Telligent Fund LP increased its position in Microsoft Corporation (NASDAQ:MSFT - Free Report) by 25.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,000 shares of the software giant's stock after purchasing an additional 3,000 shares during the quarter. Microsoft makes up 6.6% of Telligent Fund LP's po...
Telligent Fund LP increased its position in Microsoft Corporation (NASDAQ:MSFT - Free Report) by 25.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,000 shares of the software giant's stock after purchasing an additional 3,000 shares during the quarter. Microsoft makes up 6.6% of Telligent Fund LP's portfolio, making the stock its 3rd biggest position. Telligent Fund LP's holdings in Microsoft were worth $7,769,000 at the end of the most recent reporting period. Several other institutional investors also recently modified their holdings of MSFT. Longfellow Investment Management Co. LLC grew its holdings in shares of Microsoft by 51.3% during the second quarter. Longfellow Investment Management Co. LLC now owns 59 shares of the software giant's stock worth $29,000 after buying an additional 20 shares in the last quarter. Bayforest Capital Ltd bought a new stake in shares of Microsoft in the 3rd quarter valued at about $38,000. Sellwood Investment Partners LLC bought a new stake in Microsoft in the third quarter valued at approximately $49,000. University of Illinois Foundation bought a new position in shares of Microsoft during the 2nd quarter worth approximately $50,000. Finally, LSV Asset Management bought a new stake in Microsoft in the 4th quarter valued at $44,000. 71.13% of the stock is currently owned by institutional investors and hedge funds. Get Microsoft alerts: Sign Up Microsoft Trading Down 0.2% MSFT opened at $404.88 on Thursday. The company's 50 day moving average price is $430.65 and its two-hundred day moving average price is $477.49. The firm has a market capitalization of $3.01 trillion, a price-to-earnings ratio of 25.32, a PEG ratio of 1.59 and a beta of 1.10. Microsoft Corporation has a fifty-two week low of $344.79 and a fifty-two week high of $555.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.39 and a quick ratio of 1.38....
Airbnb Inc. is readying a possible debut high-grade debt offering as maturities approach on its existing convertible notes. The home-rental firm held calls with investors on Wednesday, co-ordinated by Goldman Sachs Group Inc. , according to a person with knowledge of the matter. A bond offering may follow, the person added, asking not to be identified because they’re not authorized to speak public...
Airbnb Inc. is readying a possible debut high-grade debt offering as maturities approach on its existing convertible notes. The home-rental firm held calls with investors on Wednesday, co-ordinated by Goldman Sachs Group Inc. , according to a person with knowledge of the matter. A bond offering may follow, the person added, asking not to be identified because they’re not authorized to speak publicly. An Airbnb bond deal would mark the second debut offering in the US dollar investment-grade bond market this week, following Honeywell Aerospace Inc.’s sale on Tuesday. It would also come at a time when the company is expanding beyond accommodations into tours, individual services and other products to drive new growth. Representatives for Airbnb and Goldman Sachs declined to comment. Airbnb has $2 billion of convertible senior notes that mature March 15. Those notes were sold in 2021 at a conversion price equivalent to $288.64 per share — more than twice the current share price. The convertible note was issued during a flurry of such offerings during the pandemic from firms including Spotify Technology SA and Beyond Meat Inc. Read More: Airbnb Is Said to Weigh Convertible Note to Raise Funds Airbnb is rated ‘A-’ by S&P Global Ratings, which said it expects the firm to sustain its “very conservative financial policy over at least the next few years.” Bank of America Corp. and Morgan Stanley have also been mandated by Airbnb, the person said.
Caesars Entertainment (CZR) shares ended the last trading session 11.8% higher at $29.07. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 25.4% gain over the past four weeks. Caesars Entertainment, stock rally is likely driven by optimism around the company’s expanding digital gaming ecosystem and continu...
Caesars Entertainment (CZR) shares ended the last trading session 11.8% higher at $29.07. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 25.4% gain over the past four weeks. Caesars Entertainment, stock rally is likely driven by optimism around the company’s expanding digital gaming ecosystem and continued investments across its resort portfolio. Strength in customer engagement, supported by its integrated loyalty platform and strong brand portfolio, is helping deepen visitation across properties. The company’s focus on enhancing guest experiences through property upgrades and entertainment offerings is further reinforcing its destination appeal. Together, these strategic initiatives are boosting investor confidence in Caesars’ long-term growth trajectory. This casino and resort operator is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of +64.8%. Revenues are expected to be $2.86 billion, up 2.4% from the year-ago quarter. While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. For Caesars Entertainment, the consensus EPS estimate for the quarter has been revised 60.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CZR going forward to see if this recent jump can turn into more strength down the road. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> Caesars Entertainment is a member of the Zacks Leisure and Recreation Services industry. One other stock in the same industry, Travel + Leisure Co. (TNL), f...
