UMich Sentiment Crashes To Lowest On Record As War Sparks Inflation Panic Among Democrats While the March UMich sentiment survey was completed before and after the start of the Iran War (with only modest impacts on sentiment and inflation expectations), today's preliminary April data survey period was all in the war with expectations for a notable drop in sentiment and sizable jump in inflation ex...
UMich Sentiment Crashes To Lowest On Record As War Sparks Inflation Panic Among Democrats While the March UMich sentiment survey was completed before and after the start of the Iran War (with only modest impacts on sentiment and inflation expectations), today's preliminary April data survey period was all in the war with expectations for a notable drop in sentiment and sizable jump in inflation expectations. It turns out the expectations were right in direction but underestimated the scale as headline sentiment plunged from 53.3 to 47.6 (far worse than the 51.5 exp) with Current Conditions (50.1 vs 53.4 exp vs 55.8 prior) and Expectations (46.1 vs 50.2 exp vs 51.7 prior)... Source: Bloomberg That is a record low for the headline sentiment and Current Conditions and lowest print for Expectations since 1980 . Demographic groups across age, income, and political party all posted setbacks in sentiment, as did every component of the index, reflecting the widespread nature of this month’s fall. One-year expected business conditions plunged about 20% and is now 6% below last April. Assessments of personal finances declined about 11%, with consumers expressing a substantial increase in concerns over high prices and weaker asset values. Year-ahead inflation expectations surged from 3.8% in March to 4.8% this month, the largest one-month increase since April 2025, but longer-term expectations rose only modestly... Of course, it's Democrats that are 'panicans' once again at inflation (Dems +4.8%, Reps +1.0%)... One thing of note in that chart - how is the overall inflation expectation screaming higher (to equal Democrats' view) with the actual breakdown by political cohort showing no huge rise? Finally, on the potential bright side, UMich Surveys of Consumers Director Joanne Hsu notes that " 98% of interviews were completed prior to the April 7th announcement of a temporary cease-fire. Economic expectations will likely improve after consumers gain confidence that the supply di...
The S&P 500 Index ($SPX ) (SPY ) today is up +0.07%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.41%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.37%. June E-mini S&P futures (ESM26 ) are up +0.08%, and June E-mini Nasdaq futures...
The S&P 500 Index ($SPX ) (SPY ) today is up +0.07%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.41%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.37%. June E-mini S&P futures (ESM26 ) are up +0.08%, and June E-mini Nasdaq futures...
Clarence Curtis Jordan was convicted in 1978 but hadn’t had a lawyer for over 30 years The Texas court of criminal appeals has overturned the death sentence of Clarence Curtis Jordan, a 70-year-old man with intellectual disabilities, who spent nearly 50 years on death row – much of that time without a lawyer. Jordan was convicted in 1978 for the murder of Joe L Williams, a 40-year-old grocer in Ho...
Clarence Curtis Jordan was convicted in 1978 but hadn’t had a lawyer for over 30 years The Texas court of criminal appeals has overturned the death sentence of Clarence Curtis Jordan, a 70-year-old man with intellectual disabilities, who spent nearly 50 years on death row – much of that time without a lawyer. Jordan was convicted in 1978 for the murder of Joe L Williams, a 40-year-old grocer in Houston, and was sentenced to death. In the years that followed, courts determined that Jordan, who has intellectual disabilities, was “incompetent”, making him ineligible for execution under constitutional standards. Continue reading...
Goldman Sachs (NYSE:GS) has a pretty interesting strategy for investors who aren’t yet comfortable braving the dip in some of the hardest-hit stocks, specifically in tech. Undoubtedly, Anthropic applied pressure once again to the software stocks, going to show that the SaaS-pocalypse is still on despite the relief gains that have now been given back ... Goldman’s HALO Trade Could Be the 2026 Edge ...
Goldman Sachs (NYSE:GS) has a pretty interesting strategy for investors who aren’t yet comfortable braving the dip in some of the hardest-hit stocks, specifically in tech. Undoubtedly, Anthropic applied pressure once again to the software stocks, going to show that the SaaS-pocalypse is still on despite the relief gains that have now been given back ... Goldman’s HALO Trade Could Be the 2026 Edge Investors Are Missing
Nuria Gonzalez Sanchez/iStock Editorial via Getty Images Citi began coverage of IBM ( IBM ) with a Buy rating and a $285 price target, citing defensive positioning, AI tailwinds, acquisition synergies, and valuation, among other things. "IBM is defensive in a tape increasingly hostile to enterprise software, where AI-natives’ ambitions of disruption remain relentless. Surviving numerous technology...
