On Thursday, Cathie Wood-led Ark Invest executed significant trades, focusing on reducing holdings in major tech companies. Among the prominent trades were the sales of shares in Meta Platforms Inc., NVIDIA Corp, Advanced Micro Devices Inc., Taiwan Semiconductor Manufacturing Co Ltd, Broadcom Inc., Alphabet Inc., and Netflix Inc.. These trades reflect a strategic shift in Ark’s investment approach...
On Thursday, Cathie Wood-led Ark Invest executed significant trades, focusing on reducing holdings in major tech companies. Among the prominent trades were the sales of shares in Meta Platforms Inc., NVIDIA Corp, Advanced Micro Devices Inc., Taiwan Semiconductor Manufacturing Co Ltd, Broadcom Inc., Alphabet Inc., and Netflix Inc.. These trades reflect a strategic shift in Ark’s investment approach amid market fluctuations. The Meta Platforms Trade Ark Invest made a notable move by selling shares
Suphanat Khumsap/iStock via Getty Images Two liquefied petroleum gas shipments bound for India have successfully passed through the Strait of Hormuz despite heightened tensions in the region, Reuters reported Sunday, citing government officials. The vessels, BW Tyr and BW Elm, are carrying roughly 94,000 metric tons of cooking gas and are scheduled to reach Mumbai and New Mangalore at the end of M...
Suphanat Khumsap/iStock via Getty Images Two liquefied petroleum gas shipments bound for India have successfully passed through the Strait of Hormuz despite heightened tensions in the region, Reuters reported Sunday, citing government officials. The vessels, BW Tyr and BW Elm, are carrying roughly 94,000 metric tons of cooking gas and are scheduled to reach Mumbai and New Mangalore at the end of March and early April. Shipping traffic through the strait has slowed sharply following the conflict involving Iran , though authorities there have indicated that vessels not considered hostile can still pass with prior coordination. These tankers are part of a small group of Indian-linked ships that have managed to cross the key chokepoint in recent days. Several others remain in the area awaiting safe passage. India relies heavily on imported LPG to meet domestic demand, with a majority of supplies sourced from the Middle East. The country is one of the world’s largest consumers of the fuel, making uninterrupted shipping routes critical. Officials said port operations across India continue to function normally, with no major delays reported, Reuters reported. More on Natural Gas Futures Natural Gas Recovery Gains Traction As Geopolitical Support Pushes Price Toward $3.02 Commodities: Oil Volatile As Ceasefire Talks Stall Natural Gas: Market Weakens Below $2.92 As War-Driven Volatility Hits Gas Outlook Houthis claim first attack on Israel since Iran war began Natural gas follows oil prices lower on Trump’s comments about U.S.-Iran talks
jacoblund/iStock via Getty Images Thesis As you know, Rocket Pharmaceuticals ( RCKT ) has recently received FDA accelerated approval for its gene therapy Kresladi, which is aimed at treating children with the rare immune disorder LAD-I. This would actually make it the first approved gene therapy for this specific condition. And while the stock initially rose about 9% on the news, it later dropped ...
jacoblund/iStock via Getty Images Thesis As you know, Rocket Pharmaceuticals ( RCKT ) has recently received FDA accelerated approval for its gene therapy Kresladi, which is aimed at treating children with the rare immune disorder LAD-I. This would actually make it the first approved gene therapy for this specific condition. And while the stock initially rose about 9% on the news, it later dropped 17% following the company call. So there is clearly some mixed investor sentiment here. It’s also worth noting that this approval will grant Rocket a very valuable priority review voucher, which I see as being quite important after analysing the current cash runway. Now, despite the good news we got from the approval, the stock sold off quite badly when it came time for management to host a press conference. And it is what investors heard on the call that didn't align too well with expectations. Whilst the approval was a good thing, and it went a long way in validating the overall platform for Rocket, it would seem management isn't too bullish on Kresladi being a key revenue driver, as I'll explain. So my case for a hold rating here is that, yes, the Kresladi approval validates Rocket’s gene therapy platform and should provide some near-term non-dilutive value via the potential sale in the range of $100 million for a priority voucher they received. But the ultra-rare patient population limits immediate revenue as framed by management, with revenue recognition being pushed out until next year. The potential upside here is obviously that Kresladi validates Rocket’s gene therapy platform. It showed us durable clinical benefit, and the voucher could extend the cash runway into 2028 if needed. But the downside seems to be that ultra-rare patient population. It's putting a harsh limit on near-term revenue in management's mind, and the launch/first sales could be pushed into 2027. The pipeline As for Rocket’s pipeline, it would centre around a few gene therapy candidates. They all...
