The Pilbara Minerals Ltd (ASX: PLS) share price is out of form on Thursday.

In afternoon trade, the lithium miner’s shares are down almost 5% to $4.49.

Why is the Pilbara Minerals share price sinking?

Pilbara Minerals shares could be falling today because of a broker note out of Goldman Sachs this morning.

That note has warned investors that lithium prices could be heading materially lower from the second half of calendar year 2023.

Here’s a summary of what Goldman Sachs’ team is expecting from spodumene (6% grade) prices:

• 2022 US$4,233
• 2023 US$4,330
• 2024 US$800
• 2025 US$800

This is expected to be driven by a significant increase in production globally. In fact, the broker estimates that by 2025, global lithium demand will grow to ~1,300kt LCE but lithium production will increase to ~1,700kt LCE.

Are its shares good value now?

Unfortunately, Goldman Sachs doesn’t see enough value in the Pilbara Minerals share price to recommend it as a buy.

According to the note, the broker has initiated coverage on its shares with a neutral rating and $4.50 price target. This is broadly in line with where Pilbara Minerals shares have fallen to this afternoon.

It commented:

We are Neutral-rated on PLS as we see incremental capex spend and near time prices which are supportive of strong FCF yield more than priced into the stock and it is trading broadly in line with peers.

While near-term prices support a strong c. 10-15% FCF yield over and above planned incremental capex spend, we see this as priced in trading at 1.3x NAV on GSe LT US$1,000/t spodumene (peer average 1.3x) implying current pricing persists for ~2 years.

The post Why is the Pilbara Minerals share price having such a shocker on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Here’s the lithium price forecast through to 2025
• ‘Lithium investment is really just beginning’: KPMG
• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Here are the 3 most heavily traded ASX 200 shares on Tuesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Woodside Energy Group Ltd (ASX: WDS) share price is down 3.2% in early afternoon trade.

The S&P/ASX 200 Index (ASX: XJO) energy stock closed yesterday trading for $36.00 per share and is currently trading for $34.84 per share.

With oil prices down again overnight, energy stocks are broadly underperforming today. At the time of writing, the S&P/ASX 200 Energy Index (ASX: XEJ) is down 2.3% compared to a 0.7% loss posted by the benchmark index.

Factoring in today’s intraday losses, the Woodside share price is down 6.5% since the closing bell sounded on 30 November.

So, what can ASX 200 investors expect next?

What’s ahead for the ASX 200 oil and gas company?

Looking ahead to the rest of December, the biggest impact on the Woodside share price is going to be the price of crude oil and natural gas. That’s with the company’s rather underwhelming third-quarter production guidance delivered last month now already factored into current valuations.

As for crude oil prices, Brent crude has dipped from US$79.35 per barrel yesterday to US$77.44 per barrel today. The 2.4% drop sees Brent crude trading for another new low for 2022.

It was only back in March that Brent was fetching right around US$128 per barrel.

While our crystal ball is no clearer than yours, crude prices over the remainder of December are likely to continue battling recent headwinds.

Those include investor concerns over a slowing global economy, alongside the G7 nations imposing a price cap on Russian oil exports.

Supplies also appear to be building in the world’s top economy, likely due to lower demand. Yesterday the US Energy Information Administration (EIA) reported an increase in distillate and gasoline inventories.

And according to Rebecca Babin, a senior energy trader at CIBC Private Wealth Management, energy investors are taking a cautious approach.

“There is literally no risk appetite to buy the dip in crude right now. This is just snowballing into outsize moves,” Babin said (quoted by Bloomberg).

Barring any unexpected events, it’s unlikely crude oil will see a strong rally in December. That will likely see the Woodside share price struggle to post the strong gains the company enjoyed for much of 2022.

Though one tailwind worth noting is China’s moves to reopen from its COVID zero policies. That may not lead to an immediate boost in energy demand, but heading into 2023, the removal of citywide lockdowns should see Chinese consumers and businesses burning a lot more oil and gas.

Woodside share price snapshot

As you can see in the chart below, the Woodside share price is up an impressive 54% in 2022. To put that in some context, the ASX 200 is down 5% year to date.

The post The Woodside share price is down 6% in December. What’s next? appeared first on The Motley Fool Australia.

