Altayb/iStock via Getty Images Carlyle Secured Lending Inc. ( CGBD ) has been among those few business development companies, or BDCs, tactical investment picks where I have missed the mark. Back in April 2024, I issued my first bullish piece on this BDC that came after my initial coverage, in which I expressed a bearish view due to shaky portfolio fundamentals. This is how CGBD has performed sinc...
Altayb/iStock via Getty Images Carlyle Secured Lending Inc. ( CGBD ) has been among those few business development companies, or BDCs, tactical investment picks where I have missed the mark. Back in April 2024, I issued my first bullish piece on this BDC that came after my initial coverage, in which I expressed a bearish view due to shaky portfolio fundamentals. This is how CGBD has performed since April 2024: YCharts CGBD has underperformed both the broader BDC index ( BIZD ) and delivered quite negative total returns. It is worth noting that CGBD nicely outperformed the index until the tariff tantrum hit the entire sector. After that shock wave, the BDC plunged and really never recovered despite relatively stable non-accruals, which were certainly below the sector average . Interestingly, the NAV per share, counting from the tariff tantrum moment, has contracted by less than 2%, and the base dividend has remained intact. To put it differently, the key driver for CGBD underperformance has been linked to P/NAV compression rather than NAV destruction or dividend cuts. Having said that, we have to be cognizant of the fact that the market is a forward-looking machine, which recalibrates the valuation levels as soon as new data points emerge that could be tied to changed risk and return expectations. Currently (based on Q4 earnings report ), CGBD trades at a P/NAV of 0.70x, or a 30% discount to its NAV. This discount is about 10% deeper than what a sector average BDC has. It is rather obvious that the market is pricing in something bad for CGBD. With this context in mind, let's take a look at how CGBD's investment case looks right now (based on Q4 data) and whether the market is largely correct by applying so notable a penalty for CGBD. Thesis review I will start with the positives. Given that the current BDC sector-wide selloff is primarily associated with the assumption of elevated credit risk (i.e., private credit write-offs), it is encouraging to see that the non-ac...
jewhyte Microsoft ( MSFT ) is under scrutiny as Japan's antitrust regulator has started to look into the business practices of the tech giant's Azure cloud computing unit, Bloomberg reported. Shares rose fractionally in premarket trading on Wednesday. The country's Fair Trade Commission is looking into whether Microsoft hampered or restricted its customer's use of other cloud services, the news ou...
jewhyte Microsoft ( MSFT ) is under scrutiny as Japan's antitrust regulator has started to look into the business practices of the tech giant's Azure cloud computing unit, Bloomberg reported. Shares rose fractionally in premarket trading on Wednesday. The country's Fair Trade Commission is looking into whether Microsoft hampered or restricted its customer's use of other cloud services, the news outlet added , citing a person familiar with the matter. As such, the government agency has conducted an on-site inspection of Microsoft's Tokyo office to see if further action is needed, the person added. Microsoft competes with Amazon ( AMZN ) Web Services and Google ( GOOG ) ( GOOGL ) Cloud in the market. The Japanese cloud services market hit an estimated $28.97B in 2025 and is expected to grow to $33.53B in 2026, according to the International Trade Administration . The government agency and Microsoft did not immediately respond to a request for comment from Seeking Alpha. More on Microsoft Microsoft: The Question We Had To Ask Microsoft's Impossible Situation Microsoft Is In A Bear Market, Which Is Creating A Major Opportunity Trump orders tech giants to power their own AI data centers under ‘rate protection’ pledge Self-driving startup Wayve raises $1.2B from Microsoft, Nvidia, Uber at $8.6B valuation
jewhyte Microsoft ( MSFT ) is under scrutiny as Japan's antitrust regulator has started to look into the business practices of the tech giant's Azure cloud computing unit, Bloomberg reported. Shares rose fractionally in premarket trading on Wednesday. The country's Fair Trade Commission is looking into whether Microsoft hampered or restricted its customer's use of other cloud services, the news ou...
