Now that Nelson Peltz has won a surprise bidding war for Janus Henderson Group Plc , the activist investor can start to revamp the $493 billion asset manager he has circled for years. Peltz is paying about $8 billion, or $52 per share, for Janus Henderson – more than twice where its stock was trading when his Trian Fund Management disclosed its position in late 2020. At age 83, Peltz – who over th...
Now that Nelson Peltz has won a surprise bidding war for Janus Henderson Group Plc , the activist investor can start to revamp the $493 billion asset manager he has circled for years. Peltz is paying about $8 billion, or $52 per share, for Janus Henderson – more than twice where its stock was trading when his Trian Fund Management disclosed its position in late 2020. At age 83, Peltz – who over the years has famously tangled with corporate giants — is shelling out for what many see as a fixer-upper. Fees are getting squeezed in the age of low-cost index funds, and Janus Henderson’s performance has been mixed since the 2017 merger that created it. According to people familiar with Peltz’s thinking, Trian intends to use artificial intelligence to streamline Janus Henderson’s business and wring out time-consuming processes. Central to all of this is Trian’s partner in the deal, General Catalyst , the technology-focused investor that has backed Anthropic , Stripe and defense tech firm Anduril Industries Inc. , among others. General Catalyst has invested billions in AI companies, applications and partnerships. It recently launched a company called Percepta that deploys AI researchers, engineers and product managers across a range of businesses to transform traditional workflows using artificial intelligence. Soon on its to-do list: Janus Henderson. Percepta, whose founding team included alumni of data-analysis firm Palantir Technologies Inc. , will be part of Peltz’s effort to modernize middle- and back-office functions, according to people familiar with the plan. Janus already uses some AI tools but plans to deploy Percepta’s more-advanced technology to speed up lengthy fund-creation and other processes and meet investors’ growing demands, people familiar with the matter said. Without public shareholders to answer to, Janus will be able to spend big on these new technologies and make hires in other parts of the business. Representatives for Trian, General Catalyst and J...
Welcome back to Bloomberg’s Real Estate Monitor , a weekly breakdown of emerging trends, strategic challenges and blockbuster deals shaping the industry. Sign up now if you’re not already on the list. This week, find out about an upstart company that holds one of the biggest property reserves for US data centers . We’ll also untangle a corporate implosion that’s rocked the UK lending world , and o...
Welcome back to Bloomberg’s Real Estate Monitor , a weekly breakdown of emerging trends, strategic challenges and blockbuster deals shaping the industry. Sign up now if you’re not already on the list. This week, find out about an upstart company that holds one of the biggest property reserves for US data centers . We’ll also untangle a corporate implosion that’s rocked the UK lending world , and offer a look inside plans to develop a long-neglected spot in downtown Atlanta with help from some famous folks. There’s lots more, so let’s dig in. — Christine Maurus Market Snapshot Blackstone Inc $114.99 +3.0% Vistry Group PLC $328.00 -1.2% NVR Inc $6,589.83 +1.4% Brookfield Asset Management Ltd $44.45 +3.0% Market data as of 09:11 AM ET. Data is subject to provider delays. The big story Meet the little-known company that’s at the center of a massive data-center push in the US . Tract Capital, formed just four years ago, oversees a development firm that has collected more than 30,000 acres of land, on scattered sites from Virginia to Nevada. In total, that area is larger than the size of San Francisco. The goal is to equip all that space with power, get it ready for development within seven years, then flip it. The company is betting that its investments in powered land will pay off handsomely as infrastructure for AI operations becomes more and more essential to the US economy, Bloomberg reporters Aaron Weinman, Dawn Lim and Natalie Wong wrote. Not many people would argue with that wager these days. Yet the field of players has gotten crowded. The AI gold rush has lured prospectors ranging from the world’s biggest real estate firms to a former Texas governor to a Halloween attraction owner in Pennsylvania, and they’re all competing for power on an increasingly stretched grid. One thing it has in its favor is a big-name tenant: Nvidia has committed to lease a yet-unbuilt data center in the Nevada desert. And with that deal, an entity backed by Tract Capital was able to bo...
onceawitkin/iStock Unreleased via Getty Images Microsoft ( MSFT ) was in focus on Wednesday as Benchmark started coverage on the tech giant with a Buy rating and a $450 price target. “The company is emerging as the artificial intelligence orchestration juggernaut that empowers enterprise/consumer via its comprehensive portfolio of digital applications, collaboration & communication tools, and clou...
