Bitcoin has gone from panic liquidation to constructive recovery, and the chart is beginning to reflect that shift. The current price action suggests that we are in the transition from forced selling to accumulation. There are also early macro signs working in its favor as the U.S. dollar softened and markets responded positively to signs of easing Middle East tensions. At the same time, instituti...
Bitcoin has gone from panic liquidation to constructive recovery, and the chart is beginning to reflect that shift. The current price action suggests that we are in the transition from forced selling to accumulation. There are also early macro signs working in its favor as the U.S. dollar softened and markets responded positively to signs of easing Middle East tensions. At the same time, institutional demand appears to be returning, with U.S. spot bitcoin ETFs taking in $2.44 billion of net inflows in April, the strongest month of 2026, according to CoinGlass. Reuters also reported that Morgan Stanley, Goldman Sachs and Citi are expanding bitcoin ETF, trading, custody and lending services — highlighting how embedded bitcoin has become in mainstream financial infrastructure. Against that backdrop, the recovery in bitcoin looks increasingly credible rather than reflexive. Trade timing & outlook Bitcoin's recent move is notable not just for the bounce, but for the structure. The breakout above $75,000 and the successful retest of that level now point to a recovery pattern with $90,000 as the next upside objective and $108,000 above that if momentum continues. On IBIT, those same levels roughly translate to a breakout and retest around $42 and an upside target near $52. Breakout confirmation: Bitcoin has reclaimed its prior breakout level and held it on the retest, which is often the clearest sign that sellers are losing control. Relative strength improvement: IBIT has begun outperforming the S & P 500 again, suggesting institutional capital is rotating back toward the trade. Macro backdrop Dollar softening: Bitcoin's recent rally has been supported by a softer U.S. dollar and improving risk appetite as Middle East tensions eased. ETF demand: U.S. spot bitcoin ETFs saw $2.44 billion in net inflows in April, nearly double March's $1.32 billion, according to CoinGlass data. Institutionalization: Major financial firms including Morgan Stanley, Goldman Sachs, and Citi are e...
Global Mofy said its U. S. subsidiary Eaglepoint AI was selected for the NVIDIA Inception Program, a move the company says strengthens its positioning in AI infrastructure and model support services.
Global Mofy said its U. S. subsidiary Eaglepoint AI was selected for the NVIDIA Inception Program, a move the company says strengthens its positioning in AI infrastructure and model support services.
Suphanat Khumsap/iStock via Getty Images Introduction When the Iran war began, I searched for an LNG producer capable of selling a sizable volume at spot prices and with high leverage, as this could offer the greatest hedge if LNG prices spiked for a quarter. Venture Global ( VG ) fits in this short-term scenario. However, its long-term outlook was challenging because new contracts were priced low...
Suphanat Khumsap/iStock via Getty Images Introduction When the Iran war began, I searched for an LNG producer capable of selling a sizable volume at spot prices and with high leverage, as this could offer the greatest hedge if LNG prices spiked for a quarter. Venture Global ( VG ) fits in this short-term scenario. However, its long-term outlook was challenging because new contracts were priced lower, and it still had very high capex commitments, which led me to rate the shares a sell. This changed in a few days when Iran bombed the Qatar LNG plant and critially damged 17% of capacity or 3% of global supply. This means that even when the flow of LNG resumes, the market will be tight for two or three years, the time required to repair the damage. Under this scenario, LNG prices may remain at the $15BTU level or higher for an extended period, and VG should generate 3x the cash flow previously expected, avoiding dilutive capital increases or asset sales. I upgraded VG to buy with a $19 price target. New LNG Price Scenario Prior to the Iran war, LNG was forecast to be in oversupply as US capacity additions outpaced demand through 2030, and while the price was tight, the volumes and take-or-pay contracts allowed for a fair ROI and debt service. In my initial analysis of VG, based on its contract prices and low spot prices, the company would have seen a 30% decline in EBITDA in 2027 and would have stressed the balance sheet. Now with 3% of global supply offline for more than two years, the market will run tight, with little spare capacity to meet eventual transport delays, maintenance shutdowns, accidents, or demand spikes. Under this scenario, it's likely that spot prices remain at the $15BTU level (vs. $8-$10BTU) even when Qatar flows resume (3 months after Hormuz opens). New Operating Estimates The consensus has partially adjusted estimates for the Qatar disruption, and EBITDA has risen by 23% in 2026 and 43% in 2027. However, if VG can sell its uncontracted volumes, wh...
