PM Images/DigitalVision via Getty Images I've been pounding the table on Realty Income ( O ) for a while now, and the Q1 2026 numbers made me more bullish than I already was. From an income perspective, Realty Income is a company that has declared 670 consecutive monthly dividends and raised the payout 114 quarters in a row, but they just told the market its business is firing on all cylinders des...
PM Images/DigitalVision via Getty Images I've been pounding the table on Realty Income ( O ) for a while now, and the Q1 2026 numbers made me more bullish than I already was. From an income perspective, Realty Income is a company that has declared 670 consecutive monthly dividends and raised the payout 114 quarters in a row, but they just told the market its business is firing on all cylinders despite the macroeconomic environment. Its stock, on the other hand, is down roughly 11.5% since reaching $67.94 at the beginning of March, which has made the dividend yield increase to 5.42% again. I think we're walking into a stretch where the market starts paying up again for real tangible assets that throw off dependable cash flow, and Realty Income owns about as clean a version of that as you'll find in the public market. My view is much different than many others because I still believe that a deal can get done with Iran and oil can go below $80 per barrel before July 4 th . If that happens, we could see the sentiment on interest rates change and see the pendulum swing towards cuts rather than hikes in the back half of 2026. I think that the bad news is priced in, and if the macroeconomic environment turns, then Realty Income could be a large beneficiary. I am buying the dip and reinvesting the monthly dividend and allowing the income to compound, as I believe Realty Income is a great income play at these levels. Seeking Alpha In the middle of January, I wrote an article about Realty Income ( can be read here ) where I discussed why I was still bullish on Realty Income. Since then, shares have declined by -0.98% while the S&P 500 has climbed 9.05%. When the dividend is factored in, the total return from Realty Income was 1.19%. I felt that the push into Europe and then the launch of a private capital business focused on institutional money was an important pivot for Realty Income. My thesis back in 2025 was that Realty Income could attract cheaper European debt, which wo...
imaginima/iStock via Getty Images As demand for AI computing explodes, the bottleneck is increasingly shifting from chips to powered, ready-to-use data center capacity. New construction is accelerating, but the time, power, permits, equipment, and transmission access required to bring new capacity on-line make existing powered facilities strategically valuable. That value should rise further in th...
imaginima/iStock via Getty Images As demand for AI computing explodes, the bottleneck is increasingly shifting from chips to powered, ready-to-use data center capacity. New construction is accelerating, but the time, power, permits, equipment, and transmission access required to bring new capacity on-line make existing powered facilities strategically valuable. That value should rise further in the age of inference, as AI workloads become more distributed and proximity to user and application traffic increasingly matters. This creates a compelling setup for global data center operators. They sit at the intersection of scarce infrastructure, rising AI demand, and long-duration customer commitments, offering a differentiated way to access the AI buildout, and in our view, with also less direct exposure to the crowded parts of the mega-cap technology trade. Supply Constraints Meet Rising AI Demand AI's economic value depends on infrastructure that can't be built on software timelines. Models train and run inside powered, cooled, networked data centers that take years - not quarters - to bring on-line. Power contracts, transmission queues, permitting, equipment lead times now determine what gets built and when. For the next phase of AI growth, the binding constraint is physical. Demand, meanwhile, is changing shape. Training large AI models drove the first wave of compute growth, but inference is driving the next phase and could ultimately represent a larger opportunity. Unlike AI training, which is driven by model development cycles and research spending, inference occurs every time a model is used, allowing demand to scale alongside adoption. Training workloads can operate in remote hyperscale campuses optimized for low-cost power and raw computing horsepower. Inference workloads, by contrast, are generally more sensitive to latency, proximity to users, interconnection density, and access to cloud and enterprise networks. In our view, that means the next phase of AI i...
Morgan Stanley expects Zambia to revise its bond buyback offer higher in a bid to break an impasse with a group of bondholders resisting an initial price tabled almost a week ago. The southern African nation may offer 85 cents on the dollar for its 2053 note, about 9% more than the 78 cents price for early participants announced last week, the US-based lender said, based on conversations with clie...
