Maksim Safaniuk/iStock via Getty Images Introduction Permian Resources Corporation ( PR ) has been a great winner since I last rated it a Strong Buy back in December. In all, shares have appreciated over 30% since, and I believe that it can go higher, especially after the most recent earnings. Current Dynamics Permian just posted a mixed set of earnings as the company posted a top-line miss of $12...
Maksim Safaniuk/iStock via Getty Images Introduction Permian Resources Corporation ( PR ) has been a great winner since I last rated it a Strong Buy back in December. In all, shares have appreciated over 30% since, and I believe that it can go higher, especially after the most recent earnings. Current Dynamics Permian just posted a mixed set of earnings as the company posted a top-line miss of $120MM on a total quarterly revenue of $1.17B, which is a 9.3% Y/Y decrease. On the bottom line, Q4 GAAP EPS came in at $0.45, a major beat of 18 cents. This performance is indicative of a fundamental shift in the company’s cost structure, where reductions in D&C expenses and lease operating expenses have more than compensated for fluctuations in top-line revenue. And though this was a miss, the discrepancy was largely a function of realized commodity price timing rather than a shortfall in physical production. Looking at the full year, the company generated an adj. free cash flow of $1.64B , which represents a 20% Y/Y increase. This is a remarkable achievement considering the broad industry headwinds associated with softening natural gas and NGL realizations. This all tells us that the company has a high degree of operating leverage, where incremental production additions are achieved with decreasing marginal costs. Diving deeper operationally, PR has positioned itself as the low-cost leader in the Delaware Basin as it prioritizes a relentless focus on drilling and completion efficiencies. In Q4, the company achieved the lowest D&C costs in its history, falling to around $700 per lateral foot . This reflects a 14% reduction relative to 2024 levels and is the result of systematic process improvements across the company’s multi-rig program. These efficiencies are especially highlighted when considering the integration of acquired assets, such as the ones from Earthstone Energy , in which management has noted that they successfully reduced well costs on acquired properties by ar...
Joe Raedle/Getty Images News Block: 40% Headcount Cut! Are You Serious? Wow! Before I begin to discuss the thesis for investors in Block, Inc. ( XYZ ), I would like to express my heartfelt sympathies to the Block employees who are affected by this sweeping 40% single-day headcount reduction that CEO Jack Dorsey has decided to initiate. There were already reported rumors of some kind of reorganizat...
Joe Raedle/Getty Images News Block: 40% Headcount Cut! Are You Serious? Wow! Before I begin to discuss the thesis for investors in Block, Inc. ( XYZ ), I would like to express my heartfelt sympathies to the Block employees who are affected by this sweeping 40% single-day headcount reduction that CEO Jack Dorsey has decided to initiate. There were already reported rumors of some kind of reorganization back in early February . But that reported figure was supposed to be 10%, not the 40% that we have come to know as of yesterday (February 26). So it must have baffled Block employees and investors, even though the market has reacted with palpable optimism. I'm not going to go into whether the market is right or wrong to lift XYZ stock by almost 20% in the pre-market as I pen this update. It is my understanding that markets are amoral and that they react to KPIs (most of the time). And because of the potential of a markedly lower cost base due to the significant reduction in headcount, not only has guidance for XYZ improved in the near term, but the upgrade is also pretty significant. With that, I think you can make sense of why the market reacted like what we saw after the earnings report and conference. CFO Amrita Ahuja has the insights for us: For Q1, we expect year-over-year gross profit growth of 22% to $2.8 billion. In addition to the growth momentum we're seeing, our guidance also reflects a smaller cost structure going forward. We believe the actions we're taking today will enable us to deliver faster product innovation for customers in the future while also enabling us to invest meaningfully in our business. With this change in cost structure, combined with the investments we plan to make, we are increasing our guidance for adjusted operating income in 2026 to $3.2 billion, reflecting year-over-year growth of 54% and 6 points of margin expansion relative to 2025. We are increasing our expectation for adjusted diluted EPS in 2026 to $3.66, also reflecting year-ov...
