President Trump said that the US would provide risk insurance and potentially naval escorts for tankers navigating the Persian Gulf to restore crude flows
President Trump said that the US would provide risk insurance and potentially naval escorts for tankers navigating the Persian Gulf to restore crude flows
krblokhin/iStock Editorial via Getty Images Investment Thesis In light of the recent U.S. strikes on Iran, I figured that it would be an apt time to analyze Raytheon Corporation ( RTX ), one of the biggest defense contractors in the U.S. Year to date, RTX's share price is up ~8% as of this article while the market has remained relatively stagnant. With geopolitical uncertainty and conflicts all ar...
krblokhin/iStock Editorial via Getty Images Investment Thesis In light of the recent U.S. strikes on Iran, I figured that it would be an apt time to analyze Raytheon Corporation ( RTX ), one of the biggest defense contractors in the U.S. Year to date, RTX's share price is up ~8% as of this article while the market has remained relatively stagnant. With geopolitical uncertainty and conflicts all around the world — Russia-Ukraine in Europe, Israel-Palestine in the Middle East, there is a strong growth case for the company. Relative to peers, RTX seems to be slightly undervalued in terms of LTM and NTM P/E ratios. Using a conservative discounted cash flow analysis, I arrive at a share price of $190, a slight discount to current valuation. On that basis, and in view of peer trading multiples, I believe that RTX is slightly undervalued and hence assign it a "Buy" rating. Company Overview Raytheon Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. The company’s operations can be classified into three principal business segments: 1) Collins Aerospace, 2) Pratt & Whitney and 3) Raytheon. Collins Aerospace (31%; 2025 revenue) is a leading global provider of advanced aerospace and defense products. This segment provides a wide variety of services including but not limited to maintenance, overhaul, repair and sale of aircrafts. Raytheon's website Pratt & Whitney (37%; 2025 revenue) is a leading supplier of aircraft engines for commercial, military, business jet and general aviation customers. Notably, the segment produces and sustains the F135 engine, which is used to power the U.S. Air Force’s F-35A, the U.S. Marine Corps’ F-35B, and the U.S. Navy’s F-35C jets. Raytheon's website Raytheon (31%; 2025 revenue) provides defensive and offensive threat detection, tracking, and mitigation capabilities for the U.S. and foreign government and commercial customers. This segment design...
It was perhaps the most attention-grabbing moment of prime minister’s questions. Responding to yet another Conservative salvo about his approach to Iran and how it might affect ties with America, Keir Starmer was direct. “American planes are operating out of British bases – that is the special relationship in action,” he said. “Sharing intelligence every day to keep our people safe – that is the s...
It was perhaps the most attention-grabbing moment of prime minister’s questions. Responding to yet another Conservative salvo about his approach to Iran and how it might affect ties with America, Keir Starmer was direct. “American planes are operating out of British bases – that is the special relationship in action,” he said. “Sharing intelligence every day to keep our people safe – that is the special relationship in action. Hanging on to President Trump’s latest words is not the special relationship in action.” And certainly in the last few days, hanging on to and then endlessly, painfully analysing Trump’s ever-changing opinions has become even more of a national pursuit than it was before. On Monday, the US president told the Daily Telegraph that Starmer “took far too long” to allow US forces to use UK airbases. Speaking to the Sun on Tuesday, Trump said the prime minister “has not been helpful”. Later that day he commented witheringly about Starmer to reporters: “This is not Winston Churchill that we’re dealing with.” In previous eras, such criticism from a US president, particularly in so concentrated a volley, would prompt mass soul-searching in Downing Street and the Foreign Office, where the flame of the so-called special relationship with Washington still flickers. But for now, as demonstrated at PMQs, Starmer is if not completely sanguine about Trump’s comments then certainly confident of his path, and for three closely interlinked reasons. The first is the modern day diplomatic truism that, much as with the old joke about the British weather, if you dislike Trump’s opinion on something then don’t worry, just wait a bit and something very different will come along in its place. In the same vein, Starmer was no more than politely pleased and privately baffled by Trump’s previous declarations of affection for him, taking in everything from Starmer’s political judgment to his “beautiful” accent. No US president in history has been as prolific or wayward in ...
