Companies are selling hybrid bonds at a record pace, seeking to pad their balance sheets while the extra cost of the risky debt hovers near an all-time low. More than $65 billion hybrid bonds in major currencies have been sold year-to-date, the most ever at this point in the year, based on data compiled by Bloomberg. The total has been boosted by debuts from the likes of beer giant Carlsberg Brewe...
Companies are selling hybrid bonds at a record pace, seeking to pad their balance sheets while the extra cost of the risky debt hovers near an all-time low. More than $65 billion hybrid bonds in major currencies have been sold year-to-date, the most ever at this point in the year, based on data compiled by Bloomberg. The total has been boosted by debuts from the likes of beer giant Carlsberg Breweries A/S and packaged food company General Mills Inc. , as well as repeat issuers including Verizon Communications Inc. For companies, selling hybrids is a way to improve credit metrics, because they’re treated partly as equity by rating firms, reducing their balance-sheet impact. And many are seizing the chance to improve their debt profiles now, while spreads over senior bonds are near the tightest ever, and as tougher economic conditions — and potential rate hikes — loom. The asset class is also benefiting from a crowd of yield-focused investors ready to buy the bonds — and willing to accept the small amount of extra spread they are getting for risks including subordination clauses, skippable coupons and uncertain repayment dates. “Now is really a good time, from a demand perspective, to put your house in order and then have a bit of a relief on the rating metrics side of things,” said Hans Niethammer , head of investment-grade financing solutions at UniCredit SpA. The extra spread of a hybrid over a senior bond hit a record low of 58 basis points in March and remains close to that milestone, according to ICE BofA global indexes. While that makes it cheaper for companies to issue hybrids, the investors piling into the securities may be exposed to losses if spreads widen. “There is just massive demand for higher carry products and issuers take advantage of it,” said Steffen Ullmann , senior portfolio manager for multi asset credit at HAGIM GmbH. Defensive and Opportunistic There are two kinds of companies currently selling hybrid bonds, according to Ullmann: those that ha...
Shift4 Payments press release ( FOUR ): Q1 Non-GAAP EPS of $0.97 beats by $0.01 . Revenue of $1.12B (+32.0% Y/Y) beats by $30M . More on Shift4 Payments Shift4: Have We Reached The Maximum Pain Point Shift4 Payments, Inc. 2025 Q4 - Results - Earnings Call Presentation Shift4 Vs. Global Payments: Which Is The Better Recovery Play? Shift4 Payments Q1 2026 Earnings Preview Most and least shorted larg...
Shift4 Payments press release ( FOUR ): Q1 Non-GAAP EPS of $0.97 beats by $0.01 . Revenue of $1.12B (+32.0% Y/Y) beats by $30M . More on Shift4 Payments Shift4: Have We Reached The Maximum Pain Point Shift4 Payments, Inc. 2025 Q4 - Results - Earnings Call Presentation Shift4 Vs. Global Payments: Which Is The Better Recovery Play? Shift4 Payments Q1 2026 Earnings Preview Most and least shorted large-cap financial stocks at the end of April
Peloton Interactive Inc. raised its guidance for the full year, suggesting that a turnaround fueled by new commercial offerings and upgraded equipment is on track. The company now expects fiscal-year 2026 revenue to total $2.42 billion to $2.44 billion, up from a previously forecast floor of $2.4 billion. The midpoint of the new range would represent a 2% decline from a year earlier. In the third ...
Peloton Interactive Inc. raised its guidance for the full year, suggesting that a turnaround fueled by new commercial offerings and upgraded equipment is on track. The company now expects fiscal-year 2026 revenue to total $2.42 billion to $2.44 billion, up from a previously forecast floor of $2.4 billion. The midpoint of the new range would represent a 2% decline from a year earlier. In the third quarter, sales climbed 1% to $631 million, the New York-based fitness technology company said, well above Wall Street’s estimates for $617 million. That marks the first time revenue has grown on an annual basis since the fiscal fourth quarter of 2024. Read More: Peloton’s New Comeback Bid Counts on GLP-1 Users, More Treadmills “We’re making real progress on the strategy I’ve laid out,” Peter Stern, chief executive officer of Peloton, said in an interview. He added Peloton performed well in both consumer and commercial sales and that the company’s profitability metrics in the period were “nothing short of stellar.” Peloton shares gained 3.1% in early trading to $5.36 at 7:06 a.m. in New York. They’ve fallen nearly 16% this year through Wednesday’s close. The third quarter is typically strong for Peloton as it overlaps with the New Year’s resolution period, when consumers sometimes snap up exercise equipment and commit to working out. Last fall, the company debuted a slew of AI-powered treadmills, bikes and other new products, marking Peloton’s first significant hardware overhaul in years. Adjusted earnings before interest, taxes, depreciation and amortization will be $470 million to $480 million for the full fiscal year, up 18% year-over-year, the company said Thursday. Adjusted Ebitda during the third quarter came in at $126.2 million, a 41% improvement from a year earlier. Peloton’s commercial business unit grew 14% ahead of the debut of new commercial-grade bikes and treadmills launching for gyms later this year. Read More: Spotify Premium Now Includes Peloton Classes, Ma...