Morgan Stanley expects Zambia to revise its bond buyback offer higher in a bid to break an impasse with a group of bondholders resisting an initial price tabled almost a week ago. The southern African nation may offer 85 cents on the dollar for its 2053 note, about 9% more than the 78 cents price for early participants announced last week, the US-based lender said, based on conversations with clients. An ad hoc group that has the support of more than a quarter of bondholders opposed the initial offer. A revised offer of around 85 cents could be enough to bring acceptances close to the 75% threshold required to activate the so-called clean-up call mechanism, allowing Zambia to redeem all remaining bonds, Neville Mandimika , an emerging-market strategist at Morgan Stanley, wrote in a client note. Still, there is no clarity on what price the ad hoc group has in mind, Mandimika cautioned. Should the bondholders use Ghana’s 2035 yields as a proxy for a fair yield, around 6.5%, then fair value could be closer to 97 cents in Zambia’s case. “On that basis, 85 cents may still be viewed as too low,” he said. The bonds were trading at 82.14 cents on the dollar as of 12:40 p.m. in London. Zambia Set for Talks With Creditors Moving to Block Buyback Zambia Bond Rally Complicates Buyback Bid as Creditors Dig In Zambia Creditor Group Challenges $1.36 Billion Bond Buyback Zambia Bonds Jump After 2053 Debt Buyback Tender Starts Zambia wants to retire the 2053 bond before a potentially costly coupon step-up kicks in later this year. The bond’s coupon will jump to 7.5% from the current 0.5% if the country meets an International Monetary Fund debt sustainability metric for two consecutive periods. The first is expected this month and the second in December, according to the terms of its 2024 debt restructuring. In an unlikely scenario, the Zambian authorities could cancel the tender altogether if they no longer see economic value in buying back the bonds at a materially higher price tha...
Investment-grade debt sales will outpace net issuance of US Treasuries this year, Apollo Global Management Inc .’s President Jim Zelter said, as the Magnificent Seven tech companies and others seek massive amounts of funding to fuel their expansion. The prospect of a handful of mega-IPOs on the horizon — including Alphabet Inc. ’s — highlights the breadth of US capital markets, Zelter added in a B...
Investment-grade debt sales will outpace net issuance of US Treasuries this year, Apollo Global Management Inc .’s President Jim Zelter said, as the Magnificent Seven tech companies and others seek massive amounts of funding to fuel their expansion. The prospect of a handful of mega-IPOs on the horizon — including Alphabet Inc. ’s — highlights the breadth of US capital markets, Zelter added in a Bloomberg TV interview on Thursday morning. “The scale of what you need to be relevant is much higher than it ever was before,” he said. “These numbers are unprecedented, but it shows you the scale of the marketplace.” US investment grade bond sales hit the $1 trillion mark earlier this week, the quickest they’ve reached that milestone since 2020, on the back of a spending surge on artificial intelligence. The US Treasury has announced around $1.4 trillion in new cash this fiscal year from Treasury securities sales. Investment-grade, private-credit and equity markets are all needed — not just to fund the boom in artificial intelligence, but the swelling capital requirements of industries from defense to utilities, according to Zelter. The range of investor appetite within global capital markets should ensure their needs are met, he added, but the real issue is how the immense demand for corporate capital impacts the market for government debt. “You are seeing potentially long-term crowding out of this massive, long-duration capex boom around the globe and the impact on government debt yields,” he said.
The Alkaline Water Company ( WTER ) said on Thursday it has appointed Alan Lien as CEO, effective immediately. Lien has more than 20 years of experience across consumer goods, manufacturing operations, corporate strategy, and capital markets. He previously founded and led Solis Tek as CEO, overseeing the listed horticultural lighting firm’s growth, product development, and distribution scaling. Th...
