免去陈某生命科学学院院长职务，降低专业技术岗位等级，取消其在岗位聘用、工资晋级、职务晋升、科研项目申报、评奖评优等资格24个月。 南开大学5月30日发布情况通报：针对我校教师陈某相关论文数据存疑的问题，学校第一时间成立由校内外专家组成的调查组，严肃认真开展深入核查，对涉及的学术问题进行评议，有关情况通报如下。 受质疑论文“Targeted activation of ferroptosis in ...
免去陈某生命科学学院院长职务，降低专业技术岗位等级，取消其在岗位聘用、工资晋级、职务晋升、科研项目申报、评奖评优等资格24个月。 南开大学5月30日发布情况通报：针对我校教师陈某相关论文数据存疑的问题，学校第一时间成立由校内外专家组成的调查组，严肃认真开展深入核查，对涉及的学术问题进行评议，有关情况通报如下。 受质疑论文“Targeted activation of ferroptosis in colorectal cancer via LGR4 targeting overcomes acquired drug resistance”，2024年4月在《Nature Cancer》期刊正式发表。论文第一作者郑某，为我校生命科学学院在站博士后。通讯作者陈某，为我校生命科学学院教授、院长。通讯作者胡某，为我校统计与数据科学学院教授。 调查组通过查验实验数据、访谈相关人员等，确认该论文被质疑的14张图表所涉实验数据处理由郑某完成。其中，11张图表的部分数据处理未进行准确量化，而是由估算完成；2张图片为数据重复使用；1张图片为数据粘贴错误；上述情况存在学术不端行为。陈某、胡某对实验数据和论文质量存在不同程度的失察失管，未尽到通讯作者对论文数据真实性的应尽责任。 依据《事业单位工作人员处分规定》《科研失信行为调查处理规则》等有关规定，学校对相关人员处理如下：解除郑某与学校聘用关系。免去陈某生命科学学院院长职务，降低专业技术岗位等级，取消其在岗位聘用、工资晋级、职务晋升、科研项目申报、评奖评优等资格24个月。对胡某予以诫勉处理。
AVTG/iStock via Getty Images Early in February I concluded that the situation became dire in the case of GrafTech ( EAF ) . Persistent losses, elevated debt, and worsening market conditions for graphite electrodes created a tough setup. Revenues had come down 70% from a nonsustainable peak to roughly half a billion, with EBITDA being negative and net debt increasing towards a billion. This was dri...
AVTG/iStock via Getty Images Early in February I concluded that the situation became dire in the case of GrafTech ( EAF ) . Persistent losses, elevated debt, and worsening market conditions for graphite electrodes created a tough setup. Revenues had come down 70% from a nonsustainable peak to roughly half a billion, with EBITDA being negative and net debt increasing towards a billion. This was driven by overcapacity provided by overseas competitors, once deemed not likely. With limited catalysts on the horizon, the play was highly speculative. While some green shoots are seen here, time continues to tick away. Some Early Green Shoots Early in May, GrafTech reported its first-quarter results for the fiscal year 2026, with sales of $125 million, up 12% on the year before. Revenues were up from a $116 million number in the fourth quarter of 2025. Adjusted EBITDA losses of $13 million improved from a near $22 million loss in the fourth quarter, but were down from a $3 million loss in the first quarter of 2025. The year-over-year decline in EBITDA was the result of higher sales volumes, which rose by 14% to over 28,000 MT, offset in a minor way by lower pricing, although the company reported a 5% decline in weighted average pricing to $3,900 per ton. Trying to find a situation out this corner, the company has been hiking prices during the quarter, while actively disputing trade cases, notably by unfair supply from China and India. The company reaffirmed a 5-10% volume growth for the year, and announced price hikes of $600-$1,200 per ton. These hikes were already announced in a separate press release in March. That is about 15-30% from the first quarter price, but note that this is just on uncommitted volumes. That, however, should help, as the company is guided for modest declines in costs of goods sold, with all three determinants of profitability moving in the right direction. Gauging Expectations The company posted dreadful fourth-quarter results early in February, wh...
U.S. President Donald Trump returns to the White House in Washington, D.C., on Monday, May 25, 2026. Aaron Schwartz | Bloomberg | Getty Images Donald Trump's physician says the president is in "excellent health" and is "fully fit" to serve as commander in chief after a medical exam Tuesday at Walter Reed National Military Medical Center. A report from Dr. Sean Barbabella, released late Friday, say...