OppFi press release ( OPFI ): Q1 Non-GAAP EPS of $0.35 beats by $0.02 . Revenue of $151.9M (+8.3% Y/Y) beats by $0.76M . Net income increased 165.0% year over year to $54.0 million Adjusted net income1 decreased 11.2% year over year to $30.0 million Board approves new $40 million Share Repurchase Program More on OppFi OppFi: Cheap For The Risk Tolerant, Maintain Hold OppFi Inc. 2025 Q4 - Results -...
OppFi press release ( OPFI ): Q1 Non-GAAP EPS of $0.35 beats by $0.02 . Revenue of $151.9M (+8.3% Y/Y) beats by $0.76M . Net income increased 165.0% year over year to $54.0 million Adjusted net income1 decreased 11.2% year over year to $30.0 million Board approves new $40 million Share Repurchase Program More on OppFi OppFi: Cheap For The Risk Tolerant, Maintain Hold OppFi Inc. 2025 Q4 - Results - Earnings Call Presentation OppFi Inc. (OPFI) Q4 2025 Earnings Call Transcript BNCCORP to be acquired by OppFi in $130M deal OppFi targets $650M–$675M revenue and new product launch in 2026 as AI-driven models advance
egromov/iStock via Getty Images In the past, I quite often did recurring reviews, "Buy" ratings and tried to draw attention to Swedish, European, and Scandinavian telco companies. If you follow my body of work and my new articles, you will notice that both the pace and frequency of these reviews have lessened. There is a very clear reason for this. I focus on companies that I believe to be attract...
egromov/iStock via Getty Images In the past, I quite often did recurring reviews, "Buy" ratings and tried to draw attention to Swedish, European, and Scandinavian telco companies. If you follow my body of work and my new articles, you will notice that both the pace and frequency of these reviews have lessened. There is a very clear reason for this. I focus on companies that I believe to be attractive for investors—because these companies have mostly seen climbs to very significant price levels, I have not been covering them as much. They are, simply put, not as attractive in this market. Telecommunication companies are very interesting things to invest in at the right prices—but they very quickly become unattractive when the market starts demanding premiums for them. The reason for this is their business model. To run a Telco company on an "asset-light" model is only possible if you rent yourself into the infrastructure that you and your customers are going to be using. Put another way, you cannot run an asset-light telco without being at the mercy of the infrastructure owners, and given the relatively low margins that telco companies operate at, this may not be all that attractive from a long-term point of view. Therefore, attractive (or potentially attractive) telco companies are extremely asset-heavy operations. Asset-heavy in turns means that they have substantial CapEx budgets, and because of the relatively rapid pace of telco technology changes, the need for continual investments into infrastructure is very high. This effectively "caps" a telco's company rate of return. Even modern telcos, those that don't do the last-mile connections in the form of fibers, are in need of cell towers and the like—and they usually have to at least work with providers of data from subsea cables for international connectivity. Spectrum costs are also massive, and this acts as a significant asset that requires constant upgrades and investments. Then there are obviously things like...
krblokhin/iStock via Getty Images Cheniere Energy ( LNG ) operates as the largest U.S. exporter of liquefied natural gas [LNG], with its massive export terminals like Sabine Pass and Corpus Christi. They utilize a "toll-road" style business where they convert low-cost U.S. natural gas into LNG, then ship it to customers in Europe and Asia. LNG runs a little differently than some peers and is less ...
