Alejandro M Sanchez, Director of Popular, Inc. (NASDAQ:BPOP) , reported the sale of 1,451 shares of common stock in an open-market transaction on Feb. 26, 2026, as disclosed in the SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($140.85); post-transaction value based on Feb. 26, 2026 market close ($142.51). 1-year performance calculated using Feb. 26, 202...
Alejandro M Sanchez, Director of Popular, Inc. (NASDAQ:BPOP) , reported the sale of 1,451 shares of common stock in an open-market transaction on Feb. 26, 2026, as disclosed in the SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($140.85); post-transaction value based on Feb. 26, 2026 market close ($142.51). 1-year performance calculated using Feb. 26, 2026 as the reference date. Continue reading
J Studios/DigitalVision via Getty Images In November of last year, I wrote an article titled " Ares Capital Vs. Blue Owl Capital: Which 10%+ Yield Is The Better Buy For Income Investors? " In it, I detailed the macro forces driving down top BDC share prices and dove deep into each company's portfolio ( ARCC , OBDC ) to determine overall dividend sustainability and yield. Ultimately, I rated shares...
J Studios/DigitalVision via Getty Images In November of last year, I wrote an article titled " Ares Capital Vs. Blue Owl Capital: Which 10%+ Yield Is The Better Buy For Income Investors? " In it, I detailed the macro forces driving down top BDC share prices and dove deep into each company's portfolio ( ARCC , OBDC ) to determine overall dividend sustainability and yield. Ultimately, I rated shares of both stocks a 'Buy', although I did highlight that I slightly preferred OBDC's larger discount to NAV and higher yield, even if it came with more risk. Fast forward to the present, and the pressure on business development companies has only intensified. As wider market concerns around private credit - and especially software lending - have surfaced, shares of the overarching asset managers like Ares ( ARES ) and Blue Owl ( OWL ) have collapsed. Recently, I talked about how these fund manager businesses (which manage ARCC and OBDC) look like a Strong Buy . This is a view that has faced significant pushback . But what about the underlying loan portfolios? Clearly, the market is marking these loans down, with OBDC trading at a 24% discount to NAV and ARCC trading at a ~9% discount. Where do they really belong? As such, I thought it would be a good time to revisit the topic of my earlier article. When it comes to top BDCs, are OBDC and ARCC a buy, hold, or sell? Will these firms have to cut their dividends, or is the market making a big fuss over nothing? Today, I'll examine both of these companies closely and give my take on whether OBDC and ARCC are a solid place to allocate capital at the moment. Sound good? Let's dive in. Q4 2025 First, let's take a look at each business and their underlying financials. In case you've never invested in BDCs before, companies like ARCC and OBDC are essentially big pools of capital - funded by a combination of debt and equity - that managers will loan out to domestic businesses at floating interest rates. On the whole, Private credit larg...
hocus-focus Apple's ( AAPL ) services offerings—made up of products like iCloud, Apple TV, Apple Music, and more—are seeing continued increases and monetization, Evercore ISI said. In surveying roughly 3,500 smartphone users, the average monthly spend of a user has increased to around $13, up from the three-year average of roughly $9, “driven by broader application adoption and mix shift toward hi...
hocus-focus Apple's ( AAPL ) services offerings—made up of products like iCloud, Apple TV, Apple Music, and more—are seeing continued increases and monetization, Evercore ISI said. In surveying roughly 3,500 smartphone users, the average monthly spend of a user has increased to around $13, up from the three-year average of roughly $9, “driven by broader application adoption and mix shift toward higher-value offerings,” analyst Amit Daryanani said. Daryanani has an Outperform rating and a $330 price target on Apple. Delving deeper, the survey indicated that roughly 63% of respondents now have AppleCare or Apple One, up from the three-year average of 44%. Apple Pay usage has increased as well, as roughly 40% of respondents said they use it, compared to roughly 30% for the three-year average. Other services also saw increases when compared to the three-year average, including iCloud (only 15% have no usage, down from the three-year average of 24%, while 28% say they now have 2 TB worth of storage, up from roughly 11%); Apple Music (roughly 61% compared to approximately 44%); and Apple TV, which roughly 54% of respondents said they used, compared to the three-year average of about 34%. Additionally, Apple TV (formerly known as Apple TV+) is now the second most watched streaming service in the survey, surpassing Amazon ( AMZN ) Prime Video, Daryanani said. Aside from Apple's paid services, the survey indicated that Apple Intelligence is seeing some traction, though it was described as “muted.” “Upgrade intent remained muted, with ~44% of users indicating willingness to upgrade for AI features, a ~2pt decline from our prior survey,” Daryanani added. “We think users are underappreciating the potential of Apple Intelligence 2.0 and 'AI Siri,' particularly as new capabilities are rolled out later this year, which will include Gemini model integration. Importantly, we see early signs of monetization, with underlying demand for premium features, as ~61% of respondents indicate...
