Bitcoin may be in the dumps, but two stocks linked to the flagship cryptocurrency could soon see their shares more than double, according to Morgan Stanley. In a Sunday note to clients, the investment firm initiated coverage of bitcoin miners Cipher Mining and TeraWulf , giving the stocks "overweight" ratings. Its analysts put a $38 price target on Cipher, implying 158% upside, while they set a $3...
Bitcoin may be in the dumps, but two stocks linked to the flagship cryptocurrency could soon see their shares more than double, according to Morgan Stanley. In a Sunday note to clients, the investment firm initiated coverage of bitcoin miners Cipher Mining and TeraWulf , giving the stocks "overweight" ratings. Its analysts put a $38 price target on Cipher, implying 158% upside, while they set a $37 target for TeraWulf, suggesting 159% upside. "For both companies, this Bitcoin-to-[data center] growth potential is a significant driver of upside in their respective stocks," Morgan Stanley analysts led by Stephen Byrd wrote. A systematic shortage of AI compute-related supply is driving demand for so-called "time to power" solutions, or technologies that minimize deployment and maximize uptime, the analysts said. And, hyperscalers' recent capital expenditure updates suggest that appetite and budgets for compute and power are also on the rise, they added. As a result, hyperscalers are likely to pay higher premiums to use time-to-power solutions powered by former bitcoin miners that have transformed their mining operations into data centers, analysts noted. Existing American and European data center developers are already facing significant power access bottlenecks, according to their note. "Even if DC developers secured all large US and European Bitcoin company power access, they would still, in our view, be short [of] access to power," the analysts said. Bitcoin gets battered Cipher and TeraWulf are repurposing their bitcoin mining operations to serve AI players during a downturn in the cryptocurrency market. Bitcoin was last trading at $70,385.89, down more than 40% from its record high of just over $126,000 hit last October. It rebounded after sinking to a nearly 16-month low of about $60,000 late last week. In the past week, Cipher shares have gained about 6%, while TeraWulf has added 21%. Over that same period, bitcoin has dropped roughly 10%. These plays aren't fail...
is a senior reviewer with over twenty years of experience. She covers smart home, IoT, and connected tech, and has written previously for Wirecutter, Wired, Dwell, BBC, and US News. Posts from this author will be added to your daily email digest and your homepage feed. All the smart home news, reviews, and gadgets you need to know about If you haven’t yet updated to the new Apple Home, your smart ...
is a senior reviewer with over twenty years of experience. She covers smart home, IoT, and connected tech, and has written previously for Wirecutter, Wired, Dwell, BBC, and US News. Posts from this author will be added to your daily email digest and your homepage feed. All the smart home news, reviews, and gadgets you need to know about If you haven’t yet updated to the new Apple Home, your smart home devices may no longer work in the Home app on your iPhone, iPad, Mac, or Apple Watch starting tomorrow. On February 10, 2026, Apple will end support for the original HomeKit architecture. The biggest impact of the change will be felt by anyone still using an iPad as their Apple Home Hub (which allows you to control devices remotely and create automations). Related How to upgrade to the new Apple Home architecture In the new Apple Home, iPads are no longer supported as hubs. You’ll need a HomePod or Apple TV to serve that role. The new architecture also requires your phone and any devices connected to your Home to be running iOS 16.2 or later (or macOS 13.1/watchOS 9.2 or higher). To ensure no interruption in your smart home control, you’ll need to update your Apple Home. Go to Settings in the Home app, then follow the steps to complete the update. After February 10, Apple says you may be automatically upgraded. The new Apple Home architecture fully launched with iOS 16.4 in 2023, and was a ground-up rebuild of the platform. It brought increased performance and reliability, according to Apple, along with support for Matter, the new smart home standard Apple helped develop and to which it contributed HomeKit as a foundation. Upgrading has been optional since the launch of the new platform, but Apple announced last year that it would phase out the old HomeKit architecture by the end of 2025. That deadline was subsequently pushed back, but has now arrived.
