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.
Baidu is transitioning from a search-driven advertising company into an AI infrastructure and enterprise cloud provider in China. HHLR’s exit comes as investors weigh whether this transformation will lead to sustainable growth.
Baidu is transitioning from a search-driven advertising company into an AI infrastructure and enterprise cloud provider in China. HHLR’s exit comes as investors weigh whether this transformation will lead to sustainable growth.
Yaraslau Saulevich/iStock via Getty Images Back in November I concluded that Itron, Inc. ( ITRI ) became acquisitive amidst a mixed operating performance. In theory, Itron enjoys a sound business position, yet it saw muted sales growth and soft bookings, which prevented me from seeing appeal despite very modest earnings multiples being applied. The company announced two substantial acquisitions in...
Yaraslau Saulevich/iStock via Getty Images Back in November I concluded that Itron, Inc. ( ITRI ) became acquisitive amidst a mixed operating performance. In theory, Itron enjoys a sound business position, yet it saw muted sales growth and soft bookings, which prevented me from seeing appeal despite very modest earnings multiples being applied. The company announced two substantial acquisitions in the fall, which came at a substantial price tag, making me a bit cautious as few details on their contribution were disclosed. By now these appear to be rather costly acquisitions with relatively limited near-term financial contribution, making me rather cautious here. Industrial IoT Itron is an industrial IoT business as well as an edge intelligence leader that provides innovative ways for utilities and cities to manage both their energy and water assets. The company provides communicating endpoints and distributed intelligence-enabled solutions. The company has more than 300 million endpoints across these infrastructure networks, including nearly 17 million intelligence-enabled endpoints. The company employs about 5,000 workers, who provide such intelligence solutions to nearly 8,000 customers. Some 80% of sales are generated in North America, complemented by smaller activities in Europe and the Asia-Pacific region. About two-thirds of revenue are classified as networked solutions, complemented by device solutions and outcome segments. The company benefits from many long-term demand drivers providing increased demand for its services. This includes more strain on infrastructure, driven by aging infrastructure, greater employment of BES systems, and electrical vehicles plugged into the network. Other trends include more extreme weather, with all such trends making that demand and supply tend to vary much more, requiring intelligent grid solutions, like the ones provided by the business here. Despite this sound positioning, the business has demonstrated a relatively modest...
Subspecies driven to extinction by hungry whalers returns after ‘back breeding’ programme using partial descendants Giant tortoises, the life-giving engineers of remote small island ecosystems, are plodding over the Galápagos island of Floreana for the first time in more than 180 years. The Floreana giant tortoise ( Chelonoidis niger niger ), a subspecies of the giant tortoise once found across th...
Subspecies driven to extinction by hungry whalers returns after ‘back breeding’ programme using partial descendants Giant tortoises, the life-giving engineers of remote small island ecosystems, are plodding over the Galápagos island of Floreana for the first time in more than 180 years. The Floreana giant tortoise ( Chelonoidis niger niger ), a subspecies of the giant tortoise once found across the Galápagos, was driven to extinction in the 1840s by whalers who removed thousands from the volcanic island to provide a living larder during their hunting voyages. Continue reading...
Nacer HA/iStock via Getty Images The last time I spoke about Vera Therapeutics, Inc. ( VERA ), it was in a Seeking Alpha article entitled " Vera: Potential First Of Atacicept As A B-Cell Modulator For IgAN Patients ." At that time, I mentioned that the results from the phase 3 ORIGIN trial using the dual BAFF/APRIL inhibitor atacicept for the treatment of patients with immunoglobulin A nephropathy...
Nacer HA/iStock via Getty Images The last time I spoke about Vera Therapeutics, Inc. ( VERA ), it was in a Seeking Alpha article entitled " Vera: Potential First Of Atacicept As A B-Cell Modulator For IgAN Patients ." At that time, I mentioned that the results from the phase 3 ORIGIN trial using the dual BAFF/APRIL inhibitor atacicept for the treatment of patients with immunoglobulin A nephropathy [IgAN] were to be released in 2025. I was bullish on the prospects and had placed a Strong Buy rating on this stock based on its potential to do well because it had deployed a dual targeting mechanism. The company did indeed report data from a prespecified interim analysis of this phase 3 ORIGIN trial. As a matter of fact, this trial had met the primary endpoint in terms of reduction in proteinuria at Week 36. With that occurring, it was able to submit its Biologics License Application [BLA] to the FDA through the Accelerated Approval pathway program of atacicept for the treatment of these IgAN patients. The FDA not only accepted the submission of this BLA of atacicept for these patients but also set a Priority Review Prescription Drug User Fee Act [PDUFA] date of July 7, 2026. All of these are positives, and the hope is that the company can receive U.S. marketing approval of atacicept for IgAN. Despite this promising milestone, I believe that it is important to downgrade this stock from a Strong Buy to a Hold rating ahead of its next earnings release on February 27th. Why is that? The first reason is because Otsuka Pharmaceuticals received FDA approval of its IgAN drug VOYXACT [sibeprenlimab]. Even further than this, at nine months in a clinical trial, it showed slightly superior efficacy in terms of reduction of proteinuria [ 50% reduction of protein in urine ]. Thus, from a competitive standpoint, atacicept might do well, but it remains to be seen. Secondly, VOYXACT is given monthly to patients as a self-administered subcutaneous [SC] injection. Atacicept is also given ...
The following companies are expected to report earnings prior to market open on 02/23/2026. Visit our Earnings Calendar for a full list of expected earnings releases.Dominion Energy, Inc. (D)is reporting for the quarter ending December 31, 2025. The electric power utilities comp
The following companies are expected to report earnings prior to market open on 02/23/2026. Visit our Earnings Calendar for a full list of expected earnings releases.Dominion Energy, Inc. (D)is reporting for the quarter ending December 31, 2025. The electric power utilities comp
Pharmaceutical giant Pfizer (NYSE: PFE) recently had to drop its internally developed GLP-1 weight loss drug candidate. The unfortunate outcome is that the company has had to watch rivals Novo Nordisk and Eli Lilly build early leads in this fast-growing drug niche. With Pfizer facing patent expirations ahead -- and now this GLP-1 setback -- Wall Street remains downbeat on the stock. But that's a p...
Pharmaceutical giant Pfizer (NYSE: PFE) recently had to drop its internally developed GLP-1 weight loss drug candidate. The unfortunate outcome is that the company has had to watch rivals Novo Nordisk and Eli Lilly build early leads in this fast-growing drug niche. With Pfizer facing patent expirations ahead -- and now this GLP-1 setback -- Wall Street remains downbeat on the stock. But that's a potential opportunity for long-term investors. Pfizer's dividend yield is a lofty 6.2%. That's well above the 1.1% yield offered by the S&P 500 index and the 1.7% yield of the average pharmaceutical stock. And the company recently provided longer-term financial guidance that included a commitment to maintaining the dividend. Continue reading