The country-hopping contestants turn their sights to Tbilisi in Georgia. Plus, a big Robert Lindsay reveal in Big Mood. Here’s what to watch this evening 8pm, BBC One It’s hotting up in Turkey as the fourth leg begins, and the teams set off for their next checkpoint: Georgia’s capital, Tbilisi. Three teams turn their feet east but one decides to go rogue, heading north to the Black Sea coast via a...
The country-hopping contestants turn their sights to Tbilisi in Georgia. Plus, a big Robert Lindsay reveal in Big Mood. Here’s what to watch this evening 8pm, BBC One It’s hotting up in Turkey as the fourth leg begins, and the teams set off for their next checkpoint: Georgia’s capital, Tbilisi. Three teams turn their feet east but one decides to go rogue, heading north to the Black Sea coast via a 14-hour slog of a bus journey. Will it pay off? Lucinda Everett Continue reading...
panida wijitpanya/iStock via Getty Images By Padhraic Garvey, CFA , Regional Head of Research, Americas There are more pressures, but they are only mild The market discount through to the end of March centred on the freezing of the Strait of Hormuz as critical. Fast-forward to this week, and equity markets impliedly think it's not that critical after all. The oil price, of course, has come under r...
panida wijitpanya/iStock via Getty Images By Padhraic Garvey, CFA , Regional Head of Research, Americas There are more pressures, but they are only mild The market discount through to the end of March centred on the freezing of the Strait of Hormuz as critical. Fast-forward to this week, and equity markets impliedly think it's not that critical after all. The oil price, of course, has come under renewed upward pressure, but only to the extent that it's the correct reaction to the ongoing closure of the Strait and the threat from Iran not to negotiate until the US blockade is removed. And bond yields, too, have shown a tendency to edge higher, in tandem with a re-ratchet higher in front-end inflation expectations (albeit mild). We continue to find ourselves in an uncomfortable holding ground as we await the US and Iran to come to some semblance of agreement. And an agreement of sorts remains the most likely outcome. If not, and things turn materially worse (not our base view), everything sells off (risk assets and bonds), apart from energy prices and volatility. Our models continue to point to a dominant rate cut outcome in the quarters ahead, and that’s not discounting front-end pricing. A worsening in the war narrative presents the biggest risk to this trade, as the higher inflation outcome would make rate cuts more difficult to deliver, at least in the immediate few months. We still think the war is in a wind-down phase, albeit uncomfortable. But even if the Iran war ended today and the Strait reopened instantaneously (still a stretch), we are left with significant price pressure that has yet to filter through. And it’s not just the wider energy price complex; it’s also the likes of fertiliser, which risk adding to food prices in subsequent months down the line. Big picture, the US 2/10yr curve remains remarkably flat. Especially considering we are (eventually) nearing the tail end of a rate-cutting process. That aside, we identify room for short-tenor rates to fa...
Teck Resources press release ( TECK ): Q1 Non-GAAP EPS of C$1.75 beats by C$0.64 . Revenue of C$3.94B (+72.1% Y/Y) beats by C$720M . Adjusted EBITDA 1 of C$2.1 billion in Q1 2026 was C$1.2 billion or 125% higher than the same period last year. Cash flow from operations of C$1.0 billion increased our net cash 1 position by C$338 million at March 31, 2026. QB copper sales volumes of 70,300 tonnes in...
Teck Resources press release ( TECK ): Q1 Non-GAAP EPS of C$1.75 beats by C$0.64 . Revenue of C$3.94B (+72.1% Y/Y) beats by C$720M . Adjusted EBITDA 1 of C$2.1 billion in Q1 2026 was C$1.2 billion or 125% higher than the same period last year. Cash flow from operations of C$1.0 billion increased our net cash 1 position by C$338 million at March 31, 2026. QB copper sales volumes of 70,300 tonnes in Q1 2026 were a quarterly record and materially exceeded production volumes of 55,500 tonnes as inventory was drawn down. Guidance There are no changes to our previously disclosed guidance, which is outlined in summary below and our usual guidance tables, including 2027–2028 production guidance, can be found on pages 26–29 of Teck’s first quarter results for 2026 at the link below. 2026 Guidance – Summary Current Production Guidance Copper (000’s tonnes) 455 – 530 Zinc (000’s tonnes) 410 – 460 Refined zinc (000’s tonnes) 190 – 230 Sales Guidance – Q2 2026 Red Dog zinc in concentrate sales (000’s tonnes) 30 – 40 Unit Cost Guidance Copper net cash unit costs (US$/lb.) 1 1.85 – 2.20 Zinc net cash unit costs (US$/lb.) 1 0.65 – 0.75 Click to enlarge More on Teck Resources Limited Teck Resources: A Copper Giant In Transition, Still Priced As A Legacy Miner Teck Resources Limited (TECK.B:CA) Presents at 35th BMO Global Metals, Mining & Critical Minerals Conference - Slideshow Teck Resources Limited (TECK.B:CA) Q4 2025 Earnings Call Transcript Teck Resources Q1 2026 Earnings Preview Teck Resources to sell zinc, silver, and germanium to Korea Zinc at higher prices in 2026
Hyundai Motor Co. first-quarter earnings missed estimates, as South Korea’s largest automaker grappled with US tariffs and cooling demand in key markets. Operating profit fell almost 31% to 2.5 trillion won ($1.7 billion) in the three months ended March 31 from a year earlier, the Seoul-based company said Thursday. That fell short of the 2.8 trillion won analyst consensus , according to data compi...
