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...
He had been without a club since leaving Pumas last year ‘It has been my privilege to wear the Welsh shirt’ The former Wales captain Aaron Ramsey has announced his retirement from football at the age of 35. The midfielder, who spent more than a decade with Arsenal before stints with the likes of Juventus, Nice, Cardiff and Rangers, has been without a club since leaving the Mexican side Pumas at th...
He had been without a club since leaving Pumas last year ‘It has been my privilege to wear the Welsh shirt’ The former Wales captain Aaron Ramsey has announced his retirement from football at the age of 35. The midfielder, who spent more than a decade with Arsenal before stints with the likes of Juventus, Nice, Cardiff and Rangers, has been without a club since leaving the Mexican side Pumas at the end of last year. Continue reading...
Hours away from President Trump's 8 pm ET Tuesday deadline for Iran to open the Strait of Hormuz, attacks continued in the Persian Gulf with no agreement in sight. Trump has threatened to bomb Iranian bridges and power plants if a deal is not reached. (Image credit: Majid Saeedi)
Hours away from President Trump's 8 pm ET Tuesday deadline for Iran to open the Strait of Hormuz, attacks continued in the Persian Gulf with no agreement in sight. Trump has threatened to bomb Iranian bridges and power plants if a deal is not reached. (Image credit: Majid Saeedi)
Getty Images Mesabi Trust ( MSB ) may start to benefit as a US-based iron ore play on account of the fact that more marginal producers in countries with threatened energy supplies due to the Iran War could have to restrict meaningful capacity for the standards of a commodity that Cleveland-Cliffs Inc. ( CLF ) and others downstream could swing into. We think the improvement in iron ore prices and p...
Getty Images Mesabi Trust ( MSB ) may start to benefit as a US-based iron ore play on account of the fact that more marginal producers in countries with threatened energy supplies due to the Iran War could have to restrict meaningful capacity for the standards of a commodity that Cleveland-Cliffs Inc. ( CLF ) and others downstream could swing into. We think the improvement in iron ore prices and possibly volume improvements could be sustained, assuming logistical problems persist. We expect incremental improvement in Q4 for MSB. Iron Ore and Mesabi The headlines that we are quite interested in are set around Australia. Their issue with sourcing sufficient energy, despite being a resource-rich country, is causing operational concerns for heavy industry. In the case of iron ore mining, marginal producers may be threatened by logistics bottlenecks that could occur due to sputtering supply. A quick back-of-the-envelope calculation is that Fenix, specifically mentioned in the article, has around 4 million mtpa production. Global capacity is around 2,500 million mtpa ; therefore, it's not an insignificant amount just for this one producer. Using 80:20 assumptions for the 900 million mtpa in Australian production, around 180 million in total could be considered marginal. Therefore, there could be as much as 5-10% supply at risk coming from Australian mining operational issues. Additionally, there are other threats, such as cyclones that affected just the Rio Tinto Group ( RIO ), 8 million tons of output, so around 0.4% of global supply. On the other hand, the BHP Group Limited ( BHP ) row continues with China taking aim at structurally pressuring down its major imports of seaborne iron ore. It may materalise into pressure on iron ore benchmarks. Furthermore, cargoes may flood the market on the issue, which could surge supply a bit and at discounts, which could also have an effect on benchmarks for the coming MSB Q4. Ultimately, Mesabi is dependent on iron ore volumes and p...
Ackman moves to force Universal Music into a U.S. listing, Broadcom gets new Google deal, healthcare stocks boosted by Medicare payment rate increase, and more news to start your day.
Ackman moves to force Universal Music into a U.S. listing, Broadcom gets new Google deal, healthcare stocks boosted by Medicare payment rate increase, and more news to start your day.
Xponential Fitness ( XPOF ) broke higher in early trading on Tuesday after the franchisor of boutique fitness studios announced that its board has initiated a review of strategic alternatives to maximize shareholder value. As part of this process, the board's independent directors will evaluate a range of potential alternatives, which may include a sale of the company, a merger, or another strateg...