One ETF that is sure to be in the spotlight as Middle Eastern conflicts ramp up, Global X Defense Tech ETF (NYSEARCA:SHLD) is up 82% over the past year, and the conversation around defense tech investing is heating up for reasons that go well beyond quarterly earnings cycles. This ETF undoubtedly sits at the intersection of ... SHLD Is Up 70.68% as AI and Drones Reshape Defense Investing
One ETF that is sure to be in the spotlight as Middle Eastern conflicts ramp up, Global X Defense Tech ETF (NYSEARCA:SHLD) is up 82% over the past year, and the conversation around defense tech investing is heating up for reasons that go well beyond quarterly earnings cycles. This ETF undoubtedly sits at the intersection of ... SHLD Is Up 70.68% as AI and Drones Reshape Defense Investing
Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.
Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.
designer491/iStock via Getty Images Fund Commentary For most of the final quarter of 2025, the macroeconomic landscape was shaped as much by what investors couldn't see as by what they could. The U.S. government shutdown—lasting a record 43 days—created a significant information vacuum just as markets sought clarity on growth, inflation, and policy trajectories. Despite the data fog, the global ma...
designer491/iStock via Getty Images Fund Commentary For most of the final quarter of 2025, the macroeconomic landscape was shaped as much by what investors couldn't see as by what they could. The U.S. government shutdown—lasting a record 43 days—created a significant information vacuum just as markets sought clarity on growth, inflation, and policy trajectories. Despite the data fog, the global macro backdrop proved “good enough” for risk assets. Global growth held firm, inflation stayed sticky but avoided more disruptive outcomes, and most central banks leaned more accommodative than hawkish. In the U.S., elevated downside labor market risk kept U.S. Federal Reserve (“Fed”) easing in play, leading to rate cuts even as the economy expanded. However, policymaker dissents emerged as the Fed Funds rate approached the Federal Open Market Committee’s neutral estimate. International markets—particularly Japan and parts of Europe—offered broadly supportive signals, though political uncertainty occasionally weighed on European sentiment. Since mid-2024, most major developed market central banks have cut rates by 150-200 basis points (1.50%-2.00%) or more, meaning some could be close to the end of their easing cycle. The Bank of Japan remains on a separate trajectory with a gradual pace of rate hikes from a highly accommodative starting point, including two in 2025 and two more expected in 2026. Overall, the global tariff environment proved less disruptive than earlier fears. U.S. monthly tariff collections rose but remained well below levels implied by announced policies, while statutory rates edged lower as deals and exemptions took hold. Still, investors monitored persistent trade-related risks alongside other potential headwinds, including slower AI investment, labor market softening, bond market volatility tied to inflation or fiscal stress, and ongoing risk of geopolitical shocks. Financial markets capped a strong 2025 with 4Q gains across both equities and fixed incom...
Supercell Oy , the Finnish game company owned by Tencent Holdings Ltd. , said it’s cooperating with a US government security probe of its Chinese parent’s data practices. The Helsinki-based company said Wednesday that operational independence is part of its shareholder agreement and that Tencent has no access to player data outside of China, where that company serves as local publisher and operato...
Supercell Oy , the Finnish game company owned by Tencent Holdings Ltd. , said it’s cooperating with a US government security probe of its Chinese parent’s data practices. The Helsinki-based company said Wednesday that operational independence is part of its shareholder agreement and that Tencent has no access to player data outside of China, where that company serves as local publisher and operator of Supercell games. The security of US-based players is a primary consideration of the review by the Committee on Foreign Investment in the US, the Financial Times reported Tuesday, citing people with knowledge of the matter. CFIUS is looking into whether Tencent’s US and Finish investments constitute a security risk. In the US, Tencent owns a 28% stake in Fortnite maker Epic Games Inc. and controls League of Legends maker Riot Games Inc. It also controls Clash of Clans maker Supercell, which is based in Finland but is popular with US consumers. A Riot Games representative declined to comment. Representatives for Epic Games, Tencent and CFIUS didn’t respond to requests for comment. In February, President Donald Trump directed CFIUS to restrict Chinese spending on technology, energy and infrastructure. Growth in the $197 billion global video game market is increasingly led by Chinese companies, according to industry analyst Matthew Ball. Supercell is cooperating with CFIUS “as part of an ongoing review,” the company said in its statement.
