Planet Fitness Crashes Most On Record After Membership Slump Hits Outlook Planet Fitness shares crashed the most on record, according to Bloomberg data going back to 2015, after the budget gym operator slashed its full-year outlook, citing weaker-than-expected new-member sign-ups during the first quarter. CEO Colleen Keating told analysts, "We faced some internal and external headwinds that impact...
Planet Fitness Crashes Most On Record After Membership Slump Hits Outlook Planet Fitness shares crashed the most on record, according to Bloomberg data going back to 2015, after the budget gym operator slashed its full-year outlook, citing weaker-than-expected new-member sign-ups during the first quarter. CEO Colleen Keating told analysts, "We faced some internal and external headwinds that impacted our join momentum year-to-date." Keating said, "Our overall performance reflects the strength and resiliency of our model. However, the addition of more than 700,000 net new members during the quarter did not meet our expectations." She continued, " Severe cold and winter weather in late January and February disrupted joins , especially as several of the storms fell on Mondays, our busiest join day of the week. We anticipated that our March campaign, Black Card first month free, which was very successful during the same time last year, would improve our join momentum over the remainder of Q1 and into Q2," adding, " Yet as we moved through March and into early April, our join trends remained below our plan ." Planet Fitness now expects 2026 sales growth of about 7%, down from prior guidance of roughly 9%. It also cut its adjusted EPS growth outlook to about 4%, well below the Bloomberg Consensus of 9.7%. Here's a snapshot of the full-year forecast, courtesy of Bloomberg: Sees club sales growth up about 1%, saw up about 4% to 5% Sees revenue up about 7%, saw about up 9% Sees adjusted EBITDA up about 6%, saw about up 10% Still sees system-wide new club openings of about 180 to 190 locations While first-quarter sales and profit beat Bloomberg Consensus estimates, traders focused on dismal membership trends. Shares crashed 32% in the early U.S. cash session. In the year, Planet Fitness shares are down nearly 60%, trading at levels last seen in Covid 2020 lows. Shares have fallen 61% since late 2025. Not one analyst questioned Planet Fitness executives on whether GLP-1 trends ...
The S&P 500 Index ($SPX ) (SPY ) today is down -0.05%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.02%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.20%. June E-mini S&P futures (ESM26 ) are down -0.03%, and June E-mini Nasdaq futures...
The S&P 500 Index ($SPX ) (SPY ) today is down -0.05%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.02%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.20%. June E-mini S&P futures (ESM26 ) are down -0.03%, and June E-mini Nasdaq futures...
mbbirdy/E+ via Getty Images Wall Street’s major market averages search for clear direction on Thursday following the previous session’s rally, as investors turn their focus toward any new developments surrounding a potential Middle East peace agreement. The blue chip Dow ( DJI ) was -0.14%, the benchmark S&P 500 ( SP500 ) was +0.1%, and the tech focused Nasdaq Composite ( COMP:IND ) was +0.5%. Now...
mbbirdy/E+ via Getty Images Wall Street’s major market averages search for clear direction on Thursday following the previous session’s rally, as investors turn their focus toward any new developments surrounding a potential Middle East peace agreement. The blue chip Dow ( DJI ) was -0.14%, the benchmark S&P 500 ( SP500 ) was +0.1%, and the tech focused Nasdaq Composite ( COMP:IND ) was +0.5%. Now, here are five news stories that broke in the morning to watch out for: Datadog shares jump on raised outlook: Shares of Datadog surged about 30% on Thursday after the cloud security platform reported first-quarter results that beat estimates on both the top and bottom lines. Revenue jumped around 32% year-over-year to approximately $1 billion, while non-GAAP EPS rose about 30% to $0.60. The company raised its full-year 2026 revenue forecast to a midpoint of $4.32 billion, up from a prior $4.08 billion midpoint and above the $4.12 billion consensus estimate. McDonald’s beats sales estimates: McDonald’s rallied on Thursday after reporting global comparable sales rose 3.8% in the first quarter, topping the 3.7% consensus estimate. In the U.S., positive check growth primarily drove results, while the company leaned into value offerings and added the high-margin Big Arch burger to its menu. Arm Holdings declines on supply concerns: Arm Holdings shares fell 10% in early trading despite reporting fiscal fourth-quarter results that topped Wall Street forecasts. Concerns about the smartphone market, which remains the British semiconductor company’s core business, weighed on the stock. While demand for Arm’s new data center CPU appears to be building quickly, particularly for agentic AI workloads, analysts noted that advanced-node wafer availability at TSMC remains a gating factor limiting near-term confidence in capturing what management sees as a potential $2 billion-plus opportunity in fiscal 2027-28. Tesla China-made EV sales grow: Tesla recorded its sixth consecutive month of ...
