Brazilian hedge funds saw their worst month in six years in March as a surge in oil prices upended bets on lower interest rates globally, a popular trade among the country’s money managers. A bulk of the losses came as swap rates in Brazil surged as traders slashed odds of rate cuts nearly in half amid the sudden jump in energy costs. Bets on lower crude prices also took a toll as Brent went from ...
Brazilian hedge funds saw their worst month in six years in March as a surge in oil prices upended bets on lower interest rates globally, a popular trade among the country’s money managers. A bulk of the losses came as swap rates in Brazil surged as traders slashed odds of rate cuts nearly in half amid the sudden jump in energy costs. Bets on lower crude prices also took a toll as Brent went from roughly $70 a barrel at the start of the war to more than $115 at the end of the month. Read More: Hedge Funds Walloped by a Month of Turmoil Sparked by War A basket of local hedge funds tracked by the country’s capital markets association fell 3.4% in March — the worst returns since the pandemic hit in 2020. Among the biggest decliners were flagship funds at Ibiuna Investimentos and Kapitalo Investimentos , which saw losses of 10.9% and 6.5%, respectively, their worst month on record. By contrast, the CDI rate , the benchmark for the local hedge fund industry, rose 1.2% in March. The downturn put the brakes on what had been a strong start to the year as funds profited from bets of monetary easing. The slump came even as Brazil’s Treasury stepped in with a record intervention to stabilize the bond market last month, injecting liquidity as stop-losses were triggered. Read more: Brazil Steps Up Bond Market Intervention as Oil Upends Rates Ibiuna Hedge STH -10.89% Kapitalo Kappa Fin -6.46% Adam Macro II -4.44% Legacy Capital -3.55% Occam Retorno Absoluto Advisory -2.87% Ace Capital -2.04% Vinland Macro -1.78% Genoa Capital Radar -1.34% Bahia AM Marau -0.91% Absolute Vertex -0.81% Verde +0.05% Losses at Ibiuna, which manages about 14 billion reais ($2.2 billion) in assets, were mainly tied to rates in emerging markets and the dollar, according to its monthly investor letter. Kapitalo, meanwhile, suffered from bullish bets on equities, falling rates in both emerging and developed markets and lower crude prices. It reduced its risk exposure in the former positions and closed the ...
quantic69/iStock via Getty Images Magnolia Oil & Gas ( MGY ) was unhedged at last report, allowing it to fully benefit from higher oil prices. While Magnolia's oil cut is projected to be around 39% in 2026 , it also has a substantial amount of NGLs (with prices that have also benefitted from recent events) and has a liquids percentage around 68%. Thus, my projection of Magnolia's 2026 free cash fl...
quantic69/iStock via Getty Images Magnolia Oil & Gas ( MGY ) was unhedged at last report, allowing it to fully benefit from higher oil prices. While Magnolia's oil cut is projected to be around 39% in 2026 , it also has a substantial amount of NGLs (with prices that have also benefitted from recent events) and has a liquids percentage around 68%. Thus, my projection of Magnolia's 2026 free cash flow has improved from around $450 million a couple of months ago to over $700 million now. Much of Magnolia's free cash flow is expected to go towards share repurchases. Magnolia's share price has increased since I last looked at it, but by a substantially lower percentage than its projected 2026 free cash flow has increased. This may allow it to increase its rate of share repurchases (using up its current share repurchase authorization during 2026) and still have a couple hundred million left over from its 2026 free cash flow. I have increased my estimate of Magnolia's value from $26 to $31 per share due to its higher projected 2026 free cash flow as well as a $5 increase in my long-term WTI oil price (from $70 to $75) 2026 Outlook At $80 WTI oil Magnolia's 2026 production is expected to be around 105,000 BOEPD, with a high-30s oil cut. The current strip includes roughly $80 WTI oil and $3.65 NYMEX natural gas, with front-month WTI futures in the mid-$90s at the moment (although quite volatile). Magnolia is projected to generate $1.635 billion in revenues at those commodity prices. Type Barrels/Mcf $ Per Barrel/Mcf $ Million Oil 14,873,750 $78.50 $1,168 NGLs 11,223,750 $22.00 $247 Gas 73,365,000 $3.00 $220 Total Revenues $1,635 Click to enlarge Magnolia previously indicated that its income taxes for 2026 were expected to be entirely deferred. That was at a time when the 2026 WTI strip was in the low $60s, though, so I've assumed a minor ($15 million) amount of cash income taxes at these higher current strip prices. $ Million Lease Operating $192 Gathering, Transportation, a...
designer491/iStock via Getty Images Investment Overview It's been just over two years since I last covered STAAR Surgical Company ( STAA ) aka "Staar" in a note for Seeking Alpha. I had been covering the company since my first note in November 2020 , issuing a Buy rating, with stock priced ~$80 per share. By the time of my next note in February 2021 , the stock had reached a high of $106, but I fe...
