Earnings Call Insights: Yesway, Inc. (YSWY) Q1 2026 Management View Chief Executive Officer Thomas Trkla framed the quarter as the company’s first as a public issuer, highlighting scale and footprint: “As of March 31, 2026, we operated 449 stores, making Yesway the 15th largest convenience store operator in the country.” Trkla emphasized the company’s differentiated food positioning anchored by Al...
Earnings Call Insights: Yesway, Inc. (YSWY) Q1 2026 Management View Chief Executive Officer Thomas Trkla framed the quarter as the company’s first as a public issuer, highlighting scale and footprint: “As of March 31, 2026, we operated 449 stores, making Yesway the 15th largest convenience store operator in the country.” Trkla emphasized the company’s differentiated food positioning anchored by Allsup’s: “Allsup’s is especially well known for its iconic deep-fried burrito... [and] serves as an important driver of customer traffic, repeat visits and loyalty for our combined store base.” Trkla described the IPO and uses of proceeds: “Inclusive of the full exercise of the greenshoe option, we raised approximately $322 million in net proceeds, which we have used to fully redeem our preferred equity and to repay $10 million of debt. An additional $20 million of debt repayment was made following the close of the offering.” Trkla pointed to Q1 performance and early Q2 trends: “Most notably, our profitability reached an all-time high with adjusted EBITDA increasing 112.9% year-over-year to over $59 million... we are also pleased to report that the positive momentum in our business has continued with same-store sales and gallons positive through the end of May.” Chief Financial Officer Ericka Ayles tied results to pricing actions and fuel execution: “Inside merchandise sales increased 9.5% year-over-year to $213.7 million or 4.5% on a same-store basis... driven primarily by pricing initiatives taken during Q4 2025 and Q1 2026.” Ayles attributed fuel margin benefits to volatility: “The geopolitical developments in the Middle East have increased fuel price volatility across the industry, benefiting retailer profitability.” Outlook Management introduced fiscal 2026 guidance and framed key uncertainty around fuel volatility: “Our outlook for fiscal 2026 reflects the strength of our first quarter performance and the momentum we have carried into the first 2 months of Q2. That sai...
Cliffwater Private Credit Fund Gates Investors For Second Straight Quarter After Redemption Requests Soar To 17% The market may be in full-blown face-ripping bubble mode, and software stocks are now gripped in by a category 5 gamma squeeze hurricane, but not even that is helping the ongoing debacle that is private credit. The flagship private credit fund of Cliffwater, a fund which has was slammed...
Cliffwater Private Credit Fund Gates Investors For Second Straight Quarter After Redemption Requests Soar To 17% The market may be in full-blown face-ripping bubble mode, and software stocks are now gripped in by a category 5 gamma squeeze hurricane, but not even that is helping the ongoing debacle that is private credit. The flagship private credit fund of Cliffwater, a fund which has was slammed by redemption requests in the past quarter as the private credit crisis came to a fore, has again gated investors by capping redemptions at 5% in the second quarter after investors looked to pull more than three times that amount, or 17% of shares, Bloomberg reported, in a sign of relentless pressure on the $1.8 trillion market. The $31 billion Cliffwater Corporate Lending Fund informed shareholders Tuesday that they’d get about one-third of their requested money back, according to a letter seen by Bloomberg. The prior quarter, investors got back around half of the roughly 14% they asked for, with the vehicle choosing to cap withdrawals at 7%. Shortly after Cliffwater’s decision in March, S&P Global Ratings lowered its outlook on the interval fund to negative from stable, warning that the 5% redemption threshold is “an important guardrail.” “Our repurchase program is intentionally designed to provide shareholders with periodic liquidity that aligns with the fund’s long-term investment strategy and its underlying assets,” Cliffwater CEI Stephen Nesbitt said in the letter to investors. And by periodic liquidity he meant far less liquidity than investors hoped to recovery. The firm previously said that the fund, which has delivered a roughly 9.4% annualized net return since it was formed in 2019, has enough liquidity to meet 5% redemptions for more than a year without selling a position or an asset. After a second straight quarter of gating that may be tested very soon. Cliffwater has become something of an unlikely giant in the private credit market by raising money at a rap...
