DanielIngelhart/iStock via Getty Images NOV ( NOV ) down 2.8% pre-market Wednesday after saying it expects Q1 revenues and earnings to come in below prior guidance due to operational disruptions resulting from the Middle East war. NOV ( NOV ) said it now expects to post Q1 revenues of $2.05B, which would be 2.5% lower than the year-earlier quarter and at the lower end of prior guidance of a 1%-3% ...
DanielIngelhart/iStock via Getty Images NOV ( NOV ) down 2.8% pre-market Wednesday after saying it expects Q1 revenues and earnings to come in below prior guidance due to operational disruptions resulting from the Middle East war. NOV ( NOV ) said it now expects to post Q1 revenues of $2.05B, which would be 2.5% lower than the year-earlier quarter and at the lower end of prior guidance of a 1%-3% decline and in line with the $2.05B FactSet analyst consensus, and reduced guidance for Q1 adjusted EBITDA to $177M, compared to its previous outlook for $200M-$225M. " The conflict in the Middle East created significant safety and logistical challenges during the first quarter, which adversely impacted revenue by an estimated $54M and adjusted EBITDA by ~$32M," Chairman, President, and CEO Jose Bayardo said. " Despite challenges in the Middle East, our business remains solid throughout the rest of the world, and we believe the conflict will increase the urgency to advance projects that promote energy security and diversification over the mid-to-longer-term," Bayardo said. More on NOV Inc. NOV Inc.: Near-Term Middle East Headwinds Could Become A Tailwind Down The Road - Hold NOV: Strategic Hold Amid Transition Toward 2026 Cycle Convergence NOV Inc. Q4 2025 Earnings Call Presentation
juvaida khatun/iStock via Getty Images Q1 2026 Market Review The Davenport Value & Income Fund ( DVIPX ) generated a 1.89% total return in the first quarter of 2026, which compared to the Russell 1000 Value® Index's 2.10% return over the same time frame. Value and defensive corners of the market performed relatively well in the period, distinguishing themselves from most of the major stock market ...
juvaida khatun/iStock via Getty Images Q1 2026 Market Review The Davenport Value & Income Fund ( DVIPX ) generated a 1.89% total return in the first quarter of 2026, which compared to the Russell 1000 Value® Index's 2.10% return over the same time frame. Value and defensive corners of the market performed relatively well in the period, distinguishing themselves from most of the major stock market indices, which declined. Fund Update Contributors: With the Middle East in turmoil and the Strait of Hormuz effectively closed, oil surged 51% in March and 77% for the quarter. Energy was the only S&P sector that rose in March. Exxon Mobil Corp ( XOM ), Chevron Corp. ( CVX ), and SLB N.V. ( SLB ) participated nicely in the run-up and were the fund's top three performers for the quarter. We chipped SLB and Chevron to acknowledge a "war premium" increasingly priced into the commodity complex. Detractors: Worst for the quarter were Accenture PLC ( ACN ), UnitedHealth Group, Inc. ( UNH ), and Elevance Health, Inc. ( ELV ). Consternation about preliminary Medicare Advantage price increases for 2026 hurt the health insurers, while Accenture continued to post strong results that have been met with skepticism around the company's ability to navigate a landscape being changed by artificial intelligence. We understand the market's concerns about artificial intelligence potentially shrinking white-collar employment, while also observing that Accenture has benefited from prior generational technology changes, including the advent of the internet and the shift to cloud computing, among others. Fund Activity Early in the quarter, we added West Coast rail Union Pacific Corp. ( UNP ), which is seeking to acquire East Coast peer Norfolk Southern Corp. ( NSC ). We view this as a potential "heads we win, tails we win" opportunity; if regulators scotch the deal, UNP shares likely rally (reversing their decline when the deal was announced), whereas if the transaction receives a green light, the...
Getty Images I bought Oracle ( ORCL ) back in June of last year somewhere around the $200-$210 range. At that point my thesis was very different from what it is today; it was more of a boring "stable enterprise software compounder with a solid cloud computing business" kind of bet. Then September happened. Oracle gave us that surprise RPO jump largely driven by OpenAI; the stock ripped above $300,...
Getty Images I bought Oracle ( ORCL ) back in June of last year somewhere around the $200-$210 range. At that point my thesis was very different from what it is today; it was more of a boring "stable enterprise software compounder with a solid cloud computing business" kind of bet. Then September happened. Oracle gave us that surprise RPO jump largely driven by OpenAI; the stock ripped above $300, and for about two weeks I genuinely thought I was a genius. Oracle was going to walk into the trillion-dollar club; it was the hottest ticker, and the AI infrastructure story had a new name to join the gang. Fast forward 6 months, and that same stock is down more than 52% from its ATH. It had its worst drawdown since the dot-com bubble. I am personally down roughly 26% on the position (about 14% on an effective cost basis if I account for the premium collected by selling calls against it). Data by YCharts Quick update before we get into this. I drafted this piece over the weekend when ORCL closed at $138, but then on Monday the stock ripped 12.5% to close around $155, its biggest single day move in months. I think that the market finally started to notice. This is what a rerating looks like in the beginning, and even at $155, the stock is still trading below where I think its fair value sits. I believe this re-rating is just the beginning. If you are reading this, you already know the story, so I will keep the recap short. The selloff started the moment the market realized the RPO came with a catch. Capex guidance went vertical, free cash flow flipped negative, debt went past $135B, and the anchor tenant, OpenAI, is still bleeding cash like there is no tomorrow. What was celebrated as Oracle's big win turned into its nightmare. Then the Stargate noise started. The Information reported in January that the joint venture never actually hired staff or developed data centers in the structure originally announced and progressed instead through bilateral deals. Bloomberg also rep...
