Yuji Kotani/DigitalVision via Getty Images Summary I gave a Buy rating to WaterBridge Infrastructure ( WBI ) last year in October, with my key thesis being that this is a business with many underutilized assets that should position WBI to capture demand. The upcoming major projects coming online in 2029 are also very positive catalysts to look out for. WBI's recent results were good enough to conv...
Yuji Kotani/DigitalVision via Getty Images Summary I gave a Buy rating to WaterBridge Infrastructure ( WBI ) last year in October, with my key thesis being that this is a business with many underutilized assets that should position WBI to capture demand. The upcoming major projects coming online in 2029 are also very positive catalysts to look out for. WBI's recent results were good enough to convince me to stay Buy rated. It provided me with more proof that WBI is executing and that the growth bridge is becoming more tangible. Kraken is already online, and Speedway Phase 1 is seeing strong demand ahead of start-up. So long as WBI doesn’t mess up on execution, the story is evolving very nicely. Earnings results update WBI reported a very solid quarter that gives confidence that it is executing really well. Total revenue grew 2% sequentially (pro forma basis) to $208.9 million, and in the quarter, produced water handling volumes were 2.6 million barrels per day, up 1% sequentially, with the increase coming from higher produced water handling demand in its Eddy County and Stateline systems and also with the continued ramp of the BPX Kraken pipeline project. By revenue segment, produced water handling was still the main business. Produced water handling revenue, including related-party revenue, came in at ~$186 million; Water solutions revenue, including related-party revenue, was ~$12.1 million; and other revenue, including related-party revenue, was ~$10.8 million. Profit-wise, while gross margin only came in at $46.8 million, or $0.18 per barrel, down from pro forma Q3, adj. EBIT margin was pretty much flat on a per-barrel basis ($0.41 this quarter vs. $0.42 last quarter). Overall, adj. EBITDA came in at $103.8 million in Q4, pushing full-year adj. EBITDA to $403 million. Kraken and Speedway In my opinion, the bull case is stronger now as the growth story is becoming clearer and more tangible. Take the developments with Kraken, for example. WBI brought the BPX Krake...
alexsl/iStock via Getty Images Aberdeen India Fund ( IFN ) is an ETF focusing on Indian stocks. Over the period of the last five years, the fund has not only underperformed the S&P 500 but has even lagged risk-free returns. In other words, an investor from the US would have been better off economically had they simply held money in Treasury bonds or a commercial bank deposit instead. IFN is a clos...
alexsl/iStock via Getty Images Aberdeen India Fund ( IFN ) is an ETF focusing on Indian stocks. Over the period of the last five years, the fund has not only underperformed the S&P 500 but has even lagged risk-free returns. In other words, an investor from the US would have been better off economically had they simply held money in Treasury bonds or a commercial bank deposit instead. IFN is a close-end fund with an active security selection mandate for deployment in Indian Equities. While the conversation regarding India’s growth story keeps on circulating among investment circles, the key point is to realize how much of that story firstly translates into capital market gains in the domestic economy and then subsequently to an investor based in the United States. Return Comparison (Seeking Alpha) The total return on a cumulative percentage basis is a meager ~8% for IFN. As we can see, INR depreciation was ~21%, contributing materially to this underperformance. However, even if we exclude INR depreciation, the net return would be closer to ~36%-36%. That is still roughly half of the S&P 500. On an annualized basis, this translates to around ~6.5%. Data by YCharts More importantly, the Indian benchmark Nifty 50 index over the past five years, even after recent market drawdowns, has delivered ~10% per annum. Therefore, not just in USD-denominated terms but even on a currency-adjusted basis, IFN is lagging significantly behind Indian benchmarks. A meaningful underperformance versus broad-based domestic indices does not reflect well in any scenario. Additionally, the current portfolio holdings do not indicate any catalyst or trigger that might suggest a change in trajectory. The major holdings are largely large-cap players with returns closely linked to economic and GDP growth. Nifty 50 Returns as on February End (NSE India) To add further, IFN also had subpar performance relative to other US-denominated Indian ETFs. This further suggests that the fund’s security selecti...
