DNY59 Obesity drugmakers Novo Nordisk ( NVO ) and Eli Lilly ( LLY ) traded lower on Tuesday after Bloomberg News reported that leading health insurers remain undecided on whether to join the Trump administration's plans to cover weight loss drugs for Medicare beneficiaries next year. The insurers had until April 20 to inform the government about their participation in the coverage model known as B...
DNY59 Obesity drugmakers Novo Nordisk ( NVO ) and Eli Lilly ( LLY ) traded lower on Tuesday after Bloomberg News reported that leading health insurers remain undecided on whether to join the Trump administration's plans to cover weight loss drugs for Medicare beneficiaries next year. The insurers had until April 20 to inform the government about their participation in the coverage model known as Better Approaches to Lifestyle and Nutrition for Comprehensive hEalth (BALANCE), announced in December to lower the costs of GLP-1 drugs. The owner of the Aetna health insurer, CVS Health ( CVS ), said it has decided not to join the program, a spokesperson for the company said. UnitedHealth ( UNH ), the largest Medicare Advantage insurer, raised concerns about the model. “There are some notable challenges and outstanding questions with the currently planned structure,” UnitedHealth’s ( UNH ) chief of government programs Bobby Hunter remarked at the Q1 earnings call on Tuesday. However, the company didn’t specifically indicate whether it has opted not to join the program, which requires backing from health insurers representing at least 80% of Medicare Part D members for its implementation on January 1, 2027. When queried about their participation, other leading insurers, including Humana ( HUM ), Elevance Health ( ELV ), and Centene ( CNC ), didn’t respond or declined to comment. The program, which leverages lower prices negotiated with drugmakers to expand coverage for GLP-1 medicines, including Lilly’s ( LLY ) Zepbound and Novo’s ( NVO ) Wegovy for Medicare D members, would draw pushback from health insurers, a recent study published in JAMA indicated. More on Novo Nordisk A/S, Eli Lilly Eli Lilly: We Haven't Reached Its Peak Yet (Rating Upgrade) Eli Lilly: From Sell To Buy In 90 Days, Here's What Changed My Mind Novo Nordisk's Weight Loss Doesn't Mean To Load Up Lilly to acquire cancer drug developer Kelonia for up to $7B Eli Lilly nears $2B-plus deal for Kelonia to exp...
Government looks to rush through laws allowing pavement ‘charging gullies’ to help boost EV take-up and cut dependence on fossil fuels UK to appeal against tax ruling cutting VAT on public EV chargers to 5% Households without off-street parking could soon be able to charge their electric vehicles from home under new government plans to help households cut their need for expensive fossil fuels. The...
Government looks to rush through laws allowing pavement ‘charging gullies’ to help boost EV take-up and cut dependence on fossil fuels UK to appeal against tax ruling cutting VAT on public EV chargers to 5% Households without off-street parking could soon be able to charge their electric vehicles from home under new government plans to help households cut their need for expensive fossil fuels. The government has promised to pass legislation this summer that will allow motorists to run power cables through a charging “gully” built into the pavement outside their home without the need for planning permission. Continue reading...
Intel (INTC) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
Intel (INTC) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
Getty Images Tesla, Inc. ( TSLA ) is expected to report earnings after the close of trading on April 22, with the options market pricing in a post-earnings move of about 5%. That is a surprisingly modest move for a stock that has delivered much larger swings in the past. Earnings for the first quarter are expected to rise 38% year over year to $0.37 per share, with revenue growth of 17.5% to $22.7...
