Getty Images Summary Following my coverage on Installed Building Products, Inc. ( IBP ), for which I recommended a hold rating as the underlying demand for multi-family stayed weak and also that valuation was not cheap, this post is to provide an update on my thoughts on the business and stock. I agree that IBP is holding up better than I expected in a few areas, but I do not think that is enough ...
Getty Images Summary Following my coverage on Installed Building Products, Inc. ( IBP ), for which I recommended a hold rating as the underlying demand for multi-family stayed weak and also that valuation was not cheap, this post is to provide an update on my thoughts on the business and stock. I agree that IBP is holding up better than I expected in a few areas, but I do not think that is enough to justify a more bullish view. The core single-family market is still soft, recovery timing remains unclear, and the stock already appears priced for a sharp recovery. More Parts Of The Business Did Better Than I Expected The Commercial segment continues to provide good support. Same-branch sales (SBS) in the installation segment were up 22.9% in Q4 , and management said heavy commercial same-branch growth was even stronger at 38%. The important point here is IBP actually saw demand from various verticals like education, healthcare, recreation, transportation, manufacturing, and even some office activity. This shifts IBP’s growth resilience positively, as it is less tied to one niche segment. The residential mix is holding up better than I thought. The weakness is still mainly in entry-level production builders, which is the more price-sensitive part of the market. But the parts of residential where IBP has better positioning, such as private, regional, move-up, custom, and semi-custom homes, have seen relatively steady demand. Now, this matters because, like I said before, these jobs are usually less promotional and tend to carry better margins. There is also a regional mix element to it, and IBP appears to be positioning itself correctly. Management noted Midwest was up mid-single digits in Q4, which I thought was interesting because the blended residential end market revenue growth was down in Q4. This tells me that there are markets where demand is strong, and IBP is identifying them. The Core Single-Family Debate Still Has Not Been Cleared With that said, aside from v...
MF3d/iStock via Getty Images Note: I have covered KULR Technology Group, Inc. ( KULR ) or “KULR Technology” previously, so investors should view this as an update to my earlier articles on the company. Last week, KULR Technology reported another set of disappointing quarterly results that showed elevated cash burn and negative gross margins: Company Press Releases/Regulatory Filings In fact, core ...
MF3d/iStock via Getty Images Note: I have covered KULR Technology Group, Inc. ( KULR ) or “KULR Technology” previously, so investors should view this as an update to my earlier articles on the company. Last week, KULR Technology reported another set of disappointing quarterly results that showed elevated cash burn and negative gross margins: Company Press Releases/Regulatory Filings In fact, core battery revenues declined to new multi-year lows of just $0.5 million: Company Press Releases/Regulatory Filings On the conference call , management attributed the dismal performance to the early ramp-up phase of its KULR ONE battery platform, with three major factors impacting margins: low material purchase volumes resulting in elevated purchase prices. new customer programs resulting in material engineering and design costs. factory underutilization. However, this does not explain the fact that product revenues fell off a cliff in Q4/2025. In addition, profitability was impacted by a large number of impairment charges, including additional write-offs related to the company's failed investment in exoskeleton developer German Bionic, as outlined in more detail in the company's annual report on Form 10-K. During the year ended December 31, 2025, the Company made two investments in a private German entity (the “Investee”), including Series A7 Preferred Shares and a convertible loan receivable of $3.3 million and $2.1 million, respectively. In addition, the Company had accounts receivable of $0.8 million due from Investee, who was also a customer. On November 13, 2025, the Investee filed an application with a German insolvency court to open insolvency proceedings. As a result, as of December 31, 2025, the Company has fully impaired or recognized credit losses associated with the Company’s investments and accounts receivable associated with the Investee. During the fourth quarter of 2025, the Company determined that it would not pursue additional sales of exoskeleton products a...
