Maskot/DigitalVision via Getty Images Investment Overview I wrote about Okta ( OKTA ) previously with a buy rating, as the growth profile was still largely positive, especially with the improving RPO growth momentum and new product traction. I am staying bullish on OKTA as the underlying setup has improved. Newer products are becoming a meaningful mix of growth, AI agent identity opens another gro...
Maskot/DigitalVision via Getty Images Investment Overview I wrote about Okta ( OKTA ) previously with a buy rating, as the growth profile was still largely positive, especially with the improving RPO growth momentum and new product traction. I am staying bullish on OKTA as the underlying setup has improved. Newer products are becoming a meaningful mix of growth, AI agent identity opens another growth layer, and the GTM motion looks better. The market still seems focused on a near-term slowdown, but I think valuation will shift up when OKTA starts to show growth acceleration. The Platform Story is Starting to Matter I believe the bull case for Okta is getting more tangible, and the main development to point out is that the platform story is starting to show up as the next leg of growth. The best proof to prove my point is that in Q4 , Okta's newer products made up ~30% of bookings (it was 15% in my last update). Perhaps more importantly, when those newer products were part of a deal, the average contract uplift was ~40% . This is a new data point that is extremely bullish on two fronts. One, it shows the platform is delivering actual value; if not, clients will not pay a premium. Two, if we do the math, assuming 60% of new bookings come with new product attachment, that equates to 24 points of incremental revenue from these bookings vs. deals with no new product attachment. Also, for perspective, Okta Identity Governance [OIG] now has >2,000 customers, which means this is not really a small side story anymore. It suggests that Okta is getting better at selling more into the same customer base. That is why I think the headline growth is not that important because it doesn't accurately reflect the underlying strength. If a customer starts with workforce identity and then adds governance, privileged access, threat protection, device access, and other pieces over time, the revenue opportunity per customer gets much bigger, but these upsides will take time to show. It doe...
The market has been anything but quiet. Earlier this year, stocks struggled to overcome mounting concerns about artificial intelligence (AI) and private credit, among other signs of frothiness. Then the Iran war triggered a real sell-off, sending the major indexes briefly into correction territory. Since then, the market has bobbed and weaved, largely on headline-driven news about when the conflic...
The market has been anything but quiet. Earlier this year, stocks struggled to overcome mounting concerns about artificial intelligence (AI) and private credit, among other signs of frothiness. Then the Iran war triggered a real sell-off, sending the major indexes briefly into correction territory. Since then, the market has bobbed and weaved, largely on headline-driven news about when the conflict could end. Another potential catalyst for the stock market is fast approaching. Here's why April 10 could be a big day. Continue reading
AbbVie (NYSE: ABBV) is a leading drugmaker that investors have come to rely on for steady and consistent results over the years. Along the way, it has also paid and increased its dividend on a regular basis. It's been one of the better healthcare stocks to own, and it has nearly doubled in value in just five years. This year, it's been off to a tough start, declining by around 10%. But the company...
AbbVie (NYSE: ABBV) is a leading drugmaker that investors have come to rely on for steady and consistent results over the years. Along the way, it has also paid and increased its dividend on a regular basis. It's been one of the better healthcare stocks to own, and it has nearly doubled in value in just five years. This year, it's been off to a tough start, declining by around 10%. But the company reports earnings later this month, and a strong performance could give investors a reason to load up on the stock. Should you buy shares of AbbVie before it releases its latest earnings numbers on April 29? Image source: Getty Images. Continue reading
FREDERICA ABAN/iStock via Getty Images By Eli Pars, CFA For Q1 2026, Global convertibles once again performed well compared to equities, delivering a 2.0% gain as measured by the FTSE Global Convertible Bond Index, while the MSCI World Index was down -3.5%. The equities underlying the global convertible index also held up better than the global equity market, declining only -0.84%. Calamos Global ...
FREDERICA ABAN/iStock via Getty Images By Eli Pars, CFA For Q1 2026, Global convertibles once again performed well compared to equities, delivering a 2.0% gain as measured by the FTSE Global Convertible Bond Index, while the MSCI World Index was down -3.5%. The equities underlying the global convertible index also held up better than the global equity market, declining only -0.84%. Calamos Global Convertible Fund ( CXGCX ) moved around with the market during Q1 2026 but finished basically flat, posting a return of 0.50% at quarter end. This is sometimes referred to on Wall Street as “aggressively unchanged.” As we have discussed in our past commentaries, our goal is lower-volatility participation in the global equity market over the long term. We position the portfolio with the aim of capturing the majority of equity upside while maintaining downside resilience. We believe our dual focus on achieving returns and mitigating risk will serve the fund. Last quarter, we talked about how “geopolitics can add plenty of curveballs.” Well, that ended up being quite an understatement. But the market is holding up well, in our view. From the start of the Middle East war on February 28 through the end of the quarter, the S&P 500 Index is down just under 5%. On January 1, 2026, the S&P 500 was up 86% cumulatively over the past three years. Considering that, a 5% correction seems pretty tame to us. We see many of the same tailwinds supporting economic growth as we saw at the start of the year: short-term rates more likely to move lower than higher and a global construction boom driven by the AI data center buildout. However, until we get some resolution in Iran, it is difficult to get aggressive. We’ll continue to lean into convertibles’ downside risk mitigation. One of the challenges in the global convertible market today is the combination of its narrowness and the violent upside movement of some of the winners, which have risen 5x to 10x within a couple of years. This handful ...
At least two attackers were killed and one was seriously injured in an extended gun battle between police and assailants directly outside the building housing the Israeli consulate in Istanbul on Tuesday, according to media reports and Reuters video. Reuters video showed police officers pulling out guns and taking cover as shots rang out for at least 10 minutes. One person was covered in blood....
At least two attackers were killed and one was seriously injured in an extended gun battle between police and assailants directly outside the building housing the Israeli consulate in Istanbul on Tuesday, according to media reports and Reuters video. Reuters video showed police officers pulling out guns and taking cover as shots rang out for at least 10 minutes. One person was covered in blood. Other footage obtained by Reuters showed an apparent attacker moving among parked white police...