jewhyte Microsoft ( MSFT ) is under scrutiny as Japan's antitrust regulator has started to look into the business practices of the tech giant's Azure cloud computing unit, Bloomberg reported. Shares rose fractionally in premarket trading on Wednesday. The country's Fair Trade Commission is looking into whether Microsoft hampered or restricted its customer's use of other cloud services, the news outlet added , citing a person familiar with the matter. As such, the government agency has conducted an on-site inspection of Microsoft's Tokyo office to see if further action is needed, the person added. Microsoft competes with Amazon ( AMZN ) Web Services and Google ( GOOG ) ( GOOGL ) Cloud in the market. The Japanese cloud services market hit an estimated $28.97B in 2025 and is expected to grow to $33.53B in 2026, according to the International Trade Administration . The government agency and Microsoft did not immediately respond to a request for comment from Seeking Alpha. More on Microsoft Microsoft: The Question We Had To Ask Microsoft's Impossible Situation Microsoft Is In A Bear Market, Which Is Creating A Major Opportunity Trump orders tech giants to power their own AI data centers under ‘rate protection’ pledge Self-driving startup Wayve raises $1.2B from Microsoft, Nvidia, Uber at $8.6B valuation
Jozsef Soos/iStock Editorial via Getty Images Italian aerospace and defense company Leonardo ( FINMF ) ( FINMY ) said Wednesday it exceeded its financial goals for 2025, posting broad based growth and a steep decline in net debt as demand stayed strong for military and security equipment. The Rome-based group has been repositioning its portfolio away from more traditional defense work toward integ...
Jozsef Soos/iStock Editorial via Getty Images Italian aerospace and defense company Leonardo ( FINMF ) ( FINMY ) said Wednesday it exceeded its financial goals for 2025, posting broad based growth and a steep decline in net debt as demand stayed strong for military and security equipment. The Rome-based group has been repositioning its portfolio away from more traditional defense work toward integrated security services and advanced technologies. Leonardo ( FINMF ) ( FINMY ) said momentum remained strong in defense electronics, including in Europe and the US through its DRS unit. New orders climbed 14.5% from a year earlier to 23.8 billion euros, above the top end of the company’s forecast range of 22.75 billion euros. Leonardo ( FINMF ) ( FINMY ) pointed to a large logistics support deal in Kuwait and stronger demand tied to the GCAP fighter jet program. Annual revenue increased nearly 11% to 19.5 billion euros, ahead of the 18.6 billion euros analysts had expected. The company said every business segment delivered double digit growth. Net debt at year end fell 44% to 1.0 billion euros from 1.8 billion euros the prior year, helped largely by the early 2025 sale of its UAS underwater business to Italian shipbuilder Fincantieri. “We exceeded the challenging guidance, which had been already upgraded during the year,” Chief Executive Roberto Cingolani said in a statement, adding that the results marked the culmination of a three year value building effort. Leonardo ( FINMF ) ( FINMY ) had already raised its targets for orders, free cash flow and net debt in July after a strong first half. The state-controlled group has also pursued closer partnerships with other European players in recent years, a strategy that has supported growth and added to consolidation across the sector. Leonardo’s ( FINMF ) ( FINMY ) board is scheduled to approve an updated business plan on March 11, with a presentation expected the next day. More on Leonardo S.p.a. Leonardo: I Believe The 'Peak...
RiverFront Investment Group, LLC trimmed its stake in iShares MSCI Europe Financials ETF (NASDAQ:EUFN) by 1,226,604 shares in the fourth quarter, reducing the fund’s stake to 0.7% of reportable assets. According to an SEC filing dated Feb. 05, 2026, RiverFront Investment Group, LLC reduced its position in iShares MSCI Europe Financials ETF by 1,226,604 shares during the fourth quarter of 2025. The...
