Just_Super/E+ via Getty Images Barclays upgraded Viasat ( VSAT ) to Equal-weight from Underweight as break-even free cash flow is in sight, and the last launch of a key satellite coming soon will offset threats from new Low Earth Orbit (LEO) competitors. Barclays’ Matthew Robilliard attributes the entrance of new players in the LEO field to more efficient satellite architecture and lower launch co...
Just_Super/E+ via Getty Images Barclays upgraded Viasat ( VSAT ) to Equal-weight from Underweight as break-even free cash flow is in sight, and the last launch of a key satellite coming soon will offset threats from new Low Earth Orbit (LEO) competitors. Barclays’ Matthew Robilliard attributes the entrance of new players in the LEO field to more efficient satellite architecture and lower launch costs. This presents challenges to legacy names, giving a higher cost of production and higher latency costs. But these names also are “spectrum-rich” and have orbital positions that are not replicable. “Viasat could benefit from the growing interest for spectrum as it holds a large portfolio which it may be able to monetize,” Robilliard notes. Robilliard also views a potential sale of Viasat’s ( VSAT ) Defense business as a plus for the company. In addition to an upgrade, Robilliard more than doubles his price target for Viasat ( VSAT ) to $49 in consideration of the value of its defense business and spectrum valuation. Viasat ( VSAT ) shares continue to gain altitude and are up another 4% Wednesday to an all-time high. Since the beginning of the year, VSAT has appreciated by 63% compared to a 1% decline in the S&P 500. More on Viasat Viasat: Riding The Space Hype, But The Fundamentals Suggest Caution Viasat Stock: Reiterating My Buy Rating After Its Q3 Earnings Viasat, Inc. (VSAT) Q3 2026 Earnings Call Transcript Fastly tops quant rankings among mid-cap tech stocks ahead of Q1 earnings Viasat outlines ViaSat-3 launches and targets free cash flow growth through capital efficiency
Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) saw its shares rise nearly 9% on April 8, 2026, following the announcement of Muse Spark, the first model from its newly formed Meta Superintelligence Labs. In a blog post, the company described the model is a natively multimodal reasoning...
Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) saw its shares rise nearly 9% on April 8, 2026, following the announcement of Muse Spark, the first model from its newly formed Meta Superintelligence Labs. In a blog post, the company described the model is a natively multimodal reasoning...
Suppachok Nuthep/iStock via Getty Images Mesoblast Overview Mesoblast’s stock ( MESO ) is yo-yoing after two important developments. Data by YCharts Yesterday, the regenerative medicine company unveiled preliminary Q1 earnings. Today, Mesoblast announced that it can test Ryoncil (currently approved for steroid-refractory acute graft-versus-host disease, or SR-aGVHD) in just one registration-enabli...
Suppachok Nuthep/iStock via Getty Images Mesoblast Overview Mesoblast’s stock ( MESO ) is yo-yoing after two important developments. Data by YCharts Yesterday, the regenerative medicine company unveiled preliminary Q1 earnings. Today, Mesoblast announced that it can test Ryoncil (currently approved for steroid-refractory acute graft-versus-host disease, or SR-aGVHD) in just one registration-enabling trial in Duchenne muscular dystrophy, or DMD. I last evaluated MESO in October, months following the launch of Ryoncil (remestemcel-L) in pediatric SR-aGVHD. I modeled (discounted cash flow) that Ryoncil was worth $900M in pediatric SR-aGVHD. Given that MESO was valued at $2B (enterprise value) at this time, I looked for residual value in its pipeline. Mesoblast was also evaluating its regenerative cell therapy in chronic back pain, biologic-refractory extensive colitis, and heart failure. DMD wasn’t even on my radar. Below, I take another look. DMD Going straight from IND to registration-enabling trial is a big deal . It saves a lot of time and money. It also signals that the FDA is pretty confident in Ryoncil’s safety profile. And it has good reason to be, as it has already been extensively studied in kids. There is a lot of preclinical evidence (i.e., Bier et al., 2018 ) that mesenchymal stromal cells exert antifibrotic and antiinflammatory effects in DMD models. There’s also another cell therapy nearing approval in DMD. Capricor’s ( CAPR ) deramiocel is awaiting an August PDUFA after promising HOPE-3 data that showed it slowed disease progression by 54% (PUL). Mesoblast’s upcoming DMD trial will randomize 76 kids aged 5 to 9 years to either Ryoncil or placebo, on top of standard of care. The primary endpoint will measure "time-to-stand" at nine months. I can’t help but think to myself, “Why didn’t they test MSCs in DMD years ago?” Why heart failure and back pain first? I think it is because researchers were hopeful that MSCs would act primarily as a regenerative tool...
