisis go to waste.' I hate to say that, but you can take incidents like this and quantify it.' Steinhauer and others believe the attack on UNFI was likely ransomware. Typically, that means a hacker has been able to access and lock up key systems, promising to free them only after the target pays a ransom. 'It does have all the telltale signs of a ransomware attack because the apparent effects are so widespread,' said Adam Marrè, the chief information security officer at the Minnesota-based cybersecurity firm Arctic Wolf. But the company has released few details. UNFI on Wednesday declined to answer questions about the nature of the attack 'as the investigation is ongoing.' 'We've made significant progress toward safely restoring our electronic ordering systems,' the company said in a statement. UNFI distribution centers are again taking orders and making deliveries as of Sunday. Beyond the threat of Americans being unable to access food, attacks like these are also devastating to the company. Every moment of downtime in the logistics business is financially costly. Guggenheim analysts took down their quarterly sales estimate for UNFI by $250 million, a projected 3% hit to the wholesaler's top line. UBS analyst Mark Carden wrote the impact could last much longer. 'We do see some risk to customer retention,' Carden wrote. 'We expect disruption to UNFI's (revenue) to persist over the next few quarters.' It's that kind of damage that makes grocery distributors and other key links in the supply chain such attractive victims for hackers. 'Ransomware actors target industries more likely to pay than not pay,' Marrè said. 'It appears they chose not to pay the ransom, which we recommend and so does law enforcement, but we also understand the business and life-saving realities surrounding that decision.' The UNFI attack follows other critical infrastructure hacks like the Colonial Pipeline in 2021. Any other companies those spooked should take precautions and practice response plans, Marrè said. 'Prevention is great,' he said. 'But at the end of the day, the ability to detect and respond to an incident is a must. There needs to be backup plans and alternates in your supply chain.' Esslinger said a number of factors might have contributed to the UNFI cyberattack and resulting shutdown, which stalled deliveries and, in some warehouses, saw employees taking orders on pen and paper. 'It's some lack of foresight or planning,' he said. 'The other train of thought is they recently laid off a number of people and outsourced some roles. Did that open the door?' 'UNFI regularly evaluates and adopts new tools and technologies as appropriate to strengthen our information security program to address evolving threats,' the company said in a statement, 'and we are continually taking steps to further enhance the security of our systems.' Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
a day ago
- Business
- Yahoo
Is Best Buy Stock Underperforming the Dow?
With a market cap of $14.3 billion, Best Buy Co., Inc. (BBY) is a leading multinational specialty retailer of consumer electronics, appliances, and related services. Operating in the United States and Canada, the company serves customers through various brands such as Best Buy, Geek Squad, Lively, and Pacific Kitchen and Home. Companies valued at more than $10 billion are generally considered 'large-cap' stocks, and Best Buy fits this criterion perfectly. Best Buy offers a wide range of products and services through its physical stores and online platforms, including technology solutions, home essentials, and health-focused offerings. 'It Has No Utility': Warren Buffett Doesn't Care How High Gold Goes, He Isn't a Buyer OpenAI CEO Sam Altman Says 'We Are Heading Towards a World Where AI Will Just Have Unbelievable Context on Your Life' Archer Aviation Is Betting Big on Its Fledgling Defense Business. Does That Make ACHR Stock a Buy Here? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Shares of the Richfield, Minnesota-based company have declined 34.7% from its 52-week high of $103.71. Over the past three months, its shares have decreased 7.3%, underperforming the broader Dow Jones Industrials Average's ($DOWI) 1.4% rise during the same period. Longer term, BBY stock is down over 21% on a YTD basis, a steeper drop than DOWI's marginal decline. Moreover, shares of the consumer electronics retailer have dipped 27.6% over the past 52 weeks, compared to DOWI's 8.6% increase over the same time frame. The stock has been in a bearish trend, consistently trading below its 50-day and 200-day moving averages since March. However, it has risen above its 50-day moving average since May. Despite