Nuria Gonzalez Sanchez/iStock Editorial via Getty Images Citi began coverage of IBM ( IBM ) with a Buy rating and a $285 price target, citing defensive positioning, AI tailwinds, acquisition synergies, and valuation, among other things. "IBM is defensive in a tape increasingly hostile to enterprise software, where AI-natives’ ambitions of disruption remain relentless. Surviving numerous technology cycles, IBM’s deeply-layered hardware/software entrenchment across the most critical points of the world’s largest, most complex IT infrastructures is not only an insulation, but we think offers underappreciated scaffolding to reliably build/scale the next leg of production enterprise AI systems/AI tech stacks," said analysts led by Fatima Boolani. With minimum-capital intensity exposure to multiple AI demand tailwinds, recent HashiCorp and Confluent deals bringing cross-portfolio product/consulting synergy using IBM’s distribution heft, lucrative mainframe cycle/Transaction Processing System, or TPS, follow-through, and long-game quantum commercialization potential, the analysts like the prospects of steady total revenue acceleration to high single digits. "Concurrent with healthy positive EPS/FCF revisions scope (recent M&A/total IBM poised for better expense efficiency) and valuation at stark discount to large/megacap peers (also to market), the NTM [next 12 months] risk/reward is compelling, prompting us to launch with a Buy rating," said Boolani and her team. Shares of IBM dipped about 1% on Friday. More on IBM IBM: AI Sting IBM: Strong Execution, But Questions Around AI Value Capture IBM: The Market Is Overreacting And This Retracement Is Creating An Opportunity IBM in spotlight as Needham cuts price target ahead of Q1 results IBM, Arm partner on enterprise computing
Lean hog futures saw front month April up 47 cents ahead of next week’s expiration, as other contracts were down 25 to 77 cents. Open interest was down 1,865 contracts. USDA’s national base hog price was reported at $89.92 on Thursday afternoon. The CME Lean Hog Index was back up...
Lean hog futures saw front month April up 47 cents ahead of next week’s expiration, as other contracts were down 25 to 77 cents. Open interest was down 1,865 contracts. USDA’s national base hog price was reported at $89.92 on Thursday afternoon. The CME Lean Hog Index was back up...
Live cattle futures posted gains of 77 cent to $1.27 at the Thursday close. Open interest was down 2,189 contracts on Thursday, suggesting some modest short covering. Cash trade saw some light trade at $246 in the South, steady to up $1 from last week. The Thursday morning Central Stockyards...
Live cattle futures posted gains of 77 cent to $1.27 at the Thursday close. Open interest was down 2,189 contracts on Thursday, suggesting some modest short covering. Cash trade saw some light trade at $246 in the South, steady to up $1 from last week. The Thursday morning Central Stockyards...
Hungary votes Sunday in a pivotal test of Viktor Orbán's "illiberal democracy," as challenger Péter Magyar taps voter frustration, with stakes for Europe, NATO and the U.S. (Image credit: Jonathan Ernst - Pool)
Hungary votes Sunday in a pivotal test of Viktor Orbán's "illiberal democracy," as challenger Péter Magyar taps voter frustration, with stakes for Europe, NATO and the U.S. (Image credit: Jonathan Ernst - Pool)
LeoPatrizi/iStock via Getty Images Wall Street's major averages struggled to stay higher on Friday as the core retail inflation print for March came in slightly cooler than expected, while investors continued to brace for U.S.-Iran war tensions. The benchmark S&P 500 ( SP500 ) was last flat, while the heavy-tech Nasdaq Composite ( COMP:IND ) was +0.4%, and the blue-chip Dow ( DJI ) was -0.3%. Over...
LeoPatrizi/iStock via Getty Images Wall Street's major averages struggled to stay higher on Friday as the core retail inflation print for March came in slightly cooler than expected, while investors continued to brace for U.S.-Iran war tensions. The benchmark S&P 500 ( SP500 ) was last flat, while the heavy-tech Nasdaq Composite ( COMP:IND ) was +0.4%, and the blue-chip Dow ( DJI ) was -0.3%. Over in the bond market, Treasury yields remained steady . The benchmark 10-year Treasury yield ( US10Y ) was 3 basis points higher at 4.31%, while the 2-year Treasury yield ( US2Y ) also rose 3 basis points to 3.80%. Crude oil futures ( CL1:COM ) were higher at $98.3, while Brent ( CO1:COM ) was at $96.1 per barrel. The March U.S. core Consumer Price Index , which excludes food and energy, came in weaker at +0.2% MoM vs. +0.3% consensus. Headline CPI, including food and energy prices, was +0.9% MoM, in line with consensus. “Friday's CPI is the first inflation report to fully account for the Iran-driven spike in oil prices throughout March, and while inflation came in slightly below expectations, it's still firmly back above 3%, putting the Federal Reserve on hold through the summer when it comes to any interest rate movements,” said Skyler Weinand, chief investment officer at Regan Capital. “For the time being, inflation is beyond the Fed’s purview, as tariffs and heightened oil levels will keep inflation elevated for the rest of 2026. Their eyes are on employment data weakening for there to be any chance of moving on the Fed funds rate this year,” Weinand added. In addition, the Consumer Sentiment Index came in lower at 47.6 for April vs. the 52.0 consensus, according to preliminary data by the University of Michigan Survey. Lastly, the February factory orders were unchanged MoM at $619.6B vs. the +0.4% consensus, the Census Bureau said. The uncertainty surrounding a potential truce between the U.S., Israel, and Iran remained at the forefront for traders. On Thursday, Preside...
