JHVEPhoto/iStock Editorial via Getty Images I'll kick off with a mea culpa: my reticence and skepticism on the semiconductor trade have caused me to miss out on a wide swath of gains in the stock market this year. I was selectively bullish on Micron ( MU ), whose surge to >$1 trillion has certainly helped my portfolio performance, but I missed out on gains in stocks like Western Digital Corporatio...
JHVEPhoto/iStock Editorial via Getty Images I'll kick off with a mea culpa: my reticence and skepticism on the semiconductor trade have caused me to miss out on a wide swath of gains in the stock market this year. I was selectively bullish on Micron ( MU ), whose surge to >$1 trillion has certainly helped my portfolio performance, but I missed out on gains in stocks like Western Digital Corporation ( WDC ). Now, however, many investors are tempted to think the party is just getting started. But in my view, the sharp rise to new all-time highs across all of these stocks bears a close re-examining, and I continue to think Western Digital doesn't measure up. Up nearly 3x since the start of the year, we have to ask: is this really justified by fundamentals? Data by YCharts I last wrote a "Sell" article on Western Digital in February, when the stock was trading just shy of $300 per share. Again, I'll reiterate that my nervousness about this stock prevented me from enjoying massive gains. But when I take a fresh look here, I only see risk from a valuation and fundamental performance perspective, and I'm reiterating my "Sell" rating here. Commoditized Nature Is Present In The Weaker Gross Margin Profile Versus Peers First, let's take a step back and understand what makes Micron so different from Western Digital. Micron is a manufacturer of raw memory (NAND and DRAM). Currently, the Nvidia ( NVDA ) chips that are the backbone of the data center buildout need copious amounts of high bandwidth memory ("HBM") that only Micron and two other global producers (Samsung and SK Hynix) provide. Micron is struggling to keep up with the demand; its products are fully committed and sold out through a multi-year timeframe, with new fabs expected to come online (in the U.S., Singapore, and Taiwan) across the 2027-2028 timeframe. Western Digital is different. Since its spinoff of SanDisk, which made NAND flash products, Western Digital has focused on hard disk drives (HDDs). These are usua...
PPL Corporation PPL is benefiting from a rise in clean electricity demand from the expansion of AI-based data centers across its Pennsylvania and Kentucky service territories. AI-driven data centers require substantially higher power consumption than conventional facilities because of their computing demands, advanced chips and greater cooling needs for AI workloads and training processes. Accordi...
PPL Corporation PPL is benefiting from a rise in clean electricity demand from the expansion of AI-based data centers across its Pennsylvania and Kentucky service territories. AI-driven data centers require substantially higher power consumption than conventional facilities because of their computing demands, advanced chips and greater cooling needs for AI workloads and training processes. According to an Arizton Advisory & Intelligence report, the U.S. data center market size is expected to reach $308.83 billion by 2030. PPL’s Pennsylvania segment registered nearly 28.3 gigawatts (GW) of potential data center demand, up from 25.2 GW, with nearly 10 GW under signed electricity service agreements (ESAs) and 5 GW already under construction. In the Kentucky segment, the economic development pipeline now indicates potential load growth of 12.9 GW through 2032, up from the earlier estimate of 8.5 GW. The company received interest from 13 new data center projects, representing nearly 12 GW of active electricity demand. PPL is undertaking substantial capital investments to upgrade its infrastructure and connect these data centers to the grid. It expects a regulated capital investment plan of $23 billion during 2026-2029. The company’s focus on generation, transmission and distribution projects, along with these investments, has helped improve service reliability and reduce customer outages. Through these initiatives, PPL is strategically positioning itself to capitalize on the anticipated boom in the data center market. These efforts support new revenue streams and strengthen its long-term growth prospects. Data Center Boom: A Growing Opportunity for Utilities The rapid expansion of artificial intelligence and cloud computing is driving unprecedented data center electricity demand. This supports overall financial performance and creates a long-term growth opportunity for utilities. Other utilities that stand to benefit from the growing demand from data centers are as follo...