onceawitkin/iStock Unreleased via Getty Images Microsoft ( MSFT ) was in focus on Wednesday as Benchmark started coverage on the tech giant with a Buy rating and a $450 price target. “The company is emerging as the artificial intelligence orchestration juggernaut that empowers enterprise/consumer via its comprehensive portfolio of digital applications, collaboration & communication tools, and cloud services,” analyst Yi Fu Lee wrote in a note to clients. “We believe investors should take full advantage of the substantial drawdown since reaching a high of over $450 in October 2025 to accumulate Microsoft shares as part of their core long-term SaaS/software holdings. We advise investors not to try time/trade the market on this essential horizon infrastructure name dominating both the enterprise and consumer markets.” Delving deeper, Lee said the firm's bullish stance on Microsoft is based on the fact it owns the “proprietary data crown jewel” that powers the brain behind artificial intelligence, pointing to solutions such as Microsoft 365, Teams, Fabric, Dynamics, and LinkedIn. Lee also noted that the investment in OpenAI ( OPENAI ) is now worth around $227B, who is a “strategic” large long-term cloud customer. “We view leading frontier LLM providers OpenAI/Anthropic long duration Azure cloud usage commitment signifies a symbiotic relationship beneficial for both parties,” Lee explained. “OpenAI/Anthropic needs a reliable hyperscaler like Microsoft to operate their LLM, and these cutting edge LLM are offered as part of the menu of services to customers.” Lastly, Lee said Microsoft's total addressable market goes through “every layer of the tech stack,” as it operates in all three software categories (with Windows, GitHub, etc.), cybersecurity (Microsoft Security), and vertical (Dragon Medical). “We estimate global TAM is $730.5 billion in 2025 expanding at a CAGR of 11.4% closer to $1.25 trillion by 2030.” More on Microsoft Microsoft: Back To Pre-COVID Multiples - But...
onceawitkin/iStock Unreleased via Getty Images Microsoft ( MSFT ) was in focus on Wednesday as Benchmark started coverage on the tech giant with a Buy rating and a $450 price target. “The company is emerging as the artificial intelligence orchestration juggernaut that empowers enterprise/consumer via its comprehensive portfolio of digital applications, collaboration & communication tools, and clou...
onceawitkin/iStock Unreleased via Getty Images Microsoft ( MSFT ) was in focus on Wednesday as Benchmark started coverage on the tech giant with a Buy rating and a $450 price target. “The company is emerging as the artificial intelligence orchestration juggernaut that empowers enterprise/consumer via its comprehensive portfolio of digital applications, collaboration & communication tools, and cloud services,” analyst Yi Fu Lee wrote in a note to clients. “We believe investors should take full advantage of the substantial drawdown since reaching a high of over $450 in October 2025 to accumulate Microsoft shares as part of their core long-term SaaS/software holdings. We advise investors not to try time/trade the market on this essential horizon infrastructure name dominating both the enterprise and consumer markets.” Delving deeper, Lee said the firm's bullish stance on Microsoft is based on the fact it owns the “proprietary data crown jewel” that powers the brain behind artificial intelligence, pointing to solutions such as Microsoft 365, Teams, Fabric, Dynamics, and LinkedIn. Lee also noted that the investment in OpenAI ( OPENAI ) is now worth around $227B, who is a “strategic” large long-term cloud customer. “We view leading frontier LLM providers OpenAI/Anthropic long duration Azure cloud usage commitment signifies a symbiotic relationship beneficial for both parties,” Lee explained. “OpenAI/Anthropic needs a reliable hyperscaler like Microsoft to operate their LLM, and these cutting edge LLM are offered as part of the menu of services to customers.” Lastly, Lee said Microsoft's total addressable market goes through “every layer of the tech stack,” as it operates in all three software categories (with Windows, GitHub, etc.), cybersecurity (Microsoft Security), and vertical (Dragon Medical). “We estimate global TAM is $730.5 billion in 2025 expanding at a CAGR of 11.4% closer to $1.25 trillion by 2030.” More on Microsoft Microsoft: Back To Pre-COVID Multiples - But...
Investing.com -- Bernstein upgraded Western Digital to Outperform from Market Perform, hiking its price target to $340 from $170, arguing that a sharp pullback driven by fears over Google’s new TurboQuant compression algorithm has created a buying opportunity that is disconnected from the underlying fundamentals.
Investing.com -- Bernstein upgraded Western Digital to Outperform from Market Perform, hiking its price target to $340 from $170, arguing that a sharp pullback driven by fears over Google’s new TurboQuant compression algorithm has created a buying opportunity that is disconnected from the underlying fundamentals.