Every weekday, the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Tuesday 's key moments. 1. The S & P 500 is little changed following Monday's rally, which came after President Donald Trump said that the U.S. and Iran were in talks about a resolution to the Iran war. Iran's state media, however, denied any direct conversations between ...
Every weekday, the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Tuesday 's key moments. 1. The S & P 500 is little changed following Monday's rally, which came after President Donald Trump said that the U.S. and Iran were in talks about a resolution to the Iran war. Iran's state media, however, denied any direct conversations between the two nations. Cramer said the market was experiencing a "hangover." Mixed headlines can be misleading, added Jeff Marks, the Club's director of portfolio analysis, who cautioned against chasing yesterday's rally. The S & P Short Range Oscillator is still in oversold territory, which suggests stocks could be due for a bounce. We're in a good position to "nibble" on quality stocks that have fallen. 2. Shares of Wells Fargo are slightly lower despite more turmoil in the private credit industry. Moody's downgraded a private credit fund run by KKR and Future Standard to junk amid rising bad loans and batches of weak earnings. Separately, Ares Management became the latest alternative asset manager to cap fund withdrawals following a surge in investor redemption requests. But investors shouldn't worry about Wells Fargo's ties to private credit through its lending relationships, Cramer said. The story is "very positive for Wells Fargo right now," Jim said. 3. Microsoft was reinstated at Bank of America with a buy rating and $500 price target. Analysts said Microsoft is at the center of the artificial intelligence supercycle, with the ability to monetize the technology across its infrastructure and applications. With Microsoft down over 20% this year, Jim said he'd rather be a buyer of the stock than a seller. Part of what will define Microsoft's future trajectory, the firm said, is the strategic and financial implications of its partnership with OpenAI. Jim will try to get those answers from OpenAI CFO Sarah Friar when she joins "Mad Money" this evening. "I want to understand th...
Teamjackson/iStock via Getty Images Note: I have covered Teekay Corporation Ltd. ( TK ) previously, so investors should view this as an update to my earlier articles on the company. Please also note that Teekay Tankers ( TNK ) is part of our coverage universe at Value Investor's Edge ("VIE"). Last month, Teekay Corporation reported profitable fourth quarter and full year 2025 results, which were a...
Teamjackson/iStock via Getty Images Note: I have covered Teekay Corporation Ltd. ( TK ) previously, so investors should view this as an update to my earlier articles on the company. Please also note that Teekay Tankers ( TNK ) is part of our coverage universe at Value Investor's Edge ("VIE"). Last month, Teekay Corporation reported profitable fourth quarter and full year 2025 results, which were again driven by the performance of its main consolidated subsidiary, Teekay Tankers, in which the company holds a 31.0% economic stake: Company Press Release Following the sale of its remaining operating subsidiaries to Teekay Tankers in 2024, the company has returned substantial amounts of capital to common shareholders. As a result, Teekay's cash, cash equivalents and liquid investments have declined by more than $200 million to $120.1 million at the end of Q4. During the quarter, the company received $2.7 million in cash dividends from Teekay Tankers and $5.3 million in proceeds from the exercise of common stock options. As a result, outstanding shares increased from 85.3 million to $86.1 million. While operating subsidiary Teekay Tankers commands a debt-free balance sheet with more than $850 million in cash, cash equivalents and liquid investments, the company's primary focus remains on renewing its aging fleet. Value Investor's Edge With an average vessel age of more than 14 years, the company's fleet remains the oldest among U.S. exchange-listed peers. While Teekay Tankers has started to dispose of older vessels in recent quarters, elevated asset prices make fleet renewal a difficult task. At this point, newbuild orders appear to be the only viable option: Compass Maritime However, with midsize crude tanker rates at unprecedented levels, the company is literally printing cash: Value Investor's Edge In recent years, Teekay Tankers has declared a special cash dividend alongside its Q1 results in May: Company Press Releases With anticipated record first-quarter earnings a...
