pingingz/iStock via Getty Images Global equity markets were mixed during the quarter, as geopolitical tensions and the resulting energy shock weighed on growth expectations and investor sentiment. Smaller companies were particularly impacted by shifting risk appetite, with performance weakening as the quarter progressed. Our portfolio posted a modest gain but underperformed the MSCI World Small Ca...
pingingz/iStock via Getty Images Global equity markets were mixed during the quarter, as geopolitical tensions and the resulting energy shock weighed on growth expectations and investor sentiment. Smaller companies were particularly impacted by shifting risk appetite, with performance weakening as the quarter progressed. Our portfolio posted a modest gain but underperformed the MSCI World Small Cap Index for the period. Industrials, consumer discretionary, and real estate were the largest detractors. Specialty staffing company Hays ( HAYPF ) detracted from performance as persistent macroeconomic softness continued to pressure hiring demand, prompting cost-cutting actions. Samsonite ( SMSOF ), a luggage manufacturer, declined as travel-related concerns and input cost uncertainty drove the stock lower, despite solid earnings and pricing power. Concentrix ( CNXC ), a provider of customer experience solutions, detracted as investors focused on the potential impact of generative AI and short-term margin pressure from capacity investments ahead of new contract wins. The company continues to win business with its AI solutions, and the stock remains very attractive even with its relatively wide range of outcomes. The materials, information technology, and financials sectors were the primary contributors. Auto parts retailer Advance Auto Parts ( AAP ) contributed meaningfully as the company's turnaround continued to gain traction, with better inventory management and cost control supporting margins and improving operating execution. Snowplow manufacturer Douglas Dynamics ( PLOW ) reported fourth-quarter results reflecting strong demand in its Work Truck Attachments segment following an early start to winter and above-average snowfall totals in its core markets, and management provided full-year guidance in line with consensus. Consumer products company Spectrum Brands ( SPB ) contributed as strength in its Global Pet Care business along with encouraging signs for its Home & ...
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US President Donald Trump’s health was under scrutiny once again on Tuesday as he had his annual medical examination just days before his 80th birthday. The oldest US president ever sworn into office, Republican Trump has repeatedly boasted of his mental and physical vigour compared to Democratic predecessor Joe Biden. “Everything checked out PERFECTLY,” Trump said on social media as he drove back...
US President Donald Trump’s health was under scrutiny once again on Tuesday as he had his annual medical examination just days before his 80th birthday. The oldest US president ever sworn into office, Republican Trump has repeatedly boasted of his mental and physical vigour compared to Democratic predecessor Joe Biden. “Everything checked out PERFECTLY,” Trump said on social media as he drove back to the White House from Walter Reed Medical Centre near Washington. Advertisement Tuesday’s check-up comes amid speculation about Trump’s well-being due to bruising on his hand and his apparent sleepiness in meetings. It is Trump’s third examination since returning to office last year. He had a scheduled one in April 2025 followed by an unannounced hospital visit that October – which the White House also billed as an “annual” check-up, sparking fresh questions. Advertisement The president has faced repeated criticism over a lack of transparency about his health. The White House is expected to release details later on Tuesday but the extent of the detail it gives is at its own discretion.
US attorney and a key figure in the investigations into the assassinations of John F Kennedy and Martin Luther King G Robert Blakey, who has died aged 90, was one of America’s leading legal scholars, and his speciality was organised crime. He is best remembered for writing the part of the 1970 Organized Crime Control Act aimed at “racketeer influenced criminal organisations”. Its provisions became...
US attorney and a key figure in the investigations into the assassinations of John F Kennedy and Martin Luther King G Robert Blakey, who has died aged 90, was one of America’s leading legal scholars, and his speciality was organised crime. He is best remembered for writing the part of the 1970 Organized Crime Control Act aimed at “racketeer influenced criminal organisations”. Its provisions became popularly known as the Rico statutes, recalling the Edward G Robinson character Rico, an Italian mobster in the 1931 gangster film Little Caesar. Blakey had previously drafted the wiretapping section of the 1968 Omnibus Crime Control and Safe Streets Act, and he became the primary resource for state and local governments when they moved to legislate in those areas. Blakey’s son John, an attorney and then district judge in Chicago, said his father’s determination came from a conversation outside the courtroom with a defendant he was once prosecuting, who told him: “You’re doing a great job, but don’t worry, you’re not going to win. The rules won’t let you.” Continue reading...