RiverFront Investment Group, LLC trimmed its stake in iShares MSCI Europe Financials ETF (NASDAQ:EUFN) by 1,226,604 shares in the fourth quarter, reducing the fund’s stake to 0.7% of reportable assets. According to an SEC filing dated Feb. 05, 2026, RiverFront Investment Group, LLC reduced its position in iShares MSCI Europe Financials ETF by 1,226,604 shares during the fourth quarter of 2025. The estimated value of shares sold was $42 million, based on the average trading price during the quarter. The fund’s position fell by approximately $39 million in value over the previous quarter, reflecting both trading activity and price movements. The iShares MSCI Europe Financials ETF offers targeted exposure to the financial sector across developed European markets, leveraging a diversified portfolio of leading banks, insurers, and asset managers. The fund's strategy is underpinned by a rules-based, market-capitalization-weighted index methodology that supports broad sector representation and liquidity. Its competitive yield and robust one-year return highlight its potential appeal for investors seeking both income and growth within the European financial landscape. Continue reading
Alistair Berg Stock index futures rose on Wednesday as investors geared up for Nvidia’s ( NVDA ) fourth-quarter results slated to be out after the market close. Here are the four stocks to watch on the day: Nvidia ( NVDA ) shares will be closely watched in premarket trade ahead of the chipmaker’s Q4 earnings announcement scheduled for Wednesday after market close . The consensus EPS estimate stand...
Alistair Berg Stock index futures rose on Wednesday as investors geared up for Nvidia’s ( NVDA ) fourth-quarter results slated to be out after the market close. Here are the four stocks to watch on the day: Nvidia ( NVDA ) shares will be closely watched in premarket trade ahead of the chipmaker’s Q4 earnings announcement scheduled for Wednesday after market close . The consensus EPS estimate stands at $1.54, representing a 73.0% year-over-year increase, while revenue is expected to reach $66.12B, up 68.1% from the prior year. Investors will focus on signals regarding long-term gross margin stability amid rising chip prices and management commentary on production ramp-up plans for the next-generation Blackwell chips. Netflix ( NFLX ) shares rose 1.2% in premarket trade following developments in the media sector. Warner Bros. Discovery (WBD) responded Tuesday evening to an improved buyout offer from Paramount Skydance (PSKY), stating that Paramount’s bid “could reasonably be expected to lead to a ‘Company Superior Proposal’” under its existing merger agreement with Netflix. The revised Paramount Skydance proposal brings the purchase price to $31 per WBD share in cash, along with a daily ticking fee equivalent to $0.25 per quarter starting after Sept. 30. PayPal ( PYPL ) shares gained 1.2% in premarket trade on reports that Stripe is considering an acquisition of all or parts of the company. Payment processing firm Stripe has indicated preliminary interest in a potential purchase of PayPal or its assets, according to a Bloomberg report Tuesday citing people familiar with the matter. The deliberations remain in early stages, and there is no certainty they will lead to a deal. Lowe’s ( LOW ) shares fell 3.1% in early trading Wednesday after the home improvement retailer’s quarterly results were overshadowed by conservative full-year guidance. The cautious outlook underscored ongoing challenges within the do-it-yourself segment, mirroring a comparable warning from rival H...
Alistair Berg Stock index futures rose on Wednesday as investors geared up for Nvidia’s ( NVDA ) fourth-quarter results slated to be out after the market close. Here are the four stocks to watch on the day: Nvidia ( NVDA ) shares will be closely watched in premarket trade ahead of the chipmaker’s Q4 earnings announcement scheduled for Wednesday after market close . The consensus EPS estimate stand...
Alistair Berg Stock index futures rose on Wednesday as investors geared up for Nvidia’s ( NVDA ) fourth-quarter results slated to be out after the market close. Here are the four stocks to watch on the day: Nvidia ( NVDA ) shares will be closely watched in premarket trade ahead of the chipmaker’s Q4 earnings announcement scheduled for Wednesday after market close . The consensus EPS estimate stands at $1.54, representing a 73.0% year-over-year increase, while revenue is expected to reach $66.12B, up 68.1% from the prior year. Investors will focus on signals regarding long-term gross margin stability amid rising chip prices and management commentary on production ramp-up plans for the next-generation Blackwell chips. Netflix ( NFLX ) shares rose 1.2% in premarket trade following developments in the media sector. Warner Bros. Discovery (WBD) responded Tuesday evening to an improved buyout offer from Paramount Skydance (PSKY), stating that Paramount’s bid “could reasonably be expected to lead to a ‘Company Superior Proposal’” under its existing merger agreement with Netflix. The revised Paramount Skydance proposal brings the purchase price to $31 per WBD share in cash, along with a daily ticking fee equivalent to $0.25 per quarter starting after Sept. 30. PayPal ( PYPL ) shares gained 1.2% in premarket trade on reports that Stripe is considering an acquisition of all or parts of the company. Payment processing firm Stripe has indicated preliminary interest in a potential purchase of PayPal or its assets, according to a Bloomberg report Tuesday citing people familiar with the matter. The deliberations remain in early stages, and there is no certainty they will lead to a deal. Lowe’s ( LOW ) shares fell 3.1% in early trading Wednesday after the home improvement retailer’s quarterly results were overshadowed by conservative full-year guidance. The cautious outlook underscored ongoing challenges within the do-it-yourself segment, mirroring a comparable warning from rival H...