Quant rankings for the upcoming earnings calendar show strength concentrated in consumer discretionary and select industrial and health care names, while weakness is more pronounced across health care, technology, and parts of consumer-facing sectors. A total of 163 companies are scheduled to report. This week’s top-rated names are led by apparel retailer J. Jill ( JILL ), which holds a quant rati...
Quant rankings for the upcoming earnings calendar show strength concentrated in consumer discretionary and select industrial and health care names, while weakness is more pronounced across health care, technology, and parts of consumer-facing sectors. A total of 163 companies are scheduled to report. This week’s top-rated names are led by apparel retailer J. Jill ( JILL ), which holds a quant rating of 3.88, followed by medical device maker AngioDynamics ( ANGO ) at 3.50. The remaining top cohort is largely made up of Hold-rated names, including aerospace and defense firm Sidus Space ( SIDU ) at 3.47 and biotechnology company Palvella Therapeutics ( PVLA ) at 3.45. Other notable names include T1 Energy ( TE ), Americas Gold and Silver ( USAS ), and TOYO ( TOYO ), reflecting relatively balanced factor readings across industrials, materials, and technology. On the downside, health care companies dominate the weakest-ranked stocks, particularly within biotechnology. INmune Bio ( INMB ) holds the lowest quant score at 1.03, followed closely by Terrestrial Energy ( IMSR ) and Cloudastructure ( CSAI ), both at 1.04. Other laggards include zSpace ( ZSPC ), Venu Holding ( VENU ), and Sangamo Therapeutics ( SGMO ), pointing to broad-based weakness across valuation, growth, and momentum factors. Additional names such as Rekor Systems ( REKR ), LENSAR ( LNSR ), and Beyond Meat ( BYND ) also feature among the lowest-rated stocks. Other high-profile companies set to report earnings this week include Nike ( NKE ), Tilray ( TLRY ), and Virgin Galactic ( SPCE ). Nike and Tilray carry Hold ratings with scores of 3.06 and 2.56 , respectively, while Virgin Galactic is rated Sell at 1.82. Seeking Alpha’s Quant Rating system grades stocks based on their relative performance on critical quantitative measures, including valuation, growth, stock momentum, and profitability. Ratings are assigned on a scale from 1 to 5, with any score of 3.5 or above considered a bullish rating and any score...
President Donald J. Trump exits the House Chamber after delivering the first State of the Union address of his second term to a joint session of Congress in the House Chamber of the U.S. Capitol in Washington, Feb. 24, 2026. Kenny Holston/the New York Times | Via Reuters As Americans receive their tax refunds this spring, some are seeing a sizable windfall from last year, while others are getting ...
President Donald J. Trump exits the House Chamber after delivering the first State of the Union address of his second term to a joint session of Congress in the House Chamber of the U.S. Capitol in Washington, Feb. 24, 2026. Kenny Holston/the New York Times | Via Reuters As Americans receive their tax refunds this spring, some are seeing a sizable windfall from last year, while others are getting only a few hundred dollars' difference — and the reasons may not be immediately clear to them. President Donald Trump has said this will be the " largest tax refund season of all time ," as a result of legislation dubbed the One Big Beautiful Bill Act , a multitrillion-dollar package of tax and spending cuts that Republicans passed in July. In a Jan. 26 release , the White House said the average taxpayer could receive an extra $1,000 or more, citing early October data from investment bank Piper Sandler. But the average refund hasn't grown that much, IRS filing data shows. As of March 20, the average refund amount for individual filers was $3,571, up from $3,221 about one year prior, the IRS reported Friday. This season, the average refund size peaked at $3,804 on Feb. 20, up from $3,453 about one year prior, due to refundable tax credits , and has gradually declined over subsequent weeks of IRS filing updates. Still, Trump's tax breaks have delivered above-average refunds for certain filers, according to the IRS. During a March 4 House Ways and Means Committee hearing, Frank Bisignano , Social Security Administration commissioner and IRS CEO, said filers claiming Trump's new tax breaks were already seeing average refunds that were $775 higher than last year. These returns have included the new Schedule 1-A , which feeds into individual tax returns, and covers Trump's new deductions for tip income , overtime earnings , seniors and auto loan interest . At the same time, lawmakers' nicknames for "big beautiful bill" provisions don't reflect how they work. For example, a so-cal...
