Appeal launched to buy Nottinghamshire cottage, where tree was planted in 19th century, and turn it into heritage centre Campaigners have launched an appeal to try to save for the nation the mother tree of perhaps the most popular cooking apple in the world. The original bramley apple tree , which grows in the garden of a cottage in Southwell, Nottinghamshire, is for sale, with the cottage put on ...
Appeal launched to buy Nottinghamshire cottage, where tree was planted in 19th century, and turn it into heritage centre Campaigners have launched an appeal to try to save for the nation the mother tree of perhaps the most popular cooking apple in the world. The original bramley apple tree , which grows in the garden of a cottage in Southwell, Nottinghamshire, is for sale, with the cottage put on the market by its owners, Nottingham Trent University. Continue reading...
Ferguson Enterprises Inc. press release ( FERG ): Q1 Non-GAAP EPS of $2.28 beats by $0.09 . Revenue of $7.47B (+3.6% Y/Y) beats by $60M . 2026 Guidance January 1 - December 31, 2026 Net sales Low to mid-single digit growth Adjusted operating margin* 9.4% - 9.8% Interest expense ~$200 million Capital expenditures $350 - $400 million Adjusted effective tax rate* ~26% Click to enlarge Shares +1% PM. ...
Ferguson Enterprises Inc. press release ( FERG ): Q1 Non-GAAP EPS of $2.28 beats by $0.09 . Revenue of $7.47B (+3.6% Y/Y) beats by $60M . 2026 Guidance January 1 - December 31, 2026 Net sales Low to mid-single digit growth Adjusted operating margin* 9.4% - 9.8% Interest expense ~$200 million Capital expenditures $350 - $400 million Adjusted effective tax rate* ~26% Click to enlarge Shares +1% PM. More on Ferguson Enterprises Inc. Ferguson: More Appreciative Of A Long-Term Growth Story Ferguson Enterprises Inc. (FERG) Q4 2025 Earnings Call Transcript Ferguson Enterprises Inc. 2025 Q4 - Results - Earnings Call Presentation Ferguson targets $40B revenue milestone and 10%+ margin as market outperformance continues Ferguson Enterprises slips on soft residential outlook, muted 2026 guidance
PM Images/DigitalVision via Getty Images This year, M&A has been heating up the world of real estate as REITs like National Storage Affiliates Trust ( NSA ) and Sila Realty Trust, Inc. ( SILA ) are scooped up by hungry buyers. The trend has continued, and Global Net Lease ( GNL ) just announced their intent to acquire Modiv Industrial ( MDV ). I recently wrote about both of these companies. Global...
PM Images/DigitalVision via Getty Images This year, M&A has been heating up the world of real estate as REITs like National Storage Affiliates Trust ( NSA ) and Sila Realty Trust, Inc. ( SILA ) are scooped up by hungry buyers. The trend has continued, and Global Net Lease ( GNL ) just announced their intent to acquire Modiv Industrial ( MDV ). I recently wrote about both of these companies. Global Net Lease: It's A Long Way Home Modiv Industrial: Throwing In The Towel This coverage will bridge the gap and explain my perspective on the acquisition’s benefits and drawbacks. Where Do We Stand? It has been a wild ride with both REITs over the years. Looking at GNL, my musings detailed the REIT's fall over a period of five years. More recently, my time has been spent highlighting the company's turnaround, including significant portfolio dispositions and work to recapitalize their balance sheet into something more consistent with the net lease market. After years of going headfirst into a highly levered growth strategy, the company changed just about everything, including foregoing their diversified portfolio strategy, internalizing their management structure, and replacing the management team. Over the past year, things have been going notably better, but it's a long way home . On the other hand, MDV is a much younger REIT. The company took a specialized approach to investing in net lease, focusing on niche manufacturing assets acquired via sale leaseback. From my perspective, this looked like an effort to replicate the success of a company like Essential Properties Realty Trust ( EPRT ) while also diving into the industrial tailwinds over the past five years. This more recently led the company’s CEO to begin inviting offers, citing that his company was trading at one of the steepest discounts to net asset value in the entire sector. It was either time for the market to take note, or the time had come to throw in the towel . We have one REIT that is looking for every lev...
Nvidia stock broke out from its monthslong trading range of $165-$195 amid wider enthusiasm about the semiconductor sector last week but subsequently fell back.