Amid fierce criticism from opposition groups, Mexico’s senate has passed a constitutional amendment to include “foreign interference” as grounds to annul election results in the country. The bill, which was presented by the country’s president, Claudia Sheinbaum, defines foreign interference as “illicit financing, propaganda, the systematic dissemination of misinformation, digital manipulation, ...
Amid fierce criticism from opposition groups, Mexico’s senate has passed a constitutional amendment to include “foreign interference” as grounds to annul election results in the country. The bill, which was presented by the country’s president, Claudia Sheinbaum, defines foreign interference as “illicit financing, propaganda, the systematic dissemination of misinformation, digital manipulation, and the intervention of foreign governments or agencies”. But critics say that the broadness of the bill’s language means virtually anything could be used to annul the results of an election: an article in a British newspaper, a statement from a US official, a report from an international NGO. “This is one of the most egregious, alarming and retrograde pieces of legislation in Mexico’s young democratic history,” said Arturo Sarukhan, a former Mexican ambassador to the US, on X. “This law doesn’t prevent foreign interference. It hands the government a veto over election outcomes it doesn’t like.” The bill comes as Mexico has faced increased pressure from the US on security, with Donald Trump repeatedly threatening to invade the country and tackle cartels. Last month, the US justice department indicted 10 current and former officials from the state of Sinaloa, including the governor, for ties to a powerful drug-trafficking group. The indictment of Rubén Rocha Moya, the governor of Sinaloa and a close ally of former president Andrés Manuel López Obrador (known as Amlo), sent shock waves across Mexico’s political establishment. Sheinbaum has called for more evidence from the US before considering extradition. The Mexican president also doubled down on the importance of sovereignty and non-intervention since the indictment was made public. “All Mexicans should agree that there should be no foreign interference in elections in Mexico,” Sheinbaum said at a news conference on Thursday. “We must all agree that in Mexico, we Mexicans decide who governs us.” The bill comes as Mexico...
Key Points Nio's vehicle revenue vs. delivery growth suggests it has retained pricing power despite a price war in China. The Chinese EV maker's sub-brands have continued to push the company's deliveries higher. The company just turned in another quarter of adjusted operating profits. 10 stocks we like better than Nio › Most investors are aware that China’s automotive market, especially the electr...
Key Points Nio's vehicle revenue vs. delivery growth suggests it has retained pricing power despite a price war in China. The Chinese EV maker's sub-brands have continued to push the company's deliveries higher. The company just turned in another quarter of adjusted operating profits. 10 stocks we like better than Nio › Most investors are aware that China’s automotive market, especially the electric vehicle (EV) industry, is in a brutal price war. The EV industry is crowded with competitors, putting pressure on prices and margins, with uncertainty as to when the spiral lower will end. Currently, many Chinese automakers are rushing to export vehicles outside of China to support growth, and that’s worked well for most. Nio (NYSE: NIO), however, is hanging tough in its domestic market, and its financials appear to be turning the corner. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » But does that make the stock a buy, finally? Results speak loudly Let’s briefly point out some of the metrics that made Nio’s 2026 first quarter impressive. Despite the ultra-competitive Chinese automotive market, Nio’s vehicle deliveries totaled 83,465 in Q1, up 98.3% from the prior year. Better yet, despite the ongoing price war, Nio’s discipline enabled the company’s vehicle sales to increase 129.2% to 22,783 million yuan (about $3.3 billion) during the same time frame. The accelerated growth in sales revenue relative to deliveries suggests the company’s pricing power remains strong amid a domestic price war. It wasn’t just Nio’s top line that was impressive, as vehicle margin checked in at nearly 19% during Q1, well ahead of the 10.2% during the prior-year’s Q1. Nio’s accelerating deliveries, top-line revenue, and vehicle margin helped drive its overall gross margin to 19% during Q1, compared to a much more modest 7....
The England head coach has five key challenges to address in the buildup to next week’s first Test against New Zealand at Lord’s For all that the series was obviously a failure, England were competitive for periods of most of the Ashes Tests. But McCullum has repeatedly conceded that in the key moments when matches tend to be decided his side have a habit of stumbling. The question is why, and on ...