S&P 500 Index futures are down 0.3% as of 7:42 a.m. in New York as oil prices continue their surge amid war in the Middle East. Nasdaq 100 futures are lower by 0.3% Dow Jones Industrial Average futures are down 0.5% The MSCI World Index is little changed Here are some of the biggest US movers before Thursday’s bell: Magnificent Seven stocks: Alphabet (GOOGL) -0.7%, Meta Platforms (META) -0.7%, Ama...
S&P 500 Index futures are down 0.3% as of 7:42 a.m. in New York as oil prices continue their surge amid war in the Middle East. Nasdaq 100 futures are lower by 0.3% Dow Jones Industrial Average futures are down 0.5% The MSCI World Index is little changed Here are some of the biggest US movers before Thursday’s bell: Magnificent Seven stocks: Alphabet (GOOGL) -0.7%, Meta Platforms (META) -0.7%, Amazon (AMZN) -0.6%, Microsoft (MSFT) -0.4%, Nvidia (NVDA) -0.4%, Tesla (TSLA) and Apple (AAPL) little changed Fertilizer, energy and chemical stocks climb as the war in Iran and disruptions to the Strait of Hormuz tighten supply, raising prices, while airlines and cruise stocks are down as higher crude prices lift costs. Blue Owl Capital Inc. (OWL) falls 3% after the asset manager defended its recent sale of $1.4 billion of loans from three of its funds, arguing the transaction contained no backstops or hidden incentives. Bumble (BMBL) rises 24% after the online dating company forecast Ebitda for the first quarter that beat expectations. Analysts noted that focus now shifts to upcoming product overhaul planned for later in the year. Hims & Hers Health (HIMS) rises 5% after rallying 10% on Wednesday. The stock is set to extend its advance for a fourth straight session. Lightwave Logic (LWLG) climbs 16% after the company announced a development agreement with Tower Semiconductor. Petco (WOOF) rises 10% as the pet health and wellness company’s adjusted Ebitda forecast for the first quarter beat the average analyst estimate. Jefferies upgrades its rating, noting that investors underappreciate the progress made thus far. UiPath (PATH) falls 6% after the software company reported fourth-quarter results. Bloomberg Intelligence writes that growth concerns persist despite a strong quarter.
德意志银行称，投资者对美联储的降息预期可能超出了与经济基本面相符的程度，因为他们担心的那种人工智能（AI）冲击可能压根就不会到来。 Matthew Raskin等策略师周三在报告中写道，这种状况就类似于经典的“比索问题”，即投资者将未来发生一种概率极低的重大事件的风险计算在内。 “比索问题”一词来源于上世纪70年代，当时市场担心墨西哥比索可能突然贬值，因此长期低估墨西哥资产的价值。然而，贬值的事后...
德意志银行称，投资者对美联储的降息预期可能超出了与经济基本面相符的程度，因为他们担心的那种人工智能（AI）冲击可能压根就不会到来。 Matthew Raskin等策略师周三在报告中写道，这种状况就类似于经典的“比索问题”，即投资者将未来发生一种概率极低的重大事件的风险计算在内。 “比索问题”一词来源于上世纪70年代，当时市场担心墨西哥比索可能突然贬值，因此长期低估墨西哥资产的价值。然而，贬值的事后面很多年都未发生，使得这种风险溢价在事后看来很不理性。但当时投资者不得不对潜在的黑天鹅事件有所提防。 德意志银行的策略师们认为，当下对AI可能破坏劳动力市场，导致企业和就业岗位减少的担忧，给债券交易员对美联储政策的预期也造成了类似的影响。 虽然中东冲突推高了能源价格，促使交易员削减了对今年降息力度的押注，但他们仍然将货币宽松预期时间推至2027年。 Raskin说，出于对AI最终可能导致大面积失业的恐慌，这些预期或将持续，很大程度上不会受到即将公布的经济数据的影响。 “在当前的环境下，无论市场对AI导致失业率大幅上升的预期是否正确，这里面都有某种程度的比索问题，而且我们目前完全不清楚，哪些短期数据或其他什么事情会让市场断定‘风险并没有目前大家感知的那么大’，”Raskin及其同事写道。“这意味着，就算经济数据好于预期，对接下来的一年或更长时间的降息预期也可能持续。” 责任编辑：刘明亮
United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund reduced its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 3.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 215,301 shares of the social networking company's stock after se...
