Governor Kathy Hochul and New York City Mayor Zohran Mamdani have finally found a tax that they agree on. Getting everyone else on board stands to be more complicated. Mamdani has been an eager proponent of taxing wealthier New Yorkers to close a projected $5.4 billion two-year gap in the city’s budget and to fund a slew of social programs. Hochul has tended to see such levies as an invitation for...
Governor Kathy Hochul and New York City Mayor Zohran Mamdani have finally found a tax that they agree on. Getting everyone else on board stands to be more complicated. Mamdani has been an eager proponent of taxing wealthier New Yorkers to close a projected $5.4 billion two-year gap in the city’s budget and to fund a slew of social programs. Hochul has tended to see such levies as an invitation for the affluent and corporations to pack their bags and decamp to sunnier, low-tax states. This week, Hochul proposed a middle path. To applause from the mayor, she called for slapping owners of second homes in the city worth more than $5 million with an annual surcharge , on top of the property taxes owners already owe. About 13,000 properties in the city would qualify, by Hochul’s reckoning. “It’s a matter of fairness to all those millions of residents who actually live here,” said Hochul at a news conference near the nexus of luxury New York real estate dubbed Billionaires’ Row. “Those who benefit from the city without living in a full time capacity should contribute to the costs that it takes to run the city.” The proposal injects a new twist into a long-running and heated debate over taxes and wealth in one of the world’s most expensive cities. It’s also a sign Hochul and Mamdani are coming into at least partial alignment after the governor rejected many of his earlier ideas for taxing the wealthy. For New York’s richest residents, however, the plan presents the prospect of another unwelcome battle with politicians who are trying to show lower- and middle-income voters that they are taking concerns about the rising cost of living seriously. Billionaire hedge fund manager Daniel Loeb took to his X account, where his avatar is an image from classic New York rap duo Eric B. & Rakim’s album “Paid in Full,” to howl that Hochul is “vying for Florida Realtor of the year.” Wealth-Tax Wave Mamdani has argued that the city’s deficit should be closed by raising income-tax rates for...
Alistair Berg/DigitalVision via Getty Images By Kevin Davitt, Head of Options Content (For Two Centuries) Expiration is a Feature - Not a Flaw Throughout time, the public perception of derivatives has been “ risky .” This pejorative framing on the part of pundits belies a much wider embrace of risk transfer tools. This was the case in the middle of the 19th century, when standardized futures/forwa...
Alistair Berg/DigitalVision via Getty Images By Kevin Davitt, Head of Options Content (For Two Centuries) Expiration is a Feature - Not a Flaw Throughout time, the public perception of derivatives has been “ risky .” This pejorative framing on the part of pundits belies a much wider embrace of risk transfer tools. This was the case in the middle of the 19th century, when standardized futures/forwards were introduced by the Chicago Board of Trade and Chicago Butter and Egg Board (eventually CME). It remains the case as we move through the 21st century. Throughout time, derivatives’ primary use cases have been tools for risk management and capital-efficient exposure. Standardized options broadened the set of available tools in 1973. After nearly 200 years, the derivative industry continues to grow because the use cases and risks associated with these tools are more broadly understood than ever before. For nearly two centuries, contracts have expired. The grain farmers in Illinois and Iowa roll derivatives to navigate the inevitable market volatility. Similarly, the modern investor makes use of short-dated options to more precisely manage their portfolio risk. Expiration is a Point in Time An option’s expiration date is simply a date and time on the calendar. Expiration is a recognized moment in time, just like the closing bell at 4 p.m. (EST). On April 21, 2026, the listed options industry will mark 53 years of transparent, centrally cleared trading. The industry’s track record spans recessions, market crashes, technological revolutions, and regulatory overhauls. Half a century ago, there were clearly defined expiration dates for 16 products. Today, there are at least 6,000 optionable securities and indexes available to investors. Expirations will occur for every one of the products. It’s not a bug in the system; it’s a critical feature of the system. Expiration is the mechanism by which options fulfill their purpose which is the transfer and resolution of risk over a...
