To enhance operational efficiency and customer experience, Cathay Financial Holdings (Cathay FHC) continues to advance the application of generative AI in financial services through its generative AI technical framework, GAIA, and AI-as-a-Service (AIaaS) strategy. Building on last year's validation of large language models (LLMs) for financial applications, Cathay FHC recently unveiled its latest ...
To enhance operational efficiency and customer experience, Cathay Financial Holdings (Cathay FHC) continues to advance the application of generative AI in financial services through its generative AI technical framework, GAIA, and AI-as-a-Service (AIaaS) strategy. Building on last year's validation of large language models (LLMs) for financial applications, Cathay FHC recently unveiled its latest AI research findings at NVIDIA GTC Taipei 2026, demonstrating how open-source small language models
tumsasedgars/iStock via Getty Images Article Thesis Adobe Inc. ( ADBE ) has reported its fiscal Q2 results on Thursday, easily beating the consensus on both lines. Growth remains good, investors get a massive shareholder yield, and yet, shares sold off -- despite ADBE already being inexpensive before the earnings release. I think that this market reaction makes no sense and that this is a clear bu...
tumsasedgars/iStock via Getty Images Article Thesis Adobe Inc. ( ADBE ) has reported its fiscal Q2 results on Thursday, easily beating the consensus on both lines. Growth remains good, investors get a massive shareholder yield, and yet, shares sold off -- despite ADBE already being inexpensive before the earnings release. I think that this market reaction makes no sense and that this is a clear buying opportunity, as I will show in this article. Past Coverage I have written about Adobe Inc. here on Seeking Alpha in the past, with my most recent article being from December 2025, around half a year ago. I was bullish back then -- so far, this thesis has not worked out well, as ADBE has continued to pull back. With Adobe reporting its Q2 results on Thursday, I want to update my thesis today. What Happened? Adobe Inc. released the earnings results for its fiscal second quarter following the market's close on Thursday -- with the headline numbers looking like this: Adobe Inc. Q2 results (Seeking Alpha) We see that the company beat the Wall Street consensus on both lines, with a roughly 3% revenue beat as well as a roughly 3% earnings per share beat. Outperforming the analyst consensus is something ADBE does regularly -- this was the 14th double beat in a row. I thus wasn't too surprised to see Adobe do better than what the analyst community had expected. The market seemingly didn't like what Adobe reported, as shares dropped by around 5% in post-market trading at the time of writing -- I believe that shares will likely remain volatile on Friday as more investors and analysts digest ADBE's results. Adobe's Q2: Good Operating Performance Let's delve into the numbers: Adobe's top line, at $6.6 billion, was around 13% higher compared to one year earlier. This is, I believe, a good growth rate in any scenario, and it is, importantly, also one of the best growth rates in ADBE's recent history -- the last time revenues grew by 13% year-over-year was in 2022. Adobe's growth rate...
Khosrork/iStock Editorial via Getty Images Oxford Industries, Inc. ( OXM ) reported its Q1 '26 results this week. The results were not good, with falling sales in two of the most important brands, falling margins, and not particularly encouraging expectations for the year. Considering the company's performance over the past two years, I do not understand why it continues to trade at a mid-teens mu...
Khosrork/iStock Editorial via Getty Images Oxford Industries, Inc. ( OXM ) reported its Q1 '26 results this week. The results were not good, with falling sales in two of the most important brands, falling margins, and not particularly encouraging expectations for the year. Considering the company's performance over the past two years, I do not understand why it continues to trade at a mid-teens multiple on guided earnings. I believed the stock was hard to justify at $44 before the release, and I still find it hard to justify at $35 after the release. I therefore maintain a Hold rating. Q1 '26 Results Oxford's results were weak, even if adjusted EPS came above guidance. Aggregate sales were almost flat, at $391 million compared to $393 million last year. A big part of this, however, came from food & beverage (Marlin restaurants), up 14%, which was mostly driven by non-comps (openings) according to the call . For apparel, retail comps were down 2%, and wholesale fell 5%. Aggregate margins were also not good. Gross margin fell from 64.2% to 62.3% on a GAAP basis. The company attributed the decline mainly to $11 million of higher tariff costs and a $4 million larger LIFO charge. Adjusted gross margin, excluding LIFO, to 63.4%. The fact that tariffs made margins go down is an indication of a lack of pricing power. SG&A increased by another 1pp of sales, driven by new openings and by the investment and startup costs in the company's new distribution center. Focusing on the brands, the main positive was Tommy Bahama. Sales were up 4%, to $225 million, with comps in the same range. The brand's margins improved a little (EBITDA up 20 bps). Management nonetheless commented that the brand softened in April and May, although it expects some of that to reverse with the Father's Day timing shift. April/May is already starting to be the brand's (and the company's more generally) core selling season. Lilly Pulitzer was bad, similar to previous results. Sales fell 9%, and comps were...
