Earnings Call Insights: Concentra Group Holdings Parent, Inc. (CON) Q4 2025 Management View CEO William Newton stated there were "no material changes to report to any of our previously released financial or operational metrics," affirming a strong finish to the year as Concentra exceeded the high end of its full year 2025 guidance for revenue and adjusted EBITDA, and came in better than guidance on leverage. Newton highlighted "positive feedback" on their detailed investor book and discussed additional validation studies showing "the average total workers' compensation claims cost for those treated by Concentra is 25% lower than non-Concentra providers and that the average claim duration is 65 fewer days." Newton reported Q4 revenue of $539.1 million, a year-over-year increase of 15.9%, and full-year revenue of $2.2 billion, up 13.9% from 2024. Excluding acquisitions, the full-year revenue was $2 billion, a 6.4% increase. There was "solid growth in both visits and rate within the occupational health centers operating segment, prudent cost management across G&A and cost of services and continued double-digit organic growth in the Onsite business operating segment." Adjusted EBITDA for Q4 was $95.3 million and for the full year was $431.9 million. Adjusted net income attributable to the company was $36.1 million in Q4, with adjusted EPS of $0.28. For the full year, adjusted net income was $176 million and adjusted EPS was $1.37. Newton also detailed strong pipeline activity, including "7 total de novos in 2025" and a robust expansion plan for 2026. President & CFO Matthew DiCanio added, "Total revenue of $490.6 million in Q4 2025 was 12.2% higher than the same quarter prior year," and noted "Onsite health clinic operating segment reported revenue of $36.2 million in Q4 2025, a 112% increase from the same quarter prior year." Outlook DiCanio confirmed the company's 2026 targets: "We have set our revenue target at a range of $2.25 billion to $2.35 billion, our adjusted ...

Earnings Call Insights: Arbor Realty Trust (ABR) Q4 2025 Management View Ivan Kaufman, Chairman, President & CEO, stated that the company is focused on resolving nonperforming and sub-performing loans to improve its rate of income, describing this as a "top priority" due to the "tremendous drag on our earnings." Kaufman indicated a clear path to resolving the majority of these loans over the next few quarters, potentially adding back as much as $100 million of income to the annual run rate, or about $0.48 a share. Kaufman reported approximately $570 million in delinquencies and $500 million of REO assets at year-end, totaling roughly $1.1 billion in nonperforming assets—down by over $130 million from the previous quarter. The company has "a line of sight in roughly $100 million to $150 million of delinquencies that we expect to resolve by the end of March and another $100 million to $150 million we believe will resolve in the next 90 days." Kaufman highlighted the company’s buyback activity, stating, "We purchased roughly $20 million of stock in the last few months under this program at an average price of $7.40 or 64% of book value." The Agency platform saw $1.6 billion in origination volume in Q4, totaling $5 billion for 2025, a 13.5% increase from 2024. The servicing portfolio grew 8% to over $36 billion, generating a "very predictable and growing annuity of over $128 million a year of income." The single-family rental (SFR) business originated $580 million in Q4 and $1.6 billion in 2025, with expectations of $1.5 billion to $2 billion in volume for 2026. Paul Elenio, Executive VP & CFO, stated, "In the fourth quarter, we produced distributable earnings of $46.3 million or $0.22 per share, excluding onetime realized losses of $12.4 million from the resolution of certain delinquent and REO assets that were previously reserved for and $7.3 million of income we generated through reduced tax expense in the fourth quarter from the sale of the Homewood asset." Outlook ...

