The Good Brigade/DigitalVision via Getty Images Thesis The main case for Trevi Therapeutics, Inc. ( TRVI ) centres on their transition into a late-stage, execution-driven biotech. They have a potentially first-in-class asset in Haduvio , and it’s clear to see the company is now prioritising their pipeline in a value-maximising sequence. First priority seems to be IPF-related chronic cough as the l...
The Good Brigade/DigitalVision via Getty Images Thesis The main case for Trevi Therapeutics, Inc. ( TRVI ) centres on their transition into a late-stage, execution-driven biotech. They have a potentially first-in-class asset in Haduvio , and it’s clear to see the company is now prioritising their pipeline in a value-maximising sequence. First priority seems to be IPF-related chronic cough as the lead indication, followed by non-IPF ILD due to a pretty strong commercial overlap. Later on, refractory chronic cough (RCC) is a larger but slightly secondary market, with an eventual long-term strategy to rapidly expand the label via follow-on approvals once its initial approval is actually achieved. So we’re seeing somewhat of an expand-the-franchise approach that has potential for Trevi to efficiently scale into a multi-indication chronic cough platform. The near-term catalysts are also pretty well laid out and include Phase 3 trial initiations in 2Q26, with RCC Phase 2b initiation and interim readout expected later in the year. I think the upside case definitely hinges on a successful Phase 3 execution, in that if Haduvio replicates its prior efficacy, demonstrates durability, and also shows us a clean safety profile, Trevi could potentially end up with the first approved therapy in a pretty large, underserved market. This would be needed to justify the hefty premium valuation and could also potentially drive a significant re-rating. However, this does still remain very much in a high-risk, high-reward setup, and while regulatory clarity has improved, with the company entering a critical execution phase, I feel that the story is still highly dependent on Phase 3 outcomes. Which is why I feel it is best to hold and wait until that huddle has been cleared. Trevi Therapeutics, Inc. FY25 recap Just to recap from last earnings , Trevi reported a rather improved financial position for FY25 as well as some clinical momentum. The company managed to close out the year with about...
Energy stocks took a hit on Friday amid falling oil prices — and that could spell a buying opportunity for certain names favored by Goldman Sachs. Iran announced that the Strait of Hormuz was " completely open " earlier in the day, but President Donald Trump said the U.S. blockade was still active. Oil prices tumbled , with Brent crude futures dropping more than 8% and West Texas Intermediate futu...
Energy stocks took a hit on Friday amid falling oil prices — and that could spell a buying opportunity for certain names favored by Goldman Sachs. Iran announced that the Strait of Hormuz was " completely open " earlier in the day, but President Donald Trump said the U.S. blockade was still active. Oil prices tumbled , with Brent crude futures dropping more than 8% and West Texas Intermediate futures sliding 10%. "We recognize there is significant geopolitical and commodity volatility, but these are ideas that we believe are fundamentally underpinned at our mid-cycle views," Goldman analyst Neil Mehta said in a note Monday of his list of buy-rated energy stocks. Several of the names he is bullish on also pay solid dividends. Mehta's list reflects four key themes, including a bullish long-term view of oil, assuming Brent crude will normalize at $75 per barrel. He also sees a more positive tilt on U.S. exploration and production companies in the United States given their valuation risk/reward. The analyst is also positive on the electrification theme and the further capital expenditures by utilities. Lastly, there are underappreciated idiosyncratic stories in some small cap stocks, where he sees an upward basis in the risk/reward skew for shares at current levels. Here are some of the dividend-paying companies that made the cut. Global oil company ConocoPhillips , which has a dividend yield of 2.76%, and oil services provider Halliburton , which yields 1.78%, are beneficiaries of Goldman Sachs' bullish long-term view of oil. ConocoPhillips also remains on Goldman's Americas Conviction List, which are stocks the firm believes are highly likely to outperform the market. As capital spending rolls off and major projects come online, shares should benefit from an inflection in free cash flow, Mehta said. Combine those projects with $1 billion in cost reductions, and ConocoPhillips should deliver a 20% to 25% free-cash-flow per share compound annual growth rate through 2030...
Silicon Valley has been pouring hundreds of billions of dollars into building ever-larger AI data centers that require as much electricity as hundreds of thousands of US homes—but that massive buildout faces significant construction and power challenges along with growing local resistance. Now satellite imagery is showing that nearly 40 percent of US data center projects may fail to be completed t...
