6381380/iStock Editorial via Getty Images Investment thesis ProFrac ( ACDC ) is among the largest U.S. completions players. It offers hydraulic fracturing (fracking) services, supplies proppant/sand, and owns a controlling stake in Flotek ( FTK ), a listed company with a focus on production chemicals. As a measure of ProFrac's competitive position, DrillSource sizes the U.S. frac market at $16 bil...
6381380/iStock Editorial via Getty Images Investment thesis ProFrac ( ACDC ) is among the largest U.S. completions players. It offers hydraulic fracturing (fracking) services, supplies proppant/sand, and owns a controlling stake in Flotek ( FTK ), a listed company with a focus on production chemicals. As a measure of ProFrac's competitive position, DrillSource sizes the U.S. frac market at $16 billion annually. ProFrac's frac revenue of $1.5 billion is almost 10% of it. For the last 20 days or so, the only energy news you would see has been the closure of the Strait of Hormuz. Make no mistake - this is an unprecedented event that, by some estimates, already resulted in 10 million bbl/d of forced production shut-ins. Oil markets are notoriously inelastic in the short term, so taking offline 10% of global supply is already causing extremely high prices. These events aren't bullish for oilfield services names (or OFS) with exposure to the GCC (Gulf Cooperation Council) region. Saudi Aramco is reported to have suspended much of its drilling activity, and this is negative for companies like Nabors ( NBR ) or Weatherford ( WFRD ). Conversely, OFS players with a U.S. focus, such as ACDC or Patterson-UTI ( PTEN ), moved up, likely on hopes that U.S. exploration and production (E&P) companies will ramp up investment. Data by YCharts The market's assessment isn't incorrect. While I don't expect public E&Ps to ramp up by much, one-third of U.S. production is still run by private companies that are more responsive to oil price changes. However - and that is important for the durability of the investment thesis - the U.S. completions market had already bottomed before the escalation with Iran, likely somewhere between Q3/Q4 of last year. This was confirmed by ProFrac's Q4 report and is due to longer-term factors that are discussed below. U.S. completions activity has bottomed Completions fleets (or frac spreads) have been on a steady downtrend for a few years now, but the metric...
Getty Images I last covered leading Mexican discount airline Controladora Vuela Compañía de Aviación, S.A.B. de C.V. ( VLRS ), more commonly known as Volaris, back in December. At the time, I downgraded shares to a sell, arguing that the market was not sufficiently accounting for macroeconomic headwinds . That turned out to be inopportune timing. Just days after I published that article, Volaris a...
Getty Images I last covered leading Mexican discount airline Controladora Vuela Compañía de Aviación, S.A.B. de C.V. ( VLRS ), more commonly known as Volaris, back in December. At the time, I downgraded shares to a sell, arguing that the market was not sufficiently accounting for macroeconomic headwinds . That turned out to be inopportune timing. Just days after I published that article, Volaris announced that it was planning to merge with VivaAerobus, Mexico's third-largest airline. This sent shares up from $8 to as high as $10.80 per share in the coming weeks, and understandably so, given that this merger could dramatically improve Volaris's profitability picture. However, the merger-related bump has now ended; Volaris shares have dropped 30% in recent weeks: Data by YCharts This leaves the stock in an interesting place. Had I known about the pending merger news, I wouldn't have taken a bearish view on Volaris. That said, macroeconomic headwinds are certainly asserting themselves. In addition to the concerns I had about Mexico's economic outlook for 2026, we now have the war in Iran and the ensuing surge in jet fuel prices. So, where does that leave things today? Recent Earnings Weren't Great Volaris reported its Q4 earnings on February 24th. These were fairly uninspiring. EPS of 4 cents fell from 40 cents in the year prior and missed expectations by 23 cents. Revenues of $882 million grew 5.6% year-over-year but missed the consensus estimate by $34 million. The company's EBITDAR was flat, but margins fell as the company's revenue growth didn't translate into increased profitability. I don't think Q4 was a huge driver for the stock price, despite the soft results. That's because analysts had already been expecting a challenging 2026 for Volaris, and the recent rebound in the share price was more tied to long-term market dynamics than any immediate factors. When we look at the EPS forecasts going forward, analysts are quite cautious, forecasting outright losses in ...
