Stellantis press release ( STLA ): FY Non-GAAP EPS of -€0.42. Revenue of €153.51M (-2.1% Y/Y). Industrial free cash flows (4) were negative €4.5 billion. Adjusted operating loss of €842 million with AOI margin of (0.5)%. Industrial available liquidity (9) was €46 billion at the end of 2025. 2026 Financial Guidance Affirmed . Company expects to progressively improve Net revenues, AOI margin and Ind...
Stellantis press release ( STLA ): FY Non-GAAP EPS of -€0.42. Revenue of €153.51M (-2.1% Y/Y). Industrial free cash flows (4) were negative €4.5 billion. Adjusted operating loss of €842 million with AOI margin of (0.5)%. Industrial available liquidity (9) was €46 billion at the end of 2025. 2026 Financial Guidance Affirmed . Company expects to progressively improve Net revenues, AOI margin and Industrial free cash flows in 2026, and to see progressive improvements from H1 2026 to H2 2026. The company expects to see a mid-single-digit percent increase in Net revenues, a low-single-digit AOI margin, and improved Industrial free cash flow generation year over year. Sequential improvement is also expected from the first half to the second half of the year. More on Stellantis Stellantis Earnings Preview: Deep Value Or Deep Trouble? Stellantis: Strategic Reset Needs To Show Results (Rating Downgrade) I Was Wrong About BMW And Stellantis Stellantis FY 2025 Earnings Preview Self-driving startup Wayve raises $1.2B from Microsoft, Nvidia, Uber at $8.6B valuation
BING-JHEN HONG/iStock Editorial via Getty Images Introduction & Investment Thesis I last covered Costco ( COST ) over a year ago, where I rated the stock a "sell." Since the time of my writing, Costco has indeed underperformed the market, growing 1.11%, compared to the 14% gain in the S&P 500 index. However, on a YTD basis in 2026 thus far, Costco stock is up 15%, significantly outperforming the S...
BING-JHEN HONG/iStock Editorial via Getty Images Introduction & Investment Thesis I last covered Costco ( COST ) over a year ago, where I rated the stock a "sell." Since the time of my writing, Costco has indeed underperformed the market, growing 1.11%, compared to the 14% gain in the S&P 500 index. However, on a YTD basis in 2026 thus far, Costco stock is up 15%, significantly outperforming the S&P 500’s 0.5% gain so far. This is the case as investors are aggressively rotating away from growth/AI names that face ROI concerns over surging capex towards defensive businesses with predictable revenues and earnings. In this case, Costco’s revenues continue to grow at a steady rate, driven by both its Net Sales and Membership Fee Income. When it comes to Net Sales, International comparable sales are growing at a faster rate than those of the US, while digitally enabled sales are picking up momentum. Meanwhile, Membership Fee Income continues to benefit from the price hikes in fees last year, along with a growing penetration of Executive members as part of total paid membership. For the full year FY26, management has guided for capex to grow 18% YoY, but as a percentage of projected revenues, it is just 2.1%. This is compared to Amazon’s ( AMZN ) 25% capex to revenue in FY26. In this post, I will explain why Costco trading at 2x Amazon’s premium is not necessarily as irrational as what most investors often think. I will also upgrade my rating on the stock to a “buy,” as the uncertainty around the AI trade will likely continue to linger through all of 2026. International Momentum & Digital Sales Led to Steady Growth in Costco’s Net Sales in Q1 Costco reported its Q1 FY26 earnings in December last year, where it beat both revenue and earnings by 0.29% and 5.44%, respectively. On the revenue front, Costco generated $67.3B in total revenue, growing at 8.3% YoY, up from 8.10% in Q4 FY25. Out of the $67.3B in revenue, Net sales (Merchandise) grew at 8.1% YoY to $65.9B, contribu...
Axa SA Chief Executive Officer Thomas Buberl acknowledged widespread worries about private credit while seeking to reassure investors about his firm’s investments in the asset class. Markets are concerned “that when things don’t go well in the economy, there could be some fallout from private credit,” Buberl said Thursday on Bloomberg TV. Buberl also said that Axa’s exposure to the asset class is ...
