Dalin Ou/iStock via Getty Images The following segment was excerpted from the Conestoga Capital SMid Cap Composite Q1 2026 Commentary. SMid Cap Composite – 1Q26 Top 5 Leaders 1. RBC Bearings, Inc. ( RBC ) RBC produces highly engineered bearings and components for aerospace, defense, and industrial markets. Performance was driven by continued strength in aerospace and defense, where demand remains robust and increasingly visible through a growing backlog. The mix shift toward higher-value programs supported both growth and profitability, with aerospace and defense revenue increasing over 40% in the quarter. Investors were drawn to the combination of long-cycle exposure and consistent execution in an otherwise mixed industrial backdrop. 2. Balchem Corp. ( BCPC ) BCPC provides specialty ingredients and nutrition solutions across food, pharma, and animal health markets. The quarter highlighted the durability of the model, with steady growth across segments and continued alignment with “better-for-you” consumer trends. Earnings growth remained consistent, with net income increasing nearly 17%, reflecting both pricing and favorable mix. In a more uncertain market, investors gravitated toward BCPC’s ability to compound earnings with relatively low volatility. 3. Watsco, Inc. ( WSO ) WSO is a leading distributor of HVAC equipment and parts in North America. Shares outperformed despite a challenging demand environment, as investors focused on margin resilience, strong cash flow, and a more normal demand environment in 2026. The HVAC industry went through a significant refrigerant transition in 2025 which resulted in a destocking phenomenon in 2026. This was exacerbated by a consumer preference to repair instead of replace with the more expensive new equipment. 4. UL Solutions, Inc. ( ULS ) ULS provides testing, inspection, certification, and software solutions across a wide range of industries. The stock moved higher as results demonstrated strong underlying growth and meani...

布鲁克林联邦地区法官周一就 Visa 和 万事达卡 提出的380亿美元反垄断和解协议举行听证会，以评估该协议是否能就两家公司长达二十年的信用卡刷卡费纠纷达成最终解决方案。 和解协议面临密集审查 这一和解最早于2025年11月宣布，是美国历史上最大的反垄断和解案之一。该协议旨在解决商户关于Visa和万事达卡非法联合固定刷卡费率的指控——即消费者用信用卡支付时商户需支付的费用，全美商户为此每年花费逾1000亿美元。 根据和解条款，两家公司已同意在未来五年内将部分信用卡交换费率降低约0.1个百分点，并将部分费率的涨幅上限定为1.25%，此项规定将持续约八年。商户还将获得更多灵活性，可以选择拒绝接受某些高费率信用卡，并可对消费者收取附加费来覆盖部分成本。 知名商户提出强烈反对 许多行业组织对和解条款表示不满，他们认为和解带来的实际影响微乎其微。国家便利店协会指出，即便费率经削减后，美国商户支付的刷卡费仍远高于世界其他地区。美国全国零售联合会此前也表示会反对该和解协议，称其提供的临时救济“太少、太迟”。 另一方面，反对者还质疑卡组织并未真正实质上终结核心商业模式的垄断地位。取消部分规则虽给予商户拒收某类品牌高端卡的权利，但批评者认为这会导致收银台出现“排他性的低效率”，而消费者也可能因此转而使用网络内其他高费率卡。 法官此前已驳回一份规模较小的和解协议 主持本案的法官此前已经驳回过一项约300亿美元的和解方案，称其金额“微不足道”。法官曾在2024年6月驳回过一份300亿美元的和解方案，并给双方提供了重新谈判的机会。无论持有哪种立场，该协议将在通过法庭最终批准后，实质性重塑美国数十亿美元的支付手续费格局。 责任编辑：张俊 SF065

(Updates with Google's comment in 5th, 6th and 7th paragraph.) The European Commission on Monday

Key PointsIXUS carries a lower expense ratio than SPGM and offers a notably higher dividend yield.