U.S. President Donald Trump returns to the White House in Washington, D.C., on Monday, May 25, 2026. Aaron Schwartz | Bloomberg | Getty Images Donald Trump's physician says the president is in "excellent health" and is "fully fit" to serve as commander in chief after a medical exam Tuesday at Walter Reed National Military Medical Center. A report from Dr. Sean Barbabella, released late Friday, says Trump underwent a CT scan and other heart imaging, along with cancer screenings and other preventative assessments carried out by 22 specialists. Trump, 79, said after the three-hour visit Tuesday that everything checked out "PERFECTLY." The president weighed in at 238 pounds (108 kilograms), up 14 pounds (6 kg) from a medical exam in April 2025. His doctors gave him guidance on his diet, physical activity and weight loss, but concluded his "cognitive and physical performance are excellent." With his 6-foot, 3-inch (1.9-meter) frame, Trump has a body mass index of 29.7. An index of 30 is considered by doctors to be obese. The report also documented bruising on Trump's hands, explained as "minor soft tissue irritation related to frequent handshaking," and said it was "a common and benign effect of aspirin therapy." Among the recommendations was a switch to low-dose aspirin. Last year the White House said Trump was diagnosed with chronic venous insufficiency, a fairly common condition for older adults that causes blood to pool in the president's legs. The report from his latest exam noted "slight lower leg swelling" but said there was "improvement from last year." His doctor reported nothing abnormal, saying Trump demonstrated strong cardiac, pulmonary, neurological and overall health. "His demanding daily schedule, including multiple high-level meetings, public engagements, and regular physical activity, continues to support his overall well-being," Barbabella wrote. Trump was again given the Montreal Cognitive Assessment, which is used to screen for dementia and cognitive...
urfinguss/iStock via Getty Images Introduction We last published an article on Rexford Industrial Realty, Inc. ( REXR ), in November 2023 . In the article, we expressed our belief that the stock was well on its way to restoring a positive investment spread and issued a buy recommendation. The stock has since underperformed our expectations, and, in today's article, we review the economics that und...
urfinguss/iStock via Getty Images Introduction We last published an article on Rexford Industrial Realty, Inc. ( REXR ), in November 2023 . In the article, we expressed our belief that the stock was well on its way to restoring a positive investment spread and issued a buy recommendation. The stock has since underperformed our expectations, and, in today's article, we review the economics that underpin Rexford's business and submit that the current data supports a change in recommendation to a hold. A key reason for the updated recommendation is the lack of a clear inflection in re-leasing spreads, market rent growth, and net absorption in Rexford's infill markets. Furthermore, there is no obvious margin of safety in Rexford's share price to reflect the uncertainty. In this article, we employ a top-down approach in evaluating the current economic environment that is impacting Rexford's operating performance. First, we look at the relationship between the U.S. 10-year Treasury yield and the Nareit Industrial REIT sector to gauge the relative attractiveness of the sector. Next, we look at Rexford's relative performance to the sector and comment on our findings. Shifting gears from the macro to the business, we look at company specific items that we use to inform our valuation of Rexford. Specifically, we look at the company's cost of equity capital, cost of debt capital, and capital structure to form an estimate of their cost of capital. Rexford did not have any acquisitions in Q1 nor did they have any acquisitions in fiscal year 2025 so we rely on the sector's rolling four quarter cap rate to measure the investment spread that Rexford is able to generate in the current environment. We then apply our Spread-to-Value Framework™ and generate a fair value estimate for the stock, which we find is not too far removed from the current valuation, thereby compelling a change in recommendation. Macro Spread Please see Exhibit 1. Exhibit 1 (Nareit, Federal Reserve Bank of St. L...
When most people think about social media stocks, they immediately think of Meta Platforms , the owner of Facebook, Instagram, and WhatsApp. However, there is a smaller social media stock that recently delivered solid earnings and looks poised for a comeback. Pinterest (NYSE: PINS) remains well below the all-time high it touched in 2021, and is down by more than 20% year to date. However, that pri...
When most people think about social media stocks, they immediately think of Meta Platforms , the owner of Facebook, Instagram, and WhatsApp. However, there is a smaller social media stock that recently delivered solid earnings and looks poised for a comeback. Pinterest (NYSE: PINS) remains well below the all-time high it touched in 2021, and is down by more than 20% year to date. However, that price movement does not reflect the fundamental improvements that the image-focused platform is making in its business. Image source: Getty Images. Continue reading
The U.S. defense secretary said there is "rightful alarm" of China's military build up. But he also struck a more moderate tone on U.S.-China relations – and notably sidestepped bringing up Taiwan. (Image credit: Anupam Nath)
The U.S. defense secretary said there is "rightful alarm" of China's military build up. But he also struck a more moderate tone on U.S.-China relations – and notably sidestepped bringing up Taiwan. (Image credit: Anupam Nath)
Former safeguarding minister calls for sentencing guidelines review and fears crime now seen as ‘content for an eyeball economy’ The former safeguarding minister Jess Phillips has said victims of sexual offences committed by children are being asked to “suck it up” for the sake of their attackers’ rehabilitation and called for a review into sentencing guidelines. In the past month, cases of teenag...