The England head coach has five key challenges to address in the buildup to next week’s first Test against New Zealand at Lord’s For all that the series was obviously a failure, England were competitive for periods of most of the Ashes Tests. But McCullum has repeatedly conceded that in the key moments when matches tend to be decided his side have a habit of stumbling. The question is why, and on Friday he made the telling admission: “I thought some of our guys were more ready for the pressure that was coming in Australia than they [actually] were.” So he has had to reconsider how to best prepare for such intangibles. England were widely condemned for a lackadaisical buildup to the first Ashes Test but McCullum implied that his players’ problem was not down to poor preparation, but actually to poor, or insufficient, coaching. Given that the removal of pressure has always been at the very heart of his coaching philosophy, this is essentially an admission of failure. “That’s always been one of our things, to try and take pressure away from the guys,” he said. “[But] it’s going to land with some guys before it’s going to land with others, and our job is to make sure it lands with everyone a little quicker than maybe it has done.” McCullum is now clear that for his players to overcome pressure he does not just have to create good vibes, but also put in hard work. “It’s making sure we’re a little bit more drilled down on some of those tactics so the guys have got absolute clarity in those pressure moments, so that we can hopefully be able to handle those better than we have in the bigger series so far,” he said. Continue reading...
is a senior reporter covering technology, gaming, and more. He joined The Verge in 2019 after nearly two years at Techmeme. Posts from this author will be added to your daily email digest and your homepage feed. Microsoft has delayed its upcoming Fable reboot once again. The game was set to launch in autumn 2026, but Microsoft now says that Fable will come out in February 2027. However, it will sh...
is a senior reporter covering technology, gaming, and more. He joined The Verge in 2019 after nearly two years at Techmeme. Posts from this author will be added to your daily email digest and your homepage feed. Microsoft has delayed its upcoming Fable reboot once again. The game was set to launch in autumn 2026, but Microsoft now says that Fable will come out in February 2027. However, it will show a “new look” at the game at its Xbox Games Showcase on June 7th. “This is year is packed with incredible games for XBOX players to enjoy, from Halo: Campaign Evolved, Gears of War: E-Day and Call of Duty Modern Warfare 4 to Control Resonant, Star Wars: Galactic Racer and Grand Theft Auto VI,” Microsoft says on the Xbox account on X. “In order to plan our game launches through the holidays, in a way that works best for players, we’re moving Fable to February 2027 so it can have the dedicated moment it deserves. We’re excited to be giving players a major new look at Fable, as well as our broader lineup, at XBOX Games Showcase on June 7.” The fall gaming season is already getting pretty full. Grand Theft Auto VI is scheduled for November 19th, Call of Duty: Modern Warfare 4 was announced this week with an October 23rd release date, and Star Wars: Galactic Racer is set for October 6th. Presumably, Microsoft will share specific release dates for Halo: Campaign Evolved, Gears of War: E-Day, and other titles during the Xbox Games Showcase as well. Fable, developed by Playground Games, was first announced in 2020 as a “new beginning” for the series. Years later, Microsoft gave it a planned release window of 2025, but later pushed that to 2026. It’s set to come to Xbox Series X / S, PC, and PS5 when it is released. Microsoft also isn’t going to share news about Project Helix, the next-generation Xbox console, during the Xbox Games Showcase, Matt Booty, Xbox’s chief content officer, said in an episode of the the Official Xbox Podcast released on Friday. Earlier this month, Micro...
Major League Baseball proposed a salary cap for the first time in more than three decades, a move opposed by the players union and likely to ignite tension between the two sides ahead of negotiations over a new labor deal. The league’s proposal would cap team spending at about $245 million and put a salary floor at roughly $171 million, according to a document provided by MLB. The current collecti...