Sturgeon Lake Cree Nation has asked a court to halt the separatist push, arguing it would violate their treaty rights A First Nation in Alberta has said that a separatist push for the province to secede from Canada is “consummately irresponsible and dishonourable” and should be shut down, arguing in court that a proposed referendum would violate their treaty rights. A minority of residents of the ...
Sturgeon Lake Cree Nation has asked a court to halt the separatist push, arguing it would violate their treaty rights A First Nation in Alberta has said that a separatist push for the province to secede from Canada is “consummately irresponsible and dishonourable” and should be shut down, arguing in court that a proposed referendum would violate their treaty rights. A minority of residents of the oil-rich province have long argued that the province’s woes are due to the structure of payments to the federal government and a perceived inability to get their vast fossil fuel reserves to market. Continue reading...
As US threatens to attack civilian infrastructure, UK’s distinction between defence and attack grows harder to sustain • Donald Trump says ‘a whole civilisation will die’ if Iran ignores demands In Downing Street, Keir Starmer has been at pains to emphasise that he will only authorise the use of UK bases by the US for “defensive” strikes on Iranian military targets. In the White House, Donald Trum...
As US threatens to attack civilian infrastructure, UK’s distinction between defence and attack grows harder to sustain • Donald Trump says ‘a whole civilisation will die’ if Iran ignores demands In Downing Street, Keir Starmer has been at pains to emphasise that he will only authorise the use of UK bases by the US for “defensive” strikes on Iranian military targets. In the White House, Donald Trump has threatened to bomb civilian infrastructure – and said on Monday that he was “not at all” worried about committing war crimes. So far in the war, Starmer’s position has allowed him to present the UK as a responsible actor concerned for regional security – but not a direct participant in the conflict on the US side. Continue reading...
As President Donald Trump's time for Iran to reopen the Strait of Hormuz narrows, JPMorgan has a list of trades to make depending on the outcome. Trump's deadline of 8 p.m. ET on Tuesday night for the U.S. and Iran to set a deal on reopening the Straight of Hormuz is fast approaching, and the president has threatened to destroy Iran's power plants and bridges if a deal isn't reached. But as of Tue...
As President Donald Trump's time for Iran to reopen the Strait of Hormuz narrows, JPMorgan has a list of trades to make depending on the outcome. Trump's deadline of 8 p.m. ET on Tuesday night for the U.S. and Iran to set a deal on reopening the Straight of Hormuz is fast approaching, and the president has threatened to destroy Iran's power plants and bridges if a deal isn't reached. But as of Tuesday morning, the possibility of reaching a deal looked less and less likely , with U.S. intentions open to interpretation. "A whole civilization will die tonight, never to be brought back again. I don't want that to happen, but it probably will," the president wrote in a Truth Social post . "However, now that we have Complete and Total Regime Change, where different, smarter, and less radicalized minds prevail, maybe something revolutionarily wonderful can happen, WHO KNOWS? We will find out tonight, one of the most important moments in the long and complex history of the World." As the U.S. deadline approaches, the JPMorgan trading desk outlined several scenarios, analyzing how each potential outcome might affect the stock market. The JPMorgan traders said the four-day rally in stocks, from last Tuesday through Monday, may have reflected the view that a deal is more likely than not, or at least that military action won't destroy energy or water infrastructure throughout the Persian Gulf. "It does not appear that many want to take a swing ahead of tonight's press conference but instead [are] setting up their 'shopping lists' to play the outcomes after tonight, in what feels like a binary outcome," the JPMorgan trading desk wrote. "A bullish outcome would be anything that pivots away from increased violence and [a] bearish outcome would involve targeting civilian infra[structure]." The following are the bank's scenarios for Tuesday's deadline outcomes, alongside the stocks that would rally in each case. Ceasefire buy list In the case of a ceasefire, stocks would most likely...
