美元指数23日下跌。衡量美元对六种主要货币的美元指数当天下跌0.69%，在汇市尾市收于98.958。截至纽约汇市尾市，1欧元兑换1.1607美元，高于前一交易日的1.1559美元；1英镑兑换1.3425美元，高于前一交易日的1.3337美元。1美元兑换158.45日元，低于前一交易日的159.22日元；1美元兑换0.7865瑞士法郎，低于前一交易日的0.7885瑞士法郎；1美元兑换1.3719加元，高于前一交易日的1.3707加元；1美元兑换9.3095瑞典克朗，低于前一交易日的9.3594瑞典克朗。

格隆汇3月24日｜美联储戴利：货币政策不存在唯一最可能的路径。政策目前处于良好位置。

道瓊斯工業平均指數收報46,208點，升631點。 標準普爾五百指數收報6,581點，升74點。

道瓊斯工業平均指數收報46,208點，升631點。 標準普爾五百指數收報6,581點，升74點。

Shares of Verizon Communications (VZ +1.20%) are up an impressive 24% this year, dwarfing the S&P 500, which is down around 4% thus far. It's been one heck of a comeback story for Verizon's stock, which has struggled to win over investors in recent years. But despite its strong rally to start 2026, it may still have room to rise even higher. Here's why it may not be too late to invest in the dividend stock right now. The business has been looking much stronger of late In the past, there were growing concerns about whether Verizon could keep up with its rivals. But in the company's most recent earnings report, it appeared to put those fears to rest. In January, Verizon released strong numbers with the headline being that it generated the highest number of quarterly net adds since 2019. It finished 2025 with a modest 2.5% increase in revenue, with its top line climbing to $138.2 billion. Its operating income of $29.3 billion also rose by a modest 2%. While those weren't necessarily blowout numbers for the business, they did energize investors and give them confidence that the business is moving in the right direction under new CEO Dan Schulman, who said, "Verizon will no longer be a hunting ground ‍for our competitors." The company also unveiled a strong forecast for profit and cash flow for the year ahead that beat analysts' expectations. Expand NYSE : VZ Verizon Communications Today's Change ( 1.20 %) $ 0.60 Current Price $ 50.58 Key Data Points Market Cap $211B Day's Range $ 49.62 - $ 50.75 52wk Range $ 38.39 - $ 51.66 Volume 26M Avg Vol 31M Gross Margin 45.79 % Dividend Yield 5.47 % Why Verizon's stock looks destined for more gains Although Verizon's stock may look like it's gotten too hot, there may still be much more room for it to rise higher. Even with its impressive gains in the early part of the year, it's still down 11% over a five-year stretch. The stock has routinely underperformed the market, and the last time it generated double-digit returns was in 201...

Jim Cramer is one of the most recognizable personalities in financial news programming. As the longtime host of the evening television show Mad Money, Cramer's stock analysis is guaranteed to come with loads of enthusiasm and rapid-fire delivery. Prior to his media career, Cramer managed a hedge fund. This hands-on experience in portfolio management helped him form disciplined investing rules that can be applied during both bull and bear markets. Whether it's identifying growth trends, understanding sector dynamics, or breaking down market psychology, investors should pay attention to Cramer's advice. While he's not infallible, his perspective still carries a lot of weight on Wall Street -- often playing some influence in the moves made by both institutional and retail investors. While investing in technology stocks has been a near-guaranteed way to profit over the last few years, Cramer issued a stark warning for how investors should approach this sector in 2026. Let's dig into Cramer's views on the technology market right now and explore what he thinks makes a winning portfolio. Jim Cramer's warning about technology stocks echoes time-tested investing advice Over the last few months, Cramer has expressed concerns about growth stocks -- particularly artificial intelligence (AI) companies. His primary concern is that the days of generating market-beating gains in just any run-of-the-mill chip or data center stock are quickly vanishing. Whether it's increased regulatory scrutiny, shifting investor expectations, or the effects of monetary policy, a tech-heavy approach leaves investors dangerously exposed to outsize volatility when enthusiasm or economic conditions suddenly change. Recent stock market trends validate Cramer's caution. After several years of explosive growth, AI and software stocks entered a notable drawdown in 2026. This selling pressure is a harsh reminder that even the most transformative technologies still face periods of valuation de-ratings from t...