Taiwan Semi Slides Despite Record Results In Warning Sign For Chip Companies Taiwanese chip giant, Taiwan Semiconductor Manfuacturing Co, said Thursday its net profit surged to a fresh record in the first quarter, fueled by the global artificial intelligence race despite the war in the Middle East. Massive demand for AI hardware means business is booming for TSMC -- the biggest contract maker of m...
Taiwan Semi Slides Despite Record Results In Warning Sign For Chip Companies Taiwanese chip giant, Taiwan Semiconductor Manfuacturing Co, said Thursday its net profit surged to a fresh record in the first quarter, fueled by the global artificial intelligence race despite the war in the Middle East. Massive demand for AI hardware means business is booming for TSMC -- the biggest contract maker of microchips used in everything from Apple phones to Nvidia processors. TSMC's net profit for the first three months of the year jumped 58.3% YoY to NT$572.5 billion ($18 billion), beating analyst estimates of NT$540.20 billion as governments and tech giants continue to pour huge sums into building data centers that can train and run AI tools such as chatbots, image generators and agents that can execute tasks. A weaker Taiwanese dollar had also boosted the firm's revenues from overseas sales: the company said net revenue rose 35.1% YoY to a record NT$1.13 trillion. Gross margin was 66.2% in the first quarter, further increased from a record 62.3% last quarter. Here is the full Q1 breakdown: Sales NT$1.13 trillion, +35% y/y, estimate NT$1.12 trillion Net income NT$572.5 billion, +58% y/y, estimate NT$542.38 billion Gross margin 66.2% vs. 62.3% q/q, estimate 64.5% Operating profit NT$658.97 billion, +62% y/y, estimate NT$623.82 billion Operating margin 58.1% vs. 54% q/q, estimate 55.6% While overall earnings were stellar, largely thanks to relentless AI chip demand, one weak point was smartphone revenue, which fell 11% compared to the previous quarter as the industry faces an ongoing memory shortage . "The recent situation in the Middle East... brings further macroeconomic uncertainties, as such we are being prudent in our business planning," TSMC chairman CC Wei said. TSMC CFO Wendell Huang said the company did not expect the war to impact its supply of key chipmaking materials such as helium and hydrogen in the near term, despite mounting fears that the collapse in Qatar heli...
ALB stock topped a buy point on Thursday and lithium stocks rallied broadly. The lithium producer, one of the world's largest, gave positive outlook in February after beating fourth-quarter revenue estimates. "Even as market conditions improve, we continue to drive cost reduction and productivity actions to enable long-term growth," Albemarle CEO Kent Masters said in the Feb. 11 earnings release.
ALB stock topped a buy point on Thursday and lithium stocks rallied broadly. The lithium producer, one of the world's largest, gave positive outlook in February after beating fourth-quarter revenue estimates. "Even as market conditions improve, we continue to drive cost reduction and productivity actions to enable long-term growth," Albemarle CEO Kent Masters said in the Feb. 11 earnings release.
pingingz/iStock via Getty Images The art of the pivot was arguably perfected in Silicon Valley: when your business fails at one thing, find another thing that you can succeed at. A 180-degree pivot was on full display as Allbirds, Inc. ( BIRD ), a San Francisco company that raised nearly $350 million as a private company and briefly touched a $4 billion valuation upon IPO, announced its intention ...
