gremlin/E+ via Getty Images In February 2026, I issued a buy rating on Blue Owl Capital ( OBDC ). The main driver for my bullish view was a combination of a ~20% discount to NAV and solid fundamentals. Granted, the discount might be a signal about what lies ahead, but then again, looking at the underlying financial parameters of OBDC's portfolio, I simply could not find anything that would trigger...
gremlin/E+ via Getty Images In February 2026, I issued a buy rating on Blue Owl Capital ( OBDC ). The main driver for my bullish view was a combination of a ~20% discount to NAV and solid fundamentals. Granted, the discount might be a signal about what lies ahead, but then again, looking at the underlying financial parameters of OBDC's portfolio, I simply could not find anything that would trigger such enormous credit losses as the P/NAV implies. Let me be clear. In my view (and what I have outlined in my previous piece), OBDC deserves to be discounted but not to this extent. For example, high exposure to SaaS, ~10% PIK income, and bias towards the upper middle market segment might be something that would warrant a discount. Since the publication of my prior article on OBDC, the discount has widened by an incremental 4%, hitting a P/NAV of 0.75x. If we adjusted this for leverage, we would be talking about an embedded assumption that ~11% of OBDC's loan book is about to go bust. It is a 2-step process to arrive at this estimate: 1) I take OBDC's P/NAV discount of 25% (this reflects how discounted the equity position is), and 2) then I adjust for the leverage by dividing the P/NAV discount with the current debt-to-equity figure (i.e., discount/(1+D/E)) in order to get the asset-level discount. It is more than 2x of what BDCs reported at Q2 2020, which was a COVID-19 peak period (in non-accruals and at FV basis). Plus, for this discount to become fully justified (i.e., 11% of the loan book fully defaulting), the recovery rates should be zero, which, given the historical average of 45%, seems like a huge stretch. So, assuming a 45% recovery rate, ~20% of loans would have to go belly up for the discount to materialize. In a nutshell, this simple logic is a reason why I am bullish on OBDC. Namely, the scenario that has been priced in is too apocalyptic, and the fundamentals are not as bad as for, say, FS KKR Capital Corp ( FSK ) or BlackRock TCP Capital Corp ( TCPC ), whe...
Social Security is a critical source of income for many retirees, so it's important for seniors to keep up to date on any developments. Planning ahead can help retirees better understand what their budget and financial situation will look like in the future. That's why it's helpful to look at some upcoming Social Security changes that will be occurring in less than nine months. Here are some of th...
Social Security is a critical source of income for many retirees, so it's important for seniors to keep up to date on any developments. Planning ahead can help retirees better understand what their budget and financial situation will look like in the future. That's why it's helpful to look at some upcoming Social Security changes that will be occurring in less than nine months. Here are some of those changes to start getting ready for. Image source: Getty Images. Continue reading
PM will meet leaders in the region to discuss diplomatic efforts to support the ceasefire agreed between the US and Iran OpenAI, the company behind ChatGPT, is proposing the extension of the four-day working week , as a response to AI taking over some of the work done by humans. But for the Conservative party the four-day working week, at least in the public sector, is viewed as a menace. Official...
PM will meet leaders in the region to discuss diplomatic efforts to support the ceasefire agreed between the US and Iran OpenAI, the company behind ChatGPT, is proposing the extension of the four-day working week , as a response to AI taking over some of the work done by humans. But for the Conservative party the four-day working week, at least in the public sector, is viewed as a menace. Officially, that’s a value-for-money position, but it also overlaps with their opposition to civil servants working from home, which has some of the traits of a culture war obsession. Today the Conservatives have announced that, if they were in government, they would ban councils from letting staff work a four-day working week on full pay. Explaining why, the Tories say in a news release: The four-day working week, as introduced by Liberal Democrat-run South Cambridgeshire district council, has left residents with more council tax for less public service. Bin collectors and social housing officials receive 100 per cent of their pay for around 80 per cent of their originally contracted hours. The Labour government have failed to act. As communities secretary, Angela Rayner scrapped [ Whitehall opposition to the South Cambridgeshire policy ]. Labour are refusing to legislate against a four-day week, giving councils an effective green light to get away with charging more for less work. Consequentially, Labour-run Cambridge City Council has become the second council to sign up to the four-day week. Those areas which saw a statistically significant improvement include: the percentage of calls answered by the contact centre; the average number of days taken to update housing benefit and council tax support claims; the average number of weeks for householder planning applications to be decided; the percentage of planning applications (both large and small) decided within target or agreed timescales; the percentage of council house repairs complete within 24 hours; [and] the percentage of ...