designer491/iStock via Getty Images Investment Overview It's been just over two years since I last covered STAAR Surgical Company ( STAA ) aka "Staar" in a note for Seeking Alpha. I had been covering the company since my first note in November 2020 , issuing a Buy rating, with stock priced ~$80 per share. By the time of my next note in February 2021 , the stock had reached a high of $106, but I felt that a market cap valuation of close to $5bn for a company that earned just $163.5m of revenues in 2021, and net income of $5.9m, was simply too high, even factoring in the possibility of Staar securing approval for its EVO/EVO+ Visian implantable collamer lenses ("ICLs") in the U.S., and downgraded to Hold. In March 2024, when I next covered Staar, its stock traded at just $38 and I noted that: Finally, after a correction in market cap valuation from >$5bn, to <$2bn, there are signs the bear run may have ended for STAAR - shares are +26% year-to-date, and ~15% across the past 5 days, as the market appeared to react well to the company's Q4 and full year 2023 earnings. No such luck, unfortunately - today, Staar stock is valued at $21, down another 45%, however, it is up ~19% pre-market today, after announcing its preliminary net sales for Q1 2026 in a press release , so this feels like a good time to update my thesis. Staar: Business Overview, 2025 Performance, & Today's News First let's remind ourselves of Staar's core business, as per its 2025 annual report / 10-K filing : STAAR Surgical Company designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye. We are the leading manufacturer of phakic implantable lenses used worldwide in corrective or “refractive” surgery. STAAR generates worldwide revenue almost exclusively from sales of our Implantable Collamer Lenses, or “ICLs.” Our ICLs are made from Collamer, which is a proprietary collagen copolymer material created and exclusively us...
In this article UK10Y-GB UK2Y-GB DE10Y-DE DE2Y-DE @LCO.1 @CL.1 Follow your favorite stocks CREATE FREE ACCOUNT European government bonds reversed course on Thursday, moving higher after plunging during the previous session, as a fragile Middle East ceasefire keeps markets on edge. Bond traders are grappling with unusually high levels of volatility, which is clouding the outlook for interest rate p...
In this article UK10Y-GB UK2Y-GB DE10Y-DE DE2Y-DE @LCO.1 @CL.1 Follow your favorite stocks CREATE FREE ACCOUNT European government bonds reversed course on Thursday, moving higher after plunging during the previous session, as a fragile Middle East ceasefire keeps markets on edge. Bond traders are grappling with unusually high levels of volatility, which is clouding the outlook for interest rate policies at the Bank of England and European Central Bank. Yields on 10-year Gilts — the benchmark for U.K. government debt — rose more than 6 basis points to 4.775% on Thursday, after tumbling 21 basis points a day earlier. The 2-year Gilt yield climbed 7 basis points to 4.245%, having dropped 25 basis points in the previous session. German bunds followed a similar pattern. The 10-year Bund yield rose almost 5 basis points to 2.9886%, after falling nearly 17 basis points on Wednesday. Meanwhile, 2-year Bund yields — which shed 28 basis points in the prior session — rebounded 6 basis points to 2.5549%. Bond yields and prices move in opposite directions, and one basis point equals 0.01%. Inflation risks weigh Markets have whipsawed since hostilities between the U.S. and its allies and Iran began on Feb. 28. Borrowing costs across multiple European economies have touched multi-decade highs in recent weeks, with elevated oil prices driving inflationary fears and complicating how investors assess the future path of interest rates. Laura Cooper, global investment strategist and head of macro credit at Nuveen, said volatility has become "the new norm," as traders look to distinguish signal from noise. "Investors cannot tune out every headline but also can't trade every one either," Cooper said. Stock Chart Icon Stock chart icon U.K. 10-Year Gilts. She added that the resumption of oil and gas shipping flows through the Strait of Hormuz will be crucial in limiting lasting economic damage, describing ongoing disruptions as "not an aberration" but an "expression" of a shifting geopoli...
Vital Hil/iStock via Getty Images Turbo Energy ( TURB ) secured U.S. Patent (No. 12.5M B2) for EV charging optimization in solar + battery homes, strengthening its SUNBOX platform. This positioned the company to tap a $12.5B+ annual market by 2030, as per DOE & NREL projections The opportunity was driven by the growing EV charging demand as the U.S. EV fleet was projected to hit ~33M by 2030. TURB...