posting a better-than-expected Q1 2026 adjusted EPS of $1.15, Best Buy shares fell 7.3% on May 29 due to a significant cut in its full-year comparable sales and adjusted EPS guidance to $6.15 - $6.30. Investor sentiment was further dampened by concerns over rising U.S. tariffs, which could increase costs on imported goods, roughly 30% - 35% of Best Buy's inventory, pressuring margins and consumer demand for high-ticket items. Additionally, BBY stock has performed weaker than its rival, Ulta Beauty, Inc. (ULTA). ULTA stock has returned 8.9% YTD and 23.8% over the past 52 weeks. Despite the stock's underperformance, analysts remain moderately optimistic about its prospects. The stock has a consensus rating of 'Moderate Buy' from 23 analysts in coverage, and as of writing, BBY is trading below the mean price target of $79.10. On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
Yahoo
a day ago
- Politics
- Yahoo
Melissa Hortman was a climate and clean energy champion for Minnesota
Former Minnesota House Speaker Melissa Hortman is being remembered by advocates and lawmakers as one of the most important climate and clean energy leaders in the state's history. From the state's trailblazing community solar program to the flurry of energy and environmental laws adopted during Democrats' 2023 trifecta, Hortman had a hand in passing some of the country's most ambitious, consequential state-level clean energy policy during her two-decade legislative career. Hortman, who was a Democrat, and her husband Mark were shot and killed in their suburban Minneapolis home Saturday in what authorities say was a politically motivated assassination. The alleged gunman, Vance Boelter, is also charged with attempted murder for shooting Democratic Minnesota state Sen. John Hoffman and his wife Yvette. Hortman, who was 55 years old, twice tried for a state House seat before finally winning in 2004. Moving through the ranks of House leadership, the attorney served as speaker pro tempore, deputy minority leader, and minority leader before becoming speaker in 2019 and serving in that role for three legislative sessions. 'Clean energy was her first love,' said Michael Noble, who worked with Hortman for more than 20 years during his time as executive director of the Minnesota-based clean-energy policy advocacy organization Fresh Energy. 'She really mastered the details and dug deep into climate and clean energy.' Hortman chaired the House Energy Policy Committee in 2013, a standout year for solar policy in which she helped pass legislation establishing one of the country's first community solar programs, and also a law requiring utilities to obtain 1.5% of their electricity from solar by 2020, with a goal of 10% by 2030. 'That was the year we put solar on the map,' Noble said. Community solar advocate John Farrell recalled answering Hortman's questions in detail concerning the benefits and drawbacks of community solar during meetings. She was preparing to defend the bill and convince others, even Republicans, that it could be something they could support. 'She wasn't going to tell them something untrue,' said Farrell, who directs the Energy Democracy Initiative at the Institute for Local Self-Reliance, an advocacy group. 'She was going to seek reasons why this policy might be something that they would care about or that it might align with their values.' Nicole Rom, former executive director of the Minnesota-based youth climate advocacy group Climate Generation, said Hortman was committed to educating herself on climate issues. Hortman attended the United Nations' Conference of the Parties (COP) climate conferences and was part of the University of Minnesota's delegation at the 2015 Paris climate talks, where her vision for more ambitious state climate goals and policy may have begun to percolate, Rom said. The result was the strong climate legislation Minnesota accomplished in 2023, Rom said. 'If she never served a day before or a day after the 2023 session, she would still go down in history as an incredible leader,' said Peter Wagenius, legislative and political director of the Sierra Club's Minnesota chapter. After Democrats won control of the state House, Senate, and governor's office in the 2022 election, Hortman understood the trifecta was a rare opportunity that may not arise for another decade, he said. The following year, Hortman combined her skills and experience as a legislator, committee chair, and political leader to push forward an agenda that would fundamentally transform clean energy and transportation in Minnesota while solidifying her reputation as one of the legislative body's greatest leaders. The session's accomplishments