Major League Baseball proposed a salary cap for the first time in more than three decades, a move opposed by the players union and likely to ignite tension between the two sides ahead of negotiations over a new labor deal. The league’s proposal would cap team spending at about $245 million and put a salary floor at roughly $171 million, according to a document provided by MLB. The current collective bargaining agreement between the league and players is set to expire in December, leading to speculation there could be a disruption to the 2027 season as the two sides hash out payroll structure. In 1994, the owners pushed for a salary cap, and the Major League Baseball Players Association went on strike during the second half of the season. The impasse led to a big chunk of games and the World Series being canceled. Randall Williams, Bloomberg News Business of Sports Reporter, joins Intelligence Radio for a closer look. (Source: Bloomberg)
Key Points A Blue Origin New Glenn rocket exploded on its launch pad last night. Intuitive Machines does not use Blue Origin for satellite launches, and is even a Blue Origin competitor on the moon. 10 stocks we like better than Intuitive Machines › Intuitive Machines (NASDAQ: LUNR) stock tumbled 7.3% through 12:15 p.m. ET this morning -- that's the bad news. The good news is that there's no bad n...
Key Points A Blue Origin New Glenn rocket exploded on its launch pad last night. Intuitive Machines does not use Blue Origin for satellite launches, and is even a Blue Origin competitor on the moon. 10 stocks we like better than Intuitive Machines › Intuitive Machines (NASDAQ: LUNR) stock tumbled 7.3% through 12:15 p.m. ET this morning -- that's the bad news. The good news is that there's no bad news on the wires today concerning Intuitive, per se, to explain why the stock is going down. Instead, shares of this space stock are reacting to bad news from another space company entirely: Blue Origin. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Disaster for Blue Origin could be good or bad for Intuitive Machines Last night, a Blue Origin New Glenn rocket exploded on its launch pad at Cape Canaveral in Florida while undergoing a routine engine test. Initial reports suggest Blue Origin's LC-36A launch complex has been badly damaged, if not destroyed. Now, this isn't necessarily bad news for Intuitive Machines. In the lunar lander market, Intuitive is in fact a competitor to Blue Origin, such that bad news for Blue could end up reducing competition for Intuitive! Intuitive does not use Blue Origin's megarocket to launch either its satellites or its lunar landers. Still, it might need to in the future. Moreover, because Intuitive lacks a rocket of its own, it does use other launch providers, and the loss of capacity from Blue Origin launches could raise launch prices across the industry. That's just how the law of supply and demand works -- taking New Glenn offline reduces the total launch services "supply." Given constant or growing demand, Intuitive's launch costs could rise. Things could get worse My bigger worry, and I suspect what's really worrying investors today, concerns Intuitive's stock price...
From left to right: Astera Labs co-founders Jitendra Mohan, Sanjay Gajendra and Casey Morrison accept the EY World Entrepreneur of the Year award Astera Labs co-founders Jitendra Mohan, Sanjay Gajendra and Casey Morrison from the United States were named winners of the EY World Entrepreneur of the Year awards on Thursday in Monaco. Astera Labs creates purpose-built, software-defined connectivity s...
From left to right: Astera Labs co-founders Jitendra Mohan, Sanjay Gajendra and Casey Morrison accept the EY World Entrepreneur of the Year award Astera Labs co-founders Jitendra Mohan, Sanjay Gajendra and Casey Morrison from the United States were named winners of the EY World Entrepreneur of the Year awards on Thursday in Monaco. Astera Labs creates purpose-built, software-defined connectivity solutions designed specifically for artificial intelligence (AI) data centres. The company today has over 1,000 employees across 13 global offices, a $54 billion market cap, and has recorded a 120 per cent compound annual growth rate since 2022. “To be alongside entrepreneurs who have built lasting legacies, while also shaping what comes next, means a great deal,” said Jitendra Mohan, chief executive and co-founder of Astera Labs. “From a team of 10 in 2018 to over 1,000 today, we’re proud to be part of such a powerful global entrepreneurship community,” he added. Astera Labs’ win makes them the fourth winner from the United States in the award’s 26-year history. They were selected from among nearly 5,000 programme participants that included 58 winners across 46 countries and regions competing for the global title. Among these other nominees was Ireland’s representative Edward McCloskey, founder of Louth-based company WaterWipes and last year’s winner of Ireland’s national EOY awards. WaterWipes is marketed as a gentler, chemical-free alternative to conventional baby wipes. They manufacture three million packs of wipes each week in two cleanroom production sites in Drogheda, with the company now employing nearly 400 people across Europe, the US and Australia. Its products are now on sale in 50 countries. McCloskey also owns Boyne Valley Group, the company behind brands such as McDonnells, Chivers, Erin soup, Don Carlos, Brillo, Killeen, Homecook, Lakeshore, Lifeforce and Kinetica Sports Nutrition. Janet Truncale, EY global chair and chief executive said: “As AI continues to ...
