Numbers in earnings reports come and go. Every quarter brings a new beat, a new record, a new reason to pay attention. But occasionally, a single line in a guidance statement stops you cold. For Broadcom (AVGO), that line came from CEO Hock Tan on March 4, 2026, buried inside the company's ...
Numbers in earnings reports come and go. Every quarter brings a new beat, a new record, a new reason to pay attention. But occasionally, a single line in a guidance statement stops you cold. For Broadcom (AVGO), that line came from CEO Hock Tan on March 4, 2026, buried inside the company's ...
Earnings Call Insights: CVS Health (CVS) Q1 2026 Management View "We delivered adjusted operating income of $5.2 billion and adjusted earnings per share of $2.57" (CEO, President & Chairman J. Joyner), and said the quarter supported a higher 2026 outlook: "increase our full year 2026 adjusted earnings per share guidance to a range of $7.30 to $7.50, up from the previous range of $7 to $7.20." "The...
Earnings Call Insights: CVS Health (CVS) Q1 2026 Management View "We delivered adjusted operating income of $5.2 billion and adjusted earnings per share of $2.57" (CEO, President & Chairman J. Joyner), and said the quarter supported a higher 2026 outlook: "increase our full year 2026 adjusted earnings per share guidance to a range of $7.30 to $7.50, up from the previous range of $7 to $7.20." "The Final Rate Notice that came out in April represented a step in the right direction towards greater sustainability, but it remains insufficient to offset underlying medical cost trends" (CEO, President & Chairman Joyner), adding that industry trends "remain above historical levels" and that CVS would keep taking actions to move toward target Medicare Advantage margins. "We recently announced that on July 1, 2026, we will exclude branded STELARA from our commercial template formularies to be replaced with the low-cost, effective biosimilars" (CEO, President & Chairman Joyner). He tied this to prior biosimilar execution: "converting over 90% of eligible patients" on HUMIRA, and said CVS expects "similar conversion rates" on STELARA with "the majority of our customers to pay $0 out of pocket for this therapy." "Later this year, we will be launching Health100, an AI native, state-of-the-art technology and service platform that allows for any payer, PBM, pharmacy or provider to seamlessly connect" (CEO, President & Chairman Joyner), describing it as a consumer-facing "front door" for an integrated experience. "We generated over $100 billion of revenue" and "delivered adjusted EPS of $2.57" (Executive VP & CFO Brian Newman). He also highlighted cash generation and leverage: "we generated cash flow from operations of approximately $4.2 billion" and "our leverage ratio at the end of the first quarter improved to 3.84x." Outlook "We are increasing our full year 2026 guidance for adjusted EPS to a range of $7.30 to $7.50" and "now expect our full year total revenues to be at least $4...
Suncor Energy's Board of Directors has approved a quarterly dividend of $0.60 per share on its common shares, payable June 25, 2026 to shareholders of record at the close of business on June 4, 2026. Kraft Heinz announced today that the Company's Board of Directors declared a r
Suncor Energy's Board of Directors has approved a quarterly dividend of $0.60 per share on its common shares, payable June 25, 2026 to shareholders of record at the close of business on June 4, 2026. Kraft Heinz announced today that the Company's Board of Directors declared a r
Cameco (NYSE:CCJ) stock just earned a fresh vote of confidence from Bay Street. Scotiabank analyst Orest Wowkodaw raised his CCJ stock price target to $175 from $150, keeping an Outperform rating after a quarterly update he characterized as positive given higher estimates. The takeaway for prudent investors: the Western nuclear renaissance is shifting from thesis ... Scotiabank Just Hiked Cameco P...
Cameco (NYSE:CCJ) stock just earned a fresh vote of confidence from Bay Street. Scotiabank analyst Orest Wowkodaw raised his CCJ stock price target to $175 from $150, keeping an Outperform rating after a quarterly update he characterized as positive given higher estimates. The takeaway for prudent investors: the Western nuclear renaissance is shifting from thesis ... Scotiabank Just Hiked Cameco Price Target to $175 as the Nuclear Renaissance Accelerates
BalkansCat/iStock Editorial via Getty Images Nokia Oyj ( NOK ) was in the news for much of last year, especially after Nvidia ( NVDA ) decided to pump $1Bn into it, getting about 3% of the company's equity in return. What is in it for Nokia and Nvidia? Given Nokia's 170% return in the past year, is it worth investing in right now or are all the positives already reflected in the price? I own Nokia...