Two of the biggest names in private credit, Ares Management Corp. and Apollo Global Management Inc., blocked investors from getting even half of the money they wanted out of their funds, a sign of mounting strain in the $1.8 trillion market. The $10.7 billion Ares Strategic Income Fund limited withdrawals to 5% of shares after clients sought to redeem 11.6%, according to a letter to shareholders T...
Two of the biggest names in private credit, Ares Management Corp. and Apollo Global Management Inc., blocked investors from getting even half of the money they wanted out of their funds, a sign of mounting strain in the $1.8 trillion market. The $10.7 billion Ares Strategic Income Fund limited withdrawals to 5% of shares after clients sought to redeem 11.6%, according to a letter to shareholders Tuesday. That followed the $15.1 billion business development company, Apollo Debt Solutions, which said Monday it was imposing the same cap after requests to pull 11.2%. Bloomberg's Paul Gulberg joins to discuss. (Source: Bloomberg)
Investor Gary Black, who is the managing director of The Future Fund LLC, has warned against a merger between Tesla Inc. and SpaceX, sharing concerns about the effects of such a move on Tesla investors. Gary Black’s Dilution Concerns Taking to the social media platform X on Sunday, the investor shared his concerns with the possible merger, directing his message at Tesla bulls. Black said that the ...
Investor Gary Black, who is the managing director of The Future Fund LLC, has warned against a merger between Tesla Inc. and SpaceX, sharing concerns about the effects of such a move on Tesla investors. Gary Black’s Dilution Concerns Taking to the social media platform X on Sunday, the investor shared his concerns with the possible merger, directing his message at Tesla bulls. Black said that the deal could see a “20-25% reduction” in the value of the EV giant’s stock “if TSLA with a 100x EV/EBI
bfk92/E+ via Getty Images Investment Thesis ATI ( ATI ) is a specialty materials company that has been benefitting from aerospace and defense tailwinds throughout the last year. This is expected to continue with margin expansion, increased demand from a defense supercycle, and a ramp in commercial aerospace production. With the valuation as expensive as it is, I see limited upside, with most of th...
bfk92/E+ via Getty Images Investment Thesis ATI ( ATI ) is a specialty materials company that has been benefitting from aerospace and defense tailwinds throughout the last year. This is expected to continue with margin expansion, increased demand from a defense supercycle, and a ramp in commercial aerospace production. With the valuation as expensive as it is, I see limited upside, with most of the tailwinds priced in. The company does have strong backlog visibility, with long-term agreements with players such as Airbus and Boeing . However, both have continuously faced supply chain delays, putting growth for ATI at risk. These aspects also seem to be priced into the stock's current valuation, with a forward P/E of ~34x. Any headwinds from margin compression, slow aerospace ramp, or commodity costs could put the stock's multiples at risk. That's why I'm rating this stock a Hold, with a 12-month price target of $139.86. Expensive for a Materials Company The current valuation for ATI is well above the average for specialty materials, and there are competitors out there that are arguably better positioned. With a trailing P/E of 44x and a forward P/E of 34x, the market is expecting ATI to benefit from this defense supercycle. Seeking Alpha and MacroMicro ATI's closest comparison, Howmet Aerospace ( HWM ), trades at similarly expensive levels with a trailing P/E of 61x and a forward P/E of 50x. Despite this, Howmet has higher margins, with an adjusted EBITDA margin of ~30% compared to ATI's margin of ~20%. Howmet also has more predictable revenue due to strict aircraft maintenance schedules, unlike ATI, which relies on demand. ATI does have a clear view of future revenue, with backlog worth around one year of revenue and long-term agreements with some OEMs. This isn't guaranteed, however, with fluctuating commodity costs that could skew revenue numbers. I believe the visibility is largely baked into the valuation, including the tailwinds of the defense supercycle. The s...