Alistair Berg Netflix ( NFLX ) and Procter & Gamble ( PG ) have attracted bullish upgrades, with analysts pointing to attractive valuations following periods of underperformance and untapped growth potential. Meanwhile, Corsair Gaming ( CRSR ) and Alphabet ( GOOG ) have been downgraded as analysts express concerns over inflated valuations and competitive pressures in the AI space. Upgrades Netflix...
Alistair Berg Netflix ( NFLX ) and Procter & Gamble ( PG ) have attracted bullish upgrades, with analysts pointing to attractive valuations following periods of underperformance and untapped growth potential. Meanwhile, Corsair Gaming ( CRSR ) and Alphabet ( GOOG ) have been downgraded as analysts express concerns over inflated valuations and competitive pressures in the AI space. Upgrades Netflix ( NFLX ): Upgrade Hold to Buy by Julia Ostian . The analyst sees significant total addressable market expansion potential as Netflix pushes into new content categories including live sports, podcasts, and creator content. “Even though management says their total addressable market ("TAM") is pretty large, focusing on the main streaming side of the business, I’d say it reaches a ceiling, and it’ll need to work very hard to push the growth higher than the growth of the market itself. To be fair, there are still many countries in the world where a smart TV isn’t present in every house, so the market growth itself should be solid.” The Procter & Gamble Company ( PG ): Upgrade Hold to Buy by Vladimir Dimitrov, CFA . The analyst believes recent stock underperformance has created an attractive entry point, viewing current market pressures as transitional rather than permanent. “The PG stock now looks increasingly attractive, especially if dividend increases from recent years are sustained. Moreover, the stock's earnings multiple now stands at its lowest levels for the past 5-year period, which could result in an additional tailwind for anyone buying at current levels and remaining patient.” Downgrades Corsair Gaming ( CRSR ): Downgrade Buy to Hold by Wolf Report . The analyst views the stock’s rapid surge driven by AI-related news as an overreaction not justified by fundamentals, with the B2B pivot introducing additional risks. “While the company's fundamental upsides remain, and I do believe that Corsair is a compelling buy at a low price, a cheap price is not what we have here....
He insists he is so right but gets so much badly wrong, not least the absurdity that the UK should have joined Donald Trump in the quagmire that is Iran Give the man credit. Tony Blair has achieved a goal that even a week ago seemed impossible, and which he scarcely managed in office: he has brought the Labour party together in sweet, harmonious unity. Thanks to him, Andy Burnham, Wes Streeting an...
He insists he is so right but gets so much badly wrong, not least the absurdity that the UK should have joined Donald Trump in the quagmire that is Iran Give the man credit. Tony Blair has achieved a goal that even a week ago seemed impossible, and which he scarcely managed in office: he has brought the Labour party together in sweet, harmonious unity. Thanks to him, Andy Burnham, Wes Streeting and the man they hope to replace, Keir Starmer , are singing in unison, joined in a chorus of denunciation – of one T Blair. Give the triple election-winner further credit. This is a political professional who still knows how to command the news cycle. Cannily timing the release of his nearly 6,000-word essay on the future of Britain , and the failings of Labour, to coincide with the parliamentary recess, he secured for himself massive coverage across all platforms over several days. Jonathan Freedland is a Guardian columnist Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here . Continue reading...
Earnings Call Insights: Asana (ASAN) Q1 FY 2027 Management View “We delivered a strong start to the year with revenue of $205.1 million, up 9.5% year-over-year and above the high end of our guidance,” said CEO Daniel Rogers, adding, “we’re seeing positive trends across customer retention, expansion and AI product adoption.” Rogers highlighted retention and vertical momentum, saying “overall in-qua...
