OLEKSII KRIACHKO/iStock via Getty Images Uncertain times are good for defensive stocks, and 2026 isn't turning out to be any different. Even as the S&P 500 ( SP500 ) is down by 1% YTD, British American Tobacco p.l.c. (NYSE: BTI ) ( OTCPK:BTAFF ) or BAT is up by ~6%. The company's fundamentals back the rise and indicate that the uptick can continue. While risks exist too, here I discuss why the ups...
OLEKSII KRIACHKO/iStock via Getty Images Uncertain times are good for defensive stocks, and 2026 isn't turning out to be any different. Even as the S&P 500 ( SP500 ) is down by 1% YTD, British American Tobacco p.l.c. (NYSE: BTI ) ( OTCPK:BTAFF ) or BAT is up by ~6%. The company's fundamentals back the rise and indicate that the uptick can continue. While risks exist too, here I discuss why the upside is still greater. New Categories' Segment Expands Further... Second only to Philip Morris ( PM ) in its expansion of smoke-free products, BAT continues to see encouraging trends from its new categories segment, which is the highlight for the company right now. Here are the key positive developments from 2025 for the segment, which comprises vapes, smokeless tobacco sticks, and nicotine pouches: Bigger Revenue Impact, Bolstered By Strong H2 2025 Performance It brought in 14.1% of total revenue during the year, up from 13.3% in 2024. Further, the category's revenue grew by 7% in the year, which is slightly better than the expectation of "mid-single-digit growth". It does bear mentioning, though, that the growth rate slowed down from 8.9% in 2024. Still, the numbers for H2 2025 are encouraging, with an 8.5% YoY increase seen during this time compared to just a 2.3% YoY increase in H1 2025. This is an important development, since new product launches were due in H2 2025, as I noted in the last article in the stock. It launched products like the vape Vuse Ultra, heated tobacco stick glo Hilo, and nicotine pouch Velo Shift. The company says they have seen "encouraging early results" and have "further targeted rollouts planned in 2026." Source: British American Tobacco Growing Profitability The segment is also witnessing improved profitability. Category contribution, a non-GAAP measure defined as revenue minus variable costs, remained positive for the second consecutive year. And even saw a robust 77% YoY increase. The category contribution margin also expanded, to 12%, from 7...
May NY world sugar #11 (SBK26 ) today is down -0.28 (-1.97%), and May London ICE white sugar #5 (SWK26 ) is down -7.90 (-1.87%). Sugar prices continued their week-long slide today, with NY sugar dropping to a 1-month low and London sugar falling to a 3-week low. Negative carryover...
May NY world sugar #11 (SBK26 ) today is down -0.28 (-1.97%), and May London ICE white sugar #5 (SWK26 ) is down -7.90 (-1.87%). Sugar prices continued their week-long slide today, with NY sugar dropping to a 1-month low and London sugar falling to a 3-week low. Negative carryover...
Constellation Brands Inc. projected slower-than-expected growth for its beer business this year, renewing concern that declines in alcohol consumption have yet to hit their floor. Organic beer sales, which measure changes in sales volumes, are seen in a range of down 1% to up 1% in the company’s current year, Constellation said Wednesday. The range trails analysts’ average estimate for a 2.2% incr...
Constellation Brands Inc. projected slower-than-expected growth for its beer business this year, renewing concern that declines in alcohol consumption have yet to hit their floor. Organic beer sales, which measure changes in sales volumes, are seen in a range of down 1% to up 1% in the company’s current year, Constellation said Wednesday. The range trails analysts’ average estimate for a 2.2% increase. While the guidance represents an improvement from the previous fiscal year, which ended Feb. 28, the lower-than-expected outlook suggests even popular brands such as Modelo and Corona are struggling to sidestep a broader decline in the category. (Source: Bloomberg)
Meta Platforms (NasdaqGS:META) has agreed a multi year cloud AI infrastructure deal with CoreWeave reported at about $21b, running through 2032. The agreement follows the launch of Meta's Muse Spark AI model and its involvement in the Shared AI License Foundation for shared AI development frameworks. The contract is intended to secure dedicated access to advanced compute capacity for Meta's AI fea...
Meta Platforms (NasdaqGS:META) has agreed a multi year cloud AI infrastructure deal with CoreWeave reported at about $21b, running through 2032. The agreement follows the launch of Meta's Muse Spark AI model and its involvement in the Shared AI License Foundation for shared AI development frameworks. The contract is intended to secure dedicated access to advanced compute capacity for Meta's AI features across its platforms. Meta Platforms, trading at about $612.42 per share, has seen a 6.6%...
A federal appeals court refused to halt the Trump administration's efforts to blacklist Anthropic yesterday, denying the company's emergency motion for a stay. But the court granted the US-based AI firm's request to expedite the case and will hold oral arguments on May 19. The ruling by the US Court of Appeals for the District of Columbia Circuit was issued by a panel of three judges appointed by ...