Digital Turbine, the global leader in growth solutions for the mobile ecosystem, is excited to announce the appointment of Ben John as the company's Chief Technology Officer. Joining the company at a period of accelerating growth, Ben will lead DT's global engineering, product architecture, data-first scaling, and AI-driven development to support its momentum.
Digital Turbine, the global leader in growth solutions for the mobile ecosystem, is excited to announce the appointment of Ben John as the company's Chief Technology Officer. Joining the company at a period of accelerating growth, Ben will lead DT's global engineering, product architecture, data-first scaling, and AI-driven development to support its momentum.
The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.
The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.
There are several grim assessments about how many jobs AI will eliminate in America. Large consulting firms say they will not hire people without AI experience. Accenture and KPMG say promotions will be based on whether people can use their AI tools. At a law firm, entry-level associates will find few jobs. Microsoft (NASDAQ: MSFT) ... AI’s Future, What To Do When You Get Fired?
There are several grim assessments about how many jobs AI will eliminate in America. Large consulting firms say they will not hire people without AI experience. Accenture and KPMG say promotions will be based on whether people can use their AI tools. At a law firm, entry-level associates will find few jobs. Microsoft (NASDAQ: MSFT) ... AI’s Future, What To Do When You Get Fired?
Banco Santander SA Executive Chair Ana Botin is counting on artificial intelligence to provide more than €1 billion ($1.2 billion) to targets she’s set for the next years. AI will help Spain’s largest lender to grow annual revenue by about €300 million and cut costs by about €700 million in 2028, Botin said at an investor event Wednesday. She highlighted the use of AI to “gain primacy with custome...
Banco Santander SA Executive Chair Ana Botin is counting on artificial intelligence to provide more than €1 billion ($1.2 billion) to targets she’s set for the next years. AI will help Spain’s largest lender to grow annual revenue by about €300 million and cut costs by about €700 million in 2028, Botin said at an investor event Wednesday. She highlighted the use of AI to “gain primacy with customers,” sell more banking products to existing clients and “agentic commerce” as levers to achieve that goal, according to a presentation published ahead of the event. The risks and opportunities created by the rapid advance of AI have become a central theme for global investors as recent model updates have triggered shock reactions across industries including wealth management, alternative asset management and software. The European Central Bank , which is Europe’s top banking supervisor, has been delving into the risks faced by the region’s banks from AI, Bloomberg News reported earlier this week. Read More: AI Morphs Into Villain of Stock Market It Powered for Years Botin said in the presentation that Santander is “structurally advantaged” to deploy AI, citing its customer base of 180 million and its ownership of those relationships as key reasons to underpin the claim. Santander earlier Wednesday vowed to grow net income to more than €20 billion in 2028. Its profit hit a record of €14.1 billion last year. Read More: Santander Vows €20 Billion in 2028 Profit After Webster Deal
JHVEPhoto/iStock Editorial via Getty Images Novo Nordisk ( NVO ) on Wednesday announced a partnership worth up to $2.1B with Boston, Massachusetts-based biotech Vivtex Corporation to develop next-gen oral biological drugs for obesity, diabetes, and related illnesses. Under the agreement, the Danish drugmaker will lead the development and commercialization of medicines designed using Vivtex’s oral ...
