Photographer: Anindito Mukherjee/Bloomberg A relentless selloff in BYD Co. shares is laying bare investor anxiety over the profit outlook for China’s electric-vehicle sector, as cooling demand at home and surging raw material costs trigger a brutal reset of expectations. BYD’s Hong Kong-listed shares are down this week after disappointing sales data, extending a selloff that has shaved off more th...
Photographer: Anindito Mukherjee/Bloomberg A relentless selloff in BYD Co. shares is laying bare investor anxiety over the profit outlook for China’s electric-vehicle sector, as cooling demand at home and surging raw material costs trigger a brutal reset of expectations. BYD’s Hong Kong-listed shares are down this week after disappointing sales data, extending a selloff that has shaved off more than $60 billion in market value since May. The slump reverberated across EV peers, compounding woes for a stock market also grappling with fresh concerns over taxes and business disruption from artificial intelligence. Most Read from Bloomberg Traders had already braced for weaker EV growth this year on lower government subsidies, reflected in a build-up of bearish bets since November. Still, the pace of demand deterioration has caught many off guard. Adding to the strain, soaring costs for battery materials and memory chips are likely to squeeze automakers’ margins even further. “Investor sentiment is extremely negative,” said Xiao Feng, co-head of China industrial research at CLSA in Hong Kong. “The deeper worry is that we’ll see large-scale earnings downgrades this year, raising doubts about the EV makers’ long-term ability to generate profits in China’s domestic market.” Exports remain a bright spot, but Chinese car manufacturers still rely heavily on the fiercely competitive domestic market, where consumers remain skittish. Morgan Stanley notes that most local automakers expect first-quarter volumes to drop 30–40% from the December quarter. January sales underscored that even market leaders aren’t immune. BYD’s domestic deliveries for the month halved versus a year ago to 109,569 units, while last year’s outperformer XPeng Inc. reported a more than 30% decline in total deliveries. More troubling for investors is the profit impact of surging raw material costs while EV makers are still burning cash on promotions to lure buyers. The price of lithium for EV batteries has m...
Indonesian Finance Minister Purbaya Yudhi Sadewa pushed back at Moody’s Ratings’ decision to lower the country’s outlook, saying that the nation’s improving growth and controlled deficit were unlikely to result in a credit rating downgrade. “Our economy is improving, deficit is still under control — compared to other countries, we are still in a better position,” Purbaya told reporters in Jakarta....
Indonesian Finance Minister Purbaya Yudhi Sadewa pushed back at Moody’s Ratings’ decision to lower the country’s outlook, saying that the nation’s improving growth and controlled deficit were unlikely to result in a credit rating downgrade. “Our economy is improving, deficit is still under control — compared to other countries, we are still in a better position,” Purbaya told reporters in Jakarta. “There are not strong enough reasons for a downgrade. In fact, we should gradually see the prospect of an upgrade.” Indonesian stocks, bonds and the rupiah slid Friday after Moody’s changed the outlook on the country’s Baa2 rating from stable, citing “reduced predictability in policymaking, which risks undermining policy effectiveness and points to weakening governance.” Moody’s also faulted “less effective policy communication” from Indonesian authorities in its Thursday evening statement, which came hours after Indonesia reported faster-than-expected fourth-quarter growth. Read More: Stimulus Drives Indonesia Growth to Fastest Pace Since 2022 The Moody’s warning came amid broader concerns about Indonesia which have weighed on stocks and the rupiah. MSCI Inc. last month warned about the country’s investability, while deficit spending last year approached a cap of 3% of gross domestic product — a level viewed as almost inviolate outside of exceptional times such as the pandemic. Purbaya, who took office as finance minister in September, earlier this week sought to defend the country’s prospects, forecasting faster growth going forward. Still, he attracted widespread attention for belittling the credentials of a Citigroup Inc. analyst who recently suggested deficit spending may breach the 3% cap. Read More: Citi Analyst Rebuked by Indonesia Finance Chief for Lacking PhD The minister also said he would focus on improving economic growth fundamentals, including ensuring government spending — primarily for the free meals program — runs on target and efficiently. Indonesia coul...