Welcome to ETF IQ, a weekly newsletter dedicated to the $20 trillion global ETF industry. I’m Bloomberg News reporter Isabelle Lee , filling in for Katie Greifeld . Volatility Pays I feel like I’ve been writing some version of this story for years now — and yet here we are again. Demand for high-octane ETFs that offer to amp up the daily moves of the world’s most popular stocks and indexes shows no signs of abating. That appetite is enriching the product-pumping machines behind them. I’m talking about leveraged exchange-traded funds, derivatives-enhanced products designed to deliver 2x the daily return of high-volatility stock favorites like Nvidia or Tesla and even 3x some indexes. While their assets are a fraction of the ETF universe, their revenue haul is wildly disproportionate. These funds collectively generated about $1 billion in revenue last year, based on Bloomberg Intelligence’s napkin math that multiplied their assets by their fees. The milestone is revealing: it’s roughly triple what they took in in 2020 and more than double the $409 million in combined annual revenue from passively managed behemoths VOO and IVV. As BI’s Eric Balchunas and Andre Yapp put it, leveraged ETFs have “outsized revenue efficiency.” Retail traders aren’t overly concerned about cost because these funds are typically used in small doses for short bursts — and when they work, the gains can dwarf the annualized fee. Which is probably why Wall Street’s boldest issuers just keep pushing the envelope. A flood of proposals for products designed to deliver 4x to 5x daily returns spurred the Securities and Exchange Commission to action. In December, the regulator issued a warning, effectively blocking proposals for new 3x or more products. But since then, a slew of paperwork has landed with the SEC from companies including Leverage Shares, GraniteShares, Direxion, ProShares and Roundhill Investments. The targets? Everything from the Nasdaq 100 and long-dated bonds to semiconductors, China...

Earnings Call Insights: Escalade, Incorporated (ESCA) Q4 2025 Management View Interim President and CEO Patrick J. Griffin stated that Escalade ended 2025 "on solid footing" despite a mixed consumer environment, highlighting the company's focus on operational excellence and reshaping the cost structure. He noted, "Over the past years, we have built a durable foundation for the business. This foundation gives us healthier margin profile, the ability to maintain operating leverage in a dynamic environment and a strong platform from which we can pivot towards profitable growth." Griffin indicated net sales declined 2.2% in the quarter, primarily due to softer demand in basketball and outdoor games, but offset by growth in archery and billiards from acquisitions and product launches. He emphasized, "The impact of our operational improvements was also reflected in our fourth quarter results. Gross margin improved 280 basis points year-over-year to 27.7% of net sales despite a 2.2% decline in net sales." The company reduced inventory by 10% year-over-year and expects further reductions in 2026 with a target of 3x inventory turns. Griffin stressed, "This objective is a key element of our broader balance sheet management strategy." Escalade completed the integration of Gold Tip archery and acquired AllCornhole in Q4, with Griffin stating, "The acquisition of AllCornhole brings a leading brand and competitive cornhole bags to our growing outdoor recreation portfolio." M&A remains a capital allocation priority, with a continued focus on "strategic acquisitions that are accretive and complement existing product categories as well as strengthen our market position where we have competitive advantages." The company purchased a 110,000 square foot facility to support growth in safety and fitness categories and launched several new products, including the Bear Archery Alaskan Pro Bow and a new line of Trophy Ridge accessories. Griffin also highlighted debt repayment of nearly $2 m...