Axa SA Chief Executive Officer Thomas Buberl acknowledged widespread worries about private credit while seeking to reassure investors about his firm’s investments in the asset class. Markets are concerned “that when things don’t go well in the economy, there could be some fallout from private credit,” Buberl said Thursday on Bloomberg TV. Buberl also said that Axa’s exposure to the asset class is “far below” that of the competition, without giving details. That’s because Axa was “very mindful in the past,” he said. Warnings about the $1.8 trillion private credit industry have been building in recent weeks, partly triggered by Blue Owl Capital Inc. ’s decision to shut the gates on one of its funds. The market has also been hit by worries about overspending on artificial intelligence, the technology’s disruptive power and lending standards more broadly. Read More: Blue Owl Anxiety Rattles $1.8 Trillion Private Credit Market Axa Group Chief Investment Officer Jean-Baptiste Tricot said in an interview in December that the company’s private and structured credit allocation represents around 14% of the total. About 84% of the private credit portfolio is investment grade, he said. “I’m spending a lot of time on private credit,” Buberl said when asked about it during the Thursday interview. “We analyze our exposure all the time.”
Getty Images The U.S. Supreme Court on Friday invalidated tariffs that President Donald Trump had imposed under the 1977 International Emergency Economic Powers Act (IEEPA). Most of the administration’s 2025 tariffs will therefore be rolled back, and importers should eventually receive refunds. Over time, however, tariff levels are likely to climb back up to roughly where they stood prior to the r...
Getty Images The U.S. Supreme Court on Friday invalidated tariffs that President Donald Trump had imposed under the 1977 International Emergency Economic Powers Act (IEEPA). Most of the administration’s 2025 tariffs will therefore be rolled back, and importers should eventually receive refunds. Over time, however, tariff levels are likely to climb back up to roughly where they stood prior to the ruling; the Trump administration is pursuing other more legally durable avenues to rebuild the tariff regime. We don’t expect these tariff developments to have much of a direct net impact on the U.S. economy. The court’s 6–3 ruling does have important implications for U.S. policy volatility, even if higher tariff rates are here to stay. In the near term, trade policy uncertainty is likely to remain high, as the details of the new trade regime become finalized. Eventually, the ruling should help alleviate the policy unpredictability that delayed investment and hiring decisions in 2025. Trump’s ability to quickly and flexibly threaten tariffs ahead of foreign policy negotiations for wide-ranging reasons is now more limited. Implementing more legally durable tariffs is also more process-laden. Those process constraints should eventually benefit both the U.S. and global economies. Tariffs in the wake of the Supreme Court ruling The Supreme Court broadly upheld the separation of powers as delineated under the Constitution – that the White House executes the laws, but it is Congress that creates them – and reinforced that the power of the purse, specifically the power of taxation, rests with Congress. By invalidating emergency tariff powers, the Supreme Court prompted a recalibration of U.S. trade policy and executive authority. Specifically, the ruling invalidated Trump’s reciprocal tariffs, which he had imposed on approximately 65 countries, tariffs on non-USMCA-compliant goods from Canada and Mexico (USMCA is the U.S.–Mexico–Canada Agreement), and additional tariffs on China (b...
Universal Health REIT press release ( UHT ): Q4 GAAP EPS of $0.31. Revenue of $24.47M. More on Universal Health REIT Universal Health Realty Income Trust: Good For Income Through Cycles Seeking Alpha’s Quant Rating on Universal Health REIT Historical earnings data for Universal Health REIT Dividend scorecard for Universal Health REIT Financial information for Universal Health REIT
Universal Health REIT press release ( UHT ): Q4 GAAP EPS of $0.31. Revenue of $24.47M. More on Universal Health REIT Universal Health Realty Income Trust: Good For Income Through Cycles Seeking Alpha’s Quant Rating on Universal Health REIT Historical earnings data for Universal Health REIT Dividend scorecard for Universal Health REIT Financial information for Universal Health REIT
Metropolitan Bank ( MCB ) priced an underwritten public offering of 2.1M shares of its common stock at a price of $85.00 per share. The underwriters have a 30-day option to purchase up to an additional 15% of shares. Gross proceeds will be approximately $178.5M, if the underwriters purchase additional shares it will be $205.3M. The company plans to use the net proceeds from the offering to support...
