Brazilian President Luiz Inacio Lula da Silva thanked China for clearing the country’s beef of foot-and-mouth disease and fired a barb at US President Donald Trump, saying “I will sell to someone else”, after Washington announced new tariffs on Brazilian goods. Lula made the remarks on Tuesday, hours after Beijing announced wider access for Brazilian beef to the world’s biggest market for the prod...
Brazilian President Luiz Inacio Lula da Silva thanked China for clearing the country’s beef of foot-and-mouth disease and fired a barb at US President Donald Trump, saying “I will sell to someone else”, after Washington announced new tariffs on Brazilian goods. Lula made the remarks on Tuesday, hours after Beijing announced wider access for Brazilian beef to the world’s biggest market for the product. “As God writes straight with crooked lines, nothing comes free for a Christian man like me....
In trading on Wednesday, metals & mining shares were relative laggards, down on the day by about 4.6%. Helping drag down the group were shares of Santacruz Silver Mining, off about 9.7% and shares of Lithium America off about 9.4% on the day. Also lagging the market Wednes
In trading on Wednesday, metals & mining shares were relative laggards, down on the day by about 4.6%. Helping drag down the group were shares of Santacruz Silver Mining, off about 9.7% and shares of Lithium America off about 9.4% on the day. Also lagging the market Wednes
In trading on Wednesday, gas utilities shares were relative leaders, up on the day by about 1.4%. Leading the group were shares of Tamboran Resources, up about 7.2% and shares of Stabillis Solutions up about 6.3% on the day. Also showing relative strength are oil & gas exp
In trading on Wednesday, gas utilities shares were relative leaders, up on the day by about 1.4%. Leading the group were shares of Tamboran Resources, up about 7.2% and shares of Stabillis Solutions up about 6.3% on the day. Also showing relative strength are oil & gas exp
juvaida khatun/iStock via Getty Images Fund Highlights Employs flexibility by allocating assets among core investments and opportunistic investments as market conditions change Identifies companies and securities that are believed to offer attractive relative values when compared to their fundamental credit risk Actively hedges portfolio risks, including credit, interest rate and currency, in an e...
juvaida khatun/iStock via Getty Images Fund Highlights Employs flexibility by allocating assets among core investments and opportunistic investments as market conditions change Identifies companies and securities that are believed to offer attractive relative values when compared to their fundamental credit risk Actively hedges portfolio risks, including credit, interest rate and currency, in an effort to preserve capital Consists of several broad investment categories, including high yield bonds, bank loans, special situations, structured credit and hedges Market Recap Risk assets experienced modest weakness during the first quarter of 2026 as markets digested evolving macroeconomic conditions and shifting rate expectations. While economic growth remained positive and corporate fundamentals generally resilient, volatility increased amid persistent inflation concerns and uncertainty around the Federal Reserve's (Fed) policy path. High yield bonds (proxy: ICE BofA U.S. High Yield Constrained Index) declined approximately -0.6% during the quarter, while syndicated loans also posted negative returns. Returns were pressured by spread widening and modest price declines, particularly in lower-quality segments of the market. Despite near-term volatility, the broader backdrop for credit remained constructive. Corporate fundamentals were stable, default rates remained low, and issuers continued to benefit from extended maturity profiles and manageable refinancing needs. However, tight valuations entering the year left markets more susceptible to bouts of volatility. Portfolio Review The Touchstone Ares Credit Opportunities Fund (Class A Shares, Load Waived)( TMARX ) outperformed its benchmark, the ICE BofA U.S. High Yield Constrained Index, for the quarter ended March 31, 2026. Relative performance was driven by the Fund's high yield bond and stressed/distressed debt allocation. This was partially offset by weakness in the Fund's allocations to syndicated loans and structure...
Anthropic ( ANTHRO ) has picked Morgan Stanley ( MS ) and Goldman Sachs Group ( GS ) to lead its initial public offering, people familiar with the matter told Bloomberg News. The Amazon-backed ( AMZN ) Anthropic, which stands as the primary competitor of the Microsoft-backed ( MSFT ) OpenAI ( OPENAI ), has lined up banks to lead the IPO work amid a race to go public before OpenAI, according to the...
