wishispower/iStock Editorial via Getty Images American Express’ ( AXP ) earnings are just around the corner as the New York City-based company is set to report its numbers on April 23rd before the opening bell. The period between 4Q25 and 1Q26 has been quite tough for the financial services space. This is especially evident when considering U.S. large banks' share price performance, as well as con...
wishispower/iStock Editorial via Getty Images American Express’ ( AXP ) earnings are just around the corner as the New York City-based company is set to report its numbers on April 23rd before the opening bell. The period between 4Q25 and 1Q26 has been quite tough for the financial services space. This is especially evident when considering U.S. large banks' share price performance, as well as consumer mass-market companies like Capital One ( COF ), spending benchmarks like Visa ( V ) and Mastercard ( MA ), and Amex itself, all of which have failed to outperform the broader market (with a few exceptions such as Citigroup ( C ) and Morgan Stanley ( MS )). Data by YCharts The market has, however, projected that Amex will be able to deliver around $3.99 in EPS in 1Q26, which would be a high-single-digit increase compared to the same quarter last year. The caveat is that Amex is coming off a two-cent EPS miss in 4Q25 , which may suggest that ~9% YoY growth could be a bullish projection. Even in the 1Q26 earnings season, the market seems to react more positively in recent days after U.S. large banks reported their numbers, where provisions have not been aggressively higher than expected, as in the case of Bank of America ( BAC ) and JPMorgan ( JPM ). In terms of credit, stable delinquencies and gradually rising charge-offs also highlight a scenario of normalization rather than deterioration. This matters to Amex, as it reinforces the idea that the consumer remains healthy (especially the premium), which, in theory, supports resilient spending. But since I suspect that we are not in an early stage of economic acceleration, I would argue that the lack of any meaningful change in credit trends also suggests that there is no clear acceleration in underlying demand—something quite muted for financial services stocks that trade at multiple premiums. Still Growing, But No Longer Accelerating In my work on Amex in October last year, I had highlighted the main reason why I apprec...
(RTTNews) - Canadian stocks moved higher on Friday, lifting the benchmark S&P/TSX Composite Index to its highest level since March 2, as investors reacted to news that Iran has declared the Strait of Hormuz completely open to commercial traffic on the heels of the 10-day ceasefir
(RTTNews) - Canadian stocks moved higher on Friday, lifting the benchmark S&P/TSX Composite Index to its highest level since March 2, as investors reacted to news that Iran has declared the Strait of Hormuz completely open to commercial traffic on the heels of the 10-day ceasefir
Getty Images The NASDAQ rose for the 12th straight trading session on Thursday. That is the tech-heavy's index longest winning streak since 2009, when the country was taking its first baby steps out of the Great Financial Crisis. I have to admit I am feeling quite myopic right now, as I am not seeing the same economic backdrop that Mr. Market is at the moment. That said, Friday morning's announcem...
Getty Images The NASDAQ rose for the 12th straight trading session on Thursday. That is the tech-heavy's index longest winning streak since 2009, when the country was taking its first baby steps out of the Great Financial Crisis. I have to admit I am feeling quite myopic right now, as I am not seeing the same economic backdrop that Mr. Market is at the moment. That said, Friday morning's announcement that the Strait of Hormuz will be fully opened during the current ceasefire is a huge positive for equities. Let's hope this holds and is extended. Atlanta Fed's GDPNow - 04/09/2026 That said, since the war in Iran began, GDP forecasts for Q1 have been slashed. Huge spikes in energy and commodity prices guarantee inflation will surge in the months ahead. Global supply chains will take months to mend, even if the Strait of Hormuz is fully reopened and remains that way. And the massive costs of the conflict were the last thing the federal budget needed as federal debt quickly approaches the $40 trillion level. On a brighter note, the market did continue to see solid results from banks like Morgan Stanley ( MS ) and Bank of America ( BAC ) on Thursday as the Financials kicked off first quarter earnings season. However, it is much easier to find signs of irrationality in this market than reasons for optimism. In today's column, I highlight six irrational signposts in the current market. OpenAI's Valuation: Late in March, OpenAI ( OPENAI ) raised just over $120 billion in new funding at an eyepopping valuation of $852 billion. Of course, roughly $85 billion of this funding round consisted of conditional commitments, compute credits, and future tranches. This a great example of the massive amounts of circular financing that has powered the AI ecosystem for years now. Bloomberg Reporting This has allowed OpenAI to make roughly $1.4 trillion in commitments for future computing power. This is a company that is burning through billions of dollars a quarter and will not be profita...
