Banks led by JPMorgan Chase & Co. are looking at tweaking the terms of their $7.2 billion debt offering to fund the buyout of Sealed Air Corp ., in a bid to break a stalemate with investors who have balked at some of the deal’s provisions. The lender group has signaled to investors that changes would be made to offer them greater protections, according to people familiar with the matter. Among the...
Banks led by JPMorgan Chase & Co. are looking at tweaking the terms of their $7.2 billion debt offering to fund the buyout of Sealed Air Corp ., in a bid to break a stalemate with investors who have balked at some of the deal’s provisions. The lender group has signaled to investors that changes would be made to offer them greater protections, according to people familiar with the matter. Among the provisions in focus are those governing a potential breakup of the Bubble Wrap maker following its pending takeover by Clayton, Dubilier & Rice , said the people, who asked not to be named because the information isn’t public. Still, no final decisions have been made on changes to the terms, the people cautioned. The leveraged buyout offering, one of this year’s largest, has struggled to attract sufficient demand, with investors expressing concern that a potential spinoff of Sealed Air’s food or protective packaging units would leave them with a weaker pool of assets backing their debt. The largest part of the deal, a US dollar loan, had drawn about $3 billion of orders just a couple of hours before a deadline for investor commitments, short of the $4.1 billion offering size, they added. That’s even after the banks on Monday sweetened the loan pricing, boosting interest rates by as much as 0.5 percentage point and offering a bigger discount at 97.5 cents on the dollar. The deal’s junk-bond sale is faring better. The roughly $1.85 billion of secured and unsecured US dollar notes being offered have attracted roughly $3.9 billion of orders. Representatives for JPMorgan and Sealed Air didn’t immediately respond to a comment request. A representative for CD&R didn’t have an immediate comment. Wall Street banks have faced a tougher environment to offload LBO debt as concerns about the economic effects of the Iran war and artificial intelligence disruptions weigh on investors’ appetite for risk. While lenders including JPMorgan still managed to sell about $15 billion of securitie...
US president demolished East Wing of White House last year to make way for 90,000-sq-ft project Sign up for the Breaking News US email to get newsletter alerts in your inbox A US judge has blocked Donald Trump from proceeding with the construction of his $400m White House ballroom. The US president demolished the East Wing of the White House last year to make way for the project. Continue reading....
US president demolished East Wing of White House last year to make way for 90,000-sq-ft project Sign up for the Breaking News US email to get newsletter alerts in your inbox A US judge has blocked Donald Trump from proceeding with the construction of his $400m White House ballroom. The US president demolished the East Wing of the White House last year to make way for the project. Continue reading...
Prop played with Tigers coach under Stuart Lancaster ‘I am honoured to be part of this prestigious club’ The former England prop Mako Vunipola has confirmed he is joining Leicester this summer as the Tigers look to beef up their pack for next season. The 35-year-old Vunipola will be joined in the East Midlands by the Argentinian front-row Joel Sclavi who will also help to fill the gap left by Nick...
Prop played with Tigers coach under Stuart Lancaster ‘I am honoured to be part of this prestigious club’ The former England prop Mako Vunipola has confirmed he is joining Leicester this summer as the Tigers look to beef up their pack for next season. The 35-year-old Vunipola will be joined in the East Midlands by the Argentinian front-row Joel Sclavi who will also help to fill the gap left by Nicky Smith’s impending switch to Sale Sharks. Vunipola, who won 79 England caps and was picked for three British & Irish Lions tours, is playing for Vannes in France’s ProD2 but has opted to extend his career by a year. “He was hungry for the chance to come back to the Prem and finish in the comp he knows best,” the Leicester head coach, Geoff Parling, said. Continue reading...
Luanne James said as a librarian she had an obligation to protect the public’s right to access information Sign up for the Breaking News US email to get newsletter alerts in your inbox A Tennessee library director has been fired after she refused to relocate more than 100 LGBTQ+-themed children’s titles to the library system’s adult section. The Rutherford county library board on Monday voted to f...
Luanne James said as a librarian she had an obligation to protect the public’s right to access information Sign up for the Breaking News US email to get newsletter alerts in your inbox A Tennessee library director has been fired after she refused to relocate more than 100 LGBTQ+-themed children’s titles to the library system’s adult section. The Rutherford county library board on Monday voted to fire Luanne James following a heated emergency meeting that involved supporters of hers chanting “We stand with Luanne!” while wearing shirts that read “Protect the freedom to read.” Continue reading...