Readers respond to negative comments by Conservative and Reform UK politicians following a Ramadan event in Trafalgar Square As a young British Muslim, I was troubled to see public prayer described as an “act of domination” by the shadow justice secretary, Nick Timothy ( Report, 19 March ). To characterise a few minutes of prayer in this way is simply unjust. Britain stands for fairness and equal ...
Readers respond to negative comments by Conservative and Reform UK politicians following a Ramadan event in Trafalgar Square As a young British Muslim, I was troubled to see public prayer described as an “act of domination” by the shadow justice secretary, Nick Timothy ( Report, 19 March ). To characterise a few minutes of prayer in this way is simply unjust. Britain stands for fairness and equal treatment. If other faiths can gather in public spaces, Muslims should be afforded the same right. To single out one community undermines that principle. Events such as open iftars are not about imposing beliefs, but about bringing people together. We are often encouraged to integrate, yet when Muslims do so visibly and peacefully, they are criticised. Such language and behaviour are deepening division and making Young British Muslims feel unwelcome in their own country. Sarmad Anwar Bradford, West Yorkshire Continue reading...
(RTTNews) - After a weak start and a subsequent sharp drop to lower levels, the Canadian market emerged into positive territory on Tuesday, riding on strong gains in energy and utilities sectors. Stocks from materials and communications sectors too moved higher.
(RTTNews) - After a weak start and a subsequent sharp drop to lower levels, the Canadian market emerged into positive territory on Tuesday, riding on strong gains in energy and utilities sectors. Stocks from materials and communications sectors too moved higher.
Bradley M. Shuster, executive chairman of NMI Holdings (NASDAQ:NMIH) , reported the sale of 18,996 common shares in open-market transactions on March 19, 2026, in conjunction with an option exercise and related tax withholding, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($37.05); post-transaction value based on March 19, 2026 market clo...
Bradley M. Shuster, executive chairman of NMI Holdings (NASDAQ:NMIH) , reported the sale of 18,996 common shares in open-market transactions on March 19, 2026, in conjunction with an option exercise and related tax withholding, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($37.05); post-transaction value based on March 19, 2026 market close ($37.18). * 1-year price change calculated using March 19th, 2026 as the reference date. Continue reading
Enbridge CEO Greg Ebel discusses the impact of the Iran conflict on global oil demand and the role of energy infrastructure with Bloomberg’s Julie Fine at CERAWeek in Houston. (Source: Bloomberg)
Enbridge CEO Greg Ebel discusses the impact of the Iran conflict on global oil demand and the role of energy infrastructure with Bloomberg’s Julie Fine at CERAWeek in Houston. (Source: Bloomberg)
Gerard Crofton-Martin says the resilience of the NHS depends on the strength of the care sector. Plus a letter from John Robinson The impact of the Covid pandemic on the NHS, which was already under significant pressure, was profound and enduring. The findings set out in the Covid inquiry report are distressing, but not surprising ( NHS was ‘on brink of collapse’ during pandemic, Covid inquiry fin...
Gerard Crofton-Martin says the resilience of the NHS depends on the strength of the care sector. Plus a letter from John Robinson The impact of the Covid pandemic on the NHS, which was already under significant pressure, was profound and enduring. The findings set out in the Covid inquiry report are distressing, but not surprising ( NHS was ‘on brink of collapse’ during pandemic, Covid inquiry finds, 19 March ). The impact on patients and staff was immeasurable. The “precarious position” that the NHS was in before the pandemic was the result of neglect – and not just towards the NHS itself. For decades, the social care sector has operated in the shadow of the NHS: vital to the nation’s wellbeing, yet chronically underfunded and undervalued. Social care, being ill-prepared and ill-supported, could not act as the resilient partner the NHS needed at a moment of crisis. Continue reading...
