Forget nightcaps – an afternoon tipple is the new way to squeeze socialising into your evening, while still getting to bed on time. A great idea or a recipe for disaster? Name: The daycap. Age: As old as fermentation, and impatience. Continue reading...
Forget nightcaps – an afternoon tipple is the new way to squeeze socialising into your evening, while still getting to bed on time. A great idea or a recipe for disaster? Name: The daycap. Age: As old as fermentation, and impatience. Continue reading...
jetcityimage/iStock Editorial via Getty Images Investment Thesis I maintain the Hold recommendation on Lennar ( LEN ) shares, as I do not see strong drivers for share price growth in the coming quarter. The Q4 financial results turned out to be weak, as I predicted in the October article , and the high cost of mortgages continues to put pressure on margins. In my opinion, the market price of the s...
jetcityimage/iStock Editorial via Getty Images Investment Thesis I maintain the Hold recommendation on Lennar ( LEN ) shares, as I do not see strong drivers for share price growth in the coming quarter. The Q4 financial results turned out to be weak, as I predicted in the October article , and the high cost of mortgages continues to put pressure on margins. In my opinion, the market price of the shares is close to fair value, and there is no potential for growth at the moment. At the same time, I see no reason to recommend a Sell rating, so I recommend that current investors simply hold shares and buy them back only with a strong correction of 10-20% from the current price ($121 at the time of writing the article). Margin Sacrificed for Volume Growth I analyzed the entire business model of the company in great detail in my first article about the company and analyzed the Q3 report in the second article, so I do not hesitate to recommend studying them before reading this material, especially for those readers who are not familiar with Lennar. Investor Presentation The last quarter of 2025 turned out to be frankly unsuccessful for the company. I warned investors about this back in late October. The company's total revenue was $9.37 billion , down 6% yoy. The consensus expected the company to earn about $9.13 billion, which is 2.6% lower than the actual result. It seems to be ahead of market forecasts , but still the result is weak in dynamics. In Q4’2024, the company sold houses at an average price of $430 thousand, and in Q4’2025, the average selling price decreased by 10% yoy, so the company was forced to sell houses for an average of $386 thousand. This is the main reason for the drop in revenue. And in fact, no one expected that the average price would rise in Q4—the management itself was focused on $380-390 thousand. Compared to Q3, the price increased by $3,000. But at the same time, the company handed over 4% more houses to buyers (23,034), which smoothed out t...
Corn price action is down fractionally to 1 1/2 cents so far on Monday morning. Futures were up 1 to 4 cents across the front months on Friday, as March was down 4 ¼ cents last week. Spillover support from gains in wheat was helping. Preliminary open interest was down...
Corn price action is down fractionally to 1 1/2 cents so far on Monday morning. Futures were up 1 to 4 cents across the front months on Friday, as March was down 4 ¼ cents last week. Spillover support from gains in wheat was helping. Preliminary open interest was down...
Stream Realty Partners, a national commercial real estate firm offering an integrated platform of services, announces the sale of Buildings 9 and 10 at Empire West, a premier Class A industrial development located at 100 Empire Boulevard in Brookshire, Texas. The two buildings, totaling 1,655,523 square feet, are 100% leased to Tesla under long-term, investment-grade tenancy and were acquired by B...
Stream Realty Partners, a national commercial real estate firm offering an integrated platform of services, announces the sale of Buildings 9 and 10 at Empire West, a premier Class A industrial development located at 100 Empire Boulevard in Brookshire, Texas. The two buildings, totaling 1,655,523 square feet, are 100% leased to Tesla under long-term, investment-grade tenancy and were acquired by BGO, on behalf of an institutional investor.
MercadoLibre stands as the preeminent e-commerce and fintech ecosystem in Latin America. Headquartered in Uruguay and operating across 18 countries, the company functions as the region's leading online marketplace, integrated payments platform (Mercado Pago), logistics network and advertising solutions provider. Serving more than 94 million users, MercadoLibre drives the shift from offline to digi...