Former first lady speaks about Biden’s decision to withdraw from the 2024 presidential race at event for her new memoir Jill Biden recalled the immense pressure that Joe Biden faced in the aftermath of his disastrous 2024 debate performance, saying he told her “Jilly, I had no choice,” following his decision to drop out of the presidential race. The former first lady made the comments during a Tue...
Former first lady speaks about Biden’s decision to withdraw from the 2024 presidential race at event for her new memoir Jill Biden recalled the immense pressure that Joe Biden faced in the aftermath of his disastrous 2024 debate performance, saying he told her “Jilly, I had no choice,” following his decision to drop out of the presidential race. The former first lady made the comments during a Tuesday book event coinciding with the release of her new memoir, View from the East Wing. The event was held at the 92nd Street Y in New York City, and moderated by comedian and co-host of The View, Whoopi Goldberg. Former president Biden was in attendance at the event and received two standing ovations from the crowd. Continue reading...
Florian Hettich, COO at Bizlink, discusses the company's business strategy and the impact from the AI boom. He speaks with Stephen Engle from the sidelines of Computex in Taipei. (Source: Bloomberg)
Florian Hettich, COO at Bizlink, discusses the company's business strategy and the impact from the AI boom. He speaks with Stephen Engle from the sidelines of Computex in Taipei. (Source: Bloomberg)
South Korea’s Kospi stock market has hit record highs thanks to AI, but experts urge caution over boom-bust cycles and a heavy reliance on two chipmakers South Korea has leapfrogged India to become the world’s sixth largest share market, leaving equity markets in the UK, Germany and France trailing in its dust. But despite the runaway success, some are raising concerns that the Kospi index is too ...
South Korea’s Kospi stock market has hit record highs thanks to AI, but experts urge caution over boom-bust cycles and a heavy reliance on two chipmakers South Korea has leapfrogged India to become the world’s sixth largest share market, leaving equity markets in the UK, Germany and France trailing in its dust. But despite the runaway success, some are raising concerns that the Kospi index is too dependent on two freshly minted trillion-dollar chipmaking companies. Chip company SK Hynix last week claimed a seat in Asia’s trillion-dollar company club, alongside South Korean compatriot Samsung Electronics and Taiwan’s TSMC. Explosive demand for chips used in AI has propelled the trio past the valuation threshold. Continue reading...
Dan Ives, Global Head of Technology Research at Wedbush Securities, discusses the revival of the AI trade and looks ahead to the listings of OpenAI, Anthropic and SpaceX. He speaks with Haidi Stroud-Watts and Paul Allen on Bloomberg: The Asia Trade. (Source: Bloomberg)
Dan Ives, Global Head of Technology Research at Wedbush Securities, discusses the revival of the AI trade and looks ahead to the listings of OpenAI, Anthropic and SpaceX. He speaks with Haidi Stroud-Watts and Paul Allen on Bloomberg: The Asia Trade. (Source: Bloomberg)
Investors should increase their hedging toward the end of summer, as stretched momentum in the S & P 500, macroeconomic risks and persistently higher oil prices heighten market uncertainty, according to Chris Murphy, co-head of derivatives strategy at Susquehanna. After a strong seasonal run, the S & P 500 is "starting to look increasingly vulnerable to a correlation shock," Murphy said. "Investor...