Vital Hil/iStock via Getty Images Turbo Energy ( TURB ) secured U.S. Patent (No. 12.5M B2) for EV charging optimization in solar + battery homes, strengthening its SUNBOX platform. This positioned the company to tap a $12.5B+ annual market by 2030, as per DOE & NREL projections The opportunity was driven by the growing EV charging demand as the U.S. EV fleet was projected to hit ~33M by 2030. TURB shares were trading higher by 15.72% at $2.61 in pre-market hours. Source: Press Release More on Turbo Energy Turbo Energy expects FY 2025 revenue between $22.5M and $23.5M; shares jump 13% Financial information for Turbo Energy
hanibaram/iStock via Getty Images Yesterday, volatility measures collapsed alongside oil prices, while risk assets soared on news that a two-week ceasefire had been agreed upon by Iran, the United States, and Israel. Stocks were hot out of the gates, and the rally held all the way through to the closing bell. The S&P 500, Nasdaq Composite, and Russell 2000 have recovered nearly all of their war-re...
hanibaram/iStock via Getty Images Yesterday, volatility measures collapsed alongside oil prices, while risk assets soared on news that a two-week ceasefire had been agreed upon by Iran, the United States, and Israel. Stocks were hot out of the gates, and the rally held all the way through to the closing bell. The S&P 500, Nasdaq Composite, and Russell 2000 have recovered nearly all of their war-related losses in March, and all three are now trading above their long-term moving averages. This is the kind of V-shaped recovery I was looking for last month once we concluded the conflict. The problem I see now is that the so-called ceasefire appears to be one in name only. Oil plunges after ceasefire (Finviz) While investors were encouraged by news that Vice President JD Vance will travel to Pakistan this weekend to begin talks with Iran, the fighting continues and the Strait of Hormuz remains closed. These were two preconditions to the ceasefire. It appears that Israel and the United States did not include Lebanon in the ceasefire arrangement, while Pakistan and Iran said it was a part of the deal. Therefore, when Israel hit Lebanon yesterday with its most powerful strike yet, Iran responded by continuing to fire missiles and drones at neighboring Arab states. I find it hard to believe that there was such a gross misunderstanding of the details in the agreement, but that was the pitch from the White House. Bloomberg There is another problem. As a part of the ceasefire agreement, Iran presented President Trump with a 10-point proposal that is expected to be the framework for this weekend’s negotiation. Trump indicated that this was a “workable basis” from which to begin negotiations, but if you read these points below, I can’t find one that he would concede, considering that we are the ones claiming victory. For starters, to allow Iran to nationalize the strait and charge a toll would put the regime in a stronger position than before the war. This is a list of demands fr...
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Trump Warns Of Action If Iran Fails To Uphold 'Real' Ceasefire, But Optimism Persists As Bombing Largely Subsides Summary: WH confirms Vice President Vance will lead Kushner-Witkoff delegation in Pakistan, seen as positive in Tehran and Islamabad. Trump warns of more military action if Iran doesn't uphold 'real' ceasefire deal , after disagreement over Lebanon truce status as part of deal. Despite...
Trump Warns Of Action If Iran Fails To Uphold 'Real' Ceasefire, But Optimism Persists As Bombing Largely Subsides Summary: WH confirms Vice President Vance will lead Kushner-Witkoff delegation in Pakistan, seen as positive in Tehran and Islamabad. Trump warns of more military action if Iran doesn't uphold 'real' ceasefire deal , after disagreement over Lebanon truce status as part of deal. Despite some last-minute shots in Lebanon by Israel, bombs go largely silent across Gulf and Middle East . Over 250 killed and 1,000+ wounded in Lebanon from Wednesday surprise attack by Israel's military. UAE, Pakistan, and even EU (Kallas) condemn. Hormuz Strait still effectively controlled by Iran : only a few vessels had passed on Wednesday. Trump announces end of military operations against Iran by April 15th? Yes 9% · No 92% View full market & trade on Polymarket * * * Optimism: Bombs Largely Go Quiet Asia One journalist Anas Mallick writes that "To my understanding, By tomorrow, first break of light, is when both delegations of US and Iran will be in Islamabad to hold talks." There's some optimism regarding the US-Iran ceasefire holding, as it's been relatively quiet in the Middle East overnight into Thursday, despite Israel getting some final shots on Lebanon in. On this, Iran's president has made clear Tehran's position that Israel's renewed incursion into Lebanon and against Hezbollah violates the ceasefire, warning that these actions could make talks moot before they even begin. Reuters observes, "Even as the U.S. and Iran seek to cement a ceasefire, Israel is seizing more territory from its neighbors in preparation for a long, drawn-out conflict across the Middle East. Israel's creation of 'buffer zones' in Gaza, Syria and now Lebanon reflects a strategic shift after the attacks of October 7, 2023, one that puts the country in a semi-permanent state of war." Still, Gulf countries like the UAE have stated that no air threats have been detected or are inbound in the past...
hapabapa Shares of Applied Digital ( APLD ) fell nearly 3% premarket on Thursday despite fiscal third-quarter results beating estimates and analysts being largely positive. Needham kept its Buy rating and $41 price target on the stock, noting that execution remains on track, and they are awaiting hyperscaler leases. "APLD posted a Q3'26 beat vs our estimates, though this was largely driven by low ...