kodda/iStock via Getty Images Pembina Pipeline ( PBA ) down 1.5% in Tuesday's trading, falling alongside a decline in crude oil prices, a day after the company said it will move ahead with its planned C$570M Heartland extraction plant project in Alberta. The company said the Heartland project includes a new 750M cf/day straddle plant to extract natural gas liquids under its extraction rights on th...
kodda/iStock via Getty Images Pembina Pipeline ( PBA ) down 1.5% in Tuesday's trading, falling alongside a decline in crude oil prices, a day after the company said it will move ahead with its planned C$570M Heartland extraction plant project in Alberta. The company said the Heartland project includes a new 750M cf/day straddle plant to extract natural gas liquids under its extraction rights on the Yellowhead pipeline and incremental capacity to accommodate future additional opportunities on a capital-efficient basis. S anctioning Heartland is another important step towards realizing Pembina's ( PBA ) recently announced 5%-7% fee-based adjusted EBITDA per share growth target to 2030, the company said. Pembina ( PBA ) also signed a new long-term agreement to supply Dow Inc. ( DOW ) with ethane beginning for Heartland beginning in late 2029, scaling to 22.5K bbl/day by the end of 2030. Including the Heartland agreement and the amended supply agreement, Pembina ( PBA ) said it will supply Dow ( DOW ) with 57.5K bbl/day of ethane, compared to the original agreement that called for 50K bbl/day. More on Pembina Pipeline and Dow Inc. Pembina Pipeline: Limited Upside, But Still A Buy For Yield Investors Pembina Pipeline: Why High-Single-Digit Upside Still Works For Income Investors Dow: Iran Benefits Justify The Rally But Are Priced In
Niphon Phunnu/iStock via Getty Images By Christopher Gannatti, CFA Of the roughly 94-98 elements that occur in nature, 60 now sit on a U.S. government watch list. They fall into seven groups — and together, they explain more about the global economy than most financial models ever will. In the 1930s, artists used uranium to color ceramics. It produced a vivid orange glaze, and no one thought much ...
Niphon Phunnu/iStock via Getty Images By Christopher Gannatti, CFA Of the roughly 94-98 elements that occur in nature, 60 now sit on a U.S. government watch list. They fall into seven groups — and together, they explain more about the global economy than most financial models ever will. In the 1930s, artists used uranium to color ceramics. It produced a vivid orange glaze, and no one thought much more about it. When the United States government assembled its first strategic mineral stockpile in 1939, uranium was left off the list entirely. Six months later, a letter from Albert Einstein landed on President Roosevelt's desk. The ceramic pigment, it turned out, could end a war. 1 That story, a mineral dismissed until the moment it becomes civilization-altering, is not a historical curiosity. It is the operating condition of the modern economy. Right now, there are dozens of elements most people have never heard of that sit at the foundation of electric vehicles, fighter jets, smartphones, data centers, and the electrical grid itself. They are not interchangeable. They are not optional. And for the vast majority of them, the United States depends on supply chains it does not control. The U.S. Geological Survey maintains an official list of 60 critical minerals, in other words, materials deemed essential to economic and national security, and at risk of supply disruption. 2 The list has grown over time as technology has advanced and geopolitical exposure has sharpened. Understanding it requires more than memorizing names from the periodic table. What makes the list genuinely illuminating is the underlying architecture: these 60 minerals are not a random collection. They fall into seven functional baskets, each one powering a distinct pillar of modern civilization. Think of them the way you think of vitamins. Needed in relatively small quantities. No good substitutes. And without them, the entire system risks failure. Figure 1: How 60 Critical Minerals Map to the Modern ...
A woman in South Carolina died in a freak accident after she was struck in the neck by a restaurant table umbrella that had been picked up by a strong gust of wind. Local NBC TV news station WYFF4 reported that the incident happened at the Driftwood Grill in Summerton when the woman was dining outside on the restaurant patio with her husband on Saturday night. The umbrella was blown loose and into...
