Author and academic says role is a chance ‘to make real, meaningful changes’ as trust confronts links to enslavement It’s a story that connects the inventors of the KitKat – the beloved British chocolate bar – with colonial history and its legacies. Now, the ways in which enslavement, indenture and European imperialism fed supply chains for Rowntree’s, the confectioners who invented Fruit Pastilles and Smarties as well as KitKat, are being confronted. Continue reading...

HJBC/iStock Editorial via Getty Images TotalEnergies ( TTE ) and United Arab Emirates-backed renewable energy group Masdar said Thursday they have formed a $2.2B joint venture to merge their onshore wind and solar activities in nine Asian countries. The JV will be "both companies' sole vehicle for developing, building, owning, and operating onshore solar, wind, and battery storage projects," with assets spread across nine countries: Azerbaijan, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, South Korea, and Uzbekistan. Each company will hold a 50% stake in the Abu Dhabi-based JV, which will have ~200 employees from both firms; management will be announced at a later date. The companies said they will contribute to ​a total portfolio of 3 GW ​of operational capacity and 6 GW of development assets due to come online by 2030, with each partner contributing assets of similar value. "Asia will be the main driver of global electricity demand growth this decade, and this collaboration with TotalEnergies will accelerate our progress across the continent, unlocking new opportunities to deliver the competitive, reliable energy solutions that our partners and customers need," said Masdar chairman Sultan Ahmed Al Jaber, who is also CEO of Abu Dhabi National Oil Company. More on TotalEnergies TotalEnergies: Nearing Or At A Cyclic Peak (Rating Downgrade) TotalEnergies Has Future Growth Potential TotalEnergies: Then Came Iran

格隆汇4月2日｜腾讯版“龙虾”出现一日两崩。4月2日，腾讯云官方通过微博发布致歉声明，就当日上午出现的部分用户登录异常问题作出回应，明确故障已全部修复，并同步公布针对受影响用户的补偿方案。在补偿方案方面，腾讯云明确提出，将向所有受影响的国内用户补偿1000 Credits。该积分将在两个工作日内自动发放至用户腾讯云账户，用户需在4月30日24时前登录“用量管理”页面完成领取。 据腾讯云官方披露，此次故障于当日9:10被监测发现，主要表现为部分国内用户在登录WorkBuddy、CodeBuddy等相关服务时出现异常。故障发生后，腾讯云技术团队第一时间介入排查，启动应急处理流程，经过两个多小时的紧急修复，相关服务于11:45逐步恢复，截至声明发布时，所有受影响服务已全面恢复稳定。腾讯公司公关总监张军转发该微博致歉表示：“很抱歉，因为Workbuddy登录异常，给大家的工作和计划带来不便与困扰。” 值得一提的是，今日下午，仍有部分用户在小红书等社交媒体平台反馈，WorkBuddy、CodeBuddy两款产品再次出现“崩溃”现象，有用户致电腾讯云客服咨询相关情况，对方回应此次异常为“服务波动”。截至发稿，腾讯云方面仍未进一步披露此次登录异常的具体技术原因。

