An 'awful' decision, or 'always going to be a red'? Why Juventus' Lloyd Kelly's second yellow card became a straight red in his side's Champions League exit at the hands of Galatasaray.
An 'awful' decision, or 'always going to be a red'? Why Juventus' Lloyd Kelly's second yellow card became a straight red in his side's Champions League exit at the hands of Galatasaray.
iskrinka74/iStock via Getty Images Intro Since my last article about Pernod Ricard ( PDRDF ) ( PRNDY ) (RI.PA), the stock has increased around 15% in EUR and about 20% in USD, as can be seen on the Seeking Alpha chart below. Seeking Alpha What has changed since then, making me want to write this update, is that the company has reported its first-half results last week. As Pernod Ricard only report...
iskrinka74/iStock via Getty Images Intro Since my last article about Pernod Ricard ( PDRDF ) ( PRNDY ) (RI.PA), the stock has increased around 15% in EUR and about 20% in USD, as can be seen on the Seeking Alpha chart below. Seeking Alpha What has changed since then, making me want to write this update, is that the company has reported its first-half results last week. As Pernod Ricard only reports biannually on a full basis, I deem this relevant enough to reassess the case. I am keeping my sell rating in light of ongoing weak operational results and my lack of belief for a credible turnaround, while the stock remains too expensive for what it offers (when including debt). The turnaround that does not want to turn That was my thought when I went through the half-year results from last week. Pernod Ricard did not surprise negatively in that sense. Weak, even very weak results, were broadly expected. The alcohol industry continues to be challenged, suffering from the lack of growth and a rising trend of abstinent consumers. Flipping through the conference call presentation , we can see management’s pitch remains broadly the same, aiming to find back to growth over time by focusing on cost savings and higher-margin premium offerings. Overall, the current fiscal year is seen as a transitional year, with growth (hopefully) coming back thereafter. Pernod Ricard HY26 presentation What is new, at least on this precision level, is that management is targeting to lower investments more aggressively, while also mentioning balance sheet health. Especially the latter is something I am happy to hear, as I have been criticizing high leverage among alcohol companies in my previous analyses. The headline numbers for the first half were negative. I would subjectively say, weaker than expected. Reported net sales were down a painful 14.9%, which is not a small dent anymore, but something more serious. The organic figure looks comparatively more mild with —5.9% sales, but let’s not min...
Oil steadied ahead of nuclear talks between the US and Iran as escalating concerns about a potential conflict in the Middle East prompted some of the region’s biggest producers to ramp up exports . West Texas Intermediate traded near $66 a barrel after closing slightly lower in the previous session. Brent settled below $71. A US delegation including special envoy Steve Witkoff is expected to meet ...
Oil steadied ahead of nuclear talks between the US and Iran as escalating concerns about a potential conflict in the Middle East prompted some of the region’s biggest producers to ramp up exports . West Texas Intermediate traded near $66 a barrel after closing slightly lower in the previous session. Brent settled below $71. A US delegation including special envoy Steve Witkoff is expected to meet Iranian Foreign Minister Abbas Araghchi Thursday in Geneva for talks as American forces mass in the Middle East. Oil markets have been caught between bearishness from expectations of an oversupplied market this year and heightened geopolitical concerns over Iran. Some of that risk is showing up in the options market, with skews still biased toward bullish calls as implied volatility stays elevated. US President Donald Trump said he preferred a diplomatic solution regarding Iran’s nuclear program, but he warned of consequences if no deal is agreed. The US has imposed new sanctions on over 30 entities supporting Iranian oil and weapons sales, ramping up of pressure on Tehran before talks. Saudi Arabia is on course to export the most crude in almost three years this month, while Iran has been rapidly filling up tankers in recent days. Combined flows from Iraq, Kuwait and the United Arab Emirates are set to climb almost 600,000 barrels a day from the same period in January, Vortexa data show. To get Bloomberg’s Energy Daily newsletter in your inbox, click here . WTI for April delivery rose 0.3% to $ 65.64 a barrel at 7:41 a.m. in Singapore. Brent for April settlement closed little changed at $70.85 a barrel on Wednesday.