Nvidia stock broke out from its monthslong trading range of $165-$195 amid wider enthusiasm about the semiconductor sector last week but subsequently fell back.
benedek/iStock via Getty Images Introduction After a challenging 2025, shares in RLJ Lodging Trust ( RLJ ) are off to a strong start in 2026, boosted by resilient operating performance amid a packed event calendar for 2026, most notably including the upcoming FIFA World Cup, as discussed in my previous coverage of RLJ . RLJ reported solid Q1 2026 results, hiking its full-year 2026 outlook, which n...
benedek/iStock via Getty Images Introduction After a challenging 2025, shares in RLJ Lodging Trust ( RLJ ) are off to a strong start in 2026, boosted by resilient operating performance amid a packed event calendar for 2026, most notably including the upcoming FIFA World Cup, as discussed in my previous coverage of RLJ . RLJ reported solid Q1 2026 results, hiking its full-year 2026 outlook, which nevertheless envisages a relative slowdown in growth for the remainder of 2026. I rate RLJ a Buy, down from my previous Strong Buy rating. My still optimistic investment thesis can be summarized as: RLJ trades at only 6.1x its 2026 adjusted FFO outlook, only marginally higher than the 5.7x multiple available in December 2025. RLJ's market-implied cap rate remains attractive at 7.4% even after accounting for ongoing capex spending. Oil futures point to lower prices in 2027, providing a tailwind for discretionary spending. AI & automation should likewise increase leisure time and reduce work hours over the long term, supporting upside for hotel REITs. Q1 2026 Results Overview RLJ reported an adjusted FFO of $0.33/share , up 6.5% Y/Y. This was principally driven by stronger revenue per available room (RevPAR), which increased 4.8% Y/Y—a result of a 1.8% Y/Y increase in occupancy to 70.8%, complemented by a 2.1% Y/Y increase in the average daily rate (ADR). At the same time, a lower share count contributed 1% to the adjusted FFO increase. During the quarter, the company was also busy on the refinancing front, addressing all maturities up to 2029 . As the refinancing occurred prior to the spike in rates following the outbreak of the war in Iran, the overall impact on interest costs in 2026 is negligible, with RLJ forecasting an interest expense of $101-103 million this year. Given the strong operating performance and stable financing costs, RLJ was able to increase its full-year outlook, as I will discuss in the next section. Updated 2026 Outlook RLJ now expects to achieve an adj...
Getty Images The AI investment opportunity is shifting from software to physical infrastructure. Semiconductors, data centers, energy, and automation are where durable value may be building. Is the Market Still Thinking About AI Like a Software Story? Most investors still reach for AI exposure through software and application companies. That framing made sense in the early hype phase, but it may b...
Getty Images The AI investment opportunity is shifting from software to physical infrastructure. Semiconductors, data centers, energy, and automation are where durable value may be building. Is the Market Still Thinking About AI Like a Software Story? Most investors still reach for AI exposure through software and application companies. That framing made sense in the early hype phase, but it may be missing where the durable value is building now. The more useful parallel is the internet buildout of the late 1990s, where the companies laying fiber and building data centers generated more durable returns than most of the apps built on top of them. We are in a similar transition today. The AI application layer is real and growing, but it runs entirely on physical infrastructure. The companies that build and supply that infrastructure are the ones facing structural demand that does not depend on which AI application wins. Why Is AI an Industrial System, Not Just a Software Layer? AI at scale is a system of interdependent physical and digital components that must all expand together. Training a large model can require as many as 100,000 or more chips running in parallel for the largest models, connected by high-speed networking, cooled by industrial systems, and powered by reliable electricity. Inference, the process of running the model to generate outputs, multiplies those requirements across every user and every query. Each of those components is a physical bottleneck. You cannot train faster models by writing better code alone. You need more and better chips, more power, more cooling, and more data center space. That is an industrial problem, and in our view it is generating industrial-scale demand. Is the AI CapEx Cycle Just Beginning? The first wave of AI infrastructure spending focused on compute and data centers. That wave is not over, but it is expanding. The next phase is pulling in energy infrastructure, power management, networking equipment, and physical aut...
TopBuild press release ( BLD ): Q1 Non-GAAP EPS of $3.75 beats by $0.11 . Revenue of $1.45B (+17.9% Y/Y) beats by $40M . More on TopBuild QXO And TopBuild Tie The Knot But Don't Earn The Upgrade TopBuild's Plunge Isn't Time For An Upgrade TopBuild Corp. 2025 Q4 - Results - Earnings Call Presentation TopBuild Q1 2026 Earnings Preview Key deals this week: Helix Energy, Tesla, QXO, USA Rare Earth and...
TopBuild press release ( BLD ): Q1 Non-GAAP EPS of $3.75 beats by $0.11 . Revenue of $1.45B (+17.9% Y/Y) beats by $40M . More on TopBuild QXO And TopBuild Tie The Knot But Don't Earn The Upgrade TopBuild's Plunge Isn't Time For An Upgrade TopBuild Corp. 2025 Q4 - Results - Earnings Call Presentation TopBuild Q1 2026 Earnings Preview Key deals this week: Helix Energy, Tesla, QXO, USA Rare Earth and more
MPLX press release ( MPLX ): Q1 GAAP earnings per unit of $0.90 misses by $0.15 . Revenue of $3.04B (-2.6% Y/Y) misses by $50M . Delivering mid-single digit growth strategy through expansions of Permian sour gas treating capacity, natural gas and NGL pipelines, and progressing Harmon Creek III processing plant in the Marcellus First-quarter net income attributable to MPLX of $912 million and net c...