Anthropic ( ANTHRO ) has picked Morgan Stanley ( MS ) and Goldman Sachs Group ( GS ) to lead its initial public offering, people familiar with the matter told Bloomberg News. The Amazon-backed ( AMZN ) Anthropic, which stands as the primary competitor of the Microsoft-backed ( MSFT ) OpenAI ( OPENAI ), has lined up banks to lead the IPO work amid a race to go public before OpenAI, according to the people who asked not to be identified as the information is private. JPMorgan Chase ( JPM ) is also working on the IPO, the sources reportedly said. Earlier this month, Anthropic confidentially submitted its draft IPO prospectus to the U.S. Securities and Exchange Commission. The operator of the AI model, Claude, is weighing going public as soon as October, Bloomberg reported on Wednesday, June 3. More banks could be added to the lineup, according to the sources. Anthropic's latest $65B funding round valued the company at $965B, surpassing OpenAI as the world's most valuable AI startup. Yesterday, Anthropic said it is expanding its cybersecurity initiative, known as Project Glasswing, to another 150 new organizations. Intercontinental Exchange ( ICE ), the parent company of the NYSE, announced today it is also a part of the cybersecurity initiative. As part of the initiative, ICE has deployed Anthropic's Claude Mythos Preview into its cybersecurity infrastructure to help identify and remediate any vulnerabilities before they can be exploited through emerging AI capabilities. "As part of Project Glasswing, we’re advancing the use and sophistication of AI across our cybersecurity in a manner that is secure, auditable, and designed for regulated industries," said ICE President Ben Jackson. More on related tickers 5 Things To Consider Ahead Of Anthropic's IPO JPMorgan Chase & Co. (JPM) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript The Goldman Sachs Group, Inc. (GS) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript Anthrop...
MoMo Productions/DigitalVision via Getty Images More than four months after my previous coverage, D.R. Horton, Inc. ( DHI ) weakened further by approximately 3.5% despite my buy rating. And I do understand the concern as macroeconomic volatility and soft housing market dynamics intensify. Now, the stock has become cheaper, but I decided to shift to a cautious stance as we watch out for more extern...
MoMo Productions/DigitalVision via Getty Images More than four months after my previous coverage, D.R. Horton, Inc. ( DHI ) weakened further by approximately 3.5% despite my buy rating. And I do understand the concern as macroeconomic volatility and soft housing market dynamics intensify. Now, the stock has become cheaper, but I decided to shift to a cautious stance as we watch out for more external risks. As I make my estimation more conservative and consistent with the market trends, DHI warrants extra caution. Technicals show new buying opportunities, but momentum still lacks strength. DHI Q2 2026: Headwinds Materialized, But Resilience Shielded It In the midst of skyrocketing inflation and home affordability issues, homebuilders are experiencing pricing and demand challenges. Their respective income statements in recent quarters have reflected these trends. Even a big name like D.R. Horton is no different. Yet its strategic geographical diversification, strong customer base, and solid housing inventory management continue to protect its operations. We have seen this in its most recent performance. In Q2 2026, its operating revenue amounted to $7.56B , down by 2.4% YoY from $7.73B. This was mainly due to mixed conditions across its markets in the US. The value of its homes closed during the quarter dropped by over $130M. This is in line with the decreasing trend of the median home sales price in the US . And I think this was due to the softer housing market demand as inflation continues to squeeze the budget of homebuyers. Its performance in Northwest and Southwest weakened as the number of homes closed dropped despite its cheaper pricing. The other four markets enjoyed higher demand, although results were still mixed. In South Central and Southeast, DHI generated lower home value but drove demand growth. Lastly, East and North markets were its absolute growth drivers as home value and demand increased. Overall, it sold more homes than in the previous year. And i...
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys. At Radian Group, a filing with the SEC revealed that on Tuesday, Chief Executive Of
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys. At Radian Group, a filing with the SEC revealed that on Tuesday, Chief Executive Of
John M. Chase/iStock Unreleased via Getty Images My last article about Rocket Lab ( RKLB ) on September 21, 2025, got several things wrong. I originally believed that accidents and launch delays could weaken investor belief in the company or trigger a massive sell-off, and I thought the only catalyst for upside in the stock would be a successful launch of the Neutron rocket. Neither view was corre...
