ipuwadol/iStock via Getty Images Originally Published on May 6, 2026 By Louay Mikdashi and Jonathan S. Shahrabani We believe the private credit market is much more diverse—and resilient—than the recent focus on corporate direct lending and BDCs would suggest. Private Credit Is Much More Than Direct Lending The private credit market is diverse, reaching well beyond traditional direct lending into a...
ipuwadol/iStock via Getty Images Originally Published on May 6, 2026 By Louay Mikdashi and Jonathan S. Shahrabani We believe the private credit market is much more diverse—and resilient—than the recent focus on corporate direct lending and BDCs would suggest. Private Credit Is Much More Than Direct Lending The private credit market is diverse, reaching well beyond traditional direct lending into asset-backed finance, infrastructure debt, real estate credit and specialty finance. The total addressable market across these asset classes is estimated in the tens of trillions of dollars, a reflection of how much the opportunity set has grown. But a narrow subset of that market has been the subject of investor focus recently: business development companies (BDCs). We think some investors may be missing the nuance of the private credit market, especially as the entire BDC universe, listed and non-traded combined, amounts to only about $500 billion (see below). While BDC Assets Have Grown, They Remain a Small Part of the Private Credit Universe BDC Assets Under Management Source: KBW. Data as of December 31, 2025. Non-Traded BDCs: Redemptions Don’t Appear to Reflect Performance Redemption activity in non-traded BDCs does not appear to be driven by investment performance. Many of the larger BDC vehicles produced high single-digit returns last year, which compares favorably to a range of fixed income alternatives. Redemptions reflect other factors, including investor liquidity needs and a broader reassessment of portfolio positioning, rather than dissatisfaction with how the underlying assets have performed. Non-Traded BDC Performance Has Remained Solid 2025 Total Net Returns for Top 5 Largest Non-Traded BDCs by Assets vs. U.S. Aggregate Bond Index Source: Bloomberg, Company filings. Data as of December 31, 2025. Returns for Class I Shares. That said, some larger vehicles have approached or reached their quarterly redemption caps, a trend that is worth watching given how thes...
Walmart ( WMT ) traded lower in early action on Thursday as investors assessed the retail giant's first-quarter earnings report and guidance update. Comparable sales in the U.S. rose 4.1% to edge past the consensus estimate of +4.0%. Transactions were 3.0% higher during the quarter, and the average ticket was 1.1% higher compared to a year ago. Adjusted operating income was up 5.7%. Notably, membe...
Walmart ( WMT ) traded lower in early action on Thursday as investors assessed the retail giant's first-quarter earnings report and guidance update. Comparable sales in the U.S. rose 4.1% to edge past the consensus estimate of +4.0%. Transactions were 3.0% higher during the quarter, and the average ticket was 1.1% higher compared to a year ago. Adjusted operating income was up 5.7%. Notably, membership fee revenue grew double digits as net adds reflected a record first quarter high Comparable sales were 3.9% higher for the Sam's Club chain vs. the +3.6% consensus. Sales strength was led by grocery and general merchandise. E-commerce sales were up 23% with continued strong growth in club-fulfilled pickup and delivery. Membership and other income grew 11%, driven by a 5.6% increase in membership fee revenue due to steady growth in member counts, renewal rates, and Plus members. International sales for the retail giant rose 18.0% year-over-year to $35.1B on broad-based strength. Notably, Walmart's ( WMT ) global advertising business grew approximately 37% during the quarter. Walmart's ( WMT ) operating income was up 5.1% on an adjusted basis. Adjusted EPS came in at $0.66 to match the consensus mark/ Walmart ( WMT ) ended the quarter with a cash position of $10.7B and total debt of $58.1B. Free cash flow was -$$1.9B during the quarter. Walmart's ( WMT ) inventory level was up 8.9% year-over-year to $62.6B. Looking ahead, Walmart ( WMT ) guided for Q2 EPS of $0.70 to $0.74 (midpoint $0.72) vs. $0.75 consensus. For the full year, Walmart ( WMT ) sees EPS of $2.75 to $2.85 (midpoint $2.80) vs. $.292 consensus. "Our results reflect our continued focus on delivering across the enterprise — better shopping experiences, a broader assortment, and faster delivery," stated Walmart CEO John Furner. Shares of Walmart ( WMT ) fell 2.0% in premarket action on Tuesday. Target ( TGT ), Costco ( COST ), Dollar General ( DG ), Best Buy ( BBY ), and Dollar Tree ( DLTR ) all showed small ...
