FREDERICA ABAN/iStock via Getty Images Portfolio management Greg Wilensky, CFA Michael Keough John Lloyd Investment environment The U.S. fixed income market posted a small negative return for the period. The quarter marked a sharp shift in sentiment, as fixed income markets moved from early-year optimism around declining inflation and prospective rate cuts to renewed concerns about inflation and g...
FREDERICA ABAN/iStock via Getty Images Portfolio management Greg Wilensky, CFA Michael Keough John Lloyd Investment environment The U.S. fixed income market posted a small negative return for the period. The quarter marked a sharp shift in sentiment, as fixed income markets moved from early-year optimism around declining inflation and prospective rate cuts to renewed concerns about inflation and geopolitical risk. Treasuries and securitized sectors outperformed investment-grade (IG) and high-yield corporates as war in Iran sent oil prices sharply higher, altering the outlook for inflation and global monetary policy. The Federal Reserve (Fed) kept the fed funds rate unchanged at 3.50% to 3.75% while noting the “uncertain” implications of the Middle East conflict. Having previously discounted two or three more cuts in 2026, futures markets now are anticipating no change in Fed policy. The yield curve flattened out meaningfully as 2-year Treasury yields rose more than 10-year yields when markets repriced rate-cut expectations. • U.S. employment data was soft in February, with job creation in 2025 revised sharply down and nonfarm payrolls falling. A strong bounce-back in job creation and a drop in the unemployment rate followed in March, indicating that the labor market continues to tread water. Inflation readings were steady, with the consumer price index (CPI) coming in at 2.4% year-on-year in January and February. The U.S. 10-year Treasury yield ended the quarter 15 basis points (bps) higher, at 4.32%. IG corporate spreads widened 11 bps, to 89 bps, while high-yield spreads widened 51 bps, to 317 bps, as investors priced in the impacts of higher geopolitical risk. Portfolio review Yield curve positioning was a detractor for the quarter. We were overweight the front end of the yield curve, which hurt on a relative basis as short-term yields rose significantly and the curve flattened out. We also added UK duration exposure after it had sold off following the start of t...
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we
Investors in Energy Transfer LP (Symbol: ET) saw new options become available today, for the August 21st expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 105 days until expiration the newly available c
Investors in Energy Transfer LP (Symbol: ET) saw new options become available today, for the August 21st expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 105 days until expiration the newly available c
Investors in Salesforce Inc (Symbol: CRM) saw new options become available today, for the October 16th expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 161 days until expiration the newly available contract
Investors in Salesforce Inc (Symbol: CRM) saw new options become available today, for the October 16th expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 161 days until expiration the newly available contract
The crypto market structure bill wending its way through Congress —known as the CLARITY Act — could significantly boost Coinbase's growth prospects if it passes, according to Citigroup. Shares of Coinbase are falling after it posted a surprise first-quarter loss on Thursday evening. Trading activity on the platform fell, hurt by the slump in crypto prices in the first three months of the year. Sub...
The crypto market structure bill wending its way through Congress —known as the CLARITY Act — could significantly boost Coinbase's growth prospects if it passes, according to Citigroup. Shares of Coinbase are falling after it posted a surprise first-quarter loss on Thursday evening. Trading activity on the platform fell, hurt by the slump in crypto prices in the first three months of the year. Subscription revenue – meant to help Coinbase diversify away from its reliance on speculative trading – also underperformed. Citi is optimistic on the stock long-term, however, and is particularly bullish on stablecoins, payments and institutional adoption — and if CLARITY passes, it would allow more products to be introduced in those businesses as well and foster more institutional participation, analysts said in a note Friday. "Ultimately, we see potential CLARITY passage as the significant upside catalyst for COIN," Citi said. The investment bank also pointed to the Coinbase Developer Platform, a suite of tools and services for developers to build on-chain applications, as a potential catalyst for the stock, saying it's "prepared to handle post-CLARITY demand from [traditional finance]." Last week, lawmakers struck a compromise on key language proposed in the crypto legislation regarding interest paid to users on stablecoin balances and activity. The updated version restricts crypto companies like Coinbase from paying savings account-like interest on passive stablecoin deposits, but allows rewards as usage-driven incentives that could be tied to activity like trading, transactions or staking. The crypto industry is expecting a committee vote with bipartisan support before May 21. The White House is aiming for the full Congress to vote on the bill around July 4.
It's been a real good news / bad news week for Nintendo. Out of nowhere on Wednesday, the company announced a lush remake of Star Fox 64 , jolting the dormant franchise to life and helping to fill out a relatively sparse lineup for the Switch 2 for the rest of the year. But then on Friday, Nintendo announced news that had seemed inevitable, but is nonetheless significant: the Switch 2 is getting a...