知名对冲基金经理博阿斯·温斯坦旗下的Saba Capital Management计划推出一只新基金，旨在从难以变现的私募资产中捕捉套利机会，以满足众多财富顾问客户急需流动性的迫切需求。 据知情人士透露，Saba计划扩张其投资活动，成立一只全新投资工具，目标针对公开及非公开的“业务发展公司”——这是一种专注于投资中小型私营企业或不良债务的封闭式基金。一位匿名信源表示：“许多财富顾问的客户被困在这些缺乏流动性的产品中，他们对现金的渴求是推动温斯坦作出这一决策的主要原因。” Saba已在市场上对该策略进行试探。消息人士称，Saba近期完成了针对Starwood Real Estate Trust和Blue Owl Capital的收购要约，通过约190笔独立交易累计收购了约1000万美元面值的资产，其中绝大部分来自喜达屋房地产信托。这些交易的实际成交价格隐含了相对于资产净值约35%的折价，这清晰地反映出在承压行情下投资者为获得流动性而愿意接受的“代价”。 当前，随着中东冲突持续和经济不确定性增加，全球资本市场流动性收紧，许多投资于非公开资产的投资者面临退出困境。Saba此次拟推出的新基金正是瞄准这一市场痛点，试图通过在二级市场上折价购入私募资产获利。该基金的设立尚需等待监管机构的批准。 责任编辑：张俊 SF065

iamporpla/iStock via Getty Images Nutrien ( NTR ) up 0.9% in Monday's trading as Barclays upgraded the world's largest producer of potash and second-largest producer of nitrogen fertilizer to Overweight from Equal Weight with an $85 price target, bumped up from $80, reflecting prolonged uncertainty around the Iran war, combined with an expected longer-lasting disruption to natural gas supply and its implications for ammonia production. Barclays analyst Benjamin Theurer cited stronger ammonia pricing, with some support from potash—which has moved recently from levels of ~$350/metric ton to ~$400/ton—as a leading indicator, which results in adjusted EBITDA of more than $7.3B in FY 2026, up 21% Y/Y, compared to his previous estimate of $6.6B. The analyst also reiterated his Overweight rating for CF Industries ( CF ) while hiking his stock price target to $145 from $130, now modeling for adjusted EBITDA of more than $5B in FY 2026 vs. his former estimate of $3.3B. Looking to FY 2027, Theurer said he expects higher ammonia/urea pricing to persist at least to H1 2027, resulting in revised adjusted EBITDA for CF ( CF ) to $3.6B from $2.6B previously. More on Nutrien Nutrien: The Coiled Spring Of The 2026 Global Energy Crisis Nutrien: Bearish Outlook For 2026 Due To Fertilizer Macro (Rating Downgrade) Nutrien Presents at Bank of America 2026 Global Agriculture and Materials Conference Transcript

据知情人士透露，会计师事务所富睿玛泽（Forvis Mazars）裁减了约3%的美国员工。由于员工主动离职率低于预期，该公司正启动重组，此次裁员即是其中一环。 知情人士称，该公司上周通知员工，将裁员约250人，占其超过7700名美国员工总数的3%。审计、税务和咨询部门的人员均受到影响。 富睿玛泽在一份声明中表示：“我们定期评估当前的业务需求，以确保我们有能力为客户提供卓越服务，同时保持强大的人才梯队。我们有时会进行针对性的人员调整，以使人员配置水平与业务需求保持一致。” 此次裁员发生的两年前，Forvis收购了玛泽的美国业务部门，作为一项新国际合作的一部分。那次收购创造了一个年收入约50亿美元的全球审计和咨询网络。在截至2025年8月的财年中，富睿玛泽全球收入超过57亿美元，同比增长11%。 在美国，富睿玛泽在截至2025年5月的财年中实现营收22亿美元。根据《今日会计》（Accounting Today） 3月份的一项排名，该公司在美国会计师事务所中位列第10。 富睿玛泽的合并顺应了席卷专业服务领域的整合浪潮。近年来，面对日益增长的资本需求和招聘困境，许多会计师事务所纷纷调整所有权结构。其中数十家公司已将股权出售给私募股权投资者，另有一些则选择与同行合并。 Forvis于2022年由BKD和Dixon Hughes Goodman合并而成。玛泽则曾长期担任总统特朗普旗下企业特朗普集团的会计师事务所。 许多会计师事务所正努力消化疫情期间过度招聘带来的人员冗余。多年来，业内员工的主动离职率一直低于预期，这也成了引发裁员的导火索。例如，毕马威多年来一直推动更多审计合伙人提前自愿退休，如今更是直接裁减了10%的美国审计合伙人。 在进行业务重组或推进其他变革之际，这些公司还面临著维持员工士气的挑战。富睿玛泽最近就派员工前往西班牙参加了一项颇受欢迎的团建活动，参与者需要踩在彼此肩膀上搭建叠罗汉式的人塔。 责任编辑：李桐