The Venice Biennale, Eurovision and Cannes are framed as artists representing their nations. But in a fractured world, national identity seems increasingly futile • Don’t get This Is Europe delivered to your inbox? Sign up here Are the arts being drowned out by politics? A few days before the biggest week of the year in Europe’s cultural calendar, that impression may be hard to avoid. The Venice B...
The Venice Biennale, Eurovision and Cannes are framed as artists representing their nations. But in a fractured world, national identity seems increasingly futile • Don’t get This Is Europe delivered to your inbox? Sign up here Are the arts being drowned out by politics? A few days before the biggest week of the year in Europe’s cultural calendar, that impression may be hard to avoid. The Venice Biennale opens its doors to the public on Saturday, but talk in the run-up to the world’s largest contemporary event has focused little on the works that will go on display inside the national pavilions, and a lot on which pavilions are going to open their doors, or shouldn’t. The building housing the Russian national representation was open for press previews on Tuesday, pumping out techno , for the first time since the full-scale invasion of Ukraine. It’s a decision the biennale president, Pietrangelo Buttafuoco, seems to have made against the wishes of the Italian government that appointed him, and could cost the festival €2m in EU funds for a breach of its ethical standards. Russia has not participated in the past two editions due to its war in Ukraine. Its pavilion’s doors will be closed to the public when the biennale opens fully on 9 May, which a Ukrainian official told the Guardian was a “meaningful step”, after the biennale’s jury resigned en masse in April , in objection to entries from countries whose leaders are subject to international arrest warrants. Continue reading...
Hut 8 signed a 15-year lease tied to a 352 MW AI data center deployment at its Beacon Point campus, significantly expanding the company’s contracted AI infrastructure backlog and long-term revenue visibility. Key Investor TakeawaysHut 8 (NASDAQ:HUT) announced a 15-year AI data center lease valued at $9.
Hut 8 signed a 15-year lease tied to a 352 MW AI data center deployment at its Beacon Point campus, significantly expanding the company’s contracted AI infrastructure backlog and long-term revenue visibility. Key Investor TakeawaysHut 8 (NASDAQ:HUT) announced a 15-year AI data center lease valued at $9.
Shares of Vermilion Energy ( VET ) dropped nearly 11% after the company reported a first-quarter 2026 net loss , overshadowing otherwise solid operational performance. The company posted a GAAP loss of C$0.92 per share, driven primarily by a C$286M unrealized loss on derivative contracts as oil and European gas prices surged during the quarter. The accounting hit masked strong underlying fundament...