Silicon Valley has been pouring hundreds of billions of dollars into building ever-larger AI data centers that require as much electricity as hundreds of thousands of US homes—but that massive buildout faces significant construction and power challenges along with growing local resistance. Now satellite imagery is showing that nearly 40 percent of US data center projects may fail to be completed this year as scheduled. The Financial Times drew upon satellite imagery from the geospatial data analytics company SynMax showing how much progress has been made in clearing land and laying building foundations for each data center project. It also cross-checked project progress against public statements and permit documents compiled by the industry research group IIR Energy. The resulting analysis revealed how major projects from tech companies such as Microsoft, Oracle, and OpenAI are “likely to miss completion dates by more than three months.” Interviews with more than a dozen industry executives highlighted data center delays caused by “chronic shortages of labor, power and equipment” along with the process of securing the necessary permits, according to the Financial Times. Construction executives involved with OpenAI projects specifically mentioned not having enough tradespeople, such as electricians and pipe fitters, to work on multiple data center projects. Read full article Comments
Prediction market exchanges have created an environment where just about any piece of information is potentially monetizable: How well will BTS's new song perform this week? How hot will Los Angeles get? Will Donald Trump be impeached? Users can wager on all of that and, on some platforms, more gruesome and violent outcomes in the real world. The rapid rise and expansion of Polymarket and Kalshi h...
Prediction market exchanges have created an environment where just about any piece of information is potentially monetizable: How well will BTS's new song perform this week? How hot will Los Angeles get? Will Donald Trump be impeached? Users can wager on all of that and, on some platforms, more gruesome and violent outcomes in the real world. The rapid rise and expansion of Polymarket and Kalshi have put newsrooms in a strange position. Prediction market evangelists often claim that their odds are more trustworthy and accurate than polls and traditional media - effectively positioning the industry as a replacement for news. At the same time … Read the full story at The Verge.
Christopher Waller, governor of the US Federal Reserve, speaks during the C. Peter McColough Series on International Economics at the Council on Foreign Relations in New York, US, on Thursday, Oct. 16, 2025. Michael Nagle | Bloomberg | Getty Images Federal Reserve Governor Christopher Waller on Friday said current economic conditions are complicating the approach to interest rates, with policymake...
Christopher Waller, governor of the US Federal Reserve, speaks during the C. Peter McColough Series on International Economics at the Council on Foreign Relations in New York, US, on Thursday, Oct. 16, 2025. Michael Nagle | Bloomberg | Getty Images Federal Reserve Governor Christopher Waller on Friday said current economic conditions are complicating the approach to interest rates, with policymakers facing a potentially long-lasting inflation shock and a labor market with no job growth that nonetheless appears stable. Against that backdrop, Waller said the Fed could have to stay on hold for a prolonged period until the economic direction becomes clearer. "High inflation and a weak labor market would be very complicated for a policymaker," the central banker said for a speech in Alabama. "If I face this situation, I'll have to balance the risks to the two sides of the Fed's dual mandate to determine the appropriate path of policy, and that may mean maintaining the policy rate at the current target range if the risks to inflation outweigh those to the labor market." The speech comes with markets expecting the Fed to stay on hold this year amid the cloudy economic outlook. For Waller, the speech marked a departure from his previous assessment of the labor market. In recent months he has expressed concern about the low hiring level, but said Friday that evidence is building that the breakeven rate — where the pace of hiring sustains the unemployment rate — may be close to zero. Waller had been a supporter of cutting interest rates, but voted in March to hold the benchmark federal funds level in a range between 3.5%-3.75%. However, he said he still has concern about the labor market. "My sense is that employers are walking a tightrope between their earlier challenges in finding qualified workers and where they think the economy is going, leaving them vulnerable to some economic shock that could tip them over and lead to significant job reductions," he said. As for inflat...
AnthiaCumming/E+ via Getty Images Alcoa ( AA ) fell over 6% in Friday's session after its Q1 adjusted EPS of $1.40 missed estimates by $0.15 and revenue of $3.19 billion came in $80 million below consensus, a 5% decline year-over-year, as lower alumina shipments and pricing weighed on results. In light of this, below is a list of 12 ETFs with exposure to Alcoa, ranked according to their Seeking Al...