Mark Nooijen/iStock via Getty Images Autodesk ( ADSK ) has brought a civil suit against Google ( GOOG )( GOOGL ) for allegedly infringing on its "Flow" trademark name, according to Reuters . In the complaint, which was filed Friday in a federal court in San Francisco, Autodesk contended it has been using the name Flow since 2022 for its software that produces visual effects and can transform foota...
Mark Nooijen/iStock via Getty Images Autodesk ( ADSK ) has brought a civil suit against Google ( GOOG )( GOOGL ) for allegedly infringing on its "Flow" trademark name, according to Reuters . In the complaint, which was filed Friday in a federal court in San Francisco, Autodesk contended it has been using the name Flow since 2022 for its software that produces visual effects and can transform footage into cinematic scenes. The filing said Google introduced its software called Flow in 2025, which also can create AI-generated cinematic clips and scenes. Autodesk believed Google did not plan to monetize its version of Flow but then discovered Google had applied to trademark the term in the Kingdom of Tonga, the report said. Autodesk also said in the complaint Google is now in the process of seeking trademark protection for the name in the U.S. "Google's false representation that it would always use a combination of its house mark and Flow was intended to buy time to allow it to swamp Autodesk's place in the market," the complaint said, according to the report. "Despite the success of Autodesk's Flow products, the much larger Google will likely overwhelm the Autodesk Flow products and Flow marks." Autodesk is seeking punitive damages and compensation for the alleged consumer confusion. More on Alphabet and Autodesk Alphabet Q4 Takeaway: Doubling Down On Cloud And AI Investments Should Pay Off Alphabet Is Back, But Elevated AI CapEx Risks Are Also Worrying Why Alphabet Will Likely Leapfrog Nvidia To Become World's Most Valuable Company Alphabet to raise money in bond sale amid AI buildout Salesforce, ServiceNow added to Wedbush's AI 30 list
The following companies are expected to report earnings after hours on 02/09/2026. Visit our Earnings Calendar for a full list of expected earnings releases. Arch Capital Group Ltd. (ACGL)is reporting for the quarter ending December 31, 2025. The insurance (property & casualty) company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.49. This value represents...
The following companies are expected to report earnings after hours on 02/09/2026. Visit our Earnings Calendar for a full list of expected earnings releases. Arch Capital Group Ltd. (ACGL)is reporting for the quarter ending December 31, 2025. The insurance (property & casualty) company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.49. This value represents a 10.18% increase compared to the same quarter last year. In the past year ACGL has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 26.48%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ACGL is 10.77 vs. an industry ratio of 13.20. Cincinnati Financial Corporation (CINF)is reporting for the quarter ending December 31, 2025. The insurance (property & casualty) company's consensus earnings per share forecast from the 8 analysts that follow the stock is $2.86. This value represents a 8.92% decrease compared to the same quarter last year. In the past year CINF has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 41.79%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CINF is 23.46 vs. an industry ratio of 13.20, implying that they will have a higher earnings growth than their competitors in the same industry. ON Semiconductor Corporation (ON)is reporting for the quarter ending December 31, 2025. The semiconductor company's consensus earnings per share forecast from the 12 analysts that follow the stock is $0.62. This value represents a 34.74% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ON is 27.63 vs. an industry ratio of 56.00. Principal Financial Group Inc (PFG)is reporting for the quarter ending December 31, 2025. The insurance company's consensus earnings per share forecast from the 6 analysts that f...
Advanced Micro Devices, Inc. SANTA CLARA, Calif., Feb. 09, 2026 (GLOBE NEWSWIRE) -- Today AMD (NASDAQ: AMD) announced that Ariel Kelman has been appointed Senior Vice President and Chief Marketing Officer, effective immediately. Kelman will lead the AMD global marketing organization, overseeing brand, communications, events, developer relations and go-to-market strategy. Kelman will report to Ruth...