It's been a real good news / bad news week for Nintendo. Out of nowhere on Wednesday, the company announced a lush remake of Star Fox 64 , jolting the dormant franchise to life and helping to fill out a relatively sparse lineup for the Switch 2 for the rest of the year. But then on Friday, Nintendo announced news that had seemed inevitable, but is nonetheless significant: the Switch 2 is getting a price hike and will soon cost $50 more. Nintendo was the last holdout in a console space that has been ravaged by rising costs thanks to a combination of tariffs and the global memory shortage . And with the Switch 2 getting more expensive, console g … Read the full story at The Verge.
Earnings Call Insights: Nerdy Inc. (NRDY) Q1 2026 Management view CEO Charles Cohn said, "In the first quarter of 2026, we beat the top end of our revenue guidance and delivered our second consecutive quarter of positive non-GAAP adjusted EBITDA." He tied the quarter to execution on product delivery, adding, "we also translated the AI native foundation we finished building at the end of 2025 into ...
Earnings Call Insights: Nerdy Inc. (NRDY) Q1 2026 Management view CEO Charles Cohn said, "In the first quarter of 2026, we beat the top end of our revenue guidance and delivered our second consecutive quarter of positive non-GAAP adjusted EBITDA." He tied the quarter to execution on product delivery, adding, "we also translated the AI native foundation we finished building at the end of 2025 into shipped learner-facing products at a cadence we have never matched in the company's history." Cohn positioned the new “Learner Experience” (V3) as the core shift in consumer execution, stating, "Every newly acquired customer is now onboarded directly to this new V3 experience, and we have begun migrating existing customers as well." He quantified early migration and onboarding progress: "Roughly 6,000 new customers came in directly on V3 in the back half of the quarter and approximately 10,000 existing customers have moved over from the prior experience." Cohn highlighted the AI concierge Maya as a scaling lever for service and engagement: "She answers inbound questions, surfaces the right next step, helps the student find a diagnostic and resolves day-to-day issues like scheduling a tutoring session and she does so all without a phone call or a customer support ticket." He added that Maya "now handles a meaningful share of in-product customer interactions." CFO Atul Bagga framed his mandate and financial priority: "My mandate as the CFO is clear: get Nerdy to free cash flow positive while investing with discipline in the areas that drive member growth." (Bagga joined as CFO in Q1 2026; the prior quarter’s call listed Jason Pello as CFO.) Outlook CFO Atul Bagga introduced Q2 guidance and reaffirmed the full-year range, saying, "For the second quarter of 2026, we expect revenue in the range of $42 million to $44 million" and "For the full year of 2026, we expect revenue in the range of $180 million to $190 million." Bagga guided profitability to "non-GAAP adjusted EBITDA to ...
A screengrab from a video released by U.S. Central Command (CENTCOM), which accompanied a press release describing the operation dubbed "Epic Fury", an attack by the United States and Israel on Iran, shows a flight deck crew member signaling an F‑35 jet on an aircraft carrier, in this image obtained from social media released on Feb. 28, 2026. CENTCOM Via X Via Reuters The U.S. military said it st...
A screengrab from a video released by U.S. Central Command (CENTCOM), which accompanied a press release describing the operation dubbed "Epic Fury", an attack by the United States and Israel on Iran, shows a flight deck crew member signaling an F‑35 jet on an aircraft carrier, in this image obtained from social media released on Feb. 28, 2026. CENTCOM Via X Via Reuters The U.S. military said it struck two Iran-flagged unladen oil tankers in the Gulf of Oman on Friday, preventing the vessels from entering an Iranian port in violation of a U.S. naval blockade. A U.S. fighter jet "disabled both tankers after firing precision munitions into their smokestacks," U.S. Central Command said in a statement, which included unclassified video of both strikes. The attack was the latest in a number of military actions this week that have further undermined the U.S.'s tattered ceasefire with Iran, even as President Donald Trump insists the temporary truce remains in effect. This is breaking news. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
In early trading on Friday, shares of Akamai Technologies topped the list of the day's best performing components of the S&P 500 index, trading up 21.4%. Year to date, Akamai Technologies registers a 62.4% gain. And the worst performing S&P 500 component thus far on th
In early trading on Friday, shares of Akamai Technologies topped the list of the day's best performing components of the S&P 500 index, trading up 21.4%. Year to date, Akamai Technologies registers a 62.4% gain. And the worst performing S&P 500 component thus far on th