primeimages The iShares Expanded Tech-Software Sector ETF ( IGV ), currently at around $81, is trading about 22% below its 200-day moving average, which is around $104. The ETF is down 4% on Tuesday, with some of its top holdings down more than 5%. “Software is getting smoked today after Anthropic shipped their new update that lets your AI control your computer for you. White collar work is toast,...
primeimages The iShares Expanded Tech-Software Sector ETF ( IGV ), currently at around $81, is trading about 22% below its 200-day moving average, which is around $104. The ETF is down 4% on Tuesday, with some of its top holdings down more than 5%. “Software is getting smoked today after Anthropic shipped their new update that lets your AI control your computer for you. White collar work is toast,” said Negligible Capital, on X.com, and added that software’s forward PE multiples are now below the overall multiple of the S&P 500 ( SP500 ), creating a “mass destruction of capital in IGV and beyond.” IGV vs. S&P 500 (Seeking Alpha) Here are the performances of its top 10 holdings: Microsoft ( MSFT ) -2.4% Palantir ( PLTR ) -4.4% Salesforce ( CRM ) -5.4% Oracle ( ORCL ) -3.8% Palo Alto Networks ( PANW ) -3.5% AppLovin ( APP ) -5.4% Intuit ( INTU ) -4.9% Adobe ( ADBE ) -3.6% CrowdStrike Holdings ( CRWD ) -4.1% ServiceNow ( NOW ) -4.2% More on iShares Expanded Tech-Software Sector ETF 'SaaS Becomes GaaS' - 3 Stocks That I'm Avoiding Navigating The Fog: AI And The Industrial Renaissance From HALO To AURA: The Next Rotation In AI Markets Software loans aren't the canary in the credit coalmine Orlando Bravo says many software companies will be disrupted by AI
kynny/iStock via Getty Images Introduction MKS Inc. ( MKSI ) shares have pulled back 7% since their highs in February on the back of the recent correction stemming from the US-Iran War. I think that this creates an attractive BUY opportunity to accumulate into MKSI's shares based on a few key reasons. Although MKSI's shares are up 166% YoY, I think there is still upside to the stock, given that it...
kynny/iStock via Getty Images Introduction MKS Inc. ( MKSI ) shares have pulled back 7% since their highs in February on the back of the recent correction stemming from the US-Iran War. I think that this creates an attractive BUY opportunity to accumulate into MKSI's shares based on a few key reasons. Although MKSI's shares are up 166% YoY, I think there is still upside to the stock, given that it is still trading at 22.7x forward FY2026 P/E, which is still a significant discount to its peers, which are trading at 30-40x. There are several key growth drivers that MKSI is seeing in its business: First, MKSI is benefitting from the overall growth in industry WFE spending, which is driven by the migration to advanced logic. Second, MKSI is benefitting from the rising layer count in PCBs, which will help grow its PCB equipment and chemistry business. Lastly, MKSI is seeing an improving outlook in its legacy Specialty Industrial Market, which is expected to grow YoY in 2026 compared to the declines we have seen in the past 2 years. Business Overview MKSI is a critical provider of subsystems for semiconductor equipment; its products are used in most of the major semiconductor processing steps, such as deposition, etching, cleaning, lithography, etc. Most of the well-known WFE providers - such as Applied Materials ( AMAT ), Lam Research ( LRCX ), ASML ( ASML ), KLA Corp ( KLAC ) utilize MKSI's subsystems. The company's broad subsystem offering allows them to address 85% of the needs of the WFE market. Besides semiconductor equipment, MKSI also provides equipment vital for the production of PCBs and packaging substrates, such as laser drilling systems, electronics chemistries, and plating equipment. This has been MKSI's fastest-growing segment in 2025, mainly driven by the increasing layer count in PCBs in AI applications. MKSI also provides chemicals and equipment in Specialty Industrial Market. This ranges across multiple applications, such as Industrial (automobile & sol...
