Finnish financial group OP Pohjola has raised its stake in Noba Bank Group AB , according to people familiar with the matter, just months after becoming the third-largest shareholder through the Swedish lender’s initial public offering. OP secured a sizable slice of the $560 million stock placing this week by Noba’s top shareholders Nordic Capital and Sampo Oyj , said the people, asking not to be ...
Finnish financial group OP Pohjola has raised its stake in Noba Bank Group AB , according to people familiar with the matter, just months after becoming the third-largest shareholder through the Swedish lender’s initial public offering. OP secured a sizable slice of the $560 million stock placing this week by Noba’s top shareholders Nordic Capital and Sampo Oyj , said the people, asking not to be identified as the information isn’t public yet. The Finnish firm was one of two anchor investors that together snapped up nearly half of the 10% stake that was put up for sale, the people said. Representatives for Noba, Nordic Capital and OP declined to comment. The cooperative banking and insurance group OP is one of Finland’s largest financial services groups, made up of more than 50 cooperative banks with a combined loan portfolio of about €100 billion ($119 billion), according to its website . Prior to the latest purchase, the Finnish group already controlled 7.5% of Noba after it bought into the company’s IPO in Stockholm last September as a cornerstone investor. Going above 10% ownership would typically require regulatory approval. Noba’s stock has risen strongly since its IPO, which paved the way for Nordic Capital and Sampo to sell roughly 50 million shares in this week’s follow-on offering. The deal priced on Wednesday at a 43% mark-up from the price of the IPO, and the trade is set to settle on Friday.
Brandon Moser/iStock Editorial via Getty Images The last time I wrote about Tesla, Inc. ( TSLA ), I had this line which still rings true. The core business is in trouble, so look at this shiny new thing instead. Today that shiny new thing is the speculation around a Tesla - SpaceX ( SPACE ) merger. As I highlight in this article, there are clear operational synergies for such a transaction. But th...
Brandon Moser/iStock Editorial via Getty Images The last time I wrote about Tesla, Inc. ( TSLA ), I had this line which still rings true. The core business is in trouble, so look at this shiny new thing instead. Today that shiny new thing is the speculation around a Tesla - SpaceX ( SPACE ) merger. As I highlight in this article, there are clear operational synergies for such a transaction. But those synergies do not justify the cost in dilution, governance risks, or a probable conglomerate discount. Given the punishing math for Tesla shareholders I am persisting with my Sell on the stock. A Small Valuation Gap and a Treacherous Exchange Ratio The trajectory of SpaceX’s valuation has been quite extraordinary. It went from being valued at $210 billion in June 2024 to $1.25 trillion at the end of January 2026. That is a 5.95x multiplier in roughly 20 months. The thing about private market valuations is that they tend to get inflated by a closed group of sophisticated participants who can’t sell easily. Because of the absence of continuous price discovery and presence of restricted exit options, valuations have likely drifted more upwards than they deserve. Such a dynamic matters in the context of a merger. Comparable Analysis - Tesla and SpaceX (Tunga Capital) For instance, in a hypothetical all-stock merger at current valuations, Tesla shareholders would retain about 55% of the merged entity ($1,570 / $2,820). If you consider some of the figures from Reuters and Bloomberg , this would effectively fold an entity trading ~78 times sales, materially richer than Tesla's own revenue multiple. xAI Revenue and EBITDA (Bloomberg) On the institutional side, investors will likely respond cautiously even if the strategic narrative is compelling. An entity operating in electric vehicles, rockets, satellites, and AI will introduce conglomerate complexity. Markets tend to discount such structures especially when capital intensity is high and regulatory exposure is significant. So ...
Brandon Moser/iStock Editorial via Getty Images The last time I wrote about Tesla, Inc. ( TSLA ), I had this line which still rings true. The core business is in trouble, so look at this shiny new thing instead. Today that shiny new thing is the speculation around a Tesla - SpaceX ( SPACE ) merger. As I highlight in this article, there are clear operational synergies for such a transaction. But th...
