Tan Ruisong appears at the Dalian Intermediate People's Court in Liaoning province on March 25, 2026. Photo: CCTV A Chinese court has sentenced the former head of state-owned defense conglomerate Aviation Industry Corporation of China (AVIC) to a suspended death sentence for corruption involving more than 700 million yuan ($101 million). Tan Ruisong, former party secretary and chairman of AVIC, wa...
Tan Ruisong appears at the Dalian Intermediate People's Court in Liaoning province on March 25, 2026. Photo: CCTV A Chinese court has sentenced the former head of state-owned defense conglomerate Aviation Industry Corporation of China (AVIC) to a suspended death sentence for corruption involving more than 700 million yuan ($101 million). Tan Ruisong, former party secretary and chairman of AVIC, was sentenced Wednesday by the Dalian Intermediate People’s Court in Liaoning province, according to a statement from the Supreme People’s Court. He was convicted of embezzlement, bribery, insider trading and illegally disclosing inside information.
Victor Golmer/iStock Editorial via Getty Images SAP ( SAP ) share price has lost more than a third of its value over the past year in a rather unusual bear market for a high-growth and high-margin software giant. As a result, SAP's 3-year performance is now roughly in line with the broader software sector, and the stock is attracting an increasing amount of value-seeking investors in the highly at...
Victor Golmer/iStock Editorial via Getty Images SAP ( SAP ) share price has lost more than a third of its value over the past year in a rather unusual bear market for a high-growth and high-margin software giant. As a result, SAP's 3-year performance is now roughly in line with the broader software sector, and the stock is attracting an increasing amount of value-seeking investors in the highly attractive technology sector. Data by YCharts The spike in trading volume in recent months in combination with ongoing selling pressure, however, is a major warning sign that the worst might not be over yet. Ongoing risks within the equity market only make matters worse, especially for highly cyclical stocks within the technology sector. Data by YCharts On the other hand, sell-side analysts have been reluctant in downgrading SAP, and this has now resulted in a very wide gap between the actual price and the consensus target price (see the graph below). This is yet another warning sign for investors, as stock prices tend to bottom-out once all analysts have already downgraded the company and pessimism hits peak levels. Seeking Alpha Meanwhile, the earnings multiple of 25 is at much more reasonable levels for a company with industry-leading margins that is expected to grow at low-teen rates . Data by YCharts It is worth mentioning that all this is happening right after I upgraded SAP from "Sell" to a "Hold" in early October of last year. Although I had some reservations when it came to rating SAP as a "Buy," there were some profitability tailwinds that did not justify the "Sell" thesis anymore. Sector Headwinds Even after the sharp drop in recent months, SAP does not appear to be undervalued relative to its peers. Price/sales multiples of large software companies still exhibit a relatively strong relationship with net income margins, and in that regard, SAP appears fairly valued. prepared by the author, using data from Seeking Alpha What that means is that in recent months we ob...
RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” Q4 2025 investor letter. A copy of the letter can be downloaded here. The US stock market delivered modest gains in the quarter with the S&P 500 index (“S&P”) and the Russell 1000 Growth […]
RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” Q4 2025 investor letter. A copy of the letter can be downloaded here. The US stock market delivered modest gains in the quarter with the S&P 500 index (“S&P”) and the Russell 1000 Growth […]
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares 7-10 Year Treasury Bond ETF (Symbol: IEF) where we have detected an approximate $749.4 million dollar inflow -- that's a 1.6% increase week o
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares 7-10 Year Treasury Bond ETF (Symbol: IEF) where we have detected an approximate $749.4 million dollar inflow -- that's a 1.6% increase week o
Dragon Claws Oil prices ( CL1:COM ), ( CO1:COM ) have entered a “hawkish” range for the Federal Reserve, potentially complicating the central bank’s policy path in the wake of the Iran shock, according to Aditya Bhave, senior U.S. economist at Bank of America. “We think oil prices are in the ‘hawkish’ range for now,” Bhave said, noting that the Fed’s response will depend heavily on both the durati...
Dragon Claws Oil prices ( CL1:COM ), ( CO1:COM ) have entered a “hawkish” range for the Federal Reserve, potentially complicating the central bank’s policy path in the wake of the Iran shock, according to Aditya Bhave, senior U.S. economist at Bank of America. “We think oil prices are in the ‘hawkish’ range for now,” Bhave said, noting that the Fed’s response will depend heavily on both the duration and magnitude of the current energy price disruption. A moderate and sustained oil shock represents the specific scenario most likely to trigger a more aggressive stance from the Fed, according to the economist. Risks to the Fed’s dual mandate as a function of WTI crude oil prices (BofA Global Research ) “There is a range of outcomes—where the shock is sustained but moderate—such that the Fed would turn hawkish because it’s more worried about inflation,” he explained. By contrast, if the conflict is resolved quickly, oil prices could fall significantly, allowing the Fed to reinstate its dovish bias. The economist noted that larger disruptions create different dynamics for policymakers. “Downside risks to the labor market will increase non-linearly with the size of the shock,” Bhave said. He explained that while inflation risks initially rise with larger shocks, they eventually fall due to demand destruction, which would prompt the Fed to become more dovish to protect employment rather than combat rising prices. Broader financial market conditions also factor into the Fed’s calculus, according to Bhave. “Negative wealth effects from a sustained equity selloff would exacerbate downside risks to labor and limit the upside to inflation,” he observed. This means a prolonged stock market downturn would reinforce pressure on the Fed to ease rather than tighten. While additional rate hikes are not Bank of America’s primary expectation, the senior economist concluded that current “Goldilocks” oil prices mean such a move cannot be dismissed. “Hikes are far from our base case, but ...