Nilanka Sampath/iStock via Getty Images CEVA ( CEVA ), a licensor of IP for wireless connectivity technologies, smart sensing, and other solutions, could have used a boost from the release of the Q4 FY2025 report on February 17, especially after all the losses the stock suffered in the wake of the release of the preceding, or Q3 FY2025, report, but all CEVA got was another large selloff in the sto...
Nilanka Sampath/iStock via Getty Images CEVA ( CEVA ), a licensor of IP for wireless connectivity technologies, smart sensing, and other solutions, could have used a boost from the release of the Q4 FY2025 report on February 17, especially after all the losses the stock suffered in the wake of the release of the preceding, or Q3 FY2025, report, but all CEVA got was another large selloff in the stock. However, the stock has moved higher off of the lows with a bounce of sorts lately. Apparently also not without reason, although that does not necessarily mean the time has come for long CEVA. CEVA fell in the last several months, but further downside may be limited A previous article from November 2025 written by myself discussed the ramifications of two recent events: the release of the Q3 F2025 report and, especially, the decision by CEVA to raise capital with the sale of millions of additional shares. Both of which argued against long CEVA since, for example, shares were set to be diluted, which is why I opted to rate CEVA a hold in the article. Source: Thinkorswim app The chart above shows how the stock has gone through quite a bit of volatility. The stock did manage to rally off of the November low, only to sell off once more after the release of the Q4 FY2025 report, which was followed by a 9.8% drop in the stock price. The decline in the following days eventually resulted in a low of $18.56 on February 23. This is more than a third below what CEVA went for as recently as October. However, further downside may be limited. The chart shows that with the February low of $18.56, CEVA reached a price region where it has been able to halt previous declines in the stock on more than one occasion. For instance, the November selloff ended after hitting a low of $18.23, which, like $18.56, is in the $18-19 region. The stock moved higher after the February low, which is similar to what happened in November. Going back further shows how CEVA was able to power a turnaround in ...
Justin Paget/DigitalVision via Getty Images I previously covered First Solar, Inc. ( FSLR ) in November 2025, discussing why I was downgrading the stock to a Hold then, with the overly done stock price rally already triggering a reduced margin of safety arising from the expensive valuations and the overbought technical indicators. Despite the decent FQ3'25 booking trends, I was of the opinion that...
Justin Paget/DigitalVision via Getty Images I previously covered First Solar, Inc. ( FSLR ) in November 2025, discussing why I was downgrading the stock to a Hold then, with the overly done stock price rally already triggering a reduced margin of safety arising from the expensive valuations and the overbought technical indicators. Despite the decent FQ3'25 booking trends, I was of the opinion that the regulatory landscape presented great uncertainties to its demand profile, as observed in the elevated debooking trends and the gross margin headwinds arising from the capacity underutilization. In this article, I shall discuss why I am reiterating my Hold rating for the FSLR stock here, given the minimal margin of safety arising from the baked-in valuations, the mixed demand profile entering the second half of the decade, the potential deterioration in its bottom-lines once the Section 45x tax credits expire, and the potential volatility arising from the elevated short interest ratio of 7.07%. This is despite its compelling proposition as an US-based solar producer, the insights offered by the multi-year backlog, and the richer Free Cash Flow generation triggering the healthier balance sheet. FSLR Faces Numerous Headwinds & Tailwinds FSLR 1Y Stock Price (Trading View) For now, FSLR has indeed returned part of its prior gains compared to the wider market's sideways trading, with it lending credence to my prior Hold rating. 1. Gross Margin Reliance On Section 45x Tax Credits Given that FSLR's relies heavily on Section 45X tax credits set to be phased out from 2029 onwards, from 75% in 2030 to 0% in 2033, I am of the opinion that the solar company's prospects appear to be rather pessimistic from 2030 onwards. This is because the management has reported their relatively low "ASP of approximately $0.308 per watt for volumes sold in the US" in FY2026, slightly above their contracted backlog at approximately $0.299 per watt in FY2024. Combined with their relatively high "cost...
Nvidia ( NVDA ) receives an upgrade from Summit Research, which points to strong fiscal Q4 results and the company’s focus on tokenomics optimization as key drivers. Novo Nordisk ( NVO ) also sees an upgrade to Hold from KM Capital, though the analyst warns that stagnant earnings growth could make it a value trap. On the downgrade side, Super Micro Computer ( SMCI ) faces a rating cut from Yiannis...