Australia and Indonesia ’s leaders signed a security deal on Friday, one of a series of agreements that Canberra has secured with neighbouring countries to reinforce ties and limit China’s influence in the region. At a signing ceremony, President Prabowo Subianto met Prime Minister Anthony Albanese , who said before he travelled to Jakarta that the pact was a “watershed moment” in ties. It “repres...
Australia and Indonesia ’s leaders signed a security deal on Friday, one of a series of agreements that Canberra has secured with neighbouring countries to reinforce ties and limit China’s influence in the region. At a signing ceremony, President Prabowo Subianto met Prime Minister Anthony Albanese , who said before he travelled to Jakarta that the pact was a “watershed moment” in ties. It “represents a major extension of our security and defence cooperation and demonstrates that our relationship is as strong as it has ever been”, Albanese said. Australia ’s centre-left government has signed a series of defence, police and aid deals across the Pacific region since taking office in 2022, attempting to boost its influence and to try and limit that of China. The effort has intensified under President Donald Trump ’s administration as the US leans on allies to take up more of the burden in deterring Beijing’s growing military power. Advertisement Late last year, Australia concluded a security deal with Papua New Guinea , which sits north of Australia and east of Indonesia, and Albanese visited East Timor late last month, signing a new agreement to provide various kinds of aid and support. “The government can be very pleased with the agreements it signed across the Pacific,” said Sam Roggeveen, director of the security programme at the Lowy Institute, a think tank. Australian Prime Minister Anthony Albanese (right) watches a traditional dance performance with Indonesian President Prabowo Subianto during a welcome ceremony on Friday. Photo: Reuters “Indonesia is in a different category because of its size and also because of this historic commitment to non alignment,” he said, referring to the country’s efforts to seek a middle path in the Cold War.
Trevor Williams/DigitalVision via Getty Images Summary Following my August 2025 coverage of Gartner Inc. ( IT ), which I downgraded to a hold rating due to my worries about the AI disruption narrative, slowing CV growth, and tariff headwinds, this post is to provide an update on my thoughts on the business and stock. Unfortunately, the latest results did little to ease my concerns. While capital r...
Trevor Williams/DigitalVision via Getty Images Summary Following my August 2025 coverage of Gartner Inc. ( IT ), which I downgraded to a hold rating due to my worries about the AI disruption narrative, slowing CV growth, and tariff headwinds, this post is to provide an update on my thoughts on the business and stock. Unfortunately, the latest results did little to ease my concerns. While capital returns are aggressive, the forward demand indicators continue to deteriorate. I reiterate a hold rating. Latest earnings results (Q4 2025) Q4 2025 revenue grew just 2.2% y/y to $1.8 billion, and the performance was mostly driven by Insights. Insights revenue was up 3% y/y to ~$1.3 billion; conferences did surprisingly well, with revenue up 14% y/y to $286 million; but consulting was down sharply by 13% y/y to $134 million. Other revenue was also down a big magnitude, by 22% y/y to $50 million. Put simply, demand strength was concentrated, not broad-based. That said, IT did well on the profit front, with adj. EBITDA up 4.6% y/y to $436 million, and margins are holding at 24.9%. In this context, IT is still seeing some form of operating leverage and is still growing earnings positively. Key negatives to focus on now I was already leaning negative for IT, but I think the data points disclosed in Q4 2025 pushed me further into the bear camp. One of the worst data points, I believe, is that the forward-looking demand signal weakened again. In this past quarter, global CV (contract value) growth was just 0.8% y/y, with CV at $5.2 billion. Let that sink in for a second. CV growth was ~5% y/y when I last wrote in August ’25, but it is now at just ~1%. As I have said before, this is a very important metric since it is the clearest indicator of next year’s revenue. If that is true, then IT’s growth is expected to decelerate from the already miserable 2.2% y/y growth in Q4 to potentially less than 1% y/y. That doesn’t suggest demand is strong at all. This puts into question when reven...
