O’Neill agrees one-year deal after successful return Keane had a managerial spell with Maccabi Tel Aviv Celtic are expected to confirm the appointment of Martin O’Neill as the club’s permanent manager after the 74-year-old agreed a one-year contract to remain in Glasgow. O’Neill led Celtic to the domestic double during the second of two interim spells he undertook this season. Robbie Keane had bee...
O’Neill agrees one-year deal after successful return Keane had a managerial spell with Maccabi Tel Aviv Celtic are expected to confirm the appointment of Martin O’Neill as the club’s permanent manager after the 74-year-old agreed a one-year contract to remain in Glasgow. O’Neill led Celtic to the domestic double during the second of two interim spells he undertook this season. Robbie Keane had been prominent in the thoughts of the Celtic hierarchy and held talks with Dermot Desmond, the club’s principal shareholder, earlier this week. Butthe potential appointment of Keane was met with a furious backlash by an element of the Celtic support, who objected to his managerial spell in Israel. Keane was in charge of Maccabi Tel Aviv before switching to Hungary and Ferencvaros, from whom he resigned at the end of May. Continue reading...
mbbirdy/E+ via Getty Images Wall Street’s major market averages dropped lower on Friday as traders assessed May's labor report, while tech continued to be under pressure. The blue chip Dow ( DJI ) was -0.4%, the benchmark S&P 500 ( SP500 ) was -1.4%, and the tech focused Nasdaq Composite ( COMP:IND ) was -2.3%. Now, here are three news stories that broke in the morning to watch out for: U.S. labor...
mbbirdy/E+ via Getty Images Wall Street’s major market averages dropped lower on Friday as traders assessed May's labor report, while tech continued to be under pressure. The blue chip Dow ( DJI ) was -0.4%, the benchmark S&P 500 ( SP500 ) was -1.4%, and the tech focused Nasdaq Composite ( COMP:IND ) was -2.3%. Now, here are three news stories that broke in the morning to watch out for: U.S. labor market surges: Non-farm payrolls jumped 172,000 in May, more than double the 85,000 consensus and nearly matching April’s upwardly revised gain of 179,000, according to Bureau of Labor Statistics data released Friday. The unemployment rate held steady at 4.3%. Treasury yields moved sharply higher following the release, with the 2-year yield rising 10 basis points to 4.14% and the benchmark 10-year yield advancing 6 basis points to 4.53%. Mortgage giants whip-sawed: Fannie Mae ( FNMA ) and Freddie Mac ( FMCC ) shares jumped as much as 10% and 9.7%, respectively, in early Friday trading after President Donald Trump suggested during remarks Thursday that the two government-sponsored enterprises are worth approximately $1 trillion. The rally proved short-lived, with Fannie Mae up just 0.2% to $6.76 and Freddie Mac slipping 1.2% to $6.02 by late morning. Trump’s valuation is four to five times higher than KBW’s estimate of $200 billion to $250 billion in combined fair value; the companies’ actual combined net worth stood at $187 billion as of March 31. Microsoft board departure: LinkedIn co-founder Reid Hoffman announced he will leave Microsoft’s board of directors and not stand for reelection at the company’s 2026 annual shareholder meeting. Hoffman has served as an independent director since 2017, following Microsoft’s $26.2 billion cash acquisition of LinkedIn the previous year. Microsoft shares fell 1.5% in morning trading. The company stated the departure is not the result of any disagreement with management or any matter related to operations. More on markets The Inflatio...
Vertigo3d Bitcoin ( BTC-USD ) extended its recent decline on Friday, falling 4.5% amid a broad risk-off move across financial markets after stronger-than-expected U.S. payrolls data fueled concerns that interest rates could remain elevated for longer. The world's largest cryptocurrency dropped below the $60,000 threshold for the first time since September 2024, adding to a prolonged period of weak...
Vertigo3d Bitcoin ( BTC-USD ) extended its recent decline on Friday, falling 4.5% amid a broad risk-off move across financial markets after stronger-than-expected U.S. payrolls data fueled concerns that interest rates could remain elevated for longer. The world's largest cryptocurrency dropped below the $60,000 threshold for the first time since September 2024, adding to a prolonged period of weakness that has weighed heavily on digital assets throughout the year. Bitcoin is now down approximately 31.2% in 2026 and sits 51.7% below its all-time high of $126,272 which was reached back on October 6. Selling pressure has accelerated in recent weeks, with bitcoin losing roughly 17% since the start of June. The latest downturn has pushed the cryptocurrency into deeply oversold territory from a technical perspective. According to its relative strength index, bitcoin's reading has fallen to 15.75, marking its lowest level since the sharp sell-off seen in early February. During that decline, bitcoin retreated from near $90,000 to around $60,000 before eventually stabilizing. Market participants are closely monitoring whether the current oversold conditions could attract buyers, though sentiment remains fragile as investors reassess expectations for monetary policy. For now, the combination of rising Treasury yields and renewed risk aversion continues to pressure cryptocurrencies and other speculative assets. Bitcoin ETFs: ( IBIT ), ( ARKB ), ( GBTC ), ( BRRR ), ( BTCO ), ( HODL ), ( BTCW ), ( FBTC ), ( BITB ), and ( EZBC ). Blockchain ETFs: ( BITQ ), ( DAPP ), ( BKCH ), ( BLOK ), ( CRPT ), and ( IBLC ). More on markets Dividend Roundup: UnitedHealth Group, Verizon, Alphabet, American Express, and more Treasury yields jump after May payrolls crush expectations Nonfarm payrolls soar past consensus in May; unemployment rate holds at 4.3% AI-powered startup boom could bring major labor market shifts, Apollo says JPMorgan sees the bond yield surge fading in the second half of 20...
