Luis Alvarez/DigitalVision via Getty Images Investment summary My previous investment thought on FactSet Research Systems ( FDS ) was a buy rating because I thought the stock was cheap relative to the growth profile (which was accelerating) and that it was turning AI into a monetization driver. After looking at Q2 2026, I think a buy rating is still warranted. The quarter showed that growth is acc...
Luis Alvarez/DigitalVision via Getty Images Investment summary My previous investment thought on FactSet Research Systems ( FDS ) was a buy rating because I thought the stock was cheap relative to the growth profile (which was accelerating) and that it was turning AI into a monetization driver. After looking at Q2 2026, I think a buy rating is still warranted. The quarter showed that growth is accelerating across the recurring base, customer relationships are getting stickier through longer enterprise contracts, and newer solutions in AI, wealth, and dealmakers are gaining traction. Earnings review FDS reported Q2 2026 numbers yesterday, with revenue up ~7% y/y to $611 million. Organic revenue growth came in at 6.8%, an acceleration from 4.5% y/y in Q2 2025. Segment performance was solid. US annual sales volume [ASV] was up 7% y/y to $1.6 billion, while international ASV was up ~6% y/y to $844.3 million. Profit performance was a little weaker than the top line. Adj. EBIT saw $214.1 million, only slightly above $212.7 million in Q2 2025, while adj. EBIT margin fell to 35% from 37.3%. This was pretty much the same for adj. net income that came in at $165.3 million vs. $165 million last year, while adj. EPS was up slightly to $4.46. The growth story got better Bloomberg We now have a lot of tangible numbers to prove that the growth story is working out. Take the organic ASV growth, for instance. At 6.7%, that was the fourth consecutive quarter of acceleration, and that was driven by all major drivers (like retention, expansion, and new business adds across all geographies). Moreover, you see this strength across all regions. The sharp jump in sequential ASV growth also matters. FDS added $38 million sequentially this quarter from just $6.6 million in Q1 2026. That is a huge change, and I take that as a clean indicator of future revenue growth. If ASV growth is accelerating, revenue growth should follow in time. Now, the growth quality is also better and more durable. F...
Whether it be online shopping or social media, secular forces are propelling consumer internet businesses forward. But it’s not all sunshine and rainbows as consumer purchasing power can make or break demand. Unfortunately, the market seems to believe stormy skies are ahead as the industry has shed 29.8% over the past six months. This drawdown was noticeably worse than the S&P 500’s 5.5% fall.
Whether it be online shopping or social media, secular forces are propelling consumer internet businesses forward. But it’s not all sunshine and rainbows as consumer purchasing power can make or break demand. Unfortunately, the market seems to believe stormy skies are ahead as the industry has shed 29.8% over the past six months. This drawdown was noticeably worse than the S&P 500’s 5.5% fall.
China's Sci-Fi Boom Drives Record Revenue Growth Public interest in science fiction is rapidly rising in China, alongside the country’s push toward technological advancement. A new report says revenues hit a record in 2025 while related online searches surged by over 200%, according to the South China Morning Post . According to data released at the China Science Fiction Convention and reported by...
China's Sci-Fi Boom Drives Record Revenue Growth Public interest in science fiction is rapidly rising in China, alongside the country’s push toward technological advancement. A new report says revenues hit a record in 2025 while related online searches surged by over 200%, according to the South China Morning Post . According to data released at the China Science Fiction Convention and reported by Xinhua, total industry revenue reached 126.1 billion yuan (US$18.2 billion), marking a 15.7% year-on-year increase. The report also noted expanding global influence for Chinese sci-fi intellectual property. Video games continue to dominate the sector, contributing more than 60% of total earnings. Sci-fi titles alone brought in 77.91 billion yuan and performed well internationally. As Wu Yan put it, “Overall, sci-fi games still account for the lion’s share of the market.” He added that younger audiences favor immersive, interactive formats, where games still outpace other media in both popularity and scale. The SCMP writes that other segments are also growing. Sci-fi derivatives jumped 179.4% to 7.07 billion yuan, driven largely by original IP and new formats like AI-powered designer toys. Film and TV revenues rose 21.6% to 8.16 billion yuan, while literature generated 5.19 billion yuan. The industry’s rise builds on earlier breakthroughs in the 2010s, when Liu Cixin’s The Three-Body Problem gained global recognition, followed by blockbuster adaptations like The Wandering Earth and its sequel. Emerging trends include increased use of artificial intelligence in short- and mid-length video production, as well as growth in offline experiences. Wu noted, “Offline experience projects, such as sci-fi theme parks, have also been very attractive in recent years, similarly because of the first-hand experience [they provide].” This momentum is reflected in sci-fi tourism, which grew 13.8% to 27.77 billion yuan, with theme parks remaining central. Meanwhile, a newly tracked segment—sc...
(RTTNews) - Keurig Dr Pepper Inc. (KDP) and JDE Peet's announced that KDP has acquired 96.22% of the shares of JDE Peet's in the offer. As a result of Kodiak BidCo B.V. - the offeror - now holding more than 95% of the shares, KDP and JDE Peet's will procure the termination of the
(RTTNews) - Keurig Dr Pepper Inc. (KDP) and JDE Peet's announced that KDP has acquired 96.22% of the shares of JDE Peet's in the offer. As a result of Kodiak BidCo B.V. - the offeror - now holding more than 95% of the shares, KDP and JDE Peet's will procure the termination of the
STORY: New registrations of Tesla cars more than tripled in France in March to just shy of a two-year-old record high. And they doubled in the Nordic countries. The data released on Wednesday is the latest sign of the EV giant's sales recovery in Europe. Tesla lost almost half its European market share last year. It was due to a combination of growing competition, especially from Chinese brands, i...