Andrii Yalanskyi/iStock via Getty Images M&A activity is now heating up again in the REIT sector ( VNQ ). Public Storage ( PSA ) just announced that it would acquire its smaller peer, National Storage Affiliates Trust ( NSA ), in a multibillion-dollar transaction, paying a 34% premium in the process. Data by YCharts Earlier this year, Brookfield Asset Management Ltd. ( BAM ) also acquired Peakston...
Andrii Yalanskyi/iStock via Getty Images M&A activity is now heating up again in the REIT sector ( VNQ ). Public Storage ( PSA ) just announced that it would acquire its smaller peer, National Storage Affiliates Trust ( NSA ), in a multibillion-dollar transaction, paying a 34% premium in the process. Data by YCharts Earlier this year, Brookfield Asset Management Ltd. ( BAM ) also acquired Peakstone Realty Trust ( PKST ), paying a steep 34% premium, as well as National Storage REIT ( NTSGF ), again with a nice 26% premium for its shareholders: Data by YCharts Brookfield And these are not isolated cases. Blackstone also attempted to acquire Big Yellow Group Plc ( BYLOF ) in late 2025, after already acquiring Retail Opportunity Investment (ROIC) earlier that year. It also acquired tens of billions of dollars worth of REITs in earlier years, including American Campus Communities (ACC), Tricon REIT (TCN), and Apartment Income REIT (AIRC), always paying steep premiums in the process. Blackstone The reason why all these M&A deals are happening is simply that REITs are today trading at steep discounts relative to their net asset values. They have suffered a multi-year bear market, and it is not uncommon to find REITs trading at a 20%, 30%, or even 40% discount relative to the fair market value of their assets: Principal As such, these sophisticated private equity players see an opportunity in REITs to acquire high-quality real estate at a discount. Even after paying a 20-30% premium, they still think that they are getting a good deal. And given that valuations remain low, I would expect many more deals later this year. These three REITs could be next in line: Shurgard Self Storage Ltd ( SSSAF ) Shurgard is the leading self-storage REIT in Europe (SHUR.BR). I think that a buyout is likely because the REIT trades at a steep discount relative to American self-storage peers, despite enjoying faster long-term growth prospects. Shurgard Moreover, Public Storage, the biggest self-...
Alithya (TSX: ALYA) is pleased to announce the expansion of its collaboration with Shamrock Technologies, a global leader in specialty additives manufacturing. Following the successful deployment of Microsoft Dynamics 365 Finance & Supply Chain Management within the company's U.S. operations, Alithya will now lead the implementation at the company's European headquarters in Belgium.
Alithya (TSX: ALYA) is pleased to announce the expansion of its collaboration with Shamrock Technologies, a global leader in specialty additives manufacturing. Following the successful deployment of Microsoft Dynamics 365 Finance & Supply Chain Management within the company's U.S. operations, Alithya will now lead the implementation at the company's European headquarters in Belgium.
Ralph Lauren will see shares sail higher as affluent consumers continue to splurge on luxury goods in spite of macroeconomic turbulence, according to Citi. The bank upgraded shares to buy from neutral. It also raised its price target on shares to $400 from $360, suggesting 18% upside from Monday's close. "We have increased confidence that the momentum in the brand can continue," analyst Paul Lejue...
Ralph Lauren will see shares sail higher as affluent consumers continue to splurge on luxury goods in spite of macroeconomic turbulence, according to Citi. The bank upgraded shares to buy from neutral. It also raised its price target on shares to $400 from $360, suggesting 18% upside from Monday's close. "We have increased confidence that the momentum in the brand can continue," analyst Paul Lejuez said in a note to clients. "Despite a choppy macro backdrop, RL's higher income consumers should help them more easily navigate current macro volatility." Ralph Lauren shares have struggled this year, losing more than 4% in that time. However, the stock is up more than 43% over the past 12 months as the the "K-shaped" economic recovery continues. The trend reflects wealthier consumers benefiting the most while lower-income consumers are forced to tighten their purse strings. "We believe the YTD stock decline (and market uncertainty) presents an attractive buying opportunity for this best-in-class winner in the retail apparel landscape," Citi wrote. Lejuez added that marketing and sponsorship efforts will boost the stock going forward. Earlier this year, the company supplied Team USA's Opening and Closing Ceremony outfits for the 2026 Milan Cortina Olympics. The firm also renewed for another six years its partnership with the United States Tennis Association, ensuring the Polo pony will be visible in the U.S. Open. Ralph Lauren is poised to beat the Street's expectations on its fourth-quarter results, despite its conservative outlook, according to Citi. The bank expects earnings of $2.77 per share versus a consensus of $2.48 and guidance of around $2.35 to $2.45. The upgrade puts Citi in line with the consensus on Wall Street. Of the 20 analysts covering the stock, 16 have a buy or strong buy rating on Ralph Lauren, LSEG data shows.
