Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Track outages and protect against spam, fraud, and abuse
Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
Develop and improve new services
Deliver and measure the effectiveness of ads
Show personalized content, depending on your settings
Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
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LOS ANGELES (KABC) -- Gas prices are climbing at their fastest rate this year, with the average price of a gallon of regular gas in Los Angeles County spiking nearly 20 cents in just 48 hours.
The average price in the county rose 4.8 cents Monday to $5.91, a day after increasing 13.6 cents. However, there are several gas stations in places such as Pasadena where a gallon costs more than $6.
The average price has risen 52 times in the last 57 days, increasing 94.3 cents, according to figures from the AAA and Oil Price Information Service.
It is 39.2 cents more than one week ago, 62.5 cents more than one month ago, and 48.6 cents more than one year ago. It has dropped 57.9 cents since rising to a record $6.494 on Oct. 5, 2022.
One expert told Eyewitness News the increase in prices is due to ongoing refinery issues over the last few weeks and months.
Patrick De Haan, head of petroleum analysis at GasBuddy, said four different refineries in the region have had unexpected power outages recently, which has disrupted the supply to Southern California.
"Gas prices are now up some 50 cents a gallon compared to a month ago because of those unexpected refinery disruptions," he said. "Some of them step back all the way to the 'hurriquake' that shut down and caused issues at refineries. But even in the last week or two, we've seen new issues develop."
One driver, who owns a mobile pet grooming business, was on her way to meet a client and she stopped at a Pasadena gas station where gas is at least $6.16.
She told Eyewitness News she's been navigating the rising gas prices not just over the past few days, but over the last year.
"It's real tough. I have to stop going to farther places... now I just keep it real local, but what can we do about it? We can't do anything," Kathryn Nibley.
De Haan emphasized the importance of shopping around for your gas using websites like GasBuddy to find the cheapest stations - and also make sure to drive fuel-efficiently.
He said the price increases should stick around for another week or two before they start to move downward, but that is dependent on any more possible refinery issues.
The Orange County average price rose 4.2 cents Monday to $5.912, a day after increasing 16.7 cents. It has risen 50 of the past 56 days.
The Orange County average price is 41.5 cents more than one week ago, 67.3 cents more than one month ago and 52.1 cents more than one year ago. It has dropped 54.7 cents since rising to a record $6.459 on Oct. 5.
The national average price rose a half-cent to $3.881, its 11th consecutive increase. It is 4.9 cents more than one week ago, eight-tenths of a cent more than one month ago, and 20.3 cents more than one year ago. It has dropped $1.135 since rising to a record $5.016 on June 14, 2022.
"Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand," Andrew Gross, an AAA national public relations manager, said last week.
"The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant. But the usual decline in pump prices is being stymied for now by these high oil costs."
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The global growth outlook has improved in recent weeks despite concerning data trends out of China. The US and Europe are helping to improve what 2023 real economic expansion will be, and that trend benefits cyclical firms and worldwide energy demand.
I always pay close attention to these moves at the macro level. Today, I am reiterating my hold rating on TORM plc (NASDAQ:TRMD). I assert that the valuation case has turned more upbeat, but the technicals have softened.
Global GDP Growth Estimates on the Rise
Goldman Sachs
According to Seeking Alpha, TRMD operates as a shipping company and it engages in the transportation of refined oil products and crude oil worldwide. It operates in two operating segments, Tanker and Marine Exhaust. The company transports gasoline, jet fuel, naphtha, and gas oil, as well as dirty petroleum products, such as fuel oil. It also engages in developing and producing advanced and green marine equipment.
The London-based $2.1 billion market cap Oil and Gas Storage and Transportation industry company within the Energy sector trades at a low 2.7 trailing 12-month GAAP price-to-earnings ratio and pays a high 27.8% dividend yield as of September 15, 2023. While there is no short interest, the stock has a moderate 37% implied volatility percentage ahead of its November earnings report.