JHVEPhoto/iStock Editorial via Getty Images Novo Nordisk ( NVO ) on Wednesday announced a partnership worth up to $2.1B with Boston, Massachusetts-based biotech Vivtex Corporation to develop next-gen oral biological drugs for obesity, diabetes, and related illnesses. Under the agreement, the Danish drugmaker will lead the development and commercialization of medicines designed using Vivtex’s oral drug-delivery technologies. In exchange, the company will pay up to $2.1B in upfront payments as well as research funding and milestone payments to Vivtex in addition to tiered royalties on product sales resulting from the partnership. “We continue to push the boundaries of science through both internal and external innovation to fulfill our mission of treating millions more people living with obesity and diabetes and their associated comorbidities,” said Brian Vandahl, head of therapeutics discovery, at Novo ( NVO ). The deal comes days after Novo ( NVO ) announced late-stage trial data to indicate that the effectiveness of its next-gen obesity therapy CagriSema trailed that of Eli Lilly’s ( LLY ) blockbuster weight-loss therapy tirzepatide. More on Novo Nordisk A/S Novo Nordisk: Investors Focusing On CagriSema Results Are Missing The Big Picture Novo Nordisk: Redefine 4 Misses The Mark Novo Nordisk: Why Wegovy Growth Beats Wall Street Expectations Novo’s China obesity drug posts positive mid-stage trial results Novo Nordisk board proposes DKK 7.95 final dividend for 2025, initiates DKK 15B buyback
Dikuch/iStock via Getty Images I have covered Okeanis Eco Tankers ( ECO ) before, where I outlined the investment thesis in detail and explained why I considered it an interesting buy. Since the initial article , the stock total return has been above 150% and has already surpassed my last fair value of $40, when I downgraded the stock to hold . Despite that, I haven’t sold the stock and I don’t pl...
Dikuch/iStock via Getty Images I have covered Okeanis Eco Tankers ( ECO ) before, where I outlined the investment thesis in detail and explained why I considered it an interesting buy. Since the initial article , the stock total return has been above 150% and has already surpassed my last fair value of $40, when I downgraded the stock to hold . Despite that, I haven’t sold the stock and I don’t plan to do that as Sinokor entered the scene and is trying to corner the VLCC market . Okeanis is the company with most exposure, especially since Frontline sold eight of its VLCCs to Sinokor and DHT has signed several charters. Background Okeanis Eco Tankers is the tanker company with the newest fleet among peers with an average age of 6 years. The fleet consists of 16 vessels, 8 VLCCs and 8 Suezmax, plus two Suezmax newbuilds with delivery in Q2. All its fleet is operating in the spot market except one VLCC that was recently chartered out for one year at stellar rates . Investor Presentation As commented in the previous article, the company issued shares to buy Suezmax newbuilds, initially it was two newbuilds with delivery in Q1 2025, which have already been delivered. And later the company followed the same playbook and bought two more Suezmax vessels with delivery in Q2. Investor Presentation I believe those transactions were interesting because the delivery date was short and they were partially financed with shares above NAV. This actually increased NAV per share, as shown in the last article: Author However, in the Q4 conference call management stated that they didn’t have more opportunistic transactions in play. Which would have been great given the strong market fundamental and the company’s ability to continue to outperform peers: Investor Presentation In Q4 the company continued its overperformance against peers. Q4 Suezmax rates were in line with peers and soft for Okeanis standards due to drydock repositioning; however, Q1 guidance was considerably above peers. ...
Aston Martin Lagonda Global Holdings plc press release ( AMGDF ): FY Non-GAAP EPS of -43.50 pence. Revenue of £1.26B (-20.3% Y/Y). More on Aston Martin Lagonda Global Holdings plc Aston Martin Lagonda Global Holdings plc 2025 Q4 - Results - Earnings Call Presentation Seeking Alpha’s Quant Rating on Aston Martin Lagonda Global Holdings plc Historical earnings data for Aston Martin Lagonda Global Ho...
