Federal Reserve Bank of St. Louis President Alberto Musalem said his economic outlook won’t change significantly if the Trump administration is able to maintain most of its tariffs through alternative approaches after the Supreme Court struck down some of the president’s global levies. “If it were a one-for-one replacement, I probably wouldn’t change my outlook very much on a go-forward basis,” Mu...
Federal Reserve Bank of St. Louis President Alberto Musalem said his economic outlook won’t change significantly if the Trump administration is able to maintain most of its tariffs through alternative approaches after the Supreme Court struck down some of the president’s global levies. “If it were a one-for-one replacement, I probably wouldn’t change my outlook very much on a go-forward basis,” Musalem said Friday during an interview with Fox Business. He would also like to understand if companies will be receiving refunds and for how much, he said. The Supreme Court earlier on Friday struck down President Donald Trump’s sweeping global tariffs, ruling 6-3 that the president exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs. The White House has said it will quickly replace the levies using other legal tools. Read More: Trump’s Global Tariffs Struck Down by US Supreme Court Asked about the likelihood for interest-rate cuts this year, Musalem said the Fed’s benchmark rate is at or below the so-called neutral rate, the level which neither spurs growth nor slows the economy. Fed officials appeared increasingly wary of rate cuts at last month’s policy meeting, when they decided to leave borrowing costs unchanged, according to a readout of the gathering released this week. “For me, policy right now is very well positioned to respond to either side of our mandate, whether it’s the inflation side or the employment side,” Musalem said.
Capital Clean Energy Carriers ( CCEC ) said on Friday it priced 250 million euros of unsecured bonds to investors in Greece. The bonds will mature in 2033 and carry a 3.75% coupon, payable semi-annually. Settlement is expected on February 25, 2026, with trading on the Athens Exchange set to begin on February 26. The company said proceeds will be used to repay debt, fund part of its capital expendi...
Capital Clean Energy Carriers ( CCEC ) said on Friday it priced 250 million euros of unsecured bonds to investors in Greece. The bonds will mature in 2033 and carry a 3.75% coupon, payable semi-annually. Settlement is expected on February 25, 2026, with trading on the Athens Exchange set to begin on February 26. The company said proceeds will be used to repay debt, fund part of its capital expenditure and for working capital needs. Estimated offering expenses are about 7.5 million euros. CCEC +0.34% after hours to $23.08. Source: Press Release More on Capital Clean Energy Carriers Seeking Alpha’s Quant Rating on Capital Clean Energy Carriers Historical earnings data for Capital Clean Energy Carriers Dividend scorecard for Capital Clean Energy Carriers Financial information for Capital Clean Energy Carriers
Also in Weekend Reads: Reactions to the Supreme Court ruling against Trump’s tariffs, AI and your taxes, and a deeper look into business-development companies.
Also in Weekend Reads: Reactions to the Supreme Court ruling against Trump’s tariffs, AI and your taxes, and a deeper look into business-development companies.
Amicus Therapeutics press release ( FOLD ): FY Non-GAAP EPS of $0.31. Revenue of $634M. Cash, cash equivalents, and marketable securities increased to $293.5 million at December 31, 2025, as compared to $249.9 million at December 31, 2024. More on Amicus Therapeutics BioMarin Acquiring Amicus -- Both Great Companies, Only One Worth Buying Now BioMarin Pharmaceuticals: Amicus Transforms Business Ca...
Amicus Therapeutics press release ( FOLD ): FY Non-GAAP EPS of $0.31. Revenue of $634M. Cash, cash equivalents, and marketable securities increased to $293.5 million at December 31, 2025, as compared to $249.9 million at December 31, 2024. More on Amicus Therapeutics BioMarin Acquiring Amicus -- Both Great Companies, Only One Worth Buying Now BioMarin Pharmaceuticals: Amicus Transforms Business Case Overnight Key deals this week: Trump Media & Technology, Howard Hughes, BioMarin Pharmaceutical and more BioMarin to acquire rare disease drug developer Amicus for $4.8B Seeking Alpha’s Quant Rating on Amicus Therapeutics
Retailers face continued uncertainty despite the Supreme Court’s recent tariff decision , with the shifting policy landscape making it “nearly impossible” for companies to plan pricing strategies, according to SW Retail Advisors President Stacey Widlitz. The initial market optimism following the ruling quickly evaporated after President Trump signaled alternative approaches to implementing tariffs...