Aimée Hamblin recalls her frustration when she had to get her son vaccinated privately I completely agree with the points made in Devi Sridhar’s article on meningitis ( Meningitis is back – and here is why, 17 March ). She says that the NHS routine vaccination schedule covers children born after 2015. In fact, it was extended to babies born from May 2015 in a catchup programme. I remember this cle...
Aimée Hamblin recalls her frustration when she had to get her son vaccinated privately I completely agree with the points made in Devi Sridhar’s article on meningitis ( Meningitis is back – and here is why, 17 March ). She says that the NHS routine vaccination schedule covers children born after 2015. In fact, it was extended to babies born from May 2015 in a catchup programme. I remember this clearly as my eldest son was born in December 2014. I recall the frustration that I felt on my maternity leave in 2015 when he was not eligible for a MenB vaccine on the NHS like his younger peers. This means that many current Year 6 students are not vaccinated depending on the month in which they were born. My husband and I took the decision to vaccinate our son privately at significant, but completely worthwhile, cost in 2015. Continue reading...
Over the past decade, major tax law changes and shifting family dynamics have changed how people pass their estates to their heirs. If you haven't updated your estate plans in a long time, it's the right time to review those changes and adjust your strategies accordingly. In 2017, the Trump Administration's Tax Cuts and Jobs Act (TCJA) increased the estate tax exemption from $5.5 million to $11.8 ...
Over the past decade, major tax law changes and shifting family dynamics have changed how people pass their estates to their heirs. If you haven't updated your estate plans in a long time, it's the right time to review those changes and adjust your strategies accordingly. In 2017, the Trump Administration's Tax Cuts and Jobs Act (TCJA) increased the estate tax exemption from $5.5 million to $11.8 million per person. It also pegged that figure to inflation, so the exemption rose every year to reach $13.99 million in 2025. Image source: Getty Images. Continue reading
Filling gaps in neonatal care is a proven way of stopping preventable deaths, writes Dr Farhana Zareef Your coverage of Unicef’s child mortality report ( 18 March ) paints a stark picture. Progress is plateauing and most childhood deaths in 2024 were preventable. This burden is not felt equally; over 80% of under-five deaths occur in sub-Saharan Africa and south Asia. Neonatal conditions account f...
Filling gaps in neonatal care is a proven way of stopping preventable deaths, writes Dr Farhana Zareef Your coverage of Unicef’s child mortality report ( 18 March ) paints a stark picture. Progress is plateauing and most childhood deaths in 2024 were preventable. This burden is not felt equally; over 80% of under-five deaths occur in sub-Saharan Africa and south Asia. Neonatal conditions account for over a third of deaths in children under five. Too often, public birth facilities in fragile systems fail when mothers and babies need them most, leaving survival to chance. The barriers are tragically consistent: delays in deciding to seek care, reaching a facility, receiving timely adequate care and recognition of complicated cases with prompt referral. Continue reading...
Sundry Photography Fair Isaac ( FICO ) stock slid 5.3% in Tuesday midday trading as regulatory scrutiny and competitors' price cuts maintain pressure on the provider of FICO credit scores. On Monday, Sen. Josh Hawley (R-MO) sent a letter to Fair Isaac ( FICO ) informing the company that he's investigating its pricing practices in the housing market. He also urged the chairman of the Federal Trade ...
