fotoVoyager/E+ via Getty Images By James Smith | Michiel Tukker | Chris Turner What’s happening UK markets were under pressure on Friday as the leadership battle within the ruling Labour Party started to open up. To recap, this week’s turmoil follows a very weak, but not totally unsurprising, set of local election results for Labour earlier this month. With Nigel Farage’s Reform Party dominating t...
fotoVoyager/E+ via Getty Images By James Smith | Michiel Tukker | Chris Turner What’s happening UK markets were under pressure on Friday as the leadership battle within the ruling Labour Party started to open up. To recap, this week’s turmoil follows a very weak, but not totally unsurprising, set of local election results for Labour earlier this month. With Nigel Farage’s Reform Party dominating the polls and the Green Party increasingly dividing Labour’s share of the vote, there’s growing pressure on the party to change direction as it looks ahead to the next General Election in three years’ time. So far, formally at least, no leadership contest has been triggered. Keir Starmer remains both Labour leader and prime minister. But it is only a matter of time. Wes Streeting, until this week the Health Secretary, has resigned and is expected to stand, though it remains unclear whether he has support from the 81 Labour MPs required to trigger a contest. Comments from Streeting today suggest he has acknowledged a leadership battle will need to wait for the summer. That’s because Andy Burnham, Mayor of Manchester and favourite to become Labour leader, needs to be an MP in Westminster to be eligible to compete in a leadership contest. He has announced he’ll be standing in Makerfield, a newly vacated seat in the north of England, in a by-election that’s likely to take place in the second half of June. That in itself is no easy feat. Polls suggest that, in the absence of Burnham, Reform would win comfortably in Makerfield. Farage’s party dominated the local elections in the area. Burnham will be banking on his local popularity to get him elected. Assuming he does, that opens up a leadership contest that's likely to take place through the summer, with the results sewn up before the Labour Party conference in late September. What gilt markets are watching Until now, politics has not been the primary driver of gilt yields, which suggests there’s still plenty of upside risk. The ...
In trading on Friday, precious metals shares were relative laggards, down on the day by about 8.1%. Helping drag down the group were shares of Aya Gold & Silver, down about 11.9% and shares of First Majestic Silver down about 11.5% on the day. Also lagging the market Frida
In trading on Friday, precious metals shares were relative laggards, down on the day by about 8.1%. Helping drag down the group were shares of Aya Gold & Silver, down about 11.9% and shares of First Majestic Silver down about 11.5% on the day. Also lagging the market Frida
In trading on Friday, waste management shares were relative leaders, up on the day by about 1.3%. Leading the group were shares of Perma-fix Environmental Services, up about 10.8% and shares of Waste Connections up about 1.9% on the day. Also showing relative strength are oil
In trading on Friday, waste management shares were relative leaders, up on the day by about 1.3%. Leading the group were shares of Perma-fix Environmental Services, up about 10.8% and shares of Waste Connections up about 1.9% on the day. Also showing relative strength are oil
hapabapa/iStock Editorial via Getty Images With very few exceptions, 2026 is the year when hardware stocks are taking their revenge on the rest of the tech sector. Chip stocks that historically were criticized for being too cyclical and having inconsistent margin trends have driven the majority of the S&P 500’s gains, while many software companies have reversed the gains they made during the pande...
hapabapa/iStock Editorial via Getty Images With very few exceptions, 2026 is the year when hardware stocks are taking their revenge on the rest of the tech sector. Chip stocks that historically were criticized for being too cyclical and having inconsistent margin trends have driven the majority of the S&P 500’s gains, while many software companies have reversed the gains they made during the pandemic. JFrog ( FROG ) is one notable exception in the software space. The DevOps software company, which acts as a central repository for software development, has seen its share price rise ~10% this year while many of its peers are in bear market territory. The question for investors now is, can it sustain this rally and run further? Data by YCharts I last wrote a "Sell" article on JFrog in March, when the stock was trading at ~$43 per share. My "S ell" rating was driven primarily off the fact that JFrog traded at a much richer multiple than direct competitors like GitLab ( GTLB ), and that spread has only widened today. I’ll issue a mea culpa upfront: my prior skittishness on JFrog was wrong. Especially after the company’s latest A1 results, it’s becoming more readily apparent that the company is enjoying real demand tailwinds from AI, far more visible in JFrog than in many peers. Still, we need to be careful of this crowded trade at high multiples, leading me to upgrade my rating on the stock to a "N eutral" rating rather than an outright buy. At current share prices, I see a rather balanced bull versus bear thesis for JFrog. On the positive side for the company: Usage-based pricing is driving growth inflection for the company. Unlike many other software companies that claim AI is a tailwind, this fact shows cleanly in JFrog’s data. Revenue acceleration and improving net retention rates (at 120%, which indicates an impressive 20% spending increase for the average customer) showcase a company that is enjoying significant growth momentum. Rule of 40. JFrog is achieving mid-2...