A woman in South Carolina died in a freak accident after she was struck in the neck by a restaurant table umbrella that had been picked up by a strong gust of wind. Local NBC TV news station WYFF4 reported that the incident happened at the Driftwood Grill in Summerton when the woman was dining outside on the restaurant patio with her husband on Saturday night. The umbrella was blown loose and into the air, striking the woman – later identified as Dana Weinger – and leading to serious lacerations to her throat. She died at the scene despite the efforts of first responders to save her. In a Facebook post, the Driftwood Grill said: “This has impacted many people – including staff members, guests, first responders, families and community members – and we are grateful for the continued support, prayers, understanding and encouragement being shown throughout the area.”
Pope Leo XIV made an impassioned case against the harms of artificial intelligence and data centers in a widely followed letter, adding to the industry’s growing public-relations problem. Just last month, privately held Compass Datacenters, which is backed by Brookfield Asset Management pulled out of attempts to build an over 800-acre Virginia campus after opposition and increasing regulations. In...
Pope Leo XIV made an impassioned case against the harms of artificial intelligence and data centers in a widely followed letter, adding to the industry’s growing public-relations problem. Just last month, privately held Compass Datacenters, which is backed by Brookfield Asset Management pulled out of attempts to build an over 800-acre Virginia campus after opposition and increasing regulations. In his encyclical letter released Monday, the pope warned about AI’s environmental and social impacts.
Pope Leo XIV made an impassioned case against the harms of artificial intelligence and data centers in a widely followed letter, adding to the industry’s growing public-relations problem. Just last month, privately held Compass Datacenters, which is backed by Brookfield Asset Management pulled out of attempts to build an over 800-acre Virginia campus after opposition and increasing regulations. In...
Pope Leo XIV made an impassioned case against the harms of artificial intelligence and data centers in a widely followed letter, adding to the industry’s growing public-relations problem. Just last month, privately held Compass Datacenters, which is backed by Brookfield Asset Management pulled out of attempts to build an over 800-acre Virginia campus after opposition and increasing regulations. In his encyclical letter released Monday, the pope warned about AI’s environmental and social impacts.
TriggerPhoto/iStock Unreleased via Getty Images The iShares U.S. Large Cap Premium Income Active ETF ( BALI ) runs a parallel of two strategies: one is going long on stocks and indices, and the other one is writing call options to generate an incremental yield. The overall strategy, however, is executed in three tranches: the first one is active selection of large-cap stocks, the other one is to w...
TriggerPhoto/iStock Unreleased via Getty Images The iShares U.S. Large Cap Premium Income Active ETF ( BALI ) runs a parallel of two strategies: one is going long on stocks and indices, and the other one is writing call options to generate an incremental yield. The overall strategy, however, is executed in three tranches: the first one is active selection of large-cap stocks, the other one is to write covered index call options, and the third layer is going long via index futures contracts. At present the 30-day SEC yield of the ETF is ~1.11% . However, the distribution rate is significantly higher than that, being at around ~7.75% . The expense ratio of the fund is remarkably at the lower end when accounting for active security selection, including derivatives management. Still, however, the ETF would be better placed on a watchlist than allocated at present. Portfolio Composition, Strategy Execution, and Performance Comparison The ETF is technology-heavy at present, with over ~34% of exposure to the information technology sector. Coincidentally, this is the sector which remains among the most highly valued at present. A meaningful portion of the fund return trajectory would be impacted by the performance of technology stocks. This remains a delicate proposition to be in at present. Also, the fund doesn’t purchase protective puts or maintain any meaningful hedging structure which might allow it to bear drawdowns. At present time, largely due to valuations, I would consider this aspect to go against an allocation towards the fund. Portfolio allocation (fund webpage) The strategy of the fund could broadly be defined in three layers as reflected in the fund literature. However, in substance, I would define them in two parts: the first part is simply active security selection of large-cap stocks, and the second part is the covered call writing on indexes while going long on their futures contracts. Kindly note that this is how I would effectively explain the fund’s str...
"They came and computer modelled the cathedral and gave us all the plans and the bricks, and then it was just up to us to encourage visitors to pay £1 and for us to add the bricks."
"They came and computer modelled the cathedral and gave us all the plans and the bricks, and then it was just up to us to encourage visitors to pay £1 and for us to add the bricks."