Industrials have posted their best start to the year in a quarter century. Here's where the sector can go next, according to Trivariate Research. Industrials have turned out to be an underappreciated star of the 2026 stock market. The State Street Industrial Select Sector SPDR ETF (XLI) has rallied more than 5% this year, one of six S & P 500 sectors that have gained year to date. Energy is the le...
Industrials have posted their best start to the year in a quarter century. Here's where the sector can go next, according to Trivariate Research. Industrials have turned out to be an underappreciated star of the 2026 stock market. The State Street Industrial Select Sector SPDR ETF (XLI) has rallied more than 5% this year, one of six S & P 500 sectors that have gained year to date. Energy is the leading outperformer, up 37%. Fourteen of the top 20 stocks by market cap in the group are higher this year, the firm pointed out. Eight have even notched double-digit gains in the period, including GE Vernova (up 37%), Caterpillar (up 25%), and Lockheed Martin (up 26%). This comes even as the S & P 500 has buckled under the weight of geopolitical risks, as well as ongoing concerns in artificial intelligence and private credit. The market cap weighted index is down nearly 4% this year. But further gains may be harder to come by for the group, Trivariate found. Industrials are expensive after this year's rally, trading at a forward price-to-earnings ratio of roughly 24. They may have now priced in recent improvements in the Purchasing Managers Index (PMIs), a leading indicator showing economic growth that boosted cyclical sectors. What's more, industrials are the most diverse sector of the market, with 15 sub-industries of at least 10 stocks each, making any broad call on the group challenging. "It is imperative for the sector to post upwards earnings revisions for the recent outperformance to continue," wrote the firm's founder Adam Parker. "But that will be challenging." Trivariate Research searched for stocks that are in the top quartile of 12-quarter trailing earnings growth, and a one-month change in forward earnings expectations. Here are some of the names the firm is long on. Howmet Aerospace is one of the names that surfaced on the firm's list. The aerospace and defense stock is already up more than 15% this year. Yet the majority of analysts rate it a buy, according t...
mustafaU/iStock via Getty Images In this article, I argue that Strategy Inc 8.00% Perpetual Strike Preferred Stock ( STRK ) is the most mispriced security in Strategy’s ( MSTR ) capital stack. The market seems to be valuing it like a damaged junior preferred. Strategy’s March 23, 2026 filing marks an inflection point. It launched a new STRK ATM capped at $2.1 billion, terminated the prior $20.3 bi...
mustafaU/iStock via Getty Images In this article, I argue that Strategy Inc 8.00% Perpetual Strike Preferred Stock ( STRK ) is the most mispriced security in Strategy’s ( MSTR ) capital stack. The market seems to be valuing it like a damaged junior preferred. Strategy’s March 23, 2026 filing marks an inflection point. It launched a new STRK ATM capped at $2.1 billion, terminated the prior $20.3 billion STRK ATM, and cut authorized STRK shares from 269.8 million to 40.27 million, while simultaneously scaling STRC with a new $21 billion ATM and a huge increase in authorized STRC shares. At today’s share price of under $75, STRK still carries its fixed 8% dividend on a $100 stated amount, which works out to a current yield of more than 10%, and it remains the only preferred in the stack with direct MSTR upside through conversion into 0.1 shares of common. This combo of convertibility and fixed income matters a lot. STRC trades around par by design and currently pays an 11.50% variable dividend. STRF is the senior-most perpetual preferred and pays 10% fixed. STRD offers 10% on paper but is the high-yield, non-cumulative, and the most junior preferred. STRK sits between STRD and STRC in seniority while having some upside exposure to MSTR, which is exactly why I think it is the best risk-reward instrument today. STRK Today STRK is a convertible perpetual preferred that pays an $8 per share annual dividend and can be converted at the holder’s option into 0.1 shares of MSTR. With MSTR at $138.20, the current intrinsic conversion value is only about $13.82 per STRK share. The “equity content” of STRK is therefore about 18% (13.8 / 75 = 0.18). The rest of the share value is the discounted dividend stream. Therefore, today STRK behaves more like a high yield preferred with a free or very cheap upside kicker attached. Meanwhile it has been mostly disregarded by the market because MSTR and STRC are getting almost all the attention and STRK itself sits in an awkward “middle spot”...