MercadoLibre stands as the preeminent e-commerce and fintech ecosystem in Latin America. Headquartered in Uruguay and operating across 18 countries, the company functions as the region's leading online marketplace, integrated payments platform (Mercado Pago), logistics network and advertising solutions provider. Serving more than 94 million users, MercadoLibre drives the shift from offline to digital commerce and finance, with its fintech segment now accounting for a growing share of revenue through payments processing, credit offerings and digital wallets. Recent performance underscores this optimism: third-quarter 2025 revenue reached roughly $7.41 billion, a 39% year-over-year increase, supported by record buyer activity and fintech total payment volume growth of over 40%. Street consensus (the average of the full-year estimates from sell-side analysts) is that MercadoLibre will do about $28.6 billion in revenue in 2025. We'll learn on Tuesday (when the company reports its Q4 2025 results) whether they achieve this. The fly in the ointment is that operating expenses have grown faster than revenues, resulting in ~200 basis points of margin compression. This followed a 250-basis-point compression in margins between fiscal years 2023 and 2024. Growth runway Top-line growth shouldn't be hard for MercadoLibre to achieve, as E-commerce penetration in Latin America remains well below developed-market levels, offering a significant growth runway. MercadoLibre's vertically integrated model generates powerful network effects, high switching costs and data-driven efficiencies across commerce, payments, and logistics. Strategic investments in last-mile delivery, free-shipping programs and credit products are deepening user engagement while defending market share against regional and global competitors. If the company hits Street expectations and consensus estimates for FY 2026 adjusted EPS of just under $60 per share remain intact, MercadoLibre is trading at a very reasonabl...
President Donald Trump is likely to tackle the elevated cost of living in his State of the Union address on Tuesday night. Here’s a look at what he has promised on that front — and whether he’s delivering.
President Donald Trump is likely to tackle the elevated cost of living in his State of the Union address on Tuesday night. Here’s a look at what he has promised on that front — and whether he’s delivering.
In early trading on Monday, shares of Verizon Communications topped the list of the day's best performing Dow Jones Industrial Average components, trading up 1.6%. Year to date, Verizon Communications registers a 22.9% gain. And the worst performing Dow component thus far on t
In early trading on Monday, shares of Verizon Communications topped the list of the day's best performing Dow Jones Industrial Average components, trading up 1.6%. Year to date, Verizon Communications registers a 22.9% gain. And the worst performing Dow component thus far on t
Commodore Capital disclosed a buy of 400,161 shares of Spyre Therapeutics (NASDAQ:SYRE) , an estimated $10.46 million trade based on quarterly average pricing, per a February 17, 2026, SEC filing. According to a February 17, 2026, SEC filing , Commodore Capital increased its position in Spyre Therapeutics by 400,161 shares during the fourth quarter. The estimated transaction value is $10.46 millio...
Commodore Capital disclosed a buy of 400,161 shares of Spyre Therapeutics (NASDAQ:SYRE) , an estimated $10.46 million trade based on quarterly average pricing, per a February 17, 2026, SEC filing. According to a February 17, 2026, SEC filing , Commodore Capital increased its position in Spyre Therapeutics by 400,161 shares during the fourth quarter. The estimated transaction value is $10.46 million, based on the mean unadjusted closing price for the period. The quarter-end value of the stake rose by $44.92 million, a figure that includes both share accumulation and stock price appreciation. Spyre Therapeutics, Inc. is a biotechnology company focused on innovative antibody-based therapies for inflammatory bowel disease. With a pipeline of differentiated preclinical assets, the company leverages advanced biologic platforms to address unmet needs in ulcerative colitis and Crohn's disease. Its strategy centers on scientific innovation and targeted therapeutic development to establish a competitive position in the IBD treatment landscape. Continue reading
Novo Nordisk Chief Scientific Officer Martin Holst Lange discusses the recent clinical trial results of the company's weight loss obesity shot CagriSema, which delivered less weight loss than Eli Lilly’s tirzepatide. Holst Lange also outlines Novo Nordisk's broader obesity treatment pipeline. He speaks on "Bloomberg Open Interest." (Source: Bloomberg)
Novo Nordisk Chief Scientific Officer Martin Holst Lange discusses the recent clinical trial results of the company's weight loss obesity shot CagriSema, which delivered less weight loss than Eli Lilly’s tirzepatide. Holst Lange also outlines Novo Nordisk's broader obesity treatment pipeline. He speaks on "Bloomberg Open Interest." (Source: Bloomberg)
Famous Last Words is a series of interviews conducted with notable names and only released after their death and is offers an incredible opportunity Exactly one day after the death of actor Eric Dane, a new show appeared on Netflix. Entitled Famous Last Words, it consisted of an interview with none other than Eric Dane himself. While at first the timing of the release might have seemed coincidenta...
Famous Last Words is a series of interviews conducted with notable names and only released after their death and is offers an incredible opportunity Exactly one day after the death of actor Eric Dane, a new show appeared on Netflix. Entitled Famous Last Words, it consisted of an interview with none other than Eric Dane himself. While at first the timing of the release might have seemed coincidental at best and exploitative at worst, the reality of the interview was something else entirely. Dane, it transpired, had recorded the interview in full knowledge that he was dying. What’s more, he conducted it on the understanding that it would only be released in the event of his death. Because this is the conceit behind Famous Last Words. It exists as a living obituary, as an opportunity to go on the record for the very last time to contextualise their life in a manner of their choosing. Continue reading...