MikeMareen The U.S. Department of Defense said Wednesday it reached a long-term agreement with Boeing ( BA ) and Lockheed Martin ( LMT ) to significantly increase production capacity for a key component of the Patriot missile system, part of a broader effort to strengthen the defense industrial base. The seven-year framework aims to triple output of missile seekers used in the Patriot Advanced Cap...
MikeMareen The U.S. Department of Defense said Wednesday it reached a long-term agreement with Boeing ( BA ) and Lockheed Martin ( LMT ) to significantly increase production capacity for a key component of the Patriot missile system, part of a broader effort to strengthen the defense industrial base. The seven-year framework aims to triple output of missile seekers used in the Patriot Advanced Capability-3 Missile Segment Enhancement, or PAC-3 MSE, a system designed to intercept incoming threats such as ballistic missiles. The agreement follows a separate arrangement with Lockheed Martin, the prime contractor for the PAC-3 system, to boost overall missile production. Missile seekers, produced by Boeing ( BA ), play a central role in guiding interceptors to their targets by providing active tracking data. U.S. officials said expanding seeker production is intended to address supply bottlenecks that have constrained output in recent years. The initiative reflects a shift in procurement strategy toward engaging more directly with lower-tier suppliers, rather than focusing primarily on prime contractors. Officials said the approach is designed to provide more predictable demand signals across the supply chain, encouraging investment in manufacturing capacity, tooling and workforce development. Michael Duffey, the Pentagon’s acquisition chief, said the agreement is part of a broader push to accelerate weapons production and improve supply chain resilience. The department has increasingly emphasized speed and scalability in response to rising global security demands. The move comes as the U.S. and its allies continue to draw down inventories of advanced munitions amid ongoing conflicts and heightened geopolitical tensions. Expanding production of air and missile defense systems has been a priority for defense planners seeking to replenish stockpiles while meeting new operational requirements. At the same time, the proliferation of low-cost drones is reshaping the economic...
Sergio Delle Vedove/iStock Editorial via Getty Images Introduction Back when I last covered Nike, Inc. ( NKE ) in November, I titled the article “Progress Amid Tariff Headwinds, But Turnaround Still Needs Time, So I'll Be Patient,” highlighting the company’s internal efforts following the CEO change back in late 2024 and potential to benefit from a macro recovery, while financials remain solid, ra...
Sergio Delle Vedove/iStock Editorial via Getty Images Introduction Back when I last covered Nike, Inc. ( NKE ) in November, I titled the article “Progress Amid Tariff Headwinds, But Turnaround Still Needs Time, So I'll Be Patient,” highlighting the company’s internal efforts following the CEO change back in late 2024 and potential to benefit from a macro recovery, while financials remain solid, rating them a Hold since the price was not enough to justify buying it yet. With the stock now falling to some of its lowest levels in over a decade, Nike is trading below what I’d call a fair value now, with fundamentals still solid and potential to take advantage of a macro recovery while their internal restructuring and turnaround take time, as expected and highlighted before. The “Win Now” Reality Nike IR Despite beating the market’s revenue and EPS estimates , NKE is down following their Q3’FY26 report as a result of the soft guidance, with net income crashing by 35% during Q3 and 32% YTD, as a result of tariff pressure (300 basis points impact on the gross margin), higher effective taxes (20% compared to 5.9% a year ago due to the lack of a one-time non-cash deferred tax benefit), higher selling and administrative expenses, and struggle in their higher-margin DTC segments, on top of their inventory actions. Regarding the near-term guidance , Nike sees their Q4’FY26 revenue down 2% to 4% as a result of the environment, expecting a 20% drop in China and highlighting the potential disruptions coming from the Iran conflict, targeting to finish their “Win Now” actions by the end of the year. This was significantly worse than the market’s expected 1.9% increase , and it can serve as a wake-up call to the current reality of the business. As mentioned before, this is not something they can fix overnight (despite the “Win Now” name), as we’re talking about much more than just what the company can do, and I believe the market still has to tame its expectations, at least in the ne...
spawns/iStock via Getty Images Soaring oil prices have returned inflation and its value-erosion effects to the spotlight. Earlier in 2026, we were debating about how many cuts the Fed might make amidst the improving conditions at the inflation end. Then the main concern for income-oriented investors was where to deploy capital to access attractive yields without assuming speculative risks. Since f...