krblokhin/iStock via Getty Images Cheniere Energy ( LNG ) operates as the largest U.S. exporter of liquefied natural gas [LNG], with its massive export terminals like Sabine Pass and Corpus Christi. They utilize a "toll-road" style business where they convert low-cost U.S. natural gas into LNG, then ship it to customers in Europe and Asia. LNG runs a little differently than some peers and is less reliant on volatile gas prices. They primarily earn money through long-term, fixed-fee contracts where customers pay for liquefaction capacity regardless of whether they take delivery. This makes revenue highly predictable and utility-like, providing solid cash flow visibility. Seeking Alpha The stock is up 40% YTD and reports Q1 earnings this week. I like the midstream oil industry, and I think LNG is a buy. They have a great presence on the Gulf Coast and are in a position to dominate the U.S. LNG industry with further expansion at their bases. Their contract driven revenue is strong and avoids volume and pricing fluctuations. Exports for them are steady, and the stock is valued much cheaper than it was a year ago. Q1 Thoughts LNG Quarterly adjusted EPS is expected to arrive at $3.91, which would mark a 150% increase YoY. Revenue anticipation is more subdued, but a nearly 5% gain is the expectation. Seeking Alpha analysts have been mixed on revenue revisions recently but are almost all higher on earnings forecasting. Management commentary on a few of their expansion projects will be exciting to hear, as they are getting near completion for several train projects, which are essentially just new liquefaction units. Current liquefaction capacity is closing in on 60 million tons per annum (mtpa). With some expansion projects near completion and others underway, which I will detail later, they anticipate to reach 75 mtpa in the next year or two, and 100 mtpa around 2030. It will be important to track where the progress is and how close they are to closing in on increasing capa...
Jumia Technologies AG press release ( JMIA ): Q1 Loss before Income tax was $17.8 million Revenue of $50.6M (+39.4% Y/Y) beats by $4.23M . GMV of $211.2 million compared to $161.7 million in the first quarter of 2025, up 31% year-over-year, and up 18% in constant currency. Adjusted for perimeter effects, GMV grew 32% year-over-year. More on Jumia Technologies AG Jumia: Looking Into African Marketp...
Jumia Technologies AG press release ( JMIA ): Q1 Loss before Income tax was $17.8 million Revenue of $50.6M (+39.4% Y/Y) beats by $4.23M . GMV of $211.2 million compared to $161.7 million in the first quarter of 2025, up 31% year-over-year, and up 18% in constant currency. Adjusted for perimeter effects, GMV grew 32% year-over-year. More on Jumia Technologies AG Jumia: Looking Into African Marketplaces For 2026-2027 Jumia Technologies AG (JMIA) Q4 2025 Earnings Call Transcript Jumia Technologies AG 2025 Q4 - Results - Earnings Call Presentation Jumia Technologies AG reports Q4 results Seeking Alpha’s Quant Rating on Jumia Technologies AG
Seamer has been given the cold shoulder since February 2024 but is back in the conversation this summer Pop quiz: in the last five years, who is the only England seamer to have sent down 50 overs in a Test match more than once ? The answer, if the headline and picture haven’t given the game away, is a certain Ollie Robinson. Yep, the same seamer who has been overlooked by England since February 20...
Seamer has been given the cold shoulder since February 2024 but is back in the conversation this summer Pop quiz: in the last five years, who is the only England seamer to have sent down 50 overs in a Test match more than once ? The answer, if the headline and picture haven’t given the game away, is a certain Ollie Robinson. Yep, the same seamer who has been overlooked by England since February 2024 on account of not being fit enough for the demands of the job. Continue reading...
Peloton press release ( PTON ): Q3 GAAP EPS of $0.06 misses by $0.02 . Revenue of $631M (+1.1% Y/Y) beats by $13.24M . Total Gross Margin was 51.9%, an increase of 90 bps year-over-year and 210 bps below our guidance due to opportunistic promotional activity in the quarter. Total Gross Profit was $327 million, an increase of $9 million or 3% year-over-year. GAAP Net income was $26 million. Adjuste...
Peloton press release ( PTON ): Q3 GAAP EPS of $0.06 misses by $0.02 . Revenue of $631M (+1.1% Y/Y) beats by $13.24M . Total Gross Margin was 51.9%, an increase of 90 bps year-over-year and 210 bps below our guidance due to opportunistic promotional activity in the quarter. Total Gross Profit was $327 million, an increase of $9 million or 3% year-over-year. GAAP Net income was $26 million. Adjusted EBITDA* was $126 million, an increase of $37 million or 41% year-over-year and within our guidance range. GAAP Net Cash provided by operating activities was $153 million. Free Cash Flow* was $151 million, an increase of $56 million or 59% year-over-year. GAAP Total Debt was $1.299 billion. Net Debt* was $173 million, a decrease of $412 million or 70% year-over-year. More on Peloton Peloton: Great Improvements But With An Idea Lacking Evidence The Reasons I Am Avoiding Owning Peloton Interactive Just Yet Peloton: Quarterly Recap And Current Musings Peloton Q3 2026 Earnings Preview Peloton workouts now available to Spotify Premium subscribers
Jonathan Kitchen Foreign consumer staples stocks are stacking up strong Quant scores right now, with all ten names on this list earning Buy or Strong Buy designations across markets spanning Brazil, Belgium, Switzerland, France, Mexico, China, and the United Kingdom. Below is a list of the top 10 foreign consumer staples stocks ranked according to their Seeking Alpha Quant Ratings. The list is top...