Sundry Photography/iStock Editorial via Getty Images Towards the end of the first quarter, Merck ( MRK ) announced a larger acquisition to ignite some appeal in its pipeline. This was the second-largest deal announced in recent times, as Merck is spending a combined $15 billion to bolster its pipeline to drive growth, certainly as Keytruda is seen losing exclusivity in the foreseeable future. Thes...
Sundry Photography/iStock Editorial via Getty Images Towards the end of the first quarter, Merck ( MRK ) announced a larger acquisition to ignite some appeal in its pipeline. This was the second-largest deal announced in recent times, as Merck is spending a combined $15 billion to bolster its pipeline to drive growth, certainly as Keytruda is seen losing exclusivity in the foreseeable future. These M&A moves do not surprise me, after I concluded last summer that Merck was cheap yet was relying too heavily on Keytruda. That conclusion, however, was drawn at just $80 per share, as a 50% return for such a huge pharmaceutical player is a huge achievement, warranting a more cautious stance. I like that Merck is working on its pipeline, in this case through M&A, yet much higher expectations in recent times make me err on the side of caution. This makes me interested to keep a close eye on the M&A moves and their contribution, yet I see no reason to get involved here. Other, higher conviction ideas, including recent M&A action, can be found at Value In Corporate Events . Adding to the Pipeline Merck has reached a $5.7 billion deal to acquire Terns Pharmaceuticals ( TERN ) . With the deal, the company will acquire a clinical-stage oncology business, with its lead candidate, TERN-701, being a potential treatment for patients with chronic myeloid leukemia, designed to increase the oncology pipeline of Merck. The FDA has granted Orphan Drug Designation for TERN-701 to treat chronic myeloid leukemia. CML is a lifelong disease that can require lifelong treatment, with about 18,000 new patients diagnosed each year in the US alone. The company expects to write down the acquisition in the second quarter, when it is anticipated to close, resulting in a charge of $5.8 billion, equivalent to $2.35 per share. That is the one-time charge, as the incurred losses from the business and associated interest costs are seen as hurting earnings by $0.17 per share going forward. This deal is a s...
Trump Asks Congress To Pass Clean Reauthorization Of FISA Spy Powers Authored by Joseph Lord and Nathan Worcester via The Epoch Times, President Donald Trump asked Congress this week to pass a clean reauthorization of a critical—but controversial—spying authority as the U.S. military operation in Iran continues. “I have called for a clean 18-month extension,” Trump wrote in a post on Truth Social,...
Trump Asks Congress To Pass Clean Reauthorization Of FISA Spy Powers Authored by Joseph Lord and Nathan Worcester via The Epoch Times, President Donald Trump asked Congress this week to pass a clean reauthorization of a critical—but controversial—spying authority as the U.S. military operation in Iran continues. “I have called for a clean 18-month extension,” Trump wrote in a post on Truth Social, noting that Senate Majority Leader John Thune (R-S.D.) and House Speaker Mike Johnson (R-La.) are working toward passing such a bill. Specifically, Trump is asking Congress to extend the authorities in Section 702 of the Foreign Intelligence Surveillance Act (FISA), a sweeping War on Terror-era spying authority that has seen wide abuse by federal intelligence agencies in the past. Section 702 targets intelligence from foreign nationals thought to be outside the United States. Yet, it also enables intelligence agencies to gather information from Americans who are in contact with targeted non-U.S. persons—all without a warrant. The controversial authority was at the center of National Security Agency whistleblower Edward Snowden’s 2014 disclosures. Although intelligence officials must obtain a warrant to access Americans’ data, Section 702 has long caused bipartisan discomfort on Capitol Hill and beyond. Trump noted in the post that he himself had been on the receiving end of what he described as “the worst and most illegal abuse of FISA in our Nation’s History,” referencing disclosures that revealed that the FBI had used Section 702 of FISA to spy on Trump’s 2016 presidential campaign as part of the Crossfire Hurricane operation. Nevertheless, Trump said, “When used properly, FISA is an effective tool to keep Americans safe." “For these reasons, I have called for a clean 18-month extension, HOWEVER, the Critical and Common Sense Reforms that were made in the last Reauthorization of FISA must remain intact to protect the American People from abuses.” In an extension of the a...