pingingz/iStock via Getty Images The art of the pivot was arguably perfected in Silicon Valley: when your business fails at one thing, find another thing that you can succeed at. A 180-degree pivot was on full display as Allbirds, Inc. ( BIRD ), a San Francisco company that raised nearly $350 million as a private company and briefly touched a $4 billion valuation upon IPO, announced its intention to pivot from being a shoemaker to a prospective GPU-as-a-service company named "NewBird AI." The surprise announcement rocked the markets, and though Allbirds has dropped from recent highs notched immediately after the announcement, its share price has still gained ~fivefold since the deal was announced, adding roughly $80 million in market value. The question for investors now is, can the rally hold, and does NewBird AI really have a shot in this crowded new market? Data by YCharts I previously wrote a cautious, neutral article on Allbirds in 2023, when the stock was trading around $1 per share. First, an update on the fate of the shoe business: the parent company of Allbirds, now NewBird AI, agreed to sell the brand assets of Allbirds for $39 million to American Exchange Group, a brand portfolio that also owns other shoe brands, including Ecko, Jonathan Adler, and Aerosole. I'll cut to the chase here: I have low confidence in Allbirds/NewBird AI's ability to succeed in a crowded GPU-as-a-service market. I'm dropping my rating on Allbirds to Sell. Problem #1: Lack Of Leadership Experience Will Likely Mean Costly New Hires Here's the first, most glaring issue that I see when it comes to Allbirds' pivot. While it's true that the GPU-as-a-service business is largely a financial endeavor rather than a technical one that requires real R&D chops, we have to state the obvious: as a shoe company, Allbirds has zero experience in being a neocloud company. The snapshot below, taken from Allbirds' investor website, showcases the profiles of its top leadership. Allbirds management tea...
For the first time, scientists have measured the instantaneous mind-blowing power of jets blasting from a black hole. The jet power from this relatively close black hole-star system is equivalent to 10,000 suns, an international research team reported on Thursday. They also tracked the jet speed: roughly 540 million km/h (355 million mph) – half the speed of light. Located 7,200 light-years away, ...
For the first time, scientists have measured the instantaneous mind-blowing power of jets blasting from a black hole. The jet power from this relatively close black hole-star system is equivalent to 10,000 suns, an international research team reported on Thursday. They also tracked the jet speed: roughly 540 million km/h (355 million mph) – half the speed of light. Located 7,200 light-years away, Cygnus X-1 features not only a black hole – the first one ever identified more than a half-century...
Oil ( CL1:COM ) prices have returned to levels last seen in late March, yet equity markets tell a different story. Since March 27, crude has remained relatively stable while the S&P 500 ( SP500 ) has advanced sharply, rising roughly 10% over the same period. This divergence suggests that recent gains in equities may be driven less by fundamental shifts in commodities and more by positioning dynami...
Oil ( CL1:COM ) prices have returned to levels last seen in late March, yet equity markets tell a different story. Since March 27, crude has remained relatively stable while the S&P 500 ( SP500 ) has advanced sharply, rising roughly 10% over the same period. This divergence suggests that recent gains in equities may be driven less by fundamental shifts in commodities and more by positioning dynamics within financial markets. According to former chief strategist and co-head of global research at JPMorgan, Marko Kolanovic, the rally appears to be fueled largely by systematic trading flows rather than geopolitical developments such as tensions involving Iran. In particular, Commodity Trading Advisors (CTAs) have played a significant role. CTAs, which rely on trend-following strategies, have recently been underexposed to equities. As market signals turned positive, these funds were forced to increase their exposure, creating additional buying pressure. This mechanical reallocation can amplify upward momentum, as CTAs often chase rallies once they begin. The result is a feedback loop where price gains prompt further buying, reinforcing the rally independent of underlying macroeconomic or geopolitical catalysts, Kolanovic noted. Market Tracking ETFs: ( DIA ), ( DDM ), ( DOG ), ( DXD ), ( SDOW ), ( SPY ), ( VOO ), ( IVV ), ( RSP ), ( SSO ), ( UPRO ), ( SH ), ( SDS ), ( SPXU ), ( QQQ ), ( QQQM ), ( TQQQ ), ( QID ), and ( SQQQ ). More on markets Narrow tech rally powers market higher despite weak breadth Artificial Intelligence boom redefines corporate debt markets, Apollo says S&P 500 returns to positive territory and erases Middle East conflict losses Geopolitical conflicts overshadow inflation as the top market threat, according to BofA Only 50/50 odds that the Strait of Hormuz normalizes by July according to prediction markets
Dividend growth investing rewards patience like few other strategies. The income stream compounds year after year, and the companies behind those dividends tend to be high-quality and structurally durable. With the Fed Funds rate at 3.75% and the 10-year Treasury yielding around 4.30%, dividend-focused equity funds must now compete against risk-free alternatives that offer meaningful ... 3 Dividen...