JHVEPhoto Eli Lilly ( LLY ) announced on Thursday that retatrutide, its next-gen obesity therapy targeting GIP, GLP-1, and glucagon triple hormone receptors, caused up to 28% weight loss over 80 weeks in a pivotal Phase 3 trial. The TRIUMPH-1 was designed to evaluate the once-weekly injectable at 4 mg, 9 mg, and 12 mg doses in adults with obesity or overweight who had one or more weight-related co...
JHVEPhoto Eli Lilly ( LLY ) announced on Thursday that retatrutide, its next-gen obesity therapy targeting GIP, GLP-1, and glucagon triple hormone receptors, caused up to 28% weight loss over 80 weeks in a pivotal Phase 3 trial. The TRIUMPH-1 was designed to evaluate the once-weekly injectable at 4 mg, 9 mg, and 12 mg doses in adults with obesity or overweight who had one or more weight-related conditions, excluding diabetes. The 80-week trial reached the primary and key secondary endpoints, the Indiana-based drugmaker said, noting that those taking retatrutide 9 mg and 12 mg witnessed an average weight loss of 26% and 28%, respectively, assuming all patients conformed to the trial protocol. Lilly ( LLY ) shares added ~1% in the premarket in reaction, while Novo Nordisk ( NVO ), its rival in the weight loss space, fell ~1%. Other findings from TRIUMPH-1 indicated that 45.3% of trial participants who received retatrutide 12 mg lost at least 30% of their body weight over the trial duration. In terms of tolerability, the trial demonstrated a safety profile for the triple agonist generally consistent with studies for other incretin-based therapies. However, 4.1%, 6.9%, and 11.3% of those on retatrutide 4 mg, 9 mg, and 12 mg, respectively, discontinued the study due to adverse events, compared to 4.9% on placebo. Lilly ( LLY ) expects to release additional results from the TRIUMPH Phase 3 clinical trial program for retatrutide later this year. TRIUMPH-2 involves obese or overweight adults with type 2 diabetes, and TRIUMPH-3 targets obese or overweight adults with cardiovascular disease. More on Eli Lilly Eli Lilly: Novo Nordisk Was Just A Warm-Up Eli Lilly Is A Buy (Technical Analysis) Eli Lilly: 'Strong Buy' Raised Revenue Guidance By $2 Billion For 2026 And Label Expansions Lilly bets up to $202M in non-viral genetic medicines in Engage Bio buyout Eli Lilly whistleblower law challenge denied by Supreme Court
The decline comes as broader market sentiment turned cautious, with Nasdaq futures down 0.61% and S&P 500 futures lower by 0.40%. The early weakness reflects a broader "reset" tone across markets. After a sharp multi-month advance, stocks trading near recent highs can face accelerated selling pressure as investors reduce exposure during risk-off sessions. Intel Technical Analysis Even with the pre...