Bloomberg Law's Ben Miller joins Scarlet Fu and Tim Stenovec on "Bloomberg Crypto." The abrupt departure of the SEC’s enforcement chief is stirring speculation about who will serve as its next top cop, adding to scrutiny over plunging enforcement numbers and cases dropped against crypto defendants tied to President Donald Trump. (Source: Bloomberg)
Bloomberg Law's Ben Miller joins Scarlet Fu and Tim Stenovec on "Bloomberg Crypto." The abrupt departure of the SEC’s enforcement chief is stirring speculation about who will serve as its next top cop, adding to scrutiny over plunging enforcement numbers and cases dropped against crypto defendants tied to President Donald Trump. (Source: Bloomberg)
Helped in part by renewed enthusiasm for defense stocks and increasing intersections with technology, including artificial intelligence (AI), the industrial sector isn't as stodgy as it used to be. Admittedly, that's painting in broad strokes, and there are some things for investors to keep in mind about this group. The S&P 500 Industrials Sector comprises a dozen industry groups, but not all are ...
Helped in part by renewed enthusiasm for defense stocks and increasing intersections with technology, including artificial intelligence (AI), the industrial sector isn't as stodgy as it used to be. Admittedly, that's painting in broad strokes, and there are some things for investors to keep in mind about this group. The S&P 500 Industrials Sector comprises a dozen industry groups, but not all are glitz and glamor. Sure, there's no arguing that certain aerospace and defense stocks have pizazz, and some machinery names, such as Caterpillar and Deere , are equally charismatic in investment terms. However, the industrial sector still includes some stocks that investors may perceive as boring. Illinois Tool Works (NYSE: ITW) fits that bill. Well, most of the time. Its 14.6% pullback from its 52-week high isn't boring. It's painful, but that decline may also spell opportunity for investors looking to get involved in an industrial stock for the long term. Continue reading
Jacob Boomsma/iStock via Getty Images Introduction Energy price volatility and the ongoing war in the Middle East have clouded the economic outlook around the world, pushing bond yields higher and equity prices lower. Banks are naturally quite sensitive to these developments, with shares of many financial institutions declining in the double digits on a year-to-date basis. Crises, however, also cr...
Jacob Boomsma/iStock via Getty Images Introduction Energy price volatility and the ongoing war in the Middle East have clouded the economic outlook around the world, pushing bond yields higher and equity prices lower. Banks are naturally quite sensitive to these developments, with shares of many financial institutions declining in the double digits on a year-to-date basis. Crises, however, also create opportunities. Buyers in Asia will undoubtedly want to diversify their energy supplies. One beneficiary of this trend is Alaska, with the state's economy heavily dependent on the oil & gas industry. Investors interested in increasing their exposure to "The Last Frontier" state may want to consider Northrim BanCorp ( NRIM ). The shares are only modestly higher since I last covered the company back in July 2025 , presenting an attractive entry point for investors. The bullish NRIM thesis can be summarized as: NRIM trades at only 8.85x its 2026 expected earnings, presenting a ~14% discount relative to regional bank peers. While reported earnings are forecast to decline this year, growth is likely to resume in 2027, as the 2026 drop is driven by the non-recurrence of positive one-offs that boosted 2025 performance. Credit costs should remain contained as Alaska's economy benefits from its commodity exposure, with odds of a recession arguably smaller compared to other U.S. states. For readers not familiar with NRIM, the bank's Q4 2025 results presentation provides a comprehensive overview of the company. In brief, NRIM operates exclusively in Alaska, with the $2.3 billion loan portfolio primarily focused on residential and commercial mortgages, as well as construction loans. These three categories account for roughly 75% of loans outstanding. The remaining 25% are allocated principally to commercial loans. 2025 Results Overview NRIM reported EPS of $2.87/share in 2025 , a stellar 73% Y/Y increase relative to 2024. A major contributor to the improved performance was higher o...
Architect Shalom Baranes shows elevation drawings for a new $400 million ballroom at the White House to members of the National Capital Planning Commission on Jan. 8, 2026 in Washington, DC. Chip Somodevilla | Getty Images A federal judge in Washington, D.C., on Tuesday blocked, for now, the construction of the new White House ballroom, which President Donald Trump has heavily touted. District Cou...
Architect Shalom Baranes shows elevation drawings for a new $400 million ballroom at the White House to members of the National Capital Planning Commission on Jan. 8, 2026 in Washington, DC. Chip Somodevilla | Getty Images A federal judge in Washington, D.C., on Tuesday blocked, for now, the construction of the new White House ballroom, which President Donald Trump has heavily touted. District Court Judge Richard Leon, in his order, enjoined Trump administration officials and the Executive Officer of the President, "from taking any action in furtherance of the physical development of the proposed ballroom at the former site of the East Wing of the White House." Leon said the order would take effect within 14 days. The delay gives Trump time to appeal the order. This is breaking news. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Federal Reserve Governor Michael Barr said stablecoins present some areas of concern tied to potential money laundering and financial stability risks, in a warning for banking agencies as officials craft regulations. “The quality and liquidity of stablecoin reserve assets are critical to their long-run viability,” Barr said in prepared remarks for the Federalist Society. “At the same time, stablec...
