Asia’s gold rush is starting to lose some of its lustre, as surging oil prices due to the Iran war dampen rate-cut hopes that recently helped fuel one of the metal’s strongest rallies in years. A surge in energy costs has revived inflation concerns and made central banks less likely to cut rates, and this has made interest-bearing assets more attractive, according to analysts. Gold prices fell by ...
Asia’s gold rush is starting to lose some of its lustre, as surging oil prices due to the Iran war dampen rate-cut hopes that recently helped fuel one of the metal’s strongest rallies in years. A surge in energy costs has revived inflation concerns and made central banks less likely to cut rates, and this has made interest-bearing assets more attractive, according to analysts. Gold prices fell by 12 per cent from US$5,247.90 per troy ounce on February 27 to US$4,620 on Friday morning. The metal...
halbergman/iStock via Getty Images My last article on Whitecap Resources ( WCPRF ) mentioned how the company had hit the jackpot. The acquisition of Veren (VRN) was a huge boost of lower cost production combined with very profitable assets. Veren itself had not really had the chance to reduce costs by completely optimizing operations before the combination with Whitecap. Therefore, that process co...
halbergman/iStock via Getty Images My last article on Whitecap Resources ( WCPRF ) mentioned how the company had hit the jackpot. The acquisition of Veren (VRN) was a huge boost of lower cost production combined with very profitable assets. Veren itself had not really had the chance to reduce costs by completely optimizing operations before the combination with Whitecap. Therefore, that process continues. But it now continues with higher commodity prices that make a good deal look even better. There is nothing like optimizing production and decreasing costs with some extra cash coming in thanks to higher commodity prices. That extra cash provides some flexibility and may well accelerate the efficiency drive. When the next downturn happens in this cyclical industry, this company could well be in far better shape than was originally thought possible thanks to the very high commodity prices right now. In the meantime, this is yet another company (that is investment grade) that leveraged up for more low-cost production only to follow the acquisition with high commodity prices. The original deal would work without the high commodity prices. The high commodity prices just make a good situation a whole lot better. It also makes the acquisition look like a stroke of pure genius. Higher than expected commodity prices often add a couple of percentage points to the expected profit of the acquisition when those high prices occur early in the post-combination period. Keep in mind that a combination this large could have nonrecurring optimization expenses for up to a year after the acquisition. The logistics of the situation are daunting. Also keep in mind that Veren brought some low-cost assets to the combined company. However, at least some of those assets were likely acquired from operators that were likely behind the times for one reason or another. Higher production costs do not go away the minute an acquisition happens. Instead, that higher cost production often declines ov...
Earnings Call Insights: Corcept Therapeutics (CORT) Q1 2026 Management View “Our revenue in the first quarter of 2026 was $164.9 million... We have increased our 2026 revenue guidance to $950 million to $1.05 billion. Net loss was $31.8 million... Our cash and investments at March 31 were $515 million.” (CFO & Treasurer Atabak Mokari) Sean Maduck said demand rose with “a record number of new presc...
Earnings Call Insights: Corcept Therapeutics (CORT) Q1 2026 Management View “Our revenue in the first quarter of 2026 was $164.9 million... We have increased our 2026 revenue guidance to $950 million to $1.05 billion. Net loss was $31.8 million... Our cash and investments at March 31 were $515 million.” (CFO & Treasurer Atabak Mokari) Sean Maduck said demand rose with “a record number of new prescriptions written from a record number of prescribers,” and highlighted a near-term revenue timing lag from “onerous reauthorization procedures,” early-stage patient ramp, and “the insurance prior authorization backlog” tied to the specialty pharmacy transition. Roberto Vieira framed the quarter around the FDA approval and early launch indicators for Lifyorli, emphasizing ROSELLA’s survival results and launch execution: “36 days into our launch, things are going very well... Prescriptions have already been written by over 200 physicians... Lifyorli's inclusion in the National Comprehensive Cancer Network... guidelines as a preferred regimen just 15 days after approval will support strong adoption and payer access.” (President of Oncology Vieira) “In April, we met with the FDA regarding relacorilant's new drug application... We will provide an update on relacorilant's regulatory path in the near future.” (Co-Founder, President, CEO & Director Joseph K. Belanoff) Outlook Mokari attributed the higher full-year range to the combined read-through from both franchises: “our endocrine business represents the bulk of our guidance range just given where we are with oncology,” while citing oncology updates including “approval,” “final ROSELLA results in The Lancet,” and “inclusion in the NCCN guidelines,” and concluding, “we are confidently raising our guidance range.” (CFO & Treasurer Mokari) Management reiterated long-term revenue ambitions on both pillars: “We expect our current Cushing's Syndrome business to grow to at least $2 billion in annual revenue by the end of this decade.”...