Getty Images Tesla, Inc. ( TSLA ) is expected to report earnings after the close of trading on April 22, with the options market pricing in a post-earnings move of about 5%. That is a surprisingly modest move for a stock that has delivered much larger swings in the past. Earnings for the first quarter are expected to rise 38% year over year to $0.37 per share, with revenue growth of 17.5% to $22.7 billion and gross margins of 17.8%. For the full year, the company is expected to have revenue growth of about 8.5% and gross margins of 18.2%, while CapEx is expected to more than double to $18.2 billion from $8.5 billion a year ago. How Much Is Priced In The stock has fallen by around 30% since late January, raising the question of how much of the company's growth prospects and increased spending plans are already priced into the shares. At least on the surface, the sharp decline appears more attributable to the increased spending plans. Based on the options market, even with what appear to be healthy results, it seems the market has already priced much of it. Currently, 1-week at-the-money implied volatility for Tesla is near 60%, and that may continue to rise into results, but that is a fairly low value historically for the stock. This would suggest that the premiums for both puts and calls are not as high as they usually are heading into results, at least as of the close of trading on April 20. LSEG Option Positioning It implies limited premium decay following the results and suggests the market expects shares to remain in a potentially tight trading range and not see a big post-earnings move. From a positioning standpoint, there is a large amount of call gamma built up around $400, which means that unless the stock can get over that level of resistance, it is likely to face selling pressure there. On the downside, put gamma near $380 could offer support. With the stock in a positive gamma regime, dealer hedging flows are likely to reinforce this range, as buyers of p...
Getty Images Tesla, Inc. ( TSLA ) is expected to report earnings after the close of trading on April 22, with the options market pricing in a post-earnings move of about 5%. That is a surprisingly modest move for a stock that has delivered much larger swings in the past. Earnings for the first quarter are expected to rise 38% year over year to $0.37 per share, with revenue growth of 17.5% to $22.7...
Getty Images Tesla, Inc. ( TSLA ) is expected to report earnings after the close of trading on April 22, with the options market pricing in a post-earnings move of about 5%. That is a surprisingly modest move for a stock that has delivered much larger swings in the past. Earnings for the first quarter are expected to rise 38% year over year to $0.37 per share, with revenue growth of 17.5% to $22.7 billion and gross margins of 17.8%. For the full year, the company is expected to have revenue growth of about 8.5% and gross margins of 18.2%, while CapEx is expected to more than double to $18.2 billion from $8.5 billion a year ago. How Much Is Priced In The stock has fallen by around 30% since late January, raising the question of how much of the company's growth prospects and increased spending plans are already priced into the shares. At least on the surface, the sharp decline appears more attributable to the increased spending plans. Based on the options market, even with what appear to be healthy results, it seems the market has already priced much of it. Currently, 1-week at-the-money implied volatility for Tesla is near 60%, and that may continue to rise into results, but that is a fairly low value historically for the stock. This would suggest that the premiums for both puts and calls are not as high as they usually are heading into results, at least as of the close of trading on April 20. LSEG Option Positioning It implies limited premium decay following the results and suggests the market expects shares to remain in a potentially tight trading range and not see a big post-earnings move. From a positioning standpoint, there is a large amount of call gamma built up around $400, which means that unless the stock can get over that level of resistance, it is likely to face selling pressure there. On the downside, put gamma near $380 could offer support. With the stock in a positive gamma regime, dealer hedging flows are likely to reinforce this range, as buyers of p...
jetcityimage/iStock Editorial via Getty Images Occidental Petroleum (NYSE: OXY ) has seen a substantial share price decline from a potential Strait of Hormuz reopening. Despite that, the company has an unparalleled portfolio of assets, and improving execution, that will enable the company to continue the improvements and shareholder returns that it's done since we last recommended it . Occidental ...
jetcityimage/iStock Editorial via Getty Images Occidental Petroleum (NYSE: OXY ) has seen a substantial share price decline from a potential Strait of Hormuz reopening. Despite that, the company has an unparalleled portfolio of assets, and improving execution, that will enable the company to continue the improvements and shareholder returns that it's done since we last recommended it . Occidental Petroleum Operational Performance Occidental Petroleum managed impressive operational performance, with impressive execution in every facet. Occidental Petroleum Investor Presentation Occidental Petroleum managed to reduce principal debt to $15 billion. Even if the current boost in oil prices doesn't last, it'll give the company more opportunity to continue cleaning up its balance sheet. Berkshire Hathaway still owns $10 billion of preferred equity at an 8% interest rate , though they can be redeemed at 105% (starting 2029) or 110% of share price. The company managed to have strong operational momentum that it'll continue into 2026, which will drive FCF improvement that we'll discuss below in terms of supporting shareholder returns. Occidental Petroleum Investor Presentation Occidental Petroleum finished its CrownRock acquisition, its latest major acquisition, with $28.9 billion in debt. YTD the company has managed to repay a massive $5.4 billion supported by the close of the $9.7 billion OxyChem sale to Berkshire Hathaway. OxyChem has a minimal short-term expiration profile and its debt is at a level that's sustainable for the long run. We'd like to see Occidental Petroleum balance expected reduction in interest rates with a desire to pay-off debt given the opportunity for other shareholder returns. Occidental Petroleum Operations Operationally, Occidental Petroleum grew annual production by 8% from 2024 to 1.43 million barrels/day in 2025. Occidental Petroleum Investor Presentation Occidental Petroleum's ability to do this while maintaining low operating costs is incredib...