Sundry Photography Fair Isaac ( FICO ) stock slid 5.3% in Tuesday midday trading as regulatory scrutiny and competitors' price cuts maintain pressure on the provider of FICO credit scores. On Monday, Sen. Josh Hawley (R-MO) sent a letter to Fair Isaac ( FICO ) informing the company that he's investigating its pricing practices in the housing market. He also urged the chairman of the Federal Trade Commission to investigate FICO, arguing that the company's recent price increases on its ubiquitous FICO score have contributed to the housing affordability problem. FICO is used by 90% of lenders, Hawley said in his letter. "Rather than competing on price, FICO has leveraged this market position to impose a pattern of extraordinary price increases," Hawley wrote. Furthermore, earlier this month, the three big credit ratings companies — TransUnion ( TRU ), Experian ( EXPGF ) ( EXPGY ), and Equifax ( EFX ) — cut their VantageScore 4.0 pricing to $0.99-$1.00. Last summer, the Federal Housing Finance Agency allowed mortgage giants Fannie Mae ( FNMA ) and Freddie Mac ( FMCC ) to use VantageScore 4.0 to assess borrowers' creditworthiness to increase competition. The pricing cuts, criticism from Hawley, and continued concern about potential actions from the FHFA on loan-level price adjustment grids for VantageScore led J.P. Morgan analyst Alexander E.M. Hess to reduce his price target on the stock to $1,325.00 from $1,825.00. That compares with the average Wall Street price target of $1,872.18. "In sum, we think risks to FICO’s pricing power in the mortgage credit-scoring market have accumulated and are therefore lowering our JPM estimates," Hess wrote in a note to clients. He explains further that "we gauge that investor sentiment is fragile and headline-driven." At the stock's current level, Hess expects that investors have priced in the assumption that mortgage revenues "could soon peak." Still, that's not a foregone outcome. FICO's 10T may present "a clear upgrade," and its d...
A major Russian drone and missile attack on civilian areas of Ukraine killed four people and injured at least 35, officials said Tuesday, while Moscow’s army stepped up efforts to break through Ukrainian front-line defences in what could be the start of an anticipated spring ground offensive. Russia fired almost 400 long-range drones at Ukraine overnight, Ukraine’s air force said, in its biggest a...
A major Russian drone and missile attack on civilian areas of Ukraine killed four people and injured at least 35, officials said Tuesday, while Moscow’s army stepped up efforts to break through Ukrainian front-line defences in what could be the start of an anticipated spring ground offensive. Russia fired almost 400 long-range drones at Ukraine overnight, Ukraine’s air force said, in its biggest attack in weeks. The onslaught continued into Tuesday as dozens of drones targeted the capital Kyiv...
Ahmed superbly tackles race and identity in his hilarious new show Bait, proving the British-Asian actor truly is the best of this country. I’m happy for him, I swear! Conflicted feelings for me this week, watching Bait, the new comedy created by Riz Ahmed . I started a career in acting shortly after Ahmed, you see. For a decade, I lost every good job going to him. What made it worse was watching ...
Ahmed superbly tackles race and identity in his hilarious new show Bait, proving the British-Asian actor truly is the best of this country. I’m happy for him, I swear! Conflicted feelings for me this week, watching Bait, the new comedy created by Riz Ahmed . I started a career in acting shortly after Ahmed, you see. For a decade, I lost every good job going to him. What made it worse was watching all of those projects and realising exactly how good he was. Anyway, I’m going to try to write the rest of this while suppressing Salieri levels of malcontent. Wish me luck. Bait is the story of an Asian actor, Shah Latif, who finds himself lined up to be the next James Bond . The series covers the internet’s toxic response to the rumours, using it to dive deep into a conversation about racial palatability, Britishness, ambition and authenticity. It’s funny, surreal, provocative and boasts an incredible array of hot young British-Asian actors. Which reminds me, I must rewatch Sliding Doors. Continue reading...
Here are some of the stocks making headlines in midday trading. Circle – Shares of the stablecoin issuer tanked about 19% after its rival Tether said it has hired an unnamed Big Four accounting company to audit its USDT reserves. SAP – The software provider's share price slid 4% after JPMorgan trimmed its rating to neutral from overweight and dialed back its price target to 175 euros per share, do...