jetcityimage/iStock Editorial via Getty Images Tesla ( TSLA ) generated over $500M in revenue last year from transactions with companies tied to CEO Elon Musk, according to an amended annual filing. The bulk of the revenue, about $430.1M, came from dealings with xAI ( X.AI ), which Tesla had initially disclosed in January. In the updated filing released Thursday, the company added another $143.3M ...
jetcityimage/iStock Editorial via Getty Images Tesla ( TSLA ) generated over $500M in revenue last year from transactions with companies tied to CEO Elon Musk, according to an amended annual filing. The bulk of the revenue, about $430.1M, came from dealings with xAI ( X.AI ), which Tesla had initially disclosed in January. In the updated filing released Thursday, the company added another $143.3M in revenue from SpaceX ( SPACE ), primarily for the sale of vehicles. Tesla didn’t provide the latter figure in its initial annual filing released in January. The cross-company activity has continued into 2026. Tesla said it recognized roughly $78.1M in revenue from xAI through February 2026, primarily for the sale of its Megapack products, as well as approximately $0.1M in revenue from SpaceX. The disclosures come as links between Musk’s businesses deepen. xAI has been purchasing Tesla’s Megapack energy storage systems, while Tesla has begun integrating xAI’s Grok chatbot into its vehicles. Musk has also outlined plans for Tesla and SpaceX to collaborate on chip manufacturing. SpaceX acquired xAI in February, bringing rockets, satellites, AI and plans for space-based data centers under one roof. More on Tesla, SpaceX, etc. Tesla: The Future Is Promising, The Valuation Assumes It's Here Tesla: Disastrous Robotaxi Checkup Tesla: What Most Don't Know About FSD Blue Owl sold half of SpaceX's stake at a $1.25T valuation Tesla Semi finally begins mass production
jetcityimage/iStock Editorial via Getty Images Tesla ( TSLA ) generated over $500M in revenue last year from transactions with companies tied to CEO Elon Musk, according to an amended annual filing. The bulk of the revenue, about $430.1M, came from dealings with xAI ( X.AI ), which Tesla had initially disclosed in January. In the updated filing released Thursday, the company added another $143.3M ...
jetcityimage/iStock Editorial via Getty Images Tesla ( TSLA ) generated over $500M in revenue last year from transactions with companies tied to CEO Elon Musk, according to an amended annual filing. The bulk of the revenue, about $430.1M, came from dealings with xAI ( X.AI ), which Tesla had initially disclosed in January. In the updated filing released Thursday, the company added another $143.3M in revenue from SpaceX ( SPACE ), primarily for the sale of vehicles. Tesla didn’t provide the latter figure in its initial annual filing released in January. The cross-company activity has continued into 2026. Tesla said it recognized roughly $78.1M in revenue from xAI through February 2026, primarily for the sale of its Megapack products, as well as approximately $0.1M in revenue from SpaceX. The disclosures come as links between Musk’s businesses deepen. xAI has been purchasing Tesla’s Megapack energy storage systems, while Tesla has begun integrating xAI’s Grok chatbot into its vehicles. Musk has also outlined plans for Tesla and SpaceX to collaborate on chip manufacturing. SpaceX acquired xAI in February, bringing rockets, satellites, AI and plans for space-based data centers under one roof. More on Tesla, SpaceX, etc. Tesla: The Future Is Promising, The Valuation Assumes It's Here Tesla: Disastrous Robotaxi Checkup Tesla: What Most Don't Know About FSD Blue Owl sold half of SpaceX's stake at a $1.25T valuation Tesla Semi finally begins mass production
Linde press release ( LIN ): Q1 Non-GAAP EPS of $4.33 beats by $0.06 . Revenue of $8.8B (+8.6% Y/Y) beats by $200M . For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.60 to $17.90 (vs. consensus of $17.84), up 7% to 9%, assuming favorable currency of 1%. Full-year capital expenditures are expected to be in the range of $5.0 billion to $5.5 bi...
Linde press release ( LIN ): Q1 Non-GAAP EPS of $4.33 beats by $0.06 . Revenue of $8.8B (+8.6% Y/Y) beats by $200M . For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.60 to $17.90 (vs. consensus of $17.84), up 7% to 9%, assuming favorable currency of 1%. Full-year capital expenditures are expected to be in the range of $5.0 billion to $5.5 billion to support growth and maintenance requirements including the $7.1 billion contractual sale of gas project backlog. More on Linde Linde: Strong Execution, But Valuation Leaves Limited Upside (Rating Downgrade) Linde plc (LIN) Q4 2025 Earnings Call Transcript Linde plc 2025 Q4 - Results - Earnings Call Presentation Linde Q1 2026 Earnings Preview Mar Vista U.S. Quality Premier adds Ecolab, GE Vernova, QXO, exits Salesforce, SAP
Earnings Call Insights: SPS Commerce (SPSC) Q1 2026 Management view "SPS Commerce delivered a solid first quarter" and "Q1 revenue grew 6% to $192.1 million," with "recurring revenue" up "7%, driven by fulfillment growth of 8%," according to (CEO & Director Chad Collins). "Tariffs, geopolitics and risk mitigation are fundamentally restructuring global trade" and "SPS is uniquely positioned to deli...