Advanced Micro Devices, Inc. SANTA CLARA, Calif., Feb. 09, 2026 (GLOBE NEWSWIRE) -- Today AMD (NASDAQ: AMD) announced that Ariel Kelman has been appointed Senior Vice President and Chief Marketing Officer, effective immediately. Kelman will lead the AMD global marketing organization, overseeing brand, communications, events, developer relations and go-to-market strategy. Kelman will report to Ruth Cotter, Senior Vice President and Chief Administrative Officer, and will work closely with the AMD executive team to deepen engagement with customers, partners, developers and the broader technology ecosystem as AMD continues to scale its product and solutions leadership. “Ariel is a proven marketing leader with deep experience building brands, driving marketing impact at scale and connecting innovation to customer value,” said Cotter. “As AMD continues to expand our portfolio and deliver industry-leading high-performance and AI solutions across data center, embedded, client and gaming, Ariel’s leadership will be instrumental in sharpening our storytelling, advancing our marketing organization and accelerating our momentum.” Kelman brings more than two decades of experience leading global marketing organizations at some of the world’s most respected enterprise and technology companies. Most recently, he served as president and CMO at Salesforce, where he led the company’s global marketing organization. He also held senior leadership roles at Amazon Web Services and Oracle, where he helped scale and modernize global marketing teams during periods of rapid growth. “I’m thrilled to join AMD at such an exciting moment in the company’s journey,” said Kelman. “I’m looking forward to working with the team to elevate the AMD brand, deepen engagement with customers and partners and capture the massive AI data center opportunity enabled by AMD’s uniquely differentiated products. That combination is what energizes me most.” About AMD AMD (NASDAQ: AMD) drives innovation in high-perfor...
The Inevitable Reversal: When Speculative Narratives Don't Hold Authored by Lance Roberts via RealInvestmentAdvice.com, For nearly two years, markets were driven by the same speculative narrative that “ this time is different.” Bitcoin, precious metals, and AI-linked equities rose not only because of robust fundamentals, but also because investors clung to powerful narratives about inflation, disr...
The Inevitable Reversal: When Speculative Narratives Don't Hold Authored by Lance Roberts via RealInvestmentAdvice.com, For nearly two years, markets were driven by the same speculative narrative that “ this time is different.” Bitcoin, precious metals, and AI-linked equities rose not only because of robust fundamentals, but also because investors clung to powerful narratives about inflation, disruption, and monetary collapse. Those speculative narratives are not only seductive but also contribute to investment behaviors that obscure reality. Bitcoin was cast as “digital gold,” a hedge against a largely false tale of a weakening dollar and fiscal instability . Gold and silver were likewise falsely elevated as defensive stores of value in a monetary regime supposedly at risk of losing purchasing power . AI stocks became shorthand for a new productivity supercycle where profits would follow indefinitely rising valuations . These speculative narratives are fine and drive bull markets in the near term. As John Maynard Keynes once quipped: “Markets can remain irrational longer than you can remain solvent ,” and those narratives are potent as they frame expectations and justify positions. However, these speculative narratives have little to do with economic or fundamental realities that will ultimately drive outcomes. In markets, stories don’t replace valuation. As I noted previously, when “valuation metrics are excessive… it is a better measure of investor psychology than fundamentals.” That means price becomes more about sentiment than business results, and we see that in the relationship between consumer sentiment about stock prices over the next 12 months and valuations. “This broad wave of bullish behavior isn’t isolated to sentiment surveys. Positioning data, equity fund inflows, and trading behavior confirm the lack of bears in the market. Markets are rising not because of strong earnings or economic acceleration, but because of optimism about future prices. In thi...
VV Shots/iStock Editorial via Getty Images Investment Thesis Google Cloud appears to be emerging as the earnings driver for Alphabet Inc. ( GOOGL , GOOG ) since it surpassed the $70 billion run rate with operating margins at 30%. Operating income growth is outpacing revenue growth as infrastructure leverage and execution take hold. However, the stock has gained only ~1% since my last coverage, ind...