Earnings Call Insights: UGI Corporation (UGI) Q2 fiscal 2026 Management view “Fiscal 2026 is shaping up to be a year of meaningful progress against the strategic priorities we laid out at the start of the year,” said “Our natural gas businesses continue to anchor the portfolio,” and “we continue to have a robust pipeline of data center opportunities, much like the announcement of our partnership w...
Earnings Call Insights: UGI Corporation (UGI) Q2 fiscal 2026 Management view “Fiscal 2026 is shaping up to be a year of meaningful progress against the strategic priorities we laid out at the start of the year,” said “Our natural gas businesses continue to anchor the portfolio,” and “we continue to have a robust pipeline of data center opportunities, much like the announcement of our partnership with Prime Data Centers,” (CEO, President & Director Robert Flexon). “Subsequent to the quarter, we entered into a definitive agreement to sell our electric division at UGI Utilities,” and “the transaction valued at approximately $470 million with further potential earn-outs prior to working capital adjustments is expected to close in the first quarter of calendar 2027,” with proceeds intended such that “the after-tax proceeds will be used to reduce UGI debt and for general corporate purposes,” (CEO, President & Director Flexon). “Prime’s natural gas demand is expected to exceed 100,000 dekatherms per day within 3 to 5 years,” and UGI said it has “over 75 nondisclosure agreements directly related to potential future projects signed to date,” (CEO, President & Director Flexon). “For the fiscal 2026 second quarter, UGI delivered total reported segment EBIT of $688 million,” “adjusted diluted EPS was $2.09,” and “net leverage at UGI Corporation was 3.7x at the end of the quarter,” (Chief Financial Officer Sean O’Brien). “UGI International... ended the quarter at 1.2x net leverage and with approximately $900 million in liquidity,” and “will pay a special onetime dividend of $300 million to UGI Corporation,” with the funds to be contributed to AmeriGas, (Chief Financial Officer O’Brien). Outlook “As we turn to the full year outlook, we are revising our fiscal 2026 adjusted diluted EPS guidance range to $2.75 to $2.90,” (Chief Financial Officer O’Brien). “This primarily reflects lower expected earnings contributions from our Midstream & Marketing segment, where there are delays in...
Earnings Call Insights: Cognex (CGNX) Q1 2026 Management view "Since then, my leadership team and I have moved with urgency to focus our strategy, strengthen execution and position Cognex for sustainable, profitable growth," said Matt Moschner (President, CEO & Director), adding that "Q1 results" were "an exceptional start to the year" as "revenue, adjusted EBITDA and adjusted EPS each achieved do...
Earnings Call Insights: Cognex (CGNX) Q1 2026 Management view "Since then, my leadership team and I have moved with urgency to focus our strategy, strengthen execution and position Cognex for sustainable, profitable growth," said Matt Moschner (President, CEO & Director), adding that "Q1 results" were "an exceptional start to the year" as "revenue, adjusted EBITDA and adjusted EPS each achieved double-digit year-on-year growth." "We're advancing our technology leadership with the launch of 2 breakthrough AI vision systems," Matt Moschner (President, CEO & Director) said, alongside "the divestiture of our Japan-focused trading business on April 1" and staying "on track to achieve the $35 million to $40 million in net cost reductions we announced last quarter." "I am pleased to announce 2 new embedded vision systems, the In-Sight 6900 and In-Sight 3900," Matt Moschner (President, CEO & Director) said, describing them as "major steps forward in embedded AI vision" and stating they "strengthen our position in approximately $3.5 billion of our $7 billion served market." "Momentum from late last year carried into Q1 with broad-based demand across our end markets," Matt Moschner (President, CEO & Director) said, while flagging monitoring of "geopolitical conflicts, rising energy costs, memory chip availability and pricing and changes to interest rate expectations." "Adjusted EBITDA margin was 26.9%, expanding 1,010 basis points year-over-year," said Dennis Fehr (Senior VP of Finance & CFO), adding "adjusted EPS increased 113% year-over-year" and "trailing 12-month free cash flow conversion rate was 119%." Outlook The company’s Q2 guide included "revenue to be between $280 million and $300 million," "adjusted EBITDA margin" of "between 28% and 31%," and "adjusted earnings per share" of "between $0.40 and $0.44," said Dennis Fehr (Senior VP of Finance & CFO). "The divestiture of our Japan-focused trading business, along with other noncore product exits reduces revenue by app...
Earnings Call Insights: Planet Fitness (PLNT) Q1 2026 Management view "During the first quarter, we grew net new members by more than 700,000, achieved system-wide same club sales growth of 3.5%, increased adjusted EBITDA 19.5% over Q1 2025 and opened 15 new clubs." (CEO & Director Colleen Keating) "While our top and bottom line results exceeded expectations, we are not satisfied with our member g...