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More reading

• Woodside share price slides as oil sinks to 2022 low
• 5 things to watch on the ASX 200 on Wednesday
• If I bought $10,000 Woodside shares at the start of the year, how much would they be worth now?
• 5 popular ASX 200 stocks I’m avoiding, plus one that still looks dirt cheap
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The broader ASX is struggling today but gold shares are outperforming. Right now, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has lifted 2.2%.

Meanwhile, the All Ordinaries Index (ASX: XAO) is down 0.72%. Looking to the bigger end of town, the S&P/ASX 200 Index (ASX: XJO) has fallen 0.73%.

The sector’s gain follows a decent night for gold prices. Gold futures price rose 0.9% to US$1,798 an ounce overnight while spot gold ended the United States’ session at around US$1,787 an ounce.

But which ASX gold shares are leading the charge on Thursday? Let’s take a look at three posting gains of as much as 11%.

These 3 ASX gold shares are glittering today

First off the bat are shares in$29 million explorer Odyssey Gold Ltd (ASX: ODY). Its share price is soaring 11.36% to trade at 4.9 cents right now.

Its gains come amid news drilling at the company’s Tuckanarra joint venture project’s Highway Zone has produced more pleasing results.

Assay results from six holes of the 21-hole drilling program have returned significant findings. Odyssey managing director Matt Briggs commented:

These results build upon the outstanding shallow results … received over the last few months.

Bellevue Gold Ltd (ASX: BGL) shares are also rocketing on Thursday, gaining 7.5% to trade at $1.145 at the time of writing.

The stock plummeted 12% yesterday after breaking a two-session trading halt with news of a successful $60 million placement.

The market appears to be taking advantage of Wednesday’s tumble today.

Finally, shares in ASX 200 gold favourite St Barbara Ltd (ASX: SBM) are leaping higher despite the company’s silence. Right now, the stock is up 4.35% at 64.7 cents.

However, the company won’t be wearing its crown for much longer. It will be removed from the ASX 200 in the upcoming quarterly rebalance, to take effect on 19 December.

Of course, that means funds tracking the index will be forced to offload the stock in the coming weeks. That means, as per the law of supply and demand, the near future could be rough on the gold miner’s share price.

The post 3 ASX gold shares rocketing higher on Thursday appeared first on The Motley Fool Australia.

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• Which ASX mining shares have had their dividend yields slashed the most in 2022?
• Why Beach, Bellevue Gold, Block, and Brainchip shares are dropping
• Why is the Bellevue Gold share price on ice today?
• Why Beach, Block, Magellan, and St Barbara shares are dropping
• Guess which gold share is being booted out of the ASX 200

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Woolworths Group Ltd (ASX: WOW) share price is up 0.4% as we head into the lunch hour.

Woolworths shares closed yesterday trading for $34.17 and are currently changing hands for $34.29 apiece.

Woolworths, and indeed most ASX consumer staples shares, are outperforming the S&P/ASX 200 Index (ASX: XJO), with the ASX 200 down 0.7% at this same time.

What are ASX 200 investors considering?

Atop the broader bullish trend in consumer staples stocks, the Woolworths share price is outperforming despite preliminary competition concerns raised by the Australian Competition and Consumer Commission (ACCC) today.

In a release this morning, the ACCC outlined concerns over Woolworths’ proposed acquisition of the independent supermarket operating as SUPA IGA in Karabar and co-located liquor store operating as Liquor Boss, located in New South Wales.

Woolworths and SUPA IGA Karabar are currently competitors in the area.

Commenting on the concerns, ACCC commissioner Liza Carver said:

Competition between supermarkets is important in ensuring different product ranges, promotions, and service offerings. We are concerned that this proposed acquisition is likely to substantially lessen competition in the supply of groceries in the local area.

Within a 5 kilometre radius of SUPA IGA Karabar, it would reduce the number of operators of supermarkets with a significant size and range from four to three, leaving only Woolworths, Coles and ALDI.

Carver noted similar concerns over Woolworths’ proposed liquor store acquisition. Concerns which the Woolworths share price looks to be shrugging off.

“We are also considering whether the acquisition raises similar concerns in relation to liquor stores, by removing the Liquor Boss as an independent competitor to major liquor store operators,” she said.

Back in 2008, the ACCC also opposed Woolworths’ proposed acquisition of the Karabar Supermarket. At the time, the supermarket had different owners and traded under the ‘Supabarn’ banner.