Massive Chinese tech company Alibaba (NYSE: BABA) was looking rather diminished on the U.S. stock market in March. Investors weren't cheered by a report that the U.S. government might impose limits on crucial artificial intelligence (AI) technology to Chinese companies, nor were they satisfied with Alibaba's latest earnings report. Over the month, the company's stock fell by nearly 13%. That tumbl...
Massive Chinese tech company Alibaba (NYSE: BABA) was looking rather diminished on the U.S. stock market in March. Investors weren't cheered by a report that the U.S. government might impose limits on crucial artificial intelligence (AI) technology to Chinese companies, nor were they satisfied with Alibaba's latest earnings report. Over the month, the company's stock fell by nearly 13%. That tumble started early in March. On the month's first trading day, Bloomberg published a report stating that the Trump administration was considering limits on exports of AI accelerator chips to China. Image source: Getty Images. Continue reading
Last month, expectations were high for Ciena 's (NYSE: CIEN) latest earnings report, and the company didn't quite meet them. However, the market's sour reaction turned sweet before long, thanks in no small part to a wave of positive analyst updates about the company's prospects. This ultimately propelled the stock to a monthly gain of over 11%. Ciena, which specializes in high-speed optical networ...
Last month, expectations were high for Ciena 's (NYSE: CIEN) latest earnings report, and the company didn't quite meet them. However, the market's sour reaction turned sweet before long, thanks in no small part to a wave of positive analyst updates about the company's prospects. This ultimately propelled the stock to a monthly gain of over 11%. Ciena, which specializes in high-speed optical networking equipment -- such as that used to build out artificial intelligence (AI) infrastructure -- published its first-quarter fiscal 2026 results early that month. Image source: Getty Images. Continue reading
Stratgyk today announced the beta launch of Click2Result™, an enterprise-grade "QA-of-AI" platform. The cost of inaction has never been higher. A single failed enterprise AI system costs $7.2M. One failure in AI alignment & guardrails erased $96.9B in Alphabet market cap in 2024. More than 233 AI incidents hit that same year, up 56% in twelve months. EU AI Act enforcement, with penalties of €35M o...
Stratgyk today announced the beta launch of Click2Result™, an enterprise-grade "QA-of-AI" platform. The cost of inaction has never been higher. A single failed enterprise AI system costs $7.2M. One failure in AI alignment & guardrails erased $96.9B in Alphabet market cap in 2024. More than 233 AI incidents hit that same year, up 56% in twelve months. EU AI Act enforcement, with penalties of €35M or 7% of global revenue per violation, begins August 2026. And 42% of enterprises have already knowin
More than 9 million barrels a day of oil production from key Middle Eastern countries are expected to be shut in during April, according to estimates from the US government, as the war in Iran upends global energy markets. Iraq, Saudi Arabia, Kuwait, the United Arab Emirates, Qatar and Bahrain have collectively reduced 7.5 million barrels per day of crude production in March, according to the US E...
More than 9 million barrels a day of oil production from key Middle Eastern countries are expected to be shut in during April, according to estimates from the US government, as the war in Iran upends global energy markets. Iraq, Saudi Arabia, Kuwait, the United Arab Emirates, Qatar and Bahrain have collectively reduced 7.5 million barrels per day of crude production in March, according to the US Energy Information Administration’s Short-Term Energy Outlook . That number is set to reach 9.1 million barrels a day in April, the agency estimated. The figures are the latest sign that the war in Iran has become one of the worst disruptions to global energy markets in history as shipments through the critical Strait of Hormuz are severely curtailed. If the conflict draws to a close by the end of April, as the agency assumes, shut-ins will reduce to 6.7 million barrels per day in May, according to the report. By the end of late 2026, production would be expected to return near pre-conflict levels. President Donald Trump has issued an 8 pm ET deadline on Tuesday for Iran to reopen the Strait of Hormuz before the US begins attacks on critical infrastructure. Global buyers have increasingly turned to the US to fill the gap left by Middle Eastern counties, with American crude exports set to surge to records. US drillers are also expected to follow Trump’s call for higher oil production as prices surge to multi-year highs. The EIA now expects US crude production to climb further next year. The country’s output is expected to reach nearly 14 million barrels a day in 2027, up by 120,000 barrels a day from the last estimates in March.