The Alkaline Water Company ( WTER ) said on Thursday it has appointed Alan Lien as CEO, effective immediately. Lien has more than 20 years of experience across consumer goods, manufacturing operations, corporate strategy, and capital markets. He previously founded and led Solis Tek as CEO, overseeing the listed horticultural lighting firm’s growth, product development, and distribution scaling. The company said the appointment supports its broader plan to reinforce its manufacturing platform and grow its private label beverage business in North America. Shares +17.60%. More on Alkaline Water Alkaline Water Company signs LOI to acquire Eureka Beverages Historical earnings data for Alkaline Water Financial information for Alkaline Water
Bloomberg Businessweek aired a segment on June 2, 2026 in which a guest sketched the outer edge of what SpaceX could be worth by the end of the decade. The figure was $10 trillion. That sits at the top of a bull-case range starting at $3 trillion and stepping through $5 trillion. SpaceX is currently ... The $10 Trillion Bet: Why Insiders Think SpaceX Could Rival Apple by Decade’s End
Bloomberg Businessweek aired a segment on June 2, 2026 in which a guest sketched the outer edge of what SpaceX could be worth by the end of the decade. The figure was $10 trillion. That sits at the top of a bull-case range starting at $3 trillion and stepping through $5 trillion. SpaceX is currently ... The $10 Trillion Bet: Why Insiders Think SpaceX Could Rival Apple by Decade’s End
IQSTEL ( IQST ) announced on Thursday a binding memorandum of understanding, or MoU, to acquire a 51% controlling interest in Ultranet Telecom Group , a fast-growing telecom and technology company headquartered in Ghana with operations across Africa and international markets. The company stated that both parties are working toward a definitive purchase agreement within 60 days, with a target close...
IQSTEL ( IQST ) announced on Thursday a binding memorandum of understanding, or MoU, to acquire a 51% controlling interest in Ultranet Telecom Group , a fast-growing telecom and technology company headquartered in Ghana with operations across Africa and international markets. The company stated that both parties are working toward a definitive purchase agreement within 60 days, with a target close in Q3 2026, but did not disclose financial terms. Shares of IQST slipped nearly 15% during pre-market trading hours on Thursday. The combined platform is expected to operate in approximately 30 countries across five continents, the company added. IQSTEL highlighted that the transaction is projected to add approximately $130M in annual revenue and approximately $4.5M in net profit based on Ultranet's FY 2025 audited financial statements. IQSTEL believes the transaction creates substantial strategic value through expanded telecom infrastructure and carrier operations, accelerated growth of high-margin digital services, AI, and fintech, as well as increasing its presence in Africa, the Middle East, and Asia. Source: press release More on iQSTEL iQSTEL Inc. (IQST) Q4 2025 Earnings Call Transcript iQSTEL reports Q1 results; reaffirms FY26 revenue target IQSTEL reports preliminary revenue of $317 million for FY-2025 Seeking Alpha’s Quant Rating on iQSTEL Historical earnings data for iQSTEL
U.S. Stock Market Preview | Major stock index futures are mixed; Broadcom (AVGO.US)'s guidance falling short of expectations weighs on Nasdaq futures, sending them down more than 1% in pre-market trading. Moomoo
U.S. Stock Market Preview | Major stock index futures are mixed; Broadcom (AVGO.US)'s guidance falling short of expectations weighs on Nasdaq futures, sending them down more than 1% in pre-market trading. Moomoo
FabrikaCr/iStock via Getty Images In this article we discuss the latest quarterly results from the Business Development Company Blackstone Secured Lending Fund ( BXSL ). The company delivered a 0.4% total NAV return in Q1. This is well below its historic run-rate but is above the Q1 median and average for the sector in our coverage. BXSL is a large BDC with a focus on upper middle-market borrowers...