Dividend growth investing rewards patience like few other strategies. The income stream compounds year after year, and the companies behind those dividends tend to be high-quality and structurally durable. With the Fed Funds rate at 3.75% and the 10-year Treasury yielding around 4.30%, dividend-focused equity funds must now compete against risk-free alternatives that offer meaningful ... 3 Dividend Aristocrat ETFs to Buy Before 2026 Markets Shift
Ashley Cole won 107 caps for England, seventh on the all‑time list, but says he was "discouraged" by those in the football pyramid from becoming a head coach.
Ashley Cole won 107 caps for England, seventh on the all‑time list, but says he was "discouraged" by those in the football pyramid from becoming a head coach.
After IONQ, Inc.'s ( IONQ ) boom of over 50% over 5 days, among the top-performing ETFs appeared Defiance Daily Target 2X Long IONQ ETF ( IONX ), a curious daily 2x leverage solution. IONQ has benefited from the positive effects of a catalyst not to be underestimated, which would impact its valuations, and in my view, with a five-year duration. And here's the question: can IONX in this sense be an...
After IONQ, Inc.'s ( IONQ ) boom of over 50% over 5 days, among the top-performing ETFs appeared Defiance Daily Target 2X Long IONQ ETF ( IONX ), a curious daily 2x leverage solution. IONQ has benefited from the positive effects of a catalyst not to be underestimated, which would impact its valuations, and in my view, with a five-year duration. And here's the question: can IONX in this sense be an even better tactical solution than IONQ for this time horizon? The answer is not straightforward. We're talking about IONQ, an asset that has had an average annual daily volatility of around 5.7%. What impact can this have on daily leverage? In my opinion it's simple: a strong risk of volatility decay. Let's measure this risk and understand what impact it could have. What is IONX? It's an actively managed ETF, classified as "non-diversified" with single-stock leverage on IONQ (daily 2X long): it means it's built entirely on derivatives that replicate the performance of a single equity with daily 2X leverage. The fund does not replicate an index. The stated objective is 2X the daily price change of IonQ, and note that the objective is valid exclusively for a single trading day. The management fee stated in the prospectus is 1.29%. IONX: Sector P/E Comparison (Seeking Alpha) What Does the Fund Do? Exposure to the underlying does not occur through direct purchase of IONQ shares but exclusively through OTC swap agreements and/or listed options contracts. The fund also holds collateral (40-60% of assets) invested in US T-bills, money market funds, short-term bond ETFs, and investment-grade commercial paper. IONX: Risk Metrics Overview (Seeking Alpha) Then rebalancing occurs every day to maintain exposure equal to ~200% of NAV on the underlying. This process generates an extremely high portfolio turnover: for the period March 11-April 30, 2025 (approximately 50 days), the recorded turnover was already 314% of the average portfolio value. Today The Cash & Other line at -116.24% i...
Michael Fitzsimmons/iStock Editorial via Getty Images Aerospace and defense companies are heading into first-quarter earnings season with diverging narratives, as robust aerospace demand contrasts with more tempered expectations across defense and government services, according to a new research report from Baird. The firm expects “mixed” results for defense contractors in early 2026, while aerosp...