Jonathan Kitchen Foreign consumer staples stocks are stacking up strong Quant scores right now, with all ten names on this list earning Buy or Strong Buy designations across markets spanning Brazil, Belgium, Switzerland, France, Mexico, China, and the United Kingdom. Below is a list of the top 10 foreign consumer staples stocks ranked according to their Seeking Alpha Quant Ratings. The list is topped by Sendas Distribuidora S.A. ( ASAIY ), with a Strong Buy Quant Rating of 4.74. Coca-Cola HBC AG ( CCHGY ) and Anheuser-Busch InBev SA/NV ( BUD ) follow closely behind, with ratings of 4.52 and 4.45, respectively. Ambev S.A. ( ABEV ) and Carrefour SA ( CRRFY ) round out the top five. Major retailers like Carrefour and Tesco are represented alongside beverage giants such as Coca-Cola FEMSA and Coca-Cola Europacific Partners. Seeking Alpha’s Quant Ratings system grades stocks on their relative performance across critical quantitative measures, including valuation, growth, stock momentum, and profitability. Ratings are given on a scale from 1 to 5, with any rating of 3.5 or above considered a bullish rating and any rating of 2.5 or below considered a bearish rating. Here is the list: Sendas Distribuidora S.A. ( ASAIY ), Quant Rating: 4.74 Coca-Cola HBC AG ( CCHGY ), Quant Rating: 4.52 Anheuser-Busch InBev SA/NV ( BUD ), Quant Rating: 4.45 Ambev S.A. ( ABEV ), Quant Rating: 4.18 Carrefour SA ( CRRFY ), Quant Rating: 4.12 Fomento Económico Mexicano, S.A.B. de C.V. ( FMX ), Quant Rating: 4.08 RLX Technology Inc. ( RLX ), Quant Rating: 3.82 Tesco PLC ( TSCDY ), Quant Rating: 3.68 Coca-Cola FEMSA, S.A.B. de C.V. ( KOF ), Quant Rating: 3.64 Coca-Cola Europacific Partners PLC ( CCEP ), Quant Rating: 3.58 More on Anheuser-Busch InBev, Coca-Cola FEMSA, etc. Ambev May Be Overestimated And Overvalued In 2026 Ambev: The Rally Makes Sense, But The Easy Money Is Gone Ambev S.A. 2026 Q1 - Results - Earnings Call Presentation AB InBev signals 4% to 8% 2026 EBITDA growth outlook as FIFA ad...
Pagaya Technologies press release ( PGY ): Non-GAAP EPS of $0.73 beats by $0.17 . Revenue of $317.94M (+9.6% Y/Y) misses by $5.9M . Network volume of $2.6 billion in 1Q’26 (compared to the outlook of $2.5 billion to $2.7 billion), grew by 9% year-over-year, or up 23% ex-SFR, driven by growth in our Auto and Point-of-Sale verticals, while maintaining our focus on prudent underwriting. Full-Year 202...
