Attorney general says $111bn deal will be investigated amid concerns over monopoly power and job losses Sign up for the Breaking News US email to get newsletter alerts in your inbox Rob Bonta, California’s attorney general, said his office will investigate a possible merger between Paramount Skydance and Warner Bros Discovery, hours after Netflix backed away from a planned takeover. “Paramount/War...
Attorney general says $111bn deal will be investigated amid concerns over monopoly power and job losses Sign up for the Breaking News US email to get newsletter alerts in your inbox Rob Bonta, California’s attorney general, said his office will investigate a possible merger between Paramount Skydance and Warner Bros Discovery, hours after Netflix backed away from a planned takeover. “Paramount/Warner Bros is not a done deal,” Bonta said in a post on X . “These two Hollywood titans have not cleared regulatory scrutiny — the California Department of Justice has an open investigation, and we intend to be vigorous in our review.” Continue reading...
JHVEPhoto/iStock Editorial via Getty Images Not long ago, I analyzed Ross Stores ( ROST ), and basically, I mentioned that I really liked the business model because of its resilience, but at the time, I wasn't very comfortable with the valuation. Since then, ROST stock has risen about 18%. TJX Companies ( TJX ) has followed more or less the same path. And the TJX model is also compelling to me, ba...
JHVEPhoto/iStock Editorial via Getty Images Not long ago, I analyzed Ross Stores ( ROST ), and basically, I mentioned that I really liked the business model because of its resilience, but at the time, I wasn't very comfortable with the valuation. Since then, ROST stock has risen about 18%. TJX Companies ( TJX ) has followed more or less the same path. And the TJX model is also compelling to me, basically as the CEO said : the company can prove that in-store shopping is still very solid. And even though Q4 earnings prove this well, I am still very cautious about the margin of safety issue. The current premium on TJX is as if it were a company that you would have to really want to have in your portfolio to accept paying that price, and for me, that is not the case. That is why I am going with a hold rating for TJX stock. Q4 Earnings: TJX Showed Resilience The CEO described the quarter as “excellent,” but I only agree in part. It was indeed a very solid Q4, and I liked the comp sales of ~5%, but on the earnings call , that number was described as “very strong.” I don't know if it's that strong; to me, it's more like okay, very solid. But in any case, considering that the landscape is not the best, it is indeed a positive performance. In fact, it seems to me to be an endorsement that this treasure hunt experience is as resilient as we imagined and as history would suggest. Especially since TJX's 10-year CAGR for revenue is almost 7%, the same for EBIT and EBITDA, which grew by an average of 6.9% per year. And that, with a few buybacks and better net income, caused EPS to compound in double digits. But back to the quarter, the comparable sales mix was also quite interesting in my view. In Q4 last year, Marmaxx's performance was slightly worse, and TJX Canada and TJX International drove performance up. Now, we saw the same number for comp sales (~5%), but with slightly stronger performance from Marmaxx and HomeGoods in the U.S. TJX Earnings Release We are talking about co...
Netflix (NASDAQ:NFLX) , a subscription-based streaming service for movies and TV shows, closed Friday at $96.24, up 13.77%. The stock moved higher after Netflix dropped its bid for Warner Bros. Discovery while securing a breakup fee, and investors are watching how capital discipline will shape future content and deal spending. Trading volume reached 190.8 million shares, coming in about 280% above...
Netflix (NASDAQ:NFLX) , a subscription-based streaming service for movies and TV shows, closed Friday at $96.24, up 13.77%. The stock moved higher after Netflix dropped its bid for Warner Bros. Discovery while securing a breakup fee, and investors are watching how capital discipline will shape future content and deal spending. Trading volume reached 190.8 million shares, coming in about 280% above its three-month average of 50.2 million shares. Netflix IPO'd in 2002 and has grown 80,341% since going public. The S&P 500 (SNPINDEX:^GSPC) slipped 0.43% to 6,879, while the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.92% to 22,668. Within streaming media services, industry peers Walt Disney (NYSE:DIS) closed at $106.04 (up 0.46%) and Warner Bros. Discovery (NASDAQ:WBD) finished at $28.17 (down 2.19%) as investors reassessed consolidation prospects. After a drawn out and highly watched bidding war, Warner Bros. Discovery deemed the latest acquisition bid made by Paramount Skydance (NASDAQ:PSKY) superior to the previously accepted bid from Netflix. Rather than counter with a new bid, Netflix bowed out, walking away with a $2.8 billion breakup fee from the original agreement. Continue reading
PM Images/DigitalVision via Getty Images Investment Thesis Neptune Insurance Holdings Inc. ( NP ) is a newly listed insurance agent benefiting from multiple regulatory and market tailwinds pushing demand for flood insurance higher. Mortgage lenders are increasingly asking borrowers to insure properties against flood, thus protecting the collateral against the mortgage. New regulations are increasi...