FabrikaCr/iStock via Getty Images In this article we discuss the latest quarterly results from the Business Development Company Blackstone Secured Lending Fund ( BXSL ). The company delivered a 0.4% total NAV return in Q1. This is well below its historic run-rate but is above the Q1 median and average for the sector in our coverage. BXSL is a large BDC with a focus on upper middle-market borrowers. It is overweight exposure to software and healthcare companies, something we see across most other BDCs. BXSL BXSL is trading at a 10% discount to book value (about 7% rich to the average valuation in our coverage) and a dividend yield of 13% with the same NII yield on price. BXSL and Blackstone, Inc.'s ( BX ) other funds have been under the microscope over the last few months due to the news around software company Medallia. Blackstone refused to extend another lifeline to the company by ending its PIK agreement and its sponsor will hand the company over to Blackstone and its other creditors. A fair criticism with this particular writedown is not that it ended in a writedown. Credit portfolios with sub-investment grade holdings are always going to have writedowns. The fair criticism would be, one, why Medallia was such a large position in the portfolio and two, why the company decided to have its largest position a recurring revenue loan i.e. one that is not based on standard EBITDA metrics but one that relies on expected operating income growth. Medallai was the highest position in the portfolio before BXSL started to write down the loan. BXSL There is a decent chance that we see an improvement in Medallia. BXSL management highlighted that out of the two restructurings that have been fully realized in its portfolio to date, it achieved a realized multiple of 0.98x of invested capital inclusive of interest. A better metric would have been the final recovery amount of the loan without including interest since we don't know the length of the period over which interest was ...
lcva2 Microsoft's ( MSFT ) announcement this week of its latest quantum chip, known as Majorana 2, is another “validation” moment for the quantum computing industry, Wedbush Securities said. Shares rose 1.4% in premarket trading on Thursday. “We see MSFT's continued work on quantum as broadly another validation of the importance of the nascent technology,” Wedbush analyst Matt Bryson wrote in a no...
lcva2 Microsoft's ( MSFT ) announcement this week of its latest quantum chip, known as Majorana 2, is another “validation” moment for the quantum computing industry, Wedbush Securities said. Shares rose 1.4% in premarket trading on Thursday. “We see MSFT's continued work on quantum as broadly another validation of the importance of the nascent technology,” Wedbush analyst Matt Bryson wrote in a note to clients. “However, we see perhaps the more interesting facet of this news is the debate around the viability of MSFT's technology, with critics continuing to question whether Microsoft's solution can achieve Majorana states and then whether or not even success on this front yields something that can be used as a qubit.” The Majorana 2 was built in part by Microsoft Discovery's agentic AI. The new chip's qubits are 1,000 times more reliable than predecessors, the company said. Microsoft now expects to develop a scalable quantum computer by 2029, reducing its prior timeline by several years. More on Microsoft Microsoft's Core Internal Conflict Continues To Significantly Cap Upside Microsoft: The Best Opportunity In The Mag 7 Microsoft: The Ride Is Returning And I'm Buying It Most and least shorted tech stocks over $2B market cap as of May Microsoft's new AI models presented at Build should improve margins: Wells Fargo
lcva2 Microsoft's ( MSFT ) announcement this week of its latest quantum chip, known as Majorana 2, is another “validation” moment for the quantum computing industry, Wedbush Securities said. Shares rose 1.4% in premarket trading on Thursday. “We see MSFT's continued work on quantum as broadly another validation of the importance of the nascent technology,” Wedbush analyst Matt Bryson wrote in a no...
lcva2 Microsoft's ( MSFT ) announcement this week of its latest quantum chip, known as Majorana 2, is another “validation” moment for the quantum computing industry, Wedbush Securities said. Shares rose 1.4% in premarket trading on Thursday. “We see MSFT's continued work on quantum as broadly another validation of the importance of the nascent technology,” Wedbush analyst Matt Bryson wrote in a note to clients. “However, we see perhaps the more interesting facet of this news is the debate around the viability of MSFT's technology, with critics continuing to question whether Microsoft's solution can achieve Majorana states and then whether or not even success on this front yields something that can be used as a qubit.” The Majorana 2 was built in part by Microsoft Discovery's agentic AI. The new chip's qubits are 1,000 times more reliable than predecessors, the company said. Microsoft now expects to develop a scalable quantum computer by 2029, reducing its prior timeline by several years. More on Microsoft Microsoft's Core Internal Conflict Continues To Significantly Cap Upside Microsoft: The Best Opportunity In The Mag 7 Microsoft: The Ride Is Returning And I'm Buying It Most and least shorted tech stocks over $2B market cap as of May Microsoft's new AI models presented at Build should improve margins: Wells Fargo
The New York Knicks are fighting history as well as the Spurs. On Wednesday night in San Antonio, they took a crucial step towards defeating both It is uncommon to begin counting down after the opening game of an NBA finals, but these are uncommon times in New York, and the Knicks have been counting since Richard Nixon was president, their coach, Mike Brown, was three years old, and their opponent...