The decline comes as broader market sentiment turned cautious, with Nasdaq futures down 0.61% and S&P 500 futures lower by 0.40%. The early weakness reflects a broader "reset" tone across markets. After a sharp multi-month advance, stocks trading near recent highs can face accelerated selling pressure as investors reduce exposure during risk-off sessions. Intel Technical Analysis Even with the premarket pullback, Intel is still extended above its trend gauges: it's trading 9.8% above the 20-day SMA ($104.61) and 148.7% above the 200-day SMA ($46.18), which keeps the longer-term trend pointed up but raises the bar for fresh upside follow-through. Momentum is the near-term question mark: MACD is below its signal line and the histogram is negative, which typically means upside pressure is cooling versus the prior upswing unless buyers can quickly reclaim that baseline. The bigger-picture structure remains constructive, with the 20-day SMA above the 50-day SMA and a golden cross (50-day SMA over the 200-day SMA) that occurred in August 2025—often a sign that pullbacks can turn into buy-the-dip tests rather than full trend breaks. Key Resistance: $133.00 — a round-number area that lines up with the stock's 52-week high zone ($132.75), where rebounds can stall Earnings & Analyst Outlook Looking further out, the next major catalyst for the stock arrives with the July 23, 2026 (estimated) earnings report. EPS Estimate : 19 cents (Up from Loss of 10 cents YoY) : 19 cents (Up from Loss of 10 cents YoY) Revenue Estimate: $14.40 Billion (Up from $12.86 Billion YoY) Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price forecast of $77.65. Recent analyst moves include: Citigroup : Buy (Raises forecast to $130.00) (May 18) : Buy (Raises forecast to $130.00) (May 18) Benchmark : Buy (Raises forecast to $140.00) (May 18) : Buy (Raises forecast to $140.00) (May 18) Mizuho: Neutral (Raises forecast to $124.00) (May 12) Intel Top ETF Exposure Signifi...
Joaquin Corbalan/iStock via Getty Images USA Rare Earth ( USAR ) up 1.6% pre-market Thursday after saying it was selected by the U.S. Department of Energy to receive as much as $19.3M in funding , subject to final negotiation, under the DoE's Critical Materials Innovation, Efficiency and Alternatives program to support development of a pilot-scale rare earth element separations project . The proje...
Joaquin Corbalan/iStock via Getty Images USA Rare Earth ( USAR ) up 1.6% pre-market Thursday after saying it was selected by the U.S. Department of Energy to receive as much as $19.3M in funding , subject to final negotiation, under the DoE's Critical Materials Innovation, Efficiency and Alternatives program to support development of a pilot-scale rare earth element separations project . The project will advance essential technology for processing REEs from domestic resources and specifically support the development of pre-commercial separations capacity in the U.S., the company said, adding that the final project scope, budget, and timeline will be determined through negotiations with the DoE. "This selection is an important validation of our team’s cutting-edge work to build a resilient rare earth value chain," USA Rare Earth ( USAR ) CEO Barbara Humpton said. The total project value is ~$50.5M, including up to $19.3M in DoE funding and $31.2M in non-DoE funding, the company said. More on USA Rare Earth USA Rare Earth: Step By Step It's Coming Together -- Still At 'Buy' USA Rare Earth: The Thesis Just Got So Much More Bullish USA Rare Earth: Buying The Pullback Ahead Of Key Catalysts
onurdongel/iStock via Getty Images Investment Thesis I rate VVX with an Hold. V2X, Inc. is a mid-cap US defence and government service company, currently experiencing an earnings inflection phase after the strong Q1 FY2026 results, in which it registered a 23% YoY increase in revenue, with a record $13.8B backlog and Adj. EPS of $1.53 beating consensus estimates by 23%. My DCF valuation implies a ...
onurdongel/iStock via Getty Images Investment Thesis I rate VVX with an Hold. V2X, Inc. is a mid-cap US defence and government service company, currently experiencing an earnings inflection phase after the strong Q1 FY2026 results, in which it registered a 23% YoY increase in revenue, with a record $13.8B backlog and Adj. EPS of $1.53 beating consensus estimates by 23%. My DCF valuation implies a $80-$82 share price, with the company currently trading near its estimated intrinsic value. This condition can make it difficult finding a good entry price for new investors, while the current stockholders are better positioned to hold the stock in the portfolio, observing the compounding effect, especially if the management continues delivering on its strategic goals. Business Overview V2X, Inc. ( VVX ), with headquarters in Indianapolis, Indiana, is the result company of a combined merger between Vectrus, Inc., a US Army contractor for logistics and mission support and Vertex Aerospace Services Corp., which is the main provider of aviation sustainment and training programs for the US Air Force, Navy and the allied air forces. V2X organises the operational activities in three core business lines, each one offering specific services in the end-markets: Mission readiness and logistics is the business arm inherited from Vectrus and involves base operations support, supply chain management ( SCM ) and logistics support in the so-called multi-year Indefinite Delivery/Indefinite Quantity (IDIQ) contracts such as the Logistics Civil Augmentation Program V (LOGCAP V) supporting the US military operations in the world Aviation sustainment and training is the segment belonging to the Vertex core and it includes maintenance and modification services for fixed and rotary-wing aircrafts, together with crew training and fleet management. The T-6A/B Texan II pilot training contract, the F-18 and KC-130J programmes (with the last two awarded in the Q1 FY2026) are key pillars of this busin...