全球专业服务巨头 埃森哲 周一宣布，将向其全部约74.3万名员工推广 微软 的Copilot 365 AI助手，这是该聊天机器人迄今达成的最大企业订单，也为正在努力将海量用户转化为付费客户的微软注入一剂强心针。 微软自2023年推出该技术以来，其超过4.5亿的365企业用户中仅有稍多于3%付费使用每月30美元的服务，Copilot推广缓慢和云业务增长不均已加深投资者对微软巨额AI支出回报的担忧。此次合作标志着微软在推动企业级AI应用方面迈出重要一步。 97%员工报告效率提升 尽管微软面临转化挑战，埃森哲对目前的AI实施效果表示满意。本次部署基于埃森哲2024年向多达30万员工推广Copilot的计划，公司已成为最积极的企业AI采用者之一，甚至将高级晋升与技术使用挂钩。基于对20万用户的内部调查，约97%的员工表示Copilot帮助他们将例行任务的完成速度提高了多达15倍，其中53%报告在生产力方面获得重大提升。 埃森哲首席执行官表示：“得益于它，我们的团队已经在从事更高价值的工作。” 多模型策略推动需求 微软负责M365应用和Copilot平台的高管表示，提供包括Anthropic在内的多种AI模型以及用一个模型检查另一个模型输出的工具，正在推动需求增长。微软最近积极向客户推广Anthropic的技术，旨在减少对OpenAI的依赖，同时利用对Claude创建者产品的需求。 周一早些时候公布的修订后的合作伙伴关系终结了微软对OpenAI技术的独家访问权，为ChatGPT创建者通过竞争对手的云平台销售其产品扫清了道路。 埃森哲的全面部署正值近期报告对AI生产力提升提出质疑之际。一项对近6000名企业高管的调查发现，近90%的人表示AI在过去三年中对就业或生产力没有影响。埃森哲内部大范围使用所获得的切实效益，为AI提升效率提供了有力的“实践派”佐证。 稳扎稳打的“以人为本”部署策略 埃森哲的部署过程经过精心规划，而非一蹴而就。部署始于2023年8月微软刚推出该工具后不久进行的试点。 责任编辑：张俊 SF065

Tesla's Q1 revenue beat and improving margins were overshadowed by a $25 billion 2026 capex plan, nearly triple last year's spending, that puts free cash flow negative for the rest of the year and explains why the stock fell even on a strong earnings print.

Investors Are Panicking About $25 Billion in Spending at Tesla, but the SpaceX IPO Could Mean It Doesn’t Even Matter Barchart.com

美国最高法院就 拜耳 （Bayer）公司是否因未警告消费者其旗舰除草剂“农达”（Roundup）可能致癌而负有法律责任一事，对该公司进行了质询。此案的结果可能导致数千起针对该公司的法律索赔被驳回，并为这场困扰拜耳多年的诉讼战画上句号。 周一，不同意识形态的法官们似乎都接受了这样一种论点：即这家制药和农业公司可根据密苏里州的一项法律被提起损害赔偿诉讼，该州法律要求公司就其产品风险向消费者发出警告。即便监管机构已认定该产品可以安全使用，其标签根据联邦法律也并无不当，情况依然如此。 若裁决对拜耳不利，将沉重打击该公司遏制“农达”相关诉讼的努力，这些诉讼已让该公司付出了数十亿美元的代价。 首席大法官约翰·罗伯茨对拜耳的论点表示了开放态度，该论点认为联邦法律旨在统一除草剂的标签。但他质疑，如果在政府批准使用后，某个产品被确定为危险品，为何各州就无能为力。 他表示：“如果事实证明各州是对的，那么在联邦政府审批过程中，如果各州有机会采取行动，提醒人们注意这种危险，那或许是件好事。” 自2018年以630亿美元收购孟山都以来，拜耳就一直深陷围绕“农达”的诉讼泥潭。“农达”是全球使用最广泛的除草剂。孟山都正是通过开发这种强效除草剂，彻底改变了美国农业。 近10年来，成千上万名消费者起诉该公司，指称“农达”的关键成分草甘膦导致他们患癌，并称该公司本应采取更多措施警告他们相关风险。 拜耳请求最高法院受理的这起案件涉及密苏里州的一名园丁John Durnell，他多年使用该除草剂。他声称，接触该产品导致他患上非霍奇金淋巴瘤，而该公司未在产品标签上警示任何危险。一个陪审团裁定他获得125万美元的损害赔偿，州上诉法院维持了原判。 在最高法院获得有利裁决，是拜耳首席执行官Bill Anderson今年遏制“农达”相关诉讼计划的关键一环。如果拜耳胜诉，可能有助于驳回数千起针对该公司的案件。虽然一些原告可以重新提起诉讼，但拜耳的胜诉也将使其“未尽到警示义务”这一关键指控不成立，从而可能让原告方更难在庭审中获胜。 拜耳一直坚称“农达”可以安全使用。全球多国政府和美国环保局（EPA）已多次认定，草甘膦不太可能对人类致癌，并批准了不含癌症警告的“农达”标签。然而，世界卫生组织下属的国际癌症研究机构在2015年将草甘膦归类为“可能对人类致癌”的物质。 Durnell和其他原告认为，该公司应就该除草剂可能构成...