BalkansCat/iStock Editorial via Getty Images Nokia Oyj ( NOK ) was in the news for much of last year, especially after Nvidia ( NVDA ) decided to pump $1Bn into it, getting about 3% of the company's equity in return. What is in it for Nokia and Nvidia? Given Nokia's 170% return in the past year, is it worth investing in right now or are all the positives already reflected in the price? I own Nokia, I first got in at about $7, but I have been pyramiding on top with smaller quantities. I believe that the tortoise whose fortunes are tied to the Capex heavy, cyclical telecom industry can sustain steady growth for the next decade and give investors at least 12-14% a year, without too much downside risk. Optical networking gear, which is in short supply should keep growth humming, while the mature, mobile infrastructure segment ensures enough cash to continue investing for growth without too much debt and dilution, thus reducing risk for investors. Bear in mind, Nokia was stuck between $4 and $5 for 5 years, before breaking out in August-Sep 2025, just prior to the Nvidia deal in October 2025. It could also suffer from a low cyclical P/E, so I would keep expectations low, especially when we're a little late to the party. Nokia's business Nokia has two large segments, Network Infrastructure and Mobile Infrastructure, with Network Infrastructure getting more attention because of data center demand. Within network infrastructure, Optical networks was the star performer with IP networks also providing solid support. Optical networks is where all the excitement is, providing data centers crucial bandwidth for lower latency and faster transmission, and reducing bottlenecks. The Mobile infrastructure segment is also getting boosted by investments in cellular networks to handle increased traffic from AI, and agentic AI as mobile networks upgrade from 5G to 6G. Nvidia's investment is for primarily improving its Mobile infrastructure network. A smaller $905Mn portfolio segment is c...
In inner London boroughs such as Camden, home to PM’s constituency, Greens hope to capitalise on collapse in Labour support May elections: What’s at stake across England, Wales and Scotland? In Highgate New Town, a north London housing estate whose brutalist architecture has been a fixture of film shoots, the enormous scale of the challenge Labour faces in the capital from the Greens was starkly e...
In inner London boroughs such as Camden, home to PM’s constituency, Greens hope to capitalise on collapse in Labour support May elections: What’s at stake across England, Wales and Scotland? In Highgate New Town, a north London housing estate whose brutalist architecture has been a fixture of film shoots, the enormous scale of the challenge Labour faces in the capital from the Greens was starkly evident. “I’ve always voted Labour. My entire family has, but it feels like a time for a change,” said Cynthia Boampong after opening her door to Lorna Jane Russell, for now the only Green member on the local Camden council but who could be returned after 7 May at the head of a much larger group. With support for Zack Polanski’s party expected to surge across the capital, nearby Hackney council is tipped to be the centre of a realignment of progressive voters, with polling suggesting the Greens could take the mayoralty and end up the largest party. The Labour bastions of Lambeth and Lewisham are also under siege. Continue reading...
While some are using AI to tailor programs better suited to their needs, others warn ‘it can be wrong, confidently so’ People have mixed feelings about AI. While many people regularly use it – 62% in the US and 69% in the UK – trust in the technology is low. In the US, only 26% of people have a positive view of AI, according to one NBC poll , and in the UK, 78% say they worry about negative outcom...
While some are using AI to tailor programs better suited to their needs, others warn ‘it can be wrong, confidently so’ People have mixed feelings about AI. While many people regularly use it – 62% in the US and 69% in the UK – trust in the technology is low. In the US, only 26% of people have a positive view of AI, according to one NBC poll , and in the UK, 78% say they worry about negative outcomes from AI. So it is perhaps no surprise that readers’ responses to our callout about AI and fitness were varied. Some said they rely on AI to shape their workouts and diets while others said they refuse to use it at all because of its impact on the economy and the environment . And many were somewhere in between – they found it a useful tool, but were less than thrilled about the technology’s impact overall. Continue reading...
Sadler’s Wells, London Men in tutus and pointe shoes loving and parodying their art form never ages; it’s both simple and very sophisticated Depending on how you look at it, drag ballet troupe the Trocks offer either lighthearted camp, an in-joke for dance megafans, or an existential question about the very nature of ballet and beauty. Les Ballets Trockadero de Monte Carlo , to give the company it...