Retailers face continued uncertainty despite the Supreme Court’s recent tariff decision , with the shifting policy landscape making it “nearly impossible” for companies to plan pricing strategies, according to SW Retail Advisors President Stacey Widlitz. The initial market optimism following the ruling quickly evaporated after President Trump signaled alternative approaches to implementing tariffs, leaving retail stocks ( XRT ), ( RTH ), ( IBUY ) volatile and executives scrambling for clarity. “Uncertainty is the enemy of retail,” Widlitz said in an interview with CNBC, noting that CFOs and legal departments now face a “huge headache” trying to determine which products qualify for tariff refunds. The complexity varies by category, with furniture and auto parts less likely to have refundable tariffs compared to other goods, further complicating pricing decisions across the sector. Even if tariff relief materializes, consumers shouldn’t expect lower prices anytime soon. Widlitz pointed out that brands typically raise prices 5% to 7% annually regardless of trade policy, calling it “the worst kept secret” in retail. “Those price increases that have already happened are sticky,” she explained. “Retailers and brands never go back.” Amid the turmoil, Walmart ( WMT ) has emerged as a clear winner, boasting an “800 basis point comp spread” over Target ( TGT ) while attracting higher-income shoppers seeking value and consistency. “They’re literally getting the $100,000 customer coming to them saying, ‘Hey, Walmart’s ( WMT ) my place now,’” Widlitz observed, highlighting the retailer’s strength in availability and pricing. Some premium brands have also thrived by leveraging pricing power and operational efficiency. Companies like Ralph Lauren ( RL ) and Tapestry ( TPR ) have seen average selling prices climb 30% to 50%, with the tariff environment forcing them to become “leaner and stronger” while delivering double-digit revenue growth. For investors navigating the uncertain r...
Ihor Lukianenko/iStock via Getty Images Introduction & Investment Thesis Since the start of the year, the entire cybersecurity landscape has been dragged lower in the SaaSpocalypse meltdown. As I discussed in my Rubrik post earlier this month, I believe the valuation compression in quality cybersecurity stocks is completely misplaced, as demand for security solutions should only steepen as AI beco...
Ihor Lukianenko/iStock via Getty Images Introduction & Investment Thesis Since the start of the year, the entire cybersecurity landscape has been dragged lower in the SaaSpocalypse meltdown. As I discussed in my Rubrik post earlier this month, I believe the valuation compression in quality cybersecurity stocks is completely misplaced, as demand for security solutions should only steepen as AI becomes more autonomous, unlike the commoditization risk many SaaS enterprise workflow companies face today. This is because Agentic AI massively expands the attack surface across enterprises and governments, requiring every AI agent-generated action to be inspected, validated, and governed. So far in this earnings season, we have heard from Cloudflare (NYSE: NET ) and Palo Alto Networks (NASDAQ: PANW ), which have reported their respective earnings. While Palo Alto has taken a heavy M&A-based approach to spearhead their platformization strategy, both companies reported stronger-than-expected backlog growth during the quarter with further acceleration ahead. Meanwhile, Zscaler (NASDAQ: ZS ), which competes with both Cloudflare and Palo Alto Networks on Network Security has seen a rough start to 2026, with the stock down 25% YTD, as investors fear potential market share losses ahead, especially given that its RPO growth is lagging that of Cloudflare’s. The company is expected to report its Q2 FY26 earnings on 02/26, where revenue and earnings per share are expected to grow 23.3% and 15%, respectively. While a 200+ basis point beat will help the stock accelerate its revenue growth for two consecutive quarters, all eyes will be on RPO, Net Retention rates, and forward growth guidance. As an existing investor in the stock, I believe that the management has a tough road ahead to reinstill investor confidence as the competitive landscape intensifies. Meanwhile, I believe there may be a better opportunity instead, which I have been diversifying into since the start of the month. A Bri...