Earnings Call Insights: Asana (ASAN) Q1 FY 2027 Management View “We delivered a strong start to the year with revenue of $205.1 million, up 9.5% year-over-year and above the high end of our guidance,” said CEO Daniel Rogers, adding, “we’re seeing positive trends across customer retention, expansion and AI product adoption.” Rogers highlighted retention and vertical momentum, saying “overall in-quarter NRR improved for the fourth consecutive quarter to 97%,” and added, “in the technology sector, we returned to positive year-over-year growth for the first time in 8 quarters.” On AI monetization and product traction, Rogers said, “Taken together, our AI product bookings now represent 17% of net new ARR in Q1,” and “the number of customers spending over $100,000 annually on AI Studio nearly doubled.” Rogers announced M&A, stating, “today, we’re announcing the acquisition of StackAI,” and described the rationale as, “StackAI is the logical evolution of AI Studio and accelerates our road map by over a year.” “Q1 revenues were at $205.1 million, up 9.5% year-over-year,” CFO Aziz Megji said, while also noting, “We delivered an 11.5% non-GAAP operating margin or $23.6 million of operating income.” Outlook Megji guided Q2 revenue to “$213 million to $215 million,” and said the range “includes an expected contribution from StackAI of approximately 50 basis points to growth.” Megji guided Q2 profitability to “non-GAAP operating income…$18 million to $20 million,” and “non-GAAP net income per share…$0.08 to $0.09.” For FY 2027, Megji forecast revenue of “$855.5 million to $863.5 million,” with “non-GAAP operating margin of at least 9.75%,” and “non-GAAP net income of $0.37 per share.” Versus the prior quarter’s framing, Megji said, “the core assumptions underlying the FY ’27 outlook we shared last quarter remain largely unchanged,” including that “PLG remains a near-term headwind,” and guidance “does not factor in the improvement we have seen in the tech vertical over the past t...
Progressive (PGR 1.15%) is one of the largest U.S. insurance companies, covering all stripes of policies. Although there are many insurance technology start-ups using artificial intelligence (AI) and machine learning to provide accurate pricing and a digital experience, Progressive has an edge in the auto space through its telematics program. Here's why that matters. Staying on top of technology T...
Progressive (PGR 1.15%) is one of the largest U.S. insurance companies, covering all stripes of policies. Although there are many insurance technology start-ups using artificial intelligence (AI) and machine learning to provide accurate pricing and a digital experience, Progressive has an edge in the auto space through its telematics program. Here's why that matters. Staying on top of technology Telematics is a program that insurance companies use to track driving records and price policies accordingly. It's a usage-based system, and drivers who opt in can benefit from lower rates if their safety records indicate that they're low-risk. Drivers can use a phone app or plug-in device to track things like speeding, acceleration, and seatbelt usage. Although telematics is widely used among insurers today, Progressive was the first one to adopt the technology. It began its first program in 2008, and by 2013, it had a 57% awareness rate. By 2015, it had 3 million customers in what is now called the Snapshot program. Progressive has tons of data at this point about every facet of driving that helps it match rate to risk, the ultimate goal of an insurance company. This gives it an edge over competitors of any kind, including the new upstarts. This data and the insights Progressive gets from it compound over time, and through machine learning, it constantly improves. That creates a wide moat and protects its lead in this space. Beating the market Progressive has two segments: personal and commercial. Since auto policies represent 90% of the personal line, and the personal line is 83% of the company's business, auto insurance is the company's main area. Expand NYSE : PGR Progressive Today's Change ( -1.15 %) $ -2.23 Current Price $ 192.28 Key Data Points Market Cap $114B Day's Range $ 191.92 - $ 195.49 52wk Range $ 191.75 - $ 289.96 Volume 58.8K Avg Vol 2.9M Dividend Yield 7.15 % Given its outsized role in the business, having an edge in the auto segment is critical for the co...
primeimages/E+ via Getty Images Market Overview Global equities fell in the first quarter of 2026, as the US-Israel military actions against Iran triggered a global energy shock, driving oil prices sharply higher and shifting the focus back to inflation and macroeconomic risks. This shock unfolded alongside a more protectionist global trade backdrop, highlighted by the Trump administration's imple...