Shares of Vermilion Energy ( VET ) dropped nearly 11% after the company reported a first-quarter 2026 net loss , overshadowing otherwise solid operational performance. The company posted a GAAP loss of C$0.92 per share, driven primarily by a C$286M unrealized loss on derivative contracts as oil and European gas prices surged during the quarter. The accounting hit masked strong underlying fundamentals, with fund flows from operations reaching C$232M and free cash flow totaling C$98M. Production averaged 125,618 barrels of oil equivalent per day, up 22% year-over-year and exceeding guidance, supported by strong results from its Canadian Deep Basin and Montney assets as well as European gas operations. Vermilion also reduced net debt by C$50M to C$1.29B and returned C$27M to shareholders through dividends and buybacks. Despite the operational strength, investors appeared focused on the headline loss and ongoing exposure to commodity price volatility and hedging impacts. The company noted that nearly half of its 2026 production is hedged, which can create earnings swings in rising price environments. Vermilion expects production to remain strong, with full-year output trending toward the high end of guidance. More on Vermilion Energy Inc. Vermilion Energy Inc. 2025 Q4 - Results - Earnings Call Presentation Vermilion Well-Positioned For European Natural Gas Price Spike Vermilion Energy: A Deep Value Natural Gas Play That's Still Too Cheap Vermilion reports strong Q1 output, expands Germany footprint, exits Croatia asset Best performing energy foreign stocks YTD
Federal Reserve Bank of St. Louis President Alberto Musalem says there is a lot of uncertainty over the future path for the economy and monetary policy during remarks at an event in Fairhope, Alabama, organized by the Mississippi Bankers Association. (Source: Bloomberg)
Federal Reserve Bank of St. Louis President Alberto Musalem says there is a lot of uncertainty over the future path for the economy and monetary policy during remarks at an event in Fairhope, Alabama, organized by the Mississippi Bankers Association. (Source: Bloomberg)
Earnings Call Insights: The New York Times Company (NYT) Q1 2026 Management View “Q1 was another great quarter for The Times,” and Meredith Kopit Levien (CEO, President & Director) said “digital subscription revenues grew 16%, and we added 310,000 net new digital subscribers,” bringing “our total subscriber base to over 13 million” and moving toward “our next milestone of 15 million and beyond.” L...
Earnings Call Insights: The New York Times Company (NYT) Q1 2026 Management View “Q1 was another great quarter for The Times,” and Meredith Kopit Levien (CEO, President & Director) said “digital subscription revenues grew 16%, and we added 310,000 net new digital subscribers,” bringing “our total subscriber base to over 13 million” and moving toward “our next milestone of 15 million and beyond.” Levien emphasized platform-driven traffic risk while pointing to strategy: “We’re able to meet that demand despite operating in a media environment dominated by a small number of tech companies whose moves continue to impact traffic to publishers. The Times isn’t immune to that impact, but we also see real opportunity.” Levien highlighted advertising momentum and video investment: “Digital advertising grew 32% in the quarter,” and the company is “making focused strategic investments into our journalism and product experiences, including video,” adding, “we more than doubled production of reporter video in the first quarter.” William Bardeen (Executive VP & Chief Financial Officer) reported: “Consolidated revenues grew 12%, AOP grew by approximately 27% and AOP margin expanded by 200 basis points.” He added: “Digital-only subscription revenues grew approximately 16% to $389 million,” and “digital advertising revenues...increasing approximately 32% to $93 million.” Outlook Bardeen guided Q2 trends: “Digital-only subscription revenues are expected to increase 14% to 17% and total subscription revenues are expected to increase 10% to 12%.” Bardeen outlined Q2 ad and cost expectations: “Digital advertising revenues are expected to increase high teens and total advertising revenues are expected to increase high single digits,” while “adjusted operating costs are expected to increase 8% to 9%.” On video, Bardeen tied investment to forward view: “Video in particular, remains an important area of strategic investment being reflected in our results and in our guidance.” Compared with ...
SCOR SE press release ( SCRYY ): Q1 net income of EUR 225M (EUR 220M adjusted), supported by all business activities. Economic value per share stands at EUR 51 (vs. EUR 48 as at December 31, 2025). The Return on Equity stands at 21.7% (21.1% adjusted) in Q1 2026, and the group economic value increases by 7.4% at constant economics. More on SCOR SE SCOR SE 2026 Q1 - Results - Earnings Call Presenta...