PM Images/DigitalVision via Getty Images Investment Thesis Neptune Insurance Holdings Inc. ( NP ) is a newly listed insurance agent benefiting from multiple regulatory and market tailwinds pushing demand for flood insurance higher. Mortgage lenders are increasingly asking borrowers to insure properties against flood, thus protecting the collateral against the mortgage. New regulations are increasing the appeal of private flood insurance versus the National Flood Insurance Program "NFIP," the largest player on the market today. Finally, NP benefits from a first-mover advantage as the first large-scale insurance agent. Unique Market The flood insurance market is dominated by the Federal Government through NFIP, a program created in the late 1960s to fill a coverage gap against floods, a catastrophic event risk that is hard to insure. Neptune isn't an insurer, but it underwrites flood policies to private insurers who compete with NFIP. Thus, the program and its scope have an impact on NP. One can say that NFIP is a competitor to NP and its "capacity providers" — the name NP gives for its private insurance customers/partners who buy the insurance policies it underwrites. I don't expect NFIP to end anytime soon. However, regulators recognize the financial burden of the program on the federal budget. It has been living on congressional extensions for some time now, as opposed to a permanent budget. Regulatory Tailwinds NFIP has been offering subsidized flood insurance for decades. In 2021, regulators decided that it was time for NFIP to start charging market rates. The new premium prices won't rise overnight. The maximum amount an existing insurance policy will increase is capped at 18% annually. Since the gap between what NFIP charges and the "fair price" is large, it will take multiple years at this rate for the premiums to reach this fair market level. As premiums start to increase, the appeal of NFIP insurance will start to diminish. This will help NP increase its mar...
Earnings Call Insights: inTEST Corporation (INTT) Q4 2025 Management View Nick Grant, President and CEO, described Q4 as “a strong finish to a challenging year,” highlighting that “orders once again exceeded $37 million,” and revenue reached $32.8 million, above guidance. Grant emphasized a “healthy year-end backlog of $53.9 million, representing a 36% increase over year-end 2024.” He credited div...
Earnings Call Insights: inTEST Corporation (INTT) Q4 2025 Management View Nick Grant, President and CEO, described Q4 as “a strong finish to a challenging year,” highlighting that “orders once again exceeded $37 million,” and revenue reached $32.8 million, above guidance. Grant emphasized a “healthy year-end backlog of $53.9 million, representing a 36% increase over year-end 2024.” He credited diversification and new product launches, particularly from Alfamation and Acculogic, for driving top-line growth and advancing the company toward its Vision 2030 goal of 25% revenue from new products. Grant also noted, “With nearly 80% of fourth quarter revenue derived from non-semi end markets and momentum in new product sales contributing meaningfully to revenue and gross margin, we believe our strategy is working.” Duncan Gilmour, CFO, stated, “Revenue in Q4 increased $6.6 million or 25% from $26.2 million in Q3 to $32.8 million,” attributing gains to industrial, defense/aerospace, life sciences, and auto EV segments, partially offset by a decline in semi. Gilmour further explained, “Gross margin expanded 350 basis points sequentially from 41.9% in Q3 2025 to 45.4% in Q4 2025,” driven by higher sales of new Alfamation products. He added, “For the fourth quarter, net income was $1.2 million. Adjusted EBITDA was $3.2 million, representing an adjusted EBITDA margin of 9.7%.” Outlook Management resumed offering full-year guidance, projecting 2026 revenue of $125 million to $130 million, “at the midpoint, this represents growth of approximately 12% over 2025's $113.8 million,” according to Gilmour. Q1 2026 revenue is expected to be $31 million to $33 million, with gross margin at approximately 44%. Full-year 2026 gross margin is forecasted at approximately 45%. Operating expenses are projected at $53 million to $55 million, amortization at $2.6 million, and capital expenditures at 1% to 2% of revenue. Gilmour specified, “Our guidance does not contemplate any material impact, po...
niphon/iStock via Getty Images The view is and has been disinflation first, then a return of the inflationary macro In line with our long-standing view that the now inflationary macro would undergo its first counter-trend, an interim disinflationary trend, Treasury bonds from the shortest durations on up to the longer durations are on plan. The chart below includes monthly dividends. The nominal b...
niphon/iStock via Getty Images The view is and has been disinflation first, then a return of the inflationary macro In line with our long-standing view that the now inflationary macro would undergo its first counter-trend, an interim disinflationary trend, Treasury bonds from the shortest durations on up to the longer durations are on plan. The chart below includes monthly dividends. The nominal bonds are all going varying versions of sideways. But when using these government debt vehicles for income and/or market indications, it’s the total return that matters. Especially as the government and Fed cheapen the currency. As a side note, I have not and likely will not touch the longest-term bonds, but per my portfolio holdings, I have since 2023 held 1-3yr and more recently 0-5yr (inflation protected), and even more recently, as a speculation on the interim disinflationary macro, 3-10yr. I have also held short-term Treasury bonds bought directly over the last 2-3 years for some nice income. Treasury bond fund (Stockcharts.com) This article is not about bond trading or investment, however. It is about the indications of bonds on the inflationary macro. In this newer macro, bonds (the debt of entities and governments) will ultimately prove to be garbage due to the effects of inflation. They are not a long-term investment. The old “60% stocks, 40% bonds” Shtick is dead, on the bigger picture. The macro symbolically changed from disinflationary to inflationary signaling in 2022 and effectively has been dealing with inflation since the Fed and government created the most recent problem in H1, 2020, which was fatal for the gentle disinflationary days of the old macro. 30yr Treasury yield (Tradingview.com) However, in the markets we should be flexible to interim phases. And that is what we have today. A phase where the public is treated to a “just right” porridge of easing inflation and still-intact economy. This disinflation could range anywhere from moderate relief that th...