World No 10 suffers heavy loss to Matteo Berrettini Russian destroys racket before placing in courtside bin Daniil Medvedev smashed his racket several times then placed the remnants in a courtside dustbin during a humbling 6-0, 6-0 loss to Italian wildcard Matteo Berrettini at the Monte Carlo Masters on Wednesday, as the world No 10 suffered his first tour-level defeat without winning a game. Medv...
World No 10 suffers heavy loss to Matteo Berrettini Russian destroys racket before placing in courtside bin Daniil Medvedev smashed his racket several times then placed the remnants in a courtside dustbin during a humbling 6-0, 6-0 loss to Italian wildcard Matteo Berrettini at the Monte Carlo Masters on Wednesday, as the world No 10 suffered his first tour-level defeat without winning a game. Medvedev capitulated in 49 minutes, failing to earn a game point on his own serve and committing 27 unforced errors. Continue reading...
Giles Jenkyn/DigitalVision via Getty Images Performance assessment Credo ( CRDO ) has lagged the S&P 500 ( SPY ) since my last update on the stock: Performance since HA's Last Article on CRDO (Seeking Alpha, HA's Last Article on CRDO) Elevator pitch Here's why I have a bullish-leaning 'Hold' view on Credo: Hyperscalers are prioritizing copper connections in compute infrastructure Credo is making r...
Giles Jenkyn/DigitalVision via Getty Images Performance assessment Credo ( CRDO ) has lagged the S&P 500 ( SPY ) since my last update on the stock: Performance since HA's Last Article on CRDO (Seeking Alpha, HA's Last Article on CRDO) Elevator pitch Here's why I have a bullish-leaning 'Hold' view on Credo: Hyperscalers are prioritizing copper connections in compute infrastructure Credo is making rapid progress to launch into a new product category Lower beats on guidance may limit upside Rising earnings expectations and a lower valuation multiple are very attractive Wait for the buyers to kick in at support If you are new to Credo, I suggest reading my initiating coverage on the stock, as that explains the business and key products such as active electrical cables [AECs] Hyperscalers are prioritizing copper connections in compute infrastructure Industry leaders are reaffirming that for data center connections between compute resources within a cluster, the copper-based AECs are the best option: If you are running... your own AI data centers and designing it, architecting it, you truly want larger and larger domains or clusters... and you really want to connect XPUs to XPUs directly where you can... And the best way to do that is to use direct attach copper. That's the lowest latency, lowest power, and lowest cost. So you want to keep doing that, especially in scale-up, as long as possible. In scaling out, we're past that. We use optical. That's fine. But I'm talking about scaling up in a rack, in a cluster domain. You really want to use direct-attach copper as long as you can. - Broadcom's CEO Hock Tan in the Q1 FY26 earnings call Scale up refers to adding more resources to an existing computing cluster and connecting the different pieces together. Scale out refers to adding more computing clusters and connecting all these clusters together. And this is leading to accelerating demand from key customers such as the hyperscalers as AECs become the default choice for s...
Plains All American Pipeline ( PAA ) declares $0.4175/share quarterly dividend , in line with previous. Forward yield 7.51% Payable May 15; for shareholders of record May 1; ex-div May 1. See PAA Dividend Scorecard, Yield Chart, & Dividend Growth. More on Plains All American Pipeline Plains All American: Backwardation Might Ruin The Party Plains All American: Timely Crude Oil Focused Yield Shelter...
