格隆汇2月13日｜Anthropic：年化收入现已达到140亿美元。

Earnings Call Insights: West Pharmaceutical Services (WST) Q4 2025 Management View CEO Eric Green reported "another solid quarter with fourth quarter revenues, adjusted EPS and cash flow coming in above our expectations," highlighting that the company "surpassed the $3 billion mark in net sales, achieving year-over-year organic growth of over 4%." He outlined the achievement of 8% adjusted earnings per share growth and a 70% increase in free cash flow for the year. Green emphasized that "growth was fueled by increasing demand for high-value product components" and cited key drivers: the rise of biologics and biosimilars, increased global regulatory requirements such as Annex 1, and the expanding GLP-1 market. Green stated the launch of the West Synchrony prefillable syringe system "marks a significant shift in drug delivery solutions" and noted the sale of the SmartDose 3.5mL business aligns with their focus on "patient-centric approach for large on-body delivery devices." The CEO announced that the Contract Manufacturing segment commenced commercial production in Dublin and highlighted that "5 out of the 10 members" of the executive leadership team joined in the last 12 months. CFO Robert McMahon reported, "Q4 revenue increased 7.5% on a reported basis and grew 3.3% organically," with HVP components delivering $390 million in revenue and growing 15.1% organically. He also stated, "Gross margin was 37.8% in the quarter, up 130 basis points year-over-year," and "free cash flow to $469 million for the year, up 70% year-on-year." Outlook Management guided for 2026 revenue in the range of $3.215 billion to $3.275 billion, reflecting reported growth of 4.6% to 6.5% and organic growth of 5% to 7%. HVP components are expected to "grow high single digit to low double digits organically for the year." McMahon explained, "We expect the non-GLP-1 HVP components to drive the majority of growth, accounting for 4 of the 5 points of growth." He added, "GLP-1s to grow in 2026, albe...

Cargill Inc. is permanently closing a plant that produces ground beef in Milwaukee, resulting in the elimination of 221 jobs, according to a notice . The move comes as the US cattle herd has dropped to the lowest in 75 years , leaving meatpackers like Cargill with fewer animals to keep plants running. Cargill, one of the world’s largest beef packers, said it would begin winding down production at the plant soon, with a full closing around the end of May. Rival beef producer Tyson Foods Inc. in November said it would close a cattle slaughtering plant in Nebraska while JBS NV said it would close a meat-processing plant in California. “Separations will happen in phases, based on customer and operational needs,” Cargill said in a statement, adding that workers can apply at other plants. Cargill didn’t immediately reply to a request for additional comment.

The stock market continued what has been a turbulent period with another drop Feb. 12 attributed to concerns over AI, experts said.

The Trump administration on Thursday rolled out a much-anticipated effort to repeal what’s known as the endangerment finding, which provides the legal foundation for climate regulations — but analysts are warning that the move is most likely just the start of a long legal battle.

solvod/iStock via Getty Images Steady execution on sales and clinical development builds value over time for biotechs but tends to be rather boring from a market sentiment standpoint. Neurocrine Biosciences ( NBIX ) is doing the right things to build value for its shareholders, but 2026 is looking pretty light on sentiment-changing data, and the company is going to have to improve its sales execution to drive upside. Neurocrine shares are relatively flat since my last update , underperforming mid-teens appreciation for the biotech sector. Over the past year, the performances are closer, but Neurocrine has underperformed the sector by around 5%. I believe Neurocrine is worth $181.50 per share, but sales execution with Ingrezza and Crenessity has to improve, and I expect the Street to remain concerned about pricing pressures on Ingrezza in the near term. I also see meaningful value in the pipeline, but programs in major depressive disorder and schizophrenia are high-risk, and the company won’t have much meaningful clinical data until 2027. All of that makes for a risk of a value trap where the lack of sentiment-changing data outside of earnings reports leads the shares to drift before a catalyst-rich 2027. A Decent Fourth Quarter Neurocrine’s fourth quarter results were fine, but not anything that will likely change the tone on the stock (guidance is another story, and I’ll get to that soon). Revenue rose 28% year over year, beating by more than 1%, with product revenue up 29%. Ingrezza revenue rose 7% yoy and fell 4% qoq, matching sell-side expectations. The company’s newer drug, Crenessity, saw almost 38% sequential growth, beating by 12%. Gross margin remains ridiculously good (97.8% vs. 98.5% a year ago). R&D spending was in line with expectations (up 42% yoy), while SG&A spending was about 3% higher (up 6% yoy). Operating income (non-GAAP) rose 30% but did miss by about 6%. Neurocrine ended the quarter with $2.5 billion in cash and cash equivalents. Guidance Didn...