United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund reduced its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 3.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 215,301 shares of the social networking company's stock after selling 6,558 shares during the quarter. Meta Platforms makes up 5.8% of United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund's investment portfolio, making the stock its 5th largest position. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund's holdings in Meta Platforms were worth $158,113,000 as of its most recent SEC filing. Other large investors have also made changes to their positions in the company. Westchester Capital Management Inc. purchased a new stake in Meta Platforms in the 3rd quarter worth approximately $26,000. Bare Financial Services Inc purchased a new position in shares of Meta Platforms in the 2nd quarter valued at $30,000. Knuff & Co LLC purchased a new stake in shares of Meta Platforms in the second quarter worth about $44,000. Spurstone Advisory Services LLC acquired a new stake in Meta Platforms in the second quarter valued at approximately $59,000. Finally, Evergreen Private Wealth LLC increased its stake in Meta Platforms by 64.8% during the 3rd quarter. Evergreen Private Wealth LLC now owns 89 shares of the social networking company's stock worth $65,000 after buying an additional 35 shares during the period. Institutional investors and hedge funds own 79.91% of the company's stock. Get Meta Platforms alerts: Sign Up Wall Street Analyst Weigh In META has been the subject of a number of research analyst reports. Barclays restated an "overweight" rating and issued a $800.00 price target (up from $770.00) on shares of Meta Platforms in a rese...
Asia-Pacific Images Studio/iStock via Getty Images JPMorgan Chase ( JPM ) and UBS Group ( UBS ) dropped an investment firm, which was recently raided by Hong Kong authorities, as a prime brokerage client well before the investigation into insider dealing became public, according to a media report on Thursday. The two banks ended their prime brokerage services relationship with Infini Capital Manag...
Asia-Pacific Images Studio/iStock via Getty Images JPMorgan Chase ( JPM ) and UBS Group ( UBS ) dropped an investment firm, which was recently raided by Hong Kong authorities, as a prime brokerage client well before the investigation into insider dealing became public, according to a media report on Thursday. The two banks ended their prime brokerage services relationship with Infini Capital Management Ltd. months ago, Bloomberg News reported, citing people familiar with the matter. UBS ( UBS ) and JPMorgan Chase ( JPM ), along with Standard Chartered Plc ( SCBFF ) ( SCBFY ), were named as Infini's prime brokers in a March 2025 filing with the U.S. Securities and Exchange Commission. The Bloomberg report indicated it's unclear if the two banks ended other business with Infini and what led to the decision. The three banks declined to comment to the article's reporters. Infini, they said, didn't immediately respond to requests for comment. Hong Kong's financial regulators and anti-graft agency on Thursday said they arrested eight people as part of their probe into a HK$315M (US$40M) insider trading deal involving two major brokerages and a hedge fund manager. They didn't name the entities involved, but people familiar with the matter told Bloomberg that local offices of Citic Securities, Guotai Junan International Holdings, and Infini were raided this week. The investigation focuses on allegations that executives at the securities firms took more than HK$4M in bribes from a hedge fund manager in exchange for non-public details of share placements for several Hong Kong-listed companies. More on JPMorgan Chase JPMorgan Chase: I'm Starting To Get Interested Under $300 With The Dividend Yield Above 2% JPMorgan Chase: Stretched Near 2.2x P/B, Concerning Price Action (Downgrade) JPMorgan Chase & Co. (JPM) Discusses Strategic Framework and Firm Overview with Executive Q&A Transcript Is the private credit party over amid surging redemptions? JPMorgan marking down loan portfol...
SPX Gestao de Recursos Ltda cut its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 81.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,030 shares of the social networking company's stock after selling 47,900 shares during the period. SPX Gestao de Recursos Ltda's holdings in Meta Platform...
SPX Gestao de Recursos Ltda cut its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 81.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,030 shares of the social networking company's stock after selling 47,900 shares during the period. SPX Gestao de Recursos Ltda's holdings in Meta Platforms were worth $8,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Meta Platforms by 0.8% during the second quarter. Vanguard Group Inc. now owns 192,591,101 shares of the social networking company's stock worth $142,149,566,000 after acquiring an additional 1,532,568 shares during the last quarter. State Street Corp grew its position in shares of Meta Platforms by 1.9% in the second quarter. State Street Corp now owns 86,925,674 shares of the social networking company's stock valued at $64,158,971,000 after purchasing an additional 1,650,435 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Meta Platforms by 1.3% in the second quarter. Geode Capital Management LLC now owns 51,575,209 shares of the social networking company's stock valued at $37,902,948,000 after purchasing an additional 682,768 shares in the last quarter. Norges Bank acquired a new stake in shares of Meta Platforms in the second quarter valued at approximately $23,155,393,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Meta Platforms by 1.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 14,489,621 shares of the social networking company's stock valued at $10,694,644,000 after purchasing an additional 262,550 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the com...