Macerich President & CEO Jack Hsieh discusses the revival of brick and mortar establishments and the corresponding in-store shopping boom, demand being driven by a new generation, and why inventory is critical. He talks with Katie Greifeld and Romaine Bostick on "The Close." (Source: Bloomberg)

EV maker Tesla (NASDAQ:TSLA) closed Monday at $380.83, up 3.50%. The stock moved higher as investors weighed fresh analyst downgrades and delivery cuts against news surrounding Tesla’s artificial intelligence (AI) strategy. Trading volume reached 72.6 million shares, coming in nearly 18% above its three-month average of 61.3 million shares. Tesla IPO'd in 2010 and has grown 23,852% since going public. The S&P 500 (SNPINDEX:^GSPC) advanced 1.16% to finish at 6,582, while the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 1.38% to close at 21,947. Among automobile manufacturing peers, Ford Motor Company (NYSE:F) closed at $11.76 (+2.08%) and General Motors (NYSE:GM) finished at $75.72 (+4.00%) as investors assessed sector safety and demand trends. Over the weekend, CEO Elon Musk revealed the Terafab initiative, outlining plans for a semiconductor manufacturing facility. This project will be a collaboration between Tesla, xAI, and SpaceX, with the early phases projected to require an investment in the tens of billions of dollars. Continue reading

格隆汇3月24日｜美联储戴利：需要保持灵活性，应对不断变化的风险。

Why is Micron Technology Inc down today? investing.com

You may have heard about Google's parent company Alphabet's tensor processing unit (TPU) in the news. The chip represents one of the first real potential competitors to Nvidia's graphics processing unit (GPU) and its dominance in the artificial intelligence (AI) hardware space. But I find many of those headlines leave out Alphabet's partner for the TPU, Broadcom (AVGO +4.08%) and that's something of a mystery to me considering Broadcom's incredible growth figures. So, here's why it might be one of the most underrated stocks to consider for your portfolio this year. Howdy, partner Google and Broadcom's TPU, currently in its seventh iteration, is dubbed Ironwood. And Broadcom has been Google's design partner on it since the beginning. See, for all Google's prowess as a software company, its hardware expertise is far more limited, so it didn't look to develop the TPU in-house. Instead, it has worked with Broadcom, which does much of the design work by taking Google's specifications and turning them into a chip design capable of meeting its needs. Taiwan Semiconductor Manufacturing does the final fabrication but the chip is Broadcom hardware. And Google isn't the only company that relies on Broadcom for its chip designs. It designs custom chips for Anthropic, the company behind Claude. Late last year, Broadcom revealed that the customer that placed a $10 billion order for TPUs was, in fact Anthropic. And a few months later, Broadcom revealed that Anthropic had placed another $11 billion order. That was likely part of Anthropic's stated goal of adding 1 million TPU chips to its computing capacity over the course of 2026, which is sure to benefit Broadcom. Late last year, Broadcom was in talks with Microsoft to do some chip design for it, and it is also working with Anthropic's rival OpenAI to design custom chips to meet its needs. In that way, Broadcom is a bit like Taiwan Semiconductor in that it's a behind-the-scenes chip player that lots of major companies making the ...

Key Points Broadcom is a leading designer of AI hardware. It's partnered with Google and OpenAI and supplies chips to Anthropic. The company is experiencing explosive 106% revenue growth from its AI operations. 10 stocks we like better than Broadcom › You may have heard about Google's parent company Alphabet's tensor processing unit (TPU) in the news. The chip represents one of the first real potential competitors to Nvidia's graphics processing unit (GPU) and its dominance in the artificial intelligence (AI) hardware space. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » But I find many of those headlines leave out Alphabet's partner for the TPU, Broadcom (NASDAQ: AVGO) and that's something of a mystery to me considering Broadcom's incredible growth figures. So, here's why it might be one of the most underrated stocks to consider for your portfolio this year. Howdy, partner Google and Broadcom's TPU, currently in its seventh iteration, is dubbed Ironwood. And Broadcom has been Google's design partner on it since the beginning. See, for all Google's prowess as a software company, its hardware expertise is far more limited, so it didn't look to develop the TPU in-house. Instead, it has worked with Broadcom, which does much of the design work by taking Google's specifications and turning them into a chip design capable of meeting its needs. Taiwan Semiconductor Manufacturing does the final fabrication but the chip is Broadcom hardware. And Google isn't the only company that relies on Broadcom for its chip designs. It designs custom chips for Anthropic, the company behind Claude. Late last year, Broadcom revealed that the customer that placed a $10 billion order for TPUs was, in fact Anthropic. And a few months later, Broadcom revealed that Anthropic had placed another $11 billion order. That was lik...

