YayaErnst The U.S. Supreme Court on Friday ruled in a 6-3 decision to strike down President Trump’s tariffs. The ruling found that President Trump did not have the authority to impose tariffs under the International Emergency Economic Powers Act. Under the act, President Trump sought to address two foreign threats, including the influx of illegal drugs from Canada, Mexico and China, and the “large...
YayaErnst The U.S. Supreme Court on Friday ruled in a 6-3 decision to strike down President Trump’s tariffs. The ruling found that President Trump did not have the authority to impose tariffs under the International Emergency Economic Powers Act. Under the act, President Trump sought to address two foreign threats, including the influx of illegal drugs from Canada, Mexico and China, and the “large and persistent” trade deficits. The President determined that the drug influx had “created a public health crisis,” and that the trade deficits had “led to the hollowing out” of the American manufacturing base and “undermined critical supply chains.” Dear readers : We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on the U.S. Economy Tariff Decision Day? How I Learned To Love The Bubble (Even Before It Bursts) What I Expect To See When The Supreme Court Wraps Up The Tariff Debate Solid appetite for U.S. duration: 30-Year auction metrics point to deep investor demand SCOTUS ruling could put over $175B in U.S. tariff revenue at risk, Penn-Wharton estimates
The biggest US troop deployment in the Middle East since the Iraq War is sending the black market price for Elon Musk ’s Starlink terminals soaring in Iran, where people fear a war would trigger another countrywide internet shutdown. Prices for the smuggled kits, banned by the regime for enabling uncensored web access, have soared to as much as $4,000, according to sellers and human rights organiz...
The biggest US troop deployment in the Middle East since the Iraq War is sending the black market price for Elon Musk ’s Starlink terminals soaring in Iran, where people fear a war would trigger another countrywide internet shutdown. Prices for the smuggled kits, banned by the regime for enabling uncensored web access, have soared to as much as $4,000, according to sellers and human rights organizations focused on Iran. Prior to the Iran-Israel war in June last year, the same units sold for $700 to $1,000. While using or distributing a Starlink in Iran risks a lengthy prison sentence, the satellite internet hookup is one of the only ways for people to communicate with the outside world when the authorities cut off access to the internet, as they did in January during widespread protests against the regime. The world is bracing for a possible war as President Donald Trump set a deadline for Iran to reach a “meaningful deal,” on its nuclear and missile programs. Read More: US Amasses Biggest Force Since 2003 as Trump Pushes Iran on Deal “Its strongly smells of war again,” said one Iran-based Starlink seller in a Telegram post, who asked not to be identified out of concerns for his safety. “There is a high probability of the internet being cut off or nationalized,” the merchant added, referring to connectivity being restricted to Iran’s heavily monitored intranet. He warned that this time the outage would be very long and freelancers or traders who earn dollars would be “severely affected.” Last month, facing some of the biggest anti-government protests since the 1979 Islamic Revolution, the authorities took the unprecedented step of a nationwide internet blackout, cutting off 90 million Iranians from the web. The shutdown came as security forces escalated a deadly crackdown that left more than 7,000 people dead, according to data from Human Rights Activists News Agency. Starlink terminals, developed by SpaceX , were one of the only ways to transmit news about the even...
Head of statistics agency tells BBC that depiction risks undermining ‘delicate relationship’ with public Business live – latest updates It is best known for depicting City traders as drug-addled, sex-crazed adrenaline addicts, but it is the portrayal of doorstep data collectors that has unexpectedly caused trouble for the BBC’s hit TV series Industry. The head of the Office for National Statistics...
Head of statistics agency tells BBC that depiction risks undermining ‘delicate relationship’ with public Business live – latest updates It is best known for depicting City traders as drug-addled, sex-crazed adrenaline addicts, but it is the portrayal of doorstep data collectors that has unexpectedly caused trouble for the BBC’s hit TV series Industry. The head of the Office for National Statistics (ONS) has written to the BBC criticising Industry for a recent episode in which its characters falsely impersonate ONS employees on someone’s doorstep. Continue reading...
ngkaki/iStock Editorial via Getty Images In 2026, it wouldn't be an understatement to say that the software sector is undergoing a sea change as investors consider the impacts of AI on recurring revenue business models that were, as recently as last year, thought to be indestructible. Whether a "SaaSpocalypse" is coming is very much an open debate as more industry-specific applications of AI and a...