Nvidia CEO: "I Think We've Achieved AGI" Nvidia CEO Jensen Huang joined podcaster Lex Fridman for a 2-plus-hour conversation on the future of AI infrastructure, covering everything from chips, racks, and cooling systems to Nvidia's broader strategy for the next computing era. Jensen spoke about how computers are evolving from retrieval machines into generative AI factories. The discussion also tur...
Nvidia CEO: "I Think We've Achieved AGI" Nvidia CEO Jensen Huang joined podcaster Lex Fridman for a 2-plus-hour conversation on the future of AI infrastructure, covering everything from chips, racks, and cooling systems to Nvidia's broader strategy for the next computing era. Jensen spoke about how computers are evolving from retrieval machines into generative AI factories. The discussion also turned to one of the biggest questions in the AI cycle: whether AGI has already arrived. Near the two-hour mark of the conversation, Fridman asked Jensen about the "AGI timeline" and whether it is still five, ten, fifteen, or twenty years away, especially given the recent widespread use of agentic AI tools like OpenClaw. Jensen responded, "I think it's now. I think we've achieved AGI." It is worth noting that Jensen has previously stated that the AGI timeline depends on how it is defined. At the 2023 New York Times DealBook Summit, Jensen defined AGI as software capable of exceeding normal human intelligence at a reasonably competitive level. At the time, he said he expected AGI to arrive within five years. Fridman's question about the AGI timeline was based on a very narrower interpretation, and Jensen framed it this way: AI does not need to build anything lasting. It does not need to manage a complex business. It just needs to make a billion dollars. "You said a billion," Jensen told Fridman, "and you didn't say forever." Jensen said, for example, that all AI needs to do is create a web service or app that goes viral and is used by a few billion people at fifty cents per user. He pointed to the dot-com era, when some websites were no more sophisticated than what an AI agent can create today. So under that narrower interpretation, Jensen believes: "I think we've achieved AGI." * * * ARE YOU PREPARED ? Tyler Durden Tue, 03/24/2026 - 12:30
U.S. President Donald Trump (R) and Pakistani Prime Minister Shehbaz Sharif (L) attend the Peace Council meeting held during the 56th World Economic Forum in Davos, Switzerland on January 22, 2026. Harun Ozalp | Anadolu | Getty Images Pakistani Prime Minister Shehbaz Sharif on Tuesday said his country would host talks between the U.S. and Iran in pursuit of a "comprehensive settlement" of the ongo...
U.S. President Donald Trump (R) and Pakistani Prime Minister Shehbaz Sharif (L) attend the Peace Council meeting held during the 56th World Economic Forum in Davos, Switzerland on January 22, 2026. Harun Ozalp | Anadolu | Getty Images Pakistani Prime Minister Shehbaz Sharif on Tuesday said his country would host talks between the U.S. and Iran in pursuit of a "comprehensive settlement" of the ongoing war . "Pakistan welcomes and fully supports ongoing efforts to pursue dialogue to end the WAR in Middle East, in the interest of peace and stability in region and beyond," Sharif said on X. "Subject to concurrence by the US and Iran, Pakistan stands ready and honoured to be the host to facilitate meaningful and conclusive talks for a comprehensive settlement of the ongoing conflict," he said. The post tagged the social media profiles of President Donald Trump , U.S. special envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi. Trump, on his Truth Social platform , shared a screenshot of Sharif's post later Tuesday morning. The messaging followed reporting that regional leaders are engaged in behind-the-scenes diplomatic efforts to help broker an end to the conflict, which has resulted in thousands of deaths and wrought havoc on the global economy since it began less than a month ago. But much remains unclear about where things stand between the U.S. and Iran, which have made contradictory claims about the status of their discussions. Trump said Monday that top U.S. negotiators and their Iranian counterparts have been engaged in " very, very strong talks " as recently as Sunday evening. As a result of those purported talks, Trump said he would postpone the ultimatum he had issued Saturday for Iran to either open the Strait of Hormuz within 48 hours, or else face major strikes on their power plants and energy infrastructure. U.S. stocks rallied on that announcement. Iranian officials, however, denied that any such discussions have taken place. Read more CNBC po...