Never miss an episode. Follow The Big Take daily podcast today. As the war with Iran drags out and oil prices remain turbulent, it raises the question of whether — and how — prolonged conflict in the Middle East might impact global fossil fuel dependence and the future of renewable energy. On today’s Big Take podcast, Bloomberg reporter Todd Woody and Zero podcast host Akshat Rathi join Sarah Holder to discuss early signs that the high cost of oil is reigniting consumer interest in electronic vehicles and other clean energy technologies, and how companies and countries are beginning to respond. Read more: Surging Gas Prices Reignite EV Interest Listen more: What a $100-Per-Barrel Oil Spike Does to the Global Economy Zero Podcast: War with Iran is a nightmare for oil and gas. What does it mean for clean energy? Listen and follow The Big Take on Apple Podcasts , Spotify or wherever you get your podcasts. Terminal clients: click here to subscribe. This episode was produced by: Julia Press; Editors: Tracey Samuelson; Fact-checker: Eleanor Harrison-Dengate; Sound Design/Engineer: Alex Sugiura; Senior Producer: Naomi Shavin; Senior Editor: Elisabeth Ponsot; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer.

Source: Bloomberg, 0:00

There are no important events for this country at this time. Select "All" to see top events in other countries or view all events.

Expand NASDAQ : PLTR Palantir Technologies Today's Change ( 6.77 %) $ 10.21 Current Price $ 160.88 Key Data Points Market Cap $360B Day's Range $ 153.27 - $ 161.08 52wk Range $ 66.12 - $ 207.52 Volume 2.6M Avg Vol 48M Gross Margin 82.37 % Palantir Technologies (PLTR +6.77%) closed at $160.9, up 6.78%. The stock rose after the Pentagon confirmed its Maven AI platform as a program of record and news broke of a UK regulator trial contract, with investors watching for sustained government AI revenue. The company’s trading volume reached 56 million shares, which is nearly 17% above compared with its three-month average of 47.8 million shares. Palantir Technologies went public in 2020 and has grown 1594% since its IPO. How the markets moved today The S&P 500 (^GSPC +1.15%) rose 1.15% to 6,581, while the Nasdaq Composite (^IXIC +1.38%) gained 1.38% to finish at 21,946.76. Within the software - infrastructure industry, Microsoft closed at $383.00 (+0.30%) and Oracle finished at $154.34 (+3.11%), reflecting continued investor enthusiasm for AI-driven platforms in the sector. What this means for investors Palantir Technologies rose after the U.S. Department of Defense designated its Maven AI platform as a program of record, a classification that typically signals long-term funding and integration into defense budgets. That shift indicates Palantir’s software is becoming embedded in government operations rather than tied to shorter-term pilot programs, supporting more durable revenue visibility from these contracts. The company also announced a trial engagement with the U.K.’s Financial Conduct Authority, pointing to potential expansion beyond defense into regulatory and financial crime applications. Investors will be watching whether Palantir can translate these developments into sustained government contract growth and broader adoption across commercial and regulated industries.