spawns/iStock via Getty Images Soaring oil prices have returned inflation and its value-erosion effects to the spotlight. Earlier in 2026, we were debating about how many cuts the Fed might make amidst the improving conditions at the inflation end. Then the main concern for income-oriented investors was where to deploy capital to access attractive yields without assuming speculative risks. Since falling base rates are generally accommodative for asset prices, for income investors the resulting consequence is that the yields fall, emptying the high-yield world from defensive picks/opportunities. While this concern has, at least for the remainder of 2026, become irrelevant , the new thing to worry about is the inflation dragon. And what makes the situation more complicated is that the inflation risk has to be solved by taking into account elevated recessionary risks. For instance, if the underlying economy was robust and inflation was the only issue to solve, then prudent (and retirement) income investors could divert a certain portion of their assets into richer yield instruments that carry a bit higher risk. I would say that in such a case, growth-index-based covered call ETFs like the NEOS Nasdaq-100 High Income ETF ( QQQI ) or broad private credit exposures ( BIZD ) could be reasonable choices. These kinds of pro-cyclical instruments, which produce 10%+ yields, could help investors keep up with the inflation. However, for many conservative income investors, further increasing risk in their portfolios might not be an option, or at least not a recommended move. In this context, I have identified two resilient and high-yielding investment opportunities in which prudent investors could lean into for real cash flow compounding (by "real" I mean dividends that move the needle on an inflation-adjusted basis and have the right business profiles for keeping up with the inflation in the future). #1: Western Midstream Western Midstream ( WES ) is a midstream infrastructure p...
J Studios/DigitalVision via Getty Images nCino Overview After the market closed on March 31st, the management team at nCino ( NCNO ) announced financial results covering the final quarter of the company's 2026 fiscal year. Revenue, earnings per share, and adjusted earnings per share, all came in above what analysts were anticipating. Management also highlighted the prospect of additional growth fo...
J Studios/DigitalVision via Getty Images nCino Overview After the market closed on March 31st, the management team at nCino ( NCNO ) announced financial results covering the final quarter of the company's 2026 fiscal year. Revenue, earnings per share, and adjusted earnings per share, all came in above what analysts were anticipating. Management also highlighted the prospect of additional growth for the 2027 fiscal year, with revenue and other important metrics like adjusted operating income expected to rise nicely. This is great in and of itself and sent shares up 19.4% after-hours trading. But it does not, in my view, change the picture all that much. The fact of the matter is that even though the business is growing nicely, shares are still priced at levels that are lofty. They certainly aren't as bad as they were when I last wrote about it in an article published in August of last year. In that piece, I reaffirmed the company as a ‘sell’ candidate. And since then, shares are down 54.2%, while the S&P 500 has inched higher by 0.7%. And since I originally rated it a ‘sell’ in September of 2022, the stock is down 58.6%. The market, meanwhile, is up 59.9%. To be clear, these returns for the stock do not factor in this after-hours move. But even if we were to factor that in, we are looking at a substantial degree of underperformance over the last few years. At the end of the day, I am optimistic about the company from an operational standpoint. But until we see further growth, I am not ready to upgrade it to a ‘hold’ just yet. A Great Quarter Author's Compilation - SEC EDGAR Data No matter how you stack it, the final quarter of the 2026 fiscal year was a good time for shareholders of nCino. Management reported revenue of $149.7 million. That's an increase of 5.9% compared to the $141.4 million the business reported a year earlier. It also happens to be $2.3 million greater than what analysts were hoping to see . According to management, this rise in revenue was the re...
Zhao Liu Baidu (NASDAQ: BIDU ) on Wednesday said it has launched a fully driverless commercial ride-hailing service in Dubai through its Apollo Go platform. The company said the service, available via the Apollo Go app, marks its first international deployment and is being rolled out in partnership with the Roads and Transport Authority and Dubai Taxi Company . Baidu said the launch follows a driv...
Zhao Liu Baidu (NASDAQ: BIDU ) on Wednesday said it has launched a fully driverless commercial ride-hailing service in Dubai through its Apollo Go platform. The company said the service, available via the Apollo Go app, marks its first international deployment and is being rolled out in partnership with the Roads and Transport Authority and Dubai Taxi Company . Baidu said the launch follows a driverless testing permit granted in January and is part of plans to deploy more than 1,000 autonomous vehicles in Dubai in the coming years. BIDU +0.17% premarket to $111.6198. Source: Press Release More on Baidu Baidu's Deep Value And The Risks The Market Is Ignoring Baidu, Inc. (BIDU) Q4 2025 Earnings Call Transcript Baidu's AI Initiatives Are Exciting, What About Search And The Rest? Nvidia's lead narrows as Chinese chipmakers claim 41% of local market: report Baidu robotaxis halt mid-ride in Wuhan, stranding passengers