Xponential Fitness ( XPOF ) broke higher in early trading on Tuesday after the franchisor of boutique fitness studios announced that its board has initiated a review of strategic alternatives to maximize shareholder value. As part of this process, the board's independent directors will evaluate a range of potential alternatives, which may include a sale of the company, a merger, or another strategic or financial transaction. Independent Directors Rachel Lee and Lily Yang stated that the Xponential Fitness ( XPOF ) board is firmly focused on maximizing value for shareholders and is confident that undertaking a thorough and disciplined review of the opportunities available will determine the best path forward. "Xponential has built a differentiated platform with a leading portfolio of boutique fitness brands and an asset-light franchise model. While the board conducts this process, the Xponential team is continuing to execute our strategy to position our brands for success," stated CEO Mike Nuzzo. Shares of Xponential Fitness ( XPOF ) rose 8.3% in premarket trading to $7.31 vs. the 52-week range of $3.83 to $11.14. Short interest on XPOF stands at 14.1% of the total float. More on Xponential Fitness Xponential Fitness: Franchisee Health Is At Question (Rating Downgrade) Xponential Fitness, Inc. (XPOF) Q4 2025 Earnings Call Transcript Xponential Fitness, Inc. 2025 Q4 - Results - Earnings Call Presentation Xponential Fitness finalizes $17M FTC settlement Xponential Fitness CFO departs; interim CFO named
DNY59/iStock via Getty Images Investment Thesis Oxford Lane ( OXLC ) shares are up 20% in recent weeks after finding some support near the $8/share level. The stock price experienced steep declines in the past three months after write-offs, and the weakening portfolio hit its NAV/share. In the previous article , I highlighted a potential market overreaction as the price discount to NAV surged. How...
DNY59/iStock via Getty Images Investment Thesis Oxford Lane ( OXLC ) shares are up 20% in recent weeks after finding some support near the $8/share level. The stock price experienced steep declines in the past three months after write-offs, and the weakening portfolio hit its NAV/share. In the previous article , I highlighted a potential market overreaction as the price discount to NAV surged. However, this opportunity should be viewed within the context of elevated risk. Although buying OXLC at a discount to NAV improves the chances of achieving positive total returns, those chances aren't particularly high to begin with. A significant portion of investors sit at a loss despite holding OXLC for many years. A better alternative is the company's notes and preferreds, such as OXLCG , the main focus of this piece. Capital Losses OXLC suffers from structural issues that make NAV/share declines inevitable. The company is required to distribute nearly all its ordinary income (interest and dividend income from its CLO portfolio). It is required to make these distributions regardless of capital gains/losses, which have their own distribution test. In theory, capital losses would be offset by capital gains. In reality, it's mostly losses. The reasons a leveraged SME is likely to experience a credit deterioration instead of a credit upgrade are beyond the scope of this piece. For the purpose of this article, it is enough to note that this has historically been the case for OXLC. Since 2015, the company has written off roughly $900 million in assets at a rate of $75 million annually, a reflection of its ice-cube business model that emphasizes total returns as opposed to capital preservation. Author's estimates based on OXLC's filings OXLC's business model shifts the credit risk of its loan portfolio to its shareholders instead of managing that risk internally. The monthly dividend decisions are based on cash income, with capital losses (write-offs, defaults within CLO, etc.) t...
Good morning . Iran resumed attacks across the Persian Gulf ahead of Donald Trump’s deadline for a deal. Bill Ackman wants to shake up Taylor Swift’s music label. And why Doritos at $7 a bag ended up costing PepsiCo billions. Listen to the day’s top stories . — Marcus Wright Market Snapshot S&P 500 Futures 6,644.25 -0.1% Nasdaq 100 Futures 24,329.75 -0.1% Bloomberg Dollar Spot Index 1,213.19 -0.1%...
Good morning . Iran resumed attacks across the Persian Gulf ahead of Donald Trump’s deadline for a deal. Bill Ackman wants to shake up Taylor Swift’s music label. And why Doritos at $7 a bag ended up costing PepsiCo billions. Listen to the day’s top stories . — Marcus Wright Market Snapshot S&P 500 Futures 6,644.25 -0.1% Nasdaq 100 Futures 24,329.75 -0.1% Bloomberg Dollar Spot Index 1,213.19 -0.1% Market data as of 06:36 AM ET. Data is subject to provider delays. Iran pressed on with attacks across the Persian Gulf hours before Donald Trump’s 8 p.m. deadline to agree to a ceasefire plan. There’s some more insight into the president’s thinking about the war—behind his recent musings about seizing Iranian oil lies a goal of using US global energy dominance to gain leverage against China. And more details are emerging of the US airmen rescue mission: They used a standard issue Boeing communications device to signal their locations to rescue teams . Billionaire activist Bill Ackman offered to buy Universal Music and is seeking a shakeup at the record label, which represents artists such as Taylor Swift and Drake. Universal’s shares jumped on the news. Elsewhere, Phillips 66 is facing nearly $1 billion in losses from a short position in oil and other commodity derivative contracts, after the war sent fuel prices skyrocketing. Trumpworld’s Growing Sway in Arms Sales on Display in Rome Read more Futures and oil wavered ahead of Trump’s deadline . Veteran strategist Ed Yardeni thinks tech stocks have returned to attractive levels for investors willing to play the long game. And in energy markets, natural gas prices are likely to remain especially tight—Iran has yet to allow a single carrier loaded with liquefied natural gas to pass through the Strait of Hormuz in the weeks of war. Tech rivals are coordinating. OpenAI, Anthropic and Alphabet’s Google are working together to clamp down on Chinese competitors extracting results from US artificial intelligence models to gain an...