Darta X-Team Pictet Em Local Debt (F00000WUC4.IR) 風險 Yahoo 財經

US President Donald Trump postponed threatened strikes against Iranian energy infrastructure and power plants for five days, pending the outcome of what he said were talks with Iran to end the war. The delay came after Trump’s original threat on Saturday to “hit and obliterate” Iran’s power plants, beginning with the biggest one, if it didn’t reopen the Strait of Hormuz to commercial ship traffic within 48 hours . Both sides are keen to “make a deal,” Trump told reporters on Monday — but Iran denied that negotiations are taking place . The semi-official Fars news agency reported there hasn’t been “direct or indirect communication” with the US leader. Government officials have yet to comment. Still, the Trump post triggered a wild reversal in markets. While Brent crude oil pared its decline after Iran denied the discussions, it still dropped 11% to settle at $99.94 a barrel. The S&P 500 added 1.2%. Treasury yields and the dollar retreated, with traders backing off some of their more hawkish Federal Reserve bets and pricing in a few basis points worth of easing this year. — Jordan Parker Erb What You Need to Know Today Two Indian-flagged vessels carrying more than 92,600 tons of liquefied petroleum gas were making their way through the Strait of Hormuz , ship-tracking data show, following a route taken by other ships approved by Iran that hews closely to the country’s coastline. The two vessels had earlier signaled Indian ownership with their transponders instead of a destination — a precautionary measure followed by other ships making the crossing. India has been facing acute shortages of LPG and the nation has been in talks with Tehran to secure cargoes of the fuel, used primarily as cooking gas. Meanwhile, an oil supertanker hauling 2 million barrels of Iraq’s crude got through the Strait of Hormuz , the first vessel observed moving Baghdad’s oil through the vital waterway since it all but closed to commercial shipping. The Omega Trader , managed by Japan’s Mitsui ...

ITC Holdings, a subsidiary of Fortis Inc. ( FTS:CA ) has priced a private offering of $500 million aggregate principal amount of its 4.875% senior unsecured notes due 2031 and $400 million aggregate principal amount of its 5.500% senior unsecured notes due 2036. The offering is expected to close on April 1, 2026, subject to the satisfaction of customary closing conditions. ITC intends to use the net proceeds from this offering to fully redeem $400 million aggregate principal amount of its 3.25% senior unsecured notes due June 30, 2026, to repay indebtedness outstanding under its commercial paper program, and for general corporate purposes. Source: Press Release More on Fortis Fortis Q4 2025 Earnings Preview Historical earnings data for Fortis Inc. Dividend scorecard for Fortis Inc.

Dragon Claws/iStock via Getty Images By Ezequiel Gomes ​Silver ( XAGUSD:CUR ) advanced on Monday, March 23, with spot prices rebounding toward $69 after last week’s deep selloff left the market stretched and vulnerable to a snapback. The move came as crude oil pulled sharply lower from its recent spike, the U.S. dollar lost some momentum, and Treasury yields backed off enough to give precious metals a brief opening after several sessions of heavy pressure. Silver has finally found a bid, though the chart still carries the imprint of last week’s liquidation . Monday’s recovery lifted the metal away from the lower end of its recent range, but it also brought the price straight back into an area where rallies have been struggling to hold. The first challenge sits near $70-71. That zone matters because it now overlaps with broken support from the previous decline, which means sellers may try to lean against it again unless the rebound gains more traction through the U.S. session. Below the market, the $67-68 band remains the near-term cushion. A slip back through that pocket would suggest the latest advance was more of a relief move than the beginning of a cleaner base, while a steadier hold above it could start to shift attention toward the low $70s. Silver price dynamics February-March 2026 (Source: TradingView) The macro storm pauses for breath The biggest change on Monday came from energy. Oil prices retreated sharply after the market dialed back some of the worst-case fear tied to Middle East supply disruption, and that mattered because silver had been trading under the weight of an inflation scare that kept lifting rate expectations. Treasury yields also lost some altitude after pushing higher late last week. The Fed has not offered the market much comfort, and policy remains firmly in restrictive territory at 3.50-3.75%, but silver did not need a dovish turn to rally. It only needed the rates backdrop to stop getting worse for a day. The dollar was a quieter part...