Dmitry Vinogradov Evercore said its AI channel checks related to Networking and Optics are positive for Nvidia ( NVDA ), Broadcom ( AVGO ), Astera Labs ( ALAB ), Marvell Technology ( MRVL ), and Macom Technology Solutions ( MTSI ). "Our checks with 20 AI-Engineers confirm our view that connectivity remains a key bottleneck in AIsystems (both supply and speed), and that companies that deliver solut...
Dmitry Vinogradov Evercore said its AI channel checks related to Networking and Optics are positive for Nvidia ( NVDA ), Broadcom ( AVGO ), Astera Labs ( ALAB ), Marvell Technology ( MRVL ), and Macom Technology Solutions ( MTSI ). "Our checks with 20 AI-Engineers confirm our view that connectivity remains a key bottleneck in AIsystems (both supply and speed), and that companies that deliver solutions at scale will enjoy tailwinds to revenues and margins. Every hyperscaler has a different strategy and supply chain – we think the checks are positive for NVDA, AVGO, ALAB, MRVL and MTSI, and we reiterate our OP [Outperform] ratings on each," said analysts led by Mark Lipacis. Nvidia ( NVDA ) The analysts said Nvidia appears to be working towards having a Co-packaged Optics, or CPO, scale-up version of the NVLink switch in alignment with the Rubin Ultra release in the second half of 2027, although some believe it will more likely happen in 2028. The analysts noted that they believe Peripheral Component Interconnect Express, or PCIe, and Ethernet have a chance to take share from NVLink, but NVLink will be viewed as having superior performance. The analysts added that Nvidia developed its own Digital Signal Processors, or DSPs, at 1.6T (terabits per second) and is expected to serve 50% of its internal demand with them and the remaining from Broadcom ( AVGO ). Broadcom ( AVGO ) Lipacis and his team said that Broadcom's Electro-Absorption Modulated Lasers, or EML, capacity is increasing from 43M to 44M in 2025 to 50M in 2026, and the Continuous Wave, or CW, laser is expanding from 15M to 16M in 2025 to 30M in 2026. The analysts added that non-Broadcom switches struggle to support Linear-drive Pluggable Optics, or LPO modules. The analysts noted that the company's 1.6T DSPs are considered best-in-class, and a majority of Meta Platforms' ( META ) 1.6T DSP demand is expected to go to Broadcom. Astera Labs ( ALAB ) Amazon's ( AMZN ) Trainium-3 is expected to include ALAB’s Scor...
Dmitry Vinogradov Evercore said its AI channel checks related to Networking and Optics are positive for Nvidia ( NVDA ), Broadcom ( AVGO ), Astera Labs ( ALAB ), Marvell Technology ( MRVL ), and Macom Technology Solutions ( MTSI ). "Our checks with 20 AI-Engineers confirm our view that connectivity remains a key bottleneck in AIsystems (both supply and speed), and that companies that deliver solut...
Dmitry Vinogradov Evercore said its AI channel checks related to Networking and Optics are positive for Nvidia ( NVDA ), Broadcom ( AVGO ), Astera Labs ( ALAB ), Marvell Technology ( MRVL ), and Macom Technology Solutions ( MTSI ). "Our checks with 20 AI-Engineers confirm our view that connectivity remains a key bottleneck in AIsystems (both supply and speed), and that companies that deliver solutions at scale will enjoy tailwinds to revenues and margins. Every hyperscaler has a different strategy and supply chain – we think the checks are positive for NVDA, AVGO, ALAB, MRVL and MTSI, and we reiterate our OP [Outperform] ratings on each," said analysts led by Mark Lipacis. Nvidia ( NVDA ) The analysts said Nvidia appears to be working towards having a Co-packaged Optics, or CPO, scale-up version of the NVLink switch in alignment with the Rubin Ultra release in the second half of 2027, although some believe it will more likely happen in 2028. The analysts noted that they believe Peripheral Component Interconnect Express, or PCIe, and Ethernet have a chance to take share from NVLink, but NVLink will be viewed as having superior performance. The analysts added that Nvidia developed its own Digital Signal Processors, or DSPs, at 1.6T (terabits per second) and is expected to serve 50% of its internal demand with them and the remaining from Broadcom ( AVGO ). Broadcom ( AVGO ) Lipacis and his team said that Broadcom's Electro-Absorption Modulated Lasers, or EML, capacity is increasing from 43M to 44M in 2025 to 50M in 2026, and the Continuous Wave, or CW, laser is expanding from 15M to 16M in 2025 to 30M in 2026. The analysts added that non-Broadcom switches struggle to support Linear-drive Pluggable Optics, or LPO modules. The analysts noted that the company's 1.6T DSPs are considered best-in-class, and a majority of Meta Platforms' ( META ) 1.6T DSP demand is expected to go to Broadcom. Astera Labs ( ALAB ) Amazon's ( AMZN ) Trainium-3 is expected to include ALAB’s Scor...