Hyundai Motor Co. first-quarter earnings missed estimates, as South Korea’s largest automaker grappled with US tariffs and cooling demand in key markets. Operating profit fell almost 31% to 2.5 trillion won ($1.7 billion) in the three months ended March 31 from a year earlier, the Seoul-based company said Thursday. That fell short of the 2.8 trillion won analyst consensus , according to data compiled by Bloomberg. Revenue rose 3.4% to 45.9 trillion won, a record for the first quarter. Sales fell in its home market, China and Europe. The results highlight how the stalling transition to electric vehicles and intensifying competition with Chinese rivals are casting a shadow over the sales outlook for South Korean carmakers. Meanwhile, the Iran war is disrupting supply chains and driving up production costs, threatening to damp global consumer sentiment even further. Hyundai and its affiliate Kia Corp. continue to face the fallout from US tariffs, which cost the two companies more than $5 billion combined last year and contributed to Hyundai’s lowest quarterly profit in more than three years during the final quarter. While auto levies have since been reduced to 15% from 25% under a trade deal between the two countries, the ongoing pressure remains a drag on margins. Hyundai shares fell as much as 3% in Seoul trading before paring earlier losses. Despite the headwinds, the stock has rallied nearly 80% this year, buoyed largely by investor optimism surrounding the company’s push into robotics following the unveiling of its latest Atlas humanoid model.
Roche Holding AG reported declining sales for the first quarter, hurt by competition for its older medicines and the Swiss franc’s appreciation against the dollar. Revenue fell 5% to 14.7 billion Swiss francs ($18.7 billion), Roche said Thursday , compared with an average analyst prediction of 15.1 billion francs. It grew 6% at constant currencies. Roche is using a combination of deal-making and a...
Roche Holding AG reported declining sales for the first quarter, hurt by competition for its older medicines and the Swiss franc’s appreciation against the dollar. Revenue fell 5% to 14.7 billion Swiss francs ($18.7 billion), Roche said Thursday , compared with an average analyst prediction of 15.1 billion francs. It grew 6% at constant currencies. Roche is using a combination of deal-making and aggressive moves on its own portfolio to replace some 5.8 billion francs in revenue analysts expect will be lost to cheaper copycat drugs by 2029, with a focus on obesity and related illnesses. The Swiss drugmaker is also tightening costs. Read More: Roche Restricts Consulting Work With Big Four Firms to Cut Costs Key to Roche’s competitiveness are late-stage trial results, which have been mixed recently. The company this week said an experimental multiple-sclerosis pill roughly halved the number of disease relapses in two key studies, but more patients died while on the medicine, which didn’t alleviate safety concerns. Roche shares have declined almost 5% this year. That compares with a 5.5% gain for local rival Novartis AG , which is also on a deal streak as its aging best-sellers face generic competition. Roche is largely shielded from the new US drug tariffs, with an agreement for a three-year exemption and billions being spent to ramp up its US presence to mitigate future trade risks. The drugmaker reiterated its forecast for the year, with earnings per share excluding some items growing in the high single-digit range at constant currencies this year.
BE Semiconductor Industries (BESI) on Thursday reported quarterly orders above last year's level, reflecting growth across all its markets and particularly strong demand for hybrid bonding. Investors are banking on growing orders for Besi's hybrid bonding solutions, a chip technology allowing two chips to be bonded directly on top of each other, citing its first-mover advantage amid a surge i...
BE Semiconductor Industries (BESI) on Thursday reported quarterly orders above last year's level, reflecting growth across all its markets and particularly strong demand for hybrid bonding. Investors are banking on growing orders for Besi's hybrid bonding solutions, a chip technology allowing two chips to be bonded directly on top of each other, citing its first-mover advantage amid a surge in demand for AI-enabling technology. Besi said its order bookings, an important indicator of future growth, jumped 104.5% to 269.7 million euros ($315.5 million) in the first quarter, compared with 131.9 million euros last year.
