Scott Alvarez, former general counsel at the Federal Reserve Board and adjunct professor at the George Washington School of Law, joins Scarlet Fu on "Bloomberg Real Yield." The Justice Department is ending a controversial investigation into building-renovation cost overruns at the Federal Reserve, potentially clearing a path to confirmation for Kevin Warsh, President Donald Trump’s pick to be the ...
Scott Alvarez, former general counsel at the Federal Reserve Board and adjunct professor at the George Washington School of Law, joins Scarlet Fu on "Bloomberg Real Yield." The Justice Department is ending a controversial investigation into building-renovation cost overruns at the Federal Reserve, potentially clearing a path to confirmation for Kevin Warsh, President Donald Trump’s pick to be the next chair of the central bank. (Source: Bloomberg)
Maine Governor Janet Mills vetoed what would have been the first statewide freeze on large data center development, saying it would hurt a part of Maine in need of an economic boost. Mills, a Democrat running for US Senate, bucked her own party in rejecting a proposed moratorium on permitting for data centers larger than 20 megawatts until November 2027. The veto likely kills the measure in its cu...
Maine Governor Janet Mills vetoed what would have been the first statewide freeze on large data center development, saying it would hurt a part of Maine in need of an economic boost. Mills, a Democrat running for US Senate, bucked her own party in rejecting a proposed moratorium on permitting for data centers larger than 20 megawatts until November 2027. The veto likely kills the measure in its current form. While the proposal garnered nearly unanimous support from Democratic legislators when it passed earlier this month, the number of backers is still well short of the two-thirds threshold necessary for an override. Political pushback against data centers is rising nationally. While the industrial projects are key cogs in the advancement of artificial intelligence, opponents are concerned about their effects on energy prices and water availability. Maine only has nine data centers, but developers have been exploring smaller-scale projects. Mills opposed the freeze because it would stop a planned data center that would replace a recently shuttered paper mill in Jay, a town about 60 miles north of Portland. She unsuccessfully pushed lawmakers to include an exemption for the $550 million project, which would create as many as 1,000 construction jobs and 150 permanent jobs once in operation, according to its developer. In her veto message Friday, Mills pointed to the “devastating blow” that the mill’s closing has had on Jay, which is located in her home county. “I supported the exemption and would have signed this bill if it had included it,” Mills said. Mills, a two-term governor, is trailing political newcomer Graham Platner in the June 9 Democratic Senate primary despite winning the backing of Senate Minority Leader Chuck Schumer and other establishment Democrats. Recent polls show Platner leading by more than 25 percentage points. Democratic politicians across the US have seized on opposition to data centers as part of an affordability pitch ahead of the midterm el...
Jane Street Group去年净交易收入达到创纪录的396亿美元，超越了最大的高速交易对手和包括 摩根大通 在内的多家投资银行。这家华尔街领先的做市商凭借市场波动加剧之机赚取了丰厚利润，巩固了其行业领先地位。 据知情人士透露，仅去年第四季度，Jane Street就实现了约155亿美元的交易收入。全年收入比排名第二的摩根大通高出约11%，同时将城堡证券和Hudson River Tradi...