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Abstract Aerial Art/DigitalVision via Getty Images I mark a Hold rating to i-80 Gold Corp. ( IAUX ) stock under a strict risk/reward state. On the reward side, i-80 Gold holds a tier-one geological portfolio and the irreplaceable Lone Tree Autoclave that is making it an apex asset in Nevada. However, on the risk side, IAUX stock price upside is capped by a large capital structure ( 841 million bas...
Abstract Aerial Art/DigitalVision via Getty Images I mark a Hold rating to i-80 Gold Corp. ( IAUX ) stock under a strict risk/reward state. On the reward side, i-80 Gold holds a tier-one geological portfolio and the irreplaceable Lone Tree Autoclave that is making it an apex asset in Nevada. However, on the risk side, IAUX stock price upside is capped by a large capital structure ( 841 million base shares + massive derivative/convertible overhangs) and heavy forward margin loads (3% NSR and 15% prepay deliveries). All in all, the $1 billion recapitalization guarantees survival but transfers huge value to creditors. For my Hold on i-80 Gold stock thesis, downside risks include execution failure on the $430 million autoclave refurbishment and hydrological delays at Granite Creek. Boost Up from the Nevada Bottleneck and Accelerated NPV In my opinion, i-80 Gold’s forward bullish trend is mostly based on its shift from a price-taking explorer to an apex owner-operator in Nevada. This shift is emerging through the strategic single-seller status on the Lone Tree Autoclave. Refractory ore processing is the main bottleneck in the Great Basin. As of now, i-80 pays much more (expensive) than it should be, $275–$280 per tonne in toll-milling fees to third parties. The board's approval to proceed with the $430 million Lone Tree refurbishment (backed by Hatch Engineering) is a main upside catalyst. Once the 2,268 tonnes-per-day pressure oxidation [POX] facility is commissioned in late-FY2027, i-80 can capture large margin expansion. As a result, this may alter the cutoff grades and underground life-of-mine [LOM] economics at Granite Creek, Archimedes, and Cove (in my opinion). Moreover, the recent $1 billion+ recapitalization (mainly the $500 million financing package with Franco-Nevada, National Bank, and Macquarie) is a dual-purpose lever. This recapitalization mostly reduces the $175 million legacy debt overhang and is deploying $50 million toward the acceleration of the Miner...
designer491/iStock via Getty Images Do you have any preferred stocks in your portfolio? Preferreds can be a useful source of high-yield income. In addition, preferred dividends are usually more secure than common dividends, as they have stronger coverage and are at a higher rank in the creditor's pile. Instead of parsing through scads of individual preferreds, some investors turn to Closed End Fun...
designer491/iStock via Getty Images Do you have any preferred stocks in your portfolio? Preferreds can be a useful source of high-yield income. In addition, preferred dividends are usually more secure than common dividends, as they have stronger coverage and are at a higher rank in the creditor's pile. Instead of parsing through scads of individual preferreds, some investors turn to Closed End Funds, "CEF's," to do the sorting for them. One preferred-focused CEF is the Cohen & Steers Select Preferred and Income Fund, Inc. ( PSF ). Fund Profile: "The primary investment objective of the Fund is high current income through investment in preferred and other income securities. The secondary investment objective is capital appreciation." ( PSF site ) Begun in 2010, PSF is a mid-range-size debt closed-end fund, or CEF, with 317 holdings and 37K in average daily volume. Management uses leverage, which was 33.31% as of 2/28/26. The Expense ratio of 3.76% includes 2.48% in interest expense. Hidden Dividend Stocks Plus Holdings: As of 12/31/25, the portfolio contained 88% in Institutional Preferred Shares, 1% in Floating Rate Preferreds, and 11% in Retail Preferreds. psf Banks are big issuers of preferred stocks; hence, PSF's 54% sector weighting in Banking is much heavier than its allocations to Utilities, at 11%; Insurance, at 10%; Pipelines, at 8%; and other sectors: psf As of 12/31/25, the U.S. had the biggest national exposure, at 47%, followed by Canada, at 11%, and the UK and France, both at 9%, with other nations running from 3% for Spain to 4% for Switzerland. psf Investment-Grade securities comprised 50% of PSF's holdings as of 12/31/25, with 37% in non-investment grade and 12% unrated: psf The portfolio is skewed toward long-term maturities, with 14.27% in 20-30 years and 14.79% in 30+ years. There's also 3.37% in 10-15 year and 1.37% in 7-10 year maturities. cfct As noted earlier, the Banking industry dominates PSF's holdings - 8 out of 10 of its top 10 holdings ar...
