JHVEPhoto/iStock Editorial via Getty Images Investment Thesis The conflict between the U.S.A. and Iran is not merely an asymmetric military battle; it is even more importantly an economic one. The U.S.A. is expending large sums of money on complex weapons systems that require replacement, while the opposing side has fewer options than using less costly tools to pressurize the supply chain to incre...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis The conflict between the U.S.A. and Iran is not merely an asymmetric military battle; it is even more importantly an economic one. The U.S.A. is expending large sums of money on complex weapons systems that require replacement, while the opposing side has fewer options than using less costly tools to pressurize the supply chain to increase the costs associated with continuing the conflict. It is here that the issues arise: Washington cannot afford to experience disruption in its industry. As such, the Department of War (Pentagon) is becoming a participant in the Defense Industrial Base ( IDB ) to ensure that production will occur at expected levels and that there will be continuous delivery of required supplies. Wall Street refers to this phenomenon as "national security." From an investor's point of view, however, it is also more tangible: guaranteed demand for products sold, clear visibility into future revenues, and an increasingly government-supported industry. L3Harris's ( LHX ) growth today no longer depends solely on government contracts but much more on Washington's strategic and long-term decisions. In fact, as stated in my article that was released very recently , L3Harris Corporation is now more strategically important than ever to the U.S. defense industry, and the recent events will further solidify this belief. The company's new contract with the Pentagon, valued at over $1 billion, has enhanced long-term visibility; it has also removed a significant amount of risk associated with the production of missiles as well as has placed greater emphasis on the missile business unit in preparation for the eventual IPO. Today, I believe exactly what I did then; the stock’s story has become much stronger. What's New on the Table The key signal is that the Pentagon does want to move beyond merely buying weapon systems; it wants to invest money. As reported by Reuters , the DoD is currently creating a te...
We Are/DigitalVision via Getty Images Preferred securities don't get a ton of coverage relative to the attention they deserve. The income case is straightforward: yields in the 5-6% range, monthly distributions, and a place in the capital structure that's junior to debt but senior to common equity. Where it gets interesting is when you start comparing what's actually inside these products. Not all...
We Are/DigitalVision via Getty Images Preferred securities don't get a ton of coverage relative to the attention they deserve. The income case is straightforward: yields in the 5-6% range, monthly distributions, and a place in the capital structure that's junior to debt but senior to common equity. Where it gets interesting is when you start comparing what's actually inside these products. Not all preferred ETFs are the same, not by a long shot. The Nuveen Preferred and Income ETF ( NPFI ) is a good example of that point. Launched in March 2024, this is an actively managed fund that operates in the institutional preferred market ($1,000-par capital securities, OTC-traded) rather than the retail $25-par exchange-listed market that PFF and PGX primarily track. That distinction matters more than it sounds. What's Actually in This Thing NPFI carries roughly 150 positions at last count, with the top 10 adding up to about 17.3% of assets. That's actually pretty spread out for a preferred fund. The names in that top 10 tell you a lot about the fund's DNA. The portfolio leans heavily on major global financials. Banco Santander leads at 2.03%, followed by NatWest Group at 1.97% and CoBank ACB at 1.95%. Société Générale comes in at 1.63%, then two Wells Fargo preferred series at 1.44% and 1.43%, respectively. Barclays at 1.37%, JPMorgan at 1.34%, HSBC Holdings at 1.31%, and Bank of America at 1.29% round out the top ten. I like this mix. The global banks give you geographic diversification you simply don't get from PFF or PGX, the energy and utility names add some non-financial exposure, and the weighting scheme is flat enough that no single issuer blows up the fund. Per Nuveen's own policy, at least 40% of the portfolio goes into USD-denominated securities from non-US companies. In practice, the latest data puts it closer to 51.5% non-US issuers. That's not a minor wrinkle; it's a structural difference in what you're buying. The sector picture is roughly 70% banks and financ...
American outdoor apparel brand Patagonia is facing significant backlash online after implementing an “earth usage fee” for online orders, aimed at curbing excessive returns. Announced on March 30, the fee applies exclusively to purchases made through its Tmall store, a premium online shopping platform operated by Alibaba, which also owns the South China Morning Post. During last year’s Double 11 s...
American outdoor apparel brand Patagonia is facing significant backlash online after implementing an “earth usage fee” for online orders, aimed at curbing excessive returns. Announced on March 30, the fee applies exclusively to purchases made through its Tmall store, a premium online shopping platform operated by Alibaba, which also owns the South China Morning Post. During last year’s Double 11 shopping festival, Patagonia’s Tmall store shipped 16,179 packages, leading to a staggering return...
Sophie Huynh, portfolio manager and strategist at BNP Paribas Asset Management, reacts to the two-week US-Iran ceasefire announcement and whether the relief rally in markets can be sustained. "How long it's going to take for oil to reach those countries as the Strait of Hormuz potentially opens is, I think, a key question," Huynh tells Bloomberg Television. (Source: Bloomberg)
Sophie Huynh, portfolio manager and strategist at BNP Paribas Asset Management, reacts to the two-week US-Iran ceasefire announcement and whether the relief rally in markets can be sustained. "How long it's going to take for oil to reach those countries as the Strait of Hormuz potentially opens is, I think, a key question," Huynh tells Bloomberg Television. (Source: Bloomberg)
The US and Iran have agreed to a two-week ceasefire, in a move that could pause the conflict after six weeks of fighting. But while the deal is expected to halt attacks for now, key issues remain unresolved -- from the opening up of the Strait of Hormuz to broader tensions over Iran's nuclear and missile programs. Mark MacCarley, Retired US Army Major General and Managing Attorney at MacCarley & R...