Earnings Call Insights: Planet Fitness (PLNT) Q1 2026 Management view "During the first quarter, we grew net new members by more than 700,000, achieved system-wide same club sales growth of 3.5%, increased adjusted EBITDA 19.5% over Q1 2025 and opened 15 new clubs." (CEO & Director Colleen Keating) "While our top and bottom line results exceeded expectations, we are not satisfied with our member growth performance." (CEO & Director Keating) "We believe that a combination of 4 factors most directly affected our performance." (CEO & Director Keating) "First, our marketing largely resonated with a more fitness-minded consumer, yet had less resonance with the fitness beginner... Second, we saw some competitive impacts... Third, unfavorable weather conditions... and fourth, macroeconomic pressures and uncertainty weighed on consumers." (CEO & Director Keating) "Given our decision to prioritize member growth, we have decided to pause the national rollout of our Black Card price increase." (CEO & Director Keating) "These changes also impact the 3-year algorithm we shared at Investor Day last November. And as a result, we've made the decision to withdraw that outlook." (CEO & Director Keating) "In January, we experienced elevated churn, which we partially attribute to a heavy rotation of TV advertising that included the use of the phrase \"cancel anytime\" in the messaging." (Interim Chief Financial Officer Thomas Fitzgerald) Outlook "We now expect system-wide same club sales growth to be approximately 1%; revenue to grow approximately 7%; adjusted EBITDA to grow approximately 6%; net interest expense to be approximately $111 million; adjusted net income to decrease approximately 2%; adjusted net income per diluted share to grow approximately 4%." (Interim CFO Fitzgerald) "Our decision to pause the increase on Black Card accounts for approximately 150 bps of the reduction in our outlook for same club sales for the year." (Interim CFO Fitzgerald) "Our outlook for unit growth...
Earnings Call Insights: Advanced Flower Capital Inc. (AFCG) Q1 2026 Management view Robyn Tannenbaum (Co-Founder, Partner, Chief Investment Officer & President) said the company completed “our first quarter operating as a BDC,” adding that the conversion “has expanded AFC's investment flexibility, which has allowed us to pursue opportunities beyond real estate-backed loans,” and that AFC believes ...
Earnings Call Insights: Advanced Flower Capital Inc. (AFCG) Q1 2026 Management view Robyn Tannenbaum (Co-Founder, Partner, Chief Investment Officer & President) said the company completed “our first quarter operating as a BDC,” adding that the conversion “has expanded AFC's investment flexibility, which has allowed us to pursue opportunities beyond real estate-backed loans,” and that AFC believes this “better positions AFC to diversify its exposure across industries and credit risk profiles.” Tannenbaum highlighted new noncannabis activity and repayments, stating, “During the quarter, we closed 2 noncannabis deals in the lower middle market, totaling approximately 90 million new commitments,” and “we received $41.2 million in cannabis loan repayments during the quarter.” Tannenbaum said the board added capital actions alongside the dividend: “the Board of Directors has put a $5 million share buyback program in place,” describing it as “a flexible component of our capital allocation strategy.” Brandon Hetzel (Chief Financial Officer) reported, “For the quarter ended March 31, 2026, we generated total investment income of $9.8 million and net investment income of $4.8 million or $0.21 per basic weighted average share of common stock.” Daniel Neville (CEO & Partner) said the post-expansion sourcing backdrop remains active: “our active pipeline remains strong with over $1.5 billion of deals as of today,” and he added, “As I stated last quarter, we currently have 3 loans on nonaccrual.” Outlook Neville framed underwriting focus as: “Our sweet spot is providing loans to cash flowing borrowers with $5 million to $50 million of EBITDA,” and he said AFC is targeting industries including “health care, consumer, manufacturing and services.” On portfolio yield direction as the mix shifts, Neville told investors, “we'd expect the yields to move down a touch into kind of the low double-digit kind of range on an overall basis,” while also expecting “the quality of the borrowers, t...
Bulat Silvia/iStock via Getty Images Markets surged higher on Wednesday on hopes for a peace deal that will end the conflict with Iran and starts to reopen the Strait of Hormuz. As always, the Devil will be in the details. We will see how this plays out. In anticipation of an agreement being reached, oil fell sharply yesterday. Brent oil ended the day dropping roughly eight percent and WTI oil was...
