murat4art Delta Air Lines ( DAL ) and United Airlines ( UAL ) are emerging as the dominant “premium carriers” in the airline industry, benefiting significantly as lower-margin competitors are forced to cut capacity, according to Sheila Kahyaoglu, aerospace and defense analyst at Jefferies. “Good for Delta ( DAL ) and United ( UAL ), bad for the rest of the industry at the moment,” Kahyaoglu said, ...
murat4art Delta Air Lines ( DAL ) and United Airlines ( UAL ) are emerging as the dominant “premium carriers” in the airline industry, benefiting significantly as lower-margin competitors are forced to cut capacity, according to Sheila Kahyaoglu, aerospace and defense analyst at Jefferies. “Good for Delta ( DAL ) and United ( UAL ), bad for the rest of the industry at the moment,” Kahyaoglu said, noting that carriers with weaker margins are being eliminated from the competitive landscape in both the U.S. and European markets. In an interview with CNBC, Kahyaoglu detailed the pricing power these two airlines are commanding. Pricing for both Delta ( DAL ) and United ( UAL ) was roughly flat in the fourth quarter but is expected to rise 6%-7% in the first quarter and reach double digits by the second quarter. The analyst noted that these carriers are successfully passing along higher jet fuel costs to consumers, though not as fully as they would like until later in the year. On the topic of potential industry consolidation, Kahyaoglu suggested that Delta ( DAL ) and United ( UAL ) are unlikely to pursue mergers anytime soon. Both carriers are currently at approximately two times leverage and are focused on bringing that figure down. “I don’t see either Delta or United pulling any triggers anytime soon,” she said, adding that they are more likely to benefit from struggling competitors cutting capacity or consolidating. Kahyaoglu also provided an update on Boeing’s ( BA ) operational performance, noting that production is finally on track. The 737 is now at 42 aircraft per month, headed to 47 by summer, while the 787 has stabilized at eight per month—production rates not seen since 2019. Free cash flow came in approximately $1B better than expected, driven by advances on the defense side and net orders. Looking ahead, the analyst outlined a bull case for Boeing ( BA ) in the 2028-2029 timeframe centered on aircraft pricing power. Using Southwest ( LUV ) as an example, sh...
pingingz/iStock via Getty Images Rare Earths Americas Is A Highly Speculative IPO Rare Earths Americas, Inc. ( REA ) has filed to raise exploration and development investment funding via an IPO of its common stock, per an S-1 registration statement . REA is an exploration-stage firm seeking to develop its land interests for the provision of rare earth materials. The company hasn’t generated any re...
pingingz/iStock via Getty Images Rare Earths Americas Is A Highly Speculative IPO Rare Earths Americas, Inc. ( REA ) has filed to raise exploration and development investment funding via an IPO of its common stock, per an S-1 registration statement . REA is an exploration-stage firm seeking to develop its land interests for the provision of rare earth materials. The company hasn’t generated any revenue yet, is still some distance from commercial operations, and has numerous risks for investors. What Does REA Do? REA is in the business of acquiring and developing land assets that are rich in rare earth minerals, which are classified as 15 minerals from the Lanthanide series and 2 chemically similar elements. Rare earth minerals are not actually all that rare, but they are dispersed and therefore challenging to mine in an economically viable manner. The firm is also seeking to mine magnetic materials. The company's portfolio includes the three projects described below: Shiloh Project - Georgia, U.S. - 1,927 acres Alpha Project - Bahia, Brazil - High-performance, permanent magnet minerals Constellation Project - Minas Gerais, Brazil - High-performance, permanent magnet minerals The firm also has rights to a number of early-stage exploration projects in Goias, Brazil and the Shiloh Project area in the state of Georgia, U.S. Management said its growth plans include advancing its project portfolio through acquisition and development, pursuing strategic partnerships and “developing a U.S.-aligned platform to strengthen critical mineral supply chains.” The company is led by President and Chief Executive Officer, Donald Swartz, who has been with the firm since 2025 and previously was CEO of American Rare Earths Limited ( ARRNF ) and has held numerous senior roles in other mining and energy development companies in his career. Investors have invested fair market value of $46.3 million in REA and include Kitabella Pty Ltd, ACN 664400382 PTY LTD and various individuals. What is...
Whoa, there. Last time I wrote the Readout, I was eating some humble pie on the PM. Not only was he looking like not being challenged after the impending drubbing in the May elections, but he was also being vindicated in his criticism of President Trump’s war on Iran. Keir Starmer appeared to be finally finding his stride and singing a tune that his party liked the sound of. But today at Prime Min...