Dyson feels like it’s been on a tear as of late. The company recently introduced a handheld version of its iconic fan and a travel-friendly hair dryer , along with a mopping version of its ultra-thin PencilVac. And while none of them are currently discounted, you can save on the new Dyson Clean+Wash Hygiene wet cleaner , which is on sale at Amazon and Walmart for a new low of $399.99 ($100 off). D...
Dyson feels like it’s been on a tear as of late. The company recently introduced a handheld version of its iconic fan and a travel-friendly hair dryer , along with a mopping version of its ultra-thin PencilVac. And while none of them are currently discounted, you can save on the new Dyson Clean+Wash Hygiene wet cleaner , which is on sale at Amazon and Walmart for a new low of $399.99 ($100 off). Dyson Clean+Wash Hygiene wet cleaner Where to Buy: $499.99 $399.99 at Amazon $499.99 $399.99 at Walmart $499.99 $399.99 at Best Buy Unlike most Dyson models, its latest hard floor cleaner doesn’t rely on suction. Instead, it uses hydration and a four-speed motorized brush bar — along with nylon bristles — to agitate tough stains and pet hair, allowing you to remove both without clogging the machine with gunk. An anti-tangle comb helps prevent unwanted wrapping, while the self-cleaning roller is continuously fed fresh water as you maneuver around your home. The added benefit of its lack of suction is that, theoretically, it should hold up better in the long term, as most vacuums see their performance decline after five years or so due to wear and tear. Additionally, the Clean+Wash Hygiene comes with a hot-air drying dock that charges the cleaner and flushes the microfiber roller after each cycle, helping reduce bacterial growth and odors. It should last up to 45 minutes on a single charge — though we have yet to confirm the exact runtime — and the water tank is large enough to clean 3,767 square feet of floor before needing to be emptied. Thankfully, the latter isn’t all that difficult, given that it can be done in a single action in 20 seconds or so. Just don’t expect disposal to be as odorless as the dock itself, even if the water and debris are automatically separated. More ways to save today If you’re a Pixel phone owner hellbent on using Google gear, the company’s 45W USB-C Power Charger is on sale at Amazon for $17.99 ($12 off), nearly matching its best price to date. I...
On April 14, 2026, Director Juan Jose Chacon Quiros reported the sale of 37,500 shares of Establishment Labs (NASDAQ:ESTA) through an indirect open-market transaction, as disclosed in a SEC Form 4 filing . Transaction value based on SEC Form 4 reported price ($65.23); post-transaction holdings value calculated using SEC Form 4 and April 14, 2026 position value ($3,004,430.64). * 1-year price chang...
On April 14, 2026, Director Juan Jose Chacon Quiros reported the sale of 37,500 shares of Establishment Labs (NASDAQ:ESTA) through an indirect open-market transaction, as disclosed in a SEC Form 4 filing . Transaction value based on SEC Form 4 reported price ($65.23); post-transaction holdings value calculated using SEC Form 4 and April 14, 2026 position value ($3,004,430.64). * 1-year price change calculated using April 14, 2026 as the reference date. Continue reading
The US government said it stopped and boarded a sanctioned oil tanker in its campaign to disrupt Iran’s shipping network, the first such intervention since the imposition of a blockade just over a week ago. American forces conducted a “right-of-visit, maritime interdiction and boarding” of the stateless vessel — the M/T Tifani — the Pentagon said in a social media post . It marks an escalation of ...
