Continuing a decline that saw shares end Friday's session lower than the day before, Freshworks (NASDAQ: FRSH) stock is off to a bearish start this week. An analyst has taken a more pessimistic stance on the software stock, and investors have taken note. As of 1:51 p.m. ET, shares of Freshworks are down 7.3%. Image source: Getty Images. Continue reading

The European Central Bank must be “agile” in setting monetary policy, despite currently being well positioned, according to President Christine Lagarde . “We have to assess whether we are in that good place that I’m characterizing now,” the Frenchwoman said Monday in Washington. That implies “that we have to be agile and determine whether something needs to be done.” Following a speech accepting the Paul A. Volcker Lifetime Achievement Award, Lagarde reiterated that policymakers will set interest rates “meeting by meeting, each and every step of the way,” and again described the balance of risks as “broadly balanced.” Officials aren’t keen to tweak borrowing costs, with inflation near their 2% target and economic growth resilient to geopolitical friction and US tariffs. Some worry about a rally in the euro weighing on consumer-price gains, however. The single currency may see renewed strength after the US Supreme Court struck down Donald Trump ’s reciprocal levies last week. Other key comments: Amid speculation about her future, Lagarde reiterated that her “baseline” is to see out her full term as ECB head When asked what the greatest challenge will be for Kevin Warsh when he takes over at the Federal Reserve , she said “to do his job” Central-bank independence is “is critically important to the mission that we have to deliver upon. And I think that without that independence being protected, being cherished and being celebrated as well as protected by accountability, I don’t think that we would be capable of responding in the way we have”

Key PointsBaker Bros. Advisors added 2,005,813 shares of Kymera Therapeutics; the estimated transaction value was $135.45 million.

Anthropic：Claude Code能自动Cobol现代化。 COBOL（全称为 Common Business-Oriented Language，通用面向商业语言）是一门已有数十年历史的编程语言，广泛应用于商业数据处理领域，而这正是IBM的核心业务板块。如今大量交易系统仍基于COBOL运行，包括支付处理、零售交易系统等，使其成为高性价比AI改造的重点目标。 Anthropic在周一的一篇博客文章中提到，举例而言，美国约95%的ATM交易都由COBOL处理。 “每天有数千亿行COBOL代码在生产环境中运行，支撑着金融、航空、政府等领域的关键系统。尽管如此，真正掌握这门语言的人却逐年减少。”Anthropic在博客中写道，“AI非常擅长简化那些曾让COBOL现代化改造成本高到难以承受的工作。” 文章进一步解释，Claude Code能够帮助现代化改造COBOL代码库：梳理数千行代码间的依赖关系、文档化工作流程、识别出 “人类分析师需要数月才能发现” 的风险点。 “遗留代码现代化改造多年停滞不前，原因是理解旧代码的成本比重写还高。而AI彻底扭转了这一局面。”

OlekStock New York Governor Kathy Hochul on Monday announced proposed rules for consumer protection in Buy Now, Pay Later financing options. The rules seek to establish a licensing and supervision framework for the firms; prohibit excessive fees and limit late fees and other penalties; set rules for the timely resolution of consumer disputes; and protect consumer data. Furthermore, lenders can be required to disclose if loans will be reported to credit reporting agencies. Buy Now, Pay Later loans are not subject to uniform rules on disclosure of loan terms, data privacy, credit reporting, and fees that other consumer loans must adhere to, the Monday press statement said . "These new nation-leading regulations ensure that lenders know we have clear disclosures, limits on fees, and real oversight so families don't get pushed into a debt spiral while big financial companies cash in," said Hochul. The draft regulations are subject to a 10-day preproposal comment period beginning today. The law and regulation will take effect 180 days after the rule is adopted. Related tickers include Affirm ( AFRM ), Block ( XYZ ), Klarna ( KLAR ), PayPal ( PYPL ), and Sezzle ( SEZL ). More on related tickers Klarna: Paying Attention Here PayPal stock jumps after stock slump said to spark suitors' interest Optimist Fund takes new stake in Affirm in Q4, exits Fiverr

