asbe/iStock via Getty Images Source: LSEG The above chart from LSEG’s “This Week in Earnings” shows the progression in both sector and S&P 500 EPS growth since Jan 1, ’26. The energy sector EPS estimate as of May 1, ’26 has understandably rocketed higher, at +46.1%, and is now equal to the tech sector’s +46.2%. Maybe even more interesting from a data perspective Source: LSEG Note the increase in b...
asbe/iStock via Getty Images Source: LSEG The above chart from LSEG’s “This Week in Earnings” shows the progression in both sector and S&P 500 EPS growth since Jan 1, ’26. The energy sector EPS estimate as of May 1, ’26 has understandably rocketed higher, at +46.1%, and is now equal to the tech sector’s +46.2%. Maybe even more interesting from a data perspective Source: LSEG Note the increase in both Q1 ’26 S&P 500 EPS growth between last week, dated April 24, ’26 (second column from left), and this week’s May 1, ’26 S&P 500 EPS growth. This week’s estimate for Q1 ’26 jumped 11.7% in one week (!), thanks to the mega-cap tech earnings. Also note how Q1 ’27, which is the 11th column to the right, declined as sell-side analysts now expect a much tougher comp in Q1 ’27 thanks to Q1 ’26 expected results. Hate to be hyperbolic, but these numbers are crazy. (The Q1 ’27 reduction in the EPS growth rate is being checked at LSEG to make sure it’s not an error.) S&P 500 data The forward 4-quarter estimate (FFQE) jumped to $343.64, versus last week’s $342.39 The P/E on the forward estimate is now 21x. The S&P 500 earnings yield (SP EY) has now slipped to 4.75%. Anything below 4.5% looks expensive. For comparison, I believe in March 2000, the EY fell under 2%. The S&P 500 EPS “upside surprise” hit 11.5% as of May 1, ’26, while the revenue upside surprise hit a 2% upside surprise. High-yield spreads continue to tighten after April 3rd’s high +342 to the equivalent Treasury, now +282 as of this week. (This is a single-spread metric published by Bespoke daily, and is not meant to represent spreads amongst and between the various high-yield credit sectors.) “Rates of Change for Forward S&P 500 Estimates” The 2028 expected S&P 500 EPS estimates weren’t published by LSEG until early April ’26. Again, for years, the typical pattern for forward EPS estimates was for estimates to weaken as they approach each quarter and then strengthen with the typical “upside surprise” as actual financi...
Manoj Madusanka/iStock via Getty Images Market Commentary Volatility returned to bond markets in the first quarter of 2026. Early in the quarter, U.S. Treasury yields declined and credit spreads narrowed. However, the outbreak of the Iran conflict in late February drove interest rates sharply higher on energy-related inflation concerns, while credit spreads moved wider. The U.S. economy showed sig...
Manoj Madusanka/iStock via Getty Images Market Commentary Volatility returned to bond markets in the first quarter of 2026. Early in the quarter, U.S. Treasury yields declined and credit spreads narrowed. However, the outbreak of the Iran conflict in late February drove interest rates sharply higher on energy-related inflation concerns, while credit spreads moved wider. The U.S. economy showed signs of softening after last year's strong growth. The labor market was particularly choppy, with nonfarm payrolls declining by 92,000 jobs in February, pulling the three-month average to below 6,000 new jobs per month while the unemployment rate hovered around 4.4%. Inflation proved sticky, with January PCE at 2.8% year over year, up slightly from early 2025 and still above the Federal Reserve's 2% target. The Fed held short-term rates steady at both of its first quarter meetings—a pause following three consecutive cuts in late 2025. Rising commodity prices have dampened expectations for near-term rate cuts, now pushed out beyond 2026. Against this backdrop, Treasury yields rose over the quarter, with the 2-year up 32 basis points (bps) and the 10-year up 15 bps. Portfolio Strategy The first quarter tested bond markets on multiple fronts: a cooling economy, persistent inflation, and a conflict in Iran with an unpredictable trajectory. We believe this environment can reward patience and process, and our approach remains grounded in rigorous credit underwriting, conservative stress-testing, and a long-term valuation discipline. During the quarter, we reduced the Fund's weighting in Agency ² mortgage-backed securities (MBS) by approximately six percentage points amid richer valuations for the sector, redeploying a portion of those proceeds into a number of credit issuers priced relatively attractively. We also added modestly to certain prime auto and student loan asset-backed securities. Credit spreads widened over the quarter in response to growing market anxiety around potent...
A trial is slated to begin in New Mexico on Monday that will test the state’s claims that Meta’s Facebook, Instagram and WhatsApp platforms harmed young users’ mental health and its bid for a court order forcing the company to make changes. The case, which will be tried before a judge in Santa Fe, stems from a lawsuit filed by New Mexico Attorney General Raúl Torrez, a Democrat, accusing the so...
A trial is slated to begin in New Mexico on Monday that will test the state’s claims that Meta’s Facebook, Instagram and WhatsApp platforms harmed young users’ mental health and its bid for a court order forcing the company to make changes. The case, which will be tried before a judge in Santa Fe, stems from a lawsuit filed by New Mexico Attorney General Raúl Torrez, a Democrat, accusing the social media giant of designing its platforms to addict young users and failing to protect children from sexual exploitation on its platforms. The trial marks the second phase of New Mexico's lawsuit after a jury in March found Meta violated the state’s consumer protection law by misrepresenting the safety of Facebook and Instagram for young users and ordered the company to pay $375 million in damages.