Dollarama press release ( DLMAF ): Q4 GAAP EPS of $1.43. Revenue of $2.1B (+11.7% Y/Y) beats by $590M . In Canada, Comparable store sales, determined on a 13-week basis, increased by 1.5% (or 3.5% excluding the impact of the calendar shift), compared to 4.9% growth in the fourth quarter of the previous year EBITDA increased by 6.2% to $711.5 million, representing an EBITDA margin of 33.9%, compare...
Dollarama press release ( DLMAF ): Q4 GAAP EPS of $1.43. Revenue of $2.1B (+11.7% Y/Y) beats by $590M . In Canada, Comparable store sales, determined on a 13-week basis, increased by 1.5% (or 3.5% excluding the impact of the calendar shift), compared to 4.9% growth in the fourth quarter of the previous year EBITDA increased by 6.2% to $711.5 million, representing an EBITDA margin of 33.9%, compared to 35.6% Operating income increased by 4.7% to $584.4 million, representing an operating margin of 27.8%, compared to 29.7% More on Dollarama Dollarama: Dollar Store Trading For Benjamin's - Sell Historical earnings data for Dollarama Dividend scorecard for Dollarama Financial information for Dollarama
The Senate has confirmed Markwayne Mullin as the next Department of Homeland Security secretary. And, Iran has denied that it's in talks with the U.S. to end the war, which is now in its fourth week. (Image credit: Chip Somodevilla)
The Senate has confirmed Markwayne Mullin as the next Department of Homeland Security secretary. And, Iran has denied that it's in talks with the U.S. to end the war, which is now in its fourth week. (Image credit: Chip Somodevilla)
Ian Forsyth/Getty Images News Bahrain has proposed United Nations-backed action to secure shipping through the Strait of Hormuz, while Gulf Arab states are inching toward possibly joining the U.S. fight against Iran, according to media reports. Bahrain introduced a draft resolution in the UN Security Council that would authorize countries to use "all necessary means" to ensure safe passage in and...
Ian Forsyth/Getty Images News Bahrain has proposed United Nations-backed action to secure shipping through the Strait of Hormuz, while Gulf Arab states are inching toward possibly joining the U.S. fight against Iran, according to media reports. Bahrain introduced a draft resolution in the UN Security Council that would authorize countries to use "all necessary means" to ensure safe passage in and around the Strait of Hormuz, Reuters reported. The draft text "demands that the Islamic Republic of Iran immediately cease all attacks against merchant and commercial vessels and any attempt to impede lawful transit passage or freedom of navigation in and around the Strait of Hormuz." The proposed resolution, which also expresses readiness to impose measures like targeted sanctions, was backed by other Gulf Arab states and the U.S. But Russia and China would likely veto any such resolution . Meanwhile, Saudi Arabia recently agreed to let U.S. forces use its King Fahd air base for attacks on Iran, people familiar with the decision told The Wall Street Journal . Iran's attacks on Saudi energy facilities have pushed Saudi Arabia to reconsider its decision to stay out of the war. It is only a matter of time before the kingdom enters the war, one of the sources said. The United Arab Emirates, which started cracking down on Iranian-owned assets in the country, is also considering sending its military to join the fight. The Gulf states are unified in their anger towards Iran, Arab officials told WSJ , But they are also angry as they haven't been able to influence U.S. decisions despite being security partners. Iran also told Arab officials that it wants to charge tolls for ships seeking to travel through the Strait of Hormuz — as Egypt does with the Suez Canal — which would pose a threat to the region's energy lifeline. More on Iran war Trump's Delayed Ultimatum To Iran: A Trap For Dip Buyers Trump Pauses Iran Strikes: Oil Crashes, Stocks Surge Crude climbs on supply worries aft...