Muhammad Safuan/iStock via Getty Images In November 2025, I circulated a bearish article on Cohen & Steers REIT & Preferred & Income Fund Inc. ( RNP ) outlining why, in my view, the odds for RNP's upside remain limited due to stubbornly high long-term yields. Another driver for my decision to avoid RNP was related to some unfavorable debt refinancings, which soon were about to get rolled over into...
Muhammad Safuan/iStock via Getty Images In November 2025, I circulated a bearish article on Cohen & Steers REIT & Preferred & Income Fund Inc. ( RNP ) outlining why, in my view, the odds for RNP's upside remain limited due to stubbornly high long-term yields. Another driver for my decision to avoid RNP was related to some unfavorable debt refinancings, which soon were about to get rolled over into more expensive borrowings. These two aspects combined were sufficient to offset the benefit that might come from RNP's relatively enticing yield, which at that time stood at ~7.7%. This is how RNP has performed since the publication of my previous piece: YCharts We can see that even with the leverage component involved and a clear bias towards high-quality REITs, RNP has lagged the overall REIT market ( VNQ ), which itself has produced unsatisfactory returns, especially on an inflation-adjusted basis. What we have now is RNP with a slightly more attractive yield - i.e., 8.3%. As opposed to Cohen & Steers Infrastructure Fund ( UTF ) and Reaves Utility Income Trust ( UTG ), which are fundamentally similar closed-end funds, or CEFs, managed by Cohen & Steers but with different asset class exposures, for RNP the distribution amount has not moved up for years. The only reason why it is up is because of the share price decline. It could be so that the adjustment in the share price has created an opportunity for us to access a high-quality REIT factor that is garnished with a juicy yield. However, I am afraid that this might not be the case here. Let me explain. Thesis review The short answer is that RNP's yield is less attractive than how it might seem on the surface. Moreover, the issue is not only about the current yield (distributions) but also about a quite unfavorable trajectory going forward. Here is the thing. If we look at the recent distributions and try to backtrack the sources of capital that have been used to make the payments happen, we will arrive at quite interest...
Catch up on all the headlines with BTW. Lisa Mateo, Christina Ruffini and David Gura dive into the headlines you may have missed on Bloomberg This Weekend. Watch more here: Watch the show LIVE every Saturday and Sunday morning. (Source: Bloomberg)
Catch up on all the headlines with BTW. Lisa Mateo, Christina Ruffini and David Gura dive into the headlines you may have missed on Bloomberg This Weekend. Watch more here: Watch the show LIVE every Saturday and Sunday morning. (Source: Bloomberg)
Banca Monte dei Paschi di Siena SpA is asking its shareholders to vote in favor of its board slate at the upcoming annual general meeting scheduled for April 15. The Italian lender said its proposed list would ensure “a strong alignment between governance and executive leadership,” according to a letter to shareholders published on Sunday. Its proposed slate would also ensure stability as the bank...
Banca Monte dei Paschi di Siena SpA is asking its shareholders to vote in favor of its board slate at the upcoming annual general meeting scheduled for April 15. The Italian lender said its proposed list would ensure “a strong alignment between governance and executive leadership,” according to a letter to shareholders published on Sunday. Its proposed slate would also ensure stability as the bank integrates Mediobanca SpA , after last year’s hostile $17 billion takeover. Paschi proposed business executive Fabrizio Palermo as its next chief executive officer, escalating a contest with incumbent Luigi Lovaglio who’s seeking to stay on. The letter, signed by Paschi Chairman Nicola Maione and Chair of Nominations Committee Domenico Lombardi , also said the company’s board slate is essential to support the bank in its “next phase of development.” Last week, the bank revoked the powers granted to Lovaglio as CEO and suspended him from his duties as general manager. That followed his attempt to seek a new term on a list of board candidates put forward by PLT Holding , which owns a stake of about 1.2% in Paschi. Paschi Proposes Palermo for CEO as Lovaglio Fights for New Term Paschi Strips CEO Lovaglio of Power After He Defied Board Paschi Investor PLT Wants Lovaglio as CEO in Competing List Monte Paschi Sets Mediobanca Share Swap Ratio for Delisting PLT defended its move to support Lovaglio as “a direct and deliberate response to what we regard as a governance failure: the outgoing board’s decision to exclude its own CEO at the precise moment when continuity of leadership is most consequential.” according to a letter published Wednesday.