John M. Chase/iStock Unreleased via Getty Images My last article about Rocket Lab ( RKLB ) on September 21, 2025, got several things wrong. I originally believed that accidents and launch delays could weaken investor belief in the company or trigger a massive sell-off, and I thought the only catalyst for upside in the stock would be a successful launch of the Neutron rocket. Neither view was correct. Management believed at the time of my last article that it would launch Neutron by the end of 2025. That launch never happened. Instead, management discussed rescheduling the launch to early 2026 on the third quarter fiscal year ("FY") 2025 earnings call . Unfortunately, Rocket Lab's stage 1 tank ruptured during a hydrostatic pressure test in January 2026, delaying the Neutron launch until late 2026. Fortunately for Rocket Lab, the tank test failure did not inflict substantial damage to the launch site or reflect poorly on the Archimedes engine. The test only revealed a structural manufacturing flaw in the tank, something the company can easily recover from. The stock also did not collapse as much as I had originally thought in response to "bad news." Although investors were not particularly pleased with the test failure, the stock dropped only 16%, from $88.57 on January 28 to $74.15 on February 2, which was much less than I expected. The market had already updated its opinion on the actual danger of a Neutron rocket failure to Rocket Lab's business by the time of the failed test, and the catalyst for the stock’s upside had also moved on from my original assessment. The market no longer views Rocket Lab as just a low-margin launch company, solely dependent upon Neutron's success. The market now views it as a higher margin, vertically integrated defense contractor working directly with the government rather than simply a subcontractor. The company's transition to a Prime defense contractor coincided with a big jump in backlog growth; its first-quarter fiscal year FY 202...
JHVEPhoto Just days after his €56B offer was rejected, Bill Ackman is looking to sell nearly half of his stake in Universal Music Group ( UMGNF ) ( UNVGY ). According to Bloomberg, Ackman’s Pershing Square Capital Management ( PS ) is putting ~80.6M shares of the Dutch record label up for sale at a price between €17.66 and €18.62 per share ($20.49 to $21.60) through Bank of America, gaining as muc...
JHVEPhoto Just days after his €56B offer was rejected, Bill Ackman is looking to sell nearly half of his stake in Universal Music Group ( UMGNF ) ( UNVGY ). According to Bloomberg, Ackman’s Pershing Square Capital Management ( PS ) is putting ~80.6M shares of the Dutch record label up for sale at a price between €17.66 and €18.62 per share ($20.49 to $21.60) through Bank of America, gaining as much as €1.5B in proceeds on the sale. In April, Pershing Square Capital Management ( PS ) offered €9.4B in cash (€5.05 per share) and 0.77 shares of the merged company for all outstanding UMG shares, representing a value of €30.40 per share. The proposed transaction was structured with UMG merging with Pershing Square SPARC Holdings with a listing on the NY Stock Exchange. According to Ackman , Universal Music Group’s (UMG) stock price “has languished due to a combination of issues that are unrelated to the performance of its music business and, importantly, all of them can be addressed with this transaction.” Ackman blames the disappointing performance of the stock on uncertainty surrounding the Bolloré Group’s 18% stake, postponement of a U.S. listing, and underutilization of UMG’s balance sheet, among other issues. However, UMG declined the offer as it “fundamentally and materially undervalues UMG and will not deliver superior value creations,” the company said in a statement last week. Universal Music Group ( UMGNF ) ( UNVGY ) shares have subsequently dropped as much as 8% to a two-month low. More on Universal Music Group Universal Music Group N.V. (UNVGY) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript Universal Music Group N.V. (UNVGY) Q1 2026 Earnings Call Transcript Universal Music Group N.V. 2026 Q1 - Results - Earnings Call Presentation Universal Music Group declines Pershing Square offer Bolloré CEO says Ackman’s offer for Universal Music is too low - reports
Jess Asato was portrayed by AI tool as wearing a bikini after she criticised the creation of such non-consensual pictures A Labour MP has taken legal action against Elon Musk’s AI company after saying its Grok tool helped a user produce fake sexualised pictures of her, part of a wave of such images that flooded X earlier this year. Jess Asato, the MP for Lowestoft, said in January that seeing hers...