Here are some of the stocks making headlines in midday trading. Circle – Shares of the stablecoin issuer tanked about 19% after its rival Tether said it has hired an unnamed Big Four accounting company to audit its USDT reserves. SAP – The software provider's share price slid 4% after JPMorgan trimmed its rating to neutral from overweight and dialed back its price target to 175 euros per share, down from 260 euros. "SAP's current cloud backlog is likely to decelerate further as the migration base matures, making a re-acceleration difficult to underwrite," wrote analyst Toby Ogg. Applied Optoelectronics – Shares of the manufacturer of optical components surged 14% after the company announced that it received a new order from a major hyperscale customer for 800G data center transceivers. Peers in the optical manufacturing space Corning and Lumentum saw shares jump around 9% each. Netgear — The San Jose, Calif.-based maker of WiFi routers and network switches surged 16% after the Federal Communications Commission (FCC) banned all imports of consumer routers made abroad, saying they pose national security risks. Jefferies Financial Group — Shares of the investment bank rallied nearly 3% after The Financial Times, citing people familiar, reported that Japan's second-largest lender, Sumitomo Mitsui Financial Group, is planning a possible takeover of Jefferies. CNBC's David Faber reported, citing sources, that Jefferies is not interested in selling . Apollo Global Management — The asset management giant fell 1% after it was revealed the company will limit withdrawals from its flagship private credit fund to less than half of requests. In a filing with the Securities and Exchange Commission, Apollo said it had redemption requests that totaled to 11.2% of shares outstanding in the first quarter, exceeding the 5% cap per quarter the fund allows. Smithfield Foods — The packaged meats stock jumped 5% almost on better-than-expected results for the fourth quarter. Earnings from c...
Anthropic 的 Claude 如今已能够操控用户电脑完成各类任务，该公司正致力于打造一款可与爆红的 OpenClaw 相抗衡的 AI 智能体。 Anthropic 于周一宣布，用户现在可以通过手机向 Claude 发送任务指令，这款 AI 智能体将随即完成操作。 Anthropic 表示，收到指令后，Claude 可以在电脑上打开应用程序、操作浏览器，还能填写电子表格。在周一发布的演示视频...
Anthropic 的 Claude 如今已能够操控用户电脑完成各类任务，该公司正致力于打造一款可与爆红的 OpenClaw 相抗衡的 AI 智能体。 Anthropic 于周一宣布，用户现在可以通过手机向 Claude 发送任务指令，这款 AI 智能体将随即完成操作。 Anthropic 表示，收到指令后，Claude 可以在电脑上打开应用程序、操作浏览器，还能填写电子表格。在周一发布的演示视频中，展示了这样一个场景：用户开会即将迟到，便让 Claude 将演示文稿导出为 PDF 格式，并添加到会议邀请中。视频显示 Claude 顺利完成了这项任务。 Anthropic 此次最新升级，凸显了各大 AI 公司正全力研发所谓的 “智能体”—— 这类 AI 能够全天候自主代用户完成各类任务。 在 OpenClaw 发布并迅速走红后，AI 智能体相关功能在今年备受关注。OpenClaw 可对接 OpenAI 与 Anthropic 的 AI 模型，用户能通过 WhatsApp、Telegram 等主流应用向其发送指令完成操作。与 Anthropic 的新功能类似，OpenClaw 在用户设备本地运行，可直接访问文件。 英伟达 CEO 黄仁勋上周向 CNBC 表示，OpenClaw “无疑是下一个 ChatGPT”，科技企业正竞相研发同类竞品。这家芯片巨头上周也发布了企业级版本的 OpenClaw——NemoClaw。 上月，OpenAI 聘请了 OpenClaw 开发者彼得・斯坦伯格，旨在 “推动下一代个人智能体的发展”。 安全保障措施 Anthropic 提醒称，相较于 Claude 的代码编写或文本交互能力，其电脑操控功能 “仍处于早期阶段”。 “Claude 可能会出现失误，尽管我们在持续完善安全防护机制，但威胁也在不断演变。”Anthropic 发出警示。 该公司补充道，其在开发电脑操控功能时 “已融入可将风险降至最低的安全保障设计”，Claude 在访问新应用前，始终会先征得用户许可。 用户可使用 Claude 协作办公套件上周推出的 Dispatch 功能，通过手机或电脑与 Claude 持续对话，并向该智能体分配任务。 责任编辑：丁文武