IherPhoto/iStock via Getty Images By Padhraic Garvey, CFA , Regional Head of Research, Americas Beyond a 25bp hike in February, the likelihood is for another 25bp hike in May by the Reserve Bank of Australia (RBA). From there, the likelihood is we brace for an environment where the 3mth bills rate is trending in the 4.25-4.5% area. That's broadly breakeven with where the 2yr rate is now (4.25%), a...
IherPhoto/iStock via Getty Images By Padhraic Garvey, CFA , Regional Head of Research, Americas Beyond a 25bp hike in February, the likelihood is for another 25bp hike in May by the Reserve Bank of Australia (RBA). From there, the likelihood is we brace for an environment where the 3mth bills rate is trending in the 4.25-4.5% area. That's broadly breakeven with where the 2yr rate is now (4.25%), and only a tad below the 3yr rate (4.3%). In contrast, the 10yr rate is in the 4.9% area, reflecting the risk being discounted on the market for a break above 4.5% for the 3mth bills rate in the 5yr forward space. While we anticipate a rate hike theme, and then a hold for a period, we are more sanguine about the medium to long term. We continue to identify a medium-term neutral RBA rate at around 3.6%, centred on a tolerance for CPI inflation up to (but ideally below) 3%, with a moderate real rate added to that. It is also in line with the average RBA rate over the past three decades, a period long enough to back out numerous cycles and extremes on both ends. Once we go beyond the coming couple of years, ones dominated by a bills rate in the 4.25% to 4.5% area, we ultimately see a slow reversion back towards neutrality in the 3.6% area for the RBA policy rate, translating to a return to the 3.75% area for the 3mth bills rate. A lock-in in the 2yr or 3yr tenors effectively encapsulates these movements into one fixed rate. There is a very small cost to the lock-in (5bp pa for the 3yr). Further out the curve, lock-ins become a tad more expensive. If we are right and the RBA ultimately gets back down to 3.6%, the 10yr lock-in would cost some 75bp pa, or 750bp cumulative. The temptation then would be to receive the 10yr rate, for positive carry of an equal and opposite magnitude. The 10yr fixed rate versus the floating rate profile (with 3mth rate for comparison) The bottom chart shows carry per annum for the 10yr fixed rate payer Original Post Editor's Note: The summary bullets ...
Key Points XPO beat estimates on the top and bottom lines in its fourth-quarter earnings report. According to the ISM, manufacturing activity expanded in January for the first time in more than two years. Management estimates that volume is down 15%-17% from normalized levels due to weakness in the industrial sector. 10 stocks we like better than XPO › Tech investors are still licking their wounds...
Key Points XPO beat estimates on the top and bottom lines in its fourth-quarter earnings report. According to the ISM, manufacturing activity expanded in January for the first time in more than two years. Management estimates that volume is down 15%-17% from normalized levels due to weakness in the industrial sector. 10 stocks we like better than XPO › Tech investors are still licking their wounds as the bloodbath in the software sector continues, but if you look elsewhere in the stock market, there have been some surprising winners this year. One of them is XPO (NYSE: XPO), a leading less-than-truckload (LTL) carrier in North America and Europe. XPO is up a remarkable 39% year-to-date, and nearly all of those gains have come just this week as the company jumped on a strong manufacturing report from the Institute of Supply Management (ISM) and as sector leader Old Dominion Freight Lines expressed optimism for 2026. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » XPO backed up those gains with its own strong results in the fourth quarter on Thursday. Revenue rose 5% to $2.01 billion, topping estimates at $1.95 billion, driven by a 5.2% increase in yield, or price, even as tonnage per day declined 4.5%, in line with ongoing weakness in the industrial sector. The company delivered its strongest results yet across key service metrics, such as damage ratio and on-time delivery rate, enabling it to raise prices. It's also significantly reduced its outsourced linehaul miles, and those initiatives have improved the company's margins. Adjusted operating ratio in North America, its primary market, improved 180 basis points to 84.4%, equal to an operating margin of 15.6%. Adjusted for gains in real estate sales, earnings per share increased from $0.68 to $0.80, ahead of the consensus at $0.76. Following its surge earlier in the week, XPO stock was up 4% in ...