Traders are bidding heavily for oil in the North Sea, a sign that supply remains tight despite a plunge in futures prices after the US and Iran agreed to a ceasefire . One shipment of US crude delivered to Europe sold at more than $20 above the Dated Brent benchmark, while another sold at $18 above that marker, according to a trader monitoring a pricing window run by Platts, a unit of S&P Global. ...
Traders are bidding heavily for oil in the North Sea, a sign that supply remains tight despite a plunge in futures prices after the US and Iran agreed to a ceasefire . One shipment of US crude delivered to Europe sold at more than $20 above the Dated Brent benchmark, while another sold at $18 above that marker, according to a trader monitoring a pricing window run by Platts, a unit of S&P Global. Those values are about double a previous record deal, set late last month. The surging North Sea premiums offer a reminder that the oil market remains severely undersupplied, despite the two-week pause in hostilities between the US and Iran. There was little sign on Wednesday that flows had returned to normal, meaning real-world barrels are continuing to trade at enormous premiums. Sporadic fighting continued throughout the Middle East and the Strait of Hormuz, a vital waterway for oil tankers, remains largely blocked. Read more: Hormuz Stays Blocked for Now as Hundreds of Ships Seek Exit A day earlier the Dated Brent benchmark, which is based on the value of oil in the North Sea, hit a record at more than $140 a barrel. That compared with $109 for Brent futures. The disparity is a sign of how much traders are willing to pay to secure supplies immediately, though the drop in futures will bring both markers lower on Wednesday. Most grades in the North Sea window normally trade just a handful of dollars above or below their benchmark, but on Wednesday, four different types of crude were sought at more than $20 above Dated Brent. There were also a further eight unanswered bids for shipments on Wednesday.
Iran will demand that shipping companies pay tolls in cryptocurrency for oil tankers passing through the Strait of Hormuz, as it seeks to retain control over passage through the key waterway during the two-week ceasefire. Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the FT on Wednesday that Iran wanted to collect tolling fees from any tanker ...
Iran will demand that shipping companies pay tolls in cryptocurrency for oil tankers passing through the Strait of Hormuz, as it seeks to retain control over passage through the key waterway during the two-week ceasefire. Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the FT on Wednesday that Iran wanted to collect tolling fees from any tanker passing and to assess each ship. “Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons,” said Hosseini, whose industry association works closely with the state. Read full article Comments
A former Securities and Exchange Commission official will return to the agency next month to take the top enforcement job following the sudden resignation of the previous director. David Woodcock, a partner at law firm Gibson Dunn & Crutcher , will start May 4, the agency said Wednesday. Acting Enforcement Director Sam Waldon will continue in the role until then. “I am incredibly pleased to have D...