Boy, 16, among those charged in connection with attempted firebombing at Volant Media offices in Wembley Three people, including a 16-year-old boy, have appeared in court charged in connection with the attempted firebombing of a Persian media company in north-west London. Oisin McGuinness, 21, Nathan Dunn, 19, and a 16-year-old boy appeared together in the dock at Westminster magistrates court on ...
Boy, 16, among those charged in connection with attempted firebombing at Volant Media offices in Wembley Three people, including a 16-year-old boy, have appeared in court charged in connection with the attempted firebombing of a Persian media company in north-west London. Oisin McGuinness, 21, Nathan Dunn, 19, and a 16-year-old boy appeared together in the dock at Westminster magistrates court on Friday charged with arson with intent to endanger life. Continue reading...
Earnings Call Insights: Cohen & Steers (CNS) Q1 2026 Management View "Yesterday, we reported earnings of $0.79 per share as compared to $0.81 sequentially. Revenue for Q1 increased from the prior quarter by 0.3% to $144.3 million." (Interim CFO Michael Donohue) "Ending AUM in Q1 was $93.1 billion, which was up from $90.5 billion at the end of Q4." (Interim CFO Donohue) "The first quarter's fundame...
Earnings Call Insights: Cohen & Steers (CNS) Q1 2026 Management View "Yesterday, we reported earnings of $0.79 per share as compared to $0.81 sequentially. Revenue for Q1 increased from the prior quarter by 0.3% to $144.3 million." (Interim CFO Michael Donohue) "Ending AUM in Q1 was $93.1 billion, which was up from $90.5 billion at the end of Q4." (Interim CFO Donohue) "The first quarter's fundamental highlights include net inflows of $497 million a strong one unfunded pipeline of $1.7 billion, characterized by good velocity with continued fundings and new mandates, stable fee rates strong absolute performance and neutral relative performance." (CEO Joseph Harvey) "Our corporate strategy for active ETFs is going very well. Total AUM for our first five ETFs is currently $675 million." (CEO Harvey) "Our nontraded REIT Cohen & Steers Income Opportunities REIT has established a portfolio of 11 properties owned or under contract totaling $650 million in assets and continues to provide investment performance at the top of the real estate peer group with 10.6% annualized returns since inception against the 4.3% peer average." (CEO Harvey) "On a 1-year basis, 86% of our AUM has outperformed its benchmark, while our 3- and 5-year outperformance rates are both above 97%. 95% of our open-end fund AUM is rated 4- or 5-star by Morningstar, which is up from 90% last quarter." (President & Chief Investment Officer John Cheigh) Outlook "With respect to compensation and benefits, we would expect our compensation ratio to remain at 40% as we experienced in Q1." (Interim CFO Donohue) "We expect G&A to increase in the mid-single digits for the year as compared to the prior year." (Interim CFO Donohue) "Lastly, regarding 2026 guidance, we expect our effective tax rate to remain consistent at 25.5% on an as-adjusted basis." (Interim CFO Donohue) "We announced the conversion of our future of energy open-end fund to an ETF which should occur sometime midyear." (CEO Harvey) Financial Result...
Champion-in-waiting can extend his prize money record He has had a winner at 39 of 41 jumps tracks this season Dan Skelton is already certain to be crowned the UK’s champion trainer over jumps for the first time this season, but still has a few remaining targets in the final days of what is already a record-breaking campaign. Skelton became the first trainer to reach £4m in prize money in a Britis...
Champion-in-waiting can extend his prize money record He has had a winner at 39 of 41 jumps tracks this season Dan Skelton is already certain to be crowned the UK’s champion trainer over jumps for the first time this season, but still has a few remaining targets in the final days of what is already a record-breaking campaign. Skelton became the first trainer to reach £4m in prize money in a British jumps season less than a month ago, and will send five runners on the 320-mile trip to Ayr on Saturday as he looks to make a big dent in the £200,000 required to pass £5m. Continue reading...