The board of directors of Kimberly-Clark has declared a regular quarterly dividend of $1.28 per share. The dividend is payable in cash on July 2, 2026, to stockholders of record at the close of business on June 5, 2026. Kimberly-Clark has paid a dividend for 92 consecutive year
The board of directors of Kimberly-Clark has declared a regular quarterly dividend of $1.28 per share. The dividend is payable in cash on July 2, 2026, to stockholders of record at the close of business on June 5, 2026. Kimberly-Clark has paid a dividend for 92 consecutive year
The creators and cast of The Mandalorian and Grogu have been Gulfstreaming around the world since April, attending premieres on space-black carpets and headlining Star Wars fan events. To promote the movie, based on the popular bounty hunter and Baby Yoda characters from The Mandalorian series, which made its debut on Disney+ in 2019, Walt Disney Co. has sent its marketing push into hyperdrive: Th...
The creators and cast of The Mandalorian and Grogu have been Gulfstreaming around the world since April, attending premieres on space-black carpets and headlining Star Wars fan events. To promote the movie, based on the popular bounty hunter and Baby Yoda characters from The Mandalorian series, which made its debut on Disney+ in 2019, Walt Disney Co. has sent its marketing push into hyperdrive: The multimillion-dollar campaign has so far featured Mandalorian -inspired beef sticks, G-Shock watches and Bath & Body Works cologne and candles, as well as Grogu-branded garlic chicken fries at Burger King. The Mandalorian and Grogu , which opens in theaters worldwide on May 22, is the first Star Wars film in seven years and the first to be adapted from an online series. Its performance will test whether Star Wars still belongs on the silver screens that made the franchise one of the most successful in Hollywood history — or, after the release of more than 10 shows on Disney+, whether it has permanently shifted into a streaming property. The film is expected to do $80 million in US and Canadian sales over the Memorial Day weekend . That would be considered a win for most big-budget releases, but would rank among the weakest openings for a 21st century Star Wars picture. “I don’t know if I feel pressure, but I do feel responsibility,” says director Jon Favreau , speaking on Hollywood Boulevard in Los Angeles, his comments barely audible over the cacophony of fans behind a barricade screaming for his autograph. On May 14, Disney closed down a portion of the street and filled it with podracers, animatronic droids and a Baby Yoda-styled nail bar to celebrate The Mandalorian and Grogu ’s debut screening at the iconic Chinese Theatre, where the original Star Wars premiered in 1977. Favreau says the film includes choreographed action sequences that go toe-to-toe with John Wick or Jason Bourne . His team spent more on visual effects than the series did and built sets that would len...
In this article FLUT FLUT Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 2:00 02:00 NFL presses CFTC on prediction markets Money Movers The National Football League outlined to the Commodities and Futures Trading Commission its views on how sports-related prediction markets should be regulated as the industry continues to experience massive growth, according to a letter reviewed b...
In this article FLUT FLUT Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 2:00 02:00 NFL presses CFTC on prediction markets Money Movers The National Football League outlined to the Commodities and Futures Trading Commission its views on how sports-related prediction markets should be regulated as the industry continues to experience massive growth, according to a letter reviewed by CNBC. Recommendations include banning certain event contracts and raising the age requirement for participation. Senior vice president for government affairs and public policy for the NFL Brendon Plack penned the letter on Friday to CFTC Chairman Michael Selig, where regulators are currently in a rulemaking process regarding the markets. Plack said the slew of recommendations are to preserve the ethics of the league. "These suggestions are aimed at (i) protecting the integrity of the sporting events to which the prediction contracts relate, and (ii) protecting participants in these prediction markets from fraudulent or manipulative behavior," he wrote. The NFL wants a number of contracts they deem to be easily manipulable by a singular person banned, like on if a kicker will miss a field goal or a quarterback's first pass will be incomplete. Contracts on things that are "knowable in advance" like the first play of the game or trading on "inherently objectionable" events like injuries should also be restricted, the NFL said. Plack also wrote that the league wants "mentions" contracts for broadcasters, where participants put money on different words they think an individual will say on television, prohibited too. The NFL also called for raising the age requirement for participants in sports-related prediction markets to 21 years old. That would align with typical age requirements for online sports betting, but prediction markets currently allow users starting at 18 years old to trade on their platforms. Plack consistently refers to state-level gambling regulations as a mode...