The US government said it stopped and boarded a sanctioned oil tanker in its campaign to disrupt Iran’s shipping network, the first such intervention since the imposition of a blockade just over a week ago. American forces conducted a “right-of-visit, maritime interdiction and boarding” of the stateless vessel — the M/T Tifani — the Pentagon said in a social media post . It marks an escalation of tactics as Washington pressures the Islamic Republic ahead of planned talks aimed at ending a seven-week conflict that has roiled global markets. “We will pursue global maritime enforcement efforts to disrupt illicit networks and interdict sanctioned vessels providing material support to Iran — anywhere they operate,” the Pentagon said. President Donald Trump announced from April 13 a blockade of Iranian shipping through the Strait of Hormuz, the narrow waterway from the Persian Gulf that Iran effectively shuttered to international vessels at the outbreak of the war. Before this latest vessel, the US had seized one Iranian cargo ship. It has turned around a total of 28, according to US Central Command. “The Tifani today was a signal that the dark fleet” of non-Iranian flagged vessels is “still under pressure and subject to seizure,” said Charlie Brown , an adviser to United Against Nuclear Iran, a US lobby and pressure group focused on Tehran. While the Pentagon did not provide an exact time or location for the intervention, it appeared to have taken place midway between Sri Lanka and the Indonesian island of Sumatra, vessel-tracking data compiled by Bloomberg showed. Earlier, a tiny tanker that’s reportedly transporting liquefied gas from Iran — the G Summer — appeared to test the US blockade, vessel-tracking data compiled by Bloomberg showed. At the weekend, the US Navy seized an Iranian cargo ship in waters off the Iranian port of Jask in the Gulf of Oman as it headed toward Hormuz — the first actions against any kind of vessel during the blockade. The strait remained la...
Kinder Morgan ( KMI ) will report its results for the first quarter on Wednesday, after markets close. Wall Street expects the company to post earnings of 39 cents, implying a rise of around 15%, on revenue of $4.55B, representing year-over-year growth of about 7%. During the quarter, Kinder Morgan remained in focus on developments tied to its pipeline expansion efforts, including extending the op...
Kinder Morgan ( KMI ) will report its results for the first quarter on Wednesday, after markets close. Wall Street expects the company to post earnings of 39 cents, implying a rise of around 15%, on revenue of $4.55B, representing year-over-year growth of about 7%. During the quarter, Kinder Morgan remained in focus on developments tied to its pipeline expansion efforts, including extending the open season for the proposed Western Gateway pipeline alongside Phillips 66 and launching a second open season for a California pipeline project. The company highlighted double-digit growth in adjusted EBITDA from its natural gas pipelines segment and flagged rising LNG feed gas demand expectations as its project backlog advanced. The broader energy sector also drew support from higher global gas prices following a Qatar-related disruption. KMI also issued its fiscal 2026 outlook, which came in below market expectations . According to Seeking Alpha’s Quant Rating system, KMI is rated Hold with an overall score of 3.22 out of 5, reflecting an A- grade in terms of profitability, but it has a D+ both in terms of valuation and momentum. A recent Seeking Alpha analysis maintained a positive view on KMI , noting that the company’s business model remains largely insulated from commodity price volatility, while higher global energy prices could support volume-driven gains and pricing power, adding that “the company’s business model is largely shielded from commodity price fluctuations.” The analyst also pointed to potential benefits from increased demand for U.S. natural gas and refined products amid global supply disruptions, stating that “what could benefit Kinder Morgan is not so much the change in the commodity prices but the secondary effect where demand for U.S. gas and refined products increases,” while maintaining a buy rating with expectations of incremental upside despite recent share gains. Over the past two years, KMI has beaten EPS estimates 38% of the time and has beate...
Mercuria Energy Group Ltd. was reasonably well positioned before the closure of the Strait of Hormuz, and has been able to get ships out even after war erupted at the end of February, its co-founder and chief executive officer said. “There’s various ways to do it,” Marco Dunand said at the FT Global Commodities Summit in Lausanne, Switzerland, declining to comment further. More oil tankers are tra...
Mercuria Energy Group Ltd. was reasonably well positioned before the closure of the Strait of Hormuz, and has been able to get ships out even after war erupted at the end of February, its co-founder and chief executive officer said. “There’s various ways to do it,” Marco Dunand said at the FT Global Commodities Summit in Lausanne, Switzerland, declining to comment further. More oil tankers are transiting the waterway than vessel tracking data show, he added. Shipping through the crucial chokepoint in and out of the Persian Gulf has come to a near halt since the US and Israel started a war on Iran, leading Tehran to retaliate with attacks on ships and energy assets throughout the region. That has triggered the oil market’s biggest-ever supply disruption. Mercuria is one of the world’s biggest energy traders.