MPLX press release ( MPLX ): Q1 GAAP earnings per unit of $0.90 misses by $0.15 . Revenue of $3.04B (-2.6% Y/Y) misses by $50M . Delivering mid-single digit growth strategy through expansions of Permian sour gas treating capacity, natural gas and NGL pipelines, and progressing Harmon Creek III processing plant in the Marcellus First-quarter net income attributable to MPLX of $912 million and net cash provided by operating activities of $1.3 billion Adjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of strategic priorities Distributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capital More on MPLX MPLX: Boasting Strong ROIC As Distribution Growth Could Accelerate MPLX: A Sound Growth Story Irrespective Of Iran Headlines MPLX: Upgrading To Bullish As The Gulf Coast Build-Out Meets The AI Power MPLX Q1 2026 Earnings Preview MPLX LP prices two-part $1.5B debt offering via issuance of senior notes
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Micron ( MU ) stock is still showing explosive growth in market value, proving my point that the memory market isn’t oversaturated. If you’ve ever worried that this growth might be about to end, check out this article. I have important news for you: it is not just a speculative spike, nor is it a reflection of a fundamental shift occurr...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Micron ( MU ) stock is still showing explosive growth in market value, proving my point that the memory market isn’t oversaturated. If you’ve ever worried that this growth might be about to end, check out this article. I have important news for you: it is not just a speculative spike, nor is it a reflection of a fundamental shift occurring in AI infrastructure architecture and hyperscalers’ transition to NBM4. Meanwhile, as South Korean competitors report record margins exceeding 70%, Micron is building a robust manufacturing base within the U.S., positioning itself as indispensable to that sector. I would like to focus in this article on a detailed analysis of the market’s economic conditions and the impact of the memory shortage. I will review the key financial metrics of the main competitors and compare the companies’ valuation multiples. The Micron stock continues to trade at a massive 62% discount, so I'm sticking with my "Strong Buy" rating. Here are some reasons why this isn’t just optimism; it’s a mathematical inevitability based on the facts. Previous Points The main points I’ve made about Micron in my previous articles come down to its indispensable role in the U.S. AI industry. In today’s climate of geopolitical instability, the U.S. economy needs a reliable, large-scale producer of critical products such as memory chips. As scaling continues through the implementation of major projects to build production capacity, the future potential of Micron will be even more immense, which will allow it to capture over 40% of the U.S. market share. At the same time, today's AI supercycle is creating a supply-demand imbalance, as hyperbolic growth in order volumes collides with a memory shortage in the market. But has anything changed in this regard over the past few months? The answer is no, since Micron continues to receive support for its market value growth from the factors listed above. Even more note...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Micron ( MU ) stock is still showing explosive growth in market value, proving my point that the memory market isn’t oversaturated. If you’ve ever worried that this growth might be about to end, check out this article. I have important news for you: it is not just a speculative spike, nor is it a reflection of a fundamental shift occurr...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis Micron ( MU ) stock is still showing explosive growth in market value, proving my point that the memory market isn’t oversaturated. If you’ve ever worried that this growth might be about to end, check out this article. I have important news for you: it is not just a speculative spike, nor is it a reflection of a fundamental shift occurring in AI infrastructure architecture and hyperscalers’ transition to NBM4. Meanwhile, as South Korean competitors report record margins exceeding 70%, Micron is building a robust manufacturing base within the U.S., positioning itself as indispensable to that sector. I would like to focus in this article on a detailed analysis of the market’s economic conditions and the impact of the memory shortage. I will review the key financial metrics of the main competitors and compare the companies’ valuation multiples. The Micron stock continues to trade at a massive 62% discount, so I'm sticking with my "Strong Buy" rating. Here are some reasons why this isn’t just optimism; it’s a mathematical inevitability based on the facts. Previous Points The main points I’ve made about Micron in my previous articles come down to its indispensable role in the U.S. AI industry. In today’s climate of geopolitical instability, the U.S. economy needs a reliable, large-scale producer of critical products such as memory chips. As scaling continues through the implementation of major projects to build production capacity, the future potential of Micron will be even more immense, which will allow it to capture over 40% of the U.S. market share. At the same time, today's AI supercycle is creating a supply-demand imbalance, as hyperbolic growth in order volumes collides with a memory shortage in the market. But has anything changed in this regard over the past few months? The answer is no, since Micron continues to receive support for its market value growth from the factors listed above. Even more note...