Brandon Moser/iStock Editorial via Getty Images The last time I wrote about Tesla, Inc. ( TSLA ), I had this line which still rings true. The core business is in trouble, so look at this shiny new thing instead. Today that shiny new thing is the speculation around a Tesla - SpaceX ( SPACE ) merger. As I highlight in this article, there are clear operational synergies for such a transaction. But those synergies do not justify the cost in dilution, governance risks, or a probable conglomerate discount. Given the punishing math for Tesla shareholders I am persisting with my Sell on the stock. A Small Valuation Gap and a Treacherous Exchange Ratio The trajectory of SpaceX’s valuation has been quite extraordinary. It went from being valued at $210 billion in June 2024 to $1.25 trillion at the end of January 2026. That is a 5.95x multiplier in roughly 20 months. The thing about private market valuations is that they tend to get inflated by a closed group of sophisticated participants who can’t sell easily. Because of the absence of continuous price discovery and presence of restricted exit options, valuations have likely drifted more upwards than they deserve. Such a dynamic matters in the context of a merger. Comparable Analysis - Tesla and SpaceX (Tunga Capital) For instance, in a hypothetical all-stock merger at current valuations, Tesla shareholders would retain about 55% of the merged entity ($1,570 / $2,820). If you consider some of the figures from Reuters and Bloomberg , this would effectively fold an entity trading ~78 times sales, materially richer than Tesla's own revenue multiple. xAI Revenue and EBITDA (Bloomberg) On the institutional side, investors will likely respond cautiously even if the strategic narrative is compelling. An entity operating in electric vehicles, rockets, satellites, and AI will introduce conglomerate complexity. Markets tend to discount such structures especially when capital intensity is high and regulatory exposure is significant. So ...
Comparing units outstanding versus one week ago at the coverage universe of ETFs at ETF Channel, the biggest inflow was seen in the iShares 0-3 Month Treasury Bond ETF, which added 26,100,000 units, or a 3.7% increase week over week. And on a percentage change basis, the ETF
Comparing units outstanding versus one week ago at the coverage universe of ETFs at ETF Channel, the biggest inflow was seen in the iShares 0-3 Month Treasury Bond ETF, which added 26,100,000 units, or a 3.7% increase week over week. And on a percentage change basis, the ETF
Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the ProShares Ultra CRCL, where 10,820,000 units were destroyed, or a 20.4% decrease week over week. And on a percentage change basis, the ET
Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the ProShares Ultra CRCL, where 10,820,000 units were destroyed, or a 20.4% decrease week over week. And on a percentage change basis, the ET
During the recent Super Bowl, the big prediction market platforms didn't just offer bets on the game itself, but also on more exotic facets — one example? Who would join Bad Bunny in the performance. On this episode of the Odd Lots podcast, Tracy Alloway and Joe Weisenthal speak with new CFTC Chairman Michael Selig about his agency's role in regulating prediction markets. (Source: Bloomberg)
During the recent Super Bowl, the big prediction market platforms didn't just offer bets on the game itself, but also on more exotic facets — one example? Who would join Bad Bunny in the performance. On this episode of the Odd Lots podcast, Tracy Alloway and Joe Weisenthal speak with new CFTC Chairman Michael Selig about his agency's role in regulating prediction markets. (Source: Bloomberg)
On February 11, 2026, Prime Capital Management Co Ltd disclosed a purchase of CAVA Group (NYSE:CAVA) stock. According to a filing with the U.S. Securities and Exchange Commission dated February 11, 2026, Prime Capital Management Co Ltd increased its stake in CAVA Group by 490,300 shares during the fourth quarter. The estimated value of these purchases was $27.34 million, based on the mean unadjust...