Whoa, there. Last time I wrote the Readout, I was eating some humble pie on the PM. Not only was he looking like not being challenged after the impending drubbing in the May elections, but he was also being vindicated in his criticism of President Trump’s war on Iran. Keir Starmer appeared to be finally finding his stride and singing a tune that his party liked the sound of. But today at Prime Minister’s Questions, we were back to ranks of sullen faces on the Labour benches, and ministers putting distance between themselves and Starmer on the broadcast round. The return of the Mandelson affair has mired Starmer back in the quag. Not just for the poor process, pressure and bullying aspects that it has laid bare, but also for the atrocious handling of this latest squall itself. Still, London mayor Sadiq Khan tentatively backed the under-fire PM to continue, telling Bloomberg in an interview that it would be “folly” to replace Starmer. That we’re discussing his future at all shows how far we’ve come in such a short space of time. So keen to display quick and decisive action, the PM sacked his most senior foreign affairs official while the Foreign Office is trying to lead the charge on, for instance, reopening the Strait of Hormuz . We are in — to use a phrase from a speech today by the UK’s head of cybersecurity — “the most seismic geopolitical shift in modern history.” This is something our Ellen Milligan examines in this piece today , quoting Emily Thornberry on the News Agents podcast: “We have never needed to have a Foreign Office more at the top of its game than we do now.” Ellen’s sources there (her frequent military and diplomatic scoops indicate she has many) are not happy. Several key diplomats said they are “distracted from their duties at a time when the UK is grappling with fraying transatlantic relations, rising Russian aggression, and a war in Iran that it opposes. Foreign Secretary Yvette Cooper this week had to condense her shuttle diplomacy tour spanni...
Joshua Sammer/Getty Images Entertainment Taboola’s ( TBLA ) path into 2026 looks pretty different from a year ago. The company has gotten a lot stricter about where it puts its money, you can see more operating leverage show up in the numbers and Realize, their AI-powered ad system, is starting to really stick with advertisers in their main markets. More advertisers from Taboola’s core ideal custo...
Joshua Sammer/Getty Images Entertainment Taboola’s ( TBLA ) path into 2026 looks pretty different from a year ago. The company has gotten a lot stricter about where it puts its money, you can see more operating leverage show up in the numbers and Realize, their AI-powered ad system, is starting to really stick with advertisers in their main markets. More advertisers from Taboola’s core ideal customer profiles are coming in too and management expects broader advertiser types to come over time. I am rating the stock a Buy. There’s strong confidence in what’s ahead, but not without some caution, since Taboola’s still in that stage where it has to prove it can keep up double-digit growth. Taboola has shown it can not just speed up but actually keep ex-TAC gross profit trending higher, especially as more advertisers start using Realize and spend more per advertiser. All of this has happened faster and more reliably than management itself expected a year ago. The recent rally in the shares came as ex-TAC gross profit reached $714 million for 2025, up 7%, which started from management’s initial 2% growth guide and ultimately finished above the later $700 million to $710 million full-year ex-TAC gross profit guide. That’s a big change from the low-single-digit 2% growth management expected earlier. Adjusted EBITDA came in at $216 million, also 7% higher, with margins holding at 30%, even as they kept pouring money into R&D and new platform features. Free cash flow stayed strong too. Management pointed to $163 million in free cash flow for 2025, which is 76% of adjusted EBITDA and a 10% jump from last year. That pretty much puts to rest any worry about whether Taboola can keep making real money and turning profit into cash. Because of this, the company bought back 77 million shares over the year, for $254 million. Taboola 2026 Guide Holds Taboola’s 2026 forecast says revenue should land between $1.99 billion and $2.05 billion. Ex-TAC gross profit is supposed to fall somewher...
Earnings Call Insights: AT&T Inc. (T) Q1 2026 Management View "We executed well in the first quarter, delivering results that were consistent with the outlook we provided, while implementing several key strategic initiatives." (CEO, President & Chairman John Stankey) "We reported 584,000 total fiber and fixed wireless advanced Internet customer net additions." (CEO, President & Chairman Stankey) "...
