Telecom Argentina press release ( TEO ): FY consolidated net loss of P$145,304 million was recorded (vs. a net income of P$1,359,230 million in FY24). Revenue of P$8328.81B (+53.0% Y/Y). Consolidated CAPEX (excluding right-of-use assets) totaled P$1,485,577 million (+98.3% vs. FY24) and represented 17.8% of consolidated revenues (increasing vs. FY24, when it reached 13.8% of revenues). More on Tel...
Telecom Argentina press release ( TEO ): FY consolidated net loss of P$145,304 million was recorded (vs. a net income of P$1,359,230 million in FY24). Revenue of P$8328.81B (+53.0% Y/Y). Consolidated CAPEX (excluding right-of-use assets) totaled P$1,485,577 million (+98.3% vs. FY24) and represented 17.8% of consolidated revenues (increasing vs. FY24, when it reached 13.8% of revenues). More on Telecom Argentina Telecom Argentina: Improving Business, But Too Risky To Touch Seeking Alpha’s Quant Rating on Telecom Argentina Historical earnings data for Telecom Argentina Dividend scorecard for Telecom Argentina Financial information for Telecom Argentina
The Good Brigade/DigitalVision via Getty Images Immunome ( IMNM ) will be submitting an NDA for its lead drug candidate, varegacestat, in Q2 2026. Varegacestat aims to treat desmoid tumors, a rare, aggressive soft tissue tumor with limited treatment options. IMNM recently published positive phase 3 data from the RINGSIDE trial, which saw statistically significant improvements in progression-free s...
The Good Brigade/DigitalVision via Getty Images Immunome ( IMNM ) will be submitting an NDA for its lead drug candidate, varegacestat, in Q2 2026. Varegacestat aims to treat desmoid tumors, a rare, aggressive soft tissue tumor with limited treatment options. IMNM recently published positive phase 3 data from the RINGSIDE trial, which saw statistically significant improvements in progression-free survival, objective response rate, tumor volume reduction, and pain. Immunome’s valuation rests on this one late-stage asset. The desmoid tumor space has one other approved drug, nirogacestat (OGSIVEO) from SpringWorks Therapeutics (SWTX), which has a mechanism of action similar to varegacestat. The latter claims differentiation through its superior safety profile and better clinical response. In the phase 3 trial, risk of progression or death was reduced by 84% versus placebo, with a confirmed ORR of 56%. In the pivotal DeFi trial for nirogacestat, the same numbers were 71% and 41%, respectively. With the usual caveats against cross-trial comparison, these differences are large enough to justify interest. However, the commercial opportunity is a little limited given how rare the disease is. Only a portion of the total patient population actually receives systemic drug therapy, so the addressable market is small. Since the disease can last many years, this is a durable market. In this article, we will look at the phase 3 data and how varegacestat is different from nirogacestat. Then, we will compare varegacestat with other therapies used to treat desmoid tumors. Finally, we will build a conservative revenue and rNPV framework to estimate a valuation of the company based on this one late-stage asset. Pipeline Beyond Varegacestat Besides varegacestat, Immunome is building a broad oncology pipeline, currently with three clinical assets and several preclinical ones. IM-1021 is the most advanced program. It is an ROR1-targeting ADC (antibody drug conjugate) currently in a Phase 1...
Global lenders pushed back against a proposal by India’s central bank for more reporting of offshore rupee trades, according to people familiar with the matter. Banks told the RBI the proposal could breach client confidentiality and conflict with data and reporting rules in other jurisdictions, the people said, asking not to be named discussing private matters. They submitted written feedback by t...