Woolworths share price snapshot

The Woolworths share price, as you can see in the chart below, is down 11% in 2022. That underperforms the 5% losses posted by the ASX 200 so far this calendar year.

The post What’s impacting the Woolworths share price on Thursday? appeared first on The Motley Fool Australia.

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More reading

• 10 ASX shares to buy in 2023
• 5 popular ASX 200 stocks I’m avoiding, plus one that still looks dirt cheap
• What’s in store for the Woolworths share price in December?
• Why did the Woolworths share price have such a ripper November?
• Dividends! Goldman Sachs says these ASX 200 shares are buys for income investors

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Chalice Mining Ltd (ASX: CHN) share price has been a very strong performer on Thursday.

In morning trade, the mineral exploration company’s shares are up over 11% to $6.20.

This latest gain means the Chalice Mining share price has rebounded over 40% since this time last month, as you can see below.

Why is the Chalice Mining share price charging higher?

Investors have been scrambling to buy the company’s shares this morning following the release of a promising update on drilling activities at the 100%-owned Julimar NiCu-PGE Project in Western Australia.

According to the release, drilling activities at the greenfield Hooley Prospect, ~5km north of the current Gonneville Resource, has intersected a significant PGE-nickel-copper-cobalt-gold mineralisation in initial drilling.

Management advised that sulphide mineralisation has been intersected in all five reconnaissance holes from three drill sites over ~1.8km of strike length. Assays are pending for a further nine holes and downhole electromagnetics are currently underway, after which a more definitive interpretation can be made regarding the scale and significance of the newly discovered mineralisation.

And while it notes that the geology and mineralisation at Hooley is quite variable, the high-grade mineralisation encountered so far in initial reconnaissance drilling is considered highly encouraging and highlights the prospectivity of this section of the Julimar Complex.

All in all, this is another promising update that appears to demonstrate the world class potential of the Julimar Complex.

Looking ahead, the company advised that exploration will continue along the Complex targeting extensions to known mineralised zones as well as potential new shallow high-grade zones.

It is also notes that it is possible that different styles of mineralisation (or higher-grade mineralisation) could be intersected along the complex, potentially contributing to the significant long-term value-creation that a world-class mineral district can create.

The post Chalice Mining share price surges 11% on new copper and nickel find appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today
• Why Calix, Chalice Mining, Qantas, and Whitehaven Coal shares are rising

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The Downer EDI Ltd (ASX: DOW) share price is plummeting today after the company downgraded its guidance and revealed a historical accounting error with a potential $40 million impact.

The engineering and construction company has identified historical misreporting of its Australia utilities business’ revenue and work in progress in one of its maintenance contracts.

It also revealed it no longer expects to meet its prior profit guidance following a spate of severe weather.

After opening 29% lower at $3.39, the Downer share price tumbled to a low of $3.31 – marking a 31% plunge. It has since recovered slightly to trade 21.35% lower at $3.775 at the time of writing.

Let’s take a closer look at the news weighing on the S&P/ASX 200 Index (ASX: XJO) share today.

What’s happening with the Downer share price?

The Downer share price is plummeting to a new post-pandemic low as the market reacts to major news on the company’s upcoming earnings.

Irregularities in historical revenue reporting identified

Downer has revealed newly found issues with its past revenue reporting could result in a historical overstatement of pre-tax earnings of between $30 million and $40 million at the end of November 2022.

The company has begun a detailed investigation into the issues that appear to relate to the period between September 2019 and November 2022.

The overstatement appears to have accumulated over financial years 2020, 2021, 2022, and 2023.

Any potential ongoing impact is yet to be determined.

Guidance downgrade

Downer also provided a trading update this morning. The company previously anticipated its underlying post-tax profit would grow between 10% and 20% in financial year 2023. However, such expectations have since been binned.

Downer CEO and managing director Grant Fenn commented on the release decimating the company’s share price today, saying:

Although the business has a general skew to the second-half, we think that the challenge for the last seven months of [financial year 2023] has become too large.

Our road services and utilities businesses have been heavily impacted by weather and all businesses have been battling with staff shortages and supply chain issues.

These issues are dissipating but not in time for 2023 earnings.

Discounting any impact of the accounting irregularities, Downer now expects its full-year underlying profit to come in at between $210 million and $230 million.

Though, that assumes no further disruptions, including those from COVID-19, weather, or labour shortages.

The company will provide another update when it drops its half-year earnings in February.

