Key PointsWall Street analysts have a reached a bullish consensus on shares of CrowdStrike and Workiva, and the broader market sell-off might be an opportunity to buy both.
Key PointsWall Street analysts have a reached a bullish consensus on shares of CrowdStrike and Workiva, and the broader market sell-off might be an opportunity to buy both.
Pavel Kot/iStock via Getty Images Key takeaways 1 Yields shifted Short and intermediate-maturity Treasury yields fell during the quarter. One- to five-year maturities fell between 0.01 and 0.20%, while longer maturities were relatively stable to slightly higher, resulting in steepening of the overall yield curve. 2 Inflation pressures persisted Economic data, while limited by the US government shu...
Pavel Kot/iStock via Getty Images Key takeaways 1 Yields shifted Short and intermediate-maturity Treasury yields fell during the quarter. One- to five-year maturities fell between 0.01 and 0.20%, while longer maturities were relatively stable to slightly higher, resulting in steepening of the overall yield curve. 2 Inflation pressures persisted Economic data, while limited by the US government shutdown, showed sticky inflation, with tariff-related cost pressures adding further uncertainty. These dynamics in our view increase the likelihood that the US Federal Reserve will keep monetary policy tight for an extended period. 3 Agency MBS benefited from yield curve steepening US Agency mortgage-backed securities (MBS) had a positive return for the quarter. High coupon MBS outperformed as implied volatility declined and the yield curve steepened, which supported market segments delivering higher income. Investment objective The fund seeks to provide a high level of current income, with liquidity and safety of principal. Fund facts Fund AUM ($M) 509.90 Click to enlarge Portfolio managers Brian P. Norris, Clint W. Dudley, David Lyle Manager perspective and outlook Structured credit sectors outperformed Treasuries and investment-grade corporate bonds this quarter. We favor a neutral allocation to Agency MBS because after strong performance in the third quarter, we believe valuations now appear fair relative to historical levels. Technical conditions (supply/demand balance) in our view remain supportive, but we believe the overall risk/reward profile is more balanced. Portfolio characteristics* Average duration (years) 5.32 Weighted average life (years) 6.74 Average weighted coupon (%) 3.26 30-day SEC yield (Class A shares) 2.92 30-day SEC unsubsidized yield (Class A shares) - Click to enlarge Portfolio positioning We maintain a neutral allocation to Agency MBS, reflecting in our view fair valuations after strong recent performance. Among 30-year mortgages, the fund remains ...
"Buy The Dip" Is Dead: Retail Sells Today's Market Bounce, 2nd Time This Week; Sells Nvidia Two weeks ago we warned that the BTFD trade - that staple of every market dip in the past 3 years - appeared to be fading rapidly, as retail investors were demonstrating " persistent signs of weakness " following the start of the Iran conflict with weekly purchases decelerating by ~30% after defying seasona...
"Buy The Dip" Is Dead: Retail Sells Today's Market Bounce, 2nd Time This Week; Sells Nvidia Two weeks ago we warned that the BTFD trade - that staple of every market dip in the past 3 years - appeared to be fading rapidly, as retail investors were demonstrating " persistent signs of weakness " following the start of the Iran conflict with weekly purchases decelerating by ~30% after defying seasonal patterns and making February their 3rd largest month on record; additionally, that Monday marked the largest retail net-selling day in single stocks in a month. There was a silver lining: according to JPMorgan, despite the pullback, retail stock-picking choices - aside from reduced sizes - remained relatively optimistic: retail investors bought Tech Mega Caps (incl. ORCL pre and post-earnings), while cutting their exposure in energy stocks. Or, as JPM put it, "despite the market turning sour this month, driven by geopolitical developments and existing AI-related concerns spilling into equity and credit markets, retail investors continued to favor AI stocks, funding the trade by selling non-AI stocks. " One week later, it went from bad to worse for retail demand, when that week's Retail Radar note found that retail dollars invested shrank 15% week-over-week - and plunged 43% since the start of the conflict - with ETF purchases declining 22% week-on-week and single‑stock purchases holding steady at a modest 45%ile. Fast forward to today when we can (almost) officially declare the time of death of the BTFD trade. While many would have expected retail investors to jump at the opportunity to ride today's early morning meltup which was driven by ceasefire optimism, Vanda Research writes that "the retail bid was notably absent today." As shown in the chart below, in the first 2 hours of trading, instead of buying retail actually sold $5.5mn of US-listed single stocks, in line with the muted activity seen earlier this Monday. Today's selling followed an especially ugly Monday: th...