Almost seven weeks after the start of the conflict in the Middle East, Iran announced on Friday that a crucial maritime passageway for seaborne oil was “completely open” for commercial vessels — but only as long as the Lebanon-Israel cease-fire agreement is in effect.
Almost seven weeks after the start of the conflict in the Middle East, Iran announced on Friday that a crucial maritime passageway for seaborne oil was “completely open” for commercial vessels — but only as long as the Lebanon-Israel cease-fire agreement is in effect.
alexsl Shares of Corvus Pharmaceuticals ( CRVS ) spiked on Friday after Goldman Sachs launched its coverage with a Buy recommendation and a $40 target, calling the biotech’s lead candidate, soquelitinib, a pipeline-in-a-product. Analyst Paul Choi's bullish view comes at a time when shares of the South San Francisco, California-based company have climbed more than 400% over the past 12 months. Howe...
alexsl Shares of Corvus Pharmaceuticals ( CRVS ) spiked on Friday after Goldman Sachs launched its coverage with a Buy recommendation and a $40 target, calling the biotech’s lead candidate, soquelitinib, a pipeline-in-a-product. Analyst Paul Choi's bullish view comes at a time when shares of the South San Francisco, California-based company have climbed more than 400% over the past 12 months. However, Choi argued that Corvus ( CRVS ) shares are attractively positioned, as the stock, at its current valuation, has yet to reflect soquelitinib’s potential against atopic dermatitis and other related autoimmune conditions, as well as peripheral T-cell lymphoma. The analyst noted that all those programs have catalysts scheduled for the next 12-18 months. Choi identified soquelitinib as one of the most promising candidates for refractory atopic dermatitis, a condition with a large unmet need for next-gen therapies, according to key opinion leaders. "While it is still at an early developmental stage, we can envision CRVS leveraging soquelitinib and gradually maturing into large-cap biotech over the long term," the analyst added. More on Corvus Pharmaceuticals Corvus Pharmaceuticals: Strong Clinical Narrative, Already Priced For Success Corvus Pharmaceuticals, Inc. (CRVS) Q4 2025 Earnings Call Transcript Corvus Pharmaceuticals, Inc. (CRVS) Discusses Phase 1 Clinical Trial Results of Soquelitinib in Atopic Dermatitis with Focus on Cohort 4 - Slideshow Corvus outlines cash runway into Q2 2028 and targets mid-2027 Phase II readout for soquelitinib in atopic dermatitis Corvus Pharmaceuticals Q4 2025 Earnings Preview
Starmer says ministers were in the dark, but friends of former top civil servant suggest it was a case of them looking the other way UK politics live: latest news updates Fiddling with his reading glasses, the then cabinet secretary, Sir Chris Wormald – sitting alongside the most senior civil servant in the Foreign Office, Sir Olly Robbins – suddenly appeared a little tense. The bonhomie evident i...
Starmer says ministers were in the dark, but friends of former top civil servant suggest it was a case of them looking the other way UK politics live: latest news updates Fiddling with his reading glasses, the then cabinet secretary, Sir Chris Wormald – sitting alongside the most senior civil servant in the Foreign Office, Sir Olly Robbins – suddenly appeared a little tense. The bonhomie evident in earlier answers had quite disappeared. Continue reading...
When people look to invest in U.S. stocks, they're usually referring to the S&P 500 . That means they're only investing in a subset of the U.S. equity market. That index gives you exposure to 500 of the largest companies in the United States, but it leaves out about 3,000 that aren't quite large enough to make the cut. For many years, investors didn't really mind leaving those extra 3,000 out. The...
When people look to invest in U.S. stocks, they're usually referring to the S&P 500 . That means they're only investing in a subset of the U.S. equity market. That index gives you exposure to 500 of the largest companies in the United States, but it leaves out about 3,000 that aren't quite large enough to make the cut. For many years, investors didn't really mind leaving those extra 3,000 out. They've been chronic underperformers that would have been a drag on performance. Mega-caps, tech, and the Magnificent Seven stocks have driven the major indexes higher. Smaller, emerging companies have largely been left behind. But that's the past. The next 10 years may look entirely different than the last 10. In fact, over the past 12 months, the Russell 2000 , the popular benchmark for small-cap stocks, has pretty steadily outperformed the S&P 500. Continue reading
Niall/iStock via Getty Images Introduction Although I usually cover large caps, in the past year, my research has brought me to deal with a few energy-tech names with a speculative profile due to their early-stage phase. This is why, from time to time, you have seen me share my view on stocks such as SES AI, Electrovaya, Oklo, and SMR. It's a cluster of stocks that I have been researching and that...