Updated 2:08 pm EST to reflect President Trump's enactment of a global 10% tariff following the Supreme Court ruling under Section 122 of the Trade Act of 1974. The much-anticipated Supreme Court decision on the legality of tariffs was issued on Friday. The high court determined that President ...
Updated 2:08 pm EST to reflect President Trump's enactment of a global 10% tariff following the Supreme Court ruling under Section 122 of the Trade Act of 1974. The much-anticipated Supreme Court decision on the legality of tariffs was issued on Friday. The high court determined that President ...
coffeekai/iStock via Getty Images Investment Thesis Continuing my dive into the silicon photonics sector after successfully riding the wave in Applied Optoelectronics ( AAOI ), which nearly doubled since my November coverage , I’m now looking deeper into the supply chain for smaller, earlier-stage players like Aeluma ( ALMU ). Aeluma can be thought of as a small, government-funded photonics resear...
coffeekai/iStock via Getty Images Investment Thesis Continuing my dive into the silicon photonics sector after successfully riding the wave in Applied Optoelectronics ( AAOI ), which nearly doubled since my November coverage , I’m now looking deeper into the supply chain for smaller, earlier-stage players like Aeluma ( ALMU ). Aeluma can be thought of as a small, government-funded photonics research organization trying to make the leap to commercializing exotic semiconductor materials. However, I see more complexity at play here. The company’s trying to put themselves at the nexus of AI infrastructure and semiconductor manufacturing at exactly the time when optical interconnects start to grow beyond the existing supply chain. The question isn’t really about the efficacy of the product at this point; it’s about whether or not the company can take the engineering validation and turn it into commercial revenue success. Therefore, I see it as a speculative strong buy given limited balance sheet risk and highly asymmetric upside if AI photonics commercialization materializes. Strategic Inflection: AI Optics & Manufacturing Arbitrage The core of the thesis here revolves around the company’s business model, as they’ve chosen to focus on the compatibility of the product with large-scale microelectronics fabs rather than indium phosphide substrates, which face supply chain constraints and higher pricing. On the Q1 FY2026 call, CEO Jonathan Klamkin stated the company’s wafer runs at foundry partners had increased nearly fivefold . This to me says a lot about the company’s business model and the fact that they’re clearly no longer a research organization at heart. Revenue for the September quarter came in at $1.4 million, up from $481,000 the prior year and slightly higher than the $1.3 million reported the prior quarter. The company maintained full-year revenue guidance of $4 million to $6 million, primarily milestone-driven revenue for R&D contracts. The numbers, while small...
Dzmitry Dzemidovich/iStock via Getty Images Federal Realty Investment Trust ( FRT ) remains one of the highest-quality retail REITs in the public markets, with a decades-long dividend history and a quality portfolio. After reviewing Q4 2025 results, valuation, credit metrics, and capital structure positioning, we maintain a "Hold" on the common stock and a "Buy" on the preferred stock ( FRT.PR.C )...
Dzmitry Dzemidovich/iStock via Getty Images Federal Realty Investment Trust ( FRT ) remains one of the highest-quality retail REITs in the public markets, with a decades-long dividend history and a quality portfolio. After reviewing Q4 2025 results, valuation, credit metrics, and capital structure positioning, we maintain a "Hold" on the common stock and a "Buy" on the preferred stock ( FRT.PR.C ). The reason is that the common stock offers moderate growth and an average AFFO yield of 5%, while the preferred stock offers a current yield of over 6% with a similar level of investment rating. You will see the details in the following lines. And if you want to check our last article for the company, you can see it here . FRT In Details At the end of 2025, FRT had close to $9.13 billion in total assets and around $5.03 billion in total debt. The total equity is around $3.5 billion, and the preferred equity is ~$159.8 million. The EBITDA is around $814.5 million. FRT's current market capitalization is approximately $9.1 billion. The company has 104 properties, around 2,700 residential units, 28.8 million square feet, and close to 3,700 tenants at the end of Q4. While the fundamentals were solid, Q4 confirmed that FRT is in a stable but not accelerating phase. The portfolio remains ~ with the biggest part, 80%, in "Retail," with a strong focus on prime and mixed-use properties. Lease and occupancy spreads remain healthy. No deterioration in the material balance sheet—the company's debt ratios remain in investment-grade comfort zones. FRT continues to operate from a strong position, but future growth appears measured. The company's credit ratings have not changed from its last Q. It has a "BBB+" credit rating by S&P and a "Baa1" by Moody's: FRT's credit ratings (federalrealty.com) The asset yield of FRT is around 9.08%, and the asset coverage ratio is close to 182%. The operating expenses as a percentage of the total revenue, excluding depreciation and amortization, are aro...