「核心提示」 当所有茶饮店都开始“卷”起同质化的咖啡，新茶饮的万店故事还能继续吗？ 过去一年，新茶饮市场并不平静。 持续数月的“外卖大战”，变成了一场平台、品牌和消费者之间的博弈。0元购、1分钱奶茶，看起来是用户“薅羊毛”，但背后是加盟商在承受亏损，品牌方也在平台算法的压力下做着杀鸡取卵的生意。这场价格战就像一面镜子，清晰地映照出六大上市茶饮品牌——蜜雪冰城、古茗、沪上阿姨、奈雪的茶、茶百道、霸王茶姬各自的真实状况。 从年度业绩来看，六家公司之间的差距越来越明显。蜜雪冰城营收继续保持领先；古茗挤压出了仅次于蜜雪冰城的利润；奈雪的茶仍在艰难转型中，不断关店止损；霸王茶姬开始面临增长放缓的困境。 当补贴退潮、消费回归理性，新茶饮行业靠疯狂开店来讲增长故事的时代已经接近尾声。现在的竞争重点不再是谁开店更快，而是在市场饱和的情况下，谁能通过提升运营效率和精细化管理活得更长久。 雪王与霸王，增长的两难 一众业绩当中，蜜雪冰城的表现值得细看。335.6亿元的营收背后，增长的主要亮点并非来自主品牌，而是子品牌幸运咖的“闪电式”扩张。 2025年，幸运咖从年初约4600家门店至11月突破万家，这种扩张速度在整个新茶饮行业都极为罕见。但与此同时，新任CEO张渊在电话会上坦言， 2025年四季度，门店营业额增长较年中和三季度进一步放缓。 这种放缓，不能完全归因于外卖补贴退潮。虽然张渊给出的解释是，订单向线上渠道加速迁移，对集团擅长的线下到店运营模式造成了冲击。但更深层的问题可能在于，蜜雪的产品创新能力并没有跟上市场变化。 2025年，蜜雪集团的研发支出为1.01亿元，同比下降3.4%。主品牌产品端仍以4-10元的经典大单品为主， 新品迭代速度与爆款打造能力并无明显突破 。对于一个依赖标准化、长保质期产品体系的商业模式来说，这套体系在夏季卖冰饮时效率极高，但到了冬季，当消费者更倾向于现煮、新鲜的热饮时，产品力的短板就显现出来了。 霸王茶姬的困境则完全相反，它有产品力，有品牌势能，但2025年的财报数据并不好看。 财报显示，霸王茶姬2025年净收入129.1亿元，同比增长4%；经调整后净利润只有19.1亿元，同比下降超过20%。更值得注意的是第四季度的数据：大中华区单店月均GMV同比下跌25.5%，降至33.7万元。 一部分的影响可能来自于霸王茶姬没有参加外卖大战。 对于外卖大战的态度，张...

Mobix Labs ( MOBX ) said that its board of directors approved the company's 1-for-10 reverse stock split of the company's Class A common stock. The reverse split was approved by the stockholders of the company at the annual meeting held on March 23, 2026 and will legally take effect at 4:00 p.m. ET, on April 6, 2026. The move addresses MOBX's ongoing non-compliance with Nasdaq's $1 minimum bid price rule, in effect since April 2025. The stock price slumped 19% on Thursday during pre-market hours. More on Mobix Labs Mobix Labs, Inc. (MOBX) Shareholder/Analyst Call Prepared Remarks Transcript Mobix Labs stock dips after pricing $6M offering Financial information for Mobix Labs

伟星新材公告，2025年营业收入53.82亿元，同比下降14.12%。净利润7.41亿元，同比下降22.24%。公司董事会审议通过的利润分配预案为：以公司现有总股本剔除回购股份2017万股后的15.72亿股为基数，向全体股东每10股派发现金红利3.5元（含税），送红股0股（含税），不以公积金转增股本。

QCOM Apr 2026 119.000 put (QCOM260410P00119000) Stock Price, News, Quote & History Yahoo! Finance Canada

QCOM Nov 2026 170.000 call (QCOM261120C00170000) Stock Price, News, Quote & History Yahoo! Finance Canada

QCOM Nov 2026 170.000 call (QCOM261120C00170000) Stock Price, News, Quote & History ca.finance.yahoo.com

格隆汇4月2日｜美国参议院共和党领袖图恩：仍在与民主党就移民改革进行磋商。

格隆汇4月2日｜美国联邦法院和纽约州法院4月1日分别宣布推迟审理路易吉·曼焦内所涉案件。曼焦内涉嫌2024年12月在纽约市枪杀一名保险公司高管，案件在美国引发广泛关注。联邦案件的主审法官玛格丽特·加尼特宣布，该案选择陪审团的时间从9月8日推迟到10月5日，开庭时间顺延至10月26日。