The artificial intelligence trade that has powered U.S. stocks to record highs this year could face some headwinds from an unusual source: the midterm elections. The S & P 500 hit an all-time high this week, topping 7,600 for the first time, as investors continue to pile into AI-related names such as Nvidia and Micron Technology . In fact, the VanEck Semiconductor ETF (SMH) has soared 74% year to ...
The artificial intelligence trade that has powered U.S. stocks to record highs this year could face some headwinds from an unusual source: the midterm elections. The S & P 500 hit an all-time high this week, topping 7,600 for the first time, as investors continue to pile into AI-related names such as Nvidia and Micron Technology . In fact, the VanEck Semiconductor ETF (SMH) has soared 74% year to date, and the S & P 500 has advanced 11%. But as the Nov. 6 U.S. midterm elections approach, AI names could hit some bumps in the road, particularly as Democrats are expected to flip at least the House of Representatives. A divided government could make it more difficult for companies in the space to move forth with their agenda. "Two areas that you're seeing increasing as a focus for Democrats are potential data center moratoriums. I don't think that passes, but if we're talking about data center moratoriums, there is a lot of market cap that is tied to the building and profitability and success of the AI trade," Ed Mills, Washington policy analyst at Raymond James, told CNBC. SMH YTD mountain SMH in 2026 In recent months, there has been a pushback on the data center boom , with political figures citing rising electricity costs and risks to grid stability as among the list of concerns. Mills also believes that the Democrats could push President Donald Trump on adopting a more hawkish stance on China. This could further restrict the trade of semi-cap equipment between the U.S. and China, Mills said. "Democrats would love to be running more hawkish on China than Trump has been. And if we see semiconductors getting restricted after we've seen a huge shift where Trump has been more open to the H200 from Nvidia … chips getting shipped to China, that could draw into question kind of the best performer this year in the stock market," he added. Nvidia, the most valuable company in the world with a market cap north of $5 trillion, is up 17% for the year. Other semiconductor names s...
Apple’s Worldwide Developers Conference kicks off Monday, and according to Wall Street Journal business columnist Tim Higgins, speaking on CNBC, AI will dominate the agenda. After years of being labeled a laggard in the generative-AI race, Apple (NASDAQ:AAPL) is using its biggest developer stage of the year to argue that the iPhone, already in billions ... Apple Is About to Make Its Biggest Bet on...
Apple’s Worldwide Developers Conference kicks off Monday, and according to Wall Street Journal business columnist Tim Higgins, speaking on CNBC, AI will dominate the agenda. After years of being labeled a laggard in the generative-AI race, Apple (NASDAQ:AAPL) is using its biggest developer stage of the year to argue that the iPhone, already in billions ... Apple Is About to Make Its Biggest Bet on AI Yet on Monday
The dollar index (DXY00 ) today rallied to a 1.75-month high and is up by +0.35%. The dollar recovered from early losses today and moved higher on the stronger-than-expected US May payroll report, bolstering speculation that the next Fed move will be an interest rate increase. Today's stock slump has...
The dollar index (DXY00 ) today rallied to a 1.75-month high and is up by +0.35%. The dollar recovered from early losses today and moved higher on the stronger-than-expected US May payroll report, bolstering speculation that the next Fed move will be an interest rate increase. Today's stock slump has...
Key PointsThe Simplify Health Care ETF has significantly outperformed the State Street Health Care Select Sector SPDR ETF on a 1-year total return basis.
Key PointsThe Simplify Health Care ETF has significantly outperformed the State Street Health Care Select Sector SPDR ETF on a 1-year total return basis.
Sundry Photography/iStock Editorial via Getty Images Investment Overview Over the past twelve months, the stock of New Jersey-headquartered Pharma giant Merck & Co., Inc. ( MRK ) has quietly increased by a sector-leading 55%. However, on a three-year basis, its stock is up just 6%. The current traded price is $120, and the current market cap valuation is $297bn. This makes Merck the world's fifth-...