Alibaba’s international government affairs head Eric Pelletier said the company has agreed to limit, by default, how visible products intended for adults are to users.
Alibaba’s international government affairs head Eric Pelletier said the company has agreed to limit, by default, how visible products intended for adults are to users.
Sunshine Seeds/iStock via Getty Images Exxon Mobil Corporation ( XOM ) is a leading upstream-focused energy enterprise with a growing production base that is set to profit handsomely in the first quarter from surging price realizations for its petroleum products. The most recent escalation in the Middle East between the U.S. and Israel on one side and Iran on the other has led to an explosion of p...
Sunshine Seeds/iStock via Getty Images Exxon Mobil Corporation ( XOM ) is a leading upstream-focused energy enterprise with a growing production base that is set to profit handsomely in the first quarter from surging price realizations for its petroleum products. The most recent escalation in the Middle East between the U.S. and Israel on one side and Iran on the other has led to an explosion of petroleum prices above $100 per barrel, which is set to provide a significant boost to Exxon Mobil’s earnings and free cash flow prospects. I calculate that the energy company, based on Q4'25 production volumes, could generate ~$4.5B in incremental net income for the first quarter, assuming that oil prices remain above $100 per barrel until the end of the month. With EPS estimates also set for major upside revisions in the weeks ahead, I am going all-in before the firm's Q1'26 earnings report, despite shares trading at fresh 52-week highs. Data by YCharts Previous rating I rated shares of Exxon Mobil a strong buy in my last article after the company's fourth-quarter earnings report card was released, mainly because I liked the energy firm’s main focus on key growth production plays such as Permian and Guyana, which significantly propelled Exxon Mobil’s earnings growth in the upstream segment. With the recent outbreak of hostile activities in the Middle East, Exxon Mobil has a strong catalyst for higher earnings in the near and medium term and could potentially accelerate its capital returns as a result. New Iran conflict sets stage for massive earnings and FCF upswing A new war in the Middle East erupted at the end of February, after the U.S. and Israel attacked Iranian military installations, causing a significant spike in petroleum prices. The price for WTI crude currently sits at $101 per barrel, which indicates that Exxon Mobil is set for a material earnings boost in the first quarter. In Q4'25, Exxon Mobil reported an average price realization in its U.S. upstream busin...
Vietnam is among Southeast Asian countries most hard-hit by the global energy crisis, with Hanoi’s bid to forge deals with Russia this week laying bare its urgency to stem the bleed that may threaten its objective of double-digit economic growth. Observers also say the fallout in fuel supply caused by the Iran war could even chip away at the legitimacy of Hanoi’s new leadership. Vietnamese Prime M...
Vietnam is among Southeast Asian countries most hard-hit by the global energy crisis, with Hanoi’s bid to forge deals with Russia this week laying bare its urgency to stem the bleed that may threaten its objective of double-digit economic growth. Observers also say the fallout in fuel supply caused by the Iran war could even chip away at the legitimacy of Hanoi’s new leadership. Vietnamese Prime Minister Pham Minh Chinh’s official visit to Russia this week reportedly saw the signing of several...
Son-in-law of former United player is among 1,100 fans forced to give up prime seats under cash-boosting plans A Manchester United fan said he feels “helpless and hopeless” after being evicted from the seat his family have held since just after the second world war to make way for £300-a-head VIPs. Tony Riley, whose father-in-law played for United under Sir Matt Busby, is among 1,100 supporters fo...
Son-in-law of former United player is among 1,100 fans forced to give up prime seats under cash-boosting plans A Manchester United fan said he feels “helpless and hopeless” after being evicted from the seat his family have held since just after the second world war to make way for £300-a-head VIPs. Tony Riley, whose father-in-law played for United under Sir Matt Busby, is among 1,100 supporters forced to move under cash-boosting plans overseen by Sir Jim Ratcliffe. Continue reading...