A bloc of creditors of Cornerstone Building Brands Inc. plans to coordinate ahead of expected talks with its private equity owner Clayton Dubilier & Rice , aiming to increase the group’s leverage as the company’s performance weakens, people familiar with the matter said. The lenders have hired Moelis & Co . as financial adviser and Paul Weiss Rifkind Wharton & Garrison as legal counsel, according ...
A bloc of creditors of Cornerstone Building Brands Inc. plans to coordinate ahead of expected talks with its private equity owner Clayton Dubilier & Rice , aiming to increase the group’s leverage as the company’s performance weakens, people familiar with the matter said. The lenders have hired Moelis & Co . as financial adviser and Paul Weiss Rifkind Wharton & Garrison as legal counsel, according to the people, who asked not to be identified discussing private preparations. Cornerstone has retained PJT Partners Inc. , the people said. Such cooperation agreements are effectively a pact among creditors to share information and negotiate as a group, rather than cut separate deals with the company or its owners — a structure that can harden lenders’ stance when a borrower is under stress. Representatives for CD&R, Moelis and PJT declined to comment, while messages left with Cornerstone and Paul Weiss were not returned. The move comes as Cornerstone, a North Carolina-based maker of building products, has struggled amid higher input costs and a slowdown in residential construction, the people said. Some creditors are wary after Multi-Color Corp. — another CD&R portfolio company — filed for bankruptcy in January, a process in which junior lenders are expected to recover less than 3% while CD&R retains control of the business, the people said. Cornerstone had about $5 billion of debt as of Sept. 27, according to regulatory filings. Its senior secured term loan due in 2028 was quoted around 77 cents on the dollar Thursday, down from about 96 cents in September, according to data compiled by Bloomberg. That slide that signals investors are increasingly pricing in a restructuring risk. Moody’s Ratings cut the company’s credit score twice last year, citing higher costs tied to tariffs and softer consumer demand.
Mavis Tire Express Services Corp. , an auto repair and tire service provider that counts Midas and Tuffy among its brands, has picked banks for a US initial public offering, according to people familiar with the matter. The company is working with Bank of America Corp. and Goldman Sachs Group Inc. on the IPO, which could happen as soon as this year, the people said, asking not to be identified as ...
Mavis Tire Express Services Corp. , an auto repair and tire service provider that counts Midas and Tuffy among its brands, has picked banks for a US initial public offering, according to people familiar with the matter. The company is working with Bank of America Corp. and Goldman Sachs Group Inc. on the IPO, which could happen as soon as this year, the people said, asking not to be identified as the matter is private. The share sale could raise about $2 billion, some of the people said. Mavis, which traces its roots to 1949, is also working with Jefferies Financial Group Inc. , JPMorgan Chase & Co. and Morgan Stanley on the offering, the people said. The company held early talks with advisers on the listing earlier this month, people familiar with the matter have said . An investor group led by BayPine LP and in partnership with TSG and a company controlled by members of the founding Sorbaro family acquired Mavis in 2021 from Golden Gate Capital , which retained a minority stake. Neuberger Berman ’s Alternatives led the acquisition of a stake in 2023. Deliberations are ongoing and details could change, the people said. Representatives for Bank of America, Goldman Sachs, Jefferies, JPMorgan, Morgan Stanley and BayPine declined to comment. Spokespersons for Mavis and TSG didn’t immediately respond to requests for comment. Companies in private equity portfolios are expected to ramp up their US IPO activity this year after several years with only a handful of deals. Forgent Power Solutions Inc. and affiliates of buyout firm Neos Partners raised $1.74 billion in the largest US IPO this year. Jersey Mike’s Subs , the sandwich chain backed by Blackstone Inc. , is seeking a valuation of at least $12 billion in an IPO that could come as soon as the third quarter, people familiar with the matter have said . For the latest news on equity capital markets activity in the US, Canada and Latin America, follow the channel or visit NI BFWECMUS . To subscribe to ECM Watch , Bloomber...