A former Securities and Exchange Commission official will return to the agency next month to take the top enforcement job following the sudden resignation of the previous director. David Woodcock, a partner at law firm Gibson Dunn & Crutcher , will start May 4, the agency said Wednesday. Acting Enforcement Director Sam Waldon will continue in the role until then. “I am incredibly pleased to have David rejoin the SEC at this critical time, as we continue to focus on the types of misconduct that inflict the greatest harm to investors,” Chairman Paul Atkins said in a statement . Woodcock was head of the SEC’s Fort Worth, Texas office from 2011 to 2015. He also previously served as an in-house corporate attorney at Exxon Mobil Corp . Woodcock had been under consideration for the high-profile enforcement director role last year, according to people familiar with the process who asked not to be identified discussing the confidential processes. Ultimately, Atkins chose Margaret “Meg” Ryan, a senior military judge with no securities law background who was on a list of potential Supreme Court nominees during President Donald Trump ’s first term in office. Ryan quit in March after just about six months on the job. She gave no reason to the staff for her departure. Enforcement cases against firms and individuals have dropped at the SEC during Trump’s second administration, as have the size of the penalties levied on firms and individuals, according to a report from Cornerstone Research. The agency’s recent enforcement statistics for fiscal year 2025 reported higher penalties and returns of illegal profits compared to the previous year, but those statistics were bolstered by actions at the end of the Biden administration.
Monty Rakusen/DigitalVision via Getty Images Last summer I believed that long-term growth gem Repligen ( RGEN ) was suffering some setbacks. Its growth story was impaired at the time, with the performance falling short of expectations. Despite a 60% drop in the share price from the peak, valuations were still quite demanding, too demanding for me. After actually having posted substantial revenue d...
Monty Rakusen/DigitalVision via Getty Images Last summer I believed that long-term growth gem Repligen ( RGEN ) was suffering some setbacks. Its growth story was impaired at the time, with the performance falling short of expectations. Despite a 60% drop in the share price from the peak, valuations were still quite demanding, too demanding for me. After actually having posted substantial revenue declines in a post-pandemic environment, Repligen has returned to solid growth again, with organic growth rates for 2025 reported comfortably in the double digits. This is accompanied by modest margin gains, and while this and a strong positioning are very real, the reality is that expectations remain quite high even as shares have come in a bit further. This makes me continue to be interested in the shares, yet despite the great growth prospects, growth pace, and anticipation of further margin gains, I am not yet willing to pull the trigger. Other, higher conviction ideas, including recent M&A efforts, can be found at Value In Corporate Events . Still Solid Growth Repligen announced relatively solid 2025 results by the end of February. Reported revenues rose by 16% to $738 million, as fourth-quarter revenue growth accelerated to 18%, with revenues reported at nearly $198 million. Acquisitions and currencies benefited the results, with organic growth rates reported at 14% for both the quarter and the year. The company delivered on solid operating leverage with GAAP operating profits reported at $55 million. However, earnings benefited from a near $14 million negative change in the fair value contingent consideration, with operating earnings otherwise seen at $41 million. For the fourth quarter, the realistic GAAP operating earnings number came in at close to $16 million, for operating margins that rapidly approach the high single digits. The company ended the year with $225 million in net cash, with debt consisting of convertible debt securities, as the company reported posi...
Blue Owl Stock Slides After Moody's Cuts Outlook To "Negative" On Surging Redemption Requests Blue Owl stocks is getting slammed this morning, erasing all early gains, after Moody's Ratings cut its outlook on a $36-billion Blue Owl non-traded fund to "negative" from "stable" on Tuesday , citing redemption requests that were significantly higher than at peers in the first quarter. Moody's also said...