Back in August, TORM reported second-quarterGAAP EPS of $2.14while revenue rose 13.5% year-on-year to $384 million. For FY 2023, Time Charter Equivalent (TCE) earnings are seen in the $1.05 - $1.175 billion range, narrowed from the previous outlook, but on the low end of guidance. EBITDA, meanwhile, was also on the disappointing side with expectations now forecast to be $775 - $900 million. Shares wavered following the announcement, but it was the firm’s best Q2 profit period on record and the company used futures markets to secure freight rates given elevated levels last quarter. The firm issued a $1.50 dividend (paid last week).
Q2 2023 highlights
TORM IR
During theconference call, the management team reported that the company has been expanding its fleet, acquiring 10 secondhand vessels in the first half of the year, focusing on vessels built between 2010 and 2015. The product tanker market has seen increased demand due to geopolitical conflicts (a protracted benefit, which the bulls like to see) and trade recalibration, leading to higher volatility in freight rates. I like the risk management program of engaging in futures trading to hedge some of that risk through Forward Freight Agreements (FFAs). And while OPEC+ oil production cuts have had just modest impacts, I perhaps overstated that risk in myinitial analysis.
Geopolitical tensions leading to a step change towards higher average freight rates
TORM IR
TORM said they are comfortable with extending the service life of vessels beyond 15 years, with associated maintenance costs typically ranging from $0.5 million to $1 million. Cost management is a priority, with strict cost control measures in place across its One Torm platform. A key risk, though, is weak shipyard capacity which could inhibit new ship-building activity.
Onvaluation, analysts expect next-12-month earnings to be near $7 per share. FY 2024 EPS is seendroppingabout 10%, however, as the tanker market normalizes. If we assume $5 of normalized earnings and apply a 7 forward P/E, then shares should be near $35; that is up from my initial analysis. That is a bit more sanguine from my previous outlook based on what appears to be strength persisting in the industry and improved global growth prospects. A modest P/E is warranted given this still-bullish part of the market cycle and a higher margin of safety should be used by value investors here.
TORM: Compelling Valuation Metrics Persisting
Seeking Alpha
Compared to its peers, TRMD features the strongest valuation rating, which is hard to argue with given such low earnings multiples. I differ from the quant system with respect to the growth A-grade, though, since earnings are seen as dipping over the coming quarters with declining top-line growth, too. However, the firm is nicelyprofitableand able to pay large dividends. I'd like to see the stock’smomentumimprove, and another strong earnings report could help improve theconsensus EPS forecast.
Competitor Analysis
Seeking Alpha
Looking ahead, corporate event data provided by Wall Street Horizon shows a confirmed Q3 2023 earnings date of Thursday, November 9 BMO. No other volatility catalysts are expected until then.
Corporate Event Risk Calendar
Wall Street Horizon
The Technical Take
Not a whole lot has changed since myQ2 reviewof TRMD’s chart. Notice in the graph below that shares have been consolidating under the now-falling 200-day moving average. That only serves to further enhance the importance of the $28 to $29 that I called out before - the stock sold off in an attempt to rise above the 200dma in August. Moreover, the $22 to $23 zone was successfully defended by the bulls over the summer, which was encouraging. Long here with a top under, say, $21 could make sense, but I would really like to see the stock climb above an area with high volume by price up to about $30 – that would likely portend an eventual move back toward the $36 to $37 highs from earlier this year.
Of course, holders are paid a very high yield along the way, so keeping a total return perspective is always important. Also, keep your eye on trends in the RSI momentum gauge at the top of the chart – it printed a bearish divergence pattern at the top and a bullish divergence feature as shares formed a near-term low from June through July. Interestingly, volume picked up in August and early September, so traders may be positioning themselves for a big move in the stock.
Overall, it is a slightly bearish chart given the rollover in the 200dma and TRMD trading under that key trend indicator line.
TORM: A Continued Trading Range, Falling 200dma Is Bearish
StockCharts.com
The Bottom Line
I reiterate my hold rating on TRMD. The valuation case improved in my view, but the technicals have turned a bit more bearish.