Key findings for Apple Inc. (NASDAQ: AAPL) Neutral Near and Mid-Term Readings Could Moderate Long-Term Positive Bias No clear price positioning signal identified. Elevated downside risk as no additional long-term support signals remain. Signals: 255.41 · 259.57 · 279.01 · 297.81 (bold = current price) · 259.57 · 279.01 · 297.81 Neutral Sentiment is prevailing thus far — See current SIGNALS for pos...
Key findings for Apple Inc. (NASDAQ: AAPL) Neutral Near and Mid-Term Readings Could Moderate Long-Term Positive Bias No clear price positioning signal identified. Elevated downside risk as no additional long-term support signals remain. Signals: 255.41 · 259.57 · 279.01 · 297.81 (bold = current price) · 259.57 · 279.01 · 297.81 Neutral Sentiment is prevailing thus far — See current SIGNALS for positioning and risk parameters. Institutional Trading Strategies Our AI models have generated three distinct trading strategies tailored to different risk profiles and holding periods. Each strategy incorporates sophisticated risk management parameters designed to optimize position sizing and minimize drawdown risk. Position Trading Strategy LONG Entry Zone $259.57 Target $280.34 Stop Loss $260.32 Momentum Breakout Strategy BREAKOUT Trigger $258.72 Target $259.13 Stop Loss $258.00 Risk Hedging Strategy SHORT Entry Zone $259.13 Target $246.17 Stop Loss $259.91
Key Points Medicare Advantage plans often offer extra benefits to enrollees. These plans also put a cap on annual out-of-pocket spending. Despite these perks, you're not guaranteed to save money by signing up for Medicare Advantage. The $23,760 Social Security bonus most retirees completely overlook › Once you turn 65, you're generally eligible to sign up for Medicare. But you don't necessarily ha...
Key Points Medicare Advantage plans often offer extra benefits to enrollees. These plans also put a cap on annual out-of-pocket spending. Despite these perks, you're not guaranteed to save money by signing up for Medicare Advantage. The $23,760 Social Security bonus most retirees completely overlook › Once you turn 65, you're generally eligible to sign up for Medicare. But you don't necessarily have to stick to original Medicare. Medicare Advantage plans are an alternative to original Medicare. They're offered by private insurers and they're required to offer at least the same level of coverage as original Medicare. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Often, though, they offer even more benefits. And that could lead to a world of savings. Medicare Advantage plans have another, well, advantage over original Medicare -- they cap annual out-of-pocket spending for enrollees. Original Medicare doesn't do that, which can be challenging for retirees on a fixed income (though buying supplemental insurance can help cap costs to a certain degree). Plus, many Medicare Advantage plans come with very low monthly premiums. Some even come with $0 premiums. But you shouldn't assume that Medicare Advantage will automatically be cheaper for you because of these perks. You may find that you end up spending more money on healthcare if you enroll in a Medicare Advantage plan. The hidden costs of Medicare Advantage While it's true that Medicare Advantage premiums can be quite competitive, premiums are only a piece of the puzzle. Medicare Advantage plans commonly require enrollees to cover the cost of copays, deductibles, and other expenses. Depending on the state of your health and the amount of care you need, those costs could add up. Plus, Medicare Advantage plans tend to impose strict provider networks. ...
Saudi Arabia’s biggest oil shipper has been booking tankers at sky-high rates, as a massive armada is on its way to load the kingdom’s crude from the Red Sea in a workaround to a standstill in the Strait of Hormuz. The National Shipping Co. of Saudi Arabia , known as Bahri, hired at least six very-large crude carriers to haul barrels from the western port of Yanbu in recent days, according to fixt...