Getty Images Investment Thesis Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning. Winston Churchill was talking about war. We're talking about a €22 billion balance sheet (reset). Stellantis N.V. ( STLA ) looks like this today: a stock that appears to be in perpetual limbo, at an extraordinary level of undervaluation ( A+, according to Seeking Alpha ), and the market has no confidence in it. Seeking Alpha Is it wrong to have no confidence? Personally, I'm staying Hold, because the multiples are deep value, and it's not easy to ignore them, but they're discounted for a specific reason, not because the market wants to give you opportunities. Why is STLA trading at such low levels? What's really driving these prices? Is it a "value trap"? I'll try to answer these questions with three scenarios as we approach the next earnings release on February 26th. Seeking Alpha Finally, I will conclude by providing an example of how one may theoretically estimate the upside potential based upon a valuation model; however, this will only be possible once credibility returns to the financial reporting. At this point, it is still too early to consider buying an automotive company based solely upon its low price-to-earnings ratio. Company Overview Stellantis has always been a tricky stock to invest in. I've never had much luc k th e few times I've held it. The company is huge, with many well-known brands (e.g., Chrysler, Peugeot, Jeep) and several manufacturing plants located around the world. Company Presentation It has years of history, and there are many national (and international) interests. In the latest preliminary publication, the word "reset" resounded like a cannon, demonstrating how the company has decided to throw in the towel and start over, admitting all its problems in writing. It's a kind of confession. It implies a possible reorganization. It's a restructuring plan. The company announced additional costs of €...

PM Images/DigitalVision via Getty Images Market Review The start of 2025 was marked by political transition and policy changes in Washington, but closed with discussions centered around Artificial Intelligence ( AI ), interest rate cuts, and labor market weakness. The Federal Reserve (Fed) cut interest rates three times in 2025, and while inflation remained stubbornly above its 2% target, growing strain in the labor market may justify further cuts in 2026. The Federal Open Market Committee (FOMC) dot plot shows expectations of one cut, but economists are projecting the possibility of multiple reductions. Despite hiring stagnation, layoffs remain fairly low and real wage growth is steady. PGIM's proprietary recession sentiment indicator developed by the Quantitative Solutions group shows reduced recession fears. The Fed's Q4 Survey of Professional Forecasters projects 1.8% GDP growth over the next year—slower, but not recessionary. Core CPI rose 2.7% year over year in November, coming in below the 3.1% forecast—a downside surprise that may have been distorted due to data disruptions stemming from the government shutdown. Unlike the U.S., the Eurozone is closer to its inflation target, allowing the European Central Bank greater flexibility to cut rates compared to the Fed. In contrast, the Bank of Japan (BoJ) hiked rates to 0.75% in December, as mounting inflation alongside strong GDP growth has set the stage for a hawkish shift in monetary policy. Nonetheless, the BoJ is not expected to hike again until at least the second half of 2026. As 2026 begins, tariffs remain a key issue, with the potential to drive inflation higher and weigh on consumer spending. The Supreme Court is set to review the legality of 2025 tariffs, potentially invalidating more than 70% of them and causing fresh policy uncertainty which could significantly alter trade dynamics. While a temporary U.S.-China trade truce is in place, elevated tariffs are dampening Chinese retail and industrial activ...