Global lenders pushed back against a proposal by India’s central bank for more reporting of offshore rupee trades, according to people familiar with the matter. Banks told the RBI the proposal could breach client confidentiality and conflict with data and reporting rules in other jurisdictions, the people said, asking not to be named discussing private matters. They submitted written feedback by the March 9 deadline through two international financial industry associations, the people said. In a Feb. 16 draft of the rules, the Reserve Bank of India asked banks to report more details of derivative trades linked to the rupee that are conducted outside the country. Lenders would need to report at least 70% of such transactions — which have grown to an average of more than $149 billion a day — within a year of the rules taking effect. Banks told the RBI that the new rules would require major changes to their systems, data formats and legal agreements, given the scale of daily trading in the offshore currency market, the people said. Some lenders said they may only be able to share information for clients who explicitly consent to the disclosures, the people said. A spokesperson for the RBI did not respond to an email seeking comment. Read More: RBI Rules on Offshore Trades to Tighten Oversight, Analysts Say The offshore rupee market has expanded rapidly, with trading in hubs such as Singapore, London and Hong Kong now more than double onshore volumes, according to a 2025 Bank for International Settlements report. Because much of this activity takes place beyond India’s direct regulatory reach, the RBI has limited visibility into large positions that can influence the currency. Sharp moves abroad have at times spilled back into domestic markets, complicating the central bank’s efforts to manage volatility. Last month, Governor Sanjay Malhotra said the RBI would step in if speculative pressure against the rupee intensifies. The reporting proposal follows a similar move la...
A view of Yangzhou Port in Yangzhou, Jiangsu province. Photo: VCG On March 10, the General Administration of Customs reported that in the first two months of 2026, China’s goods exports reached 4.73 trillion yuan ($689.12 billion), representing a 21.8% year-over-year increase. Meanwhile, goods imports hit 3.19 trillion yuan, up 19.8%. China’s exports have sustained their formidable resilience, del...
A view of Yangzhou Port in Yangzhou, Jiangsu province. Photo: VCG On March 10, the General Administration of Customs reported that in the first two months of 2026, China’s goods exports reached 4.73 trillion yuan ($689.12 billion), representing a 21.8% year-over-year increase. Meanwhile, goods imports hit 3.19 trillion yuan, up 19.8%. China’s exports have sustained their formidable resilience, delivering a better-than-expected start to the year. This performance is partly a short-term pulse — driven by the cyclical recovery of global manufacturing and the timing of the Lunar New Year — but it also reflects a profound structural transformation in the underlying logic of Chinese export growth in recent years. Taking a longer view, the mechanics sustaining this export resilience are being reshaped by two new narratives.
smrm1977/iStock via Getty Images Overview The appeal of Business Development Companies continues to decline as they face headwinds related to higher interest rates. Unfortunately, Golub Capital BDC ( GBDC ) is no exception to these challenges. When I previously covered GBDC, I issued a hold rating due to my caution about the sustainability of the dividend at the time. Well, it appears that I was a...
smrm1977/iStock via Getty Images Overview The appeal of Business Development Companies continues to decline as they face headwinds related to higher interest rates. Unfortunately, Golub Capital BDC ( GBDC ) is no exception to these challenges. When I previously covered GBDC, I issued a hold rating due to my caution about the sustainability of the dividend at the time. Well, it appears that I was a bit too optimistic with my outlook because the dividend was indeed reduced since then. GBDC recently reported its Q1 earnings, so I wanted to revisit the overall value proposition and outlook for 2026. Looking at the performance over the last twelve months, we can see that GBDC's share price has declined by a little over 19.8%. Most of this decline has happened over the last two quarters as the debt markets continue to face headwinds. Even when including all distributions that were paid out to shareholders, the total return still sits at a loss of 12.5% over the same time frame. GBDC did slash its dividend over the last quarter in an effort to prepare for industry headwinds. Despite the cut and the decline in share price, I believe there are still downside risks that remain. Data by YCharts For instance, GBDC has a sizeable allocation to software investments that may have elevated its risk profile. If the market continues to sell off technology companies and rotate capital into other areas of the market, GBDC may see further portfolio deterioration through 2026. Despite GBDC's deep discount to NAV valuation, I believe that investors are better off cutting losses before they worsen. There's no indication that interest rates will decline, so I expect GBDC to continue to struggle with allocating an efficient level of capital towards new investments. Q1 Earnings According to the latest portfolio overview , GBDC has total investments at a fair value of $8.63B that are spread across a diverse range of debt investments. However, GBDC's strategy is a bit more layered since the por...