The US and Iran have agreed to a two-week ceasefire, in a move that could pause the conflict after six weeks of fighting. But while the deal is expected to halt attacks for now, key issues remain unresolved -- from the opening up of the Strait of Hormuz to broader tensions over Iran's nuclear and missile programs. Mark MacCarley, Retired US Army Major General and Managing Attorney at MacCarley & Rosen spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the next steps for the two countries. (Source: Bloomberg)
Finding a stock that will be worth more than Microsoft (NASDAQ: MSFT) , Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) , and Palantir (NASDAQ: PLTR) combined seems like a far-fetched notion. Right now, these three stocks are worth $6.65 trillion combined. By 2030, this trio could be worth as much as $10 trillion after growing to expand into the new realm of artificial intelligence (AI). However, I think ...
Finding a stock that will be worth more than Microsoft (NASDAQ: MSFT) , Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) , and Palantir (NASDAQ: PLTR) combined seems like a far-fetched notion. Right now, these three stocks are worth $6.65 trillion combined. By 2030, this trio could be worth as much as $10 trillion after growing to expand into the new realm of artificial intelligence (AI). However, I think there's one company that could achieve that goal, and it's the one making all of this AI technology possible: Nvidia (NASDAQ: NVDA) . Nvidia is already a $4.2 trillion company, but I think it could be far larger by the end of 2030. Image source: Getty Images. Continue reading
In this article .SPX .IXIC .DJI @LCO.1 Follow your favorite stocks CREATE FREE ACCOUNT TOPSHOT - Rocket trails are seen in the sky above the Netanya, Israel, on April 8, 2026. Israel's military issued two warnings in quick succession early Wednesday that Iran had fired missiles toward it, moments after US President Donald Trump said he had agreed to postpone striking Iranian infrastructure. (Photo...
In this article .SPX .IXIC .DJI @LCO.1 Follow your favorite stocks CREATE FREE ACCOUNT TOPSHOT - Rocket trails are seen in the sky above the Netanya, Israel, on April 8, 2026. Israel's military issued two warnings in quick succession early Wednesday that Iran had fired missiles toward it, moments after US President Donald Trump said he had agreed to postpone striking Iranian infrastructure. (Photo by JACK GUEZ / AFP via Getty Images) / Jack Guez | Afp | Getty Images Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC's Daily Open. It's the most significant development since the onset of the war in Iran, and markets are reacting. The news that a truce has finally been reached between the U.S. and Iran, with Israel's support, has triggered a wave of relief across equity markets. Some wildcard factors remain, but for now the ceasefire is being met with optimism. What you need to know today "I agree to suspend the bombing and attack of Iran for a period of two weeks." The words of U.S. President Donald Trump in a post on Truth Social marked the announcement of a ceasefire between the U.S. and Iran. "We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate." The news has sparked a global relief rally, with Dow futures gaining more than 1,000 points in early trade, a surge in stocks across Asia , and big gains expected in Europe. Oil prices are plunging , with Brent and WTI sinking below $100 a barrel. A statement from Iran's Minister of Foreign Affairs, on behalf of the Supreme National Security Council, said Tehran would stop its defensive operations if attacks against it cease, and that it would allow safe passage through the Strait of Hormuz subject to coordination with its armed forces and with "due consideration of technical limitations." But just hours into the ceasefire taking effect, many Middle Eastern countries reported incoming missiles and drones from Iran on Wednesday, triggerin...
Shell Plc said its first-quarter results were boosted by its oil trading operation, even as the company’s Middle East assets were battered by the Iran conflict. Oil trading results were “significantly higher” than in the previous quarter, the oil giant said in a first-quarter trading update on Wednesday, ahead of earnings due next month. Shell’s update is the first earning guidance from Big Oil si...
Shell Plc said its first-quarter results were boosted by its oil trading operation, even as the company’s Middle East assets were battered by the Iran conflict. Oil trading results were “significantly higher” than in the previous quarter, the oil giant said in a first-quarter trading update on Wednesday, ahead of earnings due next month. Shell’s update is the first earning guidance from Big Oil since the war in the Middle East sent energy prices from crude to jet fuel surging, as shipping through the crucial Strait of Hormuz chokepoint came to a near halt. Iran’s retaliation strikes across the Persian Gulf, triggered by US and Israeli attacks at the end of February, damaged refineries, oil fields, ports and gas plants. That includes key Shell assets at the massive Ras Laffan complex in Qatar. Shell also has joint ventures from Iraq to Oman and the United Arab Emirates. Ras Laffan is home to the world’s largest LNG export terminal, which supplied about a fifth of global seaborne gas shipments before suffering “ extensive damage ,” and the biggest gas-to-liquids facility, which was also hit during a missile strike and will need roughly a year to repair. Shell is a key partner in both. Oil plunged below $100 a barrel on Wednesday after the US and Iran agreed to a two-week ceasefire , but prices remain up by more than 50% this year. Shell said refining margins rose to $17 per barrel in the first quarter, from $14 in the fourth quarter.