格隆汇4月2日｜据央视，伊朗情报部门当地时间4月2日表示，在戈勒斯坦、锡斯坦-俾路支斯坦、塞姆南等省行动中，逮捕了4名极端组织成员、3名涉嫌与以色列情报机构有关的人员，并查获多批武器弹药。伊方还表示，相关部门正在对部分涉案人员资产展开调查处理。

格隆汇4月2日｜据伊朗伊斯兰共和国广播电视台2日消息，伊朗武装部队哈塔姆安比亚中央总部说，美国和以色列无法企及伊朗关键的军备生产中心。美以仅获得了有限的情报，对伊朗庞大的战略能力一无所知，美以认为打击到的那些目标实则无关紧要。

QCOM May 2026 150.000 put (QCOM260501P00150000) Stock Price, News, Quote & History ca.finance.yahoo.com

美伊冲突已逾一个月，战火仍未平息。霍尔木兹海峡尚未完全恢复至正常通行状态。这条扼住全球能源咽喉的水道，搅动的不只是油价，还有光伏产业链。 有贸易消息人士称，光伏行业目前遭遇的最直接风险集中在交付执行，航线改道、订舱限制以及与冲突相关的附加费，这些都增加了近期货物延误的风险。 3月初，一家专注于能源与数字基础设施的Active Energy集团表示，其在阿联酋的首个项目交付时间将较原计划有所延后。公司称涉及近期中东局势引发的区域性扰动、审批流程放缓等综合原因，影响了项目投运进度。 并且，这次危机也波及在中东深度布局的中国光伏企业，他们正承受着在建项目延误、出口通道受阻、原材料成本上升、融资环境趋紧的多重压力。 一家中国组件制造商消息人士表示：“我们听说有几条通往中东的航线已经暂停，同时由于地区紧张局势导致航运保险费上涨3-5倍，情况不容乐观”。 还有一家中国光伏下游的制造商也表示，计划近期运往中东的货物面临更高的不确定性，该公司已加强与地区客户的沟通，讨论应急计划。 同时，伊朗是全球第二大甲醇生产国。冲突爆发后短短一个月内，国内甲醇市场也受到影响，现货价格飙涨46%，化工产业链成本全面承压。与此同时，伊朗纯碱供应受阻、油气价格走高，也在推高光伏玻璃的制造成本。 这场危机究竟给中东光伏产业造成了多大冲击？在深度押注这片市场的中国光伏企业又将如何承压和应对挑战？ 图片由AI工具制作 中东光伏产业踩下“急刹车” 一个有趣的事实是，全世界石油最丰富的中东国家却在搞能源替代。 中东地区沙漠广布，阳光充足、土地广阔。为了摆脱对单一石油经济的路径依赖，近几年，各国政府在大力推动能源转型，电力需求持续增长，绿氢产业也在快速起步。目前，中东已经是全球增长最快的光伏市场。 而全球发展光伏产业都离不开中国的产业链。 根据中东太阳能产业协会及Dii Desert Energy（专注于中东北非能源行业研究与合作平台）等机构数据，2024年中东北非光伏市场新增装机同比增长约25%，高于全球平均水平。进入2025年，随着沙特、阿联酋等超级项目集中并网，区域总装机规模同比暴涨超40%，进入加速扩张周期，也成为中国光伏出口的关键增量。 在中东光伏组件市场，中国厂商占据绝对主导地位。其中，晶科能源、天合光能、晶澳科技与隆基绿能构成最核心的供应阵营。根据InfoLink Consulting 等机构的全球...