ngkaki/iStock Editorial via Getty Images In 2026, it wouldn't be an understatement to say that the software sector is undergoing a sea change as investors consider the impacts of AI on recurring revenue business models that were, as recently as last year, thought to be indestructible. Whether a "SaaSpocalypse" is coming is very much an open debate as more industry-specific applications of AI and automation get released, but one thing is clear: we must tread carefully when it comes to investing in the sector. I'm a "growth at a reasonable price" investor, but in this market, "cheap" is no longer a compelling reason alone to buy a stock. Many software companies are rightfully suffering a huge correction on poor fundamentals, and Dropbox ( DBX ) is one of those names. The file-sharing company just reported lackluster Q4 results and a no-growth outlook for FY26, pushing the stock downward post-earnings and continuing a 20%+ correction over the past year. Data by YCharts I last wrote a "Sell" article on Dropbox in December, when the stock was still clinging to share prices just under $30 per share. Since then, Dropbox has fallen further behind the rest of the software sector. Unlike many of the current victims of the "SaaSpocalypse," however, investors' fears of churn and loss of seats can actually be seen in Dropbox's current operating data. The company's recent Q4 print showcased continued loss of users and y/y reductions in ARPU, alongside a less-than-impressive forecast for FY26. With all of these factors in mind, I'm reiterating my "Sell" rating on this stock. Poor outlook in focus for 2026 that overrides a cheap valuation Let's address the foremost concerning topic coming out of the Q4 earnings release: Dropbox's outlook and how that interplays against the stock's valuation after the recent decline. Dropbox FY26 outlook (Dropbox Q4 earnings deck) As shown in the chart above, Dropbox is guiding to $2.485-$2.500 billion in revenue next year, a range that reflects as-...
winhorse/iStock Unreleased via Getty Images I've been covering Canon Inc. ( CAJPY ) for a number of years at this point. My latest article, a rating of "Hold", was published about 1.5 years ago, and the return until today has made this rating the correct one, though the thesis can also be argued to be somewhat more complex than that. Seeking Alpha Canon returns As you can see, a relatively short t...
winhorse/iStock Unreleased via Getty Images I've been covering Canon Inc. ( CAJPY ) for a number of years at this point. My latest article, a rating of "Hold", was published about 1.5 years ago, and the return until today has made this rating the correct one, though the thesis can also be argued to be somewhat more complex than that. Seeking Alpha Canon returns As you can see, a relatively short time after my coverage of the company, Canon saw a relatively significant increase in share price, which only deflated early in 2025. Thus, if you had invested when I said "Hold" and had sold prior to the crash, this would obviously have been a good deal. However, looking at company valuation and logic, I doubt that this would have been a likely outcome, unless you're extremely valuation-focused, because Canon's rise and fall during those short months was, in my view, not related to the company's fundamental performance, which made it very tricky. You can find the last article on the company here , and I do recommend that you read it to get some insight into where I'm coming from. Also, remember that I actually held shares of Canon at the time of my last article. You can see that in the article preceding that, which is when I downgraded my rating of "Buy" to "Hold". It wasn't a particularly large or significant position - but it was "there". If you go back far enough, you can usually discern my logic in the approach that I use. So, a couple of things here. Firstly, Canon has significantly improved its earnings and is likely to continue to grow them. I will be upgrading my target in the company here. Secondly, that change in forecast was not visible, in my view, when the company last rose. It's therefore actually contrary to the forecasts that Canon has now declined in valuation. That makes the company potentially interesting. Canon is an A-rated company, and in Japanese tradition, it has very low rates of debt/leverage (less than 9% long-term debt to capital), while offering...
jetcityimage/iStock Editorial via Getty Images Operating Recovery vs. GPU Compression Carvana Co. ( CVNA ) closes FY25 from an operational standpoint in an interesting position, as for me it shows a fairly marked difference compared to previous years. With revenues of $20.32B and 596,641 retail units , this has translated into $4.192B of gross profit and $1.881B of operating income on the income s...