Microsoft (NASDAQ:MSFT) , a leading software and cloud platform provider, closed Thursday’s session at $390.34, down 1.77%. The stock moved lower as Xbox restructuring headlines and sector-wide AI spending worries following an Oracle (NYSE:ORCL) cloud miss pressured sentiment, and investors are watching how AI Copilot adoption and data-center demand support longer-term growth. The company’s tradin...
Microsoft (NASDAQ:MSFT) , a leading software and cloud platform provider, closed Thursday’s session at $390.34, down 1.77%. The stock moved lower as Xbox restructuring headlines and sector-wide AI spending worries following an Oracle (NYSE:ORCL) cloud miss pressured sentiment, and investors are watching how AI Copilot adoption and data-center demand support longer-term growth. The company’s trading volume reached 46.2 million shares, which is roughly 33% above compared with its three-month average of 34.7 million shares. Microsoft went public in 1986 and has grown 401389% since its IPO. S&P 500 (SNPINDEX:^GSPC) rose 1.75% to close at 7,394.30, while the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 2.54% to finish at 25,809.66. Among software - infrastructure peers, Oracle (NYSE:ORCL) closed at $184.1, down 8.53%, while ServiceNow (NYSE:NOW) ended at $103.08, off 2.81%, reflecting renewed scrutiny on cloud and AI spending. Continue reading
Mark Pougatch acknowledged the controversies surrounding the tournament, while capturing the excitement of football fans Don’t mention the war. Mark Pougatch mentioned it, right at the start of ITV’s World Cup coverage, but I think he got away with it. He also, to his credit, highlighted the outrageous ticket prices , as well as the disgraceful treatment of the teams, fans and officials who now fi...
Mark Pougatch acknowledged the controversies surrounding the tournament, while capturing the excitement of football fans Don’t mention the war. Mark Pougatch mentioned it, right at the start of ITV’s World Cup coverage, but I think he got away with it. He also, to his credit, highlighted the outrageous ticket prices , as well as the disgraceful treatment of the teams, fans and officials who now find themselves persona non grata in America. Even Donald J Trump, the first (and quite possibly last) holder of the Fifa Peace Prize , got a mention. Pougatch also gave a visibly emotional Ian Wright the chance to suggest that the US has “no idea of the spirit of the game”. All unexpectedly and encouragingly feisty. Of course, it was no Gary Lineker, railing against the hosts’ human rights record while launching the BBC’s coverage of Qatar 2022. But Lineker is a corporation ghost now – no longer at the Beeb but podcasting for Netflix . The BBC have, on the grounds of cost, opted to present this World Cup from an austerity bunker in Salford . The Telegraph derided this as a “work from home” operation. ITV are already having some fun with it too. Continue reading...
Trump Nominates US Attorney Jay Clayton As Director Of National Intelligence Authored by Jack Phillips via The Epoch Times, President Donald Trump on Thursday said he is nominating Jay Clayton, the U.S. Attorney for the Southern District of New York, to be his director of national intelligence. The move comes weeks after former intelligence chief Tulsi Gabbard said she is stepping down from the ro...