primeimages/E+ via Getty Images Market Overview Global equities fell in the first quarter of 2026, as the US-Israel military actions against Iran triggered a global energy shock, driving oil prices sharply higher and shifting the focus back to inflation and macroeconomic risks. This shock unfolded alongside a more protectionist global trade backdrop, highlighted by the Trump administration's implementation of a 10% global tariff following the Supreme Court's rejection of earlier tariff measures—further complicating the global trade outlook. At the same time, divergence in monetary policy across major economies reinforced an increasingly fragmented macroeconomic environment, with the central banks of inflation- and energy-sensitive countries maintaining tighter policy stances while others moved more cautiously toward easing. Although corporate fundamentals remained broadly resilient, equity markets sold off as valuation multiples compressed under the weight of higher risk premia. These crosscurrents increasingly fed into broader macro dynamics, including renewed inflation sensitivity and reduced scope for monetary easing. As a result, the global economy faces a more challenging path forward, marked by potentially tighter financial conditions and heightened downside risks. Performance Summary The Multi-Asset Income Fund (I share)( ITTIX ) generated negative returns but outperformed its Blended Index. Equity exposures generated a positive absolute return and contributed to relative performance, driven by income factor opportunities and a global high dividend factor-based approach. Equity-linked notes detracted at the margin during the period. Fixed-income exposure generated negative absolute returns and detracted from relative performance, driven by the strategic income allocation. Tactical asset allocation positioning was marginally detractive, while active risk control was positive at the margin. Positioning & Outlook In the Fund manager's view, the outlook for risk ...
JHVEPhoto/iStock Editorial via Getty Images I invest for the long term, and because of that, I like growth companies. I like companies with ‘optionalities,’ like Amazon ( AMZN ), that I imagine if I buy at a fair price, I will be able to have an excellent return in 20 or 30 years. Think about what Amazon will be capable of delivering in 2040, the amount of new revenues that may have emerged, or at...
JHVEPhoto/iStock Editorial via Getty Images I invest for the long term, and because of that, I like growth companies. I like companies with ‘optionalities,’ like Amazon ( AMZN ), that I imagine if I buy at a fair price, I will be able to have an excellent return in 20 or 30 years. Think about what Amazon will be capable of delivering in 2040, the amount of new revenues that may have emerged, or at least, the amount of efficiency it may generate with its millions of robots, AI, etc. But at the same time, I believe that some investors end up overlooking good opportunities in mature companies. HP Inc. ( HPQ ) seems to be exactly that type of example, that traditional “value play,” a mature company with little (or no) growth but with cheap multiples and a lot of cash flow. HP Inc. Q2 Earnings Fiscal Q2 was good for HP. The company managed to beat the consensus both in revenue and EPS, and it was not by a small amount. Revenue was a beat by $340 million, something slightly above a 2% surprise. But adj. EPS was a beat by $0.14, a difference of almost 20%. Guidance was also above what the market expected for fiscal Q3 non-GAAP EPS; HP mentioned that it expects something between $0.61 and $0.71. Considering the midpoint , it is a $0.02 surprise, but considering the top end of the guidance, this is a 10% difference, and this quarter the company substantially beat previous guidance. Seeking Alpha Of course, all of this makes a difference in the market's perception; not surprisingly, the stock rose substantially (~13%) on the earnings release. But in my view, the market's good perception is not only because of the beat. I think the reason to be bullish on this quarter has a lot to do with HP's context, that is, how it managed to deliver this result. HP is still a company with dependence on printing in its results, because the margin is much higher than personal systems. And the printing result was not strong; it was normal. Revenue stayed exactly the same as in Q2 2025 and Q1 ...
Teammates Sepp Kuss and Jonas Vingegaard dominated the high mountains for Visma-Lease a Bike on Friday as the former claimed a historic solo victory on stage 19 of the Giro d’Italia, and the latter firmly defended his overall lead. By winning the brutal mountain stage atop Piani di Pezzè in the Dolomites, Kuss became the 116th rider to complete the Grand Tour stage victory trilogy, with the Americ...