财联社2月24日讯（编辑 史正丞） 当地时间周一，美联储理事克里斯托弗·沃勒在第42届全国商业经济学会（NABE）经济政策年会上发表讲话，期间对他的鸽派立场进行些许修正，同时强调美国经济数据正表现出令人困惑的反差。 作为背景，过去半年 沃勒两度投票反对美联储利率决议 ，呼吁美国货币政策制定者应更加重视劳动力市场的疲软信号。 但随着1月非农新增就业人数比之前9个月之和还要高，沃勒也松口了。 （美国非农就业人数，来源：tradingeconomics） 他在周一的演讲中表示， 如果2月数据能延续1月的强劲态势，他将加入大多数同僚行列，支持在3月继续维持现状。 沃勒说道：“如果这些数据能够支持这样的判断：即1月劳动力市场出现改善，并在2月得以延续，同时通胀在向2%目标迈进方面取得进一步进展，那么我的前景判断可能会变得略微更加积极。我对合适货币政策的看法， 可能会在即将召开的会议上倾向于暂停行动 。” 但他也强调，美国经济目前传递出来的信号是矛盾的，连他自己都感到困惑。 沃勒指出，总体而言，美国当前可能正处在一个货币政策制定极为棘手的阶段。“ 这是我职业生涯、甚至人生中第一次看到这样一种情况：经济在增长，但就业零增长 ，”他说，“我甚至不知道该如何去理解，因为我从未见过这种局面。” 他认为，今年要么就业增长会重新出现，要么“我们正处在一个我此生从未见过的经济活动阶段”。他说：“总有些东西必须被纠正。” 基于1月非农就业报告中的例行年度修正，美国2025年全年新增的非农就业数据只有18.1万个，折合每月仅为1.5万。考虑到修订数据仅涵盖前3个月，按照美国就业数据“虚高”的惯例，后面9个月的数字很有可能在明年初迎来一波大幅下修。 沃勒警告称，2025年的就业创造异常疲弱，是自2002年以来、除经济衰退时期外最弱的一年。如果最终数据修订至负数，将会是1945年以来第三次发生这种情况，因此“ 1个月的好消息并不能构成趋势 ”。 他也预告称，如果2月就业数字更贴近2025年的水平，他更有可能继续推动降息，而出现好坏两种结果的概率“几乎是抛硬币”。 沃勒也在周一表示，美国最高法院裁定特朗普总统去年依据《国际紧急经济权力法》（IEEPA）实施的关税非法，可能对消费者和企业需求产生正面影响，但影响幅度及持续时间仍不确定。沃勒也质疑称，如果与关税相关的成本下降，企业是否真的会下调价格，或是在...

格隆汇2月24日｜美国南方司令部：在加勒比海对一艘疑似毒品快艇发动的空袭中，三人被击毙。

PM Images/DigitalVision via Getty Images The Invesco Senior Income Trust ( VVR ) is a closed-end fund that aims to provide its owners with a very high level of current income. The fund seemingly does very well at this task, as it boasts a 13.94% yield at the current share price. While this yield may be attractive, it could be a good idea to be cautious, as the market generally does not allow any security to have a yield that is this high unless it has concerns about the fund’s ability to sustain its distribution. In the case of this fund, that concern might be warranted, as VVR primarily achieves its objectives by investing in floating-rate loans, and the yields of floating-rate securities have been declining over the past two years as the Federal Reserve has attempted to reduce interest rates. Furthermore, the Federal Reserve is widely expected to continue to reduce short-term interest rates over the course of 2026, a move that will cause the income that this fund receives from its portfolio to decline. As the securities in which this fund holds provide little to no capital gains as interest rates decline, it seems certain that the fund will indeed have to cut its distribution in the near future. For this reason, it may be a good idea for investors to remain cautious and hold off on buying this fund until it reduces its distribution to a more sustainable level. The Invesco Senior Income Trust Versus Fixed-Income Indices As mentioned in the introduction, the Invesco Senior Income Trust has a 13.94% yield at the current share price. This almost certainly appears to be very attractive, and one reason for this is that it is substantially higher than the yield of just about any fixed-income index fund. We can see that in this chart: Index/ETF Current Yield Bloomberg U.S. Aggregate Bond Index ( AGG ) 3.85% Bloomberg High Yield Very Liquid Index ( JNK ) 6.54% Vanguard Total World Bond ETF ( BNDW ) 4.08% Vanguard Total International Bond Index Fund ( BNDX ) 4.36% J.P. Morg...