Jamie McCarthy/Getty Images Entertainment Shopify ( SHOP ) has seen some recent volatility, likely due to the increased uncertainty driven by AI. The company’s underlying business continues to fire on all cylinders. The fact that the company continues to drive incredible growth rates is a clear indication that it is consolidating e-commerce as a true leader. I expect the company to realize signifi...
Jamie McCarthy/Getty Images Entertainment Shopify ( SHOP ) has seen some recent volatility, likely due to the increased uncertainty driven by AI. The company’s underlying business continues to fire on all cylinders. The fact that the company continues to drive incredible growth rates is a clear indication that it is consolidating e-commerce as a true leader. I expect the company to realize significant benefits from generative AI, culminating in significant margin expansion. I, however, continue to question the valuation, though the recent slide warrants an upgrade to a "N eutral" rating. SHOP Stock Price I last covered SHOP in December , where I downgraded the stock to a "S ell" rating as the valuation was too overheated. The stock is down 19% since. Data by YCharts While I previously noted that high valuations increase the risk of volatility, it is always difficult to predict exactly what would cause the decline. I did not foresee generative AI as being the predator here and find this to be a curious culprit. SHOP Stock Key Metrics SHOP is an e-commerce powerhouse as it provides a comprehensive end-to-end platform to enable online retail. I like to view it as the consolidator in e-commerce focusing on everything other than Amazon’s ( AMZN ) turf. 2025 Q4 Presentation In my view, SHOP’s rising competitive moat is Shop Pay. This product has taken market share from competitors like PayPal ( PYPL ) and adds credibility to the notion that SHOP benefits from network effects. 2025 Q4 Presentation SHOP has been active in integrating into agentic interfaces, and I expect the company to be a beneficiary of agentic commerce. 2025 Q4 Presentation In the fourth quarter, SHOP delivered 31% YoY growth in GMV and 31% YoY growth in revenue, crushing guidance for mid-to-high 20%s growth. These are very strong numbers, especially when compared to e-commerce peers like PYPL. It is stunning that SHOP has been able to sustain the acceleration even many years following the pandemic pull-...
sedmak/iStock via Getty Images I recently watched " Hard Lessons " by Morgan Stanley ( MS ) with Stanley Druckenmiller, in which he said, and I'm paraphrasing, "it probably looks like I change my mind every three weeks." Then I thought, "Thank God I'm not alone, and clearly in good company." Since my last Advanced Micro Devices, Inc. ( AMD ) analysis , the stock is down by -15% in price. I've been...
sedmak/iStock via Getty Images I recently watched " Hard Lessons " by Morgan Stanley ( MS ) with Stanley Druckenmiller, in which he said, and I'm paraphrasing, "it probably looks like I change my mind every three weeks." Then I thought, "Thank God I'm not alone, and clearly in good company." Since my last Advanced Micro Devices, Inc. ( AMD ) analysis , the stock is down by -15% in price. I've been in and out of this stock so many times and have made very good profits on it. Sometimes I'm concerned of macro valuations washing away medium-term returns (so, I have a 40% cash position ready to deploy into value as protection...), other times I look at the supercycle's trajectory and I just think "any washout is just one tide amid many waves to come." Why We Should Be Excited By AMD I believe it's apt to start with consensus, because the good fortune is staring us straight in the face. Then, I will move on to the more nuanced operational and macroeconomic considerations. I'm a trader primarily, not a commentator, and I recognize some of my analyses are not popular, but I take solace in my annual return instead of market sentiment validation. Therefore, please note I am not seeking your approval as a dear reader, but am instead responding to the return horizon I envisage based on my independent perceptions and analysis. “Never confuse leadership with popularity.” — Winston Churchill (As cited by Andrew Roberts in Churchill: Walking with Destiny ). Author's Consolidated TTM Total Portfolio Return (Interactive Brokers) AMD's current consensus, from 43 analysts for 2026 and 2027, and 15 for 2028, is resoundingly positive. I understand that consensus is not a definitive guide, but a sentiment barometer. That said, I will explain shortly why I independently agree with consensus on AMD at present. Please acknowledge the graphic below: AMD Consensus EPS Estimates (Seeking Alpha) Next, it makes sense to jump straight to valuation, so we can see why this consensus is exciting for ...