VV Shots/iStock Editorial via Getty Images Investment Thesis Google Cloud appears to be emerging as the earnings driver for Alphabet Inc. ( GOOGL , GOOG ) since it surpassed the $70 billion run rate with operating margins at 30%. Operating income growth is outpacing revenue growth as infrastructure leverage and execution take hold. However, the stock has gained only ~1% since my last coverage, indicating low market sentiment of this inflection point. Google Cloud on Track for $70 Billion+ Run Rate and Stabilized ~30% Operating Margins Alphabet has a central focus on the expansion and monetization of Google Cloud Platform ("GCP"). I see this focus in the convergence of proprietary AI infra, enterprise model adoption, and operational leverage. Q4-FY25 and FY25’s numbers point out that Google Cloud is the core engine for bottom line expansion and topline diversification. Google Cloud toplines hit $17.7 billion in Q4-FY25 (+48% YoY). This growth rate is highly above the 35% growth in Q3-FY25 and the 30% growth in Q4 FY24. The acceleration indicates that enterprise demand for Alphabet's computing services is accelerating. The cloud segment now operates at an annualized revenue run rate of $70 billion+, and this scale puts Google Cloud in a position to improve Alphabet's consolidated bottom line considerably. Q4 Earnings When I see the operating income within the Cloud segment, it is expanding at a rate faster than the topline. In Q4-FY24, Cloud operating income is at $2.1 billion . By Q4-FY25, this figure rose to $5.3 billion. This change is an increase of more than 150%. As a result, the operating margin for Google Cloud improved from 17.5% to 30.1% YoY. In my view, this margin expansion points to the fact that Alphabet can scale infrastructure costs. It means that the fixed costs linked with data centers and server depreciation are now spread across a wider topline base. The backlog for Google Cloud hit $240 billion at 2025’s end (+55% increase QoQ). The backlog more t...
Hi, it’s Swetha Gopinath. I’ve just returned from the annual IPEM wealth conference in Cannes, where the issue of liquidity was a top agenda item. Also today, we Lilly stays on the acquisition path while the off-shore drilling sector consolidates. Today’s top stories Hellman & Friedman has been in talks to acquire payments firm Bill. Transocean strikes $5.8 billion deal for Valaris in off-shore dr...
Hi, it’s Swetha Gopinath. I’ve just returned from the annual IPEM wealth conference in Cannes, where the issue of liquidity was a top agenda item. Also today, we Lilly stays on the acquisition path while the off-shore drilling sector consolidates. Today’s top stories Hellman & Friedman has been in talks to acquire payments firm Bill. Transocean strikes $5.8 billion deal for Valaris in off-shore drilling deal. Lilly reaches deal for Biotech Orna worth up to $2.4 billion. How the family behind Swatch is resisting an investor campaign . Lecter and liquidity Silence of the Lambs feels like a dubious source of inspiration when entertaining a crowd of private equity executives, given their industry has in the past been likened to vultures , locusts and asset strippers. But that’s what happened at the IPEM wealth conference in Cannes last week, with a riff on a classic scene from the 1991 movie that painted Hannibal Lecter as a reluctant PE manager trying to convince Clarice Starling she didn’t need a return on her invested capital. Confused? Well, you’re not alone. More than a few attendees at the awards function that capped off the annual event in the south of France were left scratching their heads. Others just wanted it to stop—maybe it was a bit too close to the bone, so to speak. PE has, after all, been trying hard of late to convince us that it has no problem generating distributions for its LPs. In truth, it’s been a tougher exit market and many firms have had to come with up with creative ways of holding onto hard-to-sell assets for longer—minority stake sales, continuation funds and so on. One of the main points of conversation at IPEM was the popularity of so-called evergreen funds. These open-ended vehicles offer periodic liquidity and have no set timeframe for investment, unlike the traditional buyout funds that come with fixed terms and fewer options for cashing out early. Evergreen funds account for a 5% of total capital in private markets, according to esti...
