Federated did not acquire May to preserve the status quo. They paid a lot of money for it, have a plan, and I would expect they would apply the 'reinvent' initiatives to the May portfolio as they have done successfully in previous acquisitions.

Money is always there but the pockets change.

As the open-source stack grows and grows and takes over more areas, there's less money available in packaged products.

Money is always there but the pockets change

If you walk into any classroom, you'll see the kids in the first few rows. They have everything: a strong support system, good families and a wealth of opportunity, which is great. Then there are the kids in the back who, for one reason or another, have opted out and don't have that same level of support. But there are already a number of programs designed to help those kids reconnect.

We believe that many retailers sought to capture sales early with more compelling discounts before the shock of higher home-heating bills began to weigh on consumers.