This unique rating identifies market leadership by showing how a stock's price movement over the last 52 weeks measures up against that of the other stocks in our database. Is Power Integrations Stock A Buy? Power Integrations stock is not currently showing a potential buy point.
This unique rating identifies market leadership by showing how a stock's price movement over the last 52 weeks measures up against that of the other stocks in our database. Is Power Integrations Stock A Buy? Power Integrations stock is not currently showing a potential buy point.
BDC leverage The simple story of private credit is that private credit funds raise money from investors and use the money to make loans. The investors’ money is locked up for a long time, so there is no maturity mismatch: Unlike, say, a bank , a private credit fund can hold its loans to maturity and will never have to give investors their money back early; there can never be a “run” on private cre...
BDC leverage The simple story of private credit is that private credit funds raise money from investors and use the money to make loans. The investors’ money is locked up for a long time, so there is no maturity mismatch: Unlike, say, a bank , a private credit fund can hold its loans to maturity and will never have to give investors their money back early; there can never be a “run” on private credit funds. Sure, certain retail private credit funds — non-traded business development companies — promise to give investors up to 5% of their money back each quarter, but other types don’t. And those outflows are small and predictable , so those BDCs will never have to do fire sales of loans to meet redemptions. Generally the BDC will have a line of credit allowing it to borrow money to meet redemptions without selling loans. This story is, approximately, half true, in the crude sense that about half of the money that private credit funds use comes from their investors. The other half is borrowed. A private credit fund might raise $100 from investors, borrow $100 more, and make $200 worth of loans. This is a crude number — some funds will borrow less, others more — but “around 1x levered” is a decent ballpark estimate . Here is a May 2025 Federal Reserve note finding that the average leverage of publicly traded BDCs is around 53% (that is, 53% debt to assets, or 1.13x levered), while the average leverage of “other non-bank financial institutions,” including many private credit funds, is about 42% (0.72x levered). Note that there are different ways of expressing the leverage ratio; the Fed uses a debt-to-assets ratio, I am using a debt-to-equity ratio (so a fund with 50% debt to assets is 1x levered), and this Office of Financial Research report uses an assets-to-equity ratio (so a fund with 50% debt to assets is 2x levered). (That report finds that the median private credit fund has barely any leverage at all, but the mean fund is about 1.9x levered on an assets-to-equity ...
Images By Tang Ming Tung/DigitalVision via Getty Images There comes a point in every investment where you have to consider what your initial goals were and when it's time to consider the rotation of your position. Companies do not tend to go up forever, even from a very low position, such as the position where I bought Neste ( NTOIF ). As of this article, I have actually already sold all but the s...