Occasionally, there are turns of phrase that lodge in the political lexicon. “Being in hock to the bond markets” isn’t a saying anyone down the Dog and Duck would use, but Andy Burnham’s words last year have assumed an outsized importance. It was the combination of a King Canute-like defiance of economic theory mixed with a wilful, unabashed desire to spend big. Concern about the market reaction t...
Occasionally, there are turns of phrase that lodge in the political lexicon. “Being in hock to the bond markets” isn’t a saying anyone down the Dog and Duck would use, but Andy Burnham’s words last year have assumed an outsized importance. It was the combination of a King Canute-like defiance of economic theory mixed with a wilful, unabashed desire to spend big. Concern about the market reaction to it was one of the things that halted Burnham’s momentum ahead of the last Labour conference, and it’s at play once again today . Have a look at the graph below. Some of this is anxiety around inflation battering global bond markets, but some of it will be the UK’s political outlook. But Burnham has the momentum now, and may well be prime minister by the time schools break up for summer. It’s looking increasingly likely he returns to Westminster, with the National Executive Committee on Friday giving him permission to stand in Makerfield. That seat is by no means a slam dunk though. This report shows that in last week’s local elections , the constituency of Makerfield saw 50.4% of the vote for Reform UK versus Labour’s 22.7%. Labour grandees are all using the same phrase: “We need our best players on the pitch.” But can he get out of the tunnel? Well, if he can, his team is letting it be known Burnham will set out how he will reassure the bond markets. I’m not sure there is much dancing on the head of any pin he can do — bond markets don’t have to keep funding the UK’s deficit so all they want to hear is that he gets fiscal restraint. If that £110 billion being spent on government debt gets bigger, there will be less for public spending. Though against this, Burnham might produce this Bloomberg chart showing that the UK isn’t the worst when it comes to debt versus GDP, with the situation more egregious in Japan, Italy and France. You can compare all of the Labour leadership candidates in this brilliant piece here . Burnham might also have this chart in mind when he propose...
Nvidia (NASDAQ: NVDA) shares sank as much as 5% today, outpacing a marketwide pullback. As of 12:23 p.m. ET, Nvidia stock was still down 3.3%, while the Nasdaq Composite index was down 1.25%. Today's drop comes after the latest leg higher for the artificial intelligence (AI) leader's stock. Nvidia has surged more than 15% in the last month. With its highly anticipated earnings report due next week...
Nvidia (NASDAQ: NVDA) shares sank as much as 5% today, outpacing a marketwide pullback. As of 12:23 p.m. ET, Nvidia stock was still down 3.3%, while the Nasdaq Composite index was down 1.25%. Today's drop comes after the latest leg higher for the artificial intelligence (AI) leader's stock. Nvidia has surged more than 15% in the last month. With its highly anticipated earnings report due next week, today's drop might be a nice time to gain exposure. Continue reading
Torsten Asmus/iStock via Getty Images In June last year, I had assigned a Hold rating to Rumble Inc. ( RUM ) because, despite encouraging top-line growth, cloud traction, and potential Tether synergies, the core business still lacked proof of sustainable unit economics and profitability. Gross margins were negative, ARPU trends were mixed, and operating losses remained deep. That picture has chang...
Torsten Asmus/iStock via Getty Images In June last year, I had assigned a Hold rating to Rumble Inc. ( RUM ) because, despite encouraging top-line growth, cloud traction, and potential Tether synergies, the core business still lacked proof of sustainable unit economics and profitability. Gross margins were negative, ARPU trends were mixed, and operating losses remained deep. That picture has changed meaningfully now. The Northern Data acquisition opens up traction in cloud and AI infrastructure with the potential to unlock up to ~$300m in annual revenues even at current run rates. While markets are still skeptical about economics and execution issues, initial signals from Northern Data's ramping utilization and integration timelines tracking toward June make Rumble a decent speculative Buy. I believe valuations are much more reasonable today for the combined entity's potential, and investors can add Rumble to their speculative growth portfolios, expecting multiple rerating at some point as revenues begin to move toward ~$300-$400m. Valuations Normalized The Rumble thesis has been through two very important developments since I last wrote. The first development is how the valuations have dropped from ~20x to just above ~3x in EV to forward revenue terms. A part of this de-rating is explained by the fact that the stock is down by ~6% since June 2025. The more important reason appears to be a jump in forward revenue estimates (in addition to the rolling over to the current financial year effect you can see at the start of 2026). According to Seeking Alpha estimates , FY2026 revenues are now pegged at ~$480m (and ~$680m in FY2027). That is around a ~5x jump in revenue in the current financial year, given the TTM revenue is ~$100m. Data by YCharts The revisions data also shows revenue expectations have been revised by ~200% in the past 3 months, but little change following that upgrade (and post recent Q1 FY2026 results). Although analyst coverage remains thin, the valua...