Sadler’s Wells, London Men in tutus and pointe shoes loving and parodying their art form never ages; it’s both simple and very sophisticated Depending on how you look at it, drag ballet troupe the Trocks offer either lighthearted camp, an in-joke for dance megafans, or an existential question about the very nature of ballet and beauty. Les Ballets Trockadero de Monte Carlo , to give the company its formal mouthful of a name, has been going since 1974 , five decades in which the perception of drag, and of gender, has transformed. The 14-strong all-male company (or gender-skewering, they now usually say) dresses in tutus, pointe shoes and greasepaint, dancing mainly extracts from the classical ballet repertoire: Swan Lake, Paquita, etc. They do it in a way that mixes slapstick comedy, hammed up to the hilt, with a deep love and knowledge of the art form. It is both broad and subtle, a bathetic tightrope act that apes and satirises the ideal of the ballerina; it mocks ballet tropes while also pulling off fouettés and arabesques and allegro pointe work. The technical feats are somehow more impressive because these aren’t otherworldly ballerinas but an assortment of bodies that feel real, imperfections and all. It’s a reminder how hard this stuff is, and that the drive to do it is really exceptional; we’re rooting for them. Continue reading...
BalkansCat/iStock Editorial via Getty Images Diageo ( DEO ) has not been a great stock to invest in for about 3 years now. I have invested in it personally a few times during that time, in the conviction that the stock had reached a sort of "record low" and was about to be recognized as undervalued, with the result of a reversal. While there have been small reversals on the way, the most recent to...
BalkansCat/iStock Editorial via Getty Images Diageo ( DEO ) has not been a great stock to invest in for about 3 years now. I have invested in it personally a few times during that time, in the conviction that the stock had reached a sort of "record low" and was about to be recognized as undervalued, with the result of a reversal. While there have been small reversals on the way, the most recent towards the end of 2025 and early 2026, the general trajectory of the company - the negative one - has been consistent for some time now. It's fair to say that following the COVID-19 crash, when the company was a good investment, the stock peaked in about 2022, and beyond 2022, it should have been sold for premiumization. This was not that easy to see, because prior to COVID-19, the company traded even higher than some of the premiums we've seen after the COVID-19 period. TO find a level like the one the company is trading at today, we actually need to go back all the way to the GFC - and even then it can be argued convincingly that the stock is in fact cheaper now. In this article, I will attempt a rebase and recalculation of Diageo, sans premiumization and to calculate a fair value that better accounts for the company's long-term appeal. It's a my stance that Diageo is currently in fact investable. It further supports my stance, however, that the company's future is perhaps more uncertain than before, and there are alternatives and other companies to invest in instead. This uncertainty is not necessarily related to Diageo specifically, but rather to the alcohol and spirits industry as a whole. I invest quite a bit in high-end spirits, including companies like Pernod ( PRNDY ), Remy Cointreau ( REMYY ), and i've successfully invested in several beer/cider companies over the past 3 years. Diageo, however, has not been a "winner" for me. So let's review and find out what's going on. Diageo - Finding value and finding upside in cheap quality If you follow my work, you know that...
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
Pla2na/iStock via Getty Images Annualized Returns Annualized Returns Annualized Returns Annualized Returns Returns are in USD As of March 31, 2026 1Q 2026 YTD One Year Three Year Five Year Since Inception 12/01/16 Pzena Global Value All Country Composite — Gross* -2.4% -2.4% 15.4% 13.1% 8.7% 9.9% Pzena Global Value All Country Composite — Net* -2.5% -2.5% 14.7% 12.4% 8.0% 9.3% MSCI ACWI Index** -3...
Pla2na/iStock via Getty Images Annualized Returns Annualized Returns Annualized Returns Annualized Returns Returns are in USD As of March 31, 2026 1Q 2026 YTD One Year Three Year Five Year Since Inception 12/01/16 Pzena Global Value All Country Composite — Gross* -2.4% -2.4% 15.4% 13.1% 8.7% 9.9% Pzena Global Value All Country Composite — Net* -2.5% -2.5% 14.7% 12.4% 8.0% 9.3% MSCI ACWI Index** -3.2% -3.2% 20.0% 16.6% 9.5% 11.6% MSCI ACWI Value Index** 1.2% 1.2% 17.8% 14.7% 9.2% 8.9% Click to enlarge Past performance is not indicative of future results. Periods greater than one year are annualized in USD. Returns could be impacted, positively or negatively, by currency fluctuations, where applicable. Gross rates of return are presented gross of investment management fees and net of the deduction of transaction costs. An investor's actual return will be reduced by investment management fees. Net Returns are derived using a model fee applied monthly to Gross returns. Pzena uses the highest tier fee schedule, excluding performance fees, to illustrate the impact of fees on performance returns. As product fees change, the current highest tier schedule will be in effect. Global equity markets were mixed in the first quarter, as early strength gave way to heightened uncertainty surrounding new AI developments and escalating conflict in the Middle East. Value stocks outperformed growth, supported in part by higher energy prices, while regional and sector dispersion remained elevated. The United States was our portfolio's weakest-performing region, declining mid-single digits. While we outpaced the MSCI ACWI Index over the period, we underperformed the value series. During the quarter, the largest contributions came from the materials and energy sectors, as oil prices broke above $100 per barrel. Chemical producer Dow, Inc. ( DOW ) was the largest individual contributor for the period. With approximately 65% of its ethane crackers utilizing low-cost natural gas feedstock, th...
