Oskari Porkka/iStock via Getty Images Not that long ago, I published a bearish article on FS KKR Capital Corp. ( FSK ), elaborating on the key drivers behind my decision to throw in the towel. Almost 4 weeks have passed, and performance-wise there has not been any major news other than that the share price is a bit lower due to the recent dividend payment of $0.48 per share ($0.03 per share of tha...
Oskari Porkka/iStock via Getty Images Not that long ago, I published a bearish article on FS KKR Capital Corp. ( FSK ), elaborating on the key drivers behind my decision to throw in the towel. Almost 4 weeks have passed, and performance-wise there has not been any major news other than that the share price is a bit lower due to the recent dividend payment of $0.48 per share ($0.03 per share of that came from a supplemental distribution): YCharts As a result of the ~4% share price decrease, the discount has dropped below the 50% mark - i.e., the P/NAV stands at 0.49x, which means that FSK is one of the cheapest BDCs out there. However, two major things have happened that are definitely worth contextualizing with FSK's case. First, the credit rating agency Moody's has recently downgraded FSK from investment grade to junk. Second, the probabilities for near-term interest rate cuts have faded , and instead what we have is an interesting debate about whether the Fed could bump up the rates to manage the inflationary headwinds from soaring oil prices ( CL1:COM ). Both of these things have a significant impact on FSK's equity story. Let me flesh this out in the article below. Thesis review I will start with Moody's decision to notch down FSK's credit rating. We can find more details here , but the key driver was the asset quality issue. It is important to understand that the elevated non-accruals are not the only ones, which contribute to this issue. The other two aspects that play an equally important role are: Loan book, which is heavily tilted (~42% of the portfolio ) to below first-lien securities (e.g., second-lien, subordinated debt, etc.). Above-average PIK income, which raises concerns about FSK's prospects to actually convert these proceeds into cash upon PIK loan maturities. If things go south in the economy and we do indeed experience a downturn in the credit cycle, it is clear that exactly non-first lien and PIK-linked positions will be first in line to fall un...
Arkadiy_Yarmolenko/iStock Editorial via Getty Images Karman Holdings ( KRMN ) is strongly positioned as an aerospace and defense supplier with subsystem-level knowledge on rockets, missiles, and hypersonics. This puts the company in a crucial position to support and benefit from growing demand in the missile, missile defense, air defense, and space markets. While I do recognize the strong position...
Arkadiy_Yarmolenko/iStock Editorial via Getty Images Karman Holdings ( KRMN ) is strongly positioned as an aerospace and defense supplier with subsystem-level knowledge on rockets, missiles, and hypersonics. This puts the company in a crucial position to support and benefit from growing demand in the missile, missile defense, air defense, and space markets. While I do recognize the strong positioning in these growing parts of the market, I did not like Karman Holdings as an investment since its valuation appeared stretched. The stock has now fallen 26.3% since my last report, and that provides a good moment to revisit the stock and see if it needs to be upgraded from hold to buy. Karman Holdings Earnings Show Its Strong Strategic Positioning Karman Space And Defense During the fourth quarter, sales grew 47% to $134.5 million, with gross profit increasing 54% to $53.6 million, with margins growing from around 38% to 40%. Hypersonic revenues grew 42% to $48 million on growth in strategic missile programs, progress on the Next-Generation Interceptor, or NGI, higher volumes on classified programs, and increased activity on hypersonic test beds. Space & Launch sales grew 25% to $36 million, driven by order timing and support for launch providers. Tactical Missile & Integrated Defense Systems sales grew 77% to $50 million, driven by demand for drones, loitering munitions, and increased production rates for the GMLRS or Guided Multiple Launch Rocket System, developed by Lockheed Martin ( LMT ). EBITDA grew 59% to $42 million, with margins increasing 2.3 points to 31.2%. For the full year, sales rose 37% to $471.5 million, with gross profits increasing 44% to $190 million. Hypersonic sales increased 31% to $150 million, Tactical Missile and Integrated Defense Systems sales rose 49% to $172 million, and Space & Launch sales grew 30% to $150 million. Sales growth was broadly supported by increasing space demand, drones and missiles, and missile defense through the AIM-9X, THA...