Sundry Photography Following its acquisition of CyberArk, Palo Alto Networks ( PANW ) appears poised to further benefit from a deeper push into the identity market, Oppenheimer said. Analyst Ittai Kidron, who upped his price target on Palo Alto to $275 from $245, said he was encouraged by what he heard at CyberArk's Impact customer conference. At the event, Palo Alto rebranded CyberArk to Idira. “...
Sundry Photography Following its acquisition of CyberArk, Palo Alto Networks ( PANW ) appears poised to further benefit from a deeper push into the identity market, Oppenheimer said. Analyst Ittai Kidron, who upped his price target on Palo Alto to $275 from $245, said he was encouraged by what he heard at CyberArk's Impact customer conference. At the event, Palo Alto rebranded CyberArk to Idira. “Idira will integrate with Strata, Cortex, and Prisma AIRS, bringing first-party identity detection and dynamic fine-grained privilege controls to humans, machines, and AI Agents,” Kidron wrote in a note to clients. “The announcements mark Palo Alto's first public integration of CyberArk’s technology and product roadmap into the broader security platform. At the event, we conducted a customer survey that indicated uninterrupted renewal activity and strong spending expectations. All respondents were positive or indifferent on the Palo acquisition, with no indicators of churn. Overall, Impact 2026 reinforces our positive view of Palo Alto's pivot into identity/agentic identity security.” Kidron surveyed 22 customers and found that 18% of them expect to increase spending by 20% or more over the next 12 months; 59% expect to increase spending between 5% and 20%; and 22% expect no change. Delving deeper, Palo Alto sees agentic identities as the next area of growth for Idira, aided by its new Secure AI Agents solution, Kidron said. The new solution replaces secrets-based control (like what the app has) with an identity-based control (such as who the app is). “Impact 2026 advances the Palo Alto platformization strategy, with CyberArk rebranded as Idira and positioned as a core technology underpinning the broader platform approach,” Kidron added. “Native integrations with Strata, Cortex, and Prisma are expected within months. Existing customers indicated strong spending intentions, no acquisition-related friction, and increasing machine identity attach as the cleanest cross-sell met...
US Gasoline Inventories Plunging On Surging Exports, Resilient Demand Prompt Brent/WTI crude nearby futures increased by 5/7% week-over-week to $105/101 as flows through the Strait of Hormuz remained very low and on limited signs of progress on a US-Iran deal. Meanwhile, as global oil inventories collapse at a record pace yet sliding Chinese demand and strategic releases from Beijing keep crude pr...
US Gasoline Inventories Plunging On Surging Exports, Resilient Demand Prompt Brent/WTI crude nearby futures increased by 5/7% week-over-week to $105/101 as flows through the Strait of Hormuz remained very low and on limited signs of progress on a US-Iran deal. Meanwhile, as global oil inventories collapse at a record pace yet sliding Chinese demand and strategic releases from Beijing keep crude prices relatively stable, Goldman writes that the US gasoline market has become very tight, with inventories drawing at a rapid average pace of 0.7mb/d since April 1st to 5% below their historical seasonal median this week. This has been driven by a combination of: Surging net exports demand. US gasoline net exports are up 0.34mb/d year-over-year (4-week average) Resilient domestic demand. Gasoline demand is resilient at just 0.2mb/d below its year-ago level (no demand destruction yet) and we are now entering the summer driving season. Price incentives to shift production to distillates . Strong jet fuel and diesel margins are incentivizing refineries to increase yields of those products. On the pricing side, wholesale gasoline prices in the US are approximately 15% ($21/bbl) higher than in Asia and Europe ( Exhibit 1 above ), and US retail prices are just $0.5/gal below their all-time high. Goldman says that while it's not the bank's base case, the probability of US oil export restrictions likely rises with US retail gasoline prices. Turning to oil, the IEA estimates in its latest Oil Market Report (OMR) an April deficit of 5.3mb/d, suggesting that the deficit may be less large than most had estimated last month, driven by: Slightly lower IEA demand. Since the beginning of the crisis, the IEA has cumulatively (May - Feb OMR) downgraded its estimate of April demand by 3.1mb/d to 100.4mb/d (vs. a slightly smaller downgrade of 2.9mb/d in Goldman's balance). By product: Net cumulative downgrades by the IEA were largest (in mb/d terms) for LPG and ethane (11%), naphtha (13%), and...