Hong Kong has issued a red travel alert for the Democratic Republic of Congo as Ebola outbreaks escalate in Central Africa, with at least 139 suspected deaths reported. The red alert – the middle level in a three-tier outbound travel alert system under the Security Bureau – means residents travelling to the country should adjust their plans and avoid non-essential travel due to the significant thr...
Hong Kong has issued a red travel alert for the Democratic Republic of Congo as Ebola outbreaks escalate in Central Africa, with at least 139 suspected deaths reported. The red alert – the middle level in a three-tier outbound travel alert system under the Security Bureau – means residents travelling to the country should adjust their plans and avoid non-essential travel due to the significant threat there. The move follows the health authorities’ announcement on Tuesday that the Penny’s Bay community isolation facility on Lantau Island had been prepared for potential quarantine orders. Advertisement Acting on advice from health authorities, the bureau will issue alerts for countries or territories seriously affected by infectious diseases to help the public better understand potential health risks. Penny’s Bay community isolation facility on Lantau Island has been prepared for potential quarantine orders. Photo: Sam Tsang Hong Kong has never recorded a case of Ebola, with health officials noting there were no direct flights between the city and the two affected African countries, the DR Congo and Uganda.
AI Demand Continues To Lift Memory Stocks The latest rally in Micron shares came amid analysts’ forecasts of sustained AI infrastructure spending, tighter memory supply conditions, and growing demand for high-performance chips used in data centers. Recent commentary included raised price forecasts for Micron to $1,100 from $700 and to $950 from $500, reflecting optimism around long-term AI-driven ...
AI Demand Continues To Lift Memory Stocks The latest rally in Micron shares came amid analysts’ forecasts of sustained AI infrastructure spending, tighter memory supply conditions, and growing demand for high-performance chips used in data centers. Recent commentary included raised price forecasts for Micron to $1,100 from $700 and to $950 from $500, reflecting optimism around long-term AI-driven growth. Analysts also highlighted supply bottlenecks tied to advanced packaging and power availability, as well as longer-term customer agreements that could make semiconductor earnings more stable and predictable. NVIDIA Results Reinforce AI Spending Momentum The move followed NVIDIA’s stronger-than-expected quarterly results and guidance, which reinforced investor confidence in continued AI data-center spending. NVIDIA reported first-quarter revenue of $81.615 billion, up 85% year over year, while earnings per share reached $1.87, topping Wall Street expectations. The company also approved an additional $80 billion share buyback program and raised its quarterly dividend to 25 cents beginning with the June 26, 2026 payout. NVIDIA projected second-quarter revenue of $89.18 billion to $92.82 billion, much higher than consensus estimates of $86.62 billion. Why NVIDIA’s Outlook Matters For Micron Micron remains one of the world’s largest memory-chip suppliers, with DRAM serving as its primary revenue driver alongside NAND flash products. The company supplies chips for data centers, mobile devices, consumer electronics, automotive systems, and industrial markets. Because AI servers and accelerated computing systems require increasing amounts of high-performance memory, stronger AI infrastructure spending often boosts demand for Micron’s products. As confidence in AI-related capital spending grows, investors increasingly view Micron as part of the broader AI infrastructure trade. Earnings & Analyst Outlook Looking further out, the next major catalyst for the stock arrives with t...
(RTTNews) - While reporting financial results for the fourth quarter on Thursday, water management solutions firm Advanced Drainage Systems, Inc. (WMS) initiated net sales guidance for the full-year 2027 between $3.35 billion and $3.55 billion. Separately, the company's Board of Directors has approved an 11 percent higher quarterly cash dividend to its shareholders in the amount of $0.20 per share...
