DaveAlan/iStock Unreleased via Getty Images I covered Southwest Airlines Co. ( LUV ) in May 2025 with a Hold rating, where I did see some upside but with a high degree of uncertainty in the market due to trade turmoil. Since then, the stock has gained 27.8%, outperforming the S&P 500 ( SP500 ). The stock price even reached a 52-week high of $55.11, coinciding with the mid-point of the target range...
DaveAlan/iStock Unreleased via Getty Images I covered Southwest Airlines Co. ( LUV ) in May 2025 with a Hold rating, where I did see some upside but with a high degree of uncertainty in the market due to trade turmoil. Since then, the stock has gained 27.8%, outperforming the S&P 500 ( SP500 ). The stock price even reached a 52-week high of $55.11, coinciding with the mid-point of the target range based on expected earnings for 2027. Today, the world does look different compared to a year ago, with the war in Iran driving up oil prices ( CO1:COM ) and crack spreads along with economic growth and inflation coming back into play. In this report, I discuss the impact that each of these components may have on earnings. In a prior report , I had a deeper look at the impacts that higher fuel prices, inflation and GDP impact have after an offset from higher baggage fees and ticket prices. In this report, I go a step further and translate the impacts to share price targets. Outlining The Initial Estimates for Southwest Airlines For Southwest Airlines, I have injected the most recent analyst estimates in a pre-war setting which differ slightly from the initial model inputs in the piece that deals with several airlines. The initial estimates are $32.1 billion in revenues, $3.7 billion in EBITDA with a 11.6% margin and free cash flow of $1 billion bringing the margins to 3.1%. From here, we can start applying the impact of the war. Initial estimates for Southwest Airlines (The Aerospace Forum) Impact Of GDP Already Erodes Free Cash Flow Significantly When applying a 1.3 points pressure on GDP, we already note that revenues contract by 0.3% with a 0.8% decrease in EBITDA and a 10 basis point pressure on EBITDA margins to 11.5%. Free cash flow would be 2.9% lower with free cash flow margin of 3%. If we also implement an inflation pressure of 1.4 points, then we note that EBITDA declines 7.8% with a 90 basis point hit to the EBITDA margin and a 29% hit to free cash flow. Impact o...
Bloomberg’s Caroline Hyde and Ed Ludlow discuss CoreWeave’s $21 billion deal to provide compute for Meta. Plus, Meta releases a new AI model that is more competitive with rivals. And, Anthropic closes its secondary share sale that leaves some investors without the stakes they wanted. (Source: Bloomberg)
Bloomberg’s Caroline Hyde and Ed Ludlow discuss CoreWeave’s $21 billion deal to provide compute for Meta. Plus, Meta releases a new AI model that is more competitive with rivals. And, Anthropic closes its secondary share sale that leaves some investors without the stakes they wanted. (Source: Bloomberg)
Dougal Waters/DigitalVision via Getty Images When I think of a smart covered call strategy, I think of the Goldman Sachs S&P 500 Premium Income ETF ( GPIX ). And even more so today, after President Trump first reached a 2-week truce with Iran, and then with Israel, which instead quickly ended up undermining it. Why? Because GPIX is, in my opinion, the ETF with the most consistent covered call stra...