Plains All American Pipeline ( PAA ) declares $0.4175/share quarterly dividend , in line with previous. Forward yield 7.51% Payable May 15; for shareholders of record May 1; ex-div May 1. See PAA Dividend Scorecard, Yield Chart, & Dividend Growth. More on Plains All American Pipeline Plains All American: Backwardation Might Ruin The Party Plains All American: Timely Crude Oil Focused Yield Shelter To Buy Now Plains All American: The 8% Yield And High Oil Concentration Make The Company Interesting Again (Rating Upgrade) Keyera says deal for Plains' Canadian NGL assets pushed out to May Plains All American outlines $2.75B EBITDA guidance for 2026 as company executes NGL divestiture, streamlining, and Cactus III integration
Julie Rubinstein, the President and COO of Adaptive Biotechnologies Corporation (NASDAQ:ADPT) , reported the sale of 38,120 shares of Common Stock for approximately $554,000 in a set of transactions executed on April 1, 2026 and April 2, 2026, as detailed in the SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($14.53). * 1-year performance calculated using...
Julie Rubinstein, the President and COO of Adaptive Biotechnologies Corporation (NASDAQ:ADPT) , reported the sale of 38,120 shares of Common Stock for approximately $554,000 in a set of transactions executed on April 1, 2026 and April 2, 2026, as detailed in the SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($14.53). * 1-year performance calculated using April 2nd, 2026 as the reference date. Continue reading
An analyst worries about a line from a recent Broadcom filing that suggests the company may be somewhat involved in the funding of an Anthropic data center.
An analyst worries about a line from a recent Broadcom filing that suggests the company may be somewhat involved in the funding of an Anthropic data center.
MAIA Biotechnology ( MAIA ) on Wednesday said the net proceeds from its $33 million public offering of common stock in March 2026 are expected to fully fund the company’s ongoing pivotal Phase 3 clinical trial of its lead investigational therapy, ateganosine, as a treatment for non-small cell lung cancer (NSCLC). Ateganosine is a dual mechanism therapy designed to break down telomere structure and...
MAIA Biotechnology ( MAIA ) on Wednesday said the net proceeds from its $33 million public offering of common stock in March 2026 are expected to fully fund the company’s ongoing pivotal Phase 3 clinical trial of its lead investigational therapy, ateganosine, as a treatment for non-small cell lung cancer (NSCLC). Ateganosine is a dual mechanism therapy designed to break down telomere structure and function in cancer cells while inducing immune activation. The U.S. Food and Drug Administration has granted Fast Track designation for the drug in third line (3L) NSCLC treatment. MAIA +5.0% premarket to $1.26. Source: Press Release More on MAIA Biotechnology MAIA Biotechnology slides after pricing offering to raise $30M Seeking Alpha’s Quant Rating on MAIA Biotechnology Historical earnings data for MAIA Biotechnology Financial information for MAIA Biotechnology
Welcome to the Brussels Edition. I’m Suzanne Lynch, Bloomberg’s Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you’re signed up . European markets breathed a sigh of relief today on news of a conditional two-week ceasefire between the US and Iran, with stocks and European bonds rallying and oil dropping below $100 a barrel. While the relief rally gives some repr...
Welcome to the Brussels Edition. I’m Suzanne Lynch, Bloomberg’s Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you’re signed up . European markets breathed a sigh of relief today on news of a conditional two-week ceasefire between the US and Iran, with stocks and European bonds rallying and oil dropping below $100 a barrel. While the relief rally gives some reprieve to markets, trust in the US might take longer to repair. Trump’s brinkmanship and threat to wipe out a civilization has frayed the already shaky transatlantic alliance. As Alex Wickham reports, the ceasefire has reinforced views among both adversaries and the NATO alliance that Trump’s campaign against the Tehran regime marks a strategic setback, bolstering China and Russia while squandering American strengths Meanwhile, NATO chief Mark Rutte ’s approach in handling Trump is under scrutiny as he prepared to meet Trump later today. European allies are starting to question whether Rutte’s deferential approach to Trump — which at times turns into political cheerleading — is appropriate or even working. As Rutte readies to meet Trump, the EU welcomed the news of the temporary ceasefire. A European Commission spokesperson this lunchtime said that freedom of navigation in the Strait of Hormuz should be guaranteed, in line with international law and the law of the sea. Around 15 countries now involved with planning to help unblock the key waterway, according to French President Emmanuel Macron. A key concern remains Lebanon. Macron said this morning that the ceasefire should “fully include” Lebanon even as Israel said it would not be included. Meanwhile, EU High Representative for Foreign Affairs, Kaja Kallas is traveling to Saudi Arabia today in a surprise visit. She’s due to meet Saudi Foreign Minister Prince Faisal bin Farhan Al Saud as well as the head of the Gulf Cooperation Council. Her trip comes as the FT reported that Saudi Arabia’s East-West oil pipeline was hit in ...