格隆汇4月2日｜海南省新闻办公室2日举行新闻发布会，解读海南省住房公积金缴存人子女购房提取住房公积金政策。自今年4月1日起，海南全面开展住房公积金缴存人子女购房提取住房公积金业务，支持缴存人提取住房公积金支付子女购房首付款。

How Mine Production and Milling Capacity Expansion on Track Redwing Mine Restart Program Advances with Dewatering Milestone Tulani Sikwila Named CEO and Leadership Team Expanded to Support Growth Strategy Management to Host Business Update Conference Call on April 2 nd at 8.30am

Roland Magnusson/iStock Editorial via Getty Images AstraZeneca ( AZN ) announced on Thursday that a combination regimen containing its antitumor agent, Imfinzi, was successful in a late-stage trial for a subset of patients with hepatocellular carcinoma, the most common type of liver cancer. The EMERALD-3 Phase 3 trial was designed to evaluate the effects of Imfinzi when administered alongside AZN’s CTLA-4 blocker, Imjudo, a medical procedure called transarterial chemoembolization, and lenvatinib, a cancer therapy marketed by Eisai ( ESALF ). The global trial enrolled 760 patients with unresectable HCC who were eligible for embolization. Citing an interim analysis, the Anglo-Swedish drugmaker stated that the on-drug arm containing Imfinzi showed a statistically significant and clinically meaningful improvement in progression-free survival, the primary endpoint of EMERALD-3. There were no new safety events, and the safety profile of the combination regimen was consistent with the established safety profiles of individual drugs. While there was a trend favoring overall survival , a key secondary endpoint, the company said EMERALD-3 will continue until there is additional evidence on OS and other secondary endpoints. “We are discussing these positive data with global regulatory authorities while awaiting the final results from the key secondary endpoints,” added Susan Galbraith, Astra’s ( AZN ) Executive Vice President of Oncology Hematology R&D. More on AstraZeneca PLC AstraZeneca: The Big China Bet AstraZeneca: Q4 Earnings Analysis - Ticks The Boxes, Upgrading To Buy AstraZeneca PLC (AZN) Q4 2025 Earnings Call Transcript AstraZeneca succeeds in two Phase 3 trials for COPD therapy Anti-vaccine group asks RFK Jr. to add more vaccine injuries to compensation program

US President Donald Trump is coming under increasing international pressure after he pledged in a primetime speech to continue the war on Iran, sparking further turmoil in energy markets, with little sign the Strait of Hormuz will be open soon. French President Emmanuel Macron on Thursday said Trump’s demands for help reopening the vital waterway through military means are “ unrealistic ,” calling for consultation with Iran to come up with a solution. The United Arab Emirates is appealing to the United Nations to authorize a range of measures, including force, to get oil and gas flowing through the strait again, with fears growing of a global supply crisis. In a speech Wednesday night, Trump said the US-Israeli alliance would carry out further operations against Iran “over the next two to three weeks,” repeating a threat “to hit each and every one of their electric-generating plants” if Tehran doesn’t agree to US demands to end the fighting. Read More: Full Transcript of Trump’s Speech to the Nation on Iran War The Islamic Republic continued attacks across the Persian Gulf on Thursday and showed little appetite to start talks, let alone concede defeat. The foreign ministry said Iran had received US messages through intermediaries including Pakistan, but that American demands were “maximalist and illogical.” The back and forth rattled energy markets. Brent crude climbed around 8% to above $109 a barrel. Europe’s diesel futures rose to more than $200 a barrel , the highest level since 2022, as the ongoing war and the effective closure of Hormuz cause fuel shortages. US Treasury yields rose and global stocks slumped, underscoring concerns about stagflation, or higher inflation and slower economic growth. Iranian missile and drone attacks were reported by Gulf Arab states overnight and into Thursday. The US embassy in Baghdad warned that Iraqi militias may carry out attacks on central parts of the city in the next two days, including against American citizens. Read More...