STORY: New registrations of Tesla cars more than tripled in France in March to just shy of a two-year-old record high. And they doubled in the Nordic countries. The data released on Wednesday is the latest sign of the EV giant's sales recovery in Europe. Tesla lost almost half its European market share last year. It was due to a combination of growing competition, especially from Chinese brands, its lack of new models and reaction to CEO Elon Musk's political stance. Since it started to roll out new, cheaper versions of some models late last year, Tesla's European registrations, a proxy for sales, have reversed course and returned to growth in February. In France, 9,569 new Teslas were registered. That's a 203% increase from a year earlier. Overall, monthly car sales in France grew for the first time since October. Data showed that in Norway, Sweden and Denmark, Tesla registrations were up by 178%, 144% and 96% respectively.
aapsky/iStock via Getty Images Summary Share of Amentum peaked around $37/share in 2026; after the fiscal Q1 report, a lag in collections partly due to the 2025 government shutdown caused a miss on the top & bottom line. On top of that, the war in Iran and consequent market correction have pushed shares to the $25 range. Nevertheless, ancillary news regarding nuclear energy, the Golden Dome, and M...
aapsky/iStock via Getty Images Summary Share of Amentum peaked around $37/share in 2026; after the fiscal Q1 report, a lag in collections partly due to the 2025 government shutdown caused a miss on the top & bottom line. On top of that, the war in Iran and consequent market correction have pushed shares to the $25 range. Nevertheless, ancillary news regarding nuclear energy, the Golden Dome, and MQ-9 Reaper drones indicates that the thesis is still intact. AMTM is undervalued by a roughly 43% discount to peers, creating an opportunity to buy. In the next quarter, look for continued margin improvement, a book-to-bill ratio greater than one, and a massive increase in defense spending for fiscal 2027. AMTM is a strong buy. Background: 2026 Q1 Financials Back in fiscal Q1 (quarter ending January 2nd, 2026), Amentum ( AMTM ) management reported a slightly unusual lag in revenues while also reiterating guidance for fiscal 2026. Specifically, the company generated $3.2 billion in quarterly sales (down 5% year over year), with the “Digital Solutions” segment up 4% and the “Global Engineering Solutions” segment down 11%. It is worth taking a moment to reconcile these numbers. Per the conference call , CFO Travis Johnson noted that there were a few one-off transactions that contributed to the revenue fall: “Revenue in the first quarter totaled $3.24 billion, reflecting the joint venture transitions and divestitures previously discussed as well as impacts from the government shutdown. Underlying growth normalizing for these items was approximately 3%, driven by the ramp-up of new contract awards in our critical digital infrastructure and Space Systems and Technologies accelerating growth markets.” The most notable one-off was the longest government shutdown in history, which hurt Amentum on the collections side and resulted in negative cash flow of $142 million in the quarter. In my opinion, this has been a main contributor to shares falling from ~$36 down to $27 over the past...
Because the timing of labor market displacement is so uncertain, Muddy Waters recommends using derivative exposure to take a bearish view on corporate credit.
Because the timing of labor market displacement is so uncertain, Muddy Waters recommends using derivative exposure to take a bearish view on corporate credit.
QXO, Inc. ( QXO ) announced on Wednesday that it has completed its acquisition of Kodiak Building Partners from Court Square Capital Partners. The company said the deal price for the Colorado-based building-products distribution and acquisition platform was approximately $2.25B. The purchase price comprises $2.0B of cash and 13.2 million shares, with QXO ( QXO ) retaining the right to repurchase t...
QXO, Inc. ( QXO ) announced on Wednesday that it has completed its acquisition of Kodiak Building Partners from Court Square Capital Partners. The company said the deal price for the Colorado-based building-products distribution and acquisition platform was approximately $2.25B. The purchase price comprises $2.0B of cash and 13.2 million shares, with QXO ( QXO ) retaining the right to repurchase those shares at $40 per share. Kodiak Building Partners' core model is to acquire or partner with independent building-material companies and provide them with capital, systems, and support. The company says it operates about 110 locations across 26 states. Kodiak generated around $2.4B of revenues in 2025 as a U.S. distributor of lumber, trusses, windows and doors, construction supplies, waterproofing, roofing, and complementary exterior products, as well as value-added assembly, fabrication, and installation services. Notably, the addition of the business is anticipated to expand QXO's ( QXO ) addressable market to more than $200B and be highly accretive to 2026 earnings. "By acquiring Kodiak, we’re providing our customers with a wider range of product offerings and value-added services. In addition, we expect the deal to be highly accretive to 2026 earnings, and we remain on track to achieve our goal of $50 billion in annual revenue," highlighted CEO Brad Jacobs. Shares of QXO ( QXO ) are up more than 40% over the last 52 weeks. More on QXO QXO Inc.: A $30 Billion Dream Still Waiting For Execution QXO rated Outperform in new research coverage at BNP Paribas Key deals this week: Schroders, QXO, Valaris, and more Seeking Alpha’s Quant Rating on QXO Historical earnings data for QXO