Federal Reserve Governor Michael Barr said stablecoins present some areas of concern tied to potential money laundering and financial stability risks, in a warning for banking agencies as officials craft regulations. “The quality and liquidity of stablecoin reserve assets are critical to their long-run viability,” Barr said in prepared remarks for the Federalist Society. “At the same time, stablecoin issuers have an incentive to maximize the return on their reserve assets by extending the risk spectrum as far out as possible.” Barr also noted on Tuesday the potential benefits of digital assets, such as helping firms with their Treasury functions or remittance transfers. Stablecoins are recognized for their ability to quickly settle payments as compared to wire transfers, which can take several business days. Read More: Fed’s Bowman Says Regulators Working on Stablecoin Rules The Fed and other regulators are in the process of writing rules tied to the Genius Act, which requires stablecoin issuers to formally register and hold dollar-for-dollar reserves. Banks and crypto firms have recently clashed over digital asset regulations, including a fight over access to bank charters. “Tight control over reserve assets, coupled with supervision, capital and liquidity requirements, and other measures, could enhance the stability of stablecoins and make them more viable payment instruments,” he said. “But success in accomplishing these goals will depend on the details of regulatory implementation.”
SCHD: 2026 Reconstitution I last analyzed the Schwab US Dividend Equity ETF ( SCHD ) on Feb 19 with an article titled “SCHD: I Projected Its 2026 Reconstitution Changes And Liked What I Saw.” The key projection from that article was that “my simulations suggest SCHD will reduce energy exposure, increase financials, and further boost healthcare allocations, aligning with robust value and growth met...
SCHD: 2026 Reconstitution I last analyzed the Schwab US Dividend Equity ETF ( SCHD ) on Feb 19 with an article titled “SCHD: I Projected Its 2026 Reconstitution Changes And Liked What I Saw.” The key projection from that article was that “my simulations suggest SCHD will reduce energy exposure, increase financials, and further boost healthcare allocations, aligning with robust value and growth metrics.” I felt bullish about these projected changes and rated the ETF as a buy. Since that article, the fund has actually announced its 2026 reconstitution at the end of March and made several material changes to its holdings. Besides these fund-specific catalysts, a few macroeconomic parameters have also changed substantially in the past 1~2 months. In particular, the geopolitical conflicts with Iran have changed the valuation and growth projection of the SP500 considerably. As such, my goals in this article are twofold. Firstly, I will review the changes that SCHD made in its 2026 constitution. Secondly and more importantly, I will analyze how these changes can impact SCHD’s return potential relative to the broader market as represented by the SPDR S&P 500 ETF Trust ETF ( SPY ). In the end, my verdict is that the 2026 reconstitution has positioned SCHD well to outperform SPY in 2026 as well. Particularly as ongoing geopolitical conflicts introduce heightened volatility to the broader market, SCHD’s post-reconstitution increase in Health Care and decrease in energy provide a quality-first buffer that SPY, which is heavily tilted toward growth, lacks. SCHD and SPY ETF: Quick Introduction and Exposure Since the popularity of both SCHD and SPY among Seeking Alpha readers, I feel the following fund description is sufficient as a quick introduction. Here, I will focus more on the differences in their exposure as a result of their different indexing methods. SCHD Fund Description: SCHD’s index focuses on the sustainability and quality of dividends by screening companies based on...
Richard Drury/DigitalVision via Getty Images Lately, things have been going pretty well for shareholders of Unity Bancorp ( UNTY ). Back in early October of last year, I decided to upgrade the stock from a "Buy" to a "Strong Buy." This is rare for me. I have a very high bar for such a high rating in the financial sector because of how risky I view the space to be. But honestly, the company checked...
Richard Drury/DigitalVision via Getty Images Lately, things have been going pretty well for shareholders of Unity Bancorp ( UNTY ). Back in early October of last year, I decided to upgrade the stock from a "Buy" to a "Strong Buy." This is rare for me. I have a very high bar for such a high rating in the financial sector because of how risky I view the space to be. But honestly, the company checked a lot of my preferred boxes. Fundamentals were strong, the balance sheet was expanding, the income statement was growing, and the stock was priced at levels that just made sense to me. That was a good call. Since then, the stock has risen 5.6%, while the S&P 500 is down 1.9%. In all honesty, I believe this trend will continue in the near term. And because of how cheap the stock remains relative to earnings and how high asset quality is, I think I would be ridiculous to downgrade it at this time. I’m still banking on Unity Bancorp Author - SEC EDGAR Data The newest data that we have regarding Unity Bancorp covers through the final quarter of the company's 2025 fiscal year. In many instances, when I analyze a publicly traded bank, I'd like to start with the balance sheet. But today, I have a different narrative to share with you. Today, I'm starting with meaningful margin improvement that the company is capturing. For the final quarter of 2025, for instance, Unity Bancorp saw a net interest margin of 4.60%. That's up from the 4.37% reported a year earlier. Over the last three completed fiscal years, net interest margin has actually expanded nicely from 4.06% to 4.52%. Author - SEC EDGAR Data Already, these numbers are high. Most banks sit in the 2% to slightly above 3% range. But the fact that it's also expanding is telling. In the chart above, you can see how certain metrics associated with parts of its balance sheet have behaved. Loans, for instance, have become much more valuable to the company. This is especially compared to what they were back in 2023. But we should not...