jetcityimage/iStock Editorial via Getty Images Operating Recovery vs. GPU Compression Carvana Co. ( CVNA ) closes FY25 from an operational standpoint in an interesting position, as for me it shows a fairly marked difference compared to previous years. With revenues of $20.32B and 596,641 retail units , this has translated into $4.192B of gross profit and $1.881B of operating income on the income statement. So, if I put myself in management’s shoes, adj. EBITDA is supporting the story, and, with an 11% margin, it reached $2.237B. That means the business does have sufficient operating capacity to generate profitability, and that is something we cannot really dispute. However, I prefer to sit on the other side of the table, from the investors’ perspective, and there are certain details that do not fully add up for me. Total GPU declines to $6,427 and Retail gross profit per unit falls to $2,990, versus $3,226 the year before. It is not a collapse, but it is a deterioration that affects profitability, and therefore the causes need to be established. The company attributes it to higher reconditioning costs, a shipping adjustment that they say is returned to the customer through lower fees, and a sequential increase in depreciation rates. My translation is that there is both an execution issue and a structural sensitivity, as they mention in the call that if all centers were operating at their “top quartile,” recon costs would have been about $220 lower per unit in Q4 . So we have both good and bad news. Good, because ultimately this is a margin that can be recovered if operations normalize. Bad, because it makes clear that recon is a point where the model can easily become misaligned, and that can compress Retail GPU even if CVNA is not engaged in a price war. IR Carvana Another factor I focused on in the report is Other GPU, and why do I say this? Because the CFO refers to a combination of better cost of funds and higher attach, partially offset by a lower APR offered t...
Ruling is blow to Trump’s bold assertions of authority and topples key pillar of aggressive economic agenda US politics live – latest updates Donald Trump overstepped his authority by imposing most of his steep tariffs on global imports, the US supreme court ruled on Friday, toppling a key pillar of the president’s aggressive economic agenda. In a 6-3 ruling, the court decided that a 1977 law desi...
Ruling is blow to Trump’s bold assertions of authority and topples key pillar of aggressive economic agenda US politics live – latest updates Donald Trump overstepped his authority by imposing most of his steep tariffs on global imports, the US supreme court ruled on Friday, toppling a key pillar of the president’s aggressive economic agenda. In a 6-3 ruling, the court decided that a 1977 law designed to address national emergencies did not provide the legal justification for most of the Trump administration’s tariffs on countries across the world. Continue reading...
PM Images/DigitalVision via Getty Images Investment Thesis While I've recently written in some detail about The Western Union Company ( WU ) and Euronet Worldwide, Inc. ( EEFT ), some of the more mature players in the remittance industry, I have not yet had the opportunity to discuss Remitly Global, Inc. ( RELY ), the relatively smaller and growth-oriented digital operator whose market cap was jus...
PM Images/DigitalVision via Getty Images Investment Thesis While I've recently written in some detail about The Western Union Company ( WU ) and Euronet Worldwide, Inc. ( EEFT ), some of the more mature players in the remittance industry, I have not yet had the opportunity to discuss Remitly Global, Inc. ( RELY ), the relatively smaller and growth-oriented digital operator whose market cap was just under $3 billion until very recently. On Wednesday, Remitly released very strong results for the fourth quarter and full year, resulting in the market reappraising the firm's value and the market cap getting within touching distance of $4 billion at the time of writing. In consideration of very strong revenue growth, strengthening profitability in recent quarters, and a relatively low valuation, there remains a strong case for owning the stock, despite significant recent price appreciation. I am particularly struck by the company's ability to grow revenues rapidly even in the context of headwinds for the broad remittance sector. Very Strong Q4 Results Data by YCharts As shown above, RELY is up around 25% year-to-date, almost entirely because of the market's re-pricing of the stock in the wake of the Q4 results released on Wednesday. The headline figures from the fourth quarter were $442 million in revenue and $41.2 million in net income. While the net income figure might look small in the context of a $3.61 billion market cap and is equivalent to a normalized annual P/E ratio of about 22x (if we ignore the seasonality of remittances), the story here is really about growth, a transition to profitability, and margin expansion. Firstly, revenue growth for Remitly has been very strong, with the recent figures representing a ~26% YoY increase on the revenue figure from 4Q24. In addition, I think the market is right to re-appraise the firm based on its consistent profitability across all four quarters of the last financial year, suggesting that we have now moved away from the c...
Right now, international stocks are a huge bargain compared to U.S. stocks. Apollo Global Management estimates that the price-to-earnings (P/E) ratio, which measures a stock's price relative to the company's earnings, of U.S. stocks is 40% higher than the P/E ratio for the rest of the world. So U.S. stocks are 40% more expensive than international stocks. The two groups of equities were priced abo...
