Chattrawit phonsan/iStock via Getty Images Since I last covered Friedman Industries ( FRD ) in January 2026, its stock has gone up 70%. This article reviews the results published since then, covering 3Q26 and 4Q26 , ending March 2026. The results were very positive in both quarters, with higher revenues, profits, and volumes, driven by a recent acquisition and (especially) by climbing HRC prices. ...
Chattrawit phonsan/iStock via Getty Images Since I last covered Friedman Industries ( FRD ) in January 2026, its stock has gone up 70%. This article reviews the results published since then, covering 3Q26 and 4Q26 , ending March 2026. The results were very positive in both quarters, with higher revenues, profits, and volumes, driven by a recent acquisition and (especially) by climbing HRC prices. On a longer-term basis, however, I do not think the name is attractive at these prices. It is very possible that 1Q27 results will also be good, as HRC prices continued to move positively after the March quarter. However, based on a more average reading of the cycle and considering that FRD does not currently return cash to shareholders, I maintain a Hold rating. Good 2H26 results The company's 3Q26 and 4Q26 results showed significant growth across sales, volumes, and profitability. From an accounting perspective, they were incredible indeed. When we analyze the reasons behind the results, these remain good, but more nuanced, and above all, cyclical. In 3Q26, the company reported sales of $168 million, up 80% YoY. Sales volumes increased 36% YoY. The improvement continued in 4Q26, when sales reached $192 million. Sales volume reached a record of 189 thousand tons, up 14% YoY. For the full fiscal year, Friedman reported net earnings of $19.5 million, compared with $6 million in FY25. Annual sales volume reached 706 thousand tons, also a company record, up 22% from the previous year. The first component of the improvement is volume, where we have to consider that the company acquired new assets (Century) in 2Q26. In 3Q26, the company explained that same-facility growth accounted for about 31 thousand tons of the increase, while Century contributed approximately 11 thousand tons, so ~75/25%. In 4Q26, approximately half of the increase was attributable to same-facility volume growth, while the other half came from Century. The organic increase in volumes is coincident with dema...
Axsome Therapeutics (NASDAQ: AXSM) and Revolution Medicines (NASDAQ: RVMD) have offered investors significant growth so far this year. The biotech companies saw their shares soar 34% and 135%, respectively, in the first half. This may have happened as investors, seeking growth beyond the popular theme of artificial intelligence (AI), looked to biotech innovators -- companies with newly launched pr...
Axsome Therapeutics (NASDAQ: AXSM) and Revolution Medicines (NASDAQ: RVMD) have offered investors significant growth so far this year. The biotech companies saw their shares soar 34% and 135%, respectively, in the first half. This may have happened as investors, seeking growth beyond the popular theme of artificial intelligence (AI), looked to biotech innovators -- companies with newly launched products or exciting progress in clinical development. Axsome and Revolution have been stocks to watch in these areas. Axsome has won approval for two products rather recently, and Revolution has announced fantastic phase 3 results for its lead oncology candidate -- one that could transform the treatment of certain cancers. These stocks both make solid buys for an investor looking for growth in the healthcare space. But if you could only buy one, which one should you choose? Let's find out. Image source: Getty Images. Continue reading
alexsl/iStock via Getty Images A financial instrument is a machine of a type If we know how the moving parts within a machine work then we can predict how the machine works overall. From that we can then decide whether we wish to use the machine, whether it performs a task that is useful to us. Financial instruments are machines of a type. Therefore if we study how the moving parts inside the fina...
alexsl/iStock via Getty Images A financial instrument is a machine of a type If we know how the moving parts within a machine work then we can predict how the machine works overall. From that we can then decide whether we wish to use the machine, whether it performs a task that is useful to us. Financial instruments are machines of a type. Therefore if we study how the moving parts inside the financial instrument work, we can decide how the instrument works overall. Then we can compare it to what it is that we want to have done and we then gain a decent guide to whether we want to use this particular financial instrument to perform a task for us. This does mean a certain amount of attention to detail but given that we're talking about our money, paying attention to a bit of detail before we actually do something seems sensible. BlackRock MuniHoldings New Jersey Quality Fd, Inc. ( MUJ ) MUJ is a municipal bond fund. To be very simplistic about it, this means that it is a very safe investment that produces tax-free income. If safety is what we're looking for, if income is what we're looking for, and if we pay sufficient tax so that we want to worry about gaining tax-free income, then MUJ works. We should note that this specific municipal bond fund only works for people who are residents and taxpayers in New Jersey. This is one of those reasons to study the details because for the residents or taxpayers in the other 49 states, MUJ is a bad idea. While for those within New Jersey it might, depending upon what the investor is trying to do, be a good idea. Thus, a look at some of the details. Bonds We need to have a quick trip through the details of bonds. A bond is us lending money to somebody and in return we gain a piece of paper that can then be traded on a market. Most of us, nearly all of us, do not invest in bonds directly but do so through funds. Bonds themselves come in several different types. The first is Treasuries, which is where money has been lent to the fe...
MicroStockHub/iStock via Getty Images By Michiel Tukker , Senior UK & Eurozone Rates Strategist and Benjamin Schroeder , Senior Rates Strategist Back to square one? Ceasefire breakdown also pushes rates higher Oil is in the driver's seat again, and markets have been quick to reprice for tighter monetary policy. The 2Y EUR inflation swap jumped almost 20bp higher, while markets are once again prici...