Pagaya Technologies press release ( PGY ): Non-GAAP EPS of $0.73 beats by $0.17 . Revenue of $317.94M (+9.6% Y/Y) misses by $5.9M . Network volume of $2.6 billion in 1Q’26 (compared to the outlook of $2.5 billion to $2.7 billion), grew by 9% year-over-year, or up 23% ex-SFR, driven by growth in our Auto and Point-of-Sale verticals, while maintaining our focus on prudent underwriting. Full-Year 2026 Outlook FY26 Network Volume Expected to be between $11.45 billion and $13 billion Total Revenue and Other Income Expected to be between $1.4 billion and $1.575 billion Adjusted EBITDA Expected to be between $420 million and $460 million GAAP Net Income Expected to be between $110 million and $160 million Click to enlarge Second Quarter 2026 Outlook 2Q26 Network Volume Expected to be between $2.875 billion and $3.075 billion Total Revenue and Other Income Expected to be between $345 million and $365 million Adjusted EBITDA Expected to be between $100 million and $115 million GAAP Net Income Expected to be between $25 million and $45 million Click to enlarge Shares +12% PM. More on Pagaya Technologies Pagaya: Capitalizing On Private Credit's Great Rotation While Operating Leverage Shines Pagaya: A Mispriced AI Credit Platform Hiding In Plain Sight Pagaya Technologies: Yes, It's Been Ugly -- But The Long-Term Case Remains Intact Pagaya outlines $1.4B–$1.575B 2026 revenue guidance as it shifts focus to risk management and partner growth Pagaya Technologies reports mixed Q4 results; initiates Q1 and FY26 outlook
Iovance Biotherapeutics press release ( IOVA ): Q1 GAAP EPS of -$0.19 misses by $0.04 . Revenue of $71M (+44.0% Y/Y) misses by $4.66M . Gross margin of 41% absorbed one-time costs for the annual maintenance period and the recent internal facility expansion. Consistent with 1Q25, revenue was affected by maintenance of the Iovance Cell Therapy Center ( i CTC). The facility has now been expanded to e...
Iovance Biotherapeutics press release ( IOVA ): Q1 GAAP EPS of -$0.19 misses by $0.04 . Revenue of $71M (+44.0% Y/Y) misses by $4.66M . Gross margin of 41% absorbed one-time costs for the annual maintenance period and the recent internal facility expansion. Consistent with 1Q25, revenue was affected by maintenance of the Iovance Cell Therapy Center ( i CTC). The facility has now been expanded to ensure continuous supply going forward during future maintenance periods. Research and Development (R&D) expenses decreased by 12% compared to 4Q25, driven by operational efficiencies and marking the third consecutive quarter of improvements. Successful centralization of manufacturing at i CTC, significant operational excellence initiatives focused on Amtagvi production, and R&D optimization should further reduce costs and improve gross margins in 2026 and 2027. Second Quarter 2026 and Full Year 2026 Guidance Strong Growth in Amtagvi Forecast for 2026 Total product revenue guidance for 2Q26 is $86 million to $88 million and for FY26 is $350 million to $370 million. U.S. Amtagvi revenue for 2Q26 is expected to be $79 million to $81 million, reflecting an expected ~23% increase over 4Q25 (the quarter prior to i CTC maintenance). Amtagvi Commercial Business Strong U.S. Commercial Business to Deliver Strong Growth in 2026 Increasing Amtagvi demand, catalyzed by real-world data, is driven by adoption and referrals toward earlier treatment. Recently published real world objective response rates were 52% in patients with two or fewer prior lines of therapy. Five-year follow-up clinical data demonstrated deep and durable responses in heavily pretreated patients, with a median duration of response of 3 years. More on Iovance Biotherapeutics Iovance Biotherapeutics: Buy, Because Short-Term Competitor Is Out Iovance Biotherapeutics: Positioned For Multi-Year Growth, Buy The Pullback Iovance Biotherapeutics: Competition Afoot, But New Indications Can Help Iovance Biotherapeutics Q1 2026...
Vistra press release ( VST ): Q1 Revenue of $5.64B (+43.5% Y/Y). GAAP first quarter 2026 Net Income of $1,029 million, including an unrealized gain from hedges expected to settle in future years of $723 million, and Ongoing Operations Adjusted EBITDA1 of $1,494 million. Reaffirmed 2026 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges of $6.8 billion to $7....
Vistra press release ( VST ): Q1 Revenue of $5.64B (+43.5% Y/Y). GAAP first quarter 2026 Net Income of $1,029 million, including an unrealized gain from hedges expected to settle in future years of $723 million, and Ongoing Operations Adjusted EBITDA1 of $1,494 million. Reaffirmed 2026 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges of $6.8 billion to $7.6 billion and $3.925 billion to $4.725 billion, respectively. More on Vistra Vistra Is Capitalizing On America's Energy Boom; Growth Will Improve Valuation Sooner Or Later Vistra: Still Not Buying The Dip Here Vistra: Nuclear Deals And AI Demand Support Growth; Risks Remain Vistra Q1 2026 Earnings Preview Quant check: Power stocks in focus as EVs, data center demand drive global electricity surge
"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops. Today's guests: James Lord, Morgan Stanley, FX and Emerging Markets Strategy Head; Johann Wadephul, German Foreign Minister. (Source: B...
"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops. Today's guests: James Lord, Morgan Stanley, FX and Emerging Markets Strategy Head; Johann Wadephul, German Foreign Minister. (Source: Bloomberg)