Earnings Call Insights: SPS Commerce (SPSC) Q1 2026 Management view "SPS Commerce delivered a solid first quarter" and "Q1 revenue grew 6% to $192.1 million," with "recurring revenue" up "7%, driven by fulfillment growth of 8%," according to (CEO & Director Chad Collins). "Tariffs, geopolitics and risk mitigation are fundamentally restructuring global trade" and "SPS is uniquely positioned to deliver the AI-optimized automation trading partners need at scale," Collins said, while adding the company is "introducing a subscription platform fee" for certain Amazon-related revenue recovery customers. Collins highlighted MAX (the company’s AI agent) as a driver of customer ROI and internal efficiency, saying "based on feedback from more than 400 MAX beta customers, the biggest impact AI can have" is "identifying issues early," and that internal agentic efforts are "reducing onboarding and setup time from weeks to days." "To improve profitability across our smaller customer cohorts, we are in the process of introducing a subscription platform fee to our 3P take rate customers" and "we expect this change to increase churn within this cohort with a projected decline of up to 4,000 3P suppliers in 2026," said (Executive VP & CFO Joseph Del Preto), adding, "We do not anticipate this action to result in a material impact to revenue." Outlook "For the second quarter of 2026, we expect revenue to be in the range of $194.5 million to $196.5 million" and "we expect fully diluted earnings per share to be in the range of $0.53 to $0.56" while "non-GAAP diluted income per share" is expected to be "$1.06 to $1.09," Del Preto said. "For the full year 2026, we expect revenue to be in the range of $796.0 million to $802.0 million" and "we expect adjusted EBITDA to be in the range of $262.8 million to $267.3 million," with "fully diluted earnings per share" expected at "$2.66 to $2.69" and "non-GAAP diluted income per share" at "$4.73 to $4.76," Del Preto said. Management framed three dri...
Earnings Call Insights: Grand Canyon Education (LOPE) Q1 2026 Management View Brian Mueller (Chairman & CEO) said the quarter delivered “online enrollment growth of 8.8%” and “hybrid growth, excluding the closed sites and those that are in teach-out of 20.3%,” while framing AI as a competitive lever: “I believe AI will make our current advantages even greater, which makes me even more confident we...
Earnings Call Insights: Grand Canyon Education (LOPE) Q1 2026 Management View Brian Mueller (Chairman & CEO) said the quarter delivered “online enrollment growth of 8.8%” and “hybrid growth, excluding the closed sites and those that are in teach-out of 20.3%,” while framing AI as a competitive lever: “I believe AI will make our current advantages even greater, which makes me even more confident we will continue to meet or exceed our long-term objectives.” Brian Mueller (Chairman & CEO) highlighted a channel shift in student sourcing, stating, “We are now getting approximately 30% of our new starts by directly working with employers,” and described the lead environment: “The lead generation environment is definitely being impacted by the increasing numbers of people using artificial intelligence rather than an organization's website to gather information.” Brian Mueller (Chairman & CEO) detailed a traditional campus brand investment around honors students: “Mike Ingram... has been named the Sheila and Mike Ingram Honors College,” adding, “GCU expects to have over 3,000 students in the fall,” with “average weighted incoming GPAs of over 4.1,” and said, “GCU plans to more than double the student population.” Daniel Bachus (Chief Financial Officer) tied profitability to execution and mix, saying, “Service revenue was higher than our expectations in the first quarter of 2026, primarily due to higher-than-expected enrollments and slightly higher-than-expected revenue per student,” and added, “The first quarter operating margin was positively impacted... by the higher revenue and the contract modifications, partially offset by additional spend for 2026 partner initiatives.” Outlook Daniel Bachus (Chief Financial Officer) said guidance was refreshed for Q1 upside: “We have updated full year 2026 guidance to include the first quarter revenue and earnings beats,” while also stating, “We are reaffirming our revenue and operating income guidance previously provided for the rest...