Dougal Waters/DigitalVision via Getty Images When I think of a smart covered call strategy, I think of the Goldman Sachs S&P 500 Premium Income ETF ( GPIX ). And even more so today, after President Trump first reached a 2-week truce with Iran, and then with Israel, which instead quickly ended up undermining it. Why? Because GPIX is, in my opinion, the ETF with the most consistent covered call strategy for this market context: able to capture the benefits of a potential positive revaluation, but also benefit from the coverage of the covered call strategy. This is naturally my opinion, and before explaining it better here is some b GPIX In a Nutshell I have already talked about GPIX, in positive terms, here . But for new readers, I think this summary is essential: GPIX is an active ETF , not so much in the base equity beta, but above all in the management of the options overlay. Not surprisingly, management talks about a goal to “seek current income while maintaining prospects for capital appreciation,” which seems to indicate a sort of hybrid solution between “income and growth,” and to some extent I must say it could be. GPIX: Price Performance (Seeking Alpha) In practice, GPIX physically holds the shares of the equity basket (and this is the growth component, so to speak) and applies a call overlay on top (this is the income part); in practical terms, what does this result in? In full exposure to equity downside, a cap on the upside (limited by the impact of the options overlay), and monetization (but be careful, only partial) of the upside through premiums. On the distribution side, the fund distributes a monthly income which is currently TTM equal to 8.60%. Considering a much lower 30-day standardized SEC yield, around 0.81%-0.93%, it is clear that this comes from option premiums and not from dividends of the holdings (in fact a large portion is distributed as ROC). GPIX: Dividend Metrics Overview (Seeking Alpha) It has a transparent strategy: it normally invests...
In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Incyte Corporation (Symbol: INCY) has taken over the #415 spot from Textron Inc (Symbol: TXT), according to The Online Investor. Market capitalization is an important
In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Incyte Corporation (Symbol: INCY) has taken over the #415 spot from Textron Inc (Symbol: TXT), according to The Online Investor. Market capitalization is an important
In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Republic Services Inc (Symbol: RSG) has taken over the #225 spot from Becton, Dickinson & Co (Symbol: BDX), according to The Online Investor. Market capitalizatio
In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Republic Services Inc (Symbol: RSG) has taken over the #225 spot from Becton, Dickinson & Co (Symbol: BDX), according to The Online Investor. Market capitalizatio
Cars.com ( CARS ) outlined 2026 initiatives focused on AI innovation, cost efficiency, and organizational restructuring. Launched new AI-powered tools including the Dealer App and Advanced Shopper Alerts to enhance dealer sales and analytics. Initiated cost-cutting measures including an ~11% workforce reduction, targeting $25–30M in annual savings by 2027. Flattened management structure, with ~20%...
Cars.com ( CARS ) outlined 2026 initiatives focused on AI innovation, cost efficiency, and organizational restructuring. Launched new AI-powered tools including the Dealer App and Advanced Shopper Alerts to enhance dealer sales and analytics. Initiated cost-cutting measures including an ~11% workforce reduction, targeting $25–30M in annual savings by 2027. Flattened management structure, with ~20% of eliminated roles from leadership layers. Increased 2026 share repurchase target from $60M+ to $90M, with ~$24M already completed. Reaffirmed 2026 guidance, expecting flat to modest revenue growth and stable EBITDA margins. More on Cars.com Cars.com: A Struggling Business As Consumer Traffic Declines Cars.com Inc. (CARS) Q4 2025 Earnings Call Transcript Cars.com Inc. 2025 Q4 - Results - Earnings Call Presentation Cars.com outlines marketplace integration and expects 2026 dealer revenue growth while advancing AI-powered solutions Cars.com Non-GAAP EPS of $0.44 misses by $0.11, revenue of $183.9M beats by $0.46M
Nouveau Monde Graphite ( NMG ) said on Thursday it has arranged a $297 million equity financing package to support development of its Phase-2 Matawinie Mine. The financing includes a $213 million private placement backed by Canada Growth Fund, Investissement Québec and Eni, alongside an $84 million bought deal public offering of subscription receipts. Combined with a previously announced $335 mill...
Nouveau Monde Graphite ( NMG ) said on Thursday it has arranged a $297 million equity financing package to support development of its Phase-2 Matawinie Mine. The financing includes a $213 million private placement backed by Canada Growth Fund, Investissement Québec and Eni, alongside an $84 million bought deal public offering of subscription receipts. Combined with a previously announced $335 million debt commitment, the company said the funding is expected to fully finance the project and support a final investment decision. The private placement is expected to close around May 15, subject to shareholder and regulatory approvals. NMG +8.93% after hours to $2.56. Source: Press Release More on Nouveau Monde Graphite Inc. Nouveau Monde Graphite secures $335M financing commitment for Matawinie Mine Historical earnings data for Nouveau Monde Graphite Inc. Financial information for Nouveau Monde Graphite Inc.