PM Images/DigitalVision via Getty Images By Albert Grosman and Brian Lund, CFA Capturing Alpha in a Broadening Market Market Overview Small cap equities experienced a volatile start to 2026, as strong early gains gave way to shifting leadership and a more uncertain macro backdrop. The Russell 2000 Index returned 0.9% for the quarter, outperforming the larger cap Russell 1000 Index by over 500 bps....
PM Images/DigitalVision via Getty Images By Albert Grosman and Brian Lund, CFA Capturing Alpha in a Broadening Market Market Overview Small cap equities experienced a volatile start to 2026, as strong early gains gave way to shifting leadership and a more uncertain macro backdrop. The Russell 2000 Index returned 0.9% for the quarter, outperforming the larger cap Russell 1000 Index by over 500 bps. A partial rotation away from the dominant AI trade supported value stocks over growth during the quarter, with the Russell 2000 Value Index returning 5.0% compared to a 2.8% loss for the growth index. Small caps rallied sharply out of the gate in January, significantly outperforming large caps, though the advance was driven largely by lower-quality, high-beta and heavily shorted companies — extending the speculative dynamics that have characterized much of the past year. While improving earnings expectations provided some fundamental support, the narrow and risk-seeking nature of leadership continued to present challenges for fundamentals-driven strategies. As the quarter progressed, however, rising dispersion and improving breadth indicated that investors were becoming more selective. Leadership broadened beyond the most speculative areas of the market, with capital rotating toward more asset-intensive businesses supported by sound operational results, particularly within energy and materials. At the same time, escalating geopolitical tensions, including conflict in the Middle East, drove a sharp increase in oil prices and renewed concerns around inflation, growth and monetary policy. Equity markets responded with a broad-based pullback, with small caps experiencing a deeper decline given their greater economic sensitivity. Despite this volatility, the increase in dispersion and early rotation toward quality suggest the market environment may be becoming incrementally more supportive for active managers, particularly those focused on disciplined, bottom-up stock selection...
Andrew Harnik/Getty Images News Kevin Warsh’s Federal Reserve Chair nomination hearing Tuesday is providing investors with clearer signals about how he plans to lead the central bank, with one analyst predicting a shift that could benefit risk assets ( SP500 ). According to Michael Brown, senior research strategist at Pepperstone, a Warsh-led Fed would mark several key departures from current prac...
Andrew Harnik/Getty Images News Kevin Warsh’s Federal Reserve Chair nomination hearing Tuesday is providing investors with clearer signals about how he plans to lead the central bank, with one analyst predicting a shift that could benefit risk assets ( SP500 ). According to Michael Brown, senior research strategist at Pepperstone, a Warsh-led Fed would mark several key departures from current practice. Interest rates ( US2Y ) ( US10Y ) would return as the primary policy tool, while the balance sheet takes a secondary role and potentially shrinks over time within an “ample reserves” framework. The hearing also suggested the Fed would become notably quieter under Warsh’s leadership. Officials would likely speak less publicly about the rate path and economic outlook. Explicit forward guidance and pre-commitments to policy action would become rare. Perhaps most significantly for market watchers, the Summary of Economic Projections could undergo changes in its composition or frequency, with the closely followed “dot plot” likely to be eliminated—a move Brown expects would please most market participants. Brown characterized a Warsh Fed as one that would remain friendly for risk assets, citing an increasing focus on the supply side of the economy and expectations for lower interest rates amid anticipated productivity gains from artificial intelligence ( AIQ ) ( AIEQ ). However, the transition could bring short-term volatility ( VIX ) as participants adjust to reduced visibility from fewer speeches, forecasts and guidance. For traders, Brown suggested a risk parity approach could work well, potentially through long positions in S&P 500 futures ( SPX ) paired with long front-end Treasuries or short-term interest rate packs, with added long rates volatility exposure. More on the Markets Why A Naive Market May Still Be Reading Hormuz Correctly A War Drifting Toward Talks, And A World Bracing For The Fallout This Has Never Happened Before Trump says he’ll remember companies th...