William_Potter/iStock via Getty Images The investment thesis in USA Rare Earth ( USAR ) lies in being a "political asset", as an optional call in the reshoring of the rare earth chain in the U.S.—with clear potential to become a strategic "mine-to-magnet" player, but still in the pre-revenue stage and highly speculative. It is very complex to rely on speculation in the markets, so it is almost obvious to say that USAR is an asset with levels of volatility far beyond the standard (91% implied volatility ). Because it is an event-driven thesis, milestones drive the price. After announcing significant funding at the end of January, the thesis basically left the "if" and entered the "when/how", with the management team basically saying that now that there is cash in place, the next step is to accelerate execution, as there are clear milestones until 2030. Whereas, in the near term, in order, USA Rare Earth has (1) commissioning of the magnet plant (Stillwater) starting in 1Q26 being the first sign of real monetization; (2) disclosure of supply agreements/POs throughout 2026; and (3) government funding coming by milestones (2026-2028)—in this case with formal approval and first disbursements being a catalyst; I believe that 2026 still tends to be an eventful year for USAR. Anticipating that the stock is currently experiencing a strong pullback—nearly 45% since the announcement of the CHIPS Act and PIFE funding—I anticipate that there is a high probability, considering the nature of the USAR stock, that new catalysts in sight tend to have effects similar to those experienced at the end of January of this year. Data by YCharts With that in mind, I anticipate the present moment as constructive for starting a long position. Why Rare Earths Matter More Than Ever At the moment, the megatrend is based on a political war for minerals, where today, there is China dominating ~80-90% of the world's rare earth chain, and the U.S. is reacting to this scenario, seeking greater strateg...

Income-focused investors often look to dividend ETFs as an easy way to generate steady passive income without picking individual stocks. Among Vanguard’s most popular options are the Vanguard High Dividend Yield ETF (VYM), Vanguard Dividend Appreciation ETF (VIG), and Vanguard International High Dividend Yield ETF (VYMI)—each offering a different mix of yield, growth, and global exposure. Using TipRanks’ ETF Comparison Tool, we compared VYMI, VYM, and VIG to determine which Vanguard ETF could be

Tesla stock fell in premarket trading Thursday, ahead of its release of first-quarter delivery figures, as investors grew nervous about renewed conflict in the Middle East. Benchmark international crude oil prices were up 8% in early trading on Thursday, above $109 per barrel. Coming into Thursday trading, the S&P 500 was up 3.2% for the week, leaving it down 4.4% since the fighting in Iran began.

4月2日，星辉环材（300834.SZ）再度封锁涨停板，这是自3月31日以来，其斩获的第三个“20CM”涨停，3天股价涨幅已达72.79%，区间换手率为26.89%。 股价大涨背后，星辉环材近日一则间接控股股东权益变动的公告引发关注。 3月30日晚，星辉环材公告称，实控人陈雁升、陈创煌、陈冬琼及一致行动人陈粤平计划转让星辉环材股东的股权给Zelos Group Inc.（以下简称“九识智能”）的下属全资公司，转让价款合计11.82亿元。 这笔交易之所以引发市场关注，源于交易对手方九识智能的“明星光环”。九识智能是一家成立于2021年的无人驾驶科技公司，官网显示，其运营着全球规模最大的RoboVan（无人驾驶厢式车）车队。今年2月，九识智能完成新一轮超3亿美元融资，宣布估值突破百亿元。 对于此次交易，九识智能承诺，在本次股权转让完成后36个月，不以任何方式谋求上市公司控股权或实际控制权，也不存在向上市公司注入资产的计划。 陈氏家族计划超11亿元卖股权 根据公告，此次权益变动分为两部分，转让价款合计11.82亿元。一是实控人陈冬琼与Zelos（Hongkong）Holding Limited（以下简称“Zelos HK”）签署股份转让协议，约定将其所持的星辉环材股东星辉合成材料（香港）有限公司（以下简称“星辉香港”）51%的股权转让予Zelos HK，转让对价4.22亿元（以等值美元支付，汇率按付款日当日计算）。 二是实控人陈雁升、陈创煌以及其一致行动人陈粤平与江苏九识智行智能科技有限公司（以下简称“江苏九识”）签署股权转让协议，约定将其合计所持的星辉环材控股股东广东星辉控股有限公司（以下简称“星辉控股”）45%的股权转让予江苏九识，转让价款为7.60亿元。 而在股权协议生效后，星辉控股即启动存续分立程序，星辉控股存续分立为星辉控股（“存续公司”）以及一家新设公司。存续公司和新设公司的股东和持股比例与分立前星辉控股一致；其中，存续公司仅持有星辉环材39.28%的股份，分立前星辉控股的其他资产及债务债权则装进新设公司。 时代财经了解到，陈雁升和陈冬琼系夫妻关系，陈创煌系陈雁升和陈冬琼之子，陈雁升、陈冬琼、陈创煌为公司的共同实际控制人。陈粤平系陈冬琼的兄长，为实际控制人的一致行动人。 Zelos HK、江苏九识均为Zelos Group Inc.（以下简称“九识智能”）下属...