CNA Financial press release ( CNA ): Q1 Non-GAAP EPS of $0.83. P&C core income of $248 million versus $311 million, reflects lower underlying underwriting results and unfavorable prior period development partially offset by higher net investment income. P&C combined ratio of 102.2%, compared with 98.4% in the prior year quarter, including a 3.6 point impact related to catastrophes compared with 3....
CNA Financial press release ( CNA ): Q1 Non-GAAP EPS of $0.83. P&C core income of $248 million versus $311 million, reflects lower underlying underwriting results and unfavorable prior period development partially offset by higher net investment income. P&C combined ratio of 102.2%, compared with 98.4% in the prior year quarter, including a 3.6 point impact related to catastrophes compared with 3.8 points in the prior year quarter. The current year quarter also includes an unfavorable impact of 4.1 points from net prior period development driven by excess casualty and professional E&O lines in recent accident years, compared to 2.5 points in the prior year quarter. Catastrophe impacts of $97 million pretax in both the current and prior year quarters. P&C underlying combined ratio was 94.5%, compared with 92.1% in the prior year quarter. P&C underlying loss ratio was 64.1% and the expense ratio was 29.9%. P&C segments generated net written premium growth of 1% in the quarter. P&C renewal premium change of +3%, with written rate of +2%. Book value per share of $40.13; book value per share excluding AOCI of $45.12, a 1% increase from year-end 2025 adjusting for $2.48 of dividends per share paid. More on CNA Financial CNA Financial: Great Underwriting, Still No Growth Spark CNA Financial Corporation 2025 Q4 - Results - Earnings Call Presentation CNA Financial Corporation (CNA) Q4 2025 Earnings Call Prepared Remarks Transcript CNA Financial Q1 2026 Earnings Preview Most and least shorted large-cap financial stocks at the end of March
Carlyle Group Inc. has acquired a majority stake in healthcare revenue cycle management firms Knack RCM and EqualizeRCM, it said in a statement Monday, without disclosing terms. Knack founder Rajiv Sharma and EqualizeRCM’s Nagi Rao will reinvest some of their proceeds to be part of a newly created RCM platform, Carlyle said. The deal should help the group to broaden its reach, strengthen leadershi...
Carlyle Group Inc. has acquired a majority stake in healthcare revenue cycle management firms Knack RCM and EqualizeRCM, it said in a statement Monday, without disclosing terms. Knack founder Rajiv Sharma and EqualizeRCM’s Nagi Rao will reinvest some of their proceeds to be part of a newly created RCM platform, Carlyle said. The deal should help the group to broaden its reach, strengthen leadership and accelerate artificial intelligence capabilities, Carlyle said. Knack and Equalize serve physician groups, durable medical equipment providers, rural hospitals and other specialty segments, according to the statement. “Partnering with Knack enables us to integrate our advisory expertise with their advanced analytics and global operations, to deliver more robust and tailored solutions,” Rao said in the statement. The agreement will help the companies “tackle the most complex parts of the revenue cycle, including rural cost reports, DME intake, and challenging anesthesia cases,” added Knack Chief Executive Officer Gautam Barai. Carlyle said it plans to pursue more opportunities in the RCM industry.
anatoliy_gleb/iStock via Getty Images Skycorp Solar ( PN ) soared over 125% premarket on Monday after its deal to acquire the remaining 56% equity interest in renewable energy company Nanjing Cesun Power Co. Skycorp will acquire the stake for about $20.2M, paid by issuing 7.98M new shares at $2.529 each. The share price is based on the 10-day average closing price from April 17 to April 30, 2026. ...
anatoliy_gleb/iStock via Getty Images Skycorp Solar ( PN ) soared over 125% premarket on Monday after its deal to acquire the remaining 56% equity interest in renewable energy company Nanjing Cesun Power Co. Skycorp will acquire the stake for about $20.2M, paid by issuing 7.98M new shares at $2.529 each. The share price is based on the 10-day average closing price from April 17 to April 30, 2026. The transaction implies a 100% enterprise valuation of Nanjing Cesun at roughly $36.1M. The 56% equity interest is being acquired from two selling parties: Huang Weiqi and EZPower. Huang directly holds a 20% equity interest in the firm and serves as the chief executive officer and a director of Skycorp. Because Weiqi is the CEO of Skycorp and has a direct and material economic interest in the selling entities, this acquisition constitutes a related-party transaction. "The complete acquisition of Nanjing Cesun represents a pivotal milestone in Skycorp's strategic expansion. This integration not only strengthens our revenue base and operational capabilities but also utilizes a post-transaction structure designed to strategically position the Company to leverage China domestic support policies and government grants,” stated Weiqi. Nanjing Cesun is engaged in server equipment sales, inverter production, photovoltaic power station operation, and energy management systems. The deal enables Skycorp to expand its clean energy business. In addition, Skycorp Solar ( PN ) is raising $3M in a private placement, or PIPE transaction, proceeds from which will be used for general corporate purposes. At press time, Skycorp Solar ( PN ) shares were up above 104% premarket to $5.76. More on Skycorp Solar Group Ltd Skycorp Solar regains compliance with Nasdaq minimum bid requirement Skycorp Solar to implement 1-for-20 reverse share split Financial information for Skycorp Solar Group Ltd