Right now, international stocks are a huge bargain compared to U.S. stocks. Apollo Global Management estimates that the price-to-earnings (P/E) ratio, which measures a stock's price relative to the company's earnings, of U.S. stocks is 40% higher than the P/E ratio for the rest of the world. So U.S. stocks are 40% more expensive than international stocks. The two groups of equities were priced about the same up until about 2015, but the surge in valuations of U.S. tech stocks (think Magnificent Seven stocks) has sent U.S. valuations much higher in recent years. Right now, the average forward P/E ratio for U.S. stocks is about 28, while that ratio lingers nearer to 19 for non-U.S. international stocks. Image source: Getty Images. Continue reading
By Lucy Raitano and Amanda Cooper LONDON, Feb 20 (Reuters) - U.S. investors are pulling money out of their own stock market at the fastest pace in at least 16 years as Big Tech returns fade and better
By Lucy Raitano and Amanda Cooper LONDON, Feb 20 (Reuters) - U.S. investors are pulling money out of their own stock market at the fastest pace in at least 16 years as Big Tech returns fade and better
Getty Images Uber: Robotaxi Disruption Seems Like A Long Way Off The market has truly turned very gloomy on the prospects of Uber Technologies, Inc. ( UBER ) in this autonomous driving race that could define the long term winners in the robotaxi era. Waymo’s ( GOOGL ) ( GOOG ) rapid scale-out and recent funding that elevated its valuation to 126 billion dollars has closed the gap with UBER’s valua...
Getty Images Uber: Robotaxi Disruption Seems Like A Long Way Off The market has truly turned very gloomy on the prospects of Uber Technologies, Inc. ( UBER ) in this autonomous driving race that could define the long term winners in the robotaxi era. Waymo’s ( GOOGL ) ( GOOG ) rapid scale-out and recent funding that elevated its valuation to 126 billion dollars has closed the gap with UBER’s valuation that’s just under $150B as I pen this update. Moreover, this has come at the time when UBER stock has already declined more than 30% through the lows last week. Therefore, I think the bifurcation cannot be even more stark, as the market is already trying to decide the ultimate winners in the race between Uber and big technology companies like Google’s Waymo and, of course, Tesla ( TSLA ). As a reminder, in my previous Uber write-up , I decided to upgrade the stock to a buy, a view of what I thought was a more constructive risk/reward. However, the stock has continued to take a downturn, with the market still seemingly unconvinced with its robotaxi prospects. Uber Q4 operating metrics (Uber) The interesting thing is, it is not as if Uber’s current mobility and deliveries business model has fallen apart, because that is simply not the case, as we saw in the company's fourth quarter earnings release in early February. As you can probably observe from above, it's crystal clear that the key operating metrics and even gross bookings are still gaining traction confidently. And note that Uber stated that its MAPC base (monthly active consumers) of just over 200M is still less than 50% of its overall 450M annual active consumer base, suggesting there are plenty of opportunities for the company to ramp up its monetization. Furthermore, the growth of its platform business has also expanded beyond the top 20 cities that could be maturing. And while these are highly profitable and are core revenue drivers for Uber, the growth profile has broadened and shifted into the last-dance ci...
Samsung has unleashed a new batch of Galaxy Z TriFold units after selling out initial stock of the behemoth foldable that turns into a 10-inch tablet. The device launched on January 30th, and unlike most other Samsung phones, availability of this one was limited to the company's own site. Samsung Galaxy Z TriFold Where to Buy: $2899.99 at Samsung The TriFold costs $2,899.99 and comes with 512GB of...
Samsung has unleashed a new batch of Galaxy Z TriFold units after selling out initial stock of the behemoth foldable that turns into a 10-inch tablet. The device launched on January 30th, and unlike most other Samsung phones, availability of this one was limited to the company's own site. Samsung Galaxy Z TriFold Where to Buy: $2899.99 at Samsung The TriFold costs $2,899.99 and comes with 512GB of storage (you'd think paying this much would get you at least 1TB, but alas). It's essentially three phones in one; one when it's folded, another when it opens to double the screen real estate, and ultimately, in its final form is as a large tablet … Read the full story at The Verge.