Justin Sullivan/Getty Images News As Gilead Sciences ( GILD ) ramps up its deal-making activity, the hit to its bottom line is expected to rise as the HIV drugmaker on Thursday projected a $107M headwind on its Q1 earnings due to recent R&D deals and other transactions related to business development. The company disclosed that its Q1 GAAP and non-GAAP diluted earnings per share could be impacted ...
Justin Sullivan/Getty Images News As Gilead Sciences ( GILD ) ramps up its deal-making activity, the hit to its bottom line is expected to rise as the HIV drugmaker on Thursday projected a $107M headwind on its Q1 earnings due to recent R&D deals and other transactions related to business development. The company disclosed that its Q1 GAAP and non-GAAP diluted earnings per share could be impacted by a charge of nearly $0.07 due to approximately $107M in acquired IPR&D expenses to be recognized during the quarter. Gilead ( GILD ) attributed the charge mainly to a roughly $80M upfront payment it made when acquiring global rights to an experimental cancer therapy from China’s Genhouse Bio under a deal worth up to $1.45B in February. This week, the Foster City, California-based company agreed to acquire German drug developer Tubulis for $5B, extending an M&A run that included an all-cash deal worth nearly $8B to buy U.S. cancer drug developer Arcellx ( ACLX ) in February. Gilead ( GILD ) said that those transactions are not reflected in the above $0.07 charge but will be reflected in its Q2 2026 IPR&D expenses. More on Gilead Sciences Gilead Sciences Is Doubling Down On Acquisitions Gilead Sciences, Inc. (GILD) Discusses Proposed Acquisitions of Tubulis, Ouro and Arcellx and Strategic Pipeline Expansion Transcript Gilead Sciences, Inc. (GILD) Discusses Proposed Acquisitions of Tubulis, Ouro and Arcellx and Strategic Pipeline Expansion - Slideshow SA analyst upgrades/downgrades: PLTR, RIVN, GILD, INTC Gilead to acquire Tubulis GmbH for $5B
Nvidia (NASDAQ:NVDA) stock’s ceiling of resistance seems just too strong to break out of, and the longer the shares continue moving sideways, the tougher it’ll be for investors to stay patient with a stock that may very well continue to impress to a limited reaction in the share price. Amid the sideways move, sell-side analysts ... Can NVIDIA Stock Really Reach $360? Or is That an Analyst Pipe-Dre...
Nvidia (NASDAQ:NVDA) stock’s ceiling of resistance seems just too strong to break out of, and the longer the shares continue moving sideways, the tougher it’ll be for investors to stay patient with a stock that may very well continue to impress to a limited reaction in the share price. Amid the sideways move, sell-side analysts ... Can NVIDIA Stock Really Reach $360? Or is That an Analyst Pipe-Dream?
Tomasz Śmigla/iStock via Getty Images Byrna Technologies Inc. ( BYRN ) has fallen 54% since my last report . I have a Buy rating for the manufacturer of non-lethal launchers and safety equipment, but the reality is that the company is facing substantial headwinds from its sales mix. In this report, I discuss the company’s Q1 2026 earnings and update my price target. Byrna Fails To Translate Sales ...
Tomasz Śmigla/iStock via Getty Images Byrna Technologies Inc. ( BYRN ) has fallen 54% since my last report . I have a Buy rating for the manufacturer of non-lethal launchers and safety equipment, but the reality is that the company is facing substantial headwinds from its sales mix. In this report, I discuss the company’s Q1 2026 earnings and update my price target. Byrna Fails To Translate Sales Growth To Profit Growth Byrna Technologies During the first quarter, sales rose 11% to $29 million, missing analyst estimates by $0.7 million. Revenues rose 11%, driven by continued sales expansion in the dealer and chain store channels, partially offset by post-holiday moderation and some quarter-end backlog slipping into the next quarter. Gross profit rose 9% to $17.4 million, but this indicates a margin decrease from 61% to 60% as the lower-margin dealer and chain store channels made up a larger portion of the sales, and those margins are lower compared to the e-commerce sales channel. Operating expenses rose 16% to $16.5 million, driven by higher market costs and costs in support of the expansion of the retail distribution channel. As a result, pre-tax income declined from $1.8 million to $0.8 million. A Weak Outlook And e-Commerce Conversion Byrna Technologies has lost 31% of its value since announcing its earnings. The reason is two-fold. First, we note that Q1 showed that higher revenues are not translating to higher profits. Secondly, CEO Conn Davis indicated during the earnings call that Q2 sales will be materially lower: Looking ahead to Q2, I have spent my first week on the job aligned around one clear objective, winning the fight for revenue while simultaneously building the long-term foundation. Based on what we are seeing today, fiscal Q2 is developing materially below our expectations and below both the year-over-year and sequential improvement, we would ultimately expect this business to deliver. Part of that reflects a tougher comparison against last year's...