Cathay Pacific Airways’ net profit climbed 9.5 per cent to HK$10.82 billion (US$1.39 billion) in 2025, driven by increased capacity and robust cargo demand, as the Hong Kong flag carrier’s chief warned of disruptions from the ongoing conflict in the Middle East. Cathay Group chairman Patrick Healy said on Wednesday that the results marked the airline’s third consecutive year of growth. But he caut...
Cathay Pacific Airways’ net profit climbed 9.5 per cent to HK$10.82 billion (US$1.39 billion) in 2025, driven by increased capacity and robust cargo demand, as the Hong Kong flag carrier’s chief warned of disruptions from the ongoing conflict in the Middle East. Cathay Group chairman Patrick Healy said on Wednesday that the results marked the airline’s third consecutive year of growth. But he cautioned that global geopolitical tensions were unsettling businesses and pushing up fuel prices. Hong Kong is feeling the impact of ongoing tensions in the Middle East, as joint US-Israel strikes on Iran have disrupted air travel, oil exports and supply chains, prompting Cathay to cancel all flights to Dubai and Riyadh for March. Advertisement In response to higher crude oil prices, Hong Kong Airlines on Thursday became the first local carrier to announce a fuel surcharge increase of up to 35.2 per cent, while Cathay Pacific and its budget arm HK Express have yet to indicate whether they will follow suit. “The prevailing global geopolitical environment is volatile, causing unexpected shifts in passenger and cargo traffic flows as well as jet fuel prices. Ongoing supply chain disruption and cost inflation continue to impact delivery of new aircraft, cabin products and parts,” he said. Advertisement “However, we have built a strong foundation which has made Cathay resilient, efficient and adaptable. This has put us in the best possible position to withstand current market turbulence, and we will remain agile as we continue to face external challenges.”
STORY: :: Oracle Oracle on Tuesday predicted that the AI data center boom will power its revenue above Wall Street estimates well into 2027. That sent shares in the firm up over 8% in extended trading. Oracle reported third quarter revenue of just over $17 billion, beating estimates. It expects fourth-quarter revenue growth of up to 21%. Tuesday's results helped allay investor concerns over Oracle...
STORY: :: Oracle Oracle on Tuesday predicted that the AI data center boom will power its revenue above Wall Street estimates well into 2027. That sent shares in the firm up over 8% in extended trading. Oracle reported third quarter revenue of just over $17 billion, beating estimates. It expects fourth-quarter revenue growth of up to 21%. Tuesday's results helped allay investor concerns over Oracle's costly multi-billion dollar push into AI computing. :: Oracle :: File The company has made a dramatic turn toward building data centers for partners such as OpenAI and Meta. At the same time, it enacted layoffs as it uses smaller engineering teams and AI coding tools to roll out new software. :: Oracle :: File Oracle has also been aggressively spending to expand its cloud infrastructure to support generative AI, competing against hyperscalers such as Amazon's AWS and Microsoft's Azure. On a conference call with investors, CEO Clay Magouyrk said that the company's margins on its cloud business should improve over time.
D.A. Davidson’s senior analyst Gil Luria continues to see Oracle (NYSE: ORCL) as exceptionally cheap at about 25x forward earnings, despite an 8% rally after Q3 earnings late on Tuesday. Oracle came in handily above Street estimates in its third financial quarter and cited solid artificial intelligence (AI) tailwinds as it guided for a better-than-expected $1.94 a share of earnings in Q4. Followin...