The New York Knicks are fighting history as well as the Spurs. On Wednesday night in San Antonio, they took a crucial step towards defeating both It is uncommon to begin counting down after the opening game of an NBA finals, but these are uncommon times in New York, and the Knicks have been counting since Richard Nixon was president, their coach, Mike Brown, was three years old, and their opponent, the San Antonio Spurs, played in the American Basketball Association. After the Knicks took Game 1 105-95 , the anticipation in New York rose to yet another level. Game 1 was not a good game, but it was a great game. The first quarter was ragged. So was the second. Neither team could shoot from distance – the Knicks shot 31% from three, the Spurs 26%. The Spurs’ Victor Wembanyama, the sport’s heir apparent , made his finals debut with six turnovers, 6-for-21 shooting from the field, defensively alive but never transcendent. Both Wembanyama and Jalen Brunson, the Knicks’ superb, always underestimated engine, took nine three-pointers. Each made two. Howard Bryant is the author of 11 books, including The Heritage: Black Athletes, A Divided America, and the Politics of Patriotism and Kings and Pawns: Jackie Robinson and Paul Robeson in America. Continue reading...
Diversified Royalty ( DIV:CA ) declares CAD 0.02375/share monthly dividend , in line with previous. Payable June 30; for shareholders of record June 15; ex-div June 15. See DIV:CA Dividend Scorecard, Yield Chart, & Dividend Growth. More on Diversified Royalty Diversified Royalty: The Mr. Lube Deal Is Bigger Than The Market Thinks Diversified Royalty Corp. (DIV:CA) M&A Call Transcript Diversified R...
Diversified Royalty ( DIV:CA ) declares CAD 0.02375/share monthly dividend , in line with previous. Payable June 30; for shareholders of record June 15; ex-div June 15. See DIV:CA Dividend Scorecard, Yield Chart, & Dividend Growth. More on Diversified Royalty Diversified Royalty: The Mr. Lube Deal Is Bigger Than The Market Thinks Diversified Royalty Corp. (DIV:CA) M&A Call Transcript Diversified Royalty: De-Risking Through Fixed Royalties Diversified Royalty to acquire Canadian Lube + Tires franchisor for C$235M Historical earnings data for Diversified Royalty
It didn’t take long for shares of International Business Machines (NYSE:IBM) to return to their winning ways. With a video clip from President Trump referring to CEO Arvind Krishna as a “legend” resurfacing online in viral fashion, questions linger as to what’s up with the sudden awakening of a name that was seemingly left behind ... IBM Set Records, Delivered 44% Gains in a Single Month as Trump ...
It didn’t take long for shares of International Business Machines (NYSE:IBM) to return to their winning ways. With a video clip from President Trump referring to CEO Arvind Krishna as a “legend” resurfacing online in viral fashion, questions linger as to what’s up with the sudden awakening of a name that was seemingly left behind ... IBM Set Records, Delivered 44% Gains in a Single Month as Trump Clip Resurfaces
Canadian Imperial Bank of Commerce ( TSX: CM ) on Thursday said it had received Toronto Stock Exchange approval for a new normal course issuer bid allowing it to repurchase and cancel up to 30 million common shares. The buyback represents about 3.3% of CIBC's 912.8 million issued and outstanding common shares as of May 31, 2026. Repurchases may begin on June 8 and continue until June 7, 2027, unle...
