Monty Rakusen/DigitalVision via Getty Images In this article, I'm going to initiate coverage on Swedish mining supplier Epiroc AB (publ) ( EPOAY ). I cover some of the other Swedish industrials - and while Epiroc is typically a less well-known player, with the exception of key end markets, it's a very qualitative one, though with exposure to volatile end markets. These need to be considered carefu...
Monty Rakusen/DigitalVision via Getty Images In this article, I'm going to initiate coverage on Swedish mining supplier Epiroc AB (publ) ( EPOAY ). I cover some of the other Swedish industrials - and while Epiroc is typically a less well-known player, with the exception of key end markets, it's a very qualitative one, though with exposure to volatile end markets. These need to be considered carefully because their potential for ups and downs is significant. Whenever there's a bout of "market growth" or outperformance, investors may (rightly) become confident about the appeal or upward potential of cyclical stocks. There is nothing wrong with this - as long as it's done carefully and with a reasonable amount of foresight as to what might happen. But that's typically not what happens. Instead, what I see is investors combining a display of high confidence during a cyclical or growth-spurred rise while completely ignoring the downside risks. This is despite these downside risks not only being historically relevant and present but also being very clear in the numbers (if you analyze them the "right" way). Investors tend to, further, ignore the flip side of economic expansion. While it's true that cyclicals have a tendency to outperform during significant growth spurts and recoveries, the rich multiples they tend to achieve are not something that's likely to "stay". Instead, what I see happening is investors falling prey to a significant amount of behavioral biases. I check myself very frequently to make sure I don't fall into these traps (as I see them), such as recency, overconfidence, herd mentality, or incorrect correlations. That's why when I see what I believe to be a bias-driven market, such as the one now, I do what I can to raise awareness of these risks. No matter who you are, I don't want you to lose money. So if you're reading this, and you think you might be invested in things that might not be as good as you think them to be - just like focusing on a tense ...
Earnings Call Insights: Chatham Lodging Trust (CLDT) Q4 2025 Management View Jeffrey Fisher, Chairman, President & CEO, highlighted that "for the fourth consecutive year, though, our RevPAR performance beat the industry, and we continued pushing our other operating profits, other department operating profits higher as well." Fisher emphasized that despite flat RevPAR, the company's GOP margin decl...
Earnings Call Insights: Chatham Lodging Trust (CLDT) Q4 2025 Management View Jeffrey Fisher, Chairman, President & CEO, highlighted that "for the fourth consecutive year, though, our RevPAR performance beat the industry, and we continued pushing our other operating profits, other department operating profits higher as well." Fisher emphasized that despite flat RevPAR, the company's GOP margin declined only 20 basis points, with labor and benefits costs actually declining in 2026, offsetting wage increases. He stated, "for the first time since the pandemic, we generated the highest operating margins in the industry, reclaiming our top spot among the rankings that we held for an entire decade from 2010 to 2019." Fisher detailed strategic moves including the sale of four older, lower RevPAR hotels at a 6% cap rate, using proceeds to reduce debt and for share repurchases. "Since announcing the plan, we've repurchased approximately 1.8 million shares or approximately 4% of our outstanding shares at an average price of $6.87 per share for a total repurchase of almost $13 million or just over half of our $25 million plan," Fisher said. The company also increased its common dividend by 28% in 2025 and returned about $35 million to shareholders through dividends and buybacks. Fisher noted, "we are confident that we can make some acquisitions in 2026 as financing costs have lessened and seller pricing expectations have adjusted somewhat from where we were a year ago." Dennis Craven, Executive VP & COO, provided RevPAR and market updates, stating, "Occupancy at our 4 Silicon Valley hotels was 72% and ADR was up 2.5% in the quarter despite that shift in business that Jeff talked about in Sunnyvale... Our 6 predominantly leisure hotels... produced RevPAR growth of 50 basis points in the quarter." Craven added, "our GOP margins only declined 30 basis points despite RevPAR declining almost 2%." The company held year-over-year increases in labor and benefit costs to under 2% and he...
Earnings Call Insights: Evolent Health (EVH) Q4 2025 Management View CEO Seth Blackley opened by stating that "revenue and adjusted EBITDA both landing in the upper half of our guidance range" for Q4, highlighting disciplined execution and continued momentum in organic growth, profitability, and capital allocation. Blackley announced, "we're forecasting the business will grow by approximately 30% ...