Michael Fitzsimmons/iStock Editorial via Getty Images Aerospace and defense companies are heading into first-quarter earnings season with diverging narratives, as robust aerospace demand contrasts with more tempered expectations across defense and government services, according to a new research report from Baird. The firm expects “mixed” results for defense contractors in early 2026, while aerospace names continue to benefit from favorable sentiment, strong order books and production tailwinds. Aerospace leads on demand strength Baird analysts led by Peter Arment in the April 16 report said investor positioning increasingly favors original equipment manufacturers over aftermarket suppliers, citing sustained global flight activity and long-cycle production visibility. Howmet Aerospace ( HWM ) was highlighted as a top pick, supported by strong demand in both commercial aerospace and defense markets. The company’s backlog extends well into the next decade, reinforcing confidence in long-term growth. More broadly, aerospace suppliers are benefiting from rising aircraft build rates, increased maintenance activity and steady recovery in international travel. Even amid geopolitical tensions, global flight data has remained resilient, growing roughly 2% year over year, according to channel checks referenced in the report. Defense spending strong, but timing matters While the macro backdrop for defense remains constructive, near-term results may appear uneven due to timing-related factors, including fewer working days in the quarter, prior-period pull-forwards and disruptions tied to government funding delays. Still, the long-term outlook is underpinned by what Baird describes as a “$1.5 trillion Department of Defense budget environment,” which continues to support investment in next-generation systems and munitions. Programs tied to missile defense, hypersonics and nuclear modernization are driving multi-year demand. For example, missile production across several platforms...
J Studios/DigitalVision via Getty Images International Paper ( IP ) agreed to buy North Pacific Paper Company for $360 million. North Pacific is a portfolio company of One Rock Capital Partners, according to a statement on Thursday. NORPAC is a U.S. -based paper manufacturer operating out of Longview, Washington . The company employs about 500 people at its paper mill. "This acquisition is a stron...
J Studios/DigitalVision via Getty Images International Paper ( IP ) agreed to buy North Pacific Paper Company for $360 million. North Pacific is a portfolio company of One Rock Capital Partners, according to a statement on Thursday. NORPAC is a U.S. -based paper manufacturer operating out of Longview, Washington . The company employs about 500 people at its paper mill. "This acquisition is a strong strategic fit for our business and supports our long‑term value creation priorities," said Tom Hamic , Executive Vice President and President, Packaging Solutions North America, International Paper. More on International Paper International Paper: Strategic Split Drives Move To Neutral (Rating Downgrade) International Paper: Major Move Up Ahead International Paper Company (IP) Presents at Bank of America 2026 Global Agriculture and Materials Conference Transcript Containerboard leads as forest products sector faces mixed Q1 earnings: RBC Capital International Paper to build packaging plant in Mississippi; operations expected Q4 2027
hapabapa The new alliance between CPI Card Group ( PMTS ) and Fiserv ( FISV ) will bring instant card issuance capabilities to Fiserv's ( FISV ) bank and credit union customers through CPI's software-as-a-service, Card@Once, the companies said Thursday. The partnership makes CPI ( PMTS ) a strategic partner of instant issuance solutions for Fiserv ( FISV ) customers across the U.S. CPI is advancin...
hapabapa The new alliance between CPI Card Group ( PMTS ) and Fiserv ( FISV ) will bring instant card issuance capabilities to Fiserv's ( FISV ) bank and credit union customers through CPI's software-as-a-service, Card@Once, the companies said Thursday. The partnership makes CPI ( PMTS ) a strategic partner of instant issuance solutions for Fiserv ( FISV ) customers across the U.S. CPI is advancing a unified payments issuance strategy by expanding its proprietary technology platform that combines digital and physical card offerings through technology integrations, it said. As a result, CPI's SaaS-based platform is integrated into Fiserv's customer ecosystem, which includes more than 10,000 financial institutions. The Card@Once service replaces Fiserv's current instant issuance solutions. CPI Card ( PMTS ) stock fell 1.9%, and Fiserv ( FISV ) stock climbed 2.4% in Thursday afternoon trading. More on Fiserv, CPI Card Group Fiserv: New Management, New Markets, New Hope Fiserv: Deeply Undervalued, But Don't Expect A Sharp Rebound Fiserv, Inc. (FISV) Presents at Wells Fargo Payments/Fintech Symposium 2026 Transcript Michael Burry buys JD, Alibaba shares; adds to Nvidia puts Loop Capital initiates coverage of seven fintech payment stocks
The following companies are expected to report earnings after hours on 04/16/2026. Visit our Earnings Calendar for a full list of expected earnings releases.Netflix, Inc. (NFLX)is reporting for the quarter ending March 31, 2026. The broadcast (radio/tv) company's consensus earni
The following companies are expected to report earnings after hours on 04/16/2026. Visit our Earnings Calendar for a full list of expected earnings releases.Netflix, Inc. (NFLX)is reporting for the quarter ending March 31, 2026. The broadcast (radio/tv) company's consensus earni
In this article GOOGL Follow your favorite stocks CREATE FREE ACCOUNT Anadolu | Anadolu | Getty Images Google is letting the Gemini AI chatbot connect to personal photos with the Nano Banana image generation tool. Google said Thursday it will allow users to connect their Personal Intelligence, an AI feature that connects Google apps for personalized answers, with its Gemini chatbot. By opting in, ...