On February 11, 2026, Prime Capital Management Co Ltd disclosed a purchase of CAVA Group (NYSE:CAVA) stock. According to a filing with the U.S. Securities and Exchange Commission dated February 11, 2026, Prime Capital Management Co Ltd increased its stake in CAVA Group by 490,300 shares during the fourth quarter. The estimated value of these purchases was $27.34 million, based on the mean unadjusted closing price for the quarter. The fund’s quarter-end CAVA position value rose by $27.84 million, which includes both purchase activity and stock price movement. CAVA Group is a leading fast-casual restaurant operator specializing in Mediterranean cuisine. The company combines in-restaurant dining with retail product distribution and digital ordering platforms to reach a broad customer base. Continue reading
Investors in Chemours Co (Symbol: CC) saw new options become available today, for the June 18th expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 126 days until expiration the newly available contracts repre
Investors in Chemours Co (Symbol: CC) saw new options become available today, for the June 18th expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 126 days until expiration the newly available contracts repre
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the ProShares Ultra S&P500 (Symbol: SSO) where we have detected an approximate $219.0 million dollar outflow -- that's a 2.8% decrease week over wee
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the ProShares Ultra S&P500 (Symbol: SSO) where we have detected an approximate $219.0 million dollar outflow -- that's a 2.8% decrease week over wee
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the State Street SPDR S&P Regional Banking ETF (Symbol: KRE) where we have detected an approximate $520.7 million dollar inflow -- that's a 11.6% inc
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the State Street SPDR S&P Regional Banking ETF (Symbol: KRE) where we have detected an approximate $520.7 million dollar inflow -- that's a 11.6% inc
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Convertible Bond ETF (Symbol: ICVT) where we have detected an approximate $308.0 million dollar inflow -- that's a 6.0% increase week over we
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Convertible Bond ETF (Symbol: ICVT) where we have detected an approximate $308.0 million dollar inflow -- that's a 6.0% increase week over we
Investors in Snap Inc (Symbol: SNAP) saw new options begin trading today, for the April 2nd expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the SNAP options chain for the new April 2nd contracts and identified the following call contract of
Investors in Snap Inc (Symbol: SNAP) saw new options begin trading today, for the April 2nd expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the SNAP options chain for the new April 2nd contracts and identified the following call contract of
Investors in Grayscale Bitcoin Trust ETF (Symbol: GBTC) saw new options become available today, for the April 2nd expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the GBTC options chain for the new April 2nd contracts and identified one put a
Investors in Grayscale Bitcoin Trust ETF (Symbol: GBTC) saw new options become available today, for the April 2nd expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the GBTC options chain for the new April 2nd contracts and identified one put a
primeimages/E+ via Getty Images Performance Annualized 4Q25 YTD 1YR 3YR 5YR 7YR 10YR International Small Cap Composite (Gross) -1.64% 31.43% 31.43% 14.75% 2.40% 7.68% 6.27% International Small Cap Composite (Net) -1.85% 30.35% 30.35% 13.69% 1.42% 6.64% 5.24% MSCI EAFE® Small Cap (Net) Index 2.68% 31.83% 31.83% 14.94% 5.62% 9.14% 7.49% Click to enlarge Please see the important performance and other...
primeimages/E+ via Getty Images Performance Annualized 4Q25 YTD 1YR 3YR 5YR 7YR 10YR International Small Cap Composite (Gross) -1.64% 31.43% 31.43% 14.75% 2.40% 7.68% 6.27% International Small Cap Composite (Net) -1.85% 30.35% 30.35% 13.69% 1.42% 6.64% 5.24% MSCI EAFE® Small Cap (Net) Index 2.68% 31.83% 31.83% 14.94% 5.62% 9.14% 7.49% Click to enlarge Please see the important performance and other related disclosures at the end of this Commentary, which are an integral part of this quarterly Commentary Newsletter. In the fourth quarter, markets navigated a complex backdrop of geopolitical tensions and domestic policy shifts. Central banks around the world adopted divergent approaches to interest rates: the Federal Reserve delivered rate cuts in both October and December, signaling a pivot toward supporting a softening labor market. Meanwhile, the European Central Bank (ECB) held its benchmark interest rate steady, and the Bank of Japan raised rates to 0.75%, marking a 30-year high. The "AI trade" encountered headwinds as investors questioned the near-term return on massive capital expenditures. After years of U.S. equity outperformance, international markets led the way in both the fourth quarter and for the full year 2025. The Russell 3000 Index gained 2% for the quarter and 17% for the year, trailing the MSCI EAFE and MSCI Emerging Markets Indexes, each of which posted 5% quarterly returns and surged 31% and 34%, respectively, for the full year. For the quarter: Value indexes outpaced growth in the developed world while Emerging Markets remained a growth-led story. Among global risk factors, Beta, Momentum, and Earnings Yield enjoyed positive performance, while Residual Volatility, Profitability, and Liquidity were punished. As our investment team meets with companies, dissects recent earnings reports, and reviews the global landscape, they note several dynamics in various market segments that guide our positioning: Europe: Sovereignty and Reinvestment: Technologi...