Investors should increase their hedging toward the end of summer, as stretched momentum in the S & P 500, macroeconomic risks and persistently higher oil prices heighten market uncertainty, according to Chris Murphy, co-head of derivatives strategy at Susquehanna. After a strong seasonal run, the S & P 500 is "starting to look increasingly vulnerable to a correlation shock," Murphy said. "Investors are entering the summer window with crowded momentum exposure, heavy large-cap tech positioning, low asset-manager cash, and a market that has become increasingly dependent on a narrow group of AI, semiconductor, and mega-cap leaders," he noted. While the tech sector has been posting one of its strongest two-month runs since 1990 which helped to propel the rally in the S & P 500, the momentum surges "do not last forever," according to Murphy. Murphy noted that the upside call skew has moved sharply higher across Nvidia, Broadcom, Invesco QQQ Trust, VanEck Semiconductor ETF and the broader top-50 S & P component universe, with prime-book momentum exposure at record highs while large-cap tech positioning is near the 95th percentile. Further, current macroeconomic risks would call for more hedging, given that consumer sentiment may be pressured in the coming months by persistently higher oil prices, while decline in the savings rate could signal another sign of fragility, Murphy said. "For investors who have benefited from the AI and tech-led rally, late summer may be a reasonable window to add protection while the market is still calm, rather than waiting for volatility, correlation, and put skew to reprice after the first real break in momentum," he said.
mediaphotos/iStock via Getty Images Thesis: Afrezza expansion As you know, MannKind ( MNKD ) has just seen the approval of Afrezza by the FDA. Now, the way I see it is that this is a pretty meaningful expansion of an already highly differentiated diabetes therapy. So we’re set to expand the use case in an area where Afrezza is already highly competitive. Just as a bit of background here, Afrezza i...
mediaphotos/iStock via Getty Images Thesis: Afrezza expansion As you know, MannKind ( MNKD ) has just seen the approval of Afrezza by the FDA. Now, the way I see it is that this is a pretty meaningful expansion of an already highly differentiated diabetes therapy. So we’re set to expand the use case in an area where Afrezza is already highly competitive. Just as a bit of background here, Afrezza is an ultra-rapid-acting inhaled insulin. It’s administered just before someone takes their meal and uses the lungs for absorption rather than traditional subcutaneous injection. So from that point of view, it’s already an attractive, easy option. It’s been previously approved only for adults, but now this new label extension specifically authorises its use in children who are aged 6 and older who have type 1 or type 2 diabetes. MannKind Corporation Clinically speaking, here this is pretty important since Afrezza actually mimics a lot more the body’s natural insulin response. It also removes the need for pre-meal injections, and if you think about this, it’s incredibly useful to people who follow unpredictable eating patterns. For example, people may want to do exercise or take part in school sports, so now they can simply carry the autoinhaler around with them. It's actually been included alongside injections and pumps in American Diabetes Association standards, which again gives it a lot of legitimacy as a third modality of mealtime insulin delivery rather than just a niche alternative. MannKind Corporation In my previous coverage , I focused more on Furoscix's growth outlook, but now with this approval, I feel the upside case for MannKind will increasingly hinge on Afrezza’s pediatric expansion. So this should act as a durable growth inflection rather than a one-off catalyst. There's access to a 360,000 patient base with an expected steady 30,000 annual inflow. I feel the company now has a clear path to efficient market penetration and long-term patient lifetime value cap...
Market Snapshot USD/INR ₹95.27 +0.3% Nifty 50 Index 23,483.55 +0.4% India 10-Year Bond Yield 7.01% -0.01 Spot Gold ($/oz) $4,481.45 -0.2% S&P 500 Futures 7,621.25 -0.0% Market data as of 08:10 AM IST, Jun. 3, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Pratigya Vajpayee in New Delhi with your mid-week dose of market news and analyses. The...