Niall/iStock via Getty Images Introduction Although I usually cover large caps, in the past year, my research has brought me to deal with a few energy-tech names with a speculative profile due to their early-stage phase. This is why, from time to time, you have seen me share my view on stocks such as SES AI, Electrovaya, Oklo, and SMR. It's a cluster of stocks that I have been researching and that requires a different valuation method compared to what we usually do. This time, we are going to deal with Solid Power ( SLDP ), another pre-commercial solid electrolyte business that presents a clear binary commercialization outcome (success/unsuccess). Solid Power At A Glance Solid Power is based in Colorado, where it operates two facilities. Its strategy in the battery industry is not to become a cell manufacturer, but to sell sulfide-based solid electrolyte material to other battery manufacturers and to OEMs. Solid electrolyte material can replace the liquid electrolyte, which is flammable. The advantage that is achieved is higher energy density and a longer battery life, with the important addition that these batteries are also safer. Currently, the company has only two pilot electrolyte lines, but it is building a continuous-manufacturing pilot line that should be capable of 75 metric tons per year by the end of 2026. As we read in the Q4 2025 transcript : In 2025, we finished ordering long lead equipment and conducted detailed design for the line. We expect to install and commission this line by the end of 2026. This line is designed to support small volume customer programs and allow us to learn and optimize the manufacturing processes ahead of full commercialization. Moreover, while the company is trying to develop and move toward the commercialization stage, its management has admitted that work still needs to be done before a product ready for the market is manufactured: During 2026, we will continue to enhance our understanding of how electrolyte performs relat...
North Sea crude oil prices plunged in a key pricing window after Iran said it would reopen the Strait of Hormuz during a ceasefire in the Middle East conflict. The major North Sea crudes and US WTI Midland fell by $5-$7 a barrel on Friday, according to traders monitoring a pricing window run by Platts, a unit of S&P Global Energy. WTI Midland, one of the six grades that define the most important o...
North Sea crude oil prices plunged in a key pricing window after Iran said it would reopen the Strait of Hormuz during a ceasefire in the Middle East conflict. The major North Sea crudes and US WTI Midland fell by $5-$7 a barrel on Friday, according to traders monitoring a pricing window run by Platts, a unit of S&P Global Energy. WTI Midland, one of the six grades that define the most important oil benchmark Dated Brent, was sold at $10.40 above Dated Brent on Friday, the lowest so far this month, and down by more than half from its record on April 14. Oil and gas prices tumbled after Iranian Foreign Minister Abbas Araghchi said that the Strait of Hormuz “is declared completely open .” Still, a US naval blockade continues to constrain flows through the critical waterway, and Iran’s semi-official Fars news agency later reported that passage via the strait will be stopped if the US operation continues. Brent futures fell by as much as 13% to near $86 a barrel after Araghchi’s announcement. North Sea crude prices jumped to record levels earlier this month amid global shortages after the effective closure of the Strait of Hormuz. But the sentiment in the North Sea started shifting two days ago when offers outpaced bids for the first time in a month.
The Asset Management Association of China on Friday released the revised Guidelines for Performance Evaluation of Fund Management Companies. China’s asset management regulator has issued finalized rules that force mutual fund managers and executives to tie their compensation directly to long-term investor returns rather than the scale of assets they manage. The Asset Management Association of Chin...
The Asset Management Association of China on Friday released the revised Guidelines for Performance Evaluation of Fund Management Companies. China’s asset management regulator has issued finalized rules that force mutual fund managers and executives to tie their compensation directly to long-term investor returns rather than the scale of assets they manage. The Asset Management Association of China released the revised Guidelines for Performance Evaluation of Fund Management Companies on Friday. The official document remains largely unchanged from a draft circulated in late 2025.