Soybeans are up 11 to 15 cents across most contracts on Monday. The cmdtyView national average Cash Bean price is up 15 cents at $11.17 1/4. Soymeal futures are up $9.50 to $9.70 in the front months, with Soy Oil futures up 20 to 24 points. USDA’s FGIS tallied soybean...

Oil futures have tried and failed multiple times to get back above $103 a barrel, as a key momentum indicator has been held back.

WHCA Shooter Charged With Attempted Assassination Of Trump Federal prosecutors charged Cole Tomas Allen, 31, the accused gunman in the White House Correspondents' Association Dinner shooting, with three criminal counts, including attempting to assassinate the president. Fox News reports that Magistrate Judge Matthew Sharbaugh unsealed the case against Allen on Monday. Allen appeared in federal court wearing a prison jumpsuit and answered the judge respectfully. He did not enter a plea and was only informed of the charges. The three counts include attempted assassination of the president, transporting a firearm across state lines, and discharging a firearm during a crime of violence. The attempted assassination charge could carry a life sentence if Allen is convicted. Assistant U.S. Attorney Jocelyn Ballantine told the court that Allen was heavily armed when he stormed the Washington Hilton Hotel, allegedly hunting for President Trump and top-level officials. She said Allen was equipped with a 12-gauge pump-action shotgun, a .38-caliber semi-automatic pistol, and three knives. Allen's manifesto made it clear that he had a kill list (as reported by CBS News' Jennifer Jacobs ): Administration officials (not including Mr. Patel): they are targets, prioritized from highest-ranking to lowest "Mr. Allen has no prior arrests or convictions," court-appointed defense lawyer Tezira Abe said. "He is presumed innocent at this time." Allen will remain in custody pending a Thursday hearing to determine whether he is eligible for any form of pretrial release, according to NBC News. Earlier today, White House Press Secretary Karoline Leavitt blasted the "left-wing cult of hatred" as fueling political violence in yet another failed assassination attempt on Trump. Leavitt told reporters at a press briefing earlier that political violence against Trump "stems from a systemic demonization of him and his supporters by commentators, yes, by elected members of the Democrat Party and even s...

Bloomberg Intelligence's Athanasios Psarofagis joins Scarlet Fu and Katie Greifeld on "Bloomberg ETF IQ.". An ETF designed to track White House Policy has been in limbo for more than a year, as exchanges steer clear of what looks like a high-volatility, politically sensitive trade. The potential GRFT ETF is easily outperforming the S&P 500 this year. (Source: Bloomberg)

Britain’s King Charles and ⁠Queen Camilla arrived in the United States on Monday afternoon for a four-day trip, a tour which has taken on even greater prominence after the White House Correspondents’ dinner shooting and amid acrimony between the close allies. The state visit, by far the most high-profile and consequential of Charles’ reign, marks the 250th anniversary of the US declaration of independence from British rule, and is the first to the country by a British ‌monarch for two...

