Kyriakos Mitsotakis calls alleged scamming of EU agricultural funds ‘a turning point’ The Greek prime minister has vowed to tackle what he has called a “deep state” he says is plaguing the country, as he sought to address a burgeoning political crisis over a farm fraud scandal that has forced the resignation of multiple government ministers. In a speech, aired on national TV, Kyriakos Mitsotakis a...
Kyriakos Mitsotakis calls alleged scamming of EU agricultural funds ‘a turning point’ The Greek prime minister has vowed to tackle what he has called a “deep state” he says is plaguing the country, as he sought to address a burgeoning political crisis over a farm fraud scandal that has forced the resignation of multiple government ministers. In a speech, aired on national TV, Kyriakos Mitsotakis attempted to limit the damage, describing the revelations as “a turning point” that had turbo-charged his commitment to rooting out entrenched corruption. Continue reading...
OpenAI has released policy recommendations to address the rapid social changes driven by AI. OpenAI's Chief Global Affairs Officer Chris Lehane discusses the company’s ideas to “ensure AI benefits everyone.” Lehane joins Caroline Hyde and Ed Ludlow on “Bloomberg Tech.” (Source: Bloomberg)
OpenAI has released policy recommendations to address the rapid social changes driven by AI. OpenAI's Chief Global Affairs Officer Chris Lehane discusses the company’s ideas to “ensure AI benefits everyone.” Lehane joins Caroline Hyde and Ed Ludlow on “Bloomberg Tech.” (Source: Bloomberg)
Tara Moore/DigitalVision via Getty Images Blackstone Inc. ( BX ) looked like a Buy to me last May. Alternatives were structurally gaining share and continue to be a relevant theme today as macro uncertainties have risen considerably (from the tariff uncertainties in May 2025) and equity markets have cooled. I expected Blackstone to fully strengthen its Fee Related Earnings (FRE), leveraging its un...
Tara Moore/DigitalVision via Getty Images Blackstone Inc. ( BX ) looked like a Buy to me last May. Alternatives were structurally gaining share and continue to be a relevant theme today as macro uncertainties have risen considerably (from the tariff uncertainties in May 2025) and equity markets have cooled. I expected Blackstone to fully strengthen its Fee Related Earnings (FRE), leveraging its unmatched scale and distribution. And when we look at operating data since then, almost every box does look ticked. FRE has grown, AUM has scaled, and Distributable Earnings (DE) have also increased strongly. Despite the strength, the stock is down ~15% from the time of my Buy thesis (total returns including reinvested dividends). It did initially rally by 35-40%, but the retracement from the top is even sharper than the net-net correction from the time of my May thesis. Data by YCharts The corrections are definitely a sharp valuation compression rather than a drop in fundamentals, which means markets are viewing earnings differently today. And the bulk of the compression has happened in 2026, keeping with wider market cooling, risk-off sentiments, and increasing macro fears, especially stagflation. That pressures the realized earnings timing visibility for Blackstone. This analysis walks through the valuation compression and reasons and concludes that while the performance-linked earnings (or carry) could be temporarily weak (as exit uncertainties increase in a pressured macro scenario), they will normalize over time. Which means the valuation compression is an opportunity to accumulate. Because the gap between earnings reality and valuation has widened in comparison to May last year, Blackstone becomes a higher-conviction Buy in my view. Core Engine Is Compounding FY2025 FRE was reported as ~$5.7b, up 9% YoY, driven by ~11% growth in fee-paying AUM and ~$239b of inflows. The quality of earnings also looks good, with a growing share of the capital tagged long duration or per...
The headquarters of the U.S. Food and Drug Administration in Silver Spring, Maryland, Nov. 4, 2009. Jason Reed | Reuters The Food and Drug Administration in recent weeks said it would decline to clarify laws that ban the foreign importation of prescription medicines, despite growing evidence of the overseas schemes . A class of businesses called alternative funding programs, or AFPs, connect patie...
The headquarters of the U.S. Food and Drug Administration in Silver Spring, Maryland, Nov. 4, 2009. Jason Reed | Reuters The Food and Drug Administration in recent weeks said it would decline to clarify laws that ban the foreign importation of prescription medicines, despite growing evidence of the overseas schemes . A class of businesses called alternative funding programs, or AFPs, connect patients whose health plans don't cover expensive medications for critical diseases with more affordable versions of the drugs. The programs obtain the medications from foreign markets in what U.S. regulators say is a violation of import laws. The FDA last month responded to a March 2024 citizen petition from Aimed Alliance, a non-profit health policy organization, that requested the agency to issue a definitive position on AFPs and the use of international importation to save on drug costs. Specifically, the Alliance wanted the FDA to issue a "guidance document" aimed at AFPs that import drugs from overseas, which would have further clarified the agency's policy and potentially eliminated some gray area in the interpretation of the laws. In the letter, dated March 27, the FDA said it shared the Alliance's concerns and acknowledged drugs that have "circumvented regulatory safeguards may be contaminated, counterfeit, or contain varying amounts of active ingredients altogether." But it denied the group's request for a clear position statement and specific guidance about AFPs, saying that "it's not warranted at this time." The agency said "it would not be an efficient use of FDA's limited resources" to issue that guidance. "We take complaints seriously and appreciate the information that you have provided. However, to the extent you are asking FDA to initiate an enforcement action, such actions are not within the scope of FDA's citizen petition procedures," the letter said. The letter was signed by Michael Davis, deputy director for the FDA's Center for Drug Evaluation and Research...