格隆汇2月28日｜美、布两油短线下挫0.6美元，特朗普称希望与伊朗达成协议。

格隆汇2月28日｜美国总统特朗普：（谈爱泼斯坦案）我已被完全洗清罪名。

格隆汇2月28日｜梅西百货(M.N)：董事会宣布将季度股息上调5%，增至每股19.15美分。

Stocks fell on Friday after a key inflation gauge came in much hotter than expected, and fears of AI disruption continued to rise. But CNBC's Jim Cramer said there are four reasons why he remains bullish right now. "I am not going to be pessimistic when the 10-year [Treasury] is going down in yield," he said Friday on "Squawk on the Street." "I'm not going to be pessimistic when OpenAI, which at one point I thought couldn't get the money, got the money. Not gonna be negative when I see what Dell did. And I'm not going to be negative because how much business does CoreWeave have?" Instead, Cramer said the latest wave of massive AI investment signals an expansion of the economy. AI startup OpenAI announced on Friday that it secured a combined $110 billion in new investments from Amazon ($50 billion), Nvidia ($30 billion), and Softbank ($30 billion), giving the ChatGPT maker a $730 billion valuation. Amazon's portion is tied to a new multi-year partnership under which it will invest $15 billion upfront, with an additional $35 billion expected upon certain conditions being met. "This is great for the economy," Jim Cramer said. "We're in a new Industrial Revolution, and you're not at the part where you're winning yet. You're in a part where you're spending." "We will regret the view" that AI is a negative because it's taking jobs, he added. Despite Friday's announcement, all three major indices were in the red, in part because core wholesale prices rose 0.8% in January, well above expectations. The Dow Jones Industrial Average dropped 1.1%, the S & P 500 fell 0.6%, while the Nasdaq Composite lost 0.9%. Investors remain uneasy that rapid AI adoption could displace workers across software, finance, and white-collar industries. That means job losses and slower wage growth that could ripple across the broader economy. There's also a major concern that mega-cap companies, including Amazon , Meta , Microsoft , and Oracle , are spending too much on AI at the expense of profitab...

wmaster890/iStock via Getty Images In a volatile stock market in 2026, investors have all the opportunity to be very selective about what stocks belong in our portfolios. The so-called “SaaSpocalypse” has decimated the valuations of many high-quality software companies on overblown AI fears. In other words, we no longer have to invest in stocks merely for being cheap. To me, that’s precisely what Cars.com ( CARS ) is. The used car marketplace is losing its standing among U.S. consumers, with traffic and monthly active users declining, and dealer counts and revenue only showcasing marginal growth. Down by ~25% over the past year, I view Cars.com as a falling knife with no meaningful catalysts to spark a rebound. The stock just fell ~15% after reporting a disastrous Q4 earnings print, and I expect weakness to sustain well into 2026. Data by YCharts I last wrote a "Sell" article on Cars.com in November, when the stock was trading in the mid-$11s. Since then, Cars.com has seen a substantial erosion in value. But unlike the senseless corrections we are seeing elsewhere in the tech sector, we can see plain justification for Cars.com's pullback in its latest results. Growth continues to lag substantially behind its nearest peer, CarGurus ( CARG ), while the company's positioning not just with wholesale clients but with consumers/car shoppers also appears to be declining. I continue to reiterate my "Sell" rating on this name. To me, Cars.com is a grab bag of inescapable risks. The core red flags that investors need to watch out for are: Cars.com is barely growing. There's an old yet simple adage: don't trust a tech company that's not growing. Cars.com has generated low-single-digit revenue growth for quite some time, and it's not expecting to improve beyond this in 2026. Meanwhile, the company's core competitor and No. 1 used car marketplace, CarGurus, is racing ahead with much healthier results. Traffic is declining. As a reminder, Cars.com's primary monetization is from p...

Wirestock/iStock Editorial via Getty Images As one of the two largest distributors for Nike ( NKE ) in China, Pou Sheng’s profit warning overnight could have broad ramifications for the sportswear giant given its significant exposure to the Chinese market. Pou Sheng—number two to Topsports International—said that its profits in FY25 were down 57.1% and were “significantly constrained” by elevated industry inventory levels in Mainland China, weak consumer demand, and aggressive promotions. BNP Paribas analyst Laurent Vasilescu views this development as another “red flag” in Nike’s Chinese business and could precipitate an announcement from Nike ( NKE ) regarding its future in the country. That possibility takes on added significance given Nike’s decision to delay its fiscal third quarter results from its preferred third Thursday of March to April 2. Is the Q3 timing deliberate? April 2 is the day before the Good Friday market holiday and the Thursday before the observance of Easter Monday in Europe, which means the April 2nd Q3 release will precede a three-day weekend in the U.S. and a four-day weekend in Europe. Vasilescu thinks a major restructuring program will be announced at that time, given that Nike ( NKE ) has warned over the past two quarters that “China is facing structural issues.” His “red flag” over China was amplified when days sales outstanding (DSO) were materially increasing in China. “We warned that China was overly dependent on classics (The Great Wall of Jordans). Now Nike needs to clean up this market…and we are concerned the same could happen in the North American market,” Vasilescu writes. Since adidas is expected to report strong trends in China, this leaves Nike ( NKE ) vulnerable to “particular weakness,” given that Pou Sheng’s inventory is 70% Nike ( NKE ) and adidas ( ADDYY ) ( ADDDF ), and the other top distributor, Topsports, is 90% Nike/adidas. This development, coupled with the expectation that Nike ( NKE ) will make a significant anno...