Canadian Imperial Bank of Commerce ( TSX: CM ) on Thursday said it had received Toronto Stock Exchange approval for a new normal course issuer bid allowing it to repurchase and cancel up to 30 million common shares. The buyback represents about 3.3% of CIBC's 912.8 million issued and outstanding common shares as of May 31, 2026. Repurchases may begin on June 8 and continue until June 7, 2027, unless completed earlier or terminated by the bank. CIBC said it had completed its previous share repurchase program, buying back and cancelling 20 million common shares at an average price of $129.68 per share for a total of about $2.6 billion. The bank said purchases under the new program may be made through the Toronto Stock Exchange, alternative Canadian trading systems, and the New York Stock Exchange. Shares acquired under the program will be cancelled. CIBC also said it had entered into an automatic share purchase plan with CIBC Capital Markets, which allows share repurchases during periods when the bank would otherwise be restricted from trading under insider trading rules or internal blackout policies. Source: Press Release More on Canadian Imperial Bank of Commerce Scotiabank upgrades Bank of Montreal, downgrades Canadian Imperial Bank of Commerce after FQ2 earnings CIBC Q2 earnings top consensus on robust capital markets, wealth management performance
mtcurado/iStock Unreleased via Getty Images After sitting for a few months with a 'Buy' rating on Village Super Market ( VLGEA ), I came up with a take-profits idea for the $40s. It wasn't anything too complicated. Seeking Alpha In April, Village was trading right at its fair value and, with a weak dividend yield for grocery stock (~2%) and without a consistent buyback plan, it didn't make sense t...
mtcurado/iStock Unreleased via Getty Images After sitting for a few months with a 'Buy' rating on Village Super Market ( VLGEA ), I came up with a take-profits idea for the $40s. It wasn't anything too complicated. Seeking Alpha In April, Village was trading right at its fair value and, with a weak dividend yield for grocery stock (~2%) and without a consistent buyback plan, it didn't make sense to hold it at that moment. Hard-discounters could eat up some of the market share (and, as we'll see shortly, they did) and soon the stock would become slightly undervalued again. My thesis just needed a catalyst. And it seems that Q3 FY 2026 (which ended in early June of this year) was enough. Post-earnings, the stock fell almost 20% to ~$37. Today it's rising again, but it's still at least ~10% away from my last 'Sell' rating. Is it time to fish for the bottom again? Right off the bat, you can say no. Based on the valuation, from here to the low-$40s offers an upside of at least a low-single digit. I wouldn't say it's worth buying precisely because the total return would be something very close to 5%, and I'm being quite generous here. But I think it's worth not overlooking these earnings . If you look at Weis Markets ( WMK )—a peer in the Mid-Atlantic—you'll notice that the market digested the reports differently. Storm Fern Wasn't the Only One to Blame Even if you don't follow Village or even the grocery segment, three things stand out in these results . The first is that same-store sales not only fell, but slowed down significantly compared to Q2 FY 2026. They were -0.2% (compared to ~1.2% for Weis), a dip of 500 bp compared to the last quarter. But there's a catch: Storm Fern. In the last quarter, people filled their carts more in anticipation of it. So, if you look at same-store sales disregarding that, they would have risen 1.4%. And, since the dip in Q3 FY 2026 was also due to Fern, normalizing it would have shown a growth of 1.3%. A slowdown of only ~10 bp. Here's ...
Deliveries in 30 minutes or less coming to Manchester and Birmingham and fresh groceries service to start in London Amazon is expanding fast-track deliveries in the UK, including adding fresh fruit and vegetables to same-day services, after closing its standalone grocery stores . The firm said it would expand Amazon Now, its ultra-fast delivery service that already delivers goods in less than 30 m...
Deliveries in 30 minutes or less coming to Manchester and Birmingham and fresh groceries service to start in London Amazon is expanding fast-track deliveries in the UK, including adding fresh fruit and vegetables to same-day services, after closing its standalone grocery stores . The firm said it would expand Amazon Now, its ultra-fast delivery service that already delivers goods in less than 30 minutes to parts of London, to also serve Manchester and Birmingham this year. Continue reading...