Getty Images I bought Oracle ( ORCL ) back in June of last year somewhere around the $200-$210 range. At that point my thesis was very different from what it is today; it was more of a boring "stable enterprise software compounder with a solid cloud computing business" kind of bet. Then September happened. Oracle gave us that surprise RPO jump largely driven by OpenAI; the stock ripped above $300,...
Getty Images I bought Oracle ( ORCL ) back in June of last year somewhere around the $200-$210 range. At that point my thesis was very different from what it is today; it was more of a boring "stable enterprise software compounder with a solid cloud computing business" kind of bet. Then September happened. Oracle gave us that surprise RPO jump largely driven by OpenAI; the stock ripped above $300, and for about two weeks I genuinely thought I was a genius. Oracle was going to walk into the trillion-dollar club; it was the hottest ticker, and the AI infrastructure story had a new name to join the gang. Fast forward 6 months, and that same stock is down more than 52% from its ATH. It had its worst drawdown since the dot-com bubble. I am personally down roughly 26% on the position (about 14% on an effective cost basis if I account for the premium collected by selling calls against it). Data by YCharts Quick update before we get into this. I drafted this piece over the weekend when ORCL closed at $138, but then on Monday the stock ripped 12.5% to close around $155, its biggest single day move in months. I think that the market finally started to notice. This is what a rerating looks like in the beginning, and even at $155, the stock is still trading below where I think its fair value sits. I believe this re-rating is just the beginning. If you are reading this, you already know the story, so I will keep the recap short. The selloff started the moment the market realized the RPO came with a catch. Capex guidance went vertical, free cash flow flipped negative, debt went past $135B, and the anchor tenant, OpenAI, is still bleeding cash like there is no tomorrow. What was celebrated as Oracle's big win turned into its nightmare. Then the Stargate noise started. The Information reported in January that the joint venture never actually hired staff or developed data centers in the structure originally announced and progressed instead through bilateral deals. Bloomberg also rep...
MAYFIELD VILLAGE, OHIO, April 15, 2026 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended March 31, 2026:
MAYFIELD VILLAGE, OHIO, April 15, 2026 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended March 31, 2026:
For some, the impact is already being felt but others remain in limbo over their energy security and are hostage to an unlikely de-escalation Don’t get The Long Wave delivered to your inbox? Sign up here It remains a confusing situation, but the strait of Hormuz now appears to have been closed twice. Once by Iran, and then by the US, which this week announced a blockade of its own on the reduced n...
For some, the impact is already being felt but others remain in limbo over their energy security and are hostage to an unlikely de-escalation Don’t get The Long Wave delivered to your inbox? Sign up here It remains a confusing situation, but the strait of Hormuz now appears to have been closed twice. Once by Iran, and then by the US, which this week announced a blockade of its own on the reduced number of ships using Iranian ports. Higher fuel and energy costs for ordinary people across the world are the headlines, but as the war on Iran enters its sixth week, shipping restrictions and strikes on energy facilities in Gulf countries are affecting some of the poorest and most vulnerable economies in the world in more profound ways. I spoke to Dr. Zainab Usman, senior research scholar at the Centre on Global Energy Policy at Columbia University, about how the war and its blockades are affecting some African countries. Continue reading...
DarthArt/iStock Editorial via Getty Images Stellantis ( STLA ) is reportedly in talks with China’s Dongfeng Motor Corp. ( DNFGY ) (DNFGF) to jointly build cars that could be sold in Europe and China. According to sources cited by Bloomberg, Dongfeng would gain access to underused Stellantis ( STLA ) factories in Europe while offering increased exposure to Stellantis ( STLA ) in China by making sel...
DarthArt/iStock Editorial via Getty Images Stellantis ( STLA ) is reportedly in talks with China’s Dongfeng Motor Corp. ( DNFGY ) (DNFGF) to jointly build cars that could be sold in Europe and China. According to sources cited by Bloomberg, Dongfeng would gain access to underused Stellantis ( STLA ) factories in Europe while offering increased exposure to Stellantis ( STLA ) in China by making selected Stellantis ( STLA ) brands in China. This would increase Stellantis’ ( STLA ) exposure in China while enabling Dongfeng to avoid EU tariffs. And by granting Dongfeng access to its European factories, Stellantis ( STLA ) could avoid shuttering underperforming plants and minimize tensions with its EU labor unions. “Dongfeng and Stellantis have a positive foundation for partnership; in the future we will continue to strengthen advantages that complement each other,” Dongfeng said to Bloomberg. The proposed partnership comes at the same time Stellantis ( STLA ) is increasing production in the U.S. The company recently announced plans to invest $13B to expand manufacturing at its facilities in Michigan, Illinois, Indiana, and Ohio. Stellantis ( STLA ) is also reportedly in talks with other Chinese carmakers, including Leapmotor ( ZGJLY ), Xiaomi ( XIACF ) ( XIACY ), and Xpeng ( XPEV ). While these partnerships would benefit Stellantis in Europe and China, they present challenges for Stellantis ( STLA ) to sidestep U.S. restrictions on using Chinese technology. Stellantis ( STLA ) shares are grinding higher in Wednesday’s premarket. More on Stellantis, Dongfeng Motor Group Company Limited Stellantis: Early Signs Of Turnaround With Product Momentum And Regulatory Relief Stellantis Deserves An Upgrade Due To Early Signs Of A Rebound Stellantis N.V. (STLA) Q4 2025 Earnings Call Transcript Biggest stock movers Wednesday: GTLB, AVGO, and more Stellantis Q1 shipments rise 12% Y/Y