juvaida khatun/iStock via Getty Images Key takeaways 1 The fund underperformed its benchmark Stock selection in information technology ( IT ), real estate, consumer staples and health care drove the fund's ( ACEIX ) underperformance during the quarter. Conversely, selection in industrials, energy and utilities aided the fund's relative return. 2 Fixed income and convertible security holdings detra...
juvaida khatun/iStock via Getty Images Key takeaways 1 The fund underperformed its benchmark Stock selection in information technology ( IT ), real estate, consumer staples and health care drove the fund's ( ACEIX ) underperformance during the quarter. Conversely, selection in industrials, energy and utilities aided the fund's relative return. 2 Fixed income and convertible security holdings detracted from relative return The fund holds US Treasuries and high-grade corporate bonds and convertible securities as an income source and to provide a measure of stability in volatile markets. These holdings lagged the Russell 1000 Value Index. 3 The team added one new holding during the quarter We purchased a new holding in the consumer discretionary sector. We also eliminated several holdings, using the proceeds to fund investments we believe have better risk/reward profiles. Investment objective The fund seeks current income and, secondarily, capital appreciation. Fund facts Fund AUM ($M) 12,560.04 Click to enlarge Portfolio managers Brian Jurkash, Matthew Titus, Chuck Burge, Sergio Marcheli, William Guthrie Manager perspective and outlook US financial markets had a volatile first quarter, marked by shifting monetary policy expectations, geopolitical instability and uneven economic data. Equities started the year on firm footing as earnings remained generally solid and market leadership had broadened beyond mega cap growth stocks. However, volatility increased in late February and March as conflict in Iran, rising energy prices and ongoing concerns about artificial intelligence (AI) disruption appeared to weigh on investors' risk appetites. US Treasury yields rose during the quarter, seemingly reflecting shifting expectations for interest rate cuts and elevated inflation data. Amid the volatility, the S&P 500 Index returned -4.33%, its worst quarterly return since 2022 1 . Energy stocks led, while financials, consumer discretionary and IT lagged. Geopolitical tensions and...
photoschmidt/iStock via Getty Images I previously rated Pinterest ( PINS ) as a Buy in July 2025, thanks to the robust GenAI-driven advertising growth prospects, the growing user engagement/higher ARPUs, and the improved ad targeting/sales flywheel. In this article, I shall discuss why I am cautiously reiterating my Buy rating here, with the meltdown and the consequently cheaper valuations already...
photoschmidt/iStock via Getty Images I previously rated Pinterest ( PINS ) as a Buy in July 2025, thanks to the robust GenAI-driven advertising growth prospects, the growing user engagement/higher ARPUs, and the improved ad targeting/sales flywheel. In this article, I shall discuss why I am cautiously reiterating my Buy rating here, with the meltdown and the consequently cheaper valuations already pricing in their growth headwinds from the intensifying competition. PINS Faces Numerous Headwinds & Tailwinds Entering FY2026 PINS 1Y Stock Price ( TradingView ) Since my last Buy rating, PINS has notably underperformed by double digits, albeit with a similar development also observed in its advertising and social media peers in varying degrees. Despite my prior optimism surrounding their GenAI-driven advertising growth prospects, it is apparent by now that the company has been delivering a decelerating growth profile, given the intensifying competition and the changing advertising spending trends. 1. FQ1'26 Preview With PINS expected to report their FQ1'26 earnings call on May 4th, 2026 , I urge readers to monitor their performance against the last raised guidance across: Revenues at $968M at the midpoint ( +13.2% YoY ), Adj. EBITDA of $173M (+0.7% YoY), and Adj. EBITDA margin of 17.8% (-2.2 points YoY), and against their FY2025 performance at +15.9% YoY, +22.3% YoY, and 29.8% (+1.6 points YoY), respectively. Given the notably decelerating growth prospects and the deteriorating profit margins, I can understand why PINS has underperformed its advertising peers, worsened by the prior tech selloff in January/February 2026. PINS' Revenue Disaggregation (Seeking Alpha) Part of PINS' growth headwinds may be attributed to the supposed pullback in " advertising spend across the industry as they seek to protect their margins. Our higher mix of large retailers relative to some of our peers has resulted in us feeling more of an impact." While "no customer accounted for more than 10...