In this article GOOGL Follow your favorite stocks CREATE FREE ACCOUNT Anadolu | Anadolu | Getty Images Google is letting the Gemini AI chatbot connect to personal photos with the Nano Banana image generation tool. Google said Thursday it will allow users to connect their Personal Intelligence, an AI feature that connects Google apps for personalized answers, with its Gemini chatbot. By opting in, Nano Banana can create personal images based on a user's private Google Photos as opposed to manually uploading images to the chatbot. Users can ask Gemini to "create a claymation image of me and my family enjoying our favorite activity" and Gemini can generate that specific image for you automatically, the company said in its blog post announcement. Nano Banana was a hit when it launched last year , as people began uploading personal photos to create digital miniature figurines of themselves. It was so popular that it overloaded the company's infrastructure, forcing Google to place temporary limits on usage to ease the burden on its custom-designed chips called tensor processing units . It also pushed the Gemini app to the number one spot on Apple 's App Store, de-throning OpenAI's ChatGPT. Despite the popularity, the ability to directly connect to a user's photo library represents a bigger step in the AI chatbot link to private information. Read more CNBC tech news Amazon sellers boycott ads in policy change revolt: 'We're running out of f---ing margin' TSMC and ASML post-earnings stock moves could be a sign of what's to come from chip companies The public sours on AI and data centers as Anthropic, OpenAI look to IPO and tech keeps spending Dems probe NLRB decision to drop charges against SpaceX over retaliatory firings Users will have to opt-in to Personal Intelligence in order to connect Google apps to Gemini and its Nano Banana feature, the company said. The personalized image creation will roll out to paid subscribers in the next few days. The company said Thursday th...
A deeply scarred country is caught in a war not of its making, seeking a solution which lies outside its hands The 10-day ceasefire in Lebanon that Donald Trump announced on Thursday is desperately needed. It must also be regarded with immense caution. Iran and mediator Pakistan believed that Lebanon was covered by last week’s US-Israel-Iran ceasefire, before Israel unleashed 100 strikes in 10 min...
A deeply scarred country is caught in a war not of its making, seeking a solution which lies outside its hands The 10-day ceasefire in Lebanon that Donald Trump announced on Thursday is desperately needed. It must also be regarded with immense caution. Iran and mediator Pakistan believed that Lebanon was covered by last week’s US-Israel-Iran ceasefire, before Israel unleashed 100 strikes in 10 minutes – killing hundreds and wounding many more on “Black Wednesday”. Lebanon was pulled into this crisis by Mr Trump’s illegal war on Tehran, and should not have been excluded from his truce. The US president, desperately seeking an exit to the broader conflict, is now reining in Mr Netanyahu. But only up to a point. Israeli forces on Thursday destroyed the last bridge linking Lebanon’s south to the rest of the country and struck a school. The previous day they killed at least four paramedics – the latest of scores to have died. More than 2,100 people have reportedly been killed, including at least 172 children. Thousands have been injured. One in five of the population are displaced, some permanently: having occupied a vast swathe of land, Israel is wiping whole villages from the map. Its own defence minister described that as modelled on its actions in Gaza. Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here . Continue reading...