A federal appeals court refused to halt the Trump administration's efforts to blacklist Anthropic yesterday, denying the company's emergency motion for a stay. But the court granted the US-based AI firm's request to expedite the case and will hold oral arguments on May 19. The ruling by the US Court of Appeals for the District of Columbia Circuit was issued by a panel of three judges appointed by Republicans, including Trump appointees Gregory Katsas and Neomi Rao. Katsas previously served as deputy counsel to the president during Trump's first term, while Rao served in the Trump administration's Office of Management and Budget. The judges' decision is a setback for Anthropic, but it's only one of two cases it filed against the Trump administration, and the AI firm has had more success in the other one. Anthropic says it exercised its First Amendment rights by refusing to let Claude AI models be used for autonomous warfare and mass surveillance of Americans, and that Trump and Defense Secretary Pete Hegseth blacklisted it in retaliation. Trump directed all federal agencies to stop using Anthropic technology, and Hegseth labeled Anthropic a "Supply-Chain Risk to National Security," prohibiting military contractors from doing business with Anthropic. Read full article Comments
Nigeria‘s naira has stayed largely stable through the market volatility sparked by the Iran war, but that came at a cost to the nation’s foreign-exchange reserves. Reserves fell for 16 straight days through April 8, the longest declining run since July 2025, according to data compiled by Bloomberg. The central bank’s foreign exchange holdings declined by $1.1 billion in the period to $48.94 billio...
Nigeria‘s naira has stayed largely stable through the market volatility sparked by the Iran war, but that came at a cost to the nation’s foreign-exchange reserves. Reserves fell for 16 straight days through April 8, the longest declining run since July 2025, according to data compiled by Bloomberg. The central bank’s foreign exchange holdings declined by $1.1 billion in the period to $48.94 billion, the lowest level since Feb. 19, the data show. The decline comes as authorities defend the naira amid a selloff of emerging-market assets in March. The Central Bank of Nigeria had pledged to stabilize the naira, and boosted sales of high-yield short term debt to attract inflows of dollars. After initially weakening as the Iran war broke out, the Nigerian currency has recovered losses and is one of only four out of 23 African currencies not to fall over that period. With the war in Iran, the central bank had “to give the currency a level of support” as foreign investors exited emerging markets, said Patrick Ejumedia, head of research at Lagos-based Sterling Asset Management and Trustees Ltd. “It has to use some portion of reserves and oil sales revenue to do that, in addition to offering high-yield paper to investors to attract capital to the market,” he said. The central bank did not immediately respond to a request for comment.
Dmitry Vinogradov Shares of HealthEquity ( HQY ) traded higher on Thursday after BMO Capital Markets boosted its longer-term growth estimates for the company and upgraded the stock to Outperform from Market Perform. Citing “overblown” AI-related fears and BMO’s revised longer-range growth estimates for HQY, analyst Sean Dodge argued that the Draper, Utah-based health savings accounts administrator...
Dmitry Vinogradov Shares of HealthEquity ( HQY ) traded higher on Thursday after BMO Capital Markets boosted its longer-term growth estimates for the company and upgraded the stock to Outperform from Market Perform. Citing “overblown” AI-related fears and BMO’s revised longer-range growth estimates for HQY, analyst Sean Dodge argued that the Draper, Utah-based health savings accounts administrator trades at an attractive valuation, providing investors with a compelling entry point. Dodge lifted his longer-term growth estimates for HealthEquity ( HQY ) to high single digits/low double digits compared to mid-single digits/high single digits previously, citing multiple reasons, including the recent launch of the company’s Marketplace business. “The Marketplace serves as another opportunity to monetize HQY's member base by simply acting as a referral partner into the programs and then facilitating incremental interchange revenue on the associated spend,” the analyst wrote. Dodge raised his price target on HQY to $105 from $85 per share. More on HealthEquity HealthEquity: Attractive Given Improved Cash Economics (Rating Upgrade) HealthEquity, Inc. (HQY) Q4 2026 Earnings Call Transcript The Market's Not Diagnosing HealthEquity Accurately Quant check on insurer stocks as Medicare Advantage rate boost drives gains HealthEquity Non-GAAP EPS of $0.95 beats by $0.05, revenue of $334.6M beats by $1.78M
Key PointsTeamwork Financial sold 569,335 shares of COWG in the first quarter; the estimated trade value was $19.95 million based on quarterly average pricing.
Key PointsTeamwork Financial sold 569,335 shares of COWG in the first quarter; the estimated trade value was $19.95 million based on quarterly average pricing.
Left-back who joined in 2017 is out of contract in summer Napoli, Juventus, Atlético and Spurs keen on the left-back Andy Robertson is to bring his illustrious Liverpool career to a close at the end of the season, the club have confirmed. The 32-year-old is out of contract this summer and will follow another iconic player of the Jürgen Klopp era, Mohamed Salah, in leaving Anfield on a free transfe...