D.A. Davidson’s senior analyst Gil Luria continues to see Oracle (NYSE: ORCL) as exceptionally cheap at about 25x forward earnings, despite an 8% rally after Q3 earnings late on Tuesday. Oracle came in handily above Street estimates in its third financial quarter and cited solid artificial intelligence (AI) tailwinds as it guided for a better-than-expected $1.94 a share of earnings in Q4. Following the post-earnings surge, Oracle stock is testing a key resistance coinciding with its 50-day moving average (MA), with a decisive break above $168 expected to boost upward momentum in the near-term. Versus its year-to-date low in early February, ORCL is now up nearly 20%. Why Oracle stock is super cheap to own in 2026 Luria sees Austin-headquartered Oracle as “undervalued” given its current price does not account for its massive $553 billion AI-driven Oracle Cloud Infrastructure (OCI) backlog. At about $162, what’s baked in is the firm’s legacy software and baseline cloud operations, but its burgeoning artificial intelligence pipeline, he told CNBC, is getting “almost no credit” currently. Meanwhile, neocloud rivals like CoreWeave and Nebius are trading at valuations exceeding “1x” their backlogs, the D.A. Davidson analyst added. According to him, Q3 earnings confirm that Oracle can deploy its huge backlog while maintaining healthy margins – which means there’s significant untapped upside – as ORCL stock is essentially offering its AI future for free today. Oracle just delivered what it’s been promising for years For years, Oracle was viewed as a legacy giant trapped in low-to-mid-single-digit organic growth, leading many analysts to remain skeptical of its ambitious turnaround promises. However, Gil Luria emphasizes that Q3 represents a watershed moment where the company finally “delivered on that promise.” In the third quarter, ORCL saw its revenue grow by 20% on a year-over-year basis while protecting its profit margins as well – a feat that silenced skeptics who belie...
The Republican candidate backed by US President Donald Trump will advance to a run-off against a Democrat in the Georgia race to replace Marjorie Taylor Greene in the US House of Representatives, after a special election on Tuesday seen as a test of Trump’s sway over his party. Trump’s preferred candidate, former district attorney for four northwest Georgia counties Clay Fuller, will face Shawn Ha...
The Republican candidate backed by US President Donald Trump will advance to a run-off against a Democrat in the Georgia race to replace Marjorie Taylor Greene in the US House of Representatives, after a special election on Tuesday seen as a test of Trump’s sway over his party. Trump’s preferred candidate, former district attorney for four northwest Georgia counties Clay Fuller, will face Shawn Harris, a moderate Democrat who has sought to court disillusioned Trump voters, in the April 7 run-off. Harris won 37.3 per cent of the vote while Fuller topped a crowded Republican field of a dozen candidates with 34.9 per cent, according to Georgia’s secretary of state. With no candidate securing a majority, the top two will face off next month, with Fuller favoured in the staunchly conservative district. Advertisement The race has drawn outsized national attention because it offers an early measure of Trump’s grip on his base in a district that has been a stronghold of his Make America Great Again movement and was thrust back into the spotlight by last year’s public split between Trump and Greene. Democratic candidate Shawn Harris. Photo: AFP Fuller easily outpaced other Republicans, signalling Trump’s enduring sway over his Maga base. He beat the next closest one, conservative former state senator Colton Moore, who describes himself as Trump’s top defender, by more than 20 percentage points. Advertisement Harris, a cattle farmer and a retired brigadier general, faces long odds in a district he lost to Greene by 29 percentage points in 2024. He told his supporters on Tuesday to get back to work on Wednesday making calls and knocking on doors.
Honeywell Aerospace has priced a massive $16 billion private debt offering ahead of its planned spin-off from parent company Honeywell ( HON ), the company said in a filing . The multi-tranche issuance , which includes $10 billion in “new money” notes and $6 billion in exchange notes with maturities stretching as far as 2066, is designed to capitalize the aerospace unit as an independent entity ah...