Getty Images I'm initiating coverage on Mitsubishi Heavy Industries, Ltd. ( MHVYF ) ( MHVIY ) (7011.T) at a "Buy" rating. I was pleasantly surprised with MHVYF's 3QFY2025 (YE Mar 2026) profit surge. The "Energy Systems/ES" and "Aircraft Defense & Space/AD&S" segments have strong growth potential. This supports my prediction that its FY25 disclosures will beat expectations again. Corporate Overview...
Getty Images I'm initiating coverage on Mitsubishi Heavy Industries, Ltd. ( MHVYF ) ( MHVIY ) (7011.T) at a "Buy" rating. I was pleasantly surprised with MHVYF's 3QFY2025 (YE Mar 2026) profit surge. The "Energy Systems/ES" and "Aircraft Defense & Space/AD&S" segments have strong growth potential. This supports my prediction that its FY25 disclosures will beat expectations again. Corporate Overview MHVYF is described as a Japanese entity that "manufactures and sells heavy machinery worldwide" on SA's profile page. Major Operations at a Glance Annual Report It derived 50% and 24% of its FY2024 group-level EBIT from ES and AD&S, respectively. Analyst "Upslope Capital Management" has called the company a "global leader in the design and production of gas turbines" and "the largest domestic defense contractor in Japan." The above-mentioned divisions contributing almost three-quarters of operating profit will be the focus of my write-up. Top-line Split by Geographical Segment Investor Presentation Also, the firm has been successful in penetrating foreign markets. Over half of its turnover in the previous fiscal year came from non-Japanese businesses. Q3 Showing Exceeded Expectations MHVYF's most recent financials were revealed in the middle of last week. Its "Operating Profit/OP" rose 80% year-on-year to ¥0.13 trillion for Oct-Dec '25. According to S&P Capital IQ, this surpassed the sell-side's projection by +21%. My take is that AD&S and ES were the stars in the latest three-month period. AD&S's 3QFY25 OP was 75% higher YoY at ¥45 billion. Management attributed the outperformance to "an increase in the number of Boeing ( BA ) 787 unit deliveries" at the results briefing (S&P Capital IQ transcript). The 787's per-month delivery rate was eight in 4Q2025. That represented a big improvement from five for the same quarter a year ago. BA is optimistic about this aircraft model's production outlook. At the late-Jan meeting , it emphasized the "exceptional demand for the 787" an...
The departure of the prime minister’s chief of staff signals the demise of the political project which put him in No 10. All bets are off now. The Labour party spent 14 years in the wilderness, following the general election of 2010. It has taken only 18 months for the political project with which it returned to power to implode. The resignation of Morgan McSweeney, Sir Keir Starmer’s chief of sta...
The departure of the prime minister’s chief of staff signals the demise of the political project which put him in No 10. All bets are off now. The Labour party spent 14 years in the wilderness, following the general election of 2010. It has taken only 18 months for the political project with which it returned to power to implode. The resignation of Morgan McSweeney, Sir Keir Starmer’s chief of staff and the man credited with orchestrating his path to Downing Street, has left the prime minister isolated, rudderless and at the mercy of events he is in no position to control. Mr McSweeney fell on his sword after taking responsibility for backing the appointment of Lord Mandelson as US ambassador, despite what was known about the peer’s friendship with Jeffrey Epstein. The hope, clearly, was that his departure will give the prime minister the breathing space to reset yet again. Monday’s call for Sir Keir’s own resignation by Anas Sarwar, Labour’s leader in Scotland, soon dispelled that illusion, although it also provoked a show of loyalty from cabinet colleagues. Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here . Continue reading...
The victims contacted police after seeing the BBC's interview with his previous victim Anna Downes, in which she said the images and videos of Gunnery left her so traumatised she struggled to sleep.
The victims contacted police after seeing the BBC's interview with his previous victim Anna Downes, in which she said the images and videos of Gunnery left her so traumatised she struggled to sleep.