Bulat Silvia/iStock via Getty Images Markets surged higher on Wednesday on hopes for a peace deal that will end the conflict with Iran and starts to reopen the Strait of Hormuz. As always, the Devil will be in the details. We will see how this plays out. In anticipation of an agreement being reached, oil fell sharply yesterday. Brent oil ended the day dropping roughly eight percent and WTI oil was off seven percent. 10 of the 11 sectors of the S&P rose on the day, with energy stocks dropping approximately four percent. The NASDAQ was up better than two percent on Wednesday, while the Russell 2000 and S&P 500 climbed nearly 1.5%. Wednesday's Market Breadth (Bloomberg) The trading action reminds of the quote that investors should buy at the sound of cannons and sell at the sound of trumpets. Even if this conflict ends soon, the probability of a significant drawdown in equities this summer seems quite likely. Trepp - March 2026 The economic still faces myriad challenges. Job growth is anemic, inflation is still significantly above the Fed's official two percent target, and the housing sector is moribund if not worsening . Personal loan delinquencies (student, auto, credit card) continue to rise and there are still growing concerns around the deteriorating private credit market. The situation around Commercial Real Estate, with some $5 trillion of debt outstanding, is increasingly becoming problematic. Shiller PE Ratio (Multpl) In today's column, I highlight several key reasons a summer drawdown is likely. Obviously, the first concern for investors should be around valuations. Whether you look at the Shiller PE ratio, market cap to GDP ratio, NASDAQ price to sales ratio; equities are in the 95th percentile or higher of historical valuation levels. S&P Dow Jones, Yardeni Research, RIA Advisors Calculations Then there is the seasonal factor. Going back to 1950, the sixth month window starting in May has produced an average S&P 500 return of roughly 1.7%. The November-thro...
It's the best time in two decades to buy oil service stocks, even as the Iran war is showing signs of coming to an end, according to Barclays. The bank upgraded the U.S. energy service and technology sector to positive from neutral, and raised oil service providers such as Halliburton and others to overweight from equal weight. "As global markets withstand an unprecedented global supply shock, we ...
It's the best time in two decades to buy oil service stocks, even as the Iran war is showing signs of coming to an end, according to Barclays. The bank upgraded the U.S. energy service and technology sector to positive from neutral, and raised oil service providers such as Halliburton and others to overweight from equal weight. "As global markets withstand an unprecedented global supply shock, we believe the effects on the oil markets will reverberate for many years," analyst J. David Anderson wrote Thursday in a note to clients. "While the next several months will be highly volatile, ultimately, the events in the Middle East will result in structurally higher oil prices and an ensuing multi-year upstream spending cycle to drive outperformance of the Energy Services sector." Oil prices fell below $100 a barrel this week on reports that the U.S. and Iran could be close to a deal to end their two-month war. President Trump has expressed some doubts about the likelihood of reaching a deal. U.S. West Texas Intermediate futures are down 5% Thursday, at about $90.51. That's almost 20% off their high just above $112 reached in early April. Futures are still up about 58% over the past 12 months. Major beneficiary Halliburton is poised to benefit from higher oil prices over the long term, according to Barclays. The bank raised its 12-month price target on the stock to $55 from $37, implying 36% upside from Wednesday's close. "We see HAL as the name in our coverage where the cyclical trough is being priced in on the core business while the power optionality is increasingly tangible but still under monetized in the multiple," Anderson wrote. "The setup into 2H26 is more constructive than consensus is giving credit for." Barclays call matches the consensus on the Street, where 21 of 29 analysts covering Halliburton give it a buy or strong buy. Shares are up 38% in 2026. Oil service upgrades Barclays also upgraded Patterson-UTI Energy and ProPetro Holding to overweight from equa...
Athabasca Oil Corporation press release ( ATH:CA ): Q1 GAAP EPS of $0.10. Average production of 40,242 boe/d (98% Liquids), representing 7% (14% per share) growth year-over-year. Cash flow from operating activities of $102 million. FCF of $20 million from Athabasca (Thermal Oil) demonstrates the strength of its quality asset base. Quarterly operating netback of $46/bbl per barrel in Thermal Oil an...
Athabasca Oil Corporation press release ( ATH:CA ): Q1 GAAP EPS of $0.10. Average production of 40,242 boe/d (98% Liquids), representing 7% (14% per share) growth year-over-year. Cash flow from operating activities of $102 million. FCF of $20 million from Athabasca (Thermal Oil) demonstrates the strength of its quality asset base. Quarterly operating netback of $46/bbl per barrel in Thermal Oil and $47/boe in Duvernay Energy. Significant margin growth was realized in March, supported by higher oil prices, with Operating Netbacks increasing to greater than $65/boe in all operating areas. Total capital expenditures of $114 million, including $81 million at Leismer to support the expansion project and $22 million in Duvernay development. More on Athabasca Oil Corporation Historical earnings data for Athabasca Oil Corporation Financial information for Athabasca Oil Corporation