AnthiaCumming/E+ via Getty Images Alcoa ( AA ) fell over 6% in Friday's session after its Q1 adjusted EPS of $1.40 missed estimates by $0.15 and revenue of $3.19 billion came in $80 million below consensus, a 5% decline year-over-year, as lower alumina shipments and pricing weighed on results. In light of this, below is a list of 12 ETFs with exposure to Alcoa, ranked according to their Seeking Alpha Quant Ratings. The list evaluates funds based on quantitative metrics to help identify potential investment opportunities. The list is topped by State Street SPDR S&P Metals & Mining ETF ( XME ), with a Quant Rating of 4.39. MarketDesk Focused US Momentum ETF ( FMTM ) and First Trust Materials AlphaDEX Fund ETF ( FXZ ) follow closely behind, each earning Buy ratings. First Trust Active Factor Mid Cap ETF ( AFMC ) rounds out the top four with a rating of 3.77. The funds on this list represent a diverse range of strategies, from basic materials and momentum-focused ETFs to various mid-cap value index funds from providers like Vanguard, iShares and State Street. Ratings on this list range from a high of 4.39 to a low of 2.80, with the Cambria Value and Momentum ETF ( VAMO ) at the bottom of the rankings. Seeking Alpha’s Quant Rating system grades funds on their relative performance across critical quantitative measures, including valuation, growth, stock momentum and profitability. Ratings are given on a scale from 1 to 5, with any rating of 3.5 or above considered a bullish rating and any rating of 2.5 or below considered a bearish rating. Here is the list: State Street SPDR S&P Metals & Mining ETF ( XME ), Quant Rating: 4.39 MarketDesk Focused US Momentum ETF ( FMTM ), Quant Rating: 4.30 First Trust Materials AlphaDEX Fund ETF ( FXZ ), Quant Rating: 4.14 First Trust Active Factor Mid Cap ETF ( AFMC ), Quant Rating: 3.77 Invesco Dorsey Wright Basic Materials Momentum ETF ( PYZ ), Quant Rating: 3.38 Strategas Macro Momentum ETF ( SAMM ), Quant Rating: 3.24 Euclidean Fundam...
The recent sell-off in tech stocks has taken even the strongest companies down with it. Big tech continues to see robust demand for artificial intelligence (AI). This is driving growth not just for software, semiconductors, and cloud computing -- it's also driving tremendous investment in land, power, and construction to build data centers. I believe the market is missing the long-term value in th...
The recent sell-off in tech stocks has taken even the strongest companies down with it. Big tech continues to see robust demand for artificial intelligence (AI). This is driving growth not just for software, semiconductors, and cloud computing -- it's also driving tremendous investment in land, power, and construction to build data centers. I believe the market is missing the long-term value in the following stocks, making them attractive buys on the dip. Image source: Getty Images. Continue reading
Billionaire investor Chase Coleman built Tiger Global into one of the most influential technology-focused hedge funds in the world, earning a reputation for identifying high-growth digital businesses before they become Wall Street favorites. While Tiger Global has historically focused on disruptive technology and internet platforms, the firm’s latest holdings show continued conviction in companies...
Billionaire investor Chase Coleman built Tiger Global into one of the most influential technology-focused hedge funds in the world, earning a reputation for identifying high-growth digital businesses before they become Wall Street favorites. While Tiger Global has historically focused on disruptive technology and internet platforms, the firm’s latest holdings show continued conviction in companies benefiting ... Billionaire Chase Coleman Is Betting Big on These 4 Growth Stocks
Galeanu Mihai/iStock via Getty Images By Phil Mackintosh, Nasdaq Chief Economist Since late 2024, retail traders have become even more active than they were in the years following the pandemic. At the end of last year, our retail data suggests retail trading reached $70 billion a day as markets rotated out of crypto and software stocks and into value stocks. But in the past few weeks, as the confl...
Galeanu Mihai/iStock via Getty Images By Phil Mackintosh, Nasdaq Chief Economist Since late 2024, retail traders have become even more active than they were in the years following the pandemic. At the end of last year, our retail data suggests retail trading reached $70 billion a day as markets rotated out of crypto and software stocks and into value stocks. But in the past few weeks, as the conflict in Iran started, data shows retail trading has fallen significantly. Interestingly, so did the price of gold. Gross trading falls as conflict continues Amid the conflict, exchange-traded fund (ETF) activity has increased, as ETFs are a natural way to play a macro event. However, retail saw reduced ETF activity (yellow line), which fell by around $5 billion per day. Single-stock retail trading tumbled even more - below $35 billion a day. After a ceasefire was put in place on April 8, stock flows rebounded above $40 billion a day. Chart 1: Gross daily retail trading activity in stocks and ETFs over time Notably, retail remained net buyers of ETFs throughout the first quarter of 2026. Overall, retail bought more than $19 billion in ETFs in March and bought over $70 billion in ETFs during the first quarter. However, data shows that retail traders were sellers of single stocks every single day in March. As a result, March saw net selling of over $15 billion - a record for the periods we have data for. Chart 2: Net monthly retail trading activity in stocks and ETFs over time Single-stock sector flows show a change in leadership Looking at single-stock flows by company each month, we see a change in leadership over the years. Initially, Tesla ( TSLA ) was one of the most popular retail stocks, although between 2020 and 2023, Tesla buying and selling tended to follow the direction of the market (buying in up markets, green line, and vice versa). In the past two years, NVIDIA ( NVDA ) has taken over as the most popular and most heavily bought stock. Interestingly, as the conflic...