SCOR SE press release ( SCRYY ): Q1 net income of EUR 225M (EUR 220M adjusted), supported by all business activities. Economic value per share stands at EUR 51 (vs. EUR 48 as at December 31, 2025). The Return on Equity stands at 21.7% (21.1% adjusted) in Q1 2026, and the group economic value increases by 7.4% at constant economics. More on SCOR SE SCOR SE 2026 Q1 - Results - Earnings Call Presentation SCOR SE (SCRYY) Q4 2025 Earnings Call Transcript SCOR SE 2025 Q4 - Results - Earnings Call Presentation Historical earnings data for SCOR SE Dividend scorecard for SCOR SE
US exports of oil products rose to a record high last week at 8.2 million barrels a day. The US has become a key supplier of fuels like diesel, jet and gasoline to the world as countries face a supply crunch amid the near closure of the Strait of Hormuz. The shipments were driven by robust demand for US diesel, with cargoes of the fuel reaching an all-time high, according to data published Wednesd...
US exports of oil products rose to a record high last week at 8.2 million barrels a day. The US has become a key supplier of fuels like diesel, jet and gasoline to the world as countries face a supply crunch amid the near closure of the Strait of Hormuz. The shipments were driven by robust demand for US diesel, with cargoes of the fuel reaching an all-time high, according to data published Wednesday from the US Energy Information Administration.
Jordan Siemens/DigitalVision via Getty Images Summary I gave a hold rating to Waste Connections ( WCN:CA ) previously because I don’t think the risk-reward setup was attractive as volumes have yet to stabilize and the ETLF issue was still a headwind. As for this Q1 2026 update, I think it is not clean enough to justify turning bullish. Pricing stayed strong, volume trends improved, and recycling h...
Jordan Siemens/DigitalVision via Getty Images Summary I gave a hold rating to Waste Connections ( WCN:CA ) previously because I don’t think the risk-reward setup was attractive as volumes have yet to stabilize and the ETLF issue was still a headwind. As for this Q1 2026 update, I think it is not clean enough to justify turning bullish. Pricing stayed strong, volume trends improved, and recycling headwinds started to ease. Those are real positives. But the construction and demolition volumes remained weak, and we now have uncertainty over near-term margins due to the Middle East conflict. Overall, I believe the quarter reduced some pressure, but it did not yet give me enough to call for a re-rating. Earnings results update For Q1 2026 , WCN:CA reported revenue of $2.37 billion, up 6.4% y/y, with price being the main driver. The revenue growth algorithm is as follows: Core price contributed 6%, acquisitions contributed 2.7%, but was offset by a 1.5% volume decline, a 0.5% recycling drag, and a 0.1% decline in surcharge revenue. By business line, solid waste revenue was up 5.1% y/y; E&P waste treatment, recovery and disposal revenue was up 24.2%; and Intermodal and other revenue was up 6.1%. WCN:CA did well in terms of profit. Gross profit grew to $1.01 billion, and gross margin expanded by 60bps y/y to 42.6%. This led to adj. EBITDA growth of 8% and adj. EBITDA margin expansion of 50 bps to 32.5%. Pricing Held Up, and Some Headwinds Eased I believe the most important takeaway this quarter is that pricing still held up. As mentioned, core price growth was 6%, and even better, management now expects pricing to land toward the top end of its 5.5% FY26 guide. I have high confidence that WCN:CA is able to deliver on that guide since ~75% of price increases are already set by the end of Q1 2026. The obvious implication here is that WCN:CA does not need a strong volume backdrop (which is a key reason why I was neutral previously) to post decent revenue growth. Volume was sti...
From Blocked Merger to Independent Operator US Foods (NYSE: USFD) hit public markets in May 2016 after the FTC blocked its proposed sale to Sysco the prior year. What started as a fallback plan turned into a decade of building. The Rosemont, Illinois-based distributor now serves roughly 250,000 customer locations through more than 70 broadline ... US Foods Rebound From Pandemic Years Continues to ...
From Blocked Merger to Independent Operator US Foods (NYSE: USFD) hit public markets in May 2016 after the FTC blocked its proposed sale to Sysco the prior year. What started as a fallback plan turned into a decade of building. The Rosemont, Illinois-based distributor now serves roughly 250,000 customer locations through more than 70 broadline ... US Foods Rebound From Pandemic Years Continues to Reward Investors