hapabapa Shares of Applied Digital ( APLD ) fell nearly 3% premarket on Thursday despite fiscal third-quarter results beating estimates and analysts being largely positive. Needham kept its Buy rating and $41 price target on the stock, noting that execution remains on track, and they are awaiting hyperscaler leases. "APLD posted a Q3'26 beat vs our estimates, though this was largely driven by low margin (~5%) segments such as fit-out services & power pass-throughs. Execution remains on track: PF1's first building is fully operational, construction across both North Dakota campuses is on time and on budget, and the post-quarter CRWV credit enhancement (SPV upgraded to A3, bonds tightening meaningfully) is a positive inflection for the cost of capital story," said analysts led by John Todaro. The analysts added that they now await the next lease, which the company is in "advanced conversations with IG hyperscalers around." Todaro and his team said that Applied Digital is marketing four development sites with multiple hyperscalers engaged, and a Delta Forge 1 lease is expected near-term to hit the management-guided Ready for Service, or RFS, date. The analysts are also encouraged by the continued execution at the company's sites. Related stocks: CoreWeave ( CRWV ) rose about 2% following its expanded AI cloud capacity agreement with Meta for around $21B. Meanwhile, Nebius ( NBIS ) dipped about 1%, and IREN ( IREN ) was largely flat but in the red premarket on Thursday. More on Applied Digital Applied Digital Corporation (APLD) Q3 2026 Earnings Call Transcript Looking Ahead To Applied Digital's Q3 Earnings: Is The $2.4B Power Build Worth It? Applied Digital: The Bull Case Requires Near Perfection (Rating Downgrade) Biggest stock movers Thursday: APLD, STAA, and more Applied Digital falls even as Q3 results top estimates
Key PointsRed Spruce Capital bought 204,567 shares of BSCR in the first quarter; the estimated trade size was $4.03 million based on quarterly average pricing.
Key PointsRed Spruce Capital bought 204,567 shares of BSCR in the first quarter; the estimated trade size was $4.03 million based on quarterly average pricing.
An Amazon Leo terminal being installed. | Image: Amazon Amazon CEO Andy Jassy says the company's space-internet service Leo (formerly known as Project Kuiper) will " launch in mid-2026 ." I'm going to assume that means proper commercial availability since the company already announced the start of an " enterprise preview " at the end of 2025, when the service was supposed to originally launch. Unl...
An Amazon Leo terminal being installed. | Image: Amazon Amazon CEO Andy Jassy says the company's space-internet service Leo (formerly known as Project Kuiper) will " launch in mid-2026 ." I'm going to assume that means proper commercial availability since the company already announced the start of an " enterprise preview " at the end of 2025, when the service was supposed to originally launch. Unlike SpaceX's Starlink service, Amazon doesn't (yet) have its own fleet of rockets to regularly send Leo satellites into low-Earth orbit. That's meant hitching rides with a variety of launch partners, including SpaceX, until Jeff Bezos's own reusable New Glenn rocket is fully operational. Amazon has FCC ap … Read the full story at The Verge.
Sundry Photography/iStock Editorial via Getty Images Amazon ( AMZN ) Pharmacy is now offering Eli Lilly’s ( LLY ) recently approved weight loss pill, Foundayo, across nearly 3,000 cities and towns in the U.S. via its same-day delivery service, the company announced on Thursday. Cash-paying customers with a valid prescription can access the once-daily pill at $5 per day or $149 per month, while tho...
Sundry Photography/iStock Editorial via Getty Images Amazon ( AMZN ) Pharmacy is now offering Eli Lilly’s ( LLY ) recently approved weight loss pill, Foundayo, across nearly 3,000 cities and towns in the U.S. via its same-day delivery service, the company announced on Thursday. Cash-paying customers with a valid prescription can access the once-daily pill at $5 per day or $149 per month, while those with insurance can buy it at $1 per day or $25 per month, the e- commerce giant said. Soon after a medical appointment, patients can also purchase the GLP-1 therapy at in-office kiosks available at some of its One Medical locations. The company plans to expand its same-day delivery service to nearly 4,500 U.S. localities by the end of this year. The announcement came after Eli Lilly ( LLY ) said on Thursday that Foundayo, which was approved by the FDA earlier this month, will be available across U.S. retail pharmacies beginning today. More on Amazon, Eli Lilly 3 Reasons To Buy Eli Lilly Now Amazon: Ride AWS AI Workload Acceleration Optimism Amazon Vs. Starlink: The $9 Billion Globalstar Deal That Could Change Everything Eli Lilly launches new weight loss pill Foundayo in U.S. Amazon's chip unit's annual revenue run rate over $20B, discusses capex returns