Citi forecasts that Qualcomm's (QCOM.US) smartphone chip sales for the fiscal fourth quarter ending September will decline sequentially, and has cut its target price to $140. 富途牛牛
Citi forecasts that Qualcomm's (QCOM.US) smartphone chip sales for the fiscal fourth quarter ending September will decline sequentially, and has cut its target price to $140. 富途牛牛
The Grand Emperor hotel in Macau has ripped up and sold the gold bricks lining its lobby floor, earning nearly $13m (£9.6m) amid a rise in the metal’s value due to turbulent geopolitical conditions. The hotel, which opened in 2006, is known for its opulent decor including a “golden pathway” featuring dozens of gold bars in its entranceway. But the resort’s Hong Kong-based parent company, Emperor E...
The Grand Emperor hotel in Macau has ripped up and sold the gold bricks lining its lobby floor, earning nearly $13m (£9.6m) amid a rise in the metal’s value due to turbulent geopolitical conditions. The hotel, which opened in 2006, is known for its opulent decor including a “golden pathway” featuring dozens of gold bars in its entranceway. But the resort’s Hong Kong-based parent company, Emperor Entertainment Hotel Ltd, announced in a Wednesday filing that while the gold bullion had created a “sumptuous and resplendent atmosphere” in the hotel, “in light of the prevailing market conditions” the firm recognised a “good opportunity” to remove and sell them. The group said it had sold a “number of gold bricks weighing 79kg in total” for $12.8m to a Hong Kong-based refiner. It added that the sale would “strengthen the group’s financial position and enable it to invest should suitable investment opportunities arise”. Macau was a Portuguese colony for 442 years until control was handed back to China in 1999. It is now one of China’s two special administrative regions, along with Hong Kong, that are granted a greater degree of autonomy from Beijing. It remains the only place in China where casino gambling is legal, and the roughly 13-square-mile (33sq km) territory was the global leader in gambling revenue in 2025. But under pressure from Beijing to diversify its economy, many of Macau’s casinos have pivoted away from gambling operations amid a tightening of local rules, including the Grand Emperor, which closed its casino in October. In this week’s filing, the group said that with the cessation of gaming activities at the premises, it is “actively planning for other entertainment and amusement facilities”, with the hotel’s gold-studded lobby already due to be redeveloped. “Given that the relevant area is planned to undergo renovation and redevelopment, the precious metal that were originally part of the hotel’s interior design and outfits are no longer relevant to the the...
(RTTNews) - Qualys, Inc (QLYS) reported earnings for its fourth quarter that Increased from last year and beat the Street estimates. The company's bottom line totaled $53.15 million, or $1.47 per share. This compares with $43.97 million, or $1.19 per share, last year. Excluding items, Qualys, Inc reported adjusted earnings of $67.72 million or $1.87 per share for the period. Analysts on average ha...
(RTTNews) - Qualys, Inc (QLYS) reported earnings for its fourth quarter that Increased from last year and beat the Street estimates. The company's bottom line totaled $53.15 million, or $1.47 per share. This compares with $43.97 million, or $1.19 per share, last year. Excluding items, Qualys, Inc reported adjusted earnings of $67.72 million or $1.87 per share for the period. Analysts on average had expected the company to earn $1.78 per share. Analysts' estimates typically exclude special items. The company's revenue for the period rose 10.1% to $175.28 million from $159.19 million last year. Qualys, Inc earnings at a glance (GAAP) : -Earnings: $53.15 Mln. vs. $43.97 Mln. last year. -EPS: $1.47 vs. $1.19 last year. -Revenue: $175.28 Mln vs. $159.19 Mln last year. Q1 26 Revenue Guidance: $172.5 Mln - $174.5 Mln. Q1 26 EPS Guidance: $1.76 - $1.83. FY26 Revenue Guidance: $717.00 Mln - $725.00 Mln. FY26 EPS Guidance: $7.17 - $7.45 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Irrational market reactions provide attractive buying opportunities! iQoncept/iStock via Getty Images Investment Thesis I previously wrote about S&P Global ( SPGI ) being an attractive long-term investment for your portfolio. I also mentioned a price below $480 would be a good entry point. The recent sell-off following their announcement of the Mobility segment's rebranding presents an excellent b...