Nacer HA/iStock via Getty Images The last time I wrote about Gilead Sciences, Inc. ( GILD ), it was with respect to a Seeking Alpha article entitled " Gilead: Expansion Of Livdelzi For PBC Continues With European Marketing Approval ". In this article, I mentioned that the European Commission (EC) granted conditional marketing authorization for seladelpar for the treatment of patients with biliary cholangitis (PBC) in combination with ursodeoxycholic acid (UDCA) in adults. It's important to note that this would be in patients with an inadequate response to UDCA alone or as a monotherapy in those unable to tolerate UDCA. At that time, I had placed a "Buy" rating on the stock because of this and every other aspect of its portfolio. Today, I'm downgrading the stock from a "Buy" rating to a "Hold" rating despite the Arcellx ( ACLX ) acquisition I'm about to go over below. This acquisition might be good in the long run, but it remains highly speculative. This is because while the Biologics License Application (BLA) of antio-cel for the treatment of patients with relapsed or refractory multiple myeloma (r/r MM) was accepted by the FDA with a Prescription Drug User Fee Fact (PDUFA) action date of December 23, 2026, there is no guarantee that approval will happen. Secondly, as noted in the press release of the acquisition transaction, even if anito-cel is approved, it is not expected to be accretive to earnings per share of the company until 2028 and after. The bright spot is that Gilead, through this acquisition of Arcellx, gained the D-Domain CAR technology platform, which could be used to enhance future CAR-Ts and bispecific therapies. Thus, the reason for my "Hold" rating is that a few years from now, Gilead might incorporate this technology to help it overcome competition, but this remains to be seen. It recently announced Q4 of 2025 revenues, which saw an increase of 5% year over year to $7.9 billion. The problem is that this was partially offset by lower sales of Vekl...

Alberto Case | Getty Images Many student loan borrowers who get their debt forgiven in 2026 can expect a hefty tax bill next year. That's because a law that shielded the relief from taxation at the federal level — part of the American Rescue Plan Act of 2021 — expired in December. Most impacted borrowers will be those who have their debt excused under the U.S. Department of Education's income-driven repayment plans , or IDRs. Enacted in the 90s , IDR plans cap people's monthly payments at a share of their discretionary income — and erase any remaining debt after a certain period, typically 20 or 25 years. More from Financial Advisor Playbook: Here's a look at other stories affecting the financial advisor business. Bigger SALT cap may 'drive higher refunds,' tax expert says — who benefits Trump accounts could grow to $50,000 or more, president says. Advisors weigh in Housing affordability isn't just hurting buyers: More homeowners are falling behind In an affordability crunch, Gen Z adults lean on their parents for financial help Penalty-free withdrawals from 401(k)s can now pay for long-term care insurance Tax changes Social Security beneficiaries may see based on new laws 53% of investors with a required withdrawal for 2025 still haven't taken it: Fidelity The first step workers should take after a layoff, as job losses soar Politics is now the No. 1 money worry, financial planners say How to maximize Trump's bigger SALT deduction limit for 2025 More than 12 million student loan borrowers are enrolled in IDR plans, according to higher education expert Mark Kantrowitz. Because that forgiven federal student debt may now be considered income by the IRS, the tax liability can be substantial. The average loan balance for borrowers enrolled in an IDR plan is around $57,000, said Kantrowitz. For those in the 22% tax bracket, having that amount forgiven would trigger a tax burden of more than $12,000, Kantrowitz estimated. Lower earners, or those in the 12% tax bracket, wo...

Deadliest start to a year in more than a decade, according to the International Organization for Migration A least 606 people trying to reach Europe in search of refugee have been reported dead or missing in the Mediterranean since the beginning of 2026, marking the “deadliest start to a year” in more than a decade, the UN’s migration agency said on Monday. The figure includes at least 30 people who are feared dead or missing after their boat capsized in severe weather off the coast of Greece on Saturday. Authorities rescued 20 people, including four minors, and recovered the bodies of three men and one woman, the International Organization for Migration (IOM), said. Continue reading...