The average one-year price target for Zhejiang Jingsheng Mechanical & Electrical Co. (SZSE:300316) has been revised to CN¥46.75 / share. This is an increase of 20.53% from the prior estimate of CN¥38.79 dated February 21, 2026. The price target is an average o
The average one-year price target for Zhejiang Jingsheng Mechanical & Electrical Co. (SZSE:300316) has been revised to CN¥46.75 / share. This is an increase of 20.53% from the prior estimate of CN¥38.79 dated February 21, 2026. The price target is an average o
StevanZZ/iStock via Getty Images Enterprise Products Partners L.P. ( EPD ) is a midstream master limited partnership that owns and operates a network of crude oil, natural gas, natural gas liquids, and refined products transportation infrastructure that covers much of the continental United States. The company is one of the largest midstream master limited partnerships in the nation, and it is one...
StevanZZ/iStock via Getty Images Enterprise Products Partners L.P. ( EPD ) is a midstream master limited partnership that owns and operates a network of crude oil, natural gas, natural gas liquids, and refined products transportation infrastructure that covers much of the continental United States. The company is one of the largest midstream master limited partnerships in the nation, and it is one of the most popular ones among investors on Seeking Alpha. One possible reason for this is that the company has a relatively high 5.63% distribution yield and a history of maintaining or growing its distribution over time. In fact, Enterprise Products Partners was one of the only midstream partnerships that did not cut its distributions in the aftermath of the 2014 oil bear market or the 2020 COVID-19 pandemic. Furthermore, the company’s distributions are tax-advantaged, which may be a very attractive characteristic for investors who happen to be in a high tax bracket. Furthermore, the company's units are likely to outperform as long as the hostilities in Iran continue to disrupt shipping through the Strait of Hormuz and destroy energy infrastructure throughout the Middle East. As such, Enterprise Products Partners may be worth considering for a portfolio today. Thesis Summary Oil prices have risen substantially since the outbreak of hostilities between Iran, Israel, and the United States. This is largely due to the Iranians disrupting shipping traffic through the Strait of Hormuz, a narrow waterway through which 20% to 25% of all oil consumed worldwide flows. It is unclear when shipping traffic through this region will be normalized, but it is unlikely that oil prices will decline immediately even once it is. This conclusion is due to the fact that Iran has been using missiles and drones to destroy the energy infrastructure of other Middle Eastern states, and it will take a long time to rebuild this infrastructure. Enterprise Products Partners could be very well positione...
There were plenty of reasons to be bullish on nuclear energy prior to the events across the Middle East over the past month. From the power needs of artificial intelligence (AI) to a general push for carbon-free energy production, nuclear technology was already seeing a renaissance. Then, because of the escalating war between Iran, the United States, and Israel, Iran closed the Strait of Hormuz, t...
There were plenty of reasons to be bullish on nuclear energy prior to the events across the Middle East over the past month. From the power needs of artificial intelligence (AI) to a general push for carbon-free energy production, nuclear technology was already seeing a renaissance. Then, because of the escalating war between Iran, the United States, and Israel, Iran closed the Strait of Hormuz, through which about one-fifth of all global oil and gas moves. Continue reading
Broadcom (NASDAQ: AVGO) is proving to be one of the biggest beneficiaries of the artificial intelligence (AI) revolution. Yet the scale of its opportunity may still be underappreciated, especially as AI spending is shifting from experimentation to real-time deployments. Image source: Getty Images. The company's revenue was up 29% year over year to $19.3 billion, while GAAP net income soared 34% to...
Broadcom (NASDAQ: AVGO) is proving to be one of the biggest beneficiaries of the artificial intelligence (AI) revolution. Yet the scale of its opportunity may still be underappreciated, especially as AI spending is shifting from experimentation to real-time deployments. Image source: Getty Images. The company's revenue was up 29% year over year to $19.3 billion, while GAAP net income soared 34% to around $7.3 billion in its fiscal 2026's first quarter (ended Feb. 1). However, AI semiconductor revenue, which includes sales of custom AI chips and networking components, surged 106% to $8.4 billion. Management now expects AI chip revenue alone to exceed $100 billion in 2027. Continue reading
Lights switched on in a residential home next to an electricity pylon in Turin, Italy, on Thursday, Nov. 27, 2025. Europe’s energy firms did much better than expected in the third quarter, as stronger refining margins offset the impact of subdued oil prices, though the outlook going into 2026 remains uncertain.