MicroStockHub/iStock via Getty Images By Michiel Tukker , Senior UK & Eurozone Rates Strategist and Benjamin Schroeder , Senior Rates Strategist Back to square one? Ceasefire breakdown also pushes rates higher Oil is in the driver's seat again, and markets have been quick to reprice for tighter monetary policy. The 2Y EUR inflation swap jumped almost 20bp higher, while markets are once again pricing in close to a full European Central Bank rate hike by September. This aligns with early reactions from ECB officials following the renewed escalation. Bundesbank President Joachim Nagel said he would not rule out another rate hike, given we are “back where we started”. Meanwhile, the bearish tone in longer-dated rates that had already been building ahead of the week gathered further momentum, pushing the 10-year Bund yield to around 3.1% by the close. Risk sentiment also took a hit, which in eurozone government bond markets manifested itself in a widening of spreads over Bunds. Italian spreads had proven particularly sensitive to oil prices during this crisis and widened some 3.5bp in the 10y on the latest spike in energy prices. France, though, underperformed slightly this time, facing the additional layer of uncertainty surrounding its domestic politics and fiscal trajectory. There is one difference now compared to when the Iran crisis initially hit bond markets. Real rates are now a lot more elevated than a few months ago. Markets seemed to have taken a more upbeat view on global growth, especially in the US. This more upbeat take on the economy and the labour market was also reflected in the more hawkish stance of the Fed, which was just confirmed by the minutes of the June meeting. While voting unanimously to keep rates on hold, that meeting saw nine Fed officials pencilling in higher rates by the end of this year. Most officials agreed that “some policy firming would likely be warranted” in a scenario in which inflation remained elevated due to strong AI-driven dem...
Hong Kong’s anti-corruption watchdog has charged three people, including two private care home operators, over an alleged HK$1.3 million fraud involving an elderly care voucher scheme. The Independent Commission Against Corruption (ICAC) said on Thursday that the trio allegedly inflated service records under the Social Welfare Department’s Community Care Service Voucher Scheme for the Elderly, ove...
Hong Kong’s anti-corruption watchdog has charged three people, including two private care home operators, over an alleged HK$1.3 million fraud involving an elderly care voucher scheme. The Independent Commission Against Corruption (ICAC) said on Thursday that the trio allegedly inflated service records under the Social Welfare Department’s Community Care Service Voucher Scheme for the Elderly, overstating carers’ service hours by more than 5,000 hours. The scheme provides elderly residents with...
Robert Way AstraZeneca ( AZN ) shares tumbled nearly 10% in London after a late-stage trial for an experimental heart disease failed to meet its target. The CARDIO-TTRansform Phase III trial for AstraZeneca and Ionis’ ( IONS ) Wainua (eplontersen) in patients with transthyretin-mediated amyloid cardiomyopathy (ATTR-CM) did not meet the primary efficacy endpoint of the composite outcome of cardiova...
Robert Way AstraZeneca ( AZN ) shares tumbled nearly 10% in London after a late-stage trial for an experimental heart disease failed to meet its target. The CARDIO-TTRansform Phase III trial for AstraZeneca and Ionis’ ( IONS ) Wainua (eplontersen) in patients with transthyretin-mediated amyloid cardiomyopathy (ATTR-CM) did not meet the primary efficacy endpoint of the composite outcome of cardiovascular (CV) mortality and recurrent CV clinical events up to 140 weeks compared with placebo. Wainua is a once-monthly RNA-targeted silencer that can be self-administered via an autoinjector or as a pre-filled syringe by healthcare professional administration in the U.S. AstraZeneca and Ionis are jointly developing and commercializing Wainua in the U.S. as part of a deal. Outside the U.S., AstraZeneca has exclusive rest of world commercialization and development rights. The companies will analyze the full data set to further understand the results, which will be shared with the scientific community at the European Society of Cardiology Congress in August 2026. More on AstraZeneca PLC, Ionis Pharmaceuticals AstraZeneca PLC (AZN) Discusses Progress in Sustainability Strategy and the Role of AI in Healthcare Innovation - Slideshow AstraZeneca PLC (AZN) Discusses Progress in Sustainability Strategy and the Role of AI in Healthcare Innovation Transcript Ionis Pharmaceuticals, Inc. (IONS) Discusses FDA Approval of TRYNGOLZA for Severe Hypertriglyceridemia and Acute Pancreatitis Risk Reduction - Slideshow White House weighing contenders for FDA's top job Astra, Daiichi said to be nearing U.K. drug pricing deal for breast cancer drug, Enhertu
Earnings season is about to begin, and Delta Air Lines (NYSE: DAL) is one of the first big names up. The carrier reports second-quarter results Friday, July 10, before the market opens, among the earliest S&P 500 companies to do so. With the stock up about 35% this year as of this writing, is it worth buying ahead of the report? Let's look at what Delta told investors last quarter, what it has gui...
Earnings season is about to begin, and Delta Air Lines (NYSE: DAL) is one of the first big names up. The carrier reports second-quarter results Friday, July 10, before the market opens, among the earliest S&P 500 companies to do so. With the stock up about 35% this year as of this writing, is it worth buying ahead of the report? Let's look at what Delta told investors last quarter, what it has guided for this one, and how the valuation stacks up. Image source: Getty Images. Continue reading