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the KraneShares CSI China Internet ETF (Symbol: KWEB) where we have detected an approximate $228.5 million dollar outflow -- that's a 2.8% decrease week
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the KraneShares CSI China Internet ETF (Symbol: KWEB) where we have detected an approximate $228.5 million dollar outflow -- that's a 2.8% decrease week
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares MSCI USA Quality Factor ETF (Symbol: QUAL) where we have detected an approximate $163.0 million dollar outflow -- that's a 0.3% decrease wee
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares MSCI USA Quality Factor ETF (Symbol: QUAL) where we have detected an approximate $163.0 million dollar outflow -- that's a 0.3% decrease wee
Ametek ( AME ) declares $0.34/share quarterly dividend , 9.7% increase from prior dividend of $0.31. Forward yield 0.58% Payable March 31; for shareholders of record March 16; ex-div March 16. See AME Dividend Scorecard, Yield Chart, & Dividend Growth. More on Ametek AMETEK: Perilously Close To A Downgrade As Valuation Outweighs Fantastic Growth AMETEK, Inc. (AME) Q4 2025 Earnings Call Transcript ...
Ametek ( AME ) declares $0.34/share quarterly dividend , 9.7% increase from prior dividend of $0.31. Forward yield 0.58% Payable March 31; for shareholders of record March 16; ex-div March 16. See AME Dividend Scorecard, Yield Chart, & Dividend Growth. More on Ametek AMETEK: Perilously Close To A Downgrade As Valuation Outweighs Fantastic Growth AMETEK, Inc. (AME) Q4 2025 Earnings Call Transcript Ametek: Q3 Reacceleration, Strong Europe, And A Playbook That Keeps Compounding Top 10 large-cap stocks with highest dividend safety grade Ametek beats top-line and bottom-line estimates; initiates Q1 and FY26 outlook
A drumbeat of bearish signals is building across the crypto industry, with Standard Chartered slashing its Bitcoin price target and Coinbase Global Inc. getting cut to sell as momentum traders struggle to push Bitcoin back toward its highs. Standard Chartered lowered its year-end 2026 Bitcoin forecast to $100,000 from $150,000 — and from $300,000 just months earlier — warning the cryptocurrency co...
A drumbeat of bearish signals is building across the crypto industry, with Standard Chartered slashing its Bitcoin price target and Coinbase Global Inc. getting cut to sell as momentum traders struggle to push Bitcoin back toward its highs. Standard Chartered lowered its year-end 2026 Bitcoin forecast to $100,000 from $150,000 — and from $300,000 just months earlier — warning the cryptocurrency could drop to $50,000 before stabilizing. The bank pointed to weakening price momentum and a tougher macro backdrop while the token tumbled again Thursday, dropping as much as 3.6% to $65,326. At the same time, Monness, Crespi, Hardt & Co. downgraded Coinbase to sell, calling assumptions of a steady recovery “foolish + facile” given the typical length of crypto bear markets. The brokerage cut its price target by 68% to a street-low $120 and lowered revenue and earnings estimates through 2027. Coinbase fell for a third day, and was down about 8% to $140. Bitcoin has fallen more than 45% from its October peak near just over $126,000 and has repeatedly failed to sustain rebounds, a sign that speculative demand is thinning. The broader crypto market has shed nearly $2 trillion in value over the same stretch. The Monness Crespi downgrade follows at least five other price target cuts in February by Wall Street analysts of the largest US crypto exchange, which has seen its shares tumble almost 40% this year. Coinbase, which will release fourth-quarter results after the close of equity trading, published a company-compiled list of consensus financial performance estimates earlier Thursday. Analysts surveyed by Bloomberg expect Coinbase to report fourth-quarter earnings of 86 cents per share, an over 80% year-over-year decline, but Coinbase’s own set of analyst consensus predicts even worse results, a loss of 5 cents per share. The synchronized downgrades highlight a shift in tone across crypto’s institutional ecosystem. Last year’s rebound narrative hinged on renewed risk appetite an...