Sundry Photography/iStock Editorial via Getty Images Investment Overview Over the past twelve months, the stock of New Jersey-headquartered Pharma giant Merck & Co., Inc. ( MRK ) has quietly increased by a sector-leading 55%. However, on a three-year basis, its stock is up just 6%. The current traded price is $120, and the current market cap valuation is $297bn. This makes Merck the world's fifth-largest Pharma by my calculation, behind only Eli Lilly ( LLY ), Johnson & Johnson ( JNJ ), AbbVie ( ABBV ), and Roche ( RHHBY ). Merck share price performance - 5-year (TradingView) As we can see in the slide above (source: TradingView), strong gains from 2021 to mid-2024 were wiped out in the latter half of 2024 and 2025, before stocks began climbing rapidly again. Some sell-offs appear to have been tied to earnings releases, plus some other events, i.e., the announcement of President Trump's Liberation Day tariffs last April, and follow-up threats to impose tariffs on Pharma companies specifically, but the main issue that has been dominating analysts agenda in relation to Merck and weighing down its stock, in my view, is the Keytruda patent expiry. As many readers will be aware, Keytruda (pembrolizumab) is Merck's flagship oncology drug, an immune checkpoint inhibitor ("ICI") that targets programmed death ligand-1 ("PD-1"). In 2025, Keytruda was the world's best-selling prescription drug, earning revenues of ~$29.5bn. It is approved to treat a wide range of solid tumor cancers—44 separate indications in total—often with a best-in-class profile, and in Q1, its revenues increased 12% year-on-year, to ~$8bn. The "issue" is that a core Keytruda composition-of-matter patent will expire in late-2028, and after that, it is likely that generic versions of Keytruda will begin to flood the market, potentially meaning Merck will no longer be able to charge a premium price for the drug it developed and may lose large chunks of market share also. For context, AbbVie's immunology drug...
Palantir and Kirkland & Ellis partner to transform private equity fundraising with exclusive AI-powered fund enterprise platform Institutional Real Estate, Inc.
Palantir and Kirkland & Ellis partner to transform private equity fundraising with exclusive AI-powered fund enterprise platform Institutional Real Estate, Inc.
The U.S. economy is navigating an unusual period in which two large capital cycles are unfolding side by side. While aging roads, bridges, and transit systems show signs of strain — with potholes, maintenance backlogs, and growing congestion — the country is simultaneously experiencing a rapid expansion of AI-related infrastructure. Capital is flowing heavily into ... AI Data Center Construction O...
The U.S. economy is navigating an unusual period in which two large capital cycles are unfolding side by side. While aging roads, bridges, and transit systems show signs of strain — with potholes, maintenance backlogs, and growing congestion — the country is simultaneously experiencing a rapid expansion of AI-related infrastructure. Capital is flowing heavily into ... AI Data Center Construction Outstrips Transportation Spending as Roads and Bridges Crumble
onurdongel/iStock via Getty Images Curtiss-Wright Corporation ( CW ) is a strong company priced at an impossible valuation. The market seems to assume that the good news is not just durable but near-certain for long into the future. At $743.43, CW trades at roughly 48.25x forward non-GAAP earnings, 32.92x forward EV/EBITDA, and 7.39x forward EV/sales. I will start here and see what needs to be don...
onurdongel/iStock via Getty Images Curtiss-Wright Corporation ( CW ) is a strong company priced at an impossible valuation. The market seems to assume that the good news is not just durable but near-certain for long into the future. At $743.43, CW trades at roughly 48.25x forward non-GAAP earnings, 32.92x forward EV/EBITDA, and 7.39x forward EV/sales. I will start here and see what needs to be done for the valuation to be justified. That exercise will make it obvious why I rate this absolutely good business a Sell on current valuation. Other than valuation, there are very few problems with this company—in fact, that premium valuation is an indicator of how strong the Curtiss-Wright business is. Q1 was strong ; management raised guidance. Its naval defense, commercial nuclear, defense electronics, and aerospace segments are all going strong. Free cash flow generation remains impressive. But at current multiples, the market seems to have factored these all in—and then some. I do not think the risk/reward is attractive here. The Valuation Is The Story I have used $743.43 as the share price as it is on Seeking Alpha right now. The rest of my baseline data, shown below, is also from the same source: Author This is quite demanding. You could justify a premium multiple for a high-quality compounder, but a 50x forward earnings multiple is not merely a premium. It is an aggressive assumption that the company’s durable defense and nuclear exposure will remain durable not just for a year or two, but for a decade. The Earnings Multiple Leaves Little Room For Error Curtiss-Wright raised its 2026 guidance; here are the details I have used: Author Using that EPS midpoint, the current price implies roughly 49.2x 2026 earnings. That is slightly above the Seeking Alpha forward non-GAAP P/E of 48.25x, which appears to use consensus rather than the company’s guidance midpoint. That is also over 2.4x the sector median. Either way, the conclusion is the same: the stock is priced at a ver...
Ubiquiti reported solid revenue growth and a debt-free balance sheet, but investors sent the stock tumbling anyway. What did the market see that the headlines missed?
Ubiquiti reported solid revenue growth and a debt-free balance sheet, but investors sent the stock tumbling anyway. What did the market see that the headlines missed?