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.
eugenesergeev/iStock via Getty Images Introduction Investors looking for US-listed ETFs that offer exposure to UK-based equities could potentially choose among 4 different options. In this article I will gauge the qualities of the youngest out of this lot—the Franklin FTSE United Kingdom ETF ( FLGB ), which got listed only in 2017, and see if it’s worth pursuing at this stage. What Does FLGB Do? F...
eugenesergeev/iStock via Getty Images Introduction Investors looking for US-listed ETFs that offer exposure to UK-based equities could potentially choose among 4 different options. In this article I will gauge the qualities of the youngest out of this lot—the Franklin FTSE United Kingdom ETF ( FLGB ), which got listed only in 2017, and see if it’s worth pursuing at this stage. What Does FLGB Do? FLGB, which has amassed over a billion worth of AUM (assets under management) in over 8 years, passively tracks a market-cap weighted index of around 100 UK large- and mid-cap securities (although 92% of the portfolio is tilted towards the former category, or stocks with a market cap of over $10B). The index in question is the FTSE UK RIC Capped Index (FURCI). FTSE Russell FURCI is a corollary of the FTSE UK Index (FUI), and it differs from the latter in that it seeks to put in place individual caps every quarter. What are these caps? Well, no single constituent is permitted to account for over 20% of the index, and all constituents with individual weights of over 4.5% are not allowed to jointly aggregate to 48% of the total index. Prima facie, one would think these caps are certainly useful in preventing concentration effects, but if you actually scrutinize the characteristics of FURCI and FUI at this juncture, you’ll see there isn’t any differentiation between the two, be it with regard to the top stock or the top 10. FTSE Russell Nonetheless, FLGB’s managers have suggested that they primarily seek to track FURCI by fully replicating the index (investing in all the stocks of FURCI and in the same proportion), but this may not always be practical, and thus they could also resort to representative sampling (where they only take a sample of stocks that in aggregate jointly capture the broad characteristics of FURCI). Regardless of whatever method they’ve employed hitherto, the tracking performance (across different durations) has been quite acceptable, as it is a tad lower th...
frankpeters Paramount Skydance ( PSKY ) kept trying until it succeeded, and it did. On late Thursday, Netflix ( NFLX ) declined to raise its offer for Warner Bros. Discovery ( WBD ) after being engaged in a months-long bidding war against David Ellison's media company and let it have the coveted assets of the HBO parent. The streaming giant threw in the towel, saying the transaction was no longer ...
frankpeters Paramount Skydance ( PSKY ) kept trying until it succeeded, and it did. On late Thursday, Netflix ( NFLX ) declined to raise its offer for Warner Bros. Discovery ( WBD ) after being engaged in a months-long bidding war against David Ellison's media company and let it have the coveted assets of the HBO parent. The streaming giant threw in the towel, saying the transaction was no longer financially attractive, and added that it was not fixated on having WBD's assets but didn't want to pass up the opportunity of owning such a reputed and prestigious media portfolio. A quick recap It was Ellison who started it all because Warner Bros. had other plans, to separate its streaming and studios segment from its declining linear TV business, just like Comcast ( CMCSA ). But months after Skydance bought Paramount, which took over a year, Ellison set his eyes on Warner Bros. He kicked off with at least three private offers for the company last year in September, and that prompted Warner CEO David Zaslav to put the company up for sale in October. The move by Warner Bros. invited more players into the bidding process. Comcast, Netflix, and reportedly Starz ( STRZ ) participated in the early rounds. By December, Warner announced that Netflix will buy its streaming and studio businesses for $82.7B. Paramount then launched a hostile takeover process with a tender offer of $30 per WBD share. Warner kept recommending the Netflix transaction and asked shareholders to reject Paramount's tender offer. Ellison didn't back down. He kept adding sweeteners to the deal until Zaslav finally took notice and returned for negotiations. Netflix was clear from the start and wanted to maintain financial discipline. It was not going to overpay for the debt-laden CNN owner. Paramount finally emerged victorious after its tenth bid was deemed superior by Warner. What is the price? Paramount will pay $31 per share in cash to buy the whole of Warner Bros. and assume its debt in a deal valued at...
Pakistan Declares 'All-Out War' Against Afghanistan, Hundreds Dead In Overnight Clashes With Taliban Overnight, Pakistan launched airstrikes across Afghanistan, including targets in the capital of Kabul, soon after which Pakistan's Defense Minister Khawaja Asif by Friday morning declared an "all-out war" between the two countries. Hours prior to the commencement of airstrikes and heavier clashes, ...
Pakistan Declares 'All-Out War' Against Afghanistan, Hundreds Dead In Overnight Clashes With Taliban Overnight, Pakistan launched airstrikes across Afghanistan, including targets in the capital of Kabul, soon after which Pakistan's Defense Minister Khawaja Asif by Friday morning declared an "all-out war" between the two countries. Hours prior to the commencement of airstrikes and heavier clashes, Afghan Taliban forces reportedly attacked Pakistani border troops Thursday night in retaliation for Pakistani airstrikes earlier in the week. A Pakistani military spokesman has said that 274 Taliban fighters have been killed and more than 400 injured by Pakistani strikes, adding that 74 Taliban posts were destroyed and 18 captured - and counting. Taliban near the Torkham border, via AFP. The Taliban for its part has said that 55 Pakistani soldiers were killed and 19 posts seized . Kabul have acknowledged Taliban fighters killed, 11 wounded, and 13 civilians injured in the mountainous northwest border region where the line of fighting is concentrated. Since the Taliban returned to power in 2021, relations between Afghanistan and Pakistan, which share the disputed 1,600-mile Durand Line, have shifted from cautious engagement to open hostility. The history has been marked by shifting from one-time allies to on-and-off again enemies. Many analysts are pointing to 'blowback' for Pakistan after sponsoring the Taliban's rise in the first place, decades ago (which also had the help of the CIA in 'Operation Cyclone'). Islamabad accuses Afghanistan of sheltering Tehrik-i-Taliban Pakistan (TTP) militants who carry out cross-border attacks . Analysts say the latest escalation marks the first time Pakistan has directly targeted Taliban government sites, or essentially going all out against Kabul, rather than limiting strikes to alleged TTP positions. Pakistan has said its forces have taken out a number of tanks and armored vehicles, as well as artillery positions. The Taliban relies on ...