Lights switched on in a residential home next to an electricity pylon in Turin, Italy, on Thursday, Nov. 27, 2025. Europe’s energy firms did much better than expected in the third quarter, as stronger refining margins offset the impact of subdued oil prices, though the outlook going into 2026 remains uncertain.
International Maritime Organization Secretary-General Arsenio Dominguez joins Christina Ruffini on Bloomberg This Weekend to discuss the 20,000 seafarers stranded in and around the Strait of Hormuz as the US-Iran war makes safe transport an impossibility. Watch the full interview on Bloomberg This Weekend. Watch the show LIVE every Saturday and Sunday morning. (Source: Bloomberg)
International Maritime Organization Secretary-General Arsenio Dominguez joins Christina Ruffini on Bloomberg This Weekend to discuss the 20,000 seafarers stranded in and around the Strait of Hormuz as the US-Iran war makes safe transport an impossibility. Watch the full interview on Bloomberg This Weekend. Watch the show LIVE every Saturday and Sunday morning. (Source: Bloomberg)
Kevin Dietsch Salesforce ( CRM ) shares have remained under steady pressure, declining by 35% over the past year, as the AI disruption narrative continues to pressure enterprise software stocks. However, the customer relationship management software provider's stock might have finally reached its low point, and multiple near-term catalysts could help, according to the analysts at BNP Paribas Equit...
Kevin Dietsch Salesforce ( CRM ) shares have remained under steady pressure, declining by 35% over the past year, as the AI disruption narrative continues to pressure enterprise software stocks. However, the customer relationship management software provider's stock might have finally reached its low point, and multiple near-term catalysts could help, according to the analysts at BNP Paribas Equity Research. "At 4Q results, Salesforce announced a $50bn repurchase authorization, with the first $20bn completed by 3/15, the next $5bn completed by the end of FY27e, and the final $25bn yet to be scheduled," said BNP Paribas in an investor note. "We now add the first $25bn to our model, with $20bn in 1Q and ~$1.7bn each in the remaining quarters of FY27. Our total FY27 buyback estimate increases to ~$25bn from ~$16bn previously, driving an 8% reduction in Dil. Share count for FY27 vs. our prior estimate." This prompted BNP Paribas to increase its target price to $230 from $220. What's more, on Tuesday, March 31, Salesforce CEO Marc Benioff, with special guests, including MrBeast, will lead a discussion on Slack's latest features. "Buybacks are clearly not enough to trigger new investor interest or confidence, but next week, CEO Mark Benioff will hold an event highlighting Slackbot, which may serve as a near-term catalyst as it is likely to be another step in demonstrating real-world customer adoption of Salesforce's AI products," BNP Paribas noted. More on Salesforce Salesforce: Billions Of Reasons To Own Salesforce: Market Is Pricing It At Doomsday Valuations Why Salesforce's 'AI Problem' Is Actually Its Greatest Opportunity Salesforce to support U.S. labor department customer service upgrade Insider trades: Salesforce, Broadcom among notable names this week
More use of two-way charging will earn money for owners and could avoid the need to expand North Sea oil drilling The Iran war has sent petrol and diesel prices to their highest levels in years, sparked warnings of fuel rationing across Europe and triggered calls for Britain to drill more North Sea oil and gas . But analysis suggests the UK is looking for solutions in the wrong places – and that o...
More use of two-way charging will earn money for owners and could avoid the need to expand North Sea oil drilling The Iran war has sent petrol and diesel prices to their highest levels in years, sparked warnings of fuel rationing across Europe and triggered calls for Britain to drill more North Sea oil and gas . But analysis suggests the UK is looking for solutions in the wrong places – and that one of them is sitting on people’s driveways or parked in the street. If more drivers switched electric vehicles, Britain would sharply reduce its petrol and diesel consumption, with every car charged from the grid rather than the pump extending the country’s fuel reserves – and experts say the potential impact goes far beyond that. If more drivers switched to electric vehicles, Britain could sharply reduce its petrol and diesel consumption. Every car charged from the grid rather than the pump extends the country’s fuel reserves – and experts say the potential impact goes far beyond that. Continue reading...