Jane Street Group去年净交易收入达到创纪录的396亿美元，超越了最大的高速交易对手和包括 摩根大通 在内的多家投资银行。这家华尔街领先的做市商凭借市场波动加剧之机赚取了丰厚利润，巩固了其行业领先地位。 据知情人士透露，仅去年第四季度，Jane Street就实现了约155亿美元的交易收入。全年收入比排名第二的摩根大通高出约11%，同时将城堡证券和Hudson River Trading等竞争对手远抛身后。 Jane Street目前拥有约3500名员工，通过在全球交易所买卖ETF、股票、债券、期权、大宗商品和货币等一系列金融产品来提供市场流动性。其收入增长还受益于所持未上市公司股权估值的上涨，包括人工智能实验室Anthropic在内的投资为其贡献了可观的利润。 该公司的业务还包括类似对冲基金的部门，持有多种资产类别的头寸长达数周甚至数月。与许多竞争对手不同，Jane Street从未接受外部资本，其独特的资本结构使其在提供流动性时能够承担更大的头寸，并持有这些头寸直至风险获得回报。 高盛 、 富国银行 和花旗集团等华尔街大型银行近几个季度也享受了交易利润的增长，随着投资者调整投资组合以对冲风险，市场波动性往往有利于大型银行和算法交易公司的交易部门。 责任编辑：张俊 SF065
Wolterk/iStock Editorial via Getty Images The key question going into the Q1 2026 print was whether UnitedHealth’s margin recovery story (especially around the Medical Care Ratio and Optum Health) remains intact. After the call, my impression was that the Q1 2026 results were supportive. EPS came in ahead of expectations , and full-year guidance was raised; so, these are early indications that the...
Wolterk/iStock Editorial via Getty Images The key question going into the Q1 2026 print was whether UnitedHealth’s margin recovery story (especially around the Medical Care Ratio and Optum Health) remains intact. After the call, my impression was that the Q1 2026 results were supportive. EPS came in ahead of expectations , and full-year guidance was raised; so, these are early indications that the company is returning to the historical “beat and raise” pattern. I still think the margin recovery story is intact but remains in the early innings. Getting back to historical profitability will take time, and there is still execution risk. But management seems to be making the right moves. Key Takeaways Revenue Growth—Low, But Not The Point Revenue growth came in at just ~2%, a clear slowdown versus historical levels. However, I don’t view this to be the key driver of the investment case. UnitedHealth is no longer a growth story; it is a margin recovery story. Medical Care Ratio—The Key Signal Was Positive UnitedHealth 10-Ks and Earnings Releases The medical care ratio (MCR) improved to 83.9% from 84.8% in Q1 2025 . That’s clearly positive. The improvement was driven by better medical cost management and favorable reserve development, among others. On the latter, I’m not fully convinced that this should be viewed as a durable improvement. However, I don’t think this is too much of a concern; the ratio is improving, which is what matters for now. Seasonality also plays a role here. UnitedHealth’s insurance business is typically more profitable in the first half of the year. MCR will likely move higher over the year, which is not a sign of deterioration. Operating Cost Ratio—Higher, But For The Right Reasons UnitedHealth 10-Ks and Earnings Releases The operating cost ratio increased. This looks like a bad development. However, costs are going up because the company is investing in processes, technology (like AI), and infrastructure to boost efficiency. I’m not too concerned...
Israeli Media Says IDF Soldiers Looting 'On A Crazy Scale' In Lebanon Authored by Brett Wilkins While media coverage of Israel’s war on Lebanon mainly focuses on the slaughter of hundreds of Lebanese civilians and destruction of entire villages , Israel Defense Forces commanders are tacitly condoning widespread looting by their troops in Lebanon, according to reporting Thursday. Haaretz , Israel’s...
Israeli Media Says IDF Soldiers Looting 'On A Crazy Scale' In Lebanon Authored by Brett Wilkins While media coverage of Israel’s war on Lebanon mainly focuses on the slaughter of hundreds of Lebanese civilians and destruction of entire villages , Israel Defense Forces commanders are tacitly condoning widespread looting by their troops in Lebanon, according to reporting Thursday. Haaretz , Israel’s oldest daily newspaper, interviewed a number of IDF personnel who described routine theft of items including motorcycles, televisions, paintings, sofas, and rugs from the homes and businesses of some of the more than 1 million Lebanese forcibly displaced by Israel’s assault on its northern neighbor. Vandalized house, with Hebrew graffiti, in Lebanese village of Alma al-Shaab, vai L'Orient-Le Jour. Israel has seized control of more than 50 villages in southern Lebanon as part of its expanding so-called “ Yellow Line ,” with residents who cross it risking their lives . Their absence offers IDF troops the opportunity to loot with no Lebanese resistance. The looting of civilian homes and businesses is formally known as "pillage" and is strictly prohibited under numerous Israeli and international laws and conventions. However, according to the IDF soldiers and officers interviewed by Haaretz, senior and junior commanders know about the pillaging but are not punishing offending soldiers . “It’s on a crazy scale,” one soldier said. “Anyone who takes something – televisions, cigarettes, tools, whatever – immediately puts it in their vehicle or leaves it off to the side, not inside the army base, but it’s not hidden. Everyone sees it and understands .” Soldiers interviewed said commanders’ responses range from turning a blind eye to prohibiting looting but not punishing offenders. “In our unit, they don’t even comment or get angry,” one soldier claimed. “The battalion and brigade commanders know everything.” Another said that “battalion and brigade commanders do speak up and get an...