(RTTNews) - While reporting financial results for the fourth quarter on Thursday, water management solutions firm Advanced Drainage Systems, Inc. (WMS) initiated net sales guidance for the full-year 2027 between $3.35 billion and $3.55 billion. Separately, the company's Board of Directors has approved an 11 percent higher quarterly cash dividend to its shareholders in the amount of $0.20 per share, payable on June 15, 2026, to shareholders of record at the close of business on June 1, 2026. In Thursday's pre-market trading, WMS is trading on the NYSE at $131.00, down $6.10 or 4.45 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
FooTToo/iStock via Getty Images As a result of my recent research, I have come across a part of the value chain in the mining industry that may be interesting to analyze. And although the company I bring today does not currently have mining operations in its market, I do think it has seemed like a good first step to explain the type of business that Civeo Corporation ( CVEO ) has. The company is a...
FooTToo/iStock via Getty Images As a result of my recent research, I have come across a part of the value chain in the mining industry that may be interesting to analyze. And although the company I bring today does not currently have mining operations in its market, I do think it has seemed like a good first step to explain the type of business that Civeo Corporation ( CVEO ) has. The company is a provider of workforce accommodation and hospitality services for remote industries, and specifically, it is mainly based on the Australian Bowen Basin and the Canadian oil sands. I have been able to observe that since 2024, a strategy toward infrastructure has been carried out, mainly in Canada, as the company currently has 2,500 mobile camp rooms in Western Canada ready to be deployed, and another 1,100 additional units that, although currently within Canadian complexes, can be segregated and moved if demand appears. And besides having seemed to me like a necessary and interesting model, it also delivered very interesting numbers this past May 1, where the Q1 2026 results reported a +20% YoY increase in sales to $172.7M, and adjusted EBITDA also increased +78% YoY to $22.5M. It is also worth mentioning that the company raised the floor of the sales guidance it had from $650M to $675M , but kept EBITDA flat in the $85-$90M range due to pressure on diesel prices and inflationary pressures derived from the closure of the Strait of Hormuz. But for me, the most interesting thing, even more than the quarterly beat, was Bradley Dodson's comment on the call: Currently we are bidding on projects with contract value above $1.5 billion, the strongest pipeline we have seen to date. And the CEO himself compares this set of opportunities with the early days back in the 2000s of the Canadian oil sands, describing it as 2x or 3x that situation. Now, each of these contracts depends on the client giving the definitive "yes" to its project, in what the sector knows as the FID, or in other w...
J Studios/DigitalVision via Getty Images Most REITs ( VNQ ) are not meant to be held "forever," in my opinion. Real estate fundamentals are cyclical, and valuations can also change drastically over time. Therefore, it is very rare that I would consider holding a REIT forever. The pain of potential downcycles and valuation compressions is just too brutal, especially if a REIT is richly valued. Take...
J Studios/DigitalVision via Getty Images Most REITs ( VNQ ) are not meant to be held "forever," in my opinion. Real estate fundamentals are cyclical, and valuations can also change drastically over time. Therefore, it is very rare that I would consider holding a REIT forever. The pain of potential downcycles and valuation compressions is just too brutal, especially if a REIT is richly valued. Take the example of senior housing REIT Welltower ( WELL ). It is a blue-chip REIT that's doing very well today, as senior housing is undersupplied and enjoying rapid rent growth. However, this is now more than reflected in its valuation as it trades at 30x FFO and an estimated 50% premium to NAV. Data by YCharts I agree that it is a great REIT, but continuing to hold it today at these valuations is a very risky proposition in my opinion, as I fear that this strong recent performance will eventually catch the attention of property developers, leading to a lot more supply and a deterioration of the current fundamentals, which could then lead to significant downside. In these situations, I would generally prefer to sell the REIT to reinvest elsewhere, rather than stubbornly hold it "forever." But there are a few exceptions in my portfolio that I expect to hold for a very long time to come, and potentially "forever," because they focus on structurally undersupplied property sectors with great long-term growth prospects, and a high valuation would only allow them to accelerate their growth by accessing capital at a lower cost to make even more investments at larger positive spreads. Here are three "buy and hold forever" REITs from our portfolio at High Yield Landlord. Helios Towers (HTWS/ HTWSF ) Helios Towers is our single largest position at High Yield Landlord, representing 13% of our International Portfolio. It was not so big, but its share price more than doubled over the past year, pushing our exposure to new highs. Normally, under such circumstances, I would sell and move to...