Spire Global (NYSE: SPIR) had a tumultuous 2025 that knocked the stock up and down. The price chart has been rocky so far in 2026, too, and investors need to understand the good and bad of this business. Spire owns and operates a constellation of satellites that provide data to customers on a subscription basis. It also commissions the development and launch of customer-owned satellites. These spacecraft are packed with sensors that collect nonvisual data from low-Earth orbit. They are useful for coordinating air travel and logistics. They also capture valuable atmospheric and geologic data. Continue reading

Earnings Call Insights: Exelon Corporation (EXC) Q4 2025 Management View Calvin Butler, CEO, President & Director, highlighted Exelon's strong operational and financial performance, stating, "For 2025, we reported adjusted operating earnings per share of $2.77, delivering above expectations. This continues our track record of exceeding the midpoint of guidance in each year as a stand-alone utility. And since 2021, we've achieved a 7.4% annual earnings growth rate and 8% rate base growth through 2025, highlighting our ability to navigate changes and consistently execute." Butler underscored Exelon's industry-leading reliability and noted that the utilities maintained "top-quartile reliability metrics once again, and we're ranked 1, 2, 4 and 7 amongst our peers based on 2024 benchmarking data." He emphasized the company's investments in grid resilience, referencing the response to Winter Storm Fern where "fewer than 1% of our customers experienced outages even as an extreme weather impacted our regions." Butler also addressed regulatory progress, mentioning "final settlements for the Atlantic City Electric and Delmarva gas rate cases, reconciliation orders at ComEd and BGE, and the filing of ComEd's second multiyear grid plan." Butler announced an updated capital plan: "Looking ahead, we now expect to invest $41.3 billion of capital to support our customers, with more than 70% of the plan-over-plan increase driven by transmission." He further stated, "With continued returns on equity in the 9% to 10% range, we expect rate base growth of approximately 8% and annualized earnings growth of 5% to 7% through 2029, with the expectation of being near the top end of that range." Jeanne Jones, Executive VP of Audit & Risk and CFO, reported, "In 2025, we delivered $2.73 per share on a GAAP basis and $2.77 per share on a non-GAAP basis for the full year, reflecting strong year-over-year growth. For the quarter, Exelon earned $0.58 on a GAAP basis and $0.59 on a non-GAAP basis. F...

Earnings Call Insights: Belden Inc. (BDC) Q4 2025 Management View CEO Ashish Chand reported "record revenue of $720 million" and a "record adjusted EPS... of $2.08," both surpassing the high end of guidance for the fourth quarter. Chand emphasized "order momentum was also robust with record full year orders" and highlighted "record full year orders." Chand announced a significant strategic realignment: "Effective January 1, 2026, Belden transitioned from a legacy business segment structure to a unified functional operating model that applies across the entire enterprise." He explained this shift will "organize us around core functions rather than separate businesses to better align resources and accountability with our continued solutions transformation." The solutions portfolio accelerated, as "solutions wins as a percentage of total revenue crossed 15%" for the year, described by Chand as "a major driver of our success this year." CFO Jeremy Parks stated, "Revenue for the quarter was $720 million, up 8% year-over-year and ahead of expectations set forth in prior guidance." Parks added, "EBITDA was $122 million, up 7% year-over-year. Net income for the quarter was $83 million, up 5% from $79 million in the prior year quarter." Outlook First quarter 2026 guidance was presented by Parks: "revenues for the first quarter of 2026 are expected to be between $675 million and $690 million. Adjusted EPS is expected to be between $1.65 and $1.75." Chand articulated confidence in the solutions-first strategy and progress toward the goal of "at least 20%" solutions revenue mix by 2028, noting, "we are well on our way to start achieving that goal, even surpassing that goal." Financial Results For the full year 2025, Belden reported "record revenue of approximately $2.7 billion, up 10% year-over-year and record adjusted EPS of $7.54, a 19% increase year-over-year" (Chand). Free cash flow for the year was $219 million, and share repurchases totaled 1.7 million shares for $195 mil...

Earnings Call Insights: Piedmont Realty Trust (PDM) Q4 2025 Management View Christopher Smith, President and CEO, highlighted a shift in the national office market, noting "momentum in the national office market clearly shifted in the latter part of 2025 to the point where several independent research reports state we've been -- we've seen peak vacancy for this cycle." Smith emphasized leasing success, stating Piedmont completed "2.5 million square feet or approximately 16% of the portfolio, the most leasing we have completed in over a decade and 1 million square feet ahead of our original 2025 leasing guidance." He reported that the company's out-of-service portfolio was "62% leased as of the end of the year," with most leases commencing in 2026 and expected to contribute to FFO growth. Smith announced Alex Valente's promotion to Co-Chief Operating Officer to lead new operational initiatives across the firm and oversee the Eastern portfolio. George Wells, Executive VP & Co-COO, described leasing velocity as "vigorous," with 60 transactions for nearly 700,000 square feet and "new deal activity...the dominant theme again, accounting for 69% of total volume with 54% of that activity filling current vacancy." He noted that "our average accrual base roll-up over the past 8 quarters is an impressive 17%." Christopher Kollme, EVP of Investments & Strategy, said, "2025 was a pretty quiet year for Piedmont on the transactions front," but noted two land parcels under contract going through rezoning, potentially generating over $30 million in gross proceeds if closed. Sherry Rexroad, CFO, stated, "Core FFO per diluted share for the fourth quarter of 2025 was $0.35 versus $0.37 per diluted share for the fourth quarter of 2024," attributing the decrease to asset sales and higher net interest expense, partially offset by operational growth. She noted, "we issued $400 million in aggregate principal amount of new bonds and used the net proceeds to repurchase approximately $245 mil...