Trump Nominates US Attorney Jay Clayton As Director Of National Intelligence Authored by Jack Phillips via The Epoch Times, President Donald Trump on Thursday said he is nominating Jay Clayton, the U.S. Attorney for the Southern District of New York, to be his director of national intelligence. The move comes weeks after former intelligence chief Tulsi Gabbard said she is stepping down from the role. Trump, in announcing the decision on Truth Social, wrote that “few people anywhere” in the legal community have as much respect as Clayton, the former head of the Securities and Exchange Commission (SEC), whom the president also described as “highly respected.” “I encourage the United States Senate to confirm Jay as soon as possible,” he wrote in the post. Last month, Gabbard announced she was stepping down as the head of the Office of the Director of National Intelligence (ODNI) because her husband was diagnosed with a rare form of cancer. Federal Housing Finance Agency Director Bill Pulte was named by Trump to serve as acting director in a move that drew pushback from Democratic and some Republican lawmakers. Pulte will serve as the acting U.S. intelligence chief and would take over from Gabbard later in June, Trump said on Tuesday. Last week, the president told the Wall Street Journal that he would encourage Pulte to downsize parts of the intelligence office, which oversees 18 federal agencies and units. “I’d like to see it smaller. I think there are a lot of people in there that shouldn’t be there,” Trump said on June 5, adding that Pulte has broader latitude to make significant changes due to his being the acting head of the ODNI. “You’re less shackled,” he said. “It sort of gives you more power, you know, for a somewhat limited period of time.” Going further, Trump suggested that the ODNI could even be “terminated” in its entirety, noting that a similar downsizing process was undertaken at the Department of Education. “We’ve made the Department of Education much s...
John M. Chase/iStock Unreleased via Getty Images SpaceX IPO This week I will be analyzing Space Exploration Technologies Corp., aka SpaceX ( SPCX ), which is going public on Friday, June 12th, at an expected opening IPO price of $135 per share, which would give the IPO an implied valuation of $1.75 trillion. The final pricing will be locked in tonight, and the stock will begin open-market trading ...
John M. Chase/iStock Unreleased via Getty Images SpaceX IPO This week I will be analyzing Space Exploration Technologies Corp., aka SpaceX ( SPCX ), which is going public on Friday, June 12th, at an expected opening IPO price of $135 per share, which would give the IPO an implied valuation of $1.75 trillion. The final pricing will be locked in tonight, and the stock will begin open-market trading tomorrow morning. I would say that 99.9% of those who will rush in and buy shares in the IPO will do zero analysis and just buy so they can say that they did so. The company’s S-1 filing came out ahead of its scheduled public debut, meaning that SpaceX’s consolidated financials have been made public for the first time. The numbers show an organization leaning heavily on its satellite Internet division to fund aggressive capital expenditures in rocket development and massive artificial intelligence infrastructure. The core financial metrics reveal a sharp contrast between strong operational growth and massive bottom-line GAAP losses driven by capital-intensive investments. SpaceX Vs. Apple Consolidated Financial Performance (Full-Year 2025) showed Total Revenue of $18.67 billion (up 33% year-over-year from $14.1 billion in 2024), which is healthy, but when you do the actual math of what people are actually paying for, you are getting IPO Price to Revenue per share of 94 times! On a relative basis, our Apple ( AAPL ) shares are currently trading at 9.5 times their price to revenue per share, and that is only because Apple is insanely profitable and generates amazing free cash flow every year to justify the result. Apple, for example, produced a GAAP net profit of $122.58 billion last year, while SpaceX reported a GAAP net loss of $-4.94 billion . From a free cash flow performance point of view, SpaceX reported negative $-13.8 billion in free cash flow, which is based on $18.67 in revenue, reflecting heavy capital expenditure. For every dollar of revenue SpaceX generated, it l...
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are PIMCO Managing Director & Global Economic Advisor Richard Clarida, Gabelli Funds Portfolio Manager John Belton, ServiceNow President of Global Customer Operations Paul Fipps, J.P. Morgan Private Bank Head of Alternative Invest...
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are PIMCO Managing Director & Global Economic Advisor Richard Clarida, Gabelli Funds Portfolio Manager John Belton, ServiceNow President of Global Customer Operations Paul Fipps, J.P. Morgan Private Bank Head of Alternative Investment Strategy Sitara Sundar, SoFi Chief Market Strategist Liz Thomas, D.A. Davison Technology Research Head Gil Luria, Wedbush Securities Technology Research Global Head Dan Ives, ValueEdge Advisors Chair Nell Minow, & FTSE Russell Director of Product Management Catherine Yoshimoto. (Source: Bloomberg)