McDonald's ( MCD ) is preparing to add a new round of value offerings to its McValue menu in the U.S. as it looks to win back budget-conscious customers. Starting in April, the chain plans to roll out a menu of items priced at $3 or less, alongside a $4 breakfast meal deal and lunch and dinner meal deals starting at $5. The lower-priced items include breakfast options under $3, like the Sausage McMuffin, Sausage Biscuit, Sausage Burrito, Hash Browns, and a medium McCafé Premium Roast Coffee. For lunch or dinner, that same under-$3 value extends to the McChicken, McDouble, 4-Piece Chicken McNuggets, small fries, and a medium soft drink. McDonald's ( MCD ) is also bringing the fan-favorite Meal Deal to breakfast. Customers can choose a sausage McMuffin or sausage biscuit, served with h ash browns and a small McCafé Premium Roast Coffee, all for just $4. At the $5 price point, the chain is offering a McChicken Meal Deal with 4-piece McNuggets, small fries, and a small soft drink. Prices and participation levels can vary at some locations. "As our customers' expectations evolve, we're making it easier for them to get the value they're looking for—on their terms. McValue offers more choice, more flexibility, and more ways to build a meal that fits their day and budget," highlighted McDonald's ( MCD ) USA Chief Marketing and Customer Experience Officer Alyssa Buetikofer. McDonald's ( MCD ) has been leaning harder into discounts and meal deals as consumers remain sensitive to fast-food pricing. The company has already used value promotions to drive traffic, and the new McValue update is part of that broader strategy. The McDonald's ( MCD ) pricing move could impact chains such as Wendy's ( WEN ), Taco Bell ( YUM ), Jack in the Box ( JACK ), Sonic, Whataburger, Culver's, Five Guys, Freddy’s Frozen Custard & Steakburgers, Hardee's, Carl's Jr., Checkers/Rally's, In-N-Out, Habit Burger ( YUM ), Smashburger, White Castle, Dairy Queen, Arby's, and Shake Shack ( SHAK ) to varying...

Tesla deliveries for Q1 are due before the open, with Elon Musk's EV giant set to be BEV leader again. Tesla stock fell but is up for the week.