Irrational market reactions provide attractive buying opportunities! iQoncept/iStock via Getty Images Investment Thesis I previously wrote about S&P Global ( SPGI ) being an attractive long-term investment for your portfolio. I also mentioned a price below $480 would be a good entry point. The recent sell-off following their announcement of the Mobility segment's rebranding presents an excellent buying opportunity for the SPGI stock. I consider this price drop to be an irrational market reaction, as Mobility segment's spin-off is news from almost a year ago. There is no insider trading activity either that could be a cause for concern. Given the fact that S&P Global's fundamentals remain strong and the lack of material justification for the recent dip, I am upgrading my rating for SPGI to Buy . S&P Global Overview S&P Global operates in five segments: Market Intelligence, Ratings, Commodity Insights, Mobility, and Indices. The segments of Market Intelligence, Commodity Insights, and Mobility operate primarily as subscriptions (83%, 87%, 82%, respectively, during FY25 YTD), providing a predictable revenue stream. The other segments of Ratings and Indices are more tightly coupled with the broader economy. However, they have such a sticky revenue base that any slowdown due to an economic slump is likely to be temporary. Corporates and governments will go back to S&P Ratings once the bond markets open up. Investors will start piling on to ETFs linked to S&P Global's indices once the stock market picks up momentum. Overall, S&P Global is a collection of high-moat, well-diversified businesses that are deeply entrenched in the global economy. Analysis S&P Global's Q3 YTD financial results demonstrate healthy margin expansion across segments and a solid balance sheet with a debt-to-equity ratio of 0.34. S&P Global's acquisition of With Intelligence (for private markets) is also expected to drive revenue growth and further margin expansion (FY27 onwards) for Market Intellige...
Earnings Call Insights: OpenText Corporation (OTEX) Q2 2026 Management View Interim Chief Executive Officer Christopher McGourlay welcomed Ayman Antoun as the new CEO, noting, "I look forward to working with him when I return to an executive role on the leadership team." McGourlay announced the agreement to divest Vertica to Rocket Software for $150 million and highlighted, "We ended off the quart...
Earnings Call Insights: OpenText Corporation (OTEX) Q2 2026 Management View Interim Chief Executive Officer Christopher McGourlay welcomed Ayman Antoun as the new CEO, noting, "I look forward to working with him when I return to an executive role on the leadership team." McGourlay announced the agreement to divest Vertica to Rocket Software for $150 million and highlighted, "We ended off the quarter with a solid performance, beating our own expectations on total revenues, adjusted EBITDA margin and adjusted EPS." McGourlay stated that the company's strategy is focused on "reshaping our business to focus our faster-growing core businesses" and reaffirmed the fiscal 2026 revenue growth target of 1% to 2% year-on-year. Executive VP & CFO Steve Rai said, "OpenText maintains a strong financial position, and I am very optimistic about the strategy we're executing to pivot the company to higher growth with a solid margin and free cash flow profile." Rai highlighted, "Q2 represents the 20th consecutive quarter of organic cloud growth, and our Cloud net renewal rate remained consistent at 95%." Executive Chair & Chief Strategy Officer Paul Jenkins noted, "We've set a cadence of divestiture per quarter, and we're working towards streamlining our portfolio to get to our core business." Jenkins also emphasized the appointment of Antoun, stating, "The Board believes that he's the best leader to drive shareholder value by growing organic revenue in our core enterprise information management business to train agentic AI." Outlook The company reaffirmed its fiscal 2026 total revenue growth target of 1% to 2% year-on-year. For Q3, management expects total revenues between $1.26 billion and $1.28 billion and projects an adjusted EBITDA margin of 33.0% to 33.5%. Rai reminded investors to "reduce their revenue models for the remainder of the fiscal year by approximately $15 million...to reflect our divestiture of eDOCS, which was completed in January." Management stated that expectatio...