The first wave of the artificial intelligence (AI) boom created unprecedented wealth, catapulting a select few mega-cap tech stocks into the stratosphere. Now, the second act is beginning. Institutional capital, wary of valuations priced for perfection, is executing a structural rotation. It is bypassing the saturated high-flyers and flowing into foundational semiconductor sector equities position...
The first wave of the artificial intelligence (AI) boom created unprecedented wealth, catapulting a select few mega-cap tech stocks into the stratosphere. Now, the second act is beginning. Institutional capital, wary of valuations priced for perfection, is executing a structural rotation. It is bypassing the saturated high-flyers and flowing into foundational semiconductor sector equities positioned to capture an expanding $132 billion data center compute market. Get Intel alerts: Sign Up This strategic shift is no longer a forecast; it is happening now, with recent market action providing clear evidence. Aggressive M&A activity and imminent hyperscaler deployment contracts are permanently re-rating the sector's margin profile as the AI halo effect finally moves down the supply chain to legacy silicon providers with the scale to execute. Awakening the Giants: Trading Volume Confirms the Rotation The most telling indicator of a major market rotation is not analyst commentary, but the flow of capital itself. Exceptional trading volume often precedes a structural re-rating of an asset, and the semiconductor sector is providing a textbook example. Intel Today INTC Intel $114.68 -6.21 (-5.14%) 52-Week Range $18.97 ▼ $132.75 Price Target $81.52 Add to Watchlist The clearest evidence comes from Intel Corporation NASDAQ: INTC, which recently saw its shares trade on a healthy intraday volume of 137.66 million, a stark deviation from its average. This surge is not an isolated event but the culmination of accumulated interest that has propelled the stock to a remarkable year-to-date performance of more than 220%. Such a large volume does not come from retail traders alone; it signals that large institutional funds are actively deploying capital, building significant positions in a name they believe is at an inflection point. This activity confirms the thesis that a deliberate and large-scale rotation is underway, targeting undervalued legacy players with the capacity to meet s...
Verde Servicos Internacionais S.A. bought a new position in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 47,903 shares of the semiconductor company's stock, valued at approximately $14,557,000. Taiwan Semiconductor Manufacturing accoun...
Verde Servicos Internacionais S.A. bought a new position in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 47,903 shares of the semiconductor company's stock, valued at approximately $14,557,000. Taiwan Semiconductor Manufacturing accounts for about 4.7% of Verde Servicos Internacionais S.A.'s investment portfolio, making the stock its 7th largest holding. A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brighton Jones LLC grew its position in shares of Taiwan Semiconductor Manufacturing by 20.9% during the 4th quarter. Brighton Jones LLC now owns 10,930 shares of the semiconductor company's stock worth $2,159,000 after buying an additional 1,892 shares in the last quarter. Gamco Investors INC. ET AL bought a new position in shares of Taiwan Semiconductor Manufacturing during the 2nd quarter worth $701,000. Bank of Nova Scotia grew its position in shares of Taiwan Semiconductor Manufacturing by 12.8% during the 2nd quarter. Bank of Nova Scotia now owns 15,697 shares of the semiconductor company's stock worth $3,556,000 after buying an additional 1,784 shares in the last quarter. FWL Investment Management LLC grew its position in shares of Taiwan Semiconductor Manufacturing by 26.5% during the 2nd quarter. FWL Investment Management LLC now owns 253 shares of the semiconductor company's stock worth $57,000 after buying an additional 53 shares in the last quarter. Finally, Main Street Financial Solutions LLC bought a new position in shares of Taiwan Semiconductor Manufacturing during the 2nd quarter worth $270,000. Hedge funds and other institutional investors own 16.51% of the company's stock. Get TSM alerts: Sign Up Taiwan Semiconductor Manufacturing Price Performance Shares of NYSE TSM opened at $401.82 on Thursday. The company has a debt-to-...