Metropolitan Bank ( MCB ) priced an underwritten public offering of 2.1M shares of its common stock at a price of $85.00 per share. The underwriters have a 30-day option to purchase up to an additional 15% of shares. Gross proceeds will be approximately $178.5M, if the underwriters purchase additional shares it will be $205.3M. The company plans to use the net proceeds from the offering to support its organic growth initiatives, investments in the bank, working capital for ongoing operations, and general corporate purposes. The offering is expected to close on February 27, 2026. The stock price dropped 1.3% on Thursday during pre-market. More on Metropolitan Bank Metropolitan Bank's Big Run-Up Makes Turning Bullish Difficult Despite Some Big Improvements Metropolitan Bank Holding Corp. (MCB) Q4 2025 Earnings Call Transcript Metropolitan Bank Holding Corp. 2025 Q4 - Results - Earnings Call Presentation Metropolitan Bank launches public offering of common stock Metropolitan Bank aims for 12% loan growth and modest NIM expansion in 2026 while expanding branch presence
ON24 press release ( ONTF ): Q4 GAAP EPS of $0.05. Revenue of $34.6M. More on ON24 ON24: Cvent Throws This Laggard A Lifeline (Rating Upgrade) ON24 announces acquisition by Cvent for ~$400M in cash Seeking Alpha’s Quant Rating on ON24 Historical earnings data for ON24 Financial information for ON24
ON24 press release ( ONTF ): Q4 GAAP EPS of $0.05. Revenue of $34.6M. More on ON24 ON24: Cvent Throws This Laggard A Lifeline (Rating Upgrade) ON24 announces acquisition by Cvent for ~$400M in cash Seeking Alpha’s Quant Rating on ON24 Historical earnings data for ON24 Financial information for ON24
Veolia Environnement SA press release ( VEOEY ): FY Revenue of €44.4B (-0.6% Y/Y). EBITDA of €7,050M, an organic growth of +6.3%, above the target range of +5% to +6%, and margin increase of +70bps Current EBIT up +8.9 %, to €3,740M. Current net income Group share of €1,643M (5) up +9.1% (6) , in line with the annual target of c.+9%. Net income Group share of €1,217M, up +10.9%. Net capex of €3,85...
Veolia Environnement SA press release ( VEOEY ): FY Revenue of €44.4B (-0.6% Y/Y). EBITDA of €7,050M, an organic growth of +6.3%, above the target range of +5% to +6%, and margin increase of +70bps Current EBIT up +8.9 %, to €3,740M. Current net income Group share of €1,643M (5) up +9.1% (6) , in line with the annual target of c.+9%. Net income Group share of €1,217M, up +10.9%. Net capex of €3,855M. Strong net Free Cash-Flow, at €1,178M and Net financial debt ( 5) under control at €19,657M, with leverage ratio well below 3x. Proposal to increase the dividend to €1.50 per share. "Our 2026 targets are: Solid organic revenue growth excl. energy prices Organic EBITDA growth of +5% to +6% Current net income Group share growth of minimum +8% at constant forex and excl. Clean Earth Current EPS Group share to grow in line with current net income Group share (thanks to share buyback plan to compensate the impact of the employee shareholding program) Dividend growth in line with current EPS Group share growth. Leverage ratio equal or below 3x excluding Clean Earth (equal or slightly above 3x with Clean Earth) In addition, Assuming Clean Earth acquisition closing mid 2026, the transaction will be accretive to current net income from 2027 (before PPA) and synergies will start in 2027 The €2bn+ disposal program will be delivered in the two-years post closing of Clean Earth acquisition GreenUp trajectory is fully confirmed." More on Veolia Environnement SA Veolia Isn't Exciting - That's Exactly The Point Veolia Environnement SA (VEOEY) Discusses Urban Heating Transformation and Strategic Vision for Decarbonized Energy Networks - Slideshow Veolia Environnement SA (VEOEY) Discusses Urban Heating Transformation and Strategic Vision for Decarbonized Energy Networks Transcript Seeking Alpha’s Quant Rating on Veolia Environnement SA Historical earnings data for Veolia Environnement SA
India’s market regulator has allowed the country’s $384 billion actively managed equity funds to park more of their money in gold and silver, giving them greater flexibility at a time when global demand for hard assets is rising. Under revised rules by the Securities and Exchange Board of India, stock funds can invest the remainder of their portfolios — up to 35% of their assets — in gold and silv...