The Democratic Republic of Congo’s president replaced the top two officials at the influential state-owned copper and cobalt mining company, Gecamines. President Felix Tshisekedi named Deogratias Ngele Masudi and Baraka Kabemba as chairman and chief executive officer, respectively, according to a presidential decree read out on state television Monday. Gecamines holds minority stakes in copper-cobalt mines controlled by major companies including CMOC Group Ltd. , Glencore Plc and Eurasian Resources Group . The state firm has also been increasing activity in trading a portion of the metals produced by the joint ventures at a time when the Trump administration is looking to Congo to help shore up US mineral supply chains. Congo’s copper production has boomed in the past decade, rising to 3.5 million metric tons in 2025, cementing its place as the world’s top supplier after Chile. It’s also the biggest source of battery cobalt, although Tshisekedi’s government introduced strict export controls last year. The two metals are normally extracted together from Congolese mines. While Chinese-controlled projects accounted for more than 80% of copper output last year, Congo and the US signed a partnership in December intended to encourage more American investment in the central African nation’s abundant mineral reserves. Masudi is a former justice minister and ex-secretary general of Gecamines, while Kabemba is a partner at consultancy firm EY who specializes in the mining sector. Guy Robert Lukama is the departing chairman and Placide Nkala Basadilua the outgoing chief executive.

How Much Is Nvidia Stock Expected to Move After the AI Chipmaker Reports Earnings Wednesday? Investopedia

Nvidia is set to release its quarterly results after the closing bell Wednesday, with expectations running high and traders anticipating a sizable move from the AI chipmaker's stock.

How Much Is Nvidia Stock Expected to Move After the AI Chipmaker Reports Earnings Wednesday? Yahoo Finance

Key PointsSoundHound's proprietary technology and popularity in certain sectors form a strong moat.

While some cities are moving to end their contracts with Flock over its links to ICE, others are taking matters into their own hands.

Shares of credit card giant American Express (NYSE: AXP) plunged 7.5% on Monday as of 12:55 p.m. EDT. It's unusual for such a big and seemingly strong company as American Express to fall this much on a day with no company-specific news. However, fears over artificial intelligence disruption hit the financial sector hard today, mainly due to a post on X (formerly Twitter) by a highly followed account. In addition, hopes of near-term interest rate cuts were dashed as a result of a Fed official's commentary, which also likely played a hand in today's pullback. Continue reading

Jessie Casson/DigitalVision via Getty Images Sometimes, when you start examining a sector, you find a company that really makes you raise your eyebrows. This was my experience when I looked at Vulcan Materials ( VMC ) the first time. My thoughts concerned how a company in construction materials can consistently be ranked at such extreme valuation multiples, essentially consistently being "expensive", even in fact when it was unprofitable following the Great Financial Crisis. The illustration below is a good representation of what the company has been seeing. F.A.S.T graphs Vulcan Materials To be clear, Vulcan Materials is consistently trading well above sector averages and sector premiums. Its 20-year premiums, which do of course include some of that unprofitable time, come to valuation levels typically reserved for AI or semi-oriented companies, at over 50x P/E. If viewed from its normalized multiples, not only would VMC be considered cheap, it'd be considered extremely cheap. Fundamentals are very solid. You have BBB+, you have low leverage, and you have a high market cap of close to $40B. The yield is poor, below 0.7%, but it's safe. I would characterize the company as semi-volatile, showing tendencies of going up and down, but not really crashing to well below typical averages, which, unlike its peers, is also something we don't see here. In this article I'll be establishing fundamentals for Vulcan Materials and discussing its appeal at its current or future valuation. That the company is debated is clear enough. SA analyst averages and Wall Street averages are currently at "BUY", and Quant is at a "HOLD", citing very poor valuation, momentum, and revisions. However, these grades from Quant are sector-average looking. As we've established here, it might be a company that ignores the sector and has its own trends, even if there's obviously an end-market correlation. The articles on the company can be split into two categories. Those that generally accept the comp...

Key PointsBaker Bros. Advisors LP added 437,000 shares of Praxis Precision Medicines in the fourth quarter; the estimated transaction value is $81.38 million based on quarterly average pricing.