Downer share price snapshot

The Downer share price is currently 38% lower than it was at the start of 2022. It has also dumped 36% since this time last year.

For comparison, the ASX 200 has fallen 5% year to date and 3% over the last 12 months.

The post Why is the Downer share price sinking 20% on Thursday? appeared first on The Motley Fool Australia.

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• Why CogState, Downer, Temple & Webster, and Woodside shares are dropping

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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ASX shares with exposure to copper are in the spotlight following a bullish outlook for the price of the red metal from Goldman Sachs.

With the broker tipping copper prices will hit new all-time highs in 2023 as demand exceeds supply, copper stocks could be set for some fresh tailwinds.

There are more than a dozen ASX shares exploring for and digging up copper.

Sticking to the biggest three we have:

• Oz Minerals Limited (ASX: OZL), with a market cap of $9.2 billion
• Sandfire Resources Ltd (ASX: SFR), with a market cap of $2.4 billion
• Aeris Resources Ltd (ASX: AIS), with a market cap of $366 million

So, why is Goldman forecasting a surge in prices?

Why might copper prices hit new all-time highs in 2023?

As The Australian Financial Review reports, Goldman has revised its forecast for the copper market in 2023 from the previous 169,000 tonne surplus to its new expectations of a 178,000 tonne deficit.

The bullish revision, certainly to be welcomed by ASX shares producing copper, is based on both supply and demand dynamics.

On the supply side, Goldman expects reduced output from Chile, a major player in the copper space.

On the demand side, China’s reopening as it moves away from its economy hampering COVID zero policies should see a significant boost from the world’s top copper importer. Copper is also widely used in the construction and green energy sectors, both of which Goldman sees powering ahead in 2023.

Copper prices previously hit all-time highs on 4 March this year, at US$10,670 per tonne. ASX copper shares, as you’d expect, rallied over that period.

New record prices would help support ASX copper shares

That March 2022 record will be broken in 2023 if Goldman is correct, with the broker forecasting the red metal to hit US$11,000 per tonne next year.

Commenting on that forecast, Nicholas Snowdon, metals strategist at Goldman Sachs said (quoted by The AFR):

The sequential increase in policy targets and commitments to green transition, alongside a minimal supply response so far… have resulted in earlier and larger open-ended deficit conditions that essentially are already here, not beginning at some point in the future…

Another deficit in the market next year will take fundamental conditions to an unprecedented extreme in terms of tightness.

In longer-term good news for ASX shares hunting for and producing copper, Goldman Sachs forecasts copper prices to remain strong, averaging US$12,000 per tonne in 2024.

Below you can see how the big copper shares have been tracking.

The post Goldman tips record copper prices in 2023. Which ASX shares have exposure? appeared first on The Motley Fool Australia.

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More reading

• Which ASX mining shares have had their dividend yields slashed the most in 2022?
• Up 20% in a month, can the BHP share price continue it’s run in December?
• Here are the top 10 ASX 200 shares today
• ‘Long & bullish’: Expert picks 2 ASX shares to buy as investors flock back to market
• These were the 3 best-performing ASX All Ords shares in November

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s been a big few years for ASX rare earths shares as the market seemingly turned its attention to the critical minerals.

Indeed, the share price of S&P/ASX 200 Index (ASX: XJO) miner Lynas Rare Earths Ltd (ASX: LYC) has soared nearly 400% over the last five years as demand for its products saw its profits surge.

But the ASX 200 giant isn’t the only share involved in rare earths. Here are five others that haven’t yet commanded such attention.

5 often-overlooked ASX shares involved in rare earths

Demand for rare earths could soar in the coming years amid the world’s transition to renewable energy. The materials are a critical component of most technology ­­– including that needed to harness power from the elements and certain batteries.

With this in mind, it’s likely no surprise that Lynas is far from the only ASX share working to produce the elements.

Iluka Resources Limited (ASX: ILU) is a $4 billion mineral sands miner and also works in the rare earths space. The company recently made a final investment decision on its Eneabba rare earths refinery.

Its shares are currently trading for $10.42.

Arafura Rare Earths Ltd (ASX: ARU) is also an ASX rare earths stock. The company is working to kick off construction at its Nolans Project – located 135 kilometres from Alice Springs – in 2023.

Right now, stock in the mining developer is swapping hands for 40.5 cents.