Tennis players are accustomed to competing in high temperatures - but not necessarily at the French Open. Unseasonably hot weather in Paris has seen the clay-court Grand Slam begin in temperatures of about 34C. With humidity relatively low, the scorching sun has not hampered too many players physically, with bags of ice and high-tech portable fans keeping them cool on court. The biggest challenge ...
Tennis players are accustomed to competing in high temperatures - but not necessarily at the French Open. Unseasonably hot weather in Paris has seen the clay-court Grand Slam begin in temperatures of about 34C. With humidity relatively low, the scorching sun has not hampered too many players physically, with bags of ice and high-tech portable fans keeping them cool on court. The biggest challenge so far has been the change in court conditions. "When I first got here, it was 14 degrees - like, freezing. Now it's boiling hot, balls are flying and everything is much faster," world number one Aryna Sabalenka said. Some players are thriving on the livelier surfaces - but others are cursing them.
These ride-sharing leaders are making moves amid massive changes in transportation driven by artificial intelligence (AI) and self-driving technology. Uber Technologies (UBER 1.96%) and Lyft (LYFT 1.73%) are posting strong growth for their services, but the head-to-head comparison of recent growth and revenue size may give investors a big clue as to which company is best positioned to win. Uber Te...
These ride-sharing leaders are making moves amid massive changes in transportation driven by artificial intelligence (AI) and self-driving technology. Uber Technologies (UBER 1.96%) and Lyft (LYFT 1.73%) are posting strong growth for their services, but the head-to-head comparison of recent growth and revenue size may give investors a big clue as to which company is best positioned to win. Uber Technologies: Recent Revenue Trends Uber Technologies operates a global technology network that connects consumers with independent providers for ridesharing, restaurant meal delivery, and freight transportation services. The company announced a 21% year-over-year increase in revenue for the first quarter, along with new initiatives in robotaxis and expansion into hotel bookings. Uber has scaled its ridesharing platform into a profitable business, with operating profit reaching $1.9 billion in the quarter. Expand NYSE : UBER Uber Technologies Today's Change ( -1.96 %) $ -1.41 Current Price $ 70.42 Key Data Points Market Cap $146B Day's Range $ 69.91 - $ 71.74 52wk Range $ 68.46 - $ 101.99 Volume 530.8K Avg Vol 17M Gross Margin 34.17 % Lyft: Steady Growth Lyft operates a multimodal transportation network that offers riders personalized, on-demand access to ridesharing, flexible car rentals, and shared bikes across the United States and Canada. The company posted a 14% year-over-year increase in revenue in the first quarter. It recently announced an acquisition of Gett U.K., helping Lyft expand its operations into higher-value segments of the London market. It’s not as profitable as Uber, reporting an operating loss of $5.3 million last quarter. Expand NASDAQ : LYFT Lyft Today's Change ( -1.73 %) $ -0.24 Current Price $ 13.66 Key Data Points Market Cap $5.3B Day's Range $ 13.54 - $ 13.98 52wk Range $ 12.46 - $ 25.54 Volume 6.7M Avg Vol 16.2M Gross Margin 35.62 % Why Revenue Matters for Retail Investors Revenue is the most fundamental measure of a company’s performance. Changes ...
This article first appeared on GuruFocus. The Dow Jones Industrial Average reached an intraday record high on Friday as traders bought into artificial intelligence names and grew more hopeful that tensions between the U.S. and Iran could ease, lifting risk appetite, according to market data. The blue-chip index (DJI) rose 0.73% to 50,651, topping its prior peak of 50,512.79 from Feb. 10. The move ...
This article first appeared on GuruFocus. The Dow Jones Industrial Average reached an intraday record high on Friday as traders bought into artificial intelligence names and grew more hopeful that tensions between the U.S. and Iran could ease, lifting risk appetite, according to market data. The blue-chip index (DJI) rose 0.73% to 50,651, topping its prior peak of 50,512.79 from Feb. 10. The move marks a recovery from March, when the Dow slipped into correction territory after worries about the war in Iran shook Wall Street. The S&P 500 and Nasdaq Composite had already pushed to record levels in mid-April, while the Dow lagged because technology stocks were doing more of the heavy lifting. Within the Dow, Cisco Systems (NASDAQ:CSCO), Amazon.com (NASDAQ:AMZN) and Nvidia (NASDAQ:NVDA) have led gains this quarter. Nvidia's sales outlook this week also came in above expectations, adding to the tone around AI-related names. Laggards have included Chevron (CVX), McDonald's (NYSE:MCD) and Nike. Still, strong first-quarter earnings have helped offset geopolitical noise, and LSEG Datastream said analysts have lifted next-12-month U.S. earnings estimates by more than 10% since the start of the year.