PowerBank ( SUUN ) Tuesday said that the NY-South Park project has now secured all discretionary municipal approvals to enable the project to move forward, including a negative declaration under SEQRA, area and use variances, and a zoning map amendment. The company is currently pursuing NYS Department of Environmental Conservation approval to enter construction on the project. Following receipt of...
PowerBank ( SUUN ) Tuesday said that the NY-South Park project has now secured all discretionary municipal approvals to enable the project to move forward, including a negative declaration under SEQRA, area and use variances, and a zoning map amendment. The company is currently pursuing NYS Department of Environmental Conservation approval to enter construction on the project. Following receipt of the final construction approval and financing, the company intends to commence the construction of the project. More on PowerBank Corporation PowerBank raises $13.68 million in at-the-market equity offering Historical earnings data for PowerBank Corporation Financial information for PowerBank Corporation
Olekcii Mach/iStock via Getty Images By Ewa Manthey, Commodities Strategist and Warren Patterson, Head of Commodities Strategy Energy – Oil resumes advance Oil prices saw one of their sharpest intraday swings on record on Monday after President Donald Trump signalled a potential de-escalation with Iran, triggering a sharp risk-off move in crude and a rally in equities. Brent fell as much as 14% to...
Olekcii Mach/iStock via Getty Images By Ewa Manthey, Commodities Strategist and Warren Patterson, Head of Commodities Strategy Energy – Oil resumes advance Oil prices saw one of their sharpest intraday swings on record on Monday after President Donald Trump signalled a potential de-escalation with Iran, triggering a sharp risk-off move in crude and a rally in equities. Brent fell as much as 14% to $96/bbl following Trump’s comments before recovering to trade near $102/bbl after Iranian media reported there had been no direct communication with the US. Brent closed under $100 for the first time since March 11. Prices have since recovered further, climbing towards $103 this morning, amid reports that Saudi Arabia and the UAE have taken steps toward joining the conflict, raising the risk of escalation. The initial sell-off followed remarks from Trump suggesting both sides were keen to “make a deal”, with “major points of agreement” already in place. He added that the Strait of Hormuz would reopen very soon, potentially under joint US-Iran control, and said oil prices would “drop like a rock” once a deal is reached. Iran denied negotiations were taking place. Earlier, Trump had given Iran until Monday evening (New York time) to reopen Hormuz or face strikes on energy and power infrastructure. The comments marked a sharp shift in tone after days of escalating tensions. Just hours earlier, Israel had launched strikes on Iranian infrastructure, while Tehran had stepped up retaliatory actions against Gulf nations, with little evidence of diplomatic progress. Meanwhile, the International Energy Agency has described the current situation as the largest oil supply disruption in history, underscoring the fragility of the outlook despite the latest headlines. In Asia, state-owned China Petroleum & Chemical Corp. (Sinopec)( SNPMF ) has cut operating rates by 5% in March to conserve crude, prioritising domestic fuel supply as Middle East disruptions weigh on shipments, particularl...
Outlook Therapeutics ( OTLK ) shares fell 34% in premarket trading Tuesday after the company priced a public offering. The biopharma firm is selling 20M shares along with warrants to buy up to 20M shares at a combined price of $0.25. The offering is expected to raise about $5M before fees. The warrants are exercisable immediately at $0.25 per share and will expire in five years. The offering is ex...
Outlook Therapeutics ( OTLK ) shares fell 34% in premarket trading Tuesday after the company priced a public offering. The biopharma firm is selling 20M shares along with warrants to buy up to 20M shares at a combined price of $0.25. The offering is expected to raise about $5M before fees. The warrants are exercisable immediately at $0.25 per share and will expire in five years. The offering is expected to close around March 25, 2026, subject to standard conditions. Outlook Therapeutics intends to use the net proceeds from the offering primarily for working capital and general corporate purposes. Source: Press Release More on Outlook Therapeutics Third Time's The Charm: Outlook Therapeutics' Lytenava Heads To FDA, Again Biggest stock movers Tuesday: CLB, OTLK, and more Outlook Therapeutics drops 80% on CRL for BLA for wet AMD asset Seeking Alpha’s Quant Rating on Outlook Therapeutics Historical earnings data for Outlook Therapeutics