Earnings Call Insights: Noble Corporation (NE) Q1 2026 Management View "During the first quarter, we earned adjusted EBITDA of $277 million and generated free cash flow of $169 million," said "President, CEO & Director Robert Eifler." He added, "We again distributed our $0.50 quarterly dividend and yesterday, our Board declared a $0.50 per share dividend for the second quarter, maintaining our consistent and highly differentiated return of cash strategy." "President, CEO & Director Robert Eifler" described limited Middle East disruption tied to the Iran conflict, stating, "we are fortunate to have experienced limited operational disruption confined to just 1 jackup in the Middle East, the Mick O'Brien, which we sold in January but have continued to operate under a bareboat agreement." He added, "All of our crew and related personnel were safely evacuated from the rig during the early days of the conflict." "President, CEO & Director Robert Eifler" detailed roughly "$565 million" of new awards and extensions, including: "the Noble Courage received an extension with Petrobras of slightly more than 3 years"; "the Noble Deliverer has been awarded a 5-well contract from Woodside in Australia, which will support that rig's reactivation"; and "the Noble Developer has been awarded a 1-well contract with ExxonMobil at $375,000 per day." He also cited incremental work for "the Noble BlackRhino," "the Noble Venturer" ("at a day rate of $430,000"), and "the Noble Viking" in Malaysia. "President, CEO & Director Robert Eifler" said market indicators were strengthening, including that "Total UDW contracted utilization is currently 105 rigs or 95% of marketed supply" and open demand "has now eclipsed 110 rig years." He concluded, "Therefore, we believe it is likely that we will begin to see floater rates move higher as we move through the rest of this year." "Executive VP & CFO Richard Barker" provided the quarter’s financial snapshot: "Contract Drilling Services revenue for the fi...

kjohansen/E+ via Getty Images SMid Cap Composite – 1Q26 Performance & Attribution The Conestoga SMid Cap Composite returned -10.24% net-of-fees in the first quarter, lagging the Russell 2500 Growth Index's return of -3.52%. Declining markets have historically provided a favorable relative tailwind for our strategy given our emphasis on high-quality, durable growth businesses and strong downside capture. This quarter, however, proved challenging as the market backdrop highlighted an increasing divergence between fundamental business performance and stock market outcomes. While many of our portfolio companies delivered solid operating results, investor preferences shifted toward businesses with more immediate earnings visibility and away from longer-duration growth profiles. The primary drivers of underperformance were sector/industry-specific headwinds and stock selection challenges, most notably within Technology, Industrials, and Health Care. Positive sector allocation effects partially offset some of the losses. Profitability and quality factors outperformed during the quarter, with profitable companies generally holding up better than unprofitable businesses. However, this did not translate into relative outperformance for the strategy, as the market continued to pressure longer-duration growth equities. This dynamic was most pronounced in the Technology sector, particularly the software industry, where valuation compression and reduced investor appetite for future-oriented earnings streams drove significant declines. As a result, our overweight to software was a meaningful headwind, detracting approximately 232 basis points from relative performance. From a stock selection standpoint, Q2 Holdings, Inc. ( QTWO ), Tyler Technologies, Inc. ( TYL ), and CCC Intelligent Solutions, Inc. ( CCC ), all software names, were the largest detractors. During the quarter, we selectively reduced our overweight to software, trimming or eliminating positions where valuation suppo...

The long-simmering legal clash between Elon Musk and Open AI Sam Altman is set to move into the courtroom this week, with jury selection beginning in what Wedbush Securities has described as a “tech soap opera.” The high-stakes, personality-driven got underway Monday as jury selection kicked...

Cotton futures are trading with contracts 22 to 56 points higher across the front months. The US dollar index is slipping 0.084 lower at $98.280. Crude oil is back up $2.24 to $96.65. Spec traders were busy increasing their fresh bullish bet in cotton futures and options in the week...

Nordex Ag press release ( NRDXF ): Q1 Revenue of €1.58B (+10.5% Y/Y) misses by €980M. Net income of EUR 53.6M. EBITDA of EUR 131M. More on Nordex SE Nordex SE (NRXXY) Q4 2025 Earnings Call Transcript Germany's turbine maker Nordex Q1 profits climb on improved margin Historical earnings data for Nordex SE Financial information for Nordex SE

Why Apple (AAPL) Faces a Long-Term Risk Despite 931% Surge Over a Decade - News and Statistics IndexBox

Key PointsRescheduling is a positive milestone for the marijuana industry.

Key PointsThis business has built a wide moat with its scale, technology, and brands.

Solana (CRYPTO: SOL) , the world's second-largest blockchain development platform after Ethereum (CRYPTO: ETH) , just processed 25.3 billion transactions in the first quarter of 2026. That put it far ahead of Ethereum, which only processed 200 million transactions. But it's still much smaller than Ethereum, which reaches significantly more developers through its Layer 1 (L1) blockchain, Layer 2 (L2) rollups, and integrations with other blockchains. So can Solana, which has nearly doubled in value over the past five years, continue to expand its ecosystem as it gains more developers? Image source: Getty Images. Continue reading