Nvidia ( NVDA ) receives an upgrade from Summit Research, which points to strong fiscal Q4 results and the company’s focus on tokenomics optimization as key drivers. Novo Nordisk ( NVO ) also sees an upgrade to Hold from KM Capital, though the analyst warns that stagnant earnings growth could make it a value trap. On the downgrade side, Super Micro Computer ( SMCI ) faces a rating cut from Yiannis Zourmpanos due to margin compression and customer concentration risks, while Nike ( NKE ) gets downgraded to Hold by Daniel Jones amid declining profitability and elevated valuation multiples. Upgrades Nvidia ( NVDA ): Upgrade to Buy by Summit Research . The analyst cites Nvidia’s strong fiscal Q4 performance and resilient data center demand, with management’s emphasis on optimizing tokens-per-watt addressing key hyperscaler concerns about power constraints. “Robust demand signals have also increased management’s confidence that Nvidia is well-positioned to exceed the $500 billion revenue opportunity previously predicted for the current Blackwell roadmap and next-generation Rubin products.” Novo Nordisk A/S ( NVO ): Upgrade Sell to Hold by KM Capital . The analyst upgrades the stock as its market cap returns to pre-GLP-1 mania levels, limiting further downside, though intensifying competition from Eli Lilly remains a headwind. “While I am highly skeptical about NVO's potential to demonstrate share price rebound, I have to acknowledge fundamental positives as well. The company's history is rich, and it has a proven record of delivering superior returns to shareholders.” Downgrades Super Micro Computer ( SMCI ): Downgrade to Hold by Yiannis Zourmpanos . The analyst points to significant customer concentration risk with one data center customer representing 63% of revenue, alongside margin compression and rising inventory levels. “What I see as the biggest risk is customer concentration. A change in deployment schedules by the 63% customer could introduce volatility in revenu...
RXR and Rajeev Misra ’s One Investment Management are forging ahead with a more-than $500 million plan to convert a troubled office tower in downtown Manhattan into nearly 800 apartments. Apollo Global Management affiliates will provide $420 million of construction financing to help redevelop 61 Broadway in Manhattan’s financial district, according to a statement Friday. JPMorgan Chase & Co. is in...
RXR and Rajeev Misra ’s One Investment Management are forging ahead with a more-than $500 million plan to convert a troubled office tower in downtown Manhattan into nearly 800 apartments. Apollo Global Management affiliates will provide $420 million of construction financing to help redevelop 61 Broadway in Manhattan’s financial district, according to a statement Friday. JPMorgan Chase & Co. is injecting a $55 million tax equity investment. The office tower, completed in 1913, was bought by RXR more than a decade ago for $330 million. The firm defaulted on a $240 million loan for the building in 2022 as the Covid-19 pandemic hollowed out New York’s commercial core. The project at 61 Broadway is the latest in a string of office-to-residential conversions aimed at putting struggling towers to better use. Scott Rechler , RXR’s chairman and CEO, said it “demonstrates what can be achieved when thoughtful public policy meets private-sector expertise.” Read More: A Wave of New Apartment Buildings is Set to Take Over Midtown Manhattan Construction is slated to start later this month, with move-ins expected by 2028. Tenants will have access to 40,000 square feet of amenities, including a rooftop lounge and terrace with views of lower Manhattan, according to the statement. The building will include a mix of market-rate and affordable units. RXR has been working on other office-to-housing conversions in New York, including 5 Times Square — turning a 1.1-million-square-foot office tower into as many as 1,200 apartments — and the conversion of the former Pfizer headquarters near Grand Central Terminal.
bigjom/iStock via Getty Images Key Takeaways Markets: Emerging markets advanced 4.7% in the fourth quarter to finish the year as one of the best performing global equity asset classes. The benchmark MSCI Emerging Markets Index rose 33.6% for 2025, outpacing the developed market MSCI EAFE Index (+31.2%) and handily outperforming the U.S. S&P 500 Index. (+17.9%). Within the benchmark, performance in...