JHVEPhoto/iStock Editorial via Getty Images So, for the past few weeks, I've been covering and updating on most of my "typical" insurance players, especially in the US market. I've also been adding a few to my list and covering some EU ones in the IG. Generally speaking, it's fair to say and accurate to quote me as being conservative and somewhat negative on the sector going forward into 2026. Why...
JHVEPhoto/iStock Editorial via Getty Images So, for the past few weeks, I've been covering and updating on most of my "typical" insurance players, especially in the US market. I've also been adding a few to my list and covering some EU ones in the IG. Generally speaking, it's fair to say and accurate to quote me as being conservative and somewhat negative on the sector going forward into 2026. Why is that? In this article, I will use the The Hanover Insurance Group, Inc. ( THG ) as a good example (in my view) of a company that seems to be liked by most (in that most recommendations are positive), but that I believe is perhaps a bit overestimated on the bullish side - or at least not enough highlighting of risk, if that makes sense. Because while THG is without a doubt a very solidly capitalized insurance company in the P&C sector, which stands for property & casualty, I believe this is one where investors may be liable to not see the "forest for the trees." As a value investor, I believe it is my purpose here on Seeking Alpha to provide this context to you to make sure you make the right decisions in investing - those being the right decision for you, and not for the "herd," as I would coin the majority of the investment base. I will go through THG's operations, show you what makes it a good investment, then shift into risks and look at what could make this company a bit of a problem on the risk side, and at a certain valuation. There are good reasons why many people, many investors, are positive right now, but let me offer a bit of contrast on this company. The Hanover Insurance Group - Quality in a stressful environment The reason I call the current insurance environment, especially in the U.S., a stressful one is one of many facets. I have covered it a bit in previous articles, and it can be summarized as follows (especially for P&C). Essentially, we're talking about the convergence of several serious factors, which I believe are being underestimated. On the one ...
Iran has the “necessary will” to end the war with the US and Israel, President Masoud Pezeshkian said on Tuesday, stressing that Tehran was seeking guarantees the conflict would not flare up again. The comment by the head of state – which boosted markets in the US – came after a day of heavy strikes on Iran and followed a tough warning from the powerful Islamic Revolutionary Guard Corps. The Guard...
Iran has the “necessary will” to end the war with the US and Israel, President Masoud Pezeshkian said on Tuesday, stressing that Tehran was seeking guarantees the conflict would not flare up again. The comment by the head of state – which boosted markets in the US – came after a day of heavy strikes on Iran and followed a tough warning from the powerful Islamic Revolutionary Guard Corps. The Guards threatened to retaliate against leading US tech firms such as Google, Meta and Apple from...
Electric bike startup Also, which spun out of carmaker Rivian, reached a $1 billion valuation in a new funding round and struck a partnership with DoorDash to work on autonomous deliveries. Also’s co-founder and President Chris Yu speaks with Matt Miller on “Bloomberg Tech.” (Source: Bloomberg)
Electric bike startup Also, which spun out of carmaker Rivian, reached a $1 billion valuation in a new funding round and struck a partnership with DoorDash to work on autonomous deliveries. Also’s co-founder and President Chris Yu speaks with Matt Miller on “Bloomberg Tech.” (Source: Bloomberg)
The entire source code for Anthropic's Claude Code command line interface application (not the models themselves) has been leaked and disseminated, apparently thanks to a serious internal error. The leak gives competitors and armchair enthusiasts a detailed blueprint for how Claude Code works—a significant setback for a company that has seen explosive user growth and industry impact over the past ...
The entire source code for Anthropic's Claude Code command line interface application (not the models themselves) has been leaked and disseminated, apparently thanks to a serious internal error. The leak gives competitors and armchair enthusiasts a detailed blueprint for how Claude Code works—a significant setback for a company that has seen explosive user growth and industry impact over the past several months. Early this morning, Anthropic published version 2.1.88 of Claude Code npm package—but it was quickly discovered that package included a source map file, which could be used to access the entirety of Claude Code's source—almost 2,000 TypeScript files and more than 512,000 lines of code. Security researcher Chaofan Shou was the first to publicly point it out on X , with a link to an archive containing the files. The codebase was then put in a public GitHub repository, and it has been forked tens of thousands of times. Read full article Comments