STMicroelectronics press release ( STM ): Q1 Non-GAAP EPS of $0.13 misses by $0.05 . Revenue of $3.1B (+23.0% Y/Y) beats by $50M . Non-U.S. GAAP gross margin at 34.1%. Net cash from operating activities was $534 million in the first quarter, including about $45 million outflow related to restructuring, compared to $574 million in the year-ago quarter, which benefitted from a positive $147 million ...
STMicroelectronics press release ( STM ): Q1 Non-GAAP EPS of $0.13 misses by $0.05 . Revenue of $3.1B (+23.0% Y/Y) beats by $50M . Non-U.S. GAAP gross margin at 34.1%. Net cash from operating activities was $534 million in the first quarter, including about $45 million outflow related to restructuring, compared to $574 million in the year-ago quarter, which benefitted from a positive $147 million inflow from net working capital. Net Capex (non-U.S. GAAP 1 ), was $362 million in the first quarter compared to $530 million in the year-ago quarter. Free cash flow (non-U.S. GAAP 1 ) was negative at $723 million in the first quarter compared to positive $30 million in the year-ago quarter. Free cash flow included $895 million cash-out related to the payment for the acquisition of NXP’s MEMS sensor business. Business outlook at mid-point: Q226 net revenues of $3.45 billion (vs. consensus of $3.19B) and U.S. GAAP gross margin of 34.8% (non-U.S. GAAP 1 gross margin of 35.2%) Business Outlook ST’s guidance, at the mid-point, for the 2026 second quarter is: Net revenues are expected to be $3.45 billion, an increase of 11.6% sequentially, plus or minus 350 basis points. U.S. GAAP Gross margin of 34.8%, plus or minus 200 basis points. Non-U.S. GAAP 1 gross margin is expected to be about 35.2%, plus or minus 200 basis points. This outlook is based on an assumed effective currency exchange rate of approximately $1.15 = €1.00 for the 2026 second quarter and includes the impact of existing hedging contracts. The second quarter will close on June 27, 2026. More on STMicroelectronics STMicroelectronics At An Inflection Point STMicroelectronics: DC And Robotics Opportunities Re-Ignited Enthusiasm (Upgrade) STMicroelectronics N.V. (STM) Shareholder/Analyst Call - Slideshow STMicroelectronics Q1 2026 Earnings Preview STMicroelectronics, TXN get upgrades, while NXP Semiconductors cut at Mizuho
Earnings Call Insights: Pathward Financial, Inc. (CASH) Q2 fiscal 2026 Management view “At the midpoint of our fiscal year, we continue to make good progress on our goals and execute on our long-term strategy; being the trusted platform that enables our partners to thrive.” (CEO Brett Pharr) “Our tax season is going very well with tax-related products leading the way in revenue growth for the quar...
Earnings Call Insights: Pathward Financial, Inc. (CASH) Q2 fiscal 2026 Management view “At the midpoint of our fiscal year, we continue to make good progress on our goals and execute on our long-term strategy; being the trusted platform that enables our partners to thrive.” (CEO Brett Pharr) “Our tax season is going very well with tax-related products leading the way in revenue growth for the quarter.” (CEO Pharr) Pharr also said “net interest income from our commercial finance loans also increased significantly,” and added, “we are maintaining our guidance range of $8.55 to $9.05 earnings per diluted share.” (CEO Pharr) “For the 6 months ending March 31, 2026, we increased total tax product revenue by 13%… This brought total Tax Services revenue to $96 million.” (CEO Pharr) He added, “Refund Advance originations increased by over $200 million this year,” and “pre-tax income of $62 million for Tax Services, an increase of 30%.” (CEO Pharr) “In April, after the quarter closed, Pathward executed a 3-year extension with TabaPay, a leading money movement platform.” (CEO Pharr) “Due to the continued backlog from the first government shutdown, we fell short of our goal range for secondary-market revenues, but we believe this is primarily a timing impact, and we expect to make up the difference in subsequent quarters.” (Executive VP & CFO Gregory Sigrist) Outlook “We are maintaining our guidance range of $8.55 to $9.05 earnings per diluted share.” (CEO Brett Pharr) Compared with the prior quarter, management did not introduce a new EPS range and continued to reference the same range of $8.55 to $9.05. (CEO Pharr) On margin direction, “I still continue to believe we’re stable to up slightly trending up on the adjusted net interest margin.” (Executive VP & CFO Gregory Sigrist) Financial results “We reported net income of $72.9 million and earnings per diluted share of $3.35.” (CEO Brett Pharr) “Noninterest income in the quarter grew 9% and represented 55% of our total revenu...