India’s market regulator has allowed the country’s $384 billion actively managed equity funds to park more of their money in gold and silver, giving them greater flexibility at a time when global demand for hard assets is rising. Under revised rules by the Securities and Exchange Board of India, stock funds can invest the remainder of their portfolios — up to 35% of their assets — in gold and silver instruments, as well as in units of infrastructure investment trusts. By widening the list of permitted assets, the regulator has given equity funds a broader toolkit that already includes money market and other liquid securities. The change could also create a new source of demand for gold and silver, which have attracted robust investor interest amid a blistering rally. In January, local investors put more money into gold exchange-traded funds than into stock funds, a rare reversal that underscores the growing appeal of bullion amid market uncertainty. SEBI also approved the creation of a new category of life cycle funds or target-date funds. These plans will have pre-determined maturities from five to 30 years and are designed for goal-based investing, such as retirement planning. Asset management firms will be allowed to offer up to six active life cycle funds at a time, potentially positioning the industry to compete with the government’s National Pension System that oversees about $177 billion.
NVIDIA (NASDAQ:NVDA) reported record results for its fourth quarter of fiscal 2026, driven by continued expansion in data center demand and a broadening customer mix that now includes cloud providers, hyperscalers, AI model makers, enterprises, and sovereign nations. On the company’s earnings call,
NVIDIA (NASDAQ:NVDA) reported record results for its fourth quarter of fiscal 2026, driven by continued expansion in data center demand and a broadening customer mix that now includes cloud providers, hyperscalers, AI model makers, enterprises, and sovereign nations. On the company’s earnings call,
Nutanix (NASDAQ:NTNX) reported fiscal second-quarter 2026 results that management said exceeded the high end of guidance across all guided metrics, driven by what executives described as healthy demand for its cloud platform offerings and strong bookings. The company also announced a multi-year stra
Nutanix (NASDAQ:NTNX) reported fiscal second-quarter 2026 results that management said exceeded the high end of guidance across all guided metrics, driven by what executives described as healthy demand for its cloud platform offerings and strong bookings. The company also announced a multi-year stra
Edgar Joel Ipanaque Maza/iStock via Getty Images Welcome to the February edition of the Graphite Miners News. The past month saw China battery-related flake graphite spot prices flat. Prices remain very depressed. Graphite price news During the past 30 days, the China graphite flake-194 EXW spot price was flat . The China graphite flake +195 EXW spot price was flat . Note that 94-97% is considered...
Edgar Joel Ipanaque Maza/iStock via Getty Images Welcome to the February edition of the Graphite Miners News. The past month saw China battery-related flake graphite spot prices flat. Prices remain very depressed. Graphite price news During the past 30 days, the China graphite flake-194 EXW spot price was flat . The China graphite flake +195 EXW spot price was flat . Note that 94-97% is considered best suited for use in batteries; it is then upgraded to 99.9% purity to make "spherical" graphite used in Li-ion batteries. The spherical graphite 99.95% min EXW China price was up 1.35% the past 30 days. Note: Graphite electrode prices were generally flat . Note: SMM lists the current flake-194 graphite spot price at US$376/t including VAT , generally flat from US$373 last month. Graphite demand and supply forecast charts The IEA Global critical Minerals Outlook 2024 report forecasts graphite demand and supply pipeline to 2040 ( source ) IEA Trend Investing v IEA demand forecast for EV metals ( IEA ) Trend Investing & the IEA 2021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, And Copper 2x to 3x IEA Graphite market news On February 18 Bloomberg reported : US agencies have developed critical minerals price floor system...that it's pitching to allies as the Trump administration and more than 50 countries look to reduce dependence on China for the resources that are deemed critical to national security. On February 18 Investing News Network reported : US slaps higher tariffs on Chinese graphite imports after final commerce determination. The US Department of Commerce has sharply increased trade penalties on Chinese graphite anode materials, concluding that producers in China engaged in unfair pricing and subsidy practices that harmed the US market. In a final determination...