JHVEPhoto/iStock Editorial via Getty Images The last several months have been a really fantastic time for shareholders of energy services firm Baker Hughes Company ( BKR ). Since I called the business a ‘buy’ back in July of last year, the stock has jumped 40.7%. That is drastically more than the 3% rise that the S&P 500 saw over the same window of time. This year alone, shares are up 39.6%. Most ...
JHVEPhoto/iStock Editorial via Getty Images The last several months have been a really fantastic time for shareholders of energy services firm Baker Hughes Company ( BKR ). Since I called the business a ‘buy’ back in July of last year, the stock has jumped 40.7%. That is drastically more than the 3% rise that the S&P 500 saw over the same window of time. This year alone, shares are up 39.6%. Most likely, a lot of this upside can be attributed to geopolitical issues. First, we had the decision by the US to attack Venezuela. And even though that ended up being a nothingburger, it was followed up by one of the largest and most controversial political moves in modern American history with the war against Iran. This certainly will have an unclear impact on the business. But more likely than not, a prolonged conflict as is looking increasingly likely will bode well for shareholders. Considering how much the stock has moved up since I last wrote about it, I consider my call to have been incredibly successful. Long term, I believe in the operational health of the company. Having said that, I would also make the case that upside has become much more limited than it was before the share price skyrocketed. Relative to other similar firms, shares are trading a bit at the lofty end of the spectrum. And when you factor in its valuation on an absolute basis, it becomes clear to me that now is a good time for a downgrade, even if that does risk leaving some upside on the table. Checking in on Baker Hughes Company The management team at Baker Hughes Company describes the company as a technology and solutions provider for the industrial and energy markets. This is actually a much different description of the company than what we would have got in years ago. But over time, management has worked hard to reorient the business to boast a technology focus. As you will see shortly, even though revenue hasn't really moved all that much, bottom line results have been impressive. But to reall...
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Russell 2000 ETF (Symbol: IWM) where we have detected an approximate $2.0 billion dollar inflow -- that's a 2.9% increase week over week in o
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Russell 2000 ETF (Symbol: IWM) where we have detected an approximate $2.0 billion dollar inflow -- that's a 2.9% increase week over week in o
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Financial Select Sector SPDR Fund (Symbol: XLF) where we have detected an approximate $1.6 billion dollar inflow -- that's a 3.5% increase week over
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Financial Select Sector SPDR Fund (Symbol: XLF) where we have detected an approximate $1.6 billion dollar inflow -- that's a 3.5% increase week over
In early trading on Wednesday, shares of Robinhood Markets topped the list of the day's best performing components of the S&P 500 index, trading up 7.4%. Year to date, Robinhood Markets has lost about 34.4% of its value. And the worst performing S&P 500 component thus
In early trading on Wednesday, shares of Robinhood Markets topped the list of the day's best performing components of the S&P 500 index, trading up 7.4%. Year to date, Robinhood Markets has lost about 34.4% of its value. And the worst performing S&P 500 component thus
In early trading on Wednesday, shares of NVIDIA topped the list of the day's best performing Dow Jones Industrial Average components, trading up 2.5%. Year to date, NVIDIA has lost about 3.7% of its value. And the worst performing Dow component thus far on the day is Verizon C
In early trading on Wednesday, shares of NVIDIA topped the list of the day's best performing Dow Jones Industrial Average components, trading up 2.5%. Year to date, NVIDIA has lost about 3.7% of its value. And the worst performing Dow component thus far on the day is Verizon C
Brett_Hondow/iStock Editorial via Getty Images Eaton ( ETN ) is increasingly emerging as a critical beneficiary of the artificial intelligence infrastructure buildout, according to BNP Paribas senior equity research analyst Andrew Buscaglia. Following investor meetings across Europe, the firm said in a March 24 research note that it has higher conviction in Eaton ( ETN ) as a 2026 top pick, citing...
Brett_Hondow/iStock Editorial via Getty Images Eaton ( ETN ) is increasingly emerging as a critical beneficiary of the artificial intelligence infrastructure buildout, according to BNP Paribas senior equity research analyst Andrew Buscaglia. Following investor meetings across Europe, the firm said in a March 24 research note that it has higher conviction in Eaton ( ETN ) as a 2026 top pick, citing what it views as a continued underappreciation of the company’s role in enabling AI-driven power demand. Buscaglia emphasized that power availability remains a key bottleneck in the expansion of AI data centers. Eaton’s ( ETN ) portfolio of electrical components and systems positions it as a central supplier in addressing that constraint, providing infrastructure necessary to support accelerating compute demand. Data Center Exposure Provides Visibility BNP Paribas highlighted Eaton’s ( ETN ) growing exposure to data centers as a key driver of forward visibility. Approximately one-third of the company’s Electrical Americas backlog, estimated at roughly $15 billion for 2025, is tied to data center demand. The firm noted that customer engagement is increasing, with improved insight into long-term buildout plans. The transition toward 800-volt systems is also expected to be favorable for Eaton ( ETN ), as management believes it will increase content per installation while maintaining strong pricing dynamics. Margin Expansion Expected As Headwinds Ease While Eaton’s ( ETN ) Electrical Americas segment has faced margin pressure from capacity expansion, BNP Paribas expects those headwinds to subside. The firm forecasts segment margins exceeding 31.5% by the end of 2026, with a path to more than 32% over the longer term. This outlook addresses investor concerns regarding margin sustainability and supports the broader thesis of improving profitability as recent investments begin to normalize. Boyd Acquisition Enhances Strategic Positioning The recent acquisition of Boyd, a provider...