Key Points LQD charges a slightly lower expense ratio and offers a marginally higher yield than TLT. LQD has delivered stronger returns and lower drawdowns over the past year and five years. Both funds are highly liquid, but LQD holds a much broader mix of investment-grade corporate bonds versus TLT’s focus on long-term U.S. Treasuries. 10 stocks we like better than iShares Trust - iShares iBoxx $...
Key Points LQD charges a slightly lower expense ratio and offers a marginally higher yield than TLT. LQD has delivered stronger returns and lower drawdowns over the past year and five years. Both funds are highly liquid, but LQD holds a much broader mix of investment-grade corporate bonds versus TLT’s focus on long-term U.S. Treasuries. 10 stocks we like better than iShares Trust - iShares iBoxx $ Investment Grade Corporate Bond ETF › The iShares iBoxx Investment Grade Corporate Bond ETF (NYSEARCA:LQD) is a broad corporate bond fund with a slightly lower fee and higher yield than the iShares 20 Year Treasury Bond ETF (NASDAQ:TLT), which focuses on long-duration U.S. Treasuries and has experienced deeper drawdowns in recent years. LQD and TLT are both large, liquid fixed-income funds from iShares, but they serve different roles: LQD provides exposure to a wide array of investment-grade corporate bonds. At the same time, TLT focuses exclusively on U.S. Treasury bonds with maturities of 20 years or more. This comparison explores costs, returns, risk, and portfolio makeup to help investors weigh which fund best fits their needs. Snapshot (cost & size) Metric TLT LQD Issuer iShares iShares Expense ratio 0.15% 0.14% 1-year total return (as of 2026-02-27) 3.92% 7.07% Dividend yield 4.27% 4.44% Beta 2.30 1.38 AUM $45.5 billion $32.3 billion Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-year return represents total return over the trailing 12 months. LQD edges out TLT on cost, charging a slightly lower annual expense ratio, and also offers a modestly higher dividend yield for income-focused investors. Performance & risk comparison Metric TLT LQD Max drawdown (5 y) (48.3%) (24.9%) Growth of $1,000 over 5 years (as of March 4, 2026) $752 $1,021 What's inside LQD tracks a diversified universe of investment-grade corporate bonds, holding more than 3,071 securities as of its 23.6-year track record. Its largest pos...
E4C/E+ via Getty Images Europe is facing an inflation shock about double that of the U.S. amid the deepening war in Iran, TS Lombard economist Dario Perkins said on Wednesday. European natural gas prices surged more than 40% Tuesday following a 40% jump on Monday, as the production halt at the world's largest liquefied natural gas export facility in Qatar sparks fears over global supply and risks ...