Blue Owl Stock Slides After Moody's Cuts Outlook To "Negative" On Surging Redemption Requests Blue Owl stocks is getting slammed this morning, erasing all early gains, after Moody's Ratings cut its outlook on a $36-billion Blue Owl non-traded fund to "negative" from "stable" on Tuesday , citing redemption requests that were significantly higher than at peers in the first quarter. Moody's also said the change in the outlook on Blue Owl Credit Income Corp (OCIC) is due to the majority of the redemption requests coming from a very limited number of investors, revealing some concentration in the equity-holder base. The downgrade highlights the mounting strains in the $2 trillion private credit industry after a strong run, as jittery retail investors bail out amid rising concerns around transparency, lending standards and valuations. As we noted recently, having started the firesale in the private credit in February, the decision has since backfired on Blue Owl, leading to an unprecedented surge in redemptions, which hit a record 40.7% for the Blue Owl Technology Income Corp, and 22% for the Blue Owl Credit Income Corp. In response, OCIC, Blue Owl's biggest business development company (BDC), had said about 90% of the investors did not request to redeem in the first quarter, which, however, is precisely one of the main concerns for Moody's which cautioned about concentration risk. OCIC investors sought to redeem 21.9% of shares in the first quarter, significantly higher than the 5.2% redemption requests received in the fourth quarter. Moody's said it expects elevated redemptions to persist in the coming quarters and inflows could slow further, resulting in the dissipation of OCIC's currently strong capital and liquidity positions. Blue Owl has previously said there was a "meaningful disconnect" between public sentiment on private credit funds and the underlying performance of its portfolio, although as we explained previously , the company may be simply delaying t...
Imagine opening an app, booking a ride, and a vehicle with no driver shows up to take you to a long-awaited errand. That’s no longer a concept. It’s a reality in Nashville. Waymo, a subsidiary of Alphabet Inc., is a U.S.-based autonomous driving technology company headquartered in Mountain View, ...
Imagine opening an app, booking a ride, and a vehicle with no driver shows up to take you to a long-awaited errand. That’s no longer a concept. It’s a reality in Nashville. Waymo, a subsidiary of Alphabet Inc., is a U.S.-based autonomous driving technology company headquartered in Mountain View, ...
Bank of America ( BAC ) rose about 2.83% to around $51.71 in Wednesday afternoon trading, putting the stock on track for its seventh consecutive session of gains. The recent advance underscores strengthening short-term momentum, with the stock climbing more than 7.05% over the past six sessions, outperforming the broader S&P 500 Index , which gained 3.89% over the same period. Despite the rebound,...
Bank of America ( BAC ) rose about 2.83% to around $51.71 in Wednesday afternoon trading, putting the stock on track for its seventh consecutive session of gains. The recent advance underscores strengthening short-term momentum, with the stock climbing more than 7.05% over the past six sessions, outperforming the broader S&P 500 Index , which gained 3.89% over the same period. Despite the rebound, shares remain down over 5.77% year-to-date, compared with a 1.06% decline in the index. According to Seeking Alpha analyst Bernard Zambonin , Bank of America is rated a Buy, with recent gains largely priced in as investor focus shifts toward the durability of earnings. While the bank remains sensitive to interest rate movements, a more diversified mix of fee-based businesses could help cushion the impact of a normalization cycle. Heading into the first quarter, the key debate is less about headline results and more about whether earnings can stabilize, with steady execution potentially supporting the stock at current valuation levels. Separately, Seeking Alpha analyst Vladimir Dimitrov maintains a more cautious stance with a Hold rating, noting that Bank of America faces heightened scrutiny ahead of its Q1 2026 results amid evolving macroeconomic and sector conditions. The upcoming results are expected to be key in assessing the bank’s resilience, with potential risks to profitability and loan growth. Seeking Alpha’s Quant Rating system also assigns a Buy rating to the stock, with a score of 4.36 out of 5, supported by strong profitability metrics, though valuation remains a weaker factor. Overall, both Seeking Alpha authors and Wall Street analysts maintain a Buy consensus on the stock. More on Bank of America Bank of America Earnings: A Pivotal Report For 2026 Expectations Bank Of America: Heading Into Q1 With More Priced In Than Left To Price Bank of America: Not A Bad Time To Buy The Dip U.S. judge approves Bank of America's $72.5M settlement in Epstein-related lawsuit...
Joa_Souza/iStock Unreleased via Getty Images Banco do Brasil ( BDORY ) continues to be tied to a still-stressed agribusiness cycle, as reflected in the last print , with very high credit costs and profitability yet to fully recover, pressured by rising delinquencies. Although recent results have suggested a "worst may be behind" scenario, the visibility of full normalization is still limited, in m...