Former safeguarding minister calls for sentencing guidelines review and fears crime now seen as ‘content for an eyeball economy’ The former safeguarding minister Jess Phillips has said victims of sexual offences committed by children are being asked to “suck it up” for the sake of their attackers’ rehabilitation and called for a review into sentencing guidelines. In the past month, cases of teenage boys given lenient sentences after being convicted of rape and sexual assault have provoked public outrage. Continue reading...
Andoni Iraoli among frontrunners to replace him Live reaction: Slot leaves Anfield after two years Liverpool have sacked Arne Slot after an end-of-season review into the club’s disappointing title defence. The Dutch coach guided Liverpool to a record-equalling 20th league title only last season, his first at the helm since replacing Jürgen Klopp, but a difficult season that culminated in a fifth-p...
Andoni Iraoli among frontrunners to replace him Live reaction: Slot leaves Anfield after two years Liverpool have sacked Arne Slot after an end-of-season review into the club’s disappointing title defence. The Dutch coach guided Liverpool to a record-equalling 20th league title only last season, his first at the helm since replacing Jürgen Klopp, but a difficult season that culminated in a fifth-placed finish has prompted his exit. Slot has departed with immediate effect. Andoni Iraola, who left Bournemouth at the end of this season, is among the frontrunners for the Anfield vacancy. Continue reading...
J Studios/DigitalVision via Getty Images Thesis With the market at an ATH, leverage near an ATH, and sharp fiscal deficits, all of which we discussed in our previous articles, it is clear to us that we are currently living in a market environment where investors reward vision over economics. If the upcoming IPO is to be successful, then no company illustrates this better than SpaceX. Beneath the h...
J Studios/DigitalVision via Getty Images Thesis With the market at an ATH, leverage near an ATH, and sharp fiscal deficits, all of which we discussed in our previous articles, it is clear to us that we are currently living in a market environment where investors reward vision over economics. If the upcoming IPO is to be successful, then no company illustrates this better than SpaceX. Beneath the headlines about rockets, artificial intelligence, and technological disruption is a business valued at $1.8 trillion despite generating less than $20 billion of annual revenue while producing substantial operating losses in its AI segment, and relying on accounting transactions to rebuild shareholder equity, long-term contracts with a 90-day termination notice, and declining ARPU in the only profitable segment it has. The result is a valuation that leaves virtually no room for disappointment and a risk-reward profile that, in our view, ranks among the most unattractive in today's market. IPO SpaceX ( SPCX ) is planning for an IPO that could happen as early as June 2026. According to the recent news , the company is expected to raise as much as $75 billion at a $1.8 trillion valuation. The initial target was a $2 trillion valuation. From the recently issued S-1 form , just to get things early into perspective, the company had sales of $18.674 billion for FY 2025. From the data presented, we can calculate the TTM sales of $19.3 billion. Calculated on a $1.8 trillion valuation, we get a TTM P/S of x93. P/S multiples (Seeking Alpha) As can be clearly seen from the chart above, we are talking about a substantial outlier above the valuation levels historically associated with some of the most aggressively priced growth companies. Business overview From the same report, we can see that SpaceX is less space and more AI. Although the Space and Connectivity segments contributed the substantial majority of consolidated revenue, the AI segment made more than 70% of its total CapEx durin...
South Korea's Hanwha Aerospace is increasing weapons manufacturing at home, and expanding operations in Europe and the US. The company's Global Chief Strategy Officer, Alex Wong spoke with Bloomberg’s Haslinda Amin on the sidelines of the Shangri-La Dialogue, Asia’s premier defense summit. (Source: Bloomberg)
South Korea's Hanwha Aerospace is increasing weapons manufacturing at home, and expanding operations in Europe and the US. The company's Global Chief Strategy Officer, Alex Wong spoke with Bloomberg’s Haslinda Amin on the sidelines of the Shangri-La Dialogue, Asia’s premier defense summit. (Source: Bloomberg)