bigjom/iStock via Getty Images Key Takeaways Markets: Emerging markets advanced 4.7% in the fourth quarter to finish the year as one of the best performing global equity asset classes. The benchmark MSCI Emerging Markets Index rose 33.6% for 2025, outpacing the developed market MSCI EAFE Index (+31.2%) and handily outperforming the U.S. S&P 500 Index. (+17.9%). Within the benchmark, performance in the fourth quarter was led by Korea and Taiwan, which offset weakness in China. Korean equities soared 27.3% in the quarter, led by a 50% gain for its information technology (IT) sector, while AI-related momentum helped Taiwanese stocks climb 10.4%. Contributors: SK Hynix, Samsung Electronics, Sieyuan Electric, Capitec Bank and not holding Xiaomi. Detractors: MercadoLibre, Al Rajhi Bank, CATL, Apollo Hospitals, ICICI Bank. Outlook: We believe the EM market recovery is at an early stage. Valuations are appealing, global macroeconomic drivers are supportive and local structural and company-level opportunities all point toward significant upside potential for the asset class. Performance Review Korean semiconductor maker SK Hynix ( HXSC.F ) soared more than 80% in the fourth quarter and nearly tripled in price for the year on accelerating demand for its DRAM and NAND memory, particularly high bandwidth memory products used for AI workloads. Shares of Korean memory competitor Samsung Electronics ( SSNLF ) were also up strongly over both periods as memory shortages enabled stronger pricing power. Other significant contributors included China’s Sieyuan Electric, an industrial holding supporting AI data center buildouts and power requirements and Capitec Bank ( CKHGY ), a retail banking and insurance provider, delivered strong financial results amid a supportive environment in South Africa. Not owning Chinese smartphone maker Xiaomi ( XIACY ) benefited relative results as the company’s margins were hurt by higher memory prices and the outlook for its newer EV business came under ...
Earnings Call Insights: Goldman Sachs BDC (GSBD) Q4 2025 Management View Vivek Bantwal, Global Head of Financing Group, emphasized GSBD's ongoing integration into the broader direct lending platform, reporting "the proportion of our portfolio benefiting from the 2022 reorganization has grown to 57%, while 43% still reflects deals made prior to the integration, which we call the legacy portfolio." ...
Earnings Call Insights: Goldman Sachs BDC (GSBD) Q4 2025 Management View Vivek Bantwal, Global Head of Financing Group, emphasized GSBD's ongoing integration into the broader direct lending platform, reporting "the proportion of our portfolio benefiting from the 2022 reorganization has grown to 57%, while 43% still reflects deals made prior to the integration, which we call the legacy portfolio." Bantwal stated, "Our exposure to first lien investments increased to 97% of the portfolio from 89% during that same period," highlighting the platform's preference for senior secured debt. He noted an 84% increase in median EBITDA of the portfolio since year-end 2021, reaching $71.8 million at year-end 2025, and a significant reduction in PIK as a percentage of total investment income to 9% in Q4 2025 from 15.3% in Q4 2024. Bantwal addressed software sector risks, explaining that AI's impact is "highly company-specific and nuanced," and described the firm's proactive AI risk framework incorporated since early 2025. David Miller, Co-CEO, reported net investment income per share of $0.37 and net asset value per share of $12.64, with a supplemental dividend of $0.03 per share and a base dividend for Q1 2026 of $0.32 per share. He stated, "GSBD committed approximately $1.2 billion in new commitments throughout the year in 35 new deals." Tucker Greene, President & COO, detailed the portfolio's weighted average yield of 9.9%, net debt-to-EBITDA of 5.9x, and interest coverage of 2x, and highlighted the proactive sale of a software loan at $0.99 due to anticipated AI risk. Stanley Matuszewski, CFO, stated, "We ended the fourth quarter of 2025 with total portfolio investments at fair value of $3.3 billion, outstanding debt of $1.9 billion and net assets of $1.4 billion." Outlook Management expects continued momentum in M&A to drive credit demand, with Bantwal stating, "A more favorable M&A environment should stimulate greater demand for credit financing." The company anticipates spr...