With an egg-cellent roster on offer, which chocolate treats are the most moreish and which aren’t worth shelling out on? • The best novelty hot cross buns At the age of 45, my Easter egg hunt is about seeking out quality, transparency and flavour, rather than just finding the most eggs. Then again, I haven’t been on one for about 35 years, and my tastes have since changed, as has the market. Beyon...
With an egg-cellent roster on offer, which chocolate treats are the most moreish and which aren’t worth shelling out on? • The best novelty hot cross buns At the age of 45, my Easter egg hunt is about seeking out quality, transparency and flavour, rather than just finding the most eggs. Then again, I haven’t been on one for about 35 years, and my tastes have since changed, as has the market. Beyond those foil-wrapped novelties of yesteryear, there’s now a genuinely impressive selection of thoughtfully made, handcrafted chocolate eggs aimed at those with a more mature palate. As with all chocolate, certifications matter: Fairtrade guarantees a minimum price, fairer working rights and investment in climate resilience, while the Rainforest Alliance focuses on environmental standards and farm sustainability. The quality and processing of the chocolate is also important. Most eggs contain the likes of invert sugar syrup, soya lecithin and E471, so rather than highlight every additive, I’ve instead flagged products with minimal processing, as well as those that use palm oil. I haven’t marked down for high sugar content – it is Easter, after all – but I have included the percentage of sugar. Continue reading...
The defense secretary prayed for ‘overwhelming violence’ against enemies in Iran. He seems to delight in it Is it woke to wash your hands? Pete Hegseth seems to think so. Back in 2019 when he was still just a Fox News host rather than the guy in charge of “ the Department of War ”, Hegseth said on-air that he hadn’t washed his hands for 10 years because “ germs are not a real thing .” He added: “I...
The defense secretary prayed for ‘overwhelming violence’ against enemies in Iran. He seems to delight in it Is it woke to wash your hands? Pete Hegseth seems to think so. Back in 2019 when he was still just a Fox News host rather than the guy in charge of “ the Department of War ”, Hegseth said on-air that he hadn’t washed his hands for 10 years because “ germs are not a real thing .” He added: “I can’t see them; therefore, they’re not real.” Hegseth later claimed he was joking. But even if he was, the defense secretary is never going to be able to wash the blood from his hands. The 45-year-old, one of the strongest backers of the war on Iran, has said he wants “maximum lethality, not tepid legality” to the be the hallmark of the US military, and he’s been making good on that promise. Under his watch, a defense department program aimed at reducing civilian harm has been dismantled, and experts who provide guidance on keeping military operations in line with international law have been fired. And, of course, a school full of little girls has been bombed. Arwa Mahdawi is a Guardian columnist The assault on freedom with Mehdi Hasan and Arwa Mahdawi On Monday 8 June, join Mehdi Hasan and Arwa Mahdawi to discuss the current seismic changes in geopolitics, the alarming rise of populism and nationalism, and its global implications. Live in London and livestreamed worldwide. Book tickets here or at guardian.live Continue reading...
Secretary of state Marco Rubio repeats administration’s belief that US can achieve its aims without a ground war Amid tentative White House efforts at diplomacy to end the war in Iran, US troops have also been arriving in the region to deliver what Donald Trump has hoped could be a knockout blow if he can’t negotiate a ceasefire with Tehran. Thousands of US marines aboard navy amphibious ships fro...
Secretary of state Marco Rubio repeats administration’s belief that US can achieve its aims without a ground war Amid tentative White House efforts at diplomacy to end the war in Iran, US troops have also been arriving in the region to deliver what Donald Trump has hoped could be a knockout blow if he can’t negotiate a ceasefire with Tehran. Thousands of US marines aboard navy amphibious ships from the 31st and 11th expeditionary units have been deployed to the Middle East from Asia. Another 2,000-odd paratroopers from the 82nd Airborne are also being sent to the theatre – they are tasked with deploying worldwide within 18 hours of notification and execute parachute assaults, including against a “defended airfield” to prepare for further ground operations. Continue reading...