ARMMY PICCA/iStock via Getty Images Today I’m back to talking about the Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF ( QDPL ) with enthusiasm driven by 2 reasons: a dividend 4x larger than the S&P 500 and a linear growth rate even in gloomy periods, like 2022… I honestly think it could come in handy in a historical period where persistent inflation with sustained rates is expected and where the S&P 500’s earning yield remains at 3.59%. Don’t you think? But before getting into the heart of the matter, for new readers I’ll take you through… A Necessary Summary of QDPL For new readers, here’s a quick TL;DR with the information that I believe is essential to know when looking at QDPL: In my last coverage , I talked about QDPL as an alternative strategy to obtain 4x the dividends of the S&P 500 without using options. Attention: it is not a vague idea driven by past returns but an objective defined by the fund (400% of the S&P 500 SEC 30-Day Yield). The result speaks clearly: more cash flow, less upside. QDPL: Performance and Income Profile (Seeking Alpha) With an expense ratio of 0.60%, to which a bid/ask spread of 0.15% is added, it positions itself as a costly solution that allows participation in an alternative way in the US equity dividend market. The ETF replicates the Metaurus US Large Cap Dividend Multiplier Index Series 400, an index based on a proprietary methodology (actually patented). Note well: it does not do stock picking; the core of the fund remains US large caps from the S&P 500. QDPL: Sector allocation driving exposure (Seeking Alpha) About 90% is invested in equities of the S&P 500 itself, and about 10% is in Treasuries used as collateral to buy S&P 500 dividend futures that roll every December. QDPL: Top holdings driving portfolio exposure (Seeking Alpha) Attention: the 4x dividends are not the result of financial leverage; I want to clarify that the Dividend Component is replicated with long positions in exchange-traded S&P Dividend Future...

網傳港車主准以個人身份申「粵Z」永久車牌 運輸署：不實信息、已轉交執法部門 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】內地小紅書近日出現帖文，指特區政府推出新政策，容許香港車主以個人身份申請「粵Z」字頭的廣東永久車牌，運輸署重申是不實信息，已經轉交執法部門跟進。 運輸署說，粵港「兩地牌」常規配額的申請人須符合訂定條件並且向內地部門提交指定申請文件，例如粵港兩地的商業登記文件。當申請人獲內地部門發出批文卡，才可向運輸署申請指定陸路口岸的封閉道路通行許可證。署方強調常規配額安排由兩地政府共同商議及通盤考慮，呼籲市民以官方資訊為準，慎防受騙。

Source: Bloomberg, 0:00

There are no important events for this country at this time. Select "All" to see top events in other countries or view all events.

Micron Technology Options Spot-On: On March 23rd, 555.94K Contracts Were Traded, With 2.88 Million Open Interest 富途牛牛

lyash01/iStock via Getty Images The Middle East war shows ​the need for diversity in energy supplies , ‌Cheniere Energy ( LNG ) executives said Monday at the CERAWeek energy conference in Houston, according to Reuters. CFO Zach Davis said Cheniere ( LNG ) has been running its plant ​above its stated maximum capacity and is unable to produce any more ‌LNG ⁠until new production facilities come online later this year, adding the company is considering pushing back some maintenance to the autumn instead of in the spring to meet demand. Supply has ​become more ⁠strained worldwide following the effective closure on the Strait of Hormuz and ​Iranian attacks on Qatar, which produces 20% ​of ⁠the world's liquefied natural gas . Cheniere ( LNG ) also said it expects to deliver more cargoes to ⁠Asia ​this year and less to ​Europe; last year, it exported 51M metric tons of LNG, mostly ​to Europe. More on Cheniere Energy Cheniere Energy: The Biggest Win Is Not Spot Price Arbitrage Cheniere Energy: LNG Demand, AI Power Needs And Buybacks Support Long-Term Upside Cheniere Energy Can Benefit From The Current Geopolitical Turmoil

US Secretary of Transportation Sean Duffy spoke at LaGuardia airport in New York City after a plane carrying about 76 people crashed into a fire truck on the runway Sunday night (Source: Bloomberg)