"Bloomberg ETF IQ" focuses on the opportunities, risks and current trends tied to the trillions of dollars in the global exchange traded funds industry. Today's guests: Davis Select US Equity Portfolio Manager Chris Davis, YMX VettaFi Investment Strategist Cinthia Murphy, Proshares Global Investment Strategist Simeon Hyman, and JPMorgan Asset Management Global Head of ETFs Travis Spence. (Source: Bloomberg)

Key PointsFluor Corp. sold 71,000,000 shares of SMR common stock on Feb. 13, 2026, for a total transaction value of ~$1.35 billion.

2月23日获悉，两位知情人士透露，美军参谋长联席会议主席丹·凯恩一直在向总统特朗普和高级官员建议，对伊朗采取军事行动可能带来重大风险，尤其是可能陷入旷日持久的冲突。 据悉，特朗普政府高层正在就如何应对伊朗僵局以及每种方案的后果展开辩论。目前，特朗普身边的一些人士敦促保持谨慎，但一些消息人士认为特朗普本人倾向于发动打击。（央视）

iamporpla/iStock via Getty Images BNP Paribas Exane on Monday downgraded Nutrien ( NTR ) to Neutral from Outperform, arguing that fertilizer markets, particularly nitrogen, face mounting headwinds even after a strong run in the stock. The brokerage maintained its $76 price target but said shares are now trading within roughly 5% of that valuation, limiting further upside potential. While analysts led by David Symonds said they remain impressed with Nutrien’s ( NTR ) operational execution and see it as a high-quality name with diversified exposure across potash, nitrogen and retail, they are becoming increasingly cautious about near-term agricultural fundamentals. Nitrogen outlook darkens In the report titled “Nitrogen on borrowed time,” BNP Paribas warned that tight conditions in global nitrogen markets are likely to ease as 2026 progresses. Early-year supply constraints, driven by Iranian gas disruptions and China’s seasonal export limits, pushed urea prices well above the industry cost curve. However, the bank noted that gas supply to Iranian producers is said to have resumed, and Chinese exports are expected to restart in the coming months, potentially loosening global balances. The analysts expect fertilizer affordability to remain a key constraint. Their internal affordability indicator for nitrogen has deteriorated further year-to-date, now sitting well below recent levels, even as phosphate and potash metrics have been more stable. That dynamic, they argue, could weigh on demand and ultimately pressure pricing. Demand risks emerging Although potash demand has shown resilience in the near term, BNP Paribas forecasts volumes could decline about 2% in 2026 as farmer economics tighten. While countries such as China and Brazil are operating with relatively low inventories, the firm believes replenishment buying may be offset by weaker demand from Southeast Asia after strong purchases in 2025. Given the steep cost curve in potash, even modest demand softness could ...

Investors are running for the exits on cybersecurity stocks as persistent artificial intelligence disruption fears overpower the industry's strong fundamentals. We are not among them. The steep sell-off began Friday and extended into Monday's session following Anthropic's announcement of Claude Code, an AI-powered assistant designed to scan code bases for security vulnerabilities and suggest targeted patches for human review. The tool is currently available in a limited research preview. CrowdStrike fell 8% on Friday and 9% on Monday, while Palo Alto Networks dropped 1.5% Friday and 2.5% Monday. Both names are stocks in the CNBC Investing Club portfolio. During Monday's Morning Meeting, Jim Cramer pushed back on the narrative driving the selling. "We don't think there's anything fundamentally wrong." Jeff Marks, the Club's director of portfolio analysis, described the cyber group as "guilty by association." The association is everything enterprise software, which has been slaughtered of late. Jim and Jeff have said repeatedly that cybersecurity stocks should not be lumped in with broader software names because client companies cannot skimp on protecting their computer systems from AI-powered hackers. Additionally, the rise of AI agents has widened the scope of vulnerability exponentially. Both CrowdStrike and Palo Alto are best-in-class in this new arms race. The market reaction reflects a growing perception that AI tools capable of identifying weak spots could disrupt application security testing and related cybersecurity services. Anthropic isn't alone. In October , AI startup OpenAI announced an AI-powered security researcher called Aardvark that autonomously finds, validates, and helps fix security holes at scale. Wall Street analysts agree with Jim and Jim's views that the fear is overdone. JPMorgan analysts called the rotation out of cybersecurity "relatively indiscriminate," and they said it sees an opportunity emerging within the group, the firm wrote Monday...