Ares Management's ( ARES ) co-president, Blair Jacobson, said in an interview with Bloomberg TV that there's a "real disconnect" between media headlines over private credit and what the company is seeing across its portfolio companies. Jacobson said Ares' 3,000 or so companies are growing at between 8% and 12% a year, according to the Bloomberg report published on Thursday. Rates of non-accrual ar...
Ares Management's ( ARES ) co-president, Blair Jacobson, said in an interview with Bloomberg TV that there's a "real disconnect" between media headlines over private credit and what the company is seeing across its portfolio companies. Jacobson said Ares' 3,000 or so companies are growing at between 8% and 12% a year, according to the Bloomberg report published on Thursday. Rates of non-accrual are lower than what the company has seen historically, and the broader macroeconomic picture is supportive, Jacobson reportedly said. Furthermore, the capital flow reduction into the industry, fueled by retail investors' increased caution, benefits the asset class in some ways, according to the co-president. Ares' portfolio companies are in a "mathematically comfortable" position with no signs of major distress in the liquid market for loans and bonds, Jacobson reportedly said. Downplaying concerns about private credit managers curbing redemptions, he said, "The underlying funds are meeting what we guide investors to expect from high single-digit, double-digit returns." The news comes after Cliffwater was said to have curbed redemptions at its private credit fund for the second quarter as well, raising fresh doubts over the health of the private credit industry ( VPC ) ( BIZD ) ( PRIV ) . More on Ares Management Corporation Ares Management Corporation (ARES) Presents at Goldman Sachs 30th Annual European Financials Conference 2026 Transcript Ares Management: Bonds Might Still Offer The Best Deal Ares Management Corporation (ARES) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript Private credit names decline as Cliffwater's Q2 redemption requests cast fresh doubts on industry health Ares' M&A activities have been better than hoped - CEO
Futures Slide After Broadcom Forecast Miss Chills Tech Euphoria US equity futures are weaker, dragged lower by Tech after a disappointing outlook from Broadcom triggered doubts that the blistering rally in technology shares had gone too far, a move exacerbated by euphoric positioning. As of 8:00am ET, S&P futures dropped 0.4%, while Nasdaq futures slumped 1.2%. Broadcom, which added around $150 bi...
Futures Slide After Broadcom Forecast Miss Chills Tech Euphoria US equity futures are weaker, dragged lower by Tech after a disappointing outlook from Broadcom triggered doubts that the blistering rally in technology shares had gone too far, a move exacerbated by euphoric positioning. As of 8:00am ET, S&P futures dropped 0.4%, while Nasdaq futures slumped 1.2%. Broadcom, which added around $150 billion in market value just this week, slumped 13% in US premarket trading after its forecast for artificial-intelligence semiconductor revenue in the current quarter fell short of expectations. CrowdStrike shares also drop 10% after their revenue projection failed to impress investors. Semis are under pressure following AVGO’s earnings, while Mag7 are bid led by AAPL (+1%). Parts of Cyclicals and Defensives are bid as portions of the AI Theme are weaker pointing to a potential de-risking or the very early stages a rotation. Given the sell off in APAC and EU bid, it appears to be the former rather than the latter. Bond yields are lower as the curve bull steepens, and USD weakens. Commodities are lower as Energy sells-off on news that Israel / Lebanon will resume their conditional ceasefire within 24 hours (although Hezbollah was notably not mentioned); but, precious metals are a notable outperformer. Today’s macro data focus is on Challenge Job Cuts, Initial Claims, and Continuing Claims, with NFP coming tomorrow. In premarket trading, Mag 7 stocks are mixed (Microsoft +0.8%, Amazon +1.1%, Apple +1%, Alphabet +0.4%, Nvidia -1%, Meta Platforms -0.7%, Tesla -0.8%. Broadcom (AVGO) is down 14% after the chipmaker gave an outlook that was seen as underwhelming, given the industry’s AI-related demand. Analysts note that AI sales and margins for the current quarter are weaker than expected. AI-linked companies fall after Broadcom’s outlook for AI chip revenue failed to impress investors. Decliners include Intel (INTC), which is down about 4%, and Lumentum (LITE), which is falling 3...