Images By Tang Ming Tung/DigitalVision via Getty Images There comes a point in every investment where you have to consider what your initial goals were and when it's time to consider the rotation of your position. Companies do not tend to go up forever, even from a very low position, such as the position where I bought Neste ( NTOIF ). As of this article, I have actually already sold all but the scraps of my position in the company. As per my cost basis, and my previously communicated articles, such as this one and this one , the position I had was, with dividends and FX, up over 150% in total. In fact, looking at my January 2025 position and article, the stance that by many at the time was considered to be extremely risky turned out to be one of extreme returns, with an SPY outperformance of over 20x. Seeking Alpha Neste Returns Could anyone, including me, have foreseen such a development? Heck no. Could it, based on valuation, clearly stated that the company was trading below where it "should" trade, based on asset valuation and the way things were going macro-wise? I argue yes, it could. I further argue that it is what I did. And while I won't claim that this sort of return is what I expected, it often seems to be the case that undervalued companies eventually return to what I would consider a baseline fair value, as Neste has now done. This one was already a speculative investment based on some comparisons, but it was never one that I would argue could go "bankrupt" in the short term. The question was what could and would make it "pop." And now the answer has come. In this article, I'll be revisiting my thesis with a PT of €22.5/share, which is now "beaten," I will be looking at fresh targets, what the company could achieve given forecasts, and what we should look at in 2026E to gauge how attractive the company might be. Let's see what we have here. Neste - The war and the other upsides are converging It's fair to say that the entire reason for the massive outpe...
For as long as we've known that soil bacteria manufacture molecular weapons to fight each other, we've been swiping their battle plans. In clinics and hospitals, those turf-war weapons have become miraculous drugs of modern medicine—antibiotics—that blow away otherwise deadly infections. But, of course, there's a dark side of mimicking microbial munitions—bacteria have defenses, too, namely antibi...
For as long as we've known that soil bacteria manufacture molecular weapons to fight each other, we've been swiping their battle plans. In clinics and hospitals, those turf-war weapons have become miraculous drugs of modern medicine—antibiotics—that blow away otherwise deadly infections. But, of course, there's a dark side of mimicking microbial munitions—bacteria have defenses, too, namely antibiotic resistance. You're probably aware that we're facing a rising threat of drug resistance among disease-causing bacteria, one that is rendering much of our stolen weaponry obsolete and making infections harder to defeat. Often, this growing crisis is framed as a clinical failure: We're overusing and misusing antibiotics, hastening our bacterial foes' natural ability to develop and spread resistance. While this is certainly true, a new study in Nature Microbiology this week identifies a potentially new driver of rising antibiotic resistance—and we're at least partly to blame for this one, too. Read full article Comments
Shares of Realty Income ( O ) rose 0.07% to $60.50 in the afternoon trade on Wednesday, snapping a six-session losing streak. The stock has fallen around 5.7% between March 17 and March 24 compared to a 2.38% decline in the S&P 500 during the same period. The decline came amid persistent pressure on the housing sector, with U.S. homebuilder sentiment remaining below the 50 breakeven level for 23 s...
Shares of Realty Income ( O ) rose 0.07% to $60.50 in the afternoon trade on Wednesday, snapping a six-session losing streak. The stock has fallen around 5.7% between March 17 and March 24 compared to a 2.38% decline in the S&P 500 during the same period. The decline came amid persistent pressure on the housing sector, with U.S. homebuilder sentiment remaining below the 50 breakeven level for 23 straight months as builders grapple with elevated construction and labor costs, while higher mortgage rates driven by rising U.S. Treasury yields linked to the U.S.-Israeli war with Iran have kept buyers on the sidelines. Separately, housing analysts expect home prices to rise only modestly as borrowing costs stay elevated near 6%, with affordability constraints, supply shortages, and a lack of near-term policy relief weighing on demand and limiting prospects for a meaningful market recovery. According to Seeking Alpha’s Quant Rating system, O is rated with a Strong Buy, with a score of 4.63 out of 5, receiving an A both in terms of growth and profitability, but a C+ in terms of valuation. A recent Seeking Alpha analysis said, Realty Income is likely to see tempered growth amid rising rates , noting that there are “large odds for elevated interest rates in the near future,” which could increase financing costs for its acquisition-driven model. The analyst added that valuation already reflects these pressures, pointing out that “the current valuation multiple already priced in the headwinds from higher bond rates.” While on Wall Street , seven of 24 analysts rate the stock a buy or higher, 16 recommend a hold, and one of them rates it with a sell or lower. Shares have fallen around 8.3% in the past month but remain up about 7% year-to-date. More on Kuaishou Technology (KSHTY) Q4 2025 Earnings Call Transcript ACWX: International Stocks May Benefit From Iran De-Escalation Concentrix: Cheap For A Reason, But Still Worth Holding (Downgrade) Generac shares drop as investor day lac...