Saudi Arabia’s biggest oil shipper has been booking tankers at sky-high rates, as a massive armada is on its way to load the kingdom’s crude from the Red Sea in a workaround to a standstill in the Strait of Hormuz. The National Shipping Co. of Saudi Arabia , known as Bahri, hired at least six very-large crude carriers to haul barrels from the western port of Yanbu in recent days, according to fixture lists. A shipbroker and two vessel owners said they believed the company’s spree to be even larger than that, with more deals likely to emerge in the coming days. Saudi Arabia has been rushing to reroute supplies through a pipeline to the Red Sea as exports through Hormuz remain effectively halted by the war in the Middle East. The disruption through the waterway that typically handles a fifth of global supplies has sent crude prices spiking north of $100 a barrel more than once this week, while key oil tanker rates have touched record levels. Bahri said it continues to manage operations in line with established safety and operational protocols while closely monitoring regional developments, adding it couldn’t comment on commercial matters. A flotilla of tankers that stretches from Singapore to the Red Sea is already on the way to Yanbu to pick up Saudi crude, vessel-tracking data compiled by Bloomberg show. That fleet contains at least 24 ships, though the charterers of all of those vessels weren’t immediately known. Many of the bookings made by Bahri were at 450 industry-standard Worldscale points, a rate that equates to north of $450,000 a day. Prior to the war, the industry’s benchmark rate had never been above $300,000 a day. The boss of Saudi Aramco said this week he expected a pipeline that transports barrels about 1,200 kilometers (746 miles) across the country to be running at full capacity in a matter of days, marking the ramp-up of the kingdom’s main alternative to Hormuz. The pipeline is able to handle 7 million barrels a day, though about 2 million barrels ...
Indivior Pharmaceuticals ( INDV ) said on Thursday it intended to offer $400M of convertible senior notes due 2031 and expected to grant initial purchasers a 30-day option to buy up to an additional $60M of notes. Under the proposed offering, the notes will be senior, unsecured obligations of Indivior, with semiannual interest payments and maturity on March 15, 2031. Notes will be redeemable, in w...
Indivior Pharmaceuticals ( INDV ) said on Thursday it intended to offer $400M of convertible senior notes due 2031 and expected to grant initial purchasers a 30-day option to buy up to an additional $60M of notes. Under the proposed offering, the notes will be senior, unsecured obligations of Indivior, with semiannual interest payments and maturity on March 15, 2031. Notes will be redeemable, in whole or in part, for cash at Indivior’s option from March 20, 2029, until the 25th scheduled trading day before maturity, subject to certain conditions, including the stock trading above 130% of the conversion price for a specified period. Indivior intends to use about $239M of the net proceeds along with about $102M of cash on hand to repay borrowings and terminate its term loan and revolving credit facility. The company plans to use up to about $75M to repurchase shares from certain note purchasers in privately negotiated deals, with the remaining proceeds for general corporate purposes. Final terms of the notes, including interest and conversion rates, will be set at the pricing of the offering. More on Indivior Indivior Pharmaceuticals, Inc. 2025 Q4 - Results - Earnings Call Presentation Indivior Pharmaceuticals, Inc. (INDV) Q4 2025 Earnings Call Transcript Indivior outlines 30% adjusted EBITDA growth target for 2026 with new $400M share repurchase program Seeking Alpha’s Quant Rating on Indivior Historical earnings data for Indivior
sankai/iStock via Getty Images As CPI inflation stays steady at both the headline and core level for February, at any other time the release would be no news. But with a war underway, the focus is not on what has happened, but what's coming. Higher prices in March are a given, going by the recent oil price shock. It's clear that they leave no room for monetary easing later this month. Stock market...
sankai/iStock via Getty Images As CPI inflation stays steady at both the headline and core level for February, at any other time the release would be no news. But with a war underway, the focus is not on what has happened, but what's coming. Higher prices in March are a given, going by the recent oil price shock. It's clear that they leave no room for monetary easing later this month. Stock markets are understandably bearish too. But there are still investing opportunities around. All of this is discussed below. What the February CPI inflation report says CPI inflation remained unchanged from January at 2.4% YoY and core inflation remained at 2.5% YoY as well. While there's zero development as a result from last month, these are positive outcomes anyway in that they provide some room for an inflation increase without causing any particular economic disruption. Consider their context as follows: The headline figure for January 2026 was at a nine month low, which means that the level is sustained in the latest read. Both headline and core inflation figures are lower than the average monthly inflation over the past 12 months of 2.6% YoY and 2.8% YoY respectively. The figures are also exactly at the Fed's target rate for PCE inflation for 2026. CPI Inflation, YoY, % (Source: Trading Economics) Core CPI Inflation, YoY, % (Source: Trading Economics) Why the inflation increase can be muted In any case, the inflation increase might be rather muted even as Brent crude futures have more than doubled since the start of the year. Here's how: Oil prices seen subsiding: The US's EIA has upped its fuel price forecasts recently, with the rise in Brent spot price expected to be 37% bigger (see table below) to USD 79/bbl now. However, with Brent trading at over USD 90/bbl right now, the updated forecast clearly expects that the oil price spike won't sustain. In fact, the EIA says that it expects Brent's price to drop to USD 70/bbl by the end of 2026. Base effect on oil price forecast...