In trading on Friday, shares of Nu Holdings Ltd (Symbol: NU) crossed below their 200 day moving average of $15.02, changing hands as low as $14.70 per share. Nu Holdings Ltd shares are currently trading off about 0.7% on the day. The chart below shows the one year performance
In trading on Friday, shares of Nu Holdings Ltd (Symbol: NU) crossed below their 200 day moving average of $15.02, changing hands as low as $14.70 per share. Nu Holdings Ltd shares are currently trading off about 0.7% on the day. The chart below shows the one year performance
jetcityimage/iStock Editorial via Getty Images CarMax ( KMX ) shares turned positive Friday after the company unveiled a new app featuring an AI-powered search engine that enhances vehicle shopping. Through an app in the ChatGPT app store, CarMax ( KMX ) customers can create a more personalized search to buy or sell a vehicle by asking things more specific to a buyer or seller’s needs. “This app o...
jetcityimage/iStock Editorial via Getty Images CarMax ( KMX ) shares turned positive Friday after the company unveiled a new app featuring an AI-powered search engine that enhances vehicle shopping. Through an app in the ChatGPT app store, CarMax ( KMX ) customers can create a more personalized search to buy or sell a vehicle by asking things more specific to a buyer or seller’s needs. “This app offers a new AI-powered way to make car shopping and selling easier and more approachable from the very first step,” CarMax said in a statement. Similar to Carvana’s ( CVNA ) “Shaqbot,” which uses Microsoft Azure AI Foundry and proprietary data, the ChatGPT app helps CarMax ( KMX ) customers navigate their car shopping search by combining the conversational, generative nature of the AI platform with CarMax’s ( KMX ) inventory and vehicle information. More on CarMax CarMax: Downgrade To Sell On Unjustified Valuation Multiple CarMax: No Competitive Advantages And Still Too Expensive CarMax: This Year Is A Wash, Speculative For 2026 CarMax appoints Keith Barr as CEO Giverny Capital Asset Management adds WSO, HWKN, exits ALGN, KMX among Q4 moves
Committee Chairman Rep. James Comer (R-KY) (C) speaks during a press conference with committee members (L-R) Rep. Nancy Mace (R-SC), Rep. Glenn Grothman (R-WI), Rep. William Timmons (R-SC) and Rep. John McGuire (R-VA) ahead of former U.S. President Bill Clinton's closed-door deposition with the House Oversight Committee at the Chappaqua Performing Arts Center on February 27, 2026 in Chappaqua, New...
Committee Chairman Rep. James Comer (R-KY) (C) speaks during a press conference with committee members (L-R) Rep. Nancy Mace (R-SC), Rep. Glenn Grothman (R-WI), Rep. William Timmons (R-SC) and Rep. John McGuire (R-VA) ahead of former U.S. President Bill Clinton's closed-door deposition with the House Oversight Committee at the Chappaqua Performing Arts Center on February 27, 2026 in Chappaqua, New York. David Dee Delgado | Getty Images Rep. Nancy Mace on Friday said that Commerce Secretary Howard Lutnick should testify to the House Oversight Committee to answer questions about his association with notorious sex predator Jeffrey Epstein . "Howard Lutnick should take questions from the Oversight committee," Mace, R-S.C., said in an X post on Friday morning. Mace's tweet responded to an X post that said the Department of Justice had removed from its database of Epstein-related documents a photo of Epstein standing in front of a man who "appears to be Howard Lutnick." It is not known if the man in the photo is Lutnick. Read more about the Jeffrey Epstein files List: High-profile people burned by past dealings exposed in the Epstein files World Economic Forum CEO quits after Epstein ties scrutinized Larry Summers to resign as Harvard professor as Epstein fallout continues DOJ withheld Epstein files about claim Trump sexually abused minor: MS NOW Former prince Andrew released by police, Trump calls his arrest 'a shame' Mace later Friday morning told reporters, "I will be asking" Lutnick to testify to the Oversight committee. Mace's comments came before that panel was set to question former President Bill Clinton in a deposition about his connections to Epstein. Clinton's wife, former Secretary of State Hillary Clinton , was deposed about Epstein on Thursday. This is breaking news. Please refresh for updates.