Earnings Call Insights: Mirum Pharmaceuticals (MIRM) Q4 2025 Management View CEO Christopher Peetz stated that "2025 was a year of disciplined execution and growth for Mirium, positioning us for a pivotal 2026" and reported net product sales of $521 million, exceeding the upper end of guidance. Peetz highlighted strong sales contributions from LIVMARLI in the U.S. ($245 million), international mar...
Earnings Call Insights: Mirum Pharmaceuticals (MIRM) Q4 2025 Management View CEO Christopher Peetz stated that "2025 was a year of disciplined execution and growth for Mirium, positioning us for a pivotal 2026" and reported net product sales of $521 million, exceeding the upper end of guidance. Peetz highlighted strong sales contributions from LIVMARLI in the U.S. ($245 million), international markets ($115 million), and bile acid medicines ($161 million), driven by leadership in Alagille syndrome and accelerating PFIC uptake. Peetz announced 2026 net product sales guidance of $630 million to $650 million. He emphasized pipeline progress, noting the approval of CTEXLI for CTX, a tablet formulation of LIVMARLI, and completion of enrollment in the VISTAS study of Volixibat in PSC. Peetz also discussed the addition of the Phase III Brelovitug program for chronic hepatitis delta virus and stated, "With the addition of Brelovitug, we now have 4 potentially registrational clinical readouts expected over the next 18 months in areas of significant unmet need." Chief Medical Officer Joanne Quan detailed progress in clinical studies, confirming that "enrollment across all our clinical studies is on track or ahead of previously communicated time lines" and outlined expectations for top line data from the Volixibat VISTAS study in Q2 2026 and interim results from the AZURE-1 study of Brelovitug. Quan explained, "We expect full top line results from both AZURE-1 and AZURE-4 Phase III trials in the second half of the year." CFO Eric Bjerkholt stated, "Total net product sales in the fourth quarter of 2025 was $149 million compared to $99 million the year before. For the full year 2025, total net product sales was $521 million compared to $336 million the year before, representing 55% year-over-year growth." He highlighted a commercial cash contribution margin of approximately 55% and ending 2025 with $391 million in cash, cash equivalents and investments. Outlook Mirum expects to ...
kodda/iStock via Getty Images Enbridge ( ENB ) has started work on rerouting its Line 5 oil pipeline around a tribal reservation in W isconsin after seven years of legal wrangling , the Associated Press reported Wednesday. ~ 12 miles of the pipeline runs across the Bad River Band of Lake Superior's reservation along the shores of Lake Superior, and the tribe sued Enbridge ( ENB ) in 2019 to force ...
kodda/iStock via Getty Images Enbridge ( ENB ) has started work on rerouting its Line 5 oil pipeline around a tribal reservation in W isconsin after seven years of legal wrangling , the Associated Press reported Wednesday. ~ 12 miles of the pipeline runs across the Bad River Band of Lake Superior's reservation along the shores of Lake Superior, and the tribe sued Enbridge ( ENB ) in 2019 to force the segment's removal from its land, and a judge in 2023 gave the company until this June to remove the section. An administrative law judge upheld Enbridge's ( ENB ) state wetlands permit on February 13, removing the project's last legal hurdle and clearing the way for construction. The Bad River and environmental groups want Line 5 completely shut down, and they filed separate actions in Iron County Circuit Court this month seeking an immediate stay of the wetlands permit, saying regulators underestimated the damage that could be caused by the reroute construction. Enbridge ( ENB ), which has been using Line 5 to transport crude oil and natural gas liquids since 1953, has said the pipeline serves 10 refineries and propane production facilities depended upon by millions of people across the Midwest and Great Lakes region. Meanwhile, the U.S. Supreme Court heard the first oral arguments this week in the debate over the proper venue for the lawsuit filed seven years ago by Michigan Attorney General Dana Nessel that sought to close the pipeline in the Straits of Mackinac. More on Enbridge Inc. Enbridge: Valued Like An AI Tech Company (Downgrade) Enbridge: I'm Buying Following This Quarter Enbridge Preferred Stock: Still The Best Investment Grade Preferred Stock