Earnings Call Insights: Evolent Health (EVH) Q4 2025 Management View CEO Seth Blackley opened by stating that "revenue and adjusted EBITDA both landing in the upper half of our guidance range" for Q4, highlighting disciplined execution and continued momentum in organic growth, profitability, and capital allocation. Blackley announced, "we're forecasting the business will grow by approximately 30% in 2026" and emphasized that "approximately 65% of our company revenue will come from oncology, up from 36% in 2025." The company has migrated "approximately 90% of the Performance Suite revenue under this new model" with enhanced protections, retaining all key customers and signing two major new customers in the past year. Blackley noted, "our expectation for margins for the enhanced Performance Suite model will be approximately 10%...we'll target future Performance Suite opportunity for the entire book around a range of 7% to 10%." Blackley detailed a marquee partnership expansion with Highmark, stating, "we expect it will contribute over $550 million of revenue in 2026 and over $800 million in 2027." The company launched Performance Suite in oncology in an additional state with an existing national partner and retained specialty T&S logos covering over 98% of 2025 revenue. CFO Mario Ramos stated, "Q4 revenue totaled $469 million and adjusted EBITDA was $37.8 million, which exceeded the midpoint of guidance." Ramos added, "we ended the year with net debt of $782 million, below our expected range of $805 million to $840 million" and highlighted a "large noncash goodwill impairment due to market valuation declines, which has no impact on EBITDA or cash flow." Outlook Blackley forecasted "$2.5 billion of revenue at the midpoint, representing revenue growth of approximately 30%, and our adjusted EBITDA guide is $125 million at the midpoint" for 2026. Ramos guided for "revenue outlook is $2.4 billion to $2.6 billion, driven primarily by new Performance Suite launches," and "ou...
For years, US-heavy portfolios were the path of least resistance. But the performance gap is narrowing, and investors who assumed international exposure was optional are reconsidering. iShares MSCI ACWI ex U.S. ETF (NYSEARCA:ACWX) tracks every major equity market outside the United States in a single, low-cost fund. What ACWX Is Built to Do ACWX tracks ... International Stocks Are Winning Again an...
For years, US-heavy portfolios were the path of least resistance. But the performance gap is narrowing, and investors who assumed international exposure was optional are reconsidering. iShares MSCI ACWI ex U.S. ETF (NYSEARCA:ACWX) tracks every major equity market outside the United States in a single, low-cost fund. What ACWX Is Built to Do ACWX tracks ... International Stocks Are Winning Again and This $8.7 Billion ETF Proves It
bombermoon/iStock via Getty Images First Solar ( FSLR ) -12.9% in Wednesday's trading to a five-month low after the company issued mixed Q4 results and a FY 2026 net sales forecast that sharply missed analyst estimates. Baird Research downgraded First Solar ( FSLR ) to Neutral from Outperform with a $205 price target, cut from $264, citing "several question marks in forward outlook" as management'...
bombermoon/iStock via Getty Images First Solar ( FSLR ) -12.9% in Wednesday's trading to a five-month low after the company issued mixed Q4 results and a FY 2026 net sales forecast that sharply missed analyst estimates. Baird Research downgraded First Solar ( FSLR ) to Neutral from Outperform with a $205 price target, cut from $264, citing "several question marks in forward outlook" as management's post-earnings comments left the firm "incrementally negative even vs. our lowered expectations into the print." First Solar ( FSLR ) continues to have a strong backlog position but remains hesitant with booking new business given outstanding variables with Section 232, clarity on FEOC, and global tariffs, among others, Baird analyst Ben Kallo wrote. The company also withheld guidance for GAAP net income or earnings as it has in the past, given the uncertainty related to section 45X credit discounts, other gains and losses, and tax accounting, which Kallo said likely will be viewed negatively by investors. While First Solar ( FSLR ) is the acknowledged leader in U.S. module manufacturing for utility-scale solar, the analyst noted "several crosswinds which complicate the setup" including policy uncertainty, outstanding product warranty issues, and an uncertain outcome for international capacity in the near term. The company is a beneficiary of on-shoring trends and maintains a strong backlog position, but Kallo said he is "stepping aside given a lack of clarity on the several moving pieces impacting the bookings environment." More on First Solar First Solar: Riding Out The Volatility (Again) First Solar: Buy The Drip, Heavy Growth, Strong Demand, Strategic Moves First Solar Q4 2025 Earnings Call Presentation
Shares of leading global spirits juggernaut Diageo (NYSE: DEO) sank 15% as of 11 a.m. ET after the company reported earnings for the first half of 2026. Organic sales and adjusted earnings per share (EPS) each declined by 3% in the first half of the year and came up shy of Wall Street's expectations. However, the development that most likely harmed Diageo's share price the most was management's de...