Nothing about No 10’s version of the Mandelson debacle makes sense as the excuses factory works overtime On days like these you reckon the prime minister would have more chance of being believed if he had said the dog ate his homework. After all, it’s quite possible that Keir Starmer has not yet realised he doesn’t have a dog. His amnesia and lack of curiosity are a piece of performance art. Almos...
Nothing about No 10’s version of the Mandelson debacle makes sense as the excuses factory works overtime On days like these you reckon the prime minister would have more chance of being believed if he had said the dog ate his homework. After all, it’s quite possible that Keir Starmer has not yet realised he doesn’t have a dog. His amnesia and lack of curiosity are a piece of performance art. Almost up there with Boris Johnson. Keir would probably take that as a compliment. As it is we are left with a dilemma. Occam’s razor. Either No 10 thinks we were born yesterday. Or everyone in No 10 was born yesterday. The excuses factory has been working overtime. But most people have already made up their minds . Continue reading...
Earnings Call Insights: Badger Meter (BMI) Q1 2026 Management View "First quarter sales were down 9% year-over-year to $202 million," as "short-cycle order rates... were weaker than we anticipated, resulting in approximately $15 million to $20 million of lower revenue versus our internal expectations" (Chairman, President & CEO Kenneth Bockhorst). "We previously communicated that our 2026 revenues...
Earnings Call Insights: Badger Meter (BMI) Q1 2026 Management View "First quarter sales were down 9% year-over-year to $202 million," as "short-cycle order rates... were weaker than we anticipated, resulting in approximately $15 million to $20 million of lower revenue versus our internal expectations" (Chairman, President & CEO Kenneth Bockhorst). "We previously communicated that our 2026 revenues would be weighted toward the back half of the year" and "our expectations for a solid second half have not changed," while "the softer start up to the year prompts us to anticipate full year 2026 organic revenue to be on balance with 2025" (Chairman, President & CEO Bockhorst). "This project set represents between 2.6 million and 3.6 million connections over multiple years" and "we view the first half of 2026 as a short pause, not a break in our trajectory" (Executive Vice President of North America Municipal Utility Robert Wrocklage). "We've implemented measured cost reduction actions including a 10% salary reduction for our executive officers for the next 6 months to maintain spending discipline and protect margin integrity" (Chairman, President & CEO Bockhorst). "Total sales were $202 million," "gross margin was 41.7%," "operating earnings were approximately $35.2 million and operating margin was 17.4%," and "diluted earnings per share were $0.93" (VP, CFO & Treasurer Daniel Weltzien). Outlook "We continue to expect 2026 activity to be back-half weighted as awarded AMI projects advance into deployment" and "we expect sequential improvement in absolute quarterly revenue dollars as the year progresses" (Chairman, President & CEO Bockhorst). "We expect second quarter 2026 organic revenue dollars to sequentially improve from the trough of Q1" but "expect them to be down year-over-year against the highest quarterly revenue figure in the company's history" (Chairman, President & CEO Bockhorst). Compared with the prior quarter’s framing that "we expect this project pacing dyna...
Federal Reserve Governor Chris Waller said the surge in oil prices tied to the Iran war and lingering effects from U.S. tariffs could “lead to a more lasting increase in inflation,” potentially forcing the central bank to eschew further interest-rate cuts.
Federal Reserve Governor Chris Waller said the surge in oil prices tied to the Iran war and lingering effects from U.S. tariffs could “lead to a more lasting increase in inflation,” potentially forcing the central bank to eschew further interest-rate cuts.
May ICE NY cocoa (CCK26 ) today is down -152 (-4.51%), and May ICE London cocoa #7 (CAK26 ) is down -96 (-3.85%). Cocoa prices are sharply lower today for a second day on signs of weak global demand. The National Confectioners Association reported that North American Q1 cocoa grindings...
May ICE NY cocoa (CCK26 ) today is down -152 (-4.51%), and May ICE London cocoa #7 (CAK26 ) is down -96 (-3.85%). Cocoa prices are sharply lower today for a second day on signs of weak global demand. The National Confectioners Association reported that North American Q1 cocoa grindings...