included a state requirement of 100% carbon-free electricity by 2040, along with more than 70 other energy and environmental policy provisions that created a state green bank, funded renewable energy programs, supported sustainable building, and increased funding for transit. Other laws passed that year required the state to consider the climate impacts of transportation projects, provided electric vehicle rebates, revised the community solar program to focus on lower-income customers, and improved grid-interconnection bottlenecks. When the trifecta arrived, she ensured her colleagues were 'ready to move on a whole list of items in an unapologetic way,' Wagenius said. Hortman also practiced 'intergenerational respect' by elevating and helping pass laws proposed by first- and second-term legislators, he said. Democratic Rep. Patty Acomb said Hortman empowered others within the party, made legislators feel they were 'like a team,' and had a habit of never taking credit for legislative success. 'She shied away from that,' Acomb said. Acomb, who began serving in 2019, became chair of the House Climate and Energy Finance and Policy Committee four years later. She credits Hortman with that opportunity and with making Minnesota a national leader in clean energy. 'In so many ways, she was a trailblazer,' she said. Gregg Mast, executive director of the industry group Clean Energy Economy Minnesota, said Hortman followed up on the historic 2023 session with a 2024 legislative agenda that built upon the previous year's success. The Legislature made the permitting process for energy projects less onerous while passing a handful of other measures promoting clean buildings and transportation. 'She knew that ultimately, to reach 100% clean energy by 2040, we actually needed to be putting steel in the ground and building these projects,' Mast said. Ben Olson, legislative director for the Minnesota Center for Environmental Advocacy, first met Hortman 20 years ago while lobbying for an environmental bill. He found her to be kind, witty, and pleasantly sarcastic, the kind of legislator who asked questions, closely listened to responses, and offered sage advice. 'Everyone liked her, and she was close to everybody who had spent time with her,' he said. Ellen Anderson, a former Democratic state senator and clean energy champion, remembered when Hortman asked if she could co-teach a course with her on climate change at the University of Minnesota in 2015. Hortman came prepared for classes with notebooks of data and information. 'She was super organized,' Anderson said. Rom thinks Hortman's love for nature drove her climate and clean energy advocacy. The legislator loved hiking, biking, gardening, and other outdoor activities. In a blog post for Climate Generation before attending the UN's 2017 climate conference, Hortman wrote about the impact of climate change on trees and how she had planted nearly two dozen in her backyard to offset her family's carbon emissions. It was a message not lost on her two children, Colin and Sophie, who suggested in a statement that people commemorate their parents by planting a tree, visiting a park or trail, petting a dog, and trying a new hobby. 'Hold your loved ones a little closer,' they wrote. 'Love your neighbors. Treat each other with kindness and respect. The best way to honor our parents' memory is to do something, whether big or small, to make our community just a little better for someone else.'
a day ago
- Politics
Man charged with killing lawmaker could face rarity for Minnesota: the death penalty
MINNEAPOLIS -- The man charged with killing a prominent Minnesota lawmaker and wounding another could face something that is a rarity for Minnesota but could become more common under the Trump administration: the death penalty. Minnesota abolished capital punishment in 1911, and the state's last execution was a botched hanging in 1906. But federal prosecutors announced charges against Vance Boelter on Monday that can carry the death penalty. It's not unheard of for state and federal prosecutors to both pursue criminal cases for the same offense, especially in high-profile matters. In this case federal authorities essentially grabbed the lead from the state prosecutor, Hennepin County Attorney Mary Moriarty. Boelter had been scheduled to make his first court appearance on state charges Monday, but instead marshals took him from the county jail to the U.S. courthouse in St. Paul, where he appeared on the more serious federal charges. Boelter is accused of fatally shooting former Democratic House Speaker Melissa Hortman and her husband, Mark, in their home early Saturday in the northern Minneapolis suburbs. Before that, authorities say, he also shot and wounded another Democrat, Sen. John Hoffman, and his wife, Yvette, who lived a few miles away. He surrendered Sunday night after what authorities have called the largest search in Minnesota history. Two of the six federal counts can carry the death penalty, something federal prosecutors have not sought in a Minnesota-based case since the Supreme Court reinstated capital punishment in 1976. 