Nico De Pasquale Photography/DigitalVision via Getty Images The BlackRock Corporate High Yield Fund ( HYT ) is a closed-end fund that aims to provide its investors with a high level of current income. The fund does reasonably well at this task, as it boasts an 11.02% current yield at today’s share price, which it obtains through investments made in a portfolio of junk bonds. While this yield seems...
Nico De Pasquale Photography/DigitalVision via Getty Images The BlackRock Corporate High Yield Fund ( HYT ) is a closed-end fund that aims to provide its investors with a high level of current income. The fund does reasonably well at this task, as it boasts an 11.02% current yield at today’s share price, which it obtains through investments made in a portfolio of junk bonds. While this yield seems likely to attract many investors, the fact that the fund earns its income from bonds could be problematic. Over the past several weeks, bond yields have been rising, which has weighed upon the share prices of just about any bond fund. Furthermore, there could be reasons to doubt that bonds in general will be able to deliver positive real returns going forward, let alone reasonable returns. While junk bonds will almost certainly be better than U.S. Treasuries in this respect, they also have much higher default risk, and it is very possible that the real returns that they deliver will not adequately compensate investors for the risks that they are assuming. With that said, it might still be possible for an actively managed bond fund to deliver real returns through trading bonds, as my concerns are mostly centered around a buy-and-hold strategy in which an investor purchases a bond when it is first issued and holds it through maturity. There are some actively managed bond funds that employ such a buy-and-hold strategy, though, so we should pay close attention to the composition and strategy of any fund before purchasing it. Let us take a look at the BlackRock Corporate High Yield Fund and see if it could be a reasonable holding today or if the income that it provides is not worth the risk. About the BlackRock Corporate High Yield Fund The fund’s website describes the fund thusly: The Trust seeks to achieve its objectives by investing, under normal market conditions, at least 80% of its assets in domestic and foreign high yield securities, including high yield bonds, corporate...
Worawith Ounpeng/iStock via Getty Images Although the outbreak of a third Gulf war remains a developing story with no clear resolution, the implications for energy markets are already becoming evident: a severe disruption to global energy supply and a substantial rerouting of global trade flows. The closure of the Strait of Hormuz represents the largest disruption of the global oil & gas trade in ...
Worawith Ounpeng/iStock via Getty Images Although the outbreak of a third Gulf war remains a developing story with no clear resolution, the implications for energy markets are already becoming evident: a severe disruption to global energy supply and a substantial rerouting of global trade flows. The closure of the Strait of Hormuz represents the largest disruption of the global oil & gas trade in modern history. 1 When the dust settles, we believe interruptions to both crude oil shipments and liquefied natural gas (LNG) exports from one of the world’s most critical energy corridors could accelerate structural shifts in global markets. Outside of OPEC+, the U.S. has grown to represent the largest producer of crude oil and natural gas in the world, and it is being increasingly relied upon to supply energy exports during major supply disruptions. 2,3 With that in mind, two segments of the North American energy complex that may play an increasingly important role in the effort to stabilize global supply chains in this environment are midstream infrastructure operators and LNG suppliers, who may replace a portion of disrupted global production. Should geopolitical risk premiums remain embedded in Middle Eastern cargos, global buyers may increasingly turn to North America. Exposure to these segments may be obtained through positions in the Global X MLP & Energy Infrastructure ETF ( MLPX ), the Global X MLP ETF ( MLPA ), and the Global X U.S. Natural Gas ETF ( LNGX ). Key Takeaways Damage to energy infrastructure could have lasting impacts. The closure of the Strait of Hormuz is materially impairing both production and transport, removing global oil and LNG supply from the market, and potentially making non-affected energy infrastructure more valuable. Global energy markets are repricing around security of supply. As mitigation options fall short, importers may well prioritize reliability over cost and may accelerate a shift away from geopolitically exposed regions. North ...
The S&P 500 energy sector has cooled off a bit in recent days. But it was the only grouping within the index to gain ground in March. One of the standouts among energy stocks was Exxon Mobil, which logged its best quarter on record.
The S&P 500 energy sector has cooled off a bit in recent days. But it was the only grouping within the index to gain ground in March. One of the standouts among energy stocks was Exxon Mobil, which logged its best quarter on record.
The S&P 500 energy sector has cooled off a bit in recent days. But it was the only grouping within the index to gain ground in March. One of the standouts among energy stocks was Exxon Mobil, which logged its best quarter on record.
The S&P 500 energy sector has cooled off a bit in recent days. But it was the only grouping within the index to gain ground in March. One of the standouts among energy stocks was Exxon Mobil, which logged its best quarter on record.