Earnings Call Insights: Flagstar Bank, National Association (FLG) Q1 2026 Management view CEO Joseph Otting said the quarter showed “continued improving fundamentals, strong C&I growth, a high level in growth of core deposits, further progress in reducing the level of nonaccrual and criticized and classified loans, continued margin expansion and industry-leading capital levels,” and emphasized, “W...
Earnings Call Insights: Flagstar Bank, National Association (FLG) Q1 2026 Management view CEO Joseph Otting said the quarter showed “continued improving fundamentals, strong C&I growth, a high level in growth of core deposits, further progress in reducing the level of nonaccrual and criticized and classified loans, continued margin expansion and industry-leading capital levels,” and emphasized, “We are doing exactly what we set out to do.” Otting highlighted strategic execution on portfolio repositioning, including that multifamily and CRE portfolios “declin[ed] by $1.6 billion or 4% relative to the fourth quarter,” while C&I loan growth marked “the third consecutive quarter.” He also said Fitch and Moody’s upgraded deposit ratings to investment grade and that the bank “disclosed that the previously material weakness in internal controls have been remediated.” CFO Lee Smith said, “We were profitable for the second consecutive quarter,” and pointed to funding-cost progress: “Core deposits, excluding brokered, grew $1.1 billion, and we reduced deposit costs by 21 basis points.” Otting described technology milestones intended to reduce complexity ahead of a 2027 core conversion, noting the bank consolidated “6 legacy data centers into 2 co-location centers,” positioning Flagstar with “ultimately the goal in 2027 is to get on to one core.” Outlook Smith said 2026–2027 interest income expectations were revised: “We have adjusted our interest income guidance downward for both years as a result of increased CRE and multifamily payoffs, paydowns and amortization,” adding this “reduces interest income and NIM in the short term.” Management said it is retaining fewer resetting loans: “We are currently retaining 35% to 40% of resetting loans versus 50% previously,” which Smith said is expected to be temporary until replaced with new growth. Smith guided size and earnings power, saying, “We expect total assets to be approximately $94 billion at the end of '26 and $102 billion a...
Amb. Michael Herzog, former Israeli Ambassador to the US, said the decisions from the US and Iran to send envoys back to Pakistan signal that they countries 'don't want to go back to war. ' resident Donald Trump will send envoys to Pakistan with the intention of meeting with Iranian officials, while Tehran sounded a pessimistic tone on the prospects for talks to end the eight-week war roiling the ...
Amb. Michael Herzog, former Israeli Ambassador to the US, said the decisions from the US and Iran to send envoys back to Pakistan signal that they countries 'don't want to go back to war. ' resident Donald Trump will send envoys to Pakistan with the intention of meeting with Iranian officials, while Tehran sounded a pessimistic tone on the prospects for talks to end the eight-week war roiling the global economy. Special envoy Steve Witkoff and the president’s son-in-law Jared Kushner are set to depart Saturday for talks this weekend, White House Press Secretary Karoline Leavitt said in a Fox News interview on Friday. The New York Times reported that Iranian Foreign Minister Abbas Araghchi plans to meet with Witkoff and Kushner in Islamabad, citing unnamed Iranian officials. The foreign minister intends to present a written response to a US peace proposal, according to the paper. (Source: Bloomberg)
Charter lost more internet subscribers than expected in the latest quarter, signaling that the company isn’t out of the woods when it comes to broadband woes.