Honeywell Aerospace has priced a massive $16 billion private debt offering ahead of its planned spin-off from parent company Honeywell ( HON ), the company said in a filing . The multi-tranche issuance , which includes $10 billion in “new money” notes and $6 billion in exchange notes with maturities stretching as far as 2066, is designed to capitalize the aerospace unit as an independent entity ahead of its expected public debut in the third quarter of 2026. More on Honeywell International Honeywell International Inc. (HON) Presents at Citi's Global Industrial Tech & Mobility Conference 2026 Transcript Honeywell: Shares Fairly Valued Near All-Time Highs Honeywell International Inc. (HON) Presents at Barclays 43rd Annual Industrial Select Conference Transcript Honeywell Aerospace launches up to $16 billion senior notes offering ahead of planned spin-off U.S. strikes highlight staying power of jets, warships amid drone hype
根据最新提交的监管文件， 特斯拉 六座版Model Y L即将登陆韩国市场。这款长轴距车型在特斯拉上海工厂生产，目前已获得韩国能源署的能效认证，预计将于2026年上半年开始交付。 就在认证消息公布的同一天，一辆伪装的 Model Y L 原型车在韩国道路上被拍到。特斯拉此前已在澳大利亚和新西兰获得类似认证，这两个市场都预计这款尺寸更大的 Model Y 将于 2026 年上市。 与标准版 Mode...
根据最新提交的监管文件， 特斯拉 六座版Model Y L即将登陆韩国市场。这款长轴距车型在特斯拉上海工厂生产，目前已获得韩国能源署的能效认证，预计将于2026年上半年开始交付。 就在认证消息公布的同一天，一辆伪装的 Model Y L 原型车在韩国道路上被拍到。特斯拉此前已在澳大利亚和新西兰获得类似认证，这两个市场都预计这款尺寸更大的 Model Y 将于 2026 年上市。 与标准版 Model Y 相比，L版的轴距加长了约 150 毫米，车身总长度增加了约 177 毫米，达到 4976 毫米。这使得它能够采用真正的 2-2-2 座椅布局，为六名成年乘客提供充足的腿部空间和行李空间。因此，它是一款真正的家用车型，避免了许多三排座 SUV 常见的第三排空间局促的问题。 韩国监管文件显示，这是一款进口的全轮驱动电动汽车，电池总容量为97.25千瓦时，由LG新能源公司提供。本地测试表明，这款车在标准条件下续航里程为543公里（337英里），在寒冷天气下续航里程为454公里（282英里）。 责任编辑：于健 SF069
The world’s biggest liquefied natural gas export plant in Qatar hasn’t exported a shipment for five days — the longest streak in data going back to 2008 — threatening to further boost prices for the fuel. A loaded tanker hasn’t left the Ras Laffan facility in five days, according to a Bloomberg analysis of Kpler ship-tracking data. No LNG ship traversed the Strait of Hormuz after Feb. 28, when the...
The world’s biggest liquefied natural gas export plant in Qatar hasn’t exported a shipment for five days — the longest streak in data going back to 2008 — threatening to further boost prices for the fuel. A loaded tanker hasn’t left the Ras Laffan facility in five days, according to a Bloomberg analysis of Kpler ship-tracking data. No LNG ship traversed the Strait of Hormuz after Feb. 28, when the US and Israel began strikes on Iran. The unprecedented closure of the liquefaction plant, which supplies nearly 20% of the world’s LNG, came after an Iranian drone attack early last week — resulting in a jump in gas prices in Europe and Asia. Ras Laffan did load a handful of shipments after stopping output, likely using fuel from storage tanks, the last of which was on Friday. Most of Qatar’s supply goes to importers in Asia, which are seeking replacements or just reducing supply to end-users, such as fertilizer plants and industries. An extended outage would tighten the global LNG market and could trigger shortages in cash-strapped emerging nations. Read More: Global LNG Hunt Intensifies as Middle East Conflict Cuts Supply