Jonathan Kitchen The stock market closed out Monday's session markedly higher in a relief rally after U.S. President Donald Trump said that a deal with Iran could be reached in five days or sooner, even as Iran refuted holding any talks with Washington. The S&P 500 ( SP500 ) +1.2%, the Dow ( DJI ) +1.4%, and the Nasdaq Composite ( COMP:IND ) +1.7%. Here are the three stocks to watch after markets hours on Monday: Estee Lauder ( EL ) shares fell 7.7% in premarket trade after the company confirmed it is in discussions regarding a potential business combination with Spanish beauty group Puig ( PUIGF ). Puig, which owns designer brands including Jean Paul Gaultier, Rabanne, and Charlotte Tilbury, has a market capitalization of approximately $10.3 billion, compared to Estee Lauder’s $31 billion market value. Both companies confirmed the talks in separate statements Monday, though no final decision has been made and no agreement has been reached. Zions Bancorporation ( ZION ) rose 2.2% before the opening bell after announcing an agreement to acquire the agency lending business of Basis Multifamily Finance I from Basis Investment Group. The acquisition includes access to Fannie Mae ( FNMA ) and Freddie Mac ( FMCC ) lending programs and all associated mortgage servicing rights. Boralex ( BRLXF ) is in focus following reports the Canadian renewable energy firm is exploring options including a potential deal to go private. The company is working with Canadian banks to handle proposals as it faces industry-wide headwinds, including political opposition to wind power in the U.S., according to Bloomberg. Boralex’s largest shareholder, Caisse de Depot et Placement du Quebec, holds a 15% stake and last year agreed to take rival Innergex Renewable Energy private in a deal worth approximately C$10 billion including debt. More on related stocks Tracking Bill Ackman's Pershing Square 13F Portfolio - Q4 2025 Update Zions Bancorporation, National Association (ZION) Presents at RBC Capit...

Korrawin/iStock via Getty Images Investment Thesis I reiterate the recommendation to buy gold despite its unusual performance amid the War in Iran. This article is part of a weekly series on hard assets, where I bring valuable insights on commodities to SA readers. In this article, my intention is to answer a reader's question. This may be the question of many other readers, and understanding it is essential for a better understanding of the new investment thesis in gold. Situation I received an interesting question from a reader: Shouldn't gold be rising with this war in Iran? The question is very pertinent; after all, the entire investment manual states that gold rises when the political and economic environment becomes hostile, but ironically, gold has been falling since the start of the War in Iran. Price (SA) It is curious that internet gurus answer the question by stating that we are in a complex environment and that the answer to this question is not simple. But I categorically state that the answer to this question is simple, and my goal in this article is to answer it. A Situation Changed The Traditional Gold Thesis Historically, the gold thesis was driven by interest rates, the dollar, and inflation. Gold was an excellent asset when inflation rose, interest rates fell, or the dollar depreciated, and I explain the dynamics of this traditional thesis in detail in this article . However, a new catalyst for the gold thesis was born precisely in October 2022. At the time, Russia had $300 billion in assets frozen by Western nations when it invaded Ukraine, and since then, the gold thesis has never been the same. Implication The event that occurred in October 2022 caused surplus countries led by China to see gold as a safer asset for their reserves; after all, physical gold cannot be remotely confiscated by any country. It's no wonder that China's physical gold stocks are growing at a pace never seen before. China's Gold Stock Levels (Bloomberg) This phenomenon, ...

In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Apollo Global Management Inc (new (Symbol: APO) has taken over the #208 spot from AMETEK Inc (Symbol: AME), according to The Online Investor Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company's stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true "apples-to-apples" comparison of the value of two stocks. In the case of Apollo Global Management Inc (new (Symbol: APO), the market cap is now $64.76 billion, versus AMETEK Inc (Symbol: AME) at $47.96 billion. Below is a chart of Apollo Global Management Inc (new versus AMETEK Inc plotting their respective size rank within the S&P 500 over time (APO plotted in blue; AME plotted in green): Below is a three month price history chart comparing the stock performance of APO vs. AME: Another reason market capitalization is important is where it places a company in terms of its size tier in relation to peers — much like the way a mid-size sedan is typically compared to other mid-size sedans (and not SUV's). This can have a direct impact on which mutual funds and ETFs are willing to own the stock. For instance, a mutual fund that is focused solely on Large Cap stocks may for example only be interested in those companies sized $10 billion or larger. Another illustrative example is the S&P MidCap index which essentially takes the S&P 500 index and "tosses out" the biggest 100 companies so as to focus solely on the 400 smaller "up-and-comers" (which in the right environ...