Emails published by the Justice Department revealed cybersecurity veteran Vincenzo Iozzo emailed, and arranged to meet, Jeffrey Epstein multiple times between 2014 and 2018.

格隆汇2月13日｜美国参议院多数党领袖图恩：国土安全部拨款谈判将在未来几天继续进行。

Palantir Technologies Gains DISA Authorization as Burry Flags St GuruFocus

Intel’s tough decision boosted AMD to record highs PCWorld

格隆汇2月13日｜Anthropic已完成一轮300亿美元融资交易，融资后估值达3800亿美元（含本轮资金），这为这家在与竞争对手OpenAI竞争中逐步取得进展的人工智能公司提供了进一步支持。Anthropic周四表示，新加坡主权财富基金GIC和Coatue Management领投本轮融资，其他投资者包括英伟达和微软等大型科技公司。本轮融资使Anthropic的估值较此前几乎翻倍，使其成为全球最有价值的私营公司之一。Anthropic还确认，将允许员工按本轮融资相同估值出售公司股份。

Progressive Christians speak of pain and anger as issue is put in deep freeze after London meeting • The General Synod debate on equal marriages – a timeline The hopes of progressive Christians in the Church of England suffered a major blow on Thursday, after years of bitter and divisive debate, when the C of E’s ruling body agreed to halt work on LGBTQ+ equality. The General Synod, meeting in London, backed a document from bishops concluding that consensus between conservative and liberal camps within the church could not be reached. Continue reading...

The EPA's new rule seeks to undo a 2009 finding that allowed the federal government to regulate six greenhouse gases.

格隆汇2月13日｜美国能源部：这些项目属于该部门总额5.25亿美元计划的一部分，旨在扩大并振兴美国的燃煤发电机组体系。

At Holdings Channel, we have reviewed the latest batch of the 44 most recent 13F filings for the 12/31/2025 reporting period, and noticed that McDonald's Corp (Symbol: MCD) was held by 21 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good

jetcityimage/iStock Editorial via Getty Images Introduction Johnson Controls International plc ( JCI ) recently reported decent Q1 ’26 numbers with amazing growth in orders, which blew past estimates, leading to a decent share price increase since the report. I wanted to take a look at the numbers in more detail and give some comments on the outlook and why my stance on the company has somewhat changed since the last time I covered it back in January. I then said to hold onto your position, as data center tailwinds will help its share price in the future. Since then, the stock has been up 25%. Now, since the company’s orders grew so much, I believe we will see a decent multiple contraction due to increased profitability, so I view JCI as a Buy going forward and still a decent diversified play once the AI data center hype passes. By the Numbers First quarter sales came in at around $5.8B, which were up 6.8% y/y, and beat estimates by $160m. The American segment increased 6% to $3.84B, EMEA 9% to $1.26B, and APAC 8% to $693m. So, not that impressive; however, what is a lot more impressive is that the company’s Q1 orders increased 39% y/y organically. Now the backlog stands at around $18.2B, which increased 20%. This impressive increase was fueled by the need for advanced cooling solutions in data centers. I don’t think that was a surprise at all, considering how much the hyperscalers are looking to spend going forward on their AI dreams over the next few years. Americas saw orders surge 56% y/y, heavily weighted toward applied HVAC and Controls for data centers. Let’s take a look at the company’s profitability this past quarter. The American segment saw its gross margin increase 6% to $1.375B, which translates to close to 36% in GM. Adjusted EBITA margin is around 16.4%, up 20bps y/y. The EMEA gross margins improved 13% to $448m, giving us a 35.5% margin, while adjusted EBITA improved 21% to $164m, giving us a 13% margin, which is up 120bps y/y. APAC showed the best p...

格隆汇2月13日｜美国总统特朗普：尚未与卢特尼克讨论此事。

格隆汇2月13日｜美国总统特朗普：并不知晓美国商务部长卢特尼克访问爱泼斯坦岛。

⚽ Minute-by-minute updates from the 8pm (GMT) kick-off ⚽ Preview | Live scores | Follow us on Bluesky | Email Sarah Fridolina Rolfo is not available for Manchester United this evening, here is the manager Marc Skinner on why: “Only Frido had a little knock from the weekend, so she’ll miss out on this game. Leah [Galton] and Tooney [Ella Toone] are the only other absentees.” The team news is in. Atletico Madrid make no changes from their 1-0 win over Levante on Sunday. Continue reading...

格隆汇2月13日｜美国总统特朗普：就业报告在某些方面非常出色。

Source: Bloomberg, 5:58