This article first appeared on GuruFocus. Apple (AAPL, Financials) got a small piece of good news from China in April, where shipments of foreign-branded phones rose slightly from a year earlier. The category, which includes the iPhone, reached 3.59 million units for the month, according to data from the China Academy of Information and Communications Technology. That was up 1.8% from April last y...
This article first appeared on GuruFocus. Apple (AAPL, Financials) got a small piece of good news from China in April, where shipments of foreign-branded phones rose slightly from a year earlier. The category, which includes the iPhone, reached 3.59 million units for the month, according to data from the China Academy of Information and Communications Technology. That was up 1.8% from April last year. It is not a huge jump, but it matters for Apple. China has been a tough market for the company, with local brands putting pressure on iPhone sales through lower prices, newer features and heavy promotions. The overall phone market also improved. Total shipments in China rose 2.8% to 25.73 million units, showing that demand did not fall off during the month. For investors, the April data gives Apple a small positive signal after months of concern about its position in China. Still, one month does not prove a lasting recovery. The real test will be whether Apple can keep that momentum going as competition from domestic phone makers remains strong.
This article first appeared on GuruFocus. Micron Technology (MU, Financials) jumped more than 5% in premarket trading as investors piled back into one of the years strongest chip stocks. The move followed fresh attention on Micron after President Donald Trump praised the company during a New York event last week. U.S. markets were closed Monday for Memorial Day, so the reaction showed up in Tuesda...
This article first appeared on GuruFocus. Micron Technology (MU, Financials) jumped more than 5% in premarket trading as investors piled back into one of the years strongest chip stocks. The move followed fresh attention on Micron after President Donald Trump praised the company during a New York event last week. U.S. markets were closed Monday for Memorial Day, so the reaction showed up in Tuesdays early trading. But the bigger story is demand. Micron makes memory chips used in phones, computers and data centers. Its DRAM and NAND products are becoming more important as companies spend heavily on advanced computing systems. Micron also recently started production of its 1-alpha DRAM chips in Manassas, Virginia. The company said it is the most advanced memory technology made in the U.S. CEO Sanjay Mehrotra has said Micron can meet only about 50% to 60% of customer demand, showing how tight the market remains. The stock has already gained more than 160% this year, so expectations are high. Investors will now watch whether Micron can keep pricing strong and expand supply without cooling the rally.
The BBC's Paris correspondent Hugh Schofield described people scurrying for shade "as if it was the middle of August" in the French capital, with temperatures reaching 34C (93.2F) on Tuesday. This comes as France's national weather service said a "heat dome" settling over Western Europe was producing temperatures 10 to 15 degrees Celsius above the average for May. A tourist told the BBC he chose M...
The BBC's Paris correspondent Hugh Schofield described people scurrying for shade "as if it was the middle of August" in the French capital, with temperatures reaching 34C (93.2F) on Tuesday. This comes as France's national weather service said a "heat dome" settling over Western Europe was producing temperatures 10 to 15 degrees Celsius above the average for May. A tourist told the BBC he chose May to visit Paris in order to avoid the summer months. 'We know it can be really bad in June, July, August, and I'd thought that if we came up in May, it'd be a bit easier', said Brent visiting from Australia.
hapabapa Johnson & Johnson ( JNJ ) unit DePuy Synthes has acquired certain rights to develop, manufacture, and commercialize Gemtrack technology from MinMaxMedical for its Joints business. Gemtrack is a radiofrequency ("RF") tracking technology. "DePuy Synthes aims to bring first-to-market Radiofrequency miniature tracker technology across joint reconstruction procedures, with the potential to est...