Charter lost more internet subscribers than expected in the latest quarter, signaling that the company isn’t out of the woods when it comes to broadband woes.
Expensive stocks typically earn their valuations through superior growth rates that other companies simply can’t match. The flip side though is that these lofty expectations make them particularly susceptible to drawdowns when market sentiment shifts.
Expensive stocks typically earn their valuations through superior growth rates that other companies simply can’t match. The flip side though is that these lofty expectations make them particularly susceptible to drawdowns when market sentiment shifts.
Earnings Call Insights: WSFS Financial Corporation (WSFS) Q1 2026 Management View "WSFS had a strong start to 2026, continuing to demonstrate the strength of our franchise and diverse business model." (Executive VP & CFO David Burg) "Our first quarter results included a core EPS of $1.68, core ROA of 1.65% and core return on tangible common equity of 20.7%, which are all up versus the prior quarte...
Earnings Call Insights: WSFS Financial Corporation (WSFS) Q1 2026 Management View "WSFS had a strong start to 2026, continuing to demonstrate the strength of our franchise and diverse business model." (Executive VP & CFO David Burg) "Our first quarter results included a core EPS of $1.68, core ROA of 1.65% and core return on tangible common equity of 20.7%, which are all up versus the prior quarter and prior year." (Executive VP & CFO Burg) "These results include the previously disclosed loan recovery of $15.7 million." (Executive VP & CFO Burg) "Excluding this recovery, core EPS was $1.45." (Executive VP & CFO Burg) "Core results for the first quarter exclude 2 items related to the sales of real estate properties" and "These items resulted in a $2.2 million negative impact to net income and $0.04 impact to EPS." (Executive VP & CFO Burg) "Net interest margin of 3.83% was flat linked quarter while absorbing the interest rate cuts that occurred in the fourth quarter." (Executive VP & CFO Burg) "This margin reflects a reduction of 12 basis points in total client deposit costs to 1.33%." (Executive VP & CFO Burg) "Core fee revenue, which represents nearly 1/3 of total revenue, grew 11% year-over-year." (Executive VP & CFO Burg) "This was driven by broad-based growth across our fee businesses and led by Wealth & Trust, which grew 25% year-over-year." (Executive VP & CFO Burg) "Corporate Trust" and "Global Capital Markets" were "each up over 40% year-over-year as we continue to win new mandates and capture market share." (Executive VP & CFO Burg) "During the quarter, we continued to execute on our capital return framework and returned $94 million of capital, including $85 million in buybacks, which equates to 2.5% of our outstanding shares." (Executive VP & CFO Burg) "Since the beginning of 2025, WSFS has repurchased approximately 12% of our outstanding shares." (Executive VP & CFO Burg) "The Board approved an 18% increase in the quarterly dividend to $0.20 per share" an...
Earnings Call Insights: Gaming and Leisure Properties (GLPI) Q1 2026 Management View "We've had a terrific quarter" and "our AFFO and AFFO per share both growing in mid- to high single digits through this first quarter," said (Chairman of the Board & CEO Peter Carlino). He added that GLPI has "a clear and well-documented line of sight toward a very healthy multiyear AFFO growth" and said future ca...