'Will we seek the death penalty? It's too early to tell. That is one of the options,' Acting U.S. Attorney Joseph Thompson said Monday at a news conference where he revealed new details of what he described as a meticulously planned attack. They included allegations that Boelter also stopped at the homes of two other lawmakers that night and had dozens of other Democrats as potential targets, including officials in other states. Boelter's federal defenders have declined to comment on the case, and he has not entered a plea. On her first day in office in February, Attorney General Pam Bondi lifted a moratorium on federal executions that was imposed under the Biden administration in 2021. Only three defendants remain on federal death row after Biden converted 37 of their sentences to life in prison. Bondi has since authorized federal prosecutors to seek the death penalty in at least three cases, including against Luigi Mangione for the killing of UnitedHealthcare CEO Brian Thompson. In the other two cases, the Justice Department has said it is seeking the death penalty against defendants charged with killing fellow prison inmates. President Donald Trump's first administration carried out 13 federal executions, more than the administration of any other president in modern history. The federal intervention in Boelter's case appeared to irritate Moriarty, the county's former chief public defender, who was elected on a police reform and racial justice platform in 2022 after the police killing of George Floyd. At a news conference Monday to announce the state charges, Moriarty gave only vague answers in response to questions about the interplay between the federal and state investigations. But she acknowledged 'there's a tension' and said federal officials 'can speak for themselves.' Moriarty said she intends to press forward in state court regardless and to seek an indictment for first-degree murder for the killings of the Hortmans, which would carry a mandatory sentence of life without parole. Her office did not immediately respond to a request for further comment Tuesday. As evidence of the tensions, the county attorney refused to clarify how Boelter' first hearings would play out. Court records show that Boelter was called for a first appearance in Hennepin County on Monday and that because he was not there as he was in federal custody, the judge issued a bench warrant as a formality, as requested by prosecutors. 'Usually murder cases are overwhelmingly handled in state courts,' said Mark Osler, a death penalty expert at the University of St. Thomas School of Law in Minneapolis. 'Clearly this is something of national interest. And that seemed to play a role in the decision that the Justice Department is making here.' Osler, who formerly served as Moriarty's deputy county attorney and head of her criminal division, as well as assistant U.S. attorney in Detroit, acknowledged that there are often tensions between state and federal prosecutors. 'There's no doubt that it's complicated,' Osler said. 'And it's hard to avoid the sense of the older sibling grabbing something away from the younger sibling.' If federal officials do pursue the death penalty, Osler said, they will face an unusual challenge: 'a jury pool drawn from the citizens of a state that has rejected the death penalty for over 100 years. It's not the same as choosing people in a state where there's a history of support for the death penalty, such as Texas.' After his federal court appearance, Boelter was taken to the Sherburne County Jail in suburban Elk River, where federal prisoners are often held. Thompson told reporters that the federal case 'does not nullify the state charges. They remain in place. ... My expectation based on prior cases is the federal case, the federal charges, will be litigated first, but the state charges won't necessarily go anywhere.' Boelter's next federal court appearance is June 27. He does not have any further appearances scheduled in state court. 'There's a natural competitiveness that occurs sometimes between jurisdictions, but you have to hope that in the end, they're all facing the same way where there's something as important to public safety as this case is,' Osler said.