Beijing Cries Foul Over Chinese Scientist's Death Following Alleged US Interrogation - Feds Tight-Lipped China is accusing U.S. federal authorities of "hostile questioning" by US law enforcement following the death of a groundbreaking Chinese semiconductor researcher who fell to his death inside a University of Michigan building last month , while American law enforcement and university officials ...
Beijing Cries Foul Over Chinese Scientist's Death Following Alleged US Interrogation - Feds Tight-Lipped China is accusing U.S. federal authorities of "hostile questioning" by US law enforcement following the death of a groundbreaking Chinese semiconductor researcher who fell to his death inside a University of Michigan building last month , while American law enforcement and university officials remain tight-lipped about any federal involvement. Danhao Wang , an assistant research scientist in the University of Michigan’s College of Engineering, died after falling from an upper level inside the George G. Brown Building on the Ann Arbor campus around 11 p.m. on March 19 . University police responded to the scene and pronounced him dead. The incident is being investigated as a possible act of self-harm, with no indication of foul play or any ongoing threat to the campus community. GG Brown Building Addition (Architect Magazine) Chinese officials, including the embassy in Washington and the consulate in Chicago, have strongly linked Wang’s death to what they describe as “unwarranted” interrogation by U.S. law enforcement just before the incident . Beijing has lodged multiple “solemn representations,” accusing the U.S. of overstating national security concerns , engaging in political manipulation, and subjecting Chinese scholars to discriminatory practices that create a “chilling effect” on academic exchanges. The Chinese Foreign Ministry and embassy spokespeople have publicly demanded a full investigation , a “responsible explanation” to Wang’s family, and an end to such alleged harassment. The embassy confirmed Wang died by suicide and has been assisting his family. U.S. authorities have offered no confirmation or denial of any questioning. The FBI’s Detroit field office cited its longstanding policy of neither confirming nor denying investigations involving specific individuals. University police and administrators have released only basic details about the fall whi...
Amazon shares had their best performance since October after the tech and retail giant's chief executive touted the strong performance of the company’s AI chip business. Amazon stock rose 5.6%, making it the best performer in the Dow Jones Industrial Average on Thursday, according to Dow Jones Market Data.
Amazon shares had their best performance since October after the tech and retail giant's chief executive touted the strong performance of the company’s AI chip business. Amazon stock rose 5.6%, making it the best performer in the Dow Jones Industrial Average on Thursday, according to Dow Jones Market Data.
It's not just energy supplies that have been disrupted by the Iran war. It's also hitting frankincense, a commodity that's been defining trade routes in the Middle East for thousands of years. (Image credit: Maha Loubaris)
It's not just energy supplies that have been disrupted by the Iran war. It's also hitting frankincense, a commodity that's been defining trade routes in the Middle East for thousands of years. (Image credit: Maha Loubaris)
Cardinal Infrastructure Group ( CDNL ) secured a $24M contract for civil infrastructure work on a major data center project. The contract marks Cardinal’s first mission-critical data center project. Work is set to begin in Q2 2026, with completion expected in 2027. Scope includes utilities installation, earthwork, drainage, stormwater management, and site paving. More on Cardinal Infrastructure Gr...
Cardinal Infrastructure Group ( CDNL ) secured a $24M contract for civil infrastructure work on a major data center project. The contract marks Cardinal’s first mission-critical data center project. Work is set to begin in Q2 2026, with completion expected in 2027. Scope includes utilities installation, earthwork, drainage, stormwater management, and site paving. More on Cardinal Infrastructure Group Inc. Cardinal Infrastructure Group Inc. (CDNL) Q4 2025 Earnings Call Transcript Historical earnings data for Cardinal Infrastructure Group Inc. Financial information for Cardinal Infrastructure Group Inc.