Shares of leading global spirits juggernaut Diageo (NYSE: DEO) sank 15% as of 11 a.m. ET after the company reported earnings for the first half of 2026. Organic sales and adjusted earnings per share (EPS) each declined by 3% in the first half of the year and came up shy of Wall Street's expectations. However, the development that most likely harmed Diageo's share price the most was management's decision to roughly halve its dividend payments to reinforce its balance sheet. Following today's drop, Diageo's shares are now down 60% from their all-time high in 2021. While the company saw solid sales growth in Africa and Latin America, rising 11% and 5%, respectively, North America and Asia Pacific declined by 7% and 11%, offsetting the growth in its emerging markets. Management pointed to North American weakness stemming from consumer affordability issues. While probably true, investors should also note that Diageo faces other longer-term headwinds, such as moderation increases, GLP-1 impacts, cannabis encroaching upon the industry, and Gen Z's shift away from alcohol. This decline is much more than just a soft macroeconomic environment. Image source: Getty Images. Continue reading
Trump To Iran: War Can Be Averted If It Says "Those Secret Words" Among the most important foreign policy statements of President Trump's during his annual State of the Union address to a joint session of the Senate and House of Representatives Tuesday night came in discussing his Iran red lines. "We are in negotiations with them. They want to make a deal, but we haven't heard those secret words :...
Trump To Iran: War Can Be Averted If It Says "Those Secret Words" Among the most important foreign policy statements of President Trump's during his annual State of the Union address to a joint session of the Senate and House of Representatives Tuesday night came in discussing his Iran red lines. "We are in negotiations with them. They want to make a deal, but we haven't heard those secret words : 'We will never have a nuclear weapon.' " This 'challenge' underscores that at this point it may not matter at all what Iran actually says or does, as Washington is on the war path. See the words of Iranian Foreign Minister Seyed Abbas Araghchi issued before Trump's speech - he laid out precisely this pledge using the "secret words" several hours before the world knew what Trump would say... 2/4 Our fundamental convictions are crystal clear: Iran will under no circumstances ever develop a nuclear weapon; neither will we Iranians ever forgo our right to harness the dividends of peaceful nuclear technology for our people. — Seyed Abbas Araghchi (@araghchi) February 24, 2026 The top Iranian diplomat had declared that it was "crystal clear" that " Iran will under no circumstances ever develop a nuclear weapon . Araghchi followed with: "We have a historic opportunity to strike an unprecedented agreement that addresses mutual concerns and achieves mutual interests. A deal is within reach, but only if diplomacy is given priority," in the statement on X. Trump during his speech also agreed that his "preference" is " to solve this problem through diplomacy , but one thing is certain: I will never allow the world’s number one sponsor of terror, which they are by far, to have a nuclear weapon." Iran has after the fact slammed Trump's statements as false , stressing that it has on several occasions very clearly pledged to never purse a bomb. Some pundits are saying Trump's words were hyperbolic to express a point - that in reality it must be more than just a verbal pledge, as Washingto...
João Francisco Inácio Brazão and Domingos Inácio Brazão sentenced for murder of Marielle Franco, a gay Black woman and rising political star Two influential Brazilian politician brothers have been convicted by Brazil’s supreme court of ordering the murder of Marielle Franco , the Rio de Janeiro city councillor, nearly eight years ago. João Francisco Inácio Brazão, the former congressman known as C...
João Francisco Inácio Brazão and Domingos Inácio Brazão sentenced for murder of Marielle Franco, a gay Black woman and rising political star Two influential Brazilian politician brothers have been convicted by Brazil’s supreme court of ordering the murder of Marielle Franco , the Rio de Janeiro city councillor, nearly eight years ago. João Francisco Inácio Brazão, the former congressman known as Chiquinho, and the former adviser to Rio’s court of auditors Domingos Inácio Brazão were sentenced to 76 years and three months in prison for the murders of Franco, 38, and her driver, Anderson Gomes, 39. Continue reading...
April will not be the cruellest month this year, as the energy bill cap looks set to hit its lowest level in nearly two years . It was smart of the government to take the cost of the energy transition off bills. Even though gas prices are creeping back up, the viciousness of the post-Ukraine spike is not in danger of being imminently repeated, and the joke of people turning up to Halloween parties...