bymuratdeniz/iStock via Getty Images U.S. companies that were vulnerable to American trade policy breathed a collective sigh of relief Friday morning when the Supreme Court dealt a setback to President Trump’s trade agenda by invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The knee-jerk reaction in the wake of the announcement launched shares of tariff-s...
bymuratdeniz/iStock via Getty Images U.S. companies that were vulnerable to American trade policy breathed a collective sigh of relief Friday morning when the Supreme Court dealt a setback to President Trump’s trade agenda by invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The knee-jerk reaction in the wake of the announcement launched shares of tariff-sensitive sectors higher, before the gains evaporated amid speculation that the White House will find new, and possibly more creative ways to address trade imbalances. “To be clear, [today’s ruling] specifically impacts the reciprocal IEEPA tariffs, which are just one layer of the overall tariff picture,” RBC Capital’s Steven Shemesh weighed in, noting that the retreat from the post-announcement highs reflects a decision that was largely priced in. The market saw shares of Nike ( NKE ), Capri Holdings ( CPRI ), Wayfair ( W ), V.F. Corp ( VFC ), Urban Outfitters ( URBN ), and Five Below ( FIVE ) all react accordingly but then end the day off their best levels as SCOTUS’s decision still leaves certain tariffs intact. These include national security tariffs on steel and aluminum, tariffs on China, and any other tariffs enacted under Section 232 of the Trade Expansion Act of 1962. The ruling also leaves in doubt the nearly $200B already collected, a decision that could take months, along with the fate of recently negotiated trade deals. Until the White House finds a workaround to getting Congressional approval, the removal of IEEPA tariffs “introduces a meaningful margin tailwind across many consumer discretionary names,” Jefferies analyst Randal Konik wrote in his note to clients. By employing a weighted average tariff (WAT) barometer, Konik has identified certain companies most leveraged to the removal of tariffs. Sourcing about half of its merchandise from India positions Signet Jewelers ( SIG ) as the “primary beneficiary,” with its WAT exposure dropping from 15.1% to 0% and...
SAN ANTONIO, Feb. 20, 2026 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. ( NASDAQ: GROW ) (the “Company”), a registered investment advisory firm 1 with longstanding experience in global markets and specialized sectors, today reported financial results for the second quarter of fiscal 2026 ended December 31, 2025. Total assets under management (AUM) were approximately $1.5 billion at quarter-end,...
SAN ANTONIO, Feb. 20, 2026 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. ( NASDAQ: GROW ) (the “Company”), a registered investment advisory firm 1 with longstanding experience in global markets and specialized sectors, today reported financial results for the second quarter of fiscal 2026 ended December 31, 2025. Total assets under management (AUM) were approximately $1.5 billion at quarter-end, representing a 12% increase from the prior quarter and 5% higher than AUM at the end of the year-ago quarter. This rose to $1.7 billion in total AUM as of Thursday, February 19. Operating revenue increased by $259,000, or 11.5%, compared to the prior quarter, and by $279,000 compared to the quarter ended December 31, 2024. Additionally, the Company’s expenses decreased by $172,000 in the current quarter compared to the same quarter last year. The Company’s income before taxes was $535,000, a significant improvement from a loss before taxes of $116,000 in the quarter ended December 31, 2024.