Hawkeye 360 Inc. filed for an initial public offering, joining a string of defense technology firms seeking to go public this year amid heightened geopolitical tensions. The provider of satellite-based signals intelligence for US government agencies revenue jumped to $117.7 million in 2025, up from $67.6 million a year earlier while net income rose to $48,000 from a net loss of $31.2 million, acco...
Hawkeye 360 Inc. filed for an initial public offering, joining a string of defense technology firms seeking to go public this year amid heightened geopolitical tensions. The provider of satellite-based signals intelligence for US government agencies revenue jumped to $117.7 million in 2025, up from $67.6 million a year earlier while net income rose to $48,000 from a net loss of $31.2 million, according to a US Securities and Exchange Commission filing Friday. Hawkeye 360 was valued at nearly $2 billion in a recent $173 million Series E funding round led by NightDragon, according to data provider PitchBook. NightDragon is helmed by David DeWalt , a former chief executive officer of cybersecurity company FireEye Inc. The offering coincides with a burst of IPO activity in the defense technology sector as global conflicts drive up military spending. Arxis Inc. , a provider of electronic parts for aerospace and defense firms, and Aevex Corp., a drone maker, are both scheduled to price US initial public offerings next week. Hawkeye’s filing puts the company on track to start marketing the IPO in late April for an early May debut. Founded in 2015, the Herndon, Virginia-based Hawkeye 360 makes, owns and operates a constellation of more than 30 satellites that listen for radio signals from emitters such as radars, jammers and satellite phones and uses its own signal-processing algorithms to process classified data for the US government. Apart from NightDragon, the company’s other large investors include venture capital firms Insight Partners and Razor’s Edge Ventures, as well as the Government of Singapore’s investment arm, according to the filing. Hawkeye’s backlog rose more than six-fold last year to nearly $303 million, up from $44 million the prior year. The IPO proceeds will be used to repay debt and help fund a deferred payment related to its December acquisition of Innovative Signal Analysis, a Dallas-based provider of signal-processing technology. Goldman Sachs Group...
Switzerland aims to finalize a US trade deal by the end of July, with the European nation pushing for assurances it won’t face higher duties than rival countries. Bern is open to signing a bilateral pact agreeing to a fixed tariff in return for a clause that no competing trading partner — particularly the European Union and the UK — will get a lower rate, people familiar with the matter said, requ...
Switzerland aims to finalize a US trade deal by the end of July, with the European nation pushing for assurances it won’t face higher duties than rival countries. Bern is open to signing a bilateral pact agreeing to a fixed tariff in return for a clause that no competing trading partner — particularly the European Union and the UK — will get a lower rate, people familiar with the matter said, requesting anonymity discussing information that isn’t public. Swiss negotiators expect to continue negotiations — started in February — in Washington this month, the people said, though the US side has yet to confirm such plans. It would be the third round of talks that target turning a preliminary framework agreement into something that gives exporters — including Switzerland’s large pharma industry — legal certainty. On the Swiss side, there are hopes that the agreement could be closed even earlier. Bern is sensing US willingness to conclude a treaty with Switzerland, a person familiar with the negotiations said. The US looks forward to completing a deal that would remove additional barriers to US goods, according to a US official. The White House didn’t respond to requests for comment. The Swiss government declined to comment beyond saying that the “negotiations are proceeding as planned” and the chief representatives met in Washington in early March. A key controversy in the talks is that the US so far is refusing to grant the Swiss a cap on the tariffs that will likely result from ongoing investigations under Section 301 of the Trade Act. The office of US Trade Representative Jamieson Greer is taking the stance that there’s no connection between the probes and the talks, the people said. At the moment, Swiss drug exporters except Roche Holding AG and Novartis AG are hit with tariffs of 15%, as the Trump administration’s new 100% levies on medicines are capped at that level due to the preliminary deal both nations closed in November. The nation‘s two biggest producers have...