hapabapa Johnson & Johnson ( JNJ ) unit DePuy Synthes has acquired certain rights to develop, manufacture, and commercialize Gemtrack technology from MinMaxMedical for its Joints business. Gemtrack is a radiofrequency ("RF") tracking technology. "DePuy Synthes aims to bring first-to-market Radiofrequency miniature tracker technology across joint reconstruction procedures, with the potential to establish a new industry standard for integrated image-guided and robotic-assisted Joint surgery," the company said in a news release. RF tracking such as Gemtrack "has the potential to eliminate the need for infrared cameras and line-of-sight dependence, reduce the reliance on invasive anchors, and enable continuous, highly accurate real-time tracking." DePuy Synthes said Gemtrack can be applied to shoulder, hip, and knee procedures for navigation and robotic applications. More on Johnson & Johnson Johnson & Johnson: A Dividend King, But Priced Appropriately, Big Conference Slate FQ1 Healthcare Dividend Roundup: Johnson & Johnson Keeps Outshining Pfizer Johnson & Johnson (JNJ) Presents at RBC Capital Markets Global Healthcare Conference 2026 Transcript Notable analyst calls this week: Dell, J&J and AMD stocks among top picks FDA leadership fallout continues as acting CDER Director Hoeg departs
由于 Siri 升级一再延后、且缺少自研主流大模型，外界普遍认为 苹果 在人工智能领域发展滞后。但 智能体 AI 的兴起，或将把这家公司眼下的短板转化为核心优势。 美国银行 分析师瓦姆西・莫汉在周二发布的投资者研报中指出，苹果从芯片到操作系统全面掌控自身生态，由此构筑起一道 智能体 AI 护城河 ，这或将成为其 AI 布局的关键依仗。 莫汉在研报中写道：“在智能体时代，价值会向能够掌控 用户意图、...
由于 Siri 升级一再延后、且缺少自研主流大模型，外界普遍认为 苹果 在人工智能领域发展滞后。但 智能体 AI 的兴起，或将把这家公司眼下的短板转化为核心优势。 美国银行 分析师瓦姆西・莫汉在周二发布的投资者研报中指出，苹果从芯片到操作系统全面掌控自身生态，由此构筑起一道 智能体 AI 护城河 ，这或将成为其 AI 布局的关键依仗。 莫汉在研报中写道：“在智能体时代，价值会向能够掌控 用户意图、个人数据、应用访问权限、身份认证、支付体系与用户信任 的平台集聚。” 他补充道：“智能手机是目前普及度最高的消费终端，上述要素在此高度融合。倘若 AI 助手成为搜索、应用、电商、日程管理、支付及各类办公流程的全新入口，苹果将对大模型厂商、应用开发者、商户、广告商以及支付机构形成显著话语权。” 莫汉维持苹果 买入 评级，并将目标价从 330 美元上调至 380 美元，相较当前股价，隐含约 20% 的上涨空间。 智能体 AI 是具备半自主或全自主能力的数字助手，依托大语言模型，可代用户完成各类任务，例如整理电脑文件、检索指定邮件内容、全网搜集资料等。 目前，各大数据中心争相采购图形处理器、中央处理器，以支撑全球海量智能体运行，这项技术也顺势推动芯片板块走高。而莫汉认为，苹果将从中收获丰厚收益，尤其是 iPhone，是用户与智能体交互的安全载体。 他表示：“即便苹果没有行业顶尖的前沿大模型也无妨，只要手握受用户信赖的交互入口，就能统筹调度本地模型、苹果自研云端模型、第三方外部模型，以及各类应用操作。” 莫汉称，想要兑现这一优势，苹果还需完成多项工作：借助性能更强的处理器提升 iPhone 端侧 AI 能力，并将 Siri 升级为智能体形态。苹果定于 6 月 8 日举办全球开发者大会，届时将推出新版 Siri。 未来 iPhone 有望成为智能体 AI 的主流运行平台，而当下苹果已有一款设备在该领域占据领先地位 ——Mac 电脑。 得益于入门售价亲民，且兼容 OpenClaw 等主流平台，苹果 Mac mini 与 Mac Studio 台式机在全球门店持续售罄。 在最新一季财报电话会上，苹果首席执行官蒂姆・库克谈及 AI 对 Mac 销量的提振作用。 库克在第二季度财报会议上表示：“Mac mini 和 Mac Studio 都是运行 AI 及智能体工具的优质平台，市场对这一点的...