"Bloomberg ETF IQ" focuses on the opportunities, risks and current trends tied to the trillions of dollars in the global exchange traded funds industry. Today's guests: Bitwise CIO Matt Hougan, JPMorgan Asset Management CIO and Head of GIFCC Robert Michele, Gabelli Funds CO-CIO of Value Christopher Marangi and Tidal SVP of Product Development Aga Kuplinska. (Source: Bloomberg)
"Bloomberg ETF IQ" focuses on the opportunities, risks and current trends tied to the trillions of dollars in the global exchange traded funds industry. Today's guests: Bitwise CIO Matt Hougan, JPMorgan Asset Management CIO and Head of GIFCC Robert Michele, Gabelli Funds CO-CIO of Value Christopher Marangi and Tidal SVP of Product Development Aga Kuplinska. (Source: Bloomberg)
Christopher Ezell/iStock Editorial via Getty Images New Catalysts In Saudi Arabia Saudi Arabia is poised to be a standout emerging market in 2026, following years of flying under the radar. The country has a stable macroeconomic outlook, and there are several catalysts that can help drive equity market performance in 2026 and 2027. Saudi equities have been decoupled from emerging market equities s...
Christopher Ezell/iStock Editorial via Getty Images New Catalysts In Saudi Arabia Saudi Arabia is poised to be a standout emerging market in 2026, following years of flying under the radar. The country has a stable macroeconomic outlook, and there are several catalysts that can help drive equity market performance in 2026 and 2027. Saudi equities have been decoupled from emerging market equities since 2025 and have drastically underperformed the iShares MSCI Emerging Markets ETF ( EEM ) in the past three years. I am using the iShares MSCI Saudi Arabia ETF ( KSA ) as a representation for the Saudi market. Data by YCharts Saudi Arabia's economy has been delivering favorable growth in recent quarters, driven by the combination of rising oil production and the rapid growth of non-oil sectors. The economy's continued economic diversification leading into 2030, in line with the government's economic targets, will help support broad-based growth in the coming years. Most importantly, the government has also recently stepped in to liberalize the stock market, which should help boost foreign interest. Saudi Arabian equities are reasonably priced at the moment and appear poised to outperform emerging markets in the coming years because of the unique economic catalysts in store. Investors hoping to outperform emerging markets via active strategies and country allocation should strongly consider adding Saudi Arabia to their portfolio. This position can be a unique hedge in one's portfolio, especially if oil prices rise on the back of geopolitical risks this year. KSA is an appropriately diversified vehicle that provides exposure to this market. This ETF is well-positioned to outperform emerging markets this year, following its 2025 underperformance. Saudi Arabia Economic Outlook Saudi Arabia's economy is poised to be a bright spot in emerging markets in 2026 and has several long-term catalysts that should support equity market sentiment in the coming years. Saudi Arabia's econo...
Once Upon A Farm ( OFRM ) continued to see strong investor interest on Monday after the California-based company launched its IPO last week. Shares of Once Upon A Farm ( OFRM ) rose to as high as $26.00 on its second day of trading a fter the organic children's nutrition company priced its IPO at $18 per share. Looking ahead, Once Upon a Farm ( OFRM ) indicated that one of the most exciting opport...