Earnings Call Insights: AT&T Inc. (T) Q1 2026 Management View "We executed well in the first quarter, delivering results that were consistent with the outlook we provided, while implementing several key strategic initiatives." (CEO, President & Chairman John Stankey) "We reported 584,000 total fiber and fixed wireless advanced Internet customer net additions." (CEO, President & Chairman Stankey) "We closed our transaction with Lumen ahead of schedule, adding 1.1 million fiber customers and over 4 million fiber locations." (CEO, President & Chairman Stankey) "After years of industry-leading investments in our fiber and wireless network, we believe that we have now established a structural advantage that others will not catch." (CEO, President & Chairman Stankey) "Today, we reach over 37 million customer locations with fiber, and we're on track to reach 60 million-plus locations by the end of the decade." (CEO, President & Chairman Stankey) "Total revenues were up 2.9% year-over-year in the first quarter, and service revenues were up 1.4%." (Senior EVP & CFO Pascal Desroches) "Free cash flow was $2.5 billion, which is at the high end of the $2 billion to $2.5 billion outlook we provided in January." (Senior EVP & CFO Desroches) Outlook "We continue to expect we will grow consolidated service revenues in the low single-digit range for the full year." (Senior EVP & CFO Desroches) "We continue to expect consolidated adjusted EBITDA growth in the 3% to 4% range for the full year." (Senior EVP & CFO Desroches) "Adjusted EPS of $0.57 in the first quarter was up nearly 12%, and we continue to expect full year adjusted EPS to be in the $2.25 to $2.35 range." (Senior EVP & CFO Desroches) "For the second quarter, we expect free cash flow in the range of $4 billion to $4.5 billion, and we continue to expect $18 billion plus of free cash flows for the full year." (Senior EVP & CFO Desroches) Financial Results "Adjusted EBITDA was up 2.3% year-over-year in the first quarter, and a...
Earnings Call Insights: Metropolitan Bank Holding Corp. (MCB) Q1 2026 Management View "We ended the year with momentum, meaningful visibility into our growth outlook. A substantial portion of our expected loan and deposit growth is already in the pipeline and expected to be realized in the first half of the year, with the balance building steadily into the back half." (Founder, President, CEO & Di...
Earnings Call Insights: Metropolitan Bank Holding Corp. (MCB) Q1 2026 Management View "We ended the year with momentum, meaningful visibility into our growth outlook. A substantial portion of our expected loan and deposit growth is already in the pipeline and expected to be realized in the first half of the year, with the balance building steadily into the back half." (Founder, President, CEO & Director Mark DeFazio) "Our iGaming payments and HUD [Audio Gap] platforms are no longer conceptual. They are in integration stage." (Founder, President, CEO & Director DeFazio) "The loan book increased by about $235 million. The pace of loan growth is in line with our guidance of $1 billion in net growth for 2026." (Executive VP & CFO Daniel Dougherty) "In the first quarter, we grew deposits by about $363 million or approximately 5%." (Executive VP & CFO Dougherty) Outlook "Looking forward, our current loan pipelines remain very strong, with loan opportunities at various stages of underwriting totaling more than $1.2 billion." (Executive VP & CFO Dougherty) "We expect that the NIM will press higher over the course of the year toward 4.15% to 4.20% as the year progresses." (Executive VP & CFO Dougherty) "Importantly, our expanding NIM forecast is not reliant on rate cuts. In fact, we have removed all rate cut assumptions from our current 2026 forecast model." (Executive VP & CFO Dougherty) "We hope to be live in the end of the third, fourth quarter." (Founder, President, CEO & Director DeFazio) Financial Results "I would like to take a moment to emphasize the impressive ROATCE print of 15.6% and the successful follow-on equity raise, which was executed in March under challenging market conditions." (Executive VP & CFO Dougherty) "Our net interest margin was 4.08% in the first quarter, down 2 basis points from the prior quarter." (Executive VP & CFO Dougherty) "After conservatively adjusting for the outsized cash position, the first quarter normalized NIM print was about 4.12%...
It took Tim Cook years to launch Apple into major new hardware categories, such as the smartwatch . But John Ternus could start his tenure right away with an ambitious new project: smart home hardware. All signs point to a strong lineup of new smart home devices coming potentially this fall, putting Apple back in the game in a category where it has been painfully slow to ship new devices. With a h...
It took Tim Cook years to launch Apple into major new hardware categories, such as the smartwatch . But John Ternus could start his tenure right away with an ambitious new project: smart home hardware. All signs point to a strong lineup of new smart home devices coming potentially this fall, putting Apple back in the game in a category where it has been painfully slow to ship new devices. With a hardware man at the helm in Ternus, the chances of Apple fully committing to the smart home feel far higher than under Cook. And while, according to Bloomberg's Mark Gurman , Ternus was reluctant to invest deeply in the smart home a decade ago - tak … Read the full story at The Verge.