While Wall Street awaits Nvidia earnings, IPO Leader Amer Sports also enters the spotlight alongside the AI giant on Wednesday.

First Solar ( FSLR ) will report its results for the fourth quarter on Tuesday, after market close. Wall Street expects the company to post earnings per share of $5.24, implying a rise of around 44% year over year, on a revenue of $1.57 billion. During the quarter, First Solar expanded its U.S. manufacturing footprint during the period, announcing a new 3.7-GW panel facility in Gaffney, South Carolina, expected to begin operations in the second half of 2026, and opening a $1.1 billion plant in Louisiana, part of efforts to onshore key production processes for its Series 6 modules and lift total annual nameplate capacity to 17.7 GW by 2027. Meanwhile, Alphabet agreed to acquire Intersect for $4.75 billion to expand data-center power capacity, in a deal highlighting growing energy demand tied to infrastructure served by First Solar . Separately, Chief Commercial Officer Georges Antoun sold about $9.9 million worth of shares under a pre-arranged trading plan. According to Alpha’s Quant Rating system, FSLR is rated Hold with an overall score of 3.12 out of 5, reflecting grades of A- in terms of growth but a D+ in terms of revisions. An analyst said First Solar remains well positioned ahead of its results, citing strong earnings growth, expanding manufacturing capacity, and sustained demand for its thin-film solar modules, adding that the company’s financial profile and backlog support a positive outlook. They said, “FSLR’s EPS has grown at a 44.2% CAGR over five years, with record sales and a robust $16.4 billion contracted backlog through 2030,” adding, “valuation is fair to discounted, the balance sheet remains strong, and Q4 earnings are likely to impress.” Over the past two years, FSLR has beaten EPS estimates 63% of the time and has beaten revenue estimates 50% of the time. Over the last three months, EPS estimates have seen one upward revision and one downward revision; revenue estimates have seen one upward revision and four downward moves. More on Gran Tierra En...

PM Images/DigitalVision via Getty Images Fund performance The equity portion of the Fund rose (gross of fees) but slightly underperformed its benchmark over the quarter. 1 Expense ratios Fiscal year ended March 30 (%) Annual Expenses Percent of Net Assets Percent of Managed Assets Management Fees 1.25 1.00 Other Expenses 0.17 0.14 Operating Expenses (net of fee waiver) 1.42 1.14 Leverage Costs 1.68 1.34 Total Expenses 3.28 2.62 Total Expenses before Fee Waiver 3.28 2.62 Click to enlarge Effective upon the close of business on October 27, 2023, the Adviser entered into a written contract with the Fund to limit the total ordinary operating expenses of the Fund (excluding leverage costs, interest, taxes, brokerage commissions, acquired fund fees and expenses and any non-routine expenses) from exceeding 1.44% of the average daily net assets of the Fund on an annualized basis for twelve months (the "Expense Limitation Agreement"). The Expense Limitation Agreement may not be terminated before October 27, 2025, without the approval of the Fund's trustees who are not "interested persons" of the Fund (as defined in the 1940 Act). Leverage Costs include interest, fees, and other up front/ offering costs associated with the leverage structure for the Fund. Gross Operating Expenses include the Fee Waiver and Leverage Costs. Performance The latest available performance figures have been calculated net-of-fees in U.S. dollars for the period: Cumulative and annualized total return as of December 31, 2025 (%) NAV Market price Quarter to date 9.87 13.86 Year to date 7.59 13.81 1 Year 7.59 13.81 3 years (p.a.) 4.81 8.91 5 years (p.a.) 5.88 7.29 10 years (p.a.) 8.12 9.38 Click to enlarge Past Performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. NAV return data includes investment management fees, cu...