Once Upon A Farm ( OFRM ) continued to see strong investor interest on Monday after the California-based company launched its IPO last week. Shares of Once Upon A Farm ( OFRM ) rose to as high as $26.00 on its second day of trading a fter the organic children's nutrition company priced its IPO at $18 per share. Looking ahead, Once Upon a Farm ( OFRM ) indicated that one of the most exciting opportunities ahead for it is the opportunity to broaden its cooler installations and presence in the baby aisle, which is traditionally home to only shelf-stable products. Growth plans include broadening product offerings into new categories such as dairy-free smoothies and oat-based meals to address evolving consumer preferences and increase household reach. The company has also indicated that it is deepening direct-to-consumer engagement, as well as exploring health-focused brand partnerships to extend its market footprint. On Seeking Alpha, Investing Group Leader The Value Investors warned the stock market is a graveyard of similar good initiative-type companies that have not worked out, including The Honest Company ( HNST ) and Oatly ( OTLY ). More on Once Upon A Farm, PBC Once Upon A Farm: Better For Kids, But What About Investors? Once Upon a Farm rallies more than 20% in public debut Organic children's food upstart Once Upon A Farm aims for a $764M valuation in IPO Seeking Alpha’s Quant Rating on Once Upon A Farm, PBC Financial information for Once Upon A Farm, PBC
BalkansCat/iStock Editorial via Getty Images The following segment was excerpted from the Third Point Q4 2025 Investor Letter. History doesn't repeat itself, but it often rhymes. Over the last ten years, T-Mobile ( TMUS ) shares are up 460%, even after a recent drawdown based on concerns that wireless industry competition is heating up. How did a wireless company outperform the S&P 500 by 110% ove...
BalkansCat/iStock Editorial via Getty Images The following segment was excerpted from the Third Point Q4 2025 Investor Letter. History doesn't repeat itself, but it often rhymes. Over the last ten years, T-Mobile ( TMUS ) shares are up 460%, even after a recent drawdown based on concerns that wireless industry competition is heating up. How did a wireless company outperform the S&P 500 by 110% over such a long time period? It came down to having a network experience at parity with incumbents, getting help from regulators for favorable spectrum deals, and pricing at a meaningful discount to levered incumbent backbooks, who have been unwilling and unable to sustainably match T-Mobile's pricing. A similar dynamic has emerged in Canada, where the market structure is even more favorable for Quebecor ( QBCRF ), the wireless upstart from Quebec with national ambitions. Canadian incumbent pricing is currently a materially worse experience for consumers than what we're used to seeing in the US. Most consumers have capped monthly data plans, with only 27% of Canadians paying for a 100GB+ or unlimited plan as of YE 2024 according to the regulator's latest market study. When coupled with 3.5 – 4.0x turns of financial leverage and dividend payout ratios at over 80% of free cash flow, Canada's Big 3 providers are poorly positioned to match pricing from an aggressive and well-run challenger. Quebecor is a regional telco with 25% share of Quebec's wireless subscribers and a longstanding ambition of expanding nationally. It finally got the opportunity with the acquisition of Freedom Mobile, a national wireless business and forced divestiture following the Rogers/Shaw merger. An extremely favorable domestic roaming agreement gifted by the regulator enabled Quebecor to ride on the Rogers network. As existing coverage improved, Freedom Mobile subscriber growth has accelerated to levels rarely seen in developed markets. For context, Quebecor's latest ARPU is C$35, a 40% discount to incu...
The country just can’t afford another three and half years of this dysfunctional soap opera. I say, get a grip or get thrown out “It’s nice, isn’t it. The quiet.” The now-infamous social media post produced by a Starmer supporters at the start of his time in office is now written only in sarcasm beside yet another terrible news headline. Rayner resigns: “Nice, isn’t it. The quiet”; Mandelson sacke...
The country just can’t afford another three and half years of this dysfunctional soap opera. I say, get a grip or get thrown out “It’s nice, isn’t it. The quiet.” The now-infamous social media post produced by a Starmer supporters at the start of his time in office is now written only in sarcasm beside yet another terrible news headline. Rayner resigns: “Nice, isn’t it. The quiet”; Mandelson sacked: “Nice, isn’t it. The quiet”; the prime minister loses his chief of staff – you get the picture. Around the time of that post, we had our glorious first conference in Bournemouth after winning our best election result in a century, and a prominent BBC journalist said to me: “We won’t have to cover the soap opera like before – it’s going to be about policy.” Imagine being the leader of the Liberal Democrats, known for our torrents of policy, and being told this by a BBC journalist; the phrase pig in excrement comes to mind. Ed Davey is leader of the Liberal Democrats Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here . Continue reading...
Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1% and the Stat Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.
Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1% and the Stat Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.