The patriarch of the Weasley family in seven wizarding films has also been prolific as a small screen detective and comedy catchphrase master. Assuming it suits you, he’ll be here with answers Twenty-five years have now passed since the first Harry Potter film and, with the HBO reboot due out this Christmas, Warner Bros is ramping up the celebrations. Key among them is the unveiling of a new featu...
The patriarch of the Weasley family in seven wizarding films has also been prolific as a small screen detective and comedy catchphrase master. Assuming it suits you, he’ll be here with answers Twenty-five years have now passed since the first Harry Potter film and, with the HBO reboot due out this Christmas, Warner Bros is ramping up the celebrations. Key among them is the unveiling of a new feature at the studio tour showcasing key moments, costumes and props from Harry Potter and the Philosopher’s Stone. And this is why Mark Williams is now taking your questions – although, as Potter purists will know, his character doesn’t actually appear in the first film. Arthur Weasley does, however, play a pretty big role in the other seven movies, so let’s muggle through regardless. Continue reading...
Sales of vaping products persist on some online platforms delivering to Hong Kong despite a ban on the import, sale and public use of alternative tobacco products, prompting authorities to step up monitoring and enforcement. The South China Morning Post on Friday found several online platforms selling e-cigarette products, with some websites displaying contact details using country codes from Mala...
Sales of vaping products persist on some online platforms delivering to Hong Kong despite a ban on the import, sale and public use of alternative tobacco products, prompting authorities to step up monitoring and enforcement. The South China Morning Post on Friday found several online platforms selling e-cigarette products, with some websites displaying contact details using country codes from Malaysia and the United Kingdom. One platform advertised delivery and after-sales service in Hong Kong,...
ConocoPhillips (NYSE: COP) is the first major U.S. oil company to report earnings since the war with Iran started two months ago. Its earnings rose significantly from the fourth quarter and handily beat analysts' expectations, despite some downtime from its operations in Qatar. Here's a closer look at the quarter and how ConocoPhillips plans to allocate its unexpected earnings bounty. Image source...
ConocoPhillips (NYSE: COP) is the first major U.S. oil company to report earnings since the war with Iran started two months ago. Its earnings rose significantly from the fourth quarter and handily beat analysts' expectations, despite some downtime from its operations in Qatar. Here's a closer look at the quarter and how ConocoPhillips plans to allocate its unexpected earnings bounty. Image source: Getty Images. Continue reading
U. S. equity futures ticked higher following record closes on Wall Street, as investors weighed upbeat corporate earnings signals against mounting geopolitical risks and currency volatility.
U. S. equity futures ticked higher following record closes on Wall Street, as investors weighed upbeat corporate earnings signals against mounting geopolitical risks and currency volatility.
Thomas Barwick/DigitalVision via Getty Images Welltower Inc. ( WELL ) is one of the best-run companies in the REIT space. In the latest quarter, the company put up solid numbers with high lease rates and steady FFO growth. While I think the fundamentals are sound and management continues to execute well in terms of its capital allocation and managing its balance sheet, at around $217 per share, I ...
Thomas Barwick/DigitalVision via Getty Images Welltower Inc. ( WELL ) is one of the best-run companies in the REIT space. In the latest quarter, the company put up solid numbers with high lease rates and steady FFO growth. While I think the fundamentals are sound and management continues to execute well in terms of its capital allocation and managing its balance sheet, at around $217 per share, I think the stock trades at a multiple that I think is very difficult to justify, even for a business of this quality. A look at Q1'26 results For a bit of background, Welltower is a senior housing REIT that reports across three segments. This includes Seniors Housing Operating, Seniors Housing Triple-net, and a smaller mix of Outpatient Medical and Long-Term/Post-Acute Care properties. The portfolio spans over 2,800 properties across North America and the U.K. Looking at the company’s first quarter , FFO came in at $1.47 per share, up 23% year over year. The driver of that growth is almost entirely the SHO segment, which posted same-store NOI growth of 22.1% in the quarter. Total portfolio same-store NOI grew 16.4%. In the SHO segment, NOI growth was largely driven by 370 bps of average occupancy growth and 5.0% growth in revenue per occupied room. With occupancy at 88.8% across the SHO portfolio, I think there’s still further upside beyond the high 80s and into the low90s. Company Filings For the rest of the business, the triple-net segment grew 3.9%, Outpatient Medical 2.4%, and Long-Term/Post-Acute Care 2.6% on NOI. Looking at the payment coverage stratification from the company’s supplemental financials, 11.8% of in-place NOI sits in leases with EBITDARM coverage above 1.35x, and the weighted average maturity on triple-net leases is 10 years. This gives the company good visibility into NOI and FFO growth going forward, which is why I think the market has always assigned a premium valuation to Welltower. Company Filings Company Filings As far as capital allocation goes, W...