Earnings Call Insights: QuinStreet (QNST) Q2 2026 Management View CEO Douglas Valenti stated that "Fiscal Q2 was another productive and successful quarter. We exceeded our outlook for both revenue and adjusted EBITDA. And even more importantly, we continue to make good progress on needle-moving initiatives across the business." He highlighted that auto insurance demand "remained strong again in fi...
Earnings Call Insights: QuinStreet (QNST) Q2 2026 Management View CEO Douglas Valenti stated that "Fiscal Q2 was another productive and successful quarter. We exceeded our outlook for both revenue and adjusted EBITDA. And even more importantly, we continue to make good progress on needle-moving initiatives across the business." He highlighted that auto insurance demand "remained strong again in fiscal Q2, with sequential performance besting historical seasonality trends" and projected "further significant growth in auto insurance revenue and margin in coming quarters and years." Valenti announced the completion of the HomeBuddy acquisition after quarter end, emphasizing its role in adding "unique new product, media and clients to Home Services" and its expertise in "auction-driven exclusive leads, a product in high demand by large segments of the Home Services client market and one that we did not yet have." He said, "We are even more excited about the potential for HomeBuddy than we were about these highly successful transactions." The CEO reiterated that QuinStreet is "less than 10% penetrated in our current addressable market footprint" and described ongoing AI integration as creating "increased opportunities in our already big and fast-growing markets." He declared, "We expect total company revenue growth and margin expansion in coming quarters and years." Valenti confirmed that revenue for the full fiscal year, excluding HomeBuddy, is expected to grow at least 10%, and adjusted EBITDA, excluding HomeBuddy, to grow at least 20%. He also shared, "We expect to achieve our next milestone margin goal to reach 10% quarterly adjusted EBITDA margin in this fiscal year, even excluding HomeBuddy." CFO Gregory Wong reported, "It was the second consecutive quarter of record revenue for QuinStreet in what is typically our seasonally lowest revenue quarter. The strong performance was driven by impressive execution across our verticals." Wong disclosed, "For the December quar...
Newly appointed Reserve Bank of India Governor Sanjay Malhotra after addressing a press conference, in Mumbai on Dec. 11, 2024. Indranil Mukherjee | Afp | Getty Images India's central bank on Friday kept its policy rates unchanged, as growth headwinds have eased following the announcement of trade deals with the E.U. and the U.S. Economists polled by Reuters had forecast the policy rate to remain ...
Newly appointed Reserve Bank of India Governor Sanjay Malhotra after addressing a press conference, in Mumbai on Dec. 11, 2024. Indranil Mukherjee | Afp | Getty Images India's central bank on Friday kept its policy rates unchanged, as growth headwinds have eased following the announcement of trade deals with the E.U. and the U.S. Economists polled by Reuters had forecast the policy rate to remain unchanged at 5.25%. The Reserve Bank of India cut benchmark rates by 125 basis points in 2025, and economists say the focus will shift to transmission of the previous rate cuts. The RBI will likely hold rates for at least a year, Santanu Sengupta, chief India economist at Goldman Sachs, told CNBC's "Inside India." There was an "outside chance of a rate cut," if the U.S.-India trade deal had not gone through, he added. Earlier this week, U.S. President Donald Trump announced that Washington will cut tariffs on Indian exports to 18%, dispelling the central bank's worries around external headwinds to growth it had flagged in the last policy meet. The U.S. had levied 50% tariffs on India, amongst the highest across countries and more than on China with which it has had an adversarial relationship, souring ties between New Delhi and Washington. The RBI will focus on transmission of rates as the yields on long-term bonds are "unlikely to come off," said Sengupta, as banks and insurance companies taper their buying of long-term government securities coupled while the supply of bonds is rising. India will borrow 17.2 trillion rupees ($187 billion) in the financial year starting April 1, Finance Minister Nirmala Sitharaman said in her budget speech on Sunday. This figure marks an increase of 18% from the revised estimate for financial year 2026 and was higher than market estimates. In its December policy meet, the RBI cut interest rate by 25 basis points to 5.25% in a unanimous decision, citing "weakness in some key economic indicators." But with the uncertainty around the India-U.S...