智能眼镜正迎来消费热与资本潮，雷鸟创新、XREAL、影目INMO、Rokid等品牌在年初纷纷完成新一轮融资。 其中，Rokid（母公司灵伴科技）近期连续按下资本加速键：增资扩股、股权重构，老股东持股比例被大幅稀释；今年，Rokid最新两轮融资中还引入了多家产业巨头。这些动作都被外界视为是Rokid即将冲刺IPO的信号；不过对于IPO传闻，Rokid方面还没有官方回应。 就在Rokid动作频频时，同属“AR四小龙”的XREAL率先一步向港交所递交了招股书；智能眼镜赛道的资本竞速已然开启，谁能 率先拿下“智能眼镜第一股”？ 01.AI眼镜进入资本热潮 Rokid和XREAL分别成立于2014年和2017年，二者创立之初产品路线高度相似，都主打消费级的AR眼镜。 大模型爆发后，Rokid迅速转向全功能 AI 眼镜路线；XREAL则坚持空间显示核心，聚焦影音与便携大屏。 招股书显示，XREAL2023年-2025年的主要收入都来自AR眼镜及相关配件的销售；按销售收入计，XREAL从2022年至2025年间每年在全球AR眼镜市场中位居第一。 图源：招股书截图 据招股书披露，XREAL第一大股东为创始人徐驰及其控制主体，合计持股投票权27.98%，上市后仍保持控股地位。XREAL的豪华股东阵容里，还包括阿里、快手、爱奇艺等互联网企业；消费电子制造巨头立讯精密、国际时尚眼镜品牌Gentle Monster等产业投资者。 另一边，Rokid背后也站着众多明星投资机构。值得注意的是，最近两个月，Rokid密集融资、扩股，股东阵容也发生了不小的变化。 2026 年1月24日至29日，短短6天内，Rokid母公司灵伴科技完成4轮密集增资扩股，注册资本从287.52万元暴增至1395.9万元，其中1月29日单次增资超 800 万元，占本轮总额70%以上。增资完成不到两个月后，灵伴科技便完成了股份制改造，更名为“灵伴科技（杭州）股份有限公司”，企业性质从有限责任公司变更为股份有限公司。 图源：微博截图 股份制，是登陆资本市场的法定前提条件。 当增资扩股、有限公司改股份公司，两件事一起发生，几乎就是企业启动IPO标准的前置信号。 在几轮增资后，灵伴科技创始团队的持股比例大幅下降。企业的股权结构从集中走向分散，也满足了主流资本市场对上市的要求。 “天眼查”数据显示， 创始人祝铭明等初始团队股东合...

Broadcom Inc. (NASDAQ:AVGO) is one of the 15 Best Stocks to Buy According to Billionaire Ray Dalio. Broadcom Inc. (NASDAQ:AVGO) became of interest to Bridgewater Associates just before the AI boom swept markets. The fund first bought a stake in the company at the end of 2021. This position comprised just 16,000 shares. Over the […]

Broadcom Inc. (AVGO): Billionaire Ray Dalio Continues to Be Bullish Yahoo Finance

Broadcom Inc. (AVGO): Billionaire Ray Dalio Continues to Be Bullish finance.yahoo.com

HJBC/iStock Editorial via Getty Images Investment summary My previous investment thought on PVH Corp. ( PVH ) was a hold rating because I was concerned about the near-term earnings pressure given the tariff situation, lack of revenue growth, and geopolitical risk in China. In this update, I still think a neutral stance makes sense. The positive is that PVH’s turnaround work looks more credible now, with better brand execution and stronger product campaigns. The issue is that underlying growth is still not strong enough, and tariff headwinds remain visible. 4Q25 results update PVH reported Q4 2025 revenue of $2.5 billion, which was a 6% y/y growth on a reported basis but flat in constant currency [CC]. By region, EMEA revenue grew 8% on a reported basis but fell 3% CC; Americas revenue grew 4%; and APAC revenue was flat on a reported basis and down 2% CC. One thing to note is that the APAC result included a ~4% decline from the Lunar New Year timing shift as the holiday fell in Q4 2024 but not in Q4 2025. In terms of brand performance, Tommy Hilfiger revenue grew 7% reported and 1% CC; Calvin Klein revenue grew 3% reported but fell 1% CC. By channel, direct-to-consumer [DTC] revenue grew 1% reported and fell 3% CC, while owned and operated digital commerce revenue grew 5% reported and was flat CC. Wholesale revenue did better with 11% reported growth and 4% CC. However, growth did not translate into bottom line growth directly. Adj. EPS was only up slightly from $3.27 to $3.82. The main reason was the gross margin decline due to higher tariffs on goods entering the US, the transition of previously licensed women’s categories, and a more promotional environment. The turnaround progress Previously, my positive view was that PVH's brand-building actions were starting to work and that the Calvin Klein operating issues were getting resolved. Those notions continue to advance in the right direction as management is now talking about on-time deliveries, margins back on plan...