May WTI crude oil (CLK26 ) today is down -3.26 (-3.53%), and May RBOB gasoline (RBK26 ) is down -0.1412 (-4.56%). Crude oil and gasoline prices are sharply lower today in hopes that US-Iran diplomacy can end the war in Iran. Also, the unexpected increase in weekly EIA crude inventories...
May WTI crude oil (CLK26 ) today is down -3.26 (-3.53%), and May RBOB gasoline (RBK26 ) is down -0.1412 (-4.56%). Crude oil and gasoline prices are sharply lower today in hopes that US-Iran diplomacy can end the war in Iran. Also, the unexpected increase in weekly EIA crude inventories...
George Frey/Getty Images News Generac Holdings ( GNRC ) shares fell as much as 12% on Wednesday before paring losses, as investors reacted to the company’s investor day presentation that highlighted strong demand trends but stopped short of delivering a key anticipated announcement. The selloff came even as Generac ( GNRC ) pointed to accelerating momentum in its data center business, a segment th...
George Frey/Getty Images News Generac Holdings ( GNRC ) shares fell as much as 12% on Wednesday before paring losses, as investors reacted to the company’s investor day presentation that highlighted strong demand trends but stopped short of delivering a key anticipated announcement. The selloff came even as Generac ( GNRC ) pointed to accelerating momentum in its data center business, a segment that has become central to its long-term growth narrative. The company said its backlog for data center-related products has surged roughly 75% over the past six weeks, underscoring rising demand tied to artificial intelligence infrastructure and cloud computing buildouts. However, investor expectations appeared to be set even higher. Shares weakened after the company didn’t unveil an anticipated long-term agreement with a hyperscale data center customer, a development many had been looking for as validation of Generac’s ( GNRC ) positioning in the space. Management used the presentation to reinforce its role in what it described as a “generational” shift in power demand. Slides highlighted how electricity consumption is expected to accelerate sharply, driven in large part by data centers, which the company said could account for more than half of load growth by 2030. Generac ( GNRC ) also emphasized that backup power is becoming increasingly critical infrastructure for data centers, where uptime requirements are stringent and outages can lead to significant financial and operational damage. Despite the market’s lukewarm reaction, the company maintained its financial outlook. Generac ( GNRC ) reaffirmed its 2026 guidance, calling for revenue growth in the mid-teens, with residential sales expected to rise around 10% and commercial and industrial revenue projected to grow in the low- to mid-20% range. Earnings before interest, taxes, depreciation and amortization margins are expected to remain in the 18% to 19% range. The broader backdrop supporting Generac’s ( GNRC ) strategy...
Yoshi and the Mysterious Book launches on May 21st. | Image: Nintendo Nintendo is planning to charge less for digital titles exclusive to the Switch 2 starting in May, the company announced on Wednesday . The new pricing is already in effect for Yoshi and the Mysterious Book , which costs $59.99 to preorder a digital copy and $69.99 for the physical version. In its announcement, Nintendo says both...
Yoshi and the Mysterious Book launches on May 21st. | Image: Nintendo Nintendo is planning to charge less for digital titles exclusive to the Switch 2 starting in May, the company announced on Wednesday . The new pricing is already in effect for Yoshi and the Mysterious Book , which costs $59.99 to preorder a digital copy and $69.99 for the physical version. In its announcement, Nintendo says both physical and digital copies of its Switch 2 games will offer the same experiences, adding that the price change "simply reflects the different costs associated with producing and distributing each format." It's not clear if Nintendo is tweaking prices in other regions, however, as Yoshi and the Mysterious Book is stil … Read the full story at The Verge.