One point in favor of the sprawling Linux ecosystem is its broad hardware support—the kernel officially supports everything from '90s-era PC hardware to Arm-based Apple Silicon chips, thanks to decades of combined effort from hardware manufacturers and motivated community members. But nothing can last forever, and for a few years now, Linux maintainers (including Linus Torvalds) have been pushing ...
One point in favor of the sprawling Linux ecosystem is its broad hardware support—the kernel officially supports everything from '90s-era PC hardware to Arm-based Apple Silicon chips, thanks to decades of combined effort from hardware manufacturers and motivated community members. But nothing can last forever, and for a few years now, Linux maintainers (including Linus Torvalds) have been pushing to drop kernel support for Intel's 80486 processor. This chip was originally introduced in 1989, was replaced by the first Intel Pentium in 1993, and was fully discontinued in 2007. Code commits suggest that Linux kernel version 7.1 will be the first to follow through, making it impossible to build a version of the kernel that will support the 486; Phoronix says that additional kernel changes to remove 486-related code will follow in subsequent kernel versions. Although these chips haven't changed in decades, maintaining support for them in modern software isn't free. Read full article Comments
Oddball Media/iStock via Getty Images HEICO Corporation ( HEI ), ( HEI.A ) shares have lost nearly 20% since my last report , substantially underperforming the S&P 500’s 5% loss. The broader aerospace and defense industry has also not fared well on the war developments in Iran, and as a leading MRO company and supplier, it is no surprise that the stock came under pressure. In this report, I provid...
Oddball Media/iStock via Getty Images HEICO Corporation ( HEI ), ( HEI.A ) shares have lost nearly 20% since my last report , substantially underperforming the S&P 500’s 5% loss. The broader aerospace and defense industry has also not fared well on the war developments in Iran, and as a leading MRO company and supplier, it is no surprise that the stock came under pressure. In this report, I provide a contrarian angle, as I believe that while potentially the pressures are real, there also are opportunities and partial shielding that the market seems to ignore. HEICO Underperformed Substantially Against Aerospace And Defense Peers Data by YCharts Looking at the return levels, we see that since my last report, HEICO shares lost 18.7% of their value, while the S&P 500 lost 4.6%, and the aerospace and defense ETF ITA lost 5.3%. So, it is clear that the company has underperformed substantially, even compared to the peer group. Why The Share Price Is Confusing The rationale for the share price decline is seemingly relatively simple. HEICO is a leading supplier and MRO (Maintenance, Repair & Overhaul) company to the aerospace and defense industry, and with high oil prices, airlines are inclined to cut flights, and economic growth supporting traffic growth may soften. Flights being cut is definitely not a hyperbolic statement; it is already happening as United Airlines cut some flights due to high oil prices. Furthermore, we note that HEICO has been valued at a premium to peers for a long time. The company has a median trading multiple of 37.5x EV/EBITDA at a time when peers traded at 23x EV/EBITDA. That suggests a 63% overvaluation. So, the share price decline looks a lot like a company being pulled back to reality. However, that viewpoint would be a stark oversimplification. One major reason for HEICO to trade at a premium to peers is that the company derives its growth through a combination of organic and inorganic growth opportunities. It is almost as if, by design, the ...
Ecosystems, the pioneer of the Customer Value Management (CVM) category, is excited to announce the appointment of Paige O'Neill, Chief Marketing Officer at Culture Amp, to its Board of Directors.
Ecosystems, the pioneer of the Customer Value Management (CVM) category, is excited to announce the appointment of Paige O'Neill, Chief Marketing Officer at Culture Amp, to its Board of Directors.