Lightboxx/iStock via Getty Images On the morning of Friday, February 20, the Supreme Court issued a 55,000-word opinion on President Trump’s tariffs. Citing a backdrop of clear and limited delegations under the International Emergency Economic Powers Act (“IEEPA”), the court invalidated the imposed tariffs. Seeking Alpha readers reacted to the 6-3 decision to strike down the tariffs: the news aler...
Lightboxx/iStock via Getty Images On the morning of Friday, February 20, the Supreme Court issued a 55,000-word opinion on President Trump’s tariffs. Citing a backdrop of clear and limited delegations under the International Emergency Economic Powers Act (“IEEPA”), the court invalidated the imposed tariffs. Seeking Alpha readers reacted to the 6-3 decision to strike down the tariffs: the news alert generated over 1,050 comments . After the court decision, stock markets did not react as if the government would halt all tariffs. The Dow Jones ( DJI ) rose by 0.47%, the Nasdaq ( QQQ ) added 0.9%, and the S&P 500 ( SPY ) ( SP500 ) ( IVV ) gained 0.69%. Stock markets priced in Trump introducing a new 10% global tariff . Hours later, the President increased the newly announced 10% tariff to 15% . What are 1/ the implications of the court ruling, along with the new tariffs announced afterward? 2/ What happens to the U.S. dollar, U.S. debt yields, and metal prices? Most importantly, 3/ how does the court decision reshape U.S. trade negotiations with the rest of the world? 1/ Implications of Court Ruling The Supreme Court invalidated the President’s use of the IEEPA to impose tariffs. It said on page four that “Absent from this lengthy list of specific powers is any mention of tariffs or duties. Had Congress intended to convey the distinct and extraordinary power to impose tariffs, it would have done so expressly, as it consistently has in other tariff statutes.” Issuing tariffs on the claims of national security bears “little on the meaning of IEEPA.” The court said that the IEEPA did not authorize the President to “impose tariffs to deal with the declared drug trafficking and trade deficit emergencies.” Instead, the court said that the authorization requires “clear congressional authorization.” Investors should expect greater debate and decision-making from Congress. This elongates the discussion of tools like tariffs to solve the U.S.’s steep trade deficit. That should be...
Meta’s rumored smartwatch launch adds a fresh hardware catalyst to an already profitable AI-driven advertising machine, but valuation and execution risks still matter.
Meta’s rumored smartwatch launch adds a fresh hardware catalyst to an already profitable AI-driven advertising machine, but valuation and execution risks still matter.
Enablers Submitted by QTR's Fringe Finance There’s an obvious growing failure at the center of modern markets that, as a former short seller, has become beyond obvious to me over the years. It isn’t just fraud or aggressive accounting. It’s the ecosystem that allows both to thrive: financial media that won’t press, and a sell side that won’t risk upsetting management teams they depend on for acces...
Enablers Submitted by QTR's Fringe Finance There’s an obvious growing failure at the center of modern markets that, as a former short seller, has become beyond obvious to me over the years. It isn’t just fraud or aggressive accounting. It’s the ecosystem that allows both to thrive: financial media that won’t press, and a sell side that won’t risk upsetting management teams they depend on for access. We’ve seen this movie before. Enron did not implode because there were no warning signs. It imploded because the warning signs were inconvenient. There were whistleblowers. There were people inside the system who knew the numbers didn’t add up. But complexity was treated as brilliance, and skepticism was treated as cynicism. Analysts admired the innovation. Television hosts admired the executives. And the stock went up—until it didn’t. The same institutional shrug preceded the collapse of Bernard Madoff. And one line is enough about Harry Markopolos: he handed regulators a mathematical proof Madoff’s returns were impossible, and they filed it away until the financial crisis caused Madoff to collapse. The common thread wasn’t ignorance. It was incuriosity. Or, more precisely, selective incuriosity. Now consider Carvana. For years, short sellers have argued that Carvana’s reported outperformance relative to peers strains economic logic. Short seller reports have laid out, in detail, why investors should be extremely cautious with the subprime used car dealer whose numbers blow away its competitors somehow. All you have to do is take an hour and read the damn reports — something apparently no one on the street is capable or doing, or cares to do. Used car retailing is not software. It is capital intensive, cyclical, and brutally competitive. Yet the narrative presented has often been one of operational genius and dramatic margin recovery. Skeptics have focused on the company’s web of related-party entities tied to the founding family, including DriveTime, Bridgecrest, and G...