E4C/E+ via Getty Images Europe is facing an inflation shock about double that of the U.S. amid the deepening war in Iran, TS Lombard economist Dario Perkins said on Wednesday. European natural gas prices surged more than 40% Tuesday following a 40% jump on Monday, as the production halt at the world's largest liquefied natural gas export facility in Qatar sparks fears over global supply and risks to energy security in Europe and Asia. "Right now, Europe is looking at an inflation shock roughly double that of the US ~ 2%pts," Perkins wrote in a social media post. Europe is more exposed than the U.S. as it imports most of its natural gas and relies heavily on global LNG markets, while the U.S. produces far more of its own energy. Perkins told Seeking Alpha that "Europe's shock is much larger because nat gas prices are up much more in Europe." Meanwhile, "UK gas prices are up 90% but they are capped until July, luckily." Meanwhile, Euro Area inflation rose 1.9% Y/Y in February, up from January’s 16-month low of 1.7% and above market expectations of 1.7%, according to a preliminary estimate released this week. Core inflation, which excludes energy, food, alcohol, and tobacco, rose to 2.4%, rebounding from January’s more than four-year low of 2.2%. The U.S. and Israel on Feb. 28 launched coordinated airstrikes against Iran, so, if higher energy prices persist, the oil shock will likely start to show up in inflation data in the coming months, mainly through the energy component. Natural gas ETFs: ( UNG ), ( BOIL ), ( KOLD ), ( UNL ), and ( FCG ) Oil ETFs: ( USO ), ( UCO ), ( DBO ), ( OILK ), and ( USL ) Energy ETFs: ( XLE ), ( AMLP ), ( VDE ), ( XOP ), ( OIH ), and ( IXC ). More on iShares Europe ETF, WisdomTree Europe Hedged Equity ETF, etc. The Dumbest Tax Ever Made: Why Europe's War On Unrealized Gains Is An Economic Disaster HEDJ: European Large-Cap Equity Exposure With A Currency Hedge Inside Davos: Decoding Trump's Two Key Messages To The World France says EU has to...
中東局勢｜何超瓊：對當地市場前景謹慎樂觀 信香港能靈活應對 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】中東局勢仍然緊張，全國政協常委信德集團行政主席何超瓊指，對當地市場前景謹慎樂觀，相信香港有經驗靈活應對。 ...
中東局勢｜何超瓊：對當地市場前景謹慎樂觀 信香港能靈活應對 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】中東局勢仍然緊張，全國政協常委信德集團行政主席何超瓊指，對當地市場前景謹慎樂觀，相信香港有經驗靈活應對。 何超瓊：「其實香港經歷了很多次各種大型國際形勢動盪，我們跟國際社會十分聯繫，但我們每次在情況上不但不會受到嚴重影響，亦充分運用到自己香港國際的靈活性，可以做得更好。」
A vast plume of Saharan dust is expected to light up the skies over much of the UK this week. The fine sand lifted from the deserts of North Africa will travel thousands of miles on warm southerly air currents and is expected to coat cars and other outdoor surfaces, forecasters said. It will also transform sunrises and sunsets into displays of deep gold, amber and burnt orange. However, when mixed...
A vast plume of Saharan dust is expected to light up the skies over much of the UK this week. The fine sand lifted from the deserts of North Africa will travel thousands of miles on warm southerly air currents and is expected to coat cars and other outdoor surfaces, forecasters said. It will also transform sunrises and sunsets into displays of deep gold, amber and burnt orange. However, when mixed with rain, it can leave deposits on cars and windows, a harmless phenomenon known as blood rain. The Met Office said: “The combination of warm air and Saharan dust may lead to some dusty deposits on cars or outdoor surfaces as the frontal rain washes the dust out of the atmosphere overnight into Friday.” Saharan dust is relatively common in the UK when big dust storms in the Sahara coincide with southerly wind patterns. It can also affect air pollution and pollution levels, according to the Met Office. The mixture of sand and dust is expected in the UK’s atmosphere over the next couple of days and could coincide with the warmest day of the year so far on Thursday, when temperatures may reach 19C in southern parts. Temperatures of 16-17C are forecast more widely, the Met Office said. Honor Criswick, a Met Office meteorologist, said the band of cloud and rain on Thursday could be heavy at times. “There should be lots of long sunny periods until that rain starts pushing into the east,” she added. It will be cloudier across much of England and Wales on Friday with temperature highs of 11C-12C expected, while Northern Ireland and Scotland will get more sunshine, Criswick said. The weekend will be a combination of patchy cloud and some sunshine, with highs of 12C-13C on Saturday and 14C on Sunday. Last week, temperatures reached 18.7C in Kew Gardens in west London, which was the warmest day of the year so far.