Market Snapshot USD/INR ₹95.27 +0.3% Nifty 50 Index 23,483.55 +0.4% India 10-Year Bond Yield 7.01% -0.01 Spot Gold ($/oz) $4,481.45 -0.2% S&P 500 Futures 7,621.25 -0.0% Market data as of 08:10 AM IST, Jun. 3, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Pratigya Vajpayee in New Delhi with your mid-week dose of market news and analyses. The Nifty 50 staged a strong comeback on Tuesday, ending a four-day losing streak, as shares of software services firms surged. The rally came after Nvidia CEO Jensen Huang rebuffed concerns that AI will disrupt the industry (more on that later). For the broader market, the near-term outlook remains tied to developments in the US-Iran conflict, especially its impact on oil prices, and whether corporate earnings can regain momentum. Oil is higher for a third day on pessimism over the prospects of a US-Iran peace deal and fresh fighting in the Middle East. Asian stocks, though, have edged up after renewed enthusiasm for the AI trade drove US equities to records. In today’s newsletter, we cover: The rebound in IT shares Nomura’s target for the Nifty The outlook for power utilities But first, a look at the spike in borrowing costs for firms and individuals. Markets Buzz: Rate Hike Odds Rise India’s short-term borrowing costs have climbed around 25 basis points over the past three weeks as tighter liquidity conditions and the growing odds of RBI rate hikes push yields higher. Yields on Treasury bills have now caught up with swap rates, which started factoring in a less accommodative monetary policy after the US-Iran war broke out. Tighter liquidity is expected to support the rupee and help rein in creeping inflation. Markets are now pricing in at least two interest-rate hikes, with the gap between the 364-day bill and the RBI’s policy rate widening to the most in more than three years. Shorter-dated securities are also pricing in tighter liquidity, even if the authority leaves rate...
Thanadon Naksanee/iStock via Getty Images Performance Recap • The PGIM Jennison Blend Fund declined but outperformed the -4.0% return of the Russell 3000 Index during the quarter. • Relative to the Index, stock selection within the financials and consumer discretionary sectors, along with overweight's to industrials and energy and an underweight to information technology added the most value. • Th...
Thanadon Naksanee/iStock via Getty Images Performance Recap • The PGIM Jennison Blend Fund declined but outperformed the -4.0% return of the Russell 3000 Index during the quarter. • Relative to the Index, stock selection within the financials and consumer discretionary sectors, along with overweight's to industrials and energy and an underweight to information technology added the most value. • The top absolute contributors over the quarter were Exxon Mobil ( XOM ), Shell ( SHEL ), Walmart ( WMT ), Tower Semiconductor ( TSEM ), and Cheniere Energy ( LNG ). • The top detractors over the quarter were Microsoft ( MSFT ), Alphabet ( GOOGL ), Amazon ( AMZN ), Broadcom ( AVGO ), and Eli Lilly ( LLY ). Positioning & Outlook • No material changes were made to the Fund this quarter. • From a growth perspective, our fundamental research continues to focus on companies with secular growth opportunities that we expect will extend over the next 3-5 years. These multi-year fundamental opportunities (both in magnitude and duration of the earnings growth profile) have been a long-term driver of stock returns, and we believe the business models in the Fund are poised to offer improving rates of relative growth versus the average stock. • From a value perspective, companies have continued to make improvements on operating efficiencies and productivity, which should bode well for ongoing free-cash-flow generation along with intrinsic value growth. Free cash flow durability and consistency remains our focus and will continue to be the driver of long-term wealth creation for equity owners. Additionally, companies with high quality business models should continue to drive a premium valuation from investors, with increasing capital returns to shareholders to be expected. • From a small cap perspective, we continue to identify attractively valued companies that have strong fundamentals, along with stable and high-quality balance sheets and profit margins. Quality and durability of the busi...
Dan Ives, Wedbush Securities Global Head of Technology Research, describes the bull run in AI equities as a "party" that is set to continue until late in the night - projecting confidence in a long-term run of high equity prices. He speaks after Alphabet stocks slid following the announcement of a billion-dollar equity round to pay for AI infrastructure. (Source: Bloomberg)
Dan Ives, Wedbush Securities Global Head of Technology Research, describes the bull run in AI equities as a "party" that is set to continue until late in the night - projecting confidence in a long-term run of high equity prices. He speaks after Alphabet stocks slid following the announcement of a billion-dollar equity round to pay for AI infrastructure. (Source: Bloomberg)