Earnings Call Insights: Gaming and Leisure Properties (GLPI) Q1 2026 Management View "We've had a terrific quarter" and "our AFFO and AFFO per share both growing in mid- to high single digits through this first quarter," said (Chairman of the Board & CEO Peter Carlino). He added that GLPI has "a clear and well-documented line of sight toward a very healthy multiyear AFFO growth" and said future capital commitments were "roughly $1.8 billion" that GLPI "expect[s] to deploy by year-end 2027." Carlino emphasized underwriting discipline: "There is no transaction that we have to do" and "our focus remains on thoughtful transaction underwriting, careful capital deployment, looking always at the health of our balance sheet and continuing to position the company for multiyear AFFO and dividend growth." "For the first quarter of '26, our total income from real estate exceeded the first quarter of '25 by over $24 million," said (CFO & Treasurer Desiree Burke). She said the increase was "driven by approximately $33 million in cash rent increases resulting from acquisitions and escalations," while "noncash" items resulted in "a collective year-over-year decrease of $8 million." Burke highlighted expense movements: "Our operating expenses decreased by $49.8 million, mainly due to the noncash adjustments in the provision for credit losses." Outlook "Included in today's release is our full year 2026 AFFO guidance of between $1.212 billion and $1.223 billion or $4.08 to $4.12 per diluted share in OP units," said (CFO & Treasurer Desiree Burke). "The guidance does not include the impact of future transactions," she said. Burke said guidance assumes "additional development funding of approximately $590 million to $640 million" across the rest of 2026, "bringing our total development spend to between $750 million to $800 million for 2026 full year." On the largest development cadence change, Burke said the raised spend outlook was "mainly due to our Chicago project where we have great...
As a general rule, if the stock market tanks just as your retirement date is approaching, it's a good idea to delay your workforce exit if you can. Retiring into a down market could put you at risk of depleting your savings . Plus, it can be an extremely stressful way to start this new stage of life. But what if the stock market crashes shortly after you retire? At that point, it's not as easy to ...
As a general rule, if the stock market tanks just as your retirement date is approaching, it's a good idea to delay your workforce exit if you can. Retiring into a down market could put you at risk of depleting your savings . Plus, it can be an extremely stressful way to start this new stage of life. But what if the stock market crashes shortly after you retire? At that point, it's not as easy to pivot. If you've already resigned from your job and haven't worked for a good number of months, returning to full-time employment may not be an option. Image source: Getty Images. Continue reading
Earnings Call Insights: Comfort Systems USA (FIX) Q1 2026 Management view CEO Brian Lane said, “We had a fantastic quarter and a strong start to 2026,” citing “same-store revenue” growth of 51%, “quarterly gross margins” reaching “a new all-time high,” EPS of $10.51, and “record backlog of $12.5 billion,” adding that backlog entering Q2 was “$5 billion higher than it was 1 year ago.” Lane also ann...
Earnings Call Insights: Comfort Systems USA (FIX) Q1 2026 Management view CEO Brian Lane said, “We had a fantastic quarter and a strong start to 2026,” citing “same-store revenue” growth of 51%, “quarterly gross margins” reaching “a new all-time high,” EPS of $10.51, and “record backlog of $12.5 billion,” adding that backlog entering Q2 was “$5 billion higher than it was 1 year ago.” Lane also announced capital return and balance sheet posture, saying, “We also announced another increase to our quarterly dividend to $0.80 by adding $0.10 per share and we remain committed to consistently rewarding our shareholders while maintaining a strong balance sheet.” CFO William George said, “Our first quarter revenue was $2.9 billion,” and described segment growth and demand drivers: “Revenue increased in both segments with an increase of 88% in our Electrical segment, while our Mechanical segment revenue increased by 47%,” while “both segments also continue to benefit from strong demand in the technology sector.” George attributed margin performance partly to project developments: “Gross profit in the quarter benefited from $43 million in favorable developments on late-stage projects, including change orders, especially in our Mechanical segment,” and added, “We currently expect that gross profit margins will continue in the strong ranges that we have averaged over the past several quarters.” President & COO Trent McKenna emphasized the composition of demand, saying “advanced technology dominated by data center work increased to 56% of our revenue,” industrial was “75% of our volume,” and modular revenue was “17% of total revenue,” while the company is “on track to have 4 million square feet of modular capacity by the end of 2026.” Outlook Management did not provide EPS or total revenue guidance in the prepared remarks; George instead guided to same-store revenue growth, saying, “we believe same-store revenue for the full year 2026 is likely to be higher than 2025 revenue by ...