格隆汇2月28日｜美国总统特朗普：想与伊朗达成协议。

The nearly $111 billion marriage would unite Paramount and Warner film studios, streamers and television properties — including CNN — under the control of the wealthy Ellison family. (Image credit: Mark Schiefelbein/AP)

格隆汇2月28日｜美国总统特朗普：（谈伊朗问题）我们正在谈判。

Roth IRAs are often hailed as the best retirement savings tool out there. And it's easy to see why. With a Roth IRA , your money gets to grow completely tax-free. This means that if you contribute $100,000 to a Roth IRA and it grows into $1 million, you get to walk away with $900,000 in gains without the IRS getting a piece of it. Image source: Getty Images. Continue reading

The letter was written when Princess Elizabeth would have been between 10 and 12 years old.

Astera Labs goes public, and the Inflection-Microsoft AI saga continues TechCrunch

格隆汇2月28日｜美国总统特朗普：古巴是一个失败的国家，国务卿鲁比奥正在努力解决这个问题。

Source: Bloomberg, 0:00

Buying Servers in 2026 is Tough but Here Are Our Buyer’s Tips ServeTheHome

Key PointsStock-split stocks tend to outperform the overall market in the short run.

wildpixel/iStock via Getty Images The financial crisis: early phase Here is the fact, the financial sector ( XLF ) is the worst-performing sector YTD, down by over -4%, while the S&P 500 ( SPY ) is up by 1%. Large banks like JP Morgan ( JPM ) and Bank of America ( BAC ) are down by 5%. The financials are down because we are likely in the first phase of an unfolding financial crisis. Specifically, the private credit bubble is bursting, and the large banks are exposed. What is private credit? Basically, after the 2008 financial crisis, regulators tightened rules on banks, via Basel III and the Dodd-Frank Act, to restrict bank lending to middle‑market and riskier borrowers. The intent was to prevent another crisis. Thus, the non-deposit financial institutions ( NDFI) started lending to these companies, formed as Business Development Companies BDCs, alternative asset managers, and other - that's "private credit". The data shows that U.S. private credit grew at approximately 50% from 2020 to 2025 to almost $3 trillion. But here is the problem, approximately 40% of all "sponsor-backed" private credit loans are extended to software companies - and software companies are currently being disrupted by AI. Thus, some of these companies are expected to default on these loans; UBS estimates up to a 15% default rate . It looks like the banks are not insulated. Why? Because the banks have been lending to private credit - that's the loophole. Private credit seems to be just a middleman. Thus, we have a situation similar to 2008, with a major credit crisis unfolding. What's the banks' exposure? The NDFI loans account for about 14% of the total loan portfolios of the banks entering 2026; thus, the exposure is significant. In fact, NDFI loans have grown at a 23% annual rate since 2010, the highest rate compared to all other loans. State Street Large Banks have the largest exposure at over $650 billion for more than 6% of total assets, with the largest four banks, JP Morgan ( JPM ), Ba...

Despite strong results and the accelerating 2026 AI data-center buildout—of which Nvidia remains the primary beneficiary—the stock has been stuck in the mud for months.

Despite strong results and the accelerating 2026 AI data-center buildout—of which Nvidia remains the primary beneficiary—the stock has been stuck in the mud for months.

Hedge Fund and Insider Trading News: David Tepper, Steve Cohen, Ray Dalio, Brevan Howard, Millennium Management, Citadel Investment Group, Candel Therapeutics Inc (CADL), Meta Platforms Inc (META), and More Insider Monkey