Mint
2 days ago
- Politics
- Mint
Minnesota murder case could mark rare return of death penalty; Vance Boelter faces possible federal execution
The man charged with killing a prominent Minnesota lawmaker and wounding another could face something that is a rarity for Minnesota but could become more common under the Trump administration: the death penalty. Minnesota abolished capital punishment in 1911, and the state's last execution was a botched hanging in 1906. But federal prosecutors announced charges against Vance Boelter on Monday that can carry the death penalty. It's not unheard of for state and federal prosecutors to both pursue criminal cases for the same offense, especially in high-profile matters. In this case federal authorities essentially grabbed the lead from the state prosecutor, Hennepin County Attorney Mary Moriarty. Boelter had been scheduled to make his first court appearance on state charges Monday, but instead marshals took him from the county jail to the US courthouse in St Paul, where he appeared on the more serious federal charges. Boelter is accused of fatally shooting former Democratic House Speaker Melissa Hortman and her husband, Mark, in their home early Saturday in the northern Minneapolis suburbs. Before that, authorities say, he also shot and wounded another Democrat, Sen. John Hoffman, and his wife, Yvette, who lived a few miles away. He surrendered Sunday night after what authorities have called the largest search in Minnesota history. Two of the six federal counts can carry the death penalty, something federal prosecutors have not sought in a Minnesota-based case since the Supreme Court reinstated capital punishment in 1976. 'Will we seek the death penalty? It's too early to tell. That is one of the options,' Acting US Attorney Joseph Thompson said Monday at a news conference where he revealed new details of what he described as a meticulously planned attack. They included allegations that Boelter also stopped at the homes of two other lawmakers that night and had dozens of other Democrats as potential targets, including officials in other states. Boelter's federal defenders have declined to comment on the case, and he has not entered a plea. On her first day in office in February, Attorney General Pam Bondi lifted a moratorium on federal executions that was imposed under the Biden administration in 2021. Only three defendants remain on federal death row after Biden converted 37 of their sentences to life in prison. Bondi has since authorized federal prosecutors to seek the death penalty in at least three cases, including against Luigi Mangione for the killing of UnitedHealthcare CEO Brian Thompson. In the other two cases, the Justice Department has said it is seeking the death penalty against defendants charged with killing fellow prison inmates. President Donald Trump's first administration carried out 13 federal executions, more than the administration of any other president in modern history. The federal intervention in Boelter's case appeared to irritate Moriarty, the county's former chief public defender, who was elected on a police reform and racial justice platform in 2022 after the police killing of George Floyd. At a news conference Monday to announce the state charges, Moriarty gave only vague answers in response to questions about the interplay between the federal and state investigations. But she acknowledged 'there's a tension' and said federal officials 'can speak for themselves.' Moriarty said she intends to press forward in state court regardless and to seek an indictment for first-degree murder for the killings of the Hortmans, which would carry a mandatory sentence of life without parole. Her office did not immediately respond to a request for further comment Tuesday. As evidence of the tensions, the county attorney refused to clarify how Boelter' first hearings would play out. Court records show that Boelter was called for a first appearance in Hennepin County on Monday and that because he was not there as he was in federal custody, the judge issued a bench warrant as a formality, as requested by prosecutors. 'Usually murder cases are overwhelmingly handled in state courts,' said Mark Osler, a death penalty expert at the University of St. Thomas School of Law in Minneapolis. 'Clearly this is something of national interest. And that seemed to play a role in the decision that the Justice Department is making here.' Osler, who formerly served as Moriarty's deputy county attorney and head of her criminal division, as well as assistant U.S. attorney in Detroit, acknowledged that there are often tensions between state and federal prosecutors. 'There's no doubt that it's complicated,' Osler said. 'And it's hard to avoid the sense of the older sibling grabbing something away from the younger sibling.' If federal officials do pursue the death penalty, Osler said, they will face an unusual challenge: 'a jury pool drawn from the citizens of a state that has rejected the death penalty for over 100 years. It's not the same as choosing people in a state where there's a history of support for the death penalty, such as Texas.' After his federal court appearance, Boelter was taken to the Sherburne County Jail in suburban Elk River, where federal prisoners are often held. Thompson told reporters that the federal case 'does not nullify the state charges. They remain in place. ... My expectation based on prior cases is the federal case, the federal charges, will be litigated first, but the state charges won't necessarily go anywhere.' Boelter's next federal court appearance is June 27. He does not have any further appearances scheduled in state court. 'There's a natural competitiveness that occurs sometimes between jurisdictions, but you have to hope that in the end, they're all facing the same way where there's something as important to public safety as this case is,' Osler said.