Left-back who joined in 2017 is out of contract in summer Napoli, Juventus, Atlético and Spurs keen on the left-back Andy Robertson is to bring his illustrious Liverpool career to a close at the end of the season, the club have confirmed. The 32-year-old is out of contract this summer and will follow another iconic player of the Jürgen Klopp era, Mohamed Salah, in leaving Anfield on a free transfer. Napoli, Juventus, Atlético Madrid and Tottenham are all keen on signing the Scotland captain, who rejected a move to Atlético last summer. A return to Scotland is not thought to be in Robertson’s plans at this stage. Continue reading...
Sonny McNess , the veteran trader who helped build such massive aluminum positions at Mercuria Energy Group that the London Metal Exchange was forced to adjust its rules, has left the trading house. Until recently a relatively minor player in metals, Mercuria’s aggressive trading over the past year has rocked the market, with the company’s aluminum position on the LME at times exceeding the total ...
Sonny McNess , the veteran trader who helped build such massive aluminum positions at Mercuria Energy Group that the London Metal Exchange was forced to adjust its rules, has left the trading house. Until recently a relatively minor player in metals, Mercuria’s aggressive trading over the past year has rocked the market, with the company’s aluminum position on the LME at times exceeding the total inventories in the exchange’s warehouse network. McNess, who joined Mercuria in 2025, was already well known in metals circles for his time trading aluminum at JPMorgan Chase & Co. in the 2010s, when the bank drew attention for making big, sometimes controversial plays. He left Mercuria in the past few weeks, according to people familiar with the matter, who asked not to be identified discussing private information. Mercuria declined to comment, while McNess didn’t immediately respond to a request for comment. Mercuria Hires Aluminum Trader Known for JPMorgan Bets Mercuria Builds Massive Aluminum Bet on a Russia Peace Deal LME Acts to Shield Aluminum Market From Huge Mercuria Bet Mercuria Pares Vast Aluminum Bet That’s Roiled Market for Months Mercuria Leads LME Aluminum Withdrawals as War Cuts Supply Mercuria is one of a handful of energy traders that expanded into metals in recent years to challenge incumbents Trafigura Group and Glencore Plc, making a series of high-profile hires. Last year, the company was also one of the biggest players in the tariff arbitrage trade that roiled the global copper market. In aluminum, Mercuria built up a huge position on the LME during the first half of last year in a bet that any easing of sanctions against Russia would tighten the market. The position drew scrutiny from the LME, which imposed a new rule forcing traders to reduce large positions. McNess’s departure comes at a time when the aluminum market is facing the prospect of a supply squeeze triggered by the conflict in the Middle East, which accounts for about 9% of global produc...
Mexico’s central bank’s decision to cut interest rates last week faced strong opposition from two of its five board members, who raised concerns about lingering inflationary pressures from the war in Iran. Deputy Governor Galia Borja said the conflict has pushed up oil prices and increased financial market volatility, introducing new inflation risks, while Deputy Governor Jonathan Heath added that...
Mexico’s central bank’s decision to cut interest rates last week faced strong opposition from two of its five board members, who raised concerns about lingering inflationary pressures from the war in Iran. Deputy Governor Galia Borja said the conflict has pushed up oil prices and increased financial market volatility, introducing new inflation risks, while Deputy Governor Jonathan Heath added that the war creates “uncertainty regarding inflation,” according to minutes of the meeting published Thursday. Banxico’s split decision mirrored divisions in financial markets, where 15 of 31 economists surveyed by Bloomberg predicted a cut. The late March rate cut followed signals that inflation was being fanned by both domestic and international factors, including spiking energy costs due to supply constraints caused by the war launched by the US and Israel. But by a 3-2 vote, the Banxico board lowered its key lending rate to 6.75%. In the minutes of the decision, the majority of the board argued that weak growth should help bring down price pressures, and that recent tariffs and tax hikes enacted by the Mexican government had either no impact or only a one-time hit on inflation. Meanwhile, Heath argued that the balance of risks for inflation has tilted far more to the upside given the uncertainty generated by the war and the unanticipated shock on agricultural prices that should dissipate over the next months. “Since we are facing greater risks, we have nothing to lose by pausing until these shocks truly dissipate. In contrast, we lose substantially by lowering the target rate at a moment when core inflation persists and non-core inflation increases,” according to Heath. He stressed that the bank is erroneously sending a signal that it is less committed to its primary mandate of slowing inflation. Banxico’s inflation target is 3%, plus or minus one percentage point. The majority of the bank’s board maintained that the outlook for inflation, economic growth and a stronger Me...
IREN Ltd (NASDAQ:IREN) currently trades at $36.83, while the Wall Street consensus price target sits at $73.47, implying roughly 99% upside from current levels. This level of implied upside stands out and suggests the market may not yet be fully pricing in the company’s earnings power as that contracted revenue begins to materialize. IREN is ... Down 50%, Analysts Thinks IREN (IREN) Doubles from H...
IREN Ltd (NASDAQ:IREN) currently trades at $36.83, while the Wall Street consensus price target sits at $73.47, implying roughly 99% upside from current levels. This level of implied upside stands out and suggests the market may not yet be fully pricing in the company’s earnings power as that contracted revenue begins to materialize. IREN is ... Down 50%, Analysts Thinks IREN (IREN) Doubles from Here