PeopleImages/iStock via Getty Images Private credit continues to dominate headlines — and not always for the right reasons. Between concerns about rising defaults, liquidity constraints, and the growth of evergreen vehicles, investors are asking whether the asset class is nearing a breaking point. But a closer look at the data reveals a far more balanced story. Understanding the fundamentals behin...
PeopleImages/iStock via Getty Images Private credit continues to dominate headlines — and not always for the right reasons. Between concerns about rising defaults, liquidity constraints, and the growth of evergreen vehicles, investors are asking whether the asset class is nearing a breaking point. But a closer look at the data reveals a far more balanced story. Understanding the fundamentals behind private markets is essential to making informed allocation decisions. Evergreen funds are expected to grow their share over time Private capital has raised trillions of dollars over the past decade. Evergreen funds, which are a newer type of vehicle with more liquidity than drawdown funds, are only around 14% of total private markets assets under management. Most of these funds to date are institutional ($2.3 trillion), but wealth-focused evergreen funds are expected to continue to grow their share over time, from $500 billion in 2025 to $1.1 trillion in 2029. Private markets and evergreen AUM Source: Morningstar Pitchbook, as of Feb. 22, 2026. *Co-investments ($0.4T), secondaries ($0.6T) and fund of funds ($1.0T), round out the AUM total of $18.7T. Evergreen funds, as defined by Morningstar Pitchbook, are semi-liquid fund vehicles that invest in private assets and securities, both institutional ($2.3T) and wealth-focused ($500B). These funds raise capital continuously and invest it over an indefinite period while providing some liquidity periodically. Unlike traditional “drawdown” private asset funds that have a fixed lifespan and deploy capital from commitments over time, evergreen funds operate on a perpetual basis, allowing them to accept new investments and make distributions to investors without a predetermined end date. There is no guarantee the forecasts provided will come to pass. Headlines around defaults, such as First Brands or Tricolor, have contributed to a sense of mounting risk. Yet, these events reflect idiosyncratic company issues rather than systemic st...
Amsterdam, 6 May 2026 (Regulated Information) --- AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports first quarter 2026 adjusted EBITDA of $44 million. This was a 2% improvement compared to the $43 million in the fourth quarter of 2025 and exceeded our guidance that the first quarter 2026 would be down sequentially. This better-than-expected performance in the current quarter w...
Amsterdam, 6 May 2026 (Regulated Information) --- AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”) reports first quarter 2026 adjusted EBITDA of $44 million. This was a 2% improvement compared to the $43 million in the fourth quarter of 2025 and exceeded our guidance that the first quarter 2026 would be down sequentially. This better-than-expected performance in the current quarter was mainly driven by AMG Vanadium which included the consolidation of AURA beginning January 1, 2026. Beyond circular molybdenum, AURA brought recycled tungsten into our critical materials portfolio, and the tungsten price performance helped their results. Despite anticipated lower cash generation at the beginning of the year, AMG ended the quarter with a strong balance sheet highlighted by our $403 million of total liquidity as of March 31, 2026. This figure does not include the $127 million of proceeds from the capital increase.
Disney's (DIS) second quarter earnings results beat analysts' expectations, driven by booming streaming profit. Bloomberg Intelligence senior media analyst Geetha Ranganathan sits down with Yahoo Finance's Julie Hyman to discuss the next catalysts for Disney's stock.
Disney's (DIS) second quarter earnings results beat analysts' expectations, driven by booming streaming profit. Bloomberg Intelligence senior media analyst Geetha Ranganathan sits down with Yahoo Finance's Julie Hyman to discuss the next catalysts for Disney's stock.
Social Security has been on shaky financial ground for years, but new research suggests the situation could be even more urgent. The program relies heavily on payroll taxes to fund benefits, but with that income source falling short, the Social Security Administration has been dipping into its trust funds to cover the deficit. Previously, the Social Security Board of Trustees estimated that both t...
Social Security has been on shaky financial ground for years, but new research suggests the situation could be even more urgent. The program relies heavily on payroll taxes to fund benefits, but with that income source falling short, the Social Security Administration has been dipping into its trust funds to cover the deficit. Previously, the Social Security Board of Trustees estimated that both trust funds would run out by 2034. But a new report from the Congressional Budget Office predicts that they could be depleted sooner than expected. Here's what that means for you. Continue reading