Aston Martin Lagonda Global Holdings plc press release ( AMGDF ): FY Non-GAAP EPS of -43.50 pence. Revenue of £1.26B (-20.3% Y/Y). More on Aston Martin Lagonda Global Holdings plc Aston Martin Lagonda Global Holdings plc 2025 Q4 - Results - Earnings Call Presentation Seeking Alpha’s Quant Rating on Aston Martin Lagonda Global Holdings plc Historical earnings data for Aston Martin Lagonda Global Holdings plc Financial information for Aston Martin Lagonda Global Holdings plc
Consortium included Dunfermline co-owner James Bord They say due diligence showed their offer was far too high A consortium seeking to buy Sheffield Wednesday says it has withdrawn from the process. The consortium , which features James Bord, the co-owner of Dunfermline, was granted exclusivity by club administrators in December. However, it has released a statement confirming that interest is at ...
Consortium included Dunfermline co-owner James Bord They say due diligence showed their offer was far too high A consortium seeking to buy Sheffield Wednesday says it has withdrawn from the process. The consortium , which features James Bord, the co-owner of Dunfermline, was granted exclusivity by club administrators in December. However, it has released a statement confirming that interest is at an end. A spokesperson for the consortium said: “Throughout the process to purchase Sheffield Wednesday Football Club we have at all times respected the integrity of the process, working professionally, constructively and transparently with the administrator, the EFL and the IFR to provide them with the details they need to satisfy their tests. Continue reading...
MercadoLibre stock fell Wednesday after the Latin America-focused e-commerce company reported mixed fourth-quarter results. The market reaction to the report continues a rocky run for MercadoLibre stock, which has pulled back after an extended rally that made the company the most valuable in Latin America. The Uruguay-based MercadoLibre said that it earned $11.03 per share for the December-ended q...
MercadoLibre stock fell Wednesday after the Latin America-focused e-commerce company reported mixed fourth-quarter results. The market reaction to the report continues a rocky run for MercadoLibre stock, which has pulled back after an extended rally that made the company the most valuable in Latin America. The Uruguay-based MercadoLibre said that it earned $11.03 per share for the December-ended quarter, down 12% from a year earlier and below the $11.50 per share that analysts polled by FactSet were forecasting.
US Trade Representative Jamieson Greer says President Donald Trump will sign a supplemental proclamation to increase the tariff level to 15% “where appropriate,” as the US seeks “continuity” on tariffs. (Source: Bloomberg)
US Trade Representative Jamieson Greer says President Donald Trump will sign a supplemental proclamation to increase the tariff level to 15% “where appropriate,” as the US seeks “continuity” on tariffs. (Source: Bloomberg)
Intuitive Machines ( LUNR ) on Wednesday said it has secured a $175 million strategic equity investment led by global institutional investors. Following its acquisition of Lanteris Space Systems in January, the Company intends to use this capital to support revenue expansion and investment in technologies to advance communications and data processing networks, including extending flight-proven sat...
Intuitive Machines ( LUNR ) on Wednesday said it has secured a $175 million strategic equity investment led by global institutional investors. Following its acquisition of Lanteris Space Systems in January, the Company intends to use this capital to support revenue expansion and investment in technologies to advance communications and data processing networks, including extending flight-proven satellite platforms into those growth markets. Intuitive Machines intends to expand its Near Space Network Services and invest in Lanteris satellite platforms, including the 1300 series, to target growth in geostationary orbit, around the Moon and Mars, and in on-orbit data processing. The company said the investment is expected to support higher-margin and recurring revenue programs, including Golden Dome initiatives, the Tracking, and Data Relay Satellite System, and the Mars Telecommunications Orbiter. The securities purchase agreement provides for the issuance and sale of Class A common stock for $175 million. The transaction is expected to close on February 27, 2026, subject to customary closing conditions. LUNR -6.87% premarket to $17.6. Source: Press Release More on Intuitive Machines Intuitive Machines Hits My Price Target: What's Next? (Downgrade) Intuitive Machines Becoming A Satellite Powerhouse For The Golden Dome Intuitive Machines: My Plan For Re-Entry Most and least shorted industrial stocks with over $2B market cap Dassault leads $200M bet on AI-driven combat drones