undefined undefined U.S. President Donald Trump on Friday called for a re-adjudication of the Supreme Court's decision striking down his tariffs in a social media post. Last week, SCOTUS ruled in a 6-3 decision to strike down the tariffs. The ruling found that Trump did not have the authority to impose tariffs under the International Emergency Economic Powers Act. The court's decision raised conce...
undefined undefined U.S. President Donald Trump on Friday called for a re-adjudication of the Supreme Court's decision striking down his tariffs in a social media post. Last week, SCOTUS ruled in a 6-3 decision to strike down the tariffs. The ruling found that Trump did not have the authority to impose tariffs under the International Emergency Economic Powers Act. The court's decision raised concerns over whether importers will get refunds for duties already paid. Notably, Hasbro ( HAS ) was reportedly seeking to recover tariffs that were paid to the U.S. government under the International Emergency Economic Powers Act following last week's decision. The toymaker was said to be the latest in a wave of companies trying to recover the billions of dollars that were collected between April 2025 and February 2026. "The recent Decision of the United States Supreme Court concerning TARIFFS could allow for Hundreds of Billions of Dollars to be returned to Countries and Companies that have been 'ripping off' the United States of America for many years, and now, according to this Decision, could actually continue to do so, at an even increased level, " said Trump in a Truth Social post. " It doesn’t make sense that Countries and Companies that took advantage of us for decades, receiving Billions and Billions of Dollars that they should not have been allowed to receive, would now be entitled to an undeserved 'windfall,' the likes of which the World has never seen before, as a result of this highly disappointing, to say the least, ruling," said the post. "Is a Rehearing or Readjudication of this case possible???" asked Trump in the post. Dear readers : We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on Tariffs Trump to boost U.S. tariffs to 15% 'where appropriate,' USTR says - report U.S. Supreme Court tariff ruling could ease India’s Russian oil trade worries
Bloomberg’s Caroline Hyde discusses OpenAI’s $110 billion fundraise at a $730 billion valuation with key backing from Amazon. Plus, the feud between Anthropic and the Pentagon over AI use by the military continues. And Jack Dorsey’s Block says it's cutting half its workforce in a bet on AI. (Source: Bloomberg)
Bloomberg’s Caroline Hyde discusses OpenAI’s $110 billion fundraise at a $730 billion valuation with key backing from Amazon. Plus, the feud between Anthropic and the Pentagon over AI use by the military continues. And Jack Dorsey’s Block says it's cutting half its workforce in a bet on AI. (Source: Bloomberg)
jimfeng/E+ via Getty Images Don't wait to buy land - buy land and wait. Land, they are not making any more of it. The list of cliche quotes about the value of land goes on and on. Today, we venture out of the world of Class A real estate and look towards a more unique REIT. Gladstone Land ( LAND ) has been one of the more volatile REITs over the past five years. In the era of changing interest rat...
jimfeng/E+ via Getty Images Don't wait to buy land - buy land and wait. Land, they are not making any more of it. The list of cliche quotes about the value of land goes on and on. Today, we venture out of the world of Class A real estate and look towards a more unique REIT. Gladstone Land ( LAND ) has been one of the more volatile REITs over the past five years. In the era of changing interest rates, REITs with exposure to land found themselves in a precarious position. Farmland REITs, such as LAND or Farmland Partners ( FPI ), have found themselves under pressure as inflation begins to challenge the ability of farmers to control their cost structure. Data by YCharts The agriculture business has become considerably more complex over the past 12 months, forcing operators like LAND to navigate a challenging situation. In this article, we will revisit LAND after Q4 earnings. I will follow up on my prior coverage of the company and discuss the changing landscape of farmland REITs. Review of Prior Coverage My initial coverage of LAND was almost five years ago, when I introduced the REIT as one of the most unique publicly traded real estate companies. At the time, I was highlighting the Gladstone Companies lineup as one of the more interesting opportunities in the investable universe. As a refresher, Gladstone is the external manager of four funds, LAND, Gladstone Investment ( GAIN ), Gladstone Capital ( GLAD ), and Gladstone Commercial ( GOOD ). LAND is a Gladstone REIT that focuses exclusively on the ownership of farmland assets in the United States and water assets in California. Over the long term, LAND has been one of the more volatile REITs. Data by YCharts In my follow-up coverage of LAND one year ago, I explored the company's business model more thoroughly. LAND has a fundamental business model problem that relates to the low-yielding nature of land investments. Land is a low-productivity asset class, plain and simple. The value of land is determined by a select s...