Joa_Souza/iStock Unreleased via Getty Images Banco do Brasil ( BDORY ) continues to be tied to a still-stressed agribusiness cycle, as reflected in the last print , with very high credit costs and profitability yet to fully recover, pressured by rising delinquencies. Although recent results have suggested a "worst may be behind" scenario, the visibility of full normalization is still limited, in my opinion. The guidance for credit costs is still at high levels, and timid loan growth points to a slow recovery. And even with all this, BDORY shares rebounded meaningfully from their recent lows, supported by this perception that the cycle is bottoming and the macro in Brazil is more constructive versus the last couple of years. This view, however, is already reflected in valuations, a scenario that has yet to fully materialize, leaving the asymmetry even more limited at current levels. This Is an Agribusiness Problem First Banco do Brasil has essentially suffered over the past two years for two key reasons: profits collapsing and delinquencies surging. Data by YCharts At the heart of these two reasons is agribusiness, the sector where the state-owned bank is most exposed. Approximately one-third of Banco do Brasil's consolidated loan portfolio is agribusiness-linked assets of R$406.1 billion—about half of Brazil's agricultural credit. Banco do Brasil's IR And it wasn't a slight drop in profits. In FY25, Banco do Brasil closed the year posting adjusted net income of R$20.7 billion, a drop of 45.5% versus FY24, while seeing its ROE go from 20.8% in 4Q24 to 12.4% in 4Q25. Delinquencies in agribusiness help to clearly explain the drop in Banco do Brasil's profits. Depicted below, Agribusiness NPLs of +30d and +90d went from 3.42% and 2.23%, respectively, in 4Q24 to 8.28% and 6.09% in 4Q25. Banco do Brasil's IR At the same time, customers in judicial reorganization went from 176 in 4Q22 to 980 in 4Q25. Of course, in the aggregate, delinquency was also drastically affected as...
Monty Rakusen/DigitalVision via Getty Images Arxis ( ARXS ) is aiming for a valuation of as much as $11.2 billion in its planned U.S. initial public offering, the aerospace components manufacturer said Wednesday, as investor appetite shifts toward defense-linked companies amid heightened geopolitical tensions. The Bloomfield, Connecticut-based business, which is backed by private equity firm Arcli...
Monty Rakusen/DigitalVision via Getty Images Arxis ( ARXS ) is aiming for a valuation of as much as $11.2 billion in its planned U.S. initial public offering, the aerospace components manufacturer said Wednesday, as investor appetite shifts toward defense-linked companies amid heightened geopolitical tensions. The Bloomfield, Connecticut-based business, which is backed by private equity firm Arcline Investment Management , is seeking to raise up to $1.06 billion by selling 37.7 million shares at a price range of $25 to $28 each. The offering comes at a time of increased market volatility tied to the conflict involving the United States and Iran , prompting bankers to lean toward listings in defense and aerospace, sectors viewed as more resilient during periods of global instability. Other companies tapping into that theme include drone manufacturer AEVEX Aerospace ( AVEX ) and precision parts maker Elmet Group ( ELMT ) , both of which have recently filed for U.S. IPOs. Arxis produces both electronic and mechanical components used across aerospace and defense, as well as in medical technology and specialized industrial applications. Its operations are organized into two primary divisions: electronic components and mechanical components. Proceeds from the IPO are expected to be used in part to reduce debt, with the remainder allocated toward working capital and general corporate needs. Several large institutional investors have signaled early interest in the deal. Funds managed by Capital International Investors , Capital Research Global Investors , Janus Henderson Investors and T. Rowe Price Investment Management have collectively indicated they may purchase up to $400 million of shares in the offering. The IPO is being led by Goldman Sachs , Morgan Stanley and Jefferies as joint bookrunners. Arxis ( ARXS ) plans to list its shares on the Nasdaq under the ticker symbol “ARXS.” More on Arxis, Inc. Aerospace Components Supplier Arxis Files For IPO To Pay Down Debt Fina...