Hong Kong education authorities have contacted a school after its newly tightened rules and penalties on mobile phone use triggered an outcry among students. Under the new measures, due to take effect in the coming weeks, Form Three and Four students at the boys’ school Kwun Tong Maryknoll College will be banned from using mobile phones on campus, with devices stored in lockers and accessible only...
Hong Kong education authorities have contacted a school after its newly tightened rules and penalties on mobile phone use triggered an outcry among students. Under the new measures, due to take effect in the coming weeks, Form Three and Four students at the boys’ school Kwun Tong Maryknoll College will be banned from using mobile phones on campus, with devices stored in lockers and accessible only during designated time slots. The rules also stipulate that no other items may be kept in the...
BioNTech press release ( BNTX ): Q1 Non-GAAP EPS of -€1.95. Revenue of €118.1M (-35.4% Y/Y). Reaffirmed full year 2026 financial guidance and strong financial position continue to de-risk execution with cash, cash equivalents and security investments of €16.8 billion. Reaffirmed 2026 Financial Year Guidance 6 : Revenues for the 2026 financial year €2,000 – €2,300 m Click to enlarge Planned 2026 Fi...
BioNTech press release ( BNTX ): Q1 Non-GAAP EPS of -€1.95. Revenue of €118.1M (-35.4% Y/Y). Reaffirmed full year 2026 financial guidance and strong financial position continue to de-risk execution with cash, cash equivalents and security investments of €16.8 billion. Reaffirmed 2026 Financial Year Guidance 6 : Revenues for the 2026 financial year €2,000 – €2,300 m Click to enlarge Planned 2026 Financial Year Adjusted Expenses 6 : Adjusted R&D expenses €2,200 – €2,500 m Adjusted SG&A expenses 5 €700 – €800 m Click to enlarge More on BioNTech BioNTech SE 2025 Q4 - Results - Earnings Call Presentation BioNTech SE (BNTX) Q4 2025 Earnings Call Transcript BioNTech: The Market Is Pricing Low Oncology Success COVID vaccine report on cutting hospital visits blocked from publication in CDC journal Report on COVID vaccine benefits being delayed at CDC: WaPo
Thomson Reuters press release ( TRI ): Q1 Non-GAAP EPS of $1.23 beats by $0.03 . Revenue of $2.09B (+10.0% Y/Y) beats by $50M . Total company revenues up 10% / organic revenues up 8% Organic revenues up 9% for the "Big 3" segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals) Reported Full-Year 2025 Results and Full-Year 2026 Outlook Total Thomson Reuters FY 2025 Repo...
Thomson Reuters press release ( TRI ): Q1 Non-GAAP EPS of $1.23 beats by $0.03 . Revenue of $2.09B (+10.0% Y/Y) beats by $50M . Total company revenues up 10% / organic revenues up 8% Organic revenues up 9% for the "Big 3" segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals) Reported Full-Year 2025 Results and Full-Year 2026 Outlook Total Thomson Reuters FY 2025 Reported FY 2026 Outlook 2/5/2026 FY 2026 Outlook 5/5/2026 Total Revenue Growth 3%(2) 7.5% - 8.0% Unchanged Organic Revenue Growth(1) 7 % 7.5% - 8.0% Unchanged Adjusted EBITDA Margin(1) 39.2 % +100bps vs 2025 Unchanged Corporate Costs $118 million $115 - $125 million Unchanged Free Cash Flow(1) $1.95 billion ~ $2.1 billion Unchanged Accrued Capex as % of Revenues(1) 8.2 % ~ 8.0% Unchanged Depreciation & Amortization of Software Depreciation & Amortization of Internally Developed Software Amortization of Acquired Software $832 million $626 million $206 million $890- $910 million $680 - $690 million $210 - $220 million Unchanged Unchanged Unchanged Net Interest Expense $143 million $150 - $160 million $180 - $190 million Effective Tax Rate on Adjusted Earnings(1) 18.5 % ~ 19% Unchanged "Big 3" Segments(1) FY 2025 Reported FY 2026 Outlook 2/5/2026 FY 2026 Outlook 5/5/2026 Total Revenue Growth 4%(2) ~ 9.5% Unchanged Organic Revenue Growth 9 % ~ 9.5% Unchanged Adjusted EBITDA Margin 43.6 % +100bps vs 2025 Unchanged Click to enlarge Shares -2.5% PM. More on Thomson Reuters Corporation Thomson Reuters Corporation (TRI:CA) Shareholder/Analyst Call Prepared Remarks Transcript AGI Bust, AI Boom: Why AI's Winners And Losers Aren't Who You Think Thomson Reuters: The Case For A Mispriced Moat Thomson Reuters Q1 2026 Earnings Preview Warren, Wyden press UI vendors over alleged failures in unemployment systems