April will not be the cruellest month this year, as the energy bill cap looks set to hit its lowest level in nearly two years . It was smart of the government to take the cost of the energy transition off bills. Even though gas prices are creeping back up, the viciousness of the post-Ukraine spike is not in danger of being imminently repeated, and the joke of people turning up to Halloween parties dressed as their energy bill (yes, people did this) will no longer be a thing. It should contribute to the government being able to say inflation is coming under control, and make it easier for the Bank of England to cut rates. This reduction in the cost of living may not come with enough time to make a difference in tomorrow’s by-election that insiders say is currently a three-way heat between Labour, Reform and the Greens. A defeat will trigger Labour handwringing but not a coup: even those still plotting are more interested in the aftermath of the May elections, when Keir Starmer’s rivals will be readier and the worst of the Peter Mandelson emails will have been revealed. But if the by-election is a win for Labour (as some think it may be, and Starmer’s appearance there this week suggests they are optimistic) that’s a boost for the prime minister. Supporting the energy transition through funding grid upgrades while also lowering one set of bills is an unusually sensible news story in an agenda that otherwise makes Ed Miliband simultaneously one of the most and least popular politicians in the country: most liked by those in his party on the soft left, but the focus of constant ire from the right. The Gorton and Denton by-election illustrates this vividly — one opinion poll today had Labour and the Green party tied at 28% each. The Green party has taken to campaigning on a host of issues: they have been particularly vocal on Gaza and are under fire today for writing to Muslim voters in Urdu to encourage them to “punish Labour for Gaza.” There is talk of a Green vote on w...
The dollar index (DXY00 ) today is down by -0.07%. The dollar is slightly lower today amid a stronger yuan, which has rallied to a 2.75-year high against the dollar. Also, comments on Tuesday evening from President Trump at the State of the Union address fueled trade uncertainty and weighed...
The dollar index (DXY00 ) today is down by -0.07%. The dollar is slightly lower today amid a stronger yuan, which has rallied to a 2.75-year high against the dollar. Also, comments on Tuesday evening from President Trump at the State of the Union address fueled trade uncertainty and weighed...
The BBC is under fire over its failure to remove a racial slur shouted by John Davidson, who has Tourette syndrome, from its broadcast of the Bafta awards. Davidson was heard shouting the N-word while two stars of the film Sinners, Delroy Lindo and Michael B Jordan, were on stage. He said controversy over the incident had left him “distraught” and that he had been assured any offensive words would...
The BBC is under fire over its failure to remove a racial slur shouted by John Davidson, who has Tourette syndrome, from its broadcast of the Bafta awards. Davidson was heard shouting the N-word while two stars of the film Sinners, Delroy Lindo and Michael B Jordan, were on stage. He said controversy over the incident had left him “distraught” and that he had been assured any offensive words would be edited out. The BBC has apologised for the error and said producers overseeing the coverage did not hear the slur. Lucy Hough is joined by the Guardian’s assistant opinion editor Jason Okundaye – watch on YouTube Continue reading...
Israel welcomes move described by Palestinian Authority as undermining possibility of an independent state The US will provide on-site consular services in two Israeli settlements in the occupied West Bank for the first time, breaking with previous policy, in a move that has been criticised by Palestinian officials as “a clear violation of international law”. In a post on X, the US embassy in Jeru...
Israel welcomes move described by Palestinian Authority as undermining possibility of an independent state The US will provide on-site consular services in two Israeli settlements in the occupied West Bank for the first time, breaking with previous policy, in a move that has been criticised by Palestinian officials as “a clear violation of international law”. In a post on X, the US embassy in Jerusalem said that as part of an initiative to mark the 250th anniversary of US independence, it would provide Americans with routine passport services in the West Bank settlement of Efrat on Friday “for one day only”. Continue reading...
Residential buildings in Shanghai. Photo: VCG Shanghai has sharply lowered the bar for non-residents to buy homes in its central districts, stepping up efforts to revive a sluggish property market in China’s financial hub. Five municipal departments, including the Shanghai Municipal Commission of Housing and Urban-Rural Development, said Wednesday that starting Thursday, non-Shanghai residents nee...
Residential buildings in Shanghai. Photo: VCG Shanghai has sharply lowered the bar for non-residents to buy homes in its central districts, stepping up efforts to revive a sluggish property market in China’s financial hub. Five municipal departments, including the Shanghai Municipal Commission of Housing and Urban-Rural Development, said Wednesday that starting Thursday, non-Shanghai residents need to show proof of social security or individual income tax payments for just one consecutive year — down from three — to purchase a home within the city’s Outer Ring Road. Non-residents who have contributed for three years are now allowed to buy a second home in these core areas.