Another ASX rare earths company is Hastings Technology Metals Ltd (ASX: HAS). It’s developing two resources in Western Australia. Its Yangibana project, in the Gascoyne region, covers around 650 square kilometres.

The company’s share price is $3.70 at the time of writing.

The fourth ASX rare earths share market watchers might not have been across is Australian Strategic Materials Ltd (ASX: ASM). As the name suggests, the company is focused on Aussie assets. Its cornerstone project is located in Dubbo, New South Wales, and is ready for construction to begin.

An investor can snap up the stock for $1.60 apiece today.

Finally, ASX share Peak Rare Earths Ltd (ASX: PEK) is, of course, working in the rare earths space.

It’s developing the Ngualla project in Tanzania – one of the world’s largest, highest grade, and lowest cost, neodymium praseodymium deposits. It also has the potential to build a rare earths refinery in the United Kingdom.

The Peak share price is 47.5 cents right now.

The post 5 ASX shares involved with rare earths (aside from Lynas) appeared first on The Motley Fool Australia.

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More reading

• Why Arafura, Mayne Pharma, Pilbara Minerals, and Tyro shares are dropping today
• Arafura share price sinks 12% as Gina buys up big
• Why is the Arafura Rare Earths share price on hold today?
• Lynas share price ‘still appears to have value’: fundie
• Why is the Lynas share price leaping higher today?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Renascor Resources Ltd (ASX: RNU) share price has returned from its trading halt and dropped into the red.

In morning trade, the battery materials explorer’s shares are down 8% to 29.5 cents.

Why is the Renascor share price sinking?

The weakness in the Renascor share price has been driven by the company launching and completing a fully underwritten institutional placement.

According to the release, the company has raised approximately $70 million from institutional investors at a 14% discount of 27.5 cents per share.

The proceeds from the placement will be used to progress the development of the Siviour Battery Anode Material (BAM) project.

Management notes that on a pro forma basis, Renascor is well-funded with a cash balance of $140 million at 30 November 2022.

‘A transformational year’

Renascor’s managing director, David Christensen, appeared to be very pleased with the news. He said:

The completion of this Placement caps off a transformational year for Renascor. The strong demand received from both domestic and offshore institutional investors is a testament to the world-class nature of the BAM Project and the significant steps undertaken by the Company to progress its development, following the recent receipt of the PEPR approval and grant of a conditional A$185 million Australian Government loan under the Critical Minerals Facility.

Christensen also revealed that the placement received strong support from both new and existing institutional investors. He added:

The Placement was well supported by existing Renascor shareholders and will also see a range of new institutional investors join the register. The introduction of these high-quality investors, together with the support shown by existing shareholders, has provided Renascor with the flexibility to bring forward construction and operation of the Siviour upstream operations and allows the Company to take a staged, de-risked approach to BAM Project development.

Renascor expects to progress the BAM Project towards a final investment decision in 2023.

The post Why is the Renascor Resources share price sinking 8% on Thursday? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Link Administration Holdings Ltd (ASX: LNK) share price is having a difficult time on Thursday.

In morning trade, the administration services company’s shares are down over 10% to $3.02.

Why is the Link share price tumbling?

Investors have been selling down the Link share price this morning after the company released an update on a takeover approach.

Early in October, Link received a conditional, non-binding and indicative proposal from Dye & Durham Corporation (D&D) to acquire its Corporate Markets business and all of the BCM business for a total cash consideration of $1.27 billion on a cash and debt free basis.

According to today’s update, despite engaging with D&D over a period of over two months (compared to D&D’s proposed 10 business days), the conditional non-binding proposal has not been able to be progressed to a transaction that is certain, has committed financing, reflects appropriate value, and is on appropriate terms.

The release notes that the latest form of the conditional non-binding proposal from D&D involved a material portion of the consideration being deferred and payable after a two-year period. D&D also proposed a change in the mix of businesses being acquired.

In light of this, the company has ceased discussions with D&D and no binding transaction has resulted.

Trading update

Failing to stop the Link share price from sinking today has been the release of a trading update.

That trading update reveals that Link is trading in line with expectations and is forecasting low single digit revenue growth in FY 2023, with operating EBITDA growth of 8% to 10%.

For the first half of FY 2023, Link expects operating EBIT to be in the $75 million to $80 million range, which is run-rating in line with FY 2023 guidance.

The post Why is the Link share price crashing 10% on Thursday? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Link Administration. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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