Teammates Sepp Kuss and Jonas Vingegaard dominated the high mountains for Visma-Lease a Bike on Friday as the former claimed a historic solo victory on stage 19 of the Giro d’Italia, and the latter firmly defended his overall lead. By winning the brutal mountain stage atop Piani di Pezzè in the Dolomites, Kuss became the 116th rider to complete the Grand Tour stage victory trilogy, with the American adding an Italian success to wins at the Tour de France in 2021 and the Vuelta a España in 2019 and 2023. The monstrous 151km stage through the Dolomites packed a brutal 5,000m of climbing into a relentless rollercoaster of high-altitude climbs and technical descents, before finishing in the Veneto village of Alleghe. Lidl-Trek’s Giulio Ciccone seized his chance on the final long descent, the Italian breaking free from the chasing group to establish a one-minute lead with 10km remaining. However, Kuss launched a relentless pursuit as soon as the final uphill climb commenced, catching and passing Ciccone with just over 2km left before riding clear. Kuss crossed the finish line alone in front of thousands of cheering fans to secure the victory 13 seconds ahead of the Canadian, Derek Gee-West, of Lidl-Trek. Ciccone held off the rest of the chasers to take third, 36sec behind Kuss. The Austrian Felix Gall of Decathlon took fourth, 39sec behind Kuss, just ahead of Vingegaard, who crossed the line with the same time in fifth. That leaves Vingegaard with a commanding lead of 4min 3sec over Gall in the general classification. Earlier on Friday, Jhonatan Narvaez of UAE Team Emirates was forced to abandon the race due to complications from a minor incident the previous day. The team said the Ecuadorean had a small crash on Thursday during the post-stage transfer back to the team bus and the resulting discomfort was too severe to continue. Narvaez leaves the Giro with three stage victories.
Viasat ( VSAT ) stock price dropped over ~8% on Friday to ~$79.44, as investors locked in profits after the stock delivered a massive ~132.59% YTD gain , sharply outperforming the broader S&P 500 ( SP500 ) return of 10.49%. The pullback came after the satellite communications company posted improved Q4 FY2026 results and received fresh bullish calls from Wall Street analysts. Viasat reported Q4 re...
Viasat ( VSAT ) stock price dropped over ~8% on Friday to ~$79.44, as investors locked in profits after the stock delivered a massive ~132.59% YTD gain , sharply outperforming the broader S&P 500 ( SP500 ) return of 10.49%. The pullback came after the satellite communications company posted improved Q4 FY2026 results and received fresh bullish calls from Wall Street analysts. Viasat reported Q4 revenue of $1.17B, up 2% YoY, while net income came in at $58.8M as compared to a loss of $246.1M last year. The turnaround was largely supported by a $168.1M gain from the sale of its Navarino investment. Moreover, its adjusted EBITDA slipped slightly to $369.9M from $374.8M, while new contract awards rose 9% YoY to $1.28B. For the full year, revenue reached a record $4.64B, up 3% YoY, while adjusted EBITDA held steady at a record $1.55B. Importantly, the company generated positive free cash flow for the fifth straight quarter. The company also reduced total debt to $6.59B and ended the year with $2.9B in liquidity. While headline numbers looked stronger, investors appeared cautious around slower near-term profitability growth and flat FY2027 EBITDA guidance. The company expects FY2027 adjusted EBITDA to remain flat to slightly higher YoY, while free cash flow guidance of nearly $180M, excluding non-recurring Ligado payments, also disappointed some traders after the stock’s sharp run-up this year. Still, it showed strength in other areas. Defense and Advanced Technologies revenue climbed 12% YoY to $361M, while full-year contract awards hit a record $4.93B, with backlog rising 15% to $4.07B. Wall Street stayed optimistic after earnings. B. Riley reportedly raised its price target on Viasat to $106 from $94 with a Buy rating, citing growing momentum in defense, spectrum, and satellite services. Meanwhile, according to TheFly , Raymond James increased its target to $93 from $74 and maintained an Outperform rating, highlighting upside from the company’s Defense and Advanced Tec...