My top 10 things to watch Wednesday, April 8 1. Stock futures are flying after the U.S. and Iran agreed to a two-week ceasefire at the 11th hour last night. Washington has committed to halting missile attacks, and Tehran has agreed to reopen the vital Strait of Hormuz oil transport route during the truce. Oil prices are plunging, with WTI crude down more than 17% to $93 a barrel. With the war paus...
My top 10 things to watch Wednesday, April 8 1. Stock futures are flying after the U.S. and Iran agreed to a two-week ceasefire at the 11th hour last night. Washington has committed to halting missile attacks, and Tehran has agreed to reopen the vital Strait of Hormuz oil transport route during the truce. Oil prices are plunging, with WTI crude down more than 17% to $93 a barrel. With the war paused, expect the transports and tech stocks to be the biggest winners. 2. This morning is yet another reminder that trading in and out of the markets is a fool's errand. Good luck trying to catch all the big moves with that strategy. Over the long run, missing the market's best days damages your returns. This is what we preach at the CNBC Investing Club , and it was also a big focus of my latest book, "How to Make Money in Any Market." 3. Anthropic's new AI model will initially be rolled out to a select group of companies as part of a cybersecurity initiative called Project Glasswing . Club names CrowdStrike and Palo Alto Networks are among the participants. Important. These stocks were wrongly crushed on AI disruption fears. They can go much higher now. Both are rallying this morning. CrowdStrike's George Kurtz will join me on "Mad Money" tonight to talk about it. 4. Seaport downgraded Club name Broadcom to hold from buy, saying the custom chipmaker is confronting the limits of the industry. Talk about a call that makes no sense whatsoever. Broadcom just landed two key wins (Google and Anthropic), and it's the best alternative to Nvidia for AI compute, even though Marvell needs to be taken seriously , too. 5. Johnson & Johnson landed a buy call at TD Cowen. The analysts said its product portfolio is strong and will drive 7% annual sales growth through 2032. This is the drug stock I have most wanted to buy for the Club. Best growth from pharma. J & J says it has a line of sight to double-digit expansion by the end of the decade. 6. Wolfe Research downgraded Otis Worldwide to ...
Gorilla Technology ( GRRR ) announced on Wednesday that the UK Financial Conduct Authority had approved the change of control of Shackleton Finance , a unit of Shackleton Ventures. Pursuant to FCA approval, the company ' s acquisition of Shackleton Finance is expected to close soon, after which the unit will be rebranded as Gorilla Tech Capital and serve as its FCA-regulated platform. Through Gori...
Gorilla Technology ( GRRR ) announced on Wednesday that the UK Financial Conduct Authority had approved the change of control of Shackleton Finance , a unit of Shackleton Ventures. Pursuant to FCA approval, the company ' s acquisition of Shackleton Finance is expected to close soon, after which the unit will be rebranded as Gorilla Tech Capital and serve as its FCA-regulated platform. Through Gorilla Tech Capital, the company plans to structure SPVs to co-invest in infrastructure projects, including AI data centers and GPU-as-a-Service programs, while targeting $2B to $3B in assets under management by end-2027. Following completion, Shackleton Finance is expected to retain its senior management team to support regulatory continuity and continued oversight of existing funds. Shares -2.68%. More on Gorilla Technology Group Gorilla Technology: Wide Guidance, Massive Hidden Upside Gorilla Technology Group Inc. (GRRR) Q4 2025 Earnings Call Transcript Gorilla Technology: A Critical $1.4 Billion Opportunity To Capture Gorilla Technology Group GAAP EPS of -$0.51 misses by $0.31, revenue of $101M beats by $1.32M Gorilla Technology updates share repurchase program, $9.6M capacity remaining