Sharkyjones/iStock Editorial via Getty Images European energy majors Shell ( SHEL ) and TotalEnergies ( TTE ) are among companies that may be interested in taking a majority stake in one of the U.S. Gulf's most promising sites, Reuters reported late Thursday, as interest in North American energy prospects rises due to the Middle East war. BP ( BP ) and Spain's Repsol ( REPYF ) ( REPYY ) also may ...
Sharkyjones/iStock Editorial via Getty Images European energy majors Shell ( SHEL ) and TotalEnergies ( TTE ) are among companies that may be interested in taking a majority stake in one of the U.S. Gulf's most promising sites, Reuters reported late Thursday, as interest in North American energy prospects rises due to the Middle East war. BP ( BP ) and Spain's Repsol ( REPYF ) ( REPYY ) also may be interested, and Chevron ( CVX ) is expected to consider a bid, according to the report. Two of the owners of the Shenandoah offshore field - Blackstone-backed Beacon Offshore Energy, the operator of the field, and HEQ Deepwater, which is owned by Quantum Capital Group and Houston Energy - launched a sale process for their stakes in recent days, offering potential buyers 51% of the project, the report said. Not all the parties may end up bidding, and the deal valuation will depend on factors including how much of Shenandoah is ultimately sold and what happens with oil prices, according to the report. Shenandoah is an ultra deepwater field that is seen as having some of the greatest potential in the U.S. Gulf region, industry experts say. More on Shell and TotalEnergies Shell Earnings Still Tied To Oil, Not Growth Why Shell Is A Short-Term Trade Now (Rating Downgrade) TotalEnergies: Nearing Or At A Cyclic Peak (Rating Downgrade)
Tesla (NASDAQ:TSLA) has shed nearly 20% year-to-date in 2026 and sits roughly 28% below its December 2025 peak. Our model weighs in on whether this is a buying opportunity or a sign of deeper structural problems. 24/7 Wall St. Price Target Summary Metric Value Current Price $360.59 24/7 Wall St. Price Target $349.79 Upside/Downside -2.99% ... Our Tesla Price Target Is $349 but the Risk Reward Cuts...
Tesla (NASDAQ:TSLA) has shed nearly 20% year-to-date in 2026 and sits roughly 28% below its December 2025 peak. Our model weighs in on whether this is a buying opportunity or a sign of deeper structural problems. 24/7 Wall St. Price Target Summary Metric Value Current Price $360.59 24/7 Wall St. Price Target $349.79 Upside/Downside -2.99% ... Our Tesla Price Target Is $349 but the Risk Reward Cuts Both Ways Right Now
Jason Thomas, head of global research & investment strategy at Carlyle, joined "Bloomberg Surveillance" to discuss the concerns over private credit, saying "the systemic risk point is perhaps most significant here in terms of the misperceptions that exist." (Source: Bloomberg)
Jason Thomas, head of global research & investment strategy at Carlyle, joined "Bloomberg Surveillance" to discuss the concerns over private credit, saying "the systemic risk point is perhaps most significant here in terms of the misperceptions that exist." (Source: Bloomberg)
JHVEPhoto Following a meeting with company executives, investment firm Evercore said CDW ( CDW ) has “multiple levers” to boost its operating leverage. “CDW is committed and has multiple levers to show operating leverage in CY26 and beyond,” analyst Amit Daryanani wrote in a note to clients. “We expect to see their leverage become larger in H2 vs. H1 this year.” Additionally, Daryanani, who has an...
JHVEPhoto Following a meeting with company executives, investment firm Evercore said CDW ( CDW ) has “multiple levers” to boost its operating leverage. “CDW is committed and has multiple levers to show operating leverage in CY26 and beyond,” analyst Amit Daryanani wrote in a note to clients. “We expect to see their leverage become larger in H2 vs. H1 this year.” Additionally, Daryanani, who has an Outperform rating and a $180 price target on CDW shares, believes the company is “well positioned” to help customers deploy artificial intelligence throughout their organizations, both in hardware and in services. And while the rising price of memory has impacted some companies, including CDW, there is no sign of a decline in demand, which Daryanani said bodes well for CDW. Daryanani also weighed in on CDW's relationship with Cisco ( CSCO ) and said Cisco's new channel program could “favor CDW given they will end up rewarding full-cycle capabilities, and this could enable better share,” adding that CDW is Cisco's largest channel partner. On the subject of capital and M&A, Daryanani said there is a high bar for acquisitions, compared to buybacks, given the current valuation. “The company targets returning 50-75% of [free cash flow] to shareholders, though [it's] worth noting last year they did around 90% [free cash flow],” Daryanani explained. More on CDW Corporation CDW Corporation (CDW) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript CDW Corporation: Durable Execution, Fairly Priced, Staying On Hold CDW Corporation: Still Waiting For The Growth Acceleration Catalyst To Come Lowest Quant ranked large-cap stocks with positive EPS surprises CDW targets mid-single-digit EPS growth in 2026 as AI momentum builds across markets