Jess Asato was portrayed by AI tool as wearing a bikini after she criticised the creation of such non-consensual pictures A Labour MP has taken legal action against Elon Musk’s AI company after saying its Grok tool helped a user produce fake sexualised pictures of her, part of a wave of such images that flooded X earlier this year. Jess Asato, the MP for Lowestoft, said in January that seeing herself portrayed by the AI tool as wearing a bikini without her consent was “violating”. Continue reading...
Combs was sentenced last year in New York to 50 months in prison on charges of transporting women for prostitution Authorities in Los Angeles are reviewing additional sexual assault allegations against Sean “Diddy” Combs, who is serving a federal prison sentence. In a statement to multiple outlets on Tuesday, a spokesperson for Nathan Hochman, the Los Angeles county district attorney, confirmed th...
Combs was sentenced last year in New York to 50 months in prison on charges of transporting women for prostitution Authorities in Los Angeles are reviewing additional sexual assault allegations against Sean “Diddy” Combs, who is serving a federal prison sentence. In a statement to multiple outlets on Tuesday, a spokesperson for Nathan Hochman, the Los Angeles county district attorney, confirmed that the office was reviewing the allegations, saying: “In the fall of 2025, LAPD and LASD each presented a separate sexual assault investigation for one victim to the LA county district attorney’s office.” Information and support for anyone affected by rape or sexual abuse issues is available from the following organizations. In the US, Rainn offers support on 800-656-4673. In the UK, Rape Crisis offers support on 0808 500 2222. In Australia, support is available at 1800Respect (1800 737 732). Other international helplines can be found at ibiblio.org/rcip/internl.html Continue reading...
Caldwell Investment Management initiated a new position in Sprott (NYSE:SII) during the first quarter, acquiring 57,300 shares in a transaction estimated at $7.67 million based on quarterly average pricing, according to a May 14, 2026 SEC filing. According to an SEC filing dated May 14, 2026, Caldwell Investment Management established a new holding in Sprott by purchasing 57,300 shares. The estima...
Caldwell Investment Management initiated a new position in Sprott (NYSE:SII) during the first quarter, acquiring 57,300 shares in a transaction estimated at $7.67 million based on quarterly average pricing, according to a May 14, 2026 SEC filing. According to an SEC filing dated May 14, 2026, Caldwell Investment Management established a new holding in Sprott by purchasing 57,300 shares. The estimated value of this trade, based on the average unadjusted closing price during the first quarter of 2026, was $7.67 million. The quarter-end value of the position was $7.70 million, resulting entirely from the new share purchase. Sprott is a Toronto-based asset management company specializing in alternative investment strategies and fund management. The company leverages its expertise in portfolio and wealth management to deliver differentiated products for a diverse client base. Sprott's focus on specialized investment offerings and disciplined management supports its competitive positioning in the asset management industry. Continue reading
In every major technology cycle, there comes a moment when the numbers stop looking like projections and start looking like history being made in real time. Broadcom (AVGO) may be the king of the moment. HSBC raised its price target on Broadcom, maintaining its Buy rating, as the firm dramatically ...
In every major technology cycle, there comes a moment when the numbers stop looking like projections and start looking like history being made in real time. Broadcom (AVGO) may be the king of the moment. HSBC raised its price target on Broadcom, maintaining its Buy rating, as the firm dramatically ...
This week we've got tandem hands-ons with Google's new Gemini AI agent - Spark - from my colleagues David Pierce and Jay Peters . Their takeaways are similar: It's so effective that it's scary. Spark knew that David's dog is named Frida and knew the first name of Jay's wife, even though neither of them explicitly provided this information to Google. But what's scary to me is how all of this stuff ...
This week we've got tandem hands-ons with Google's new Gemini AI agent - Spark - from my colleagues David Pierce and Jay Peters . Their takeaways are similar: It's so effective that it's scary. Spark knew that David's dog is named Frida and knew the first name of Jay's wife, even though neither of them explicitly provided this information to Google. But what's scary to me is how all of this stuff seems geared toward a future of "productivity" that completely misses what needs to be fixed in our world. "Productivity" is often pitched as a panacea for what befalls us in our personal lives, even going so far as to implicate our moral worthiness … Read the full story at The Verge.