teppakorn tongboonto/iStock via Getty Images I have covered the Dorian LPG ( LPG ) before , where I outlined the investment thesis in detail and explained why I considered it an interesting buy. Since then, and despite increasing the dividend slower than expected initially, the stock has returned more than 80%. Despite the fact that the Iran conflict has sent VLGC rates ballistic and still conside...
teppakorn tongboonto/iStock via Getty Images I have covered the Dorian LPG ( LPG ) before , where I outlined the investment thesis in detail and explained why I considered it an interesting buy. Since then, and despite increasing the dividend slower than expected initially, the stock has returned more than 80%. Despite the fact that the Iran conflict has sent VLGC rates ballistic and still considering the company to be interesting, I’m downgrading it to hold. Background Dorian LPG is a liquefied petroleum gas shipping company with 22 owned eco very large gas carriers (VLGCs) and six chartered in. Investor presentation In March the company took delivery of its newbuild which was previously expected by Q3 2026 as commented in the previous article. This is a huge positive as current rates are really elevated and will already contribute in Q2 earnings. Fearnleys VLGC rates have been quite elevated during all the year, and the last few weeks have seen an important move higher as tonnage availability is limited. Fearnleys commented: The market continues to tighten, underpinned by a scarcity of available vessels from end May/early June onwards. Based on current BLPG 3 levels, modern conventionally fueled VLGCs are now generating round‑trip earnings of approximately USD 130,000 per day, marking the strongest market returns since the latter part of 2023. Owners and trader relets are increasingly testing higher ideas, with ideas shown up to USD 260 per tonne HC on Pmax ship. Given the absence of meaningful tonnage availability through at least 10 June, downside risk to freight remains limited. VLGC carriers may be the shipping segment most benefited from the Strait of Hormuz closure due to the combination of two factors. The US had plenty of idle export capacity paired with record inventories: Investor presentation Investor presentation This bodes well for the sector as US exports are more ton mile intensive than Middle Eastern exports, especially if ships take the cape of go...
Disclosure made at preliminary hearing for civil case in which four women accuse the influencer and his brother of rape Andrew Tate sought written assurances from prosecutors that he would not be arrested if he returned to the UK for a civil case in which he is accused of rape, a court has heard. Lawyers for the influencer and self-described misogynist, who has been charged with ten criminal offen...
Disclosure made at preliminary hearing for civil case in which four women accuse the influencer and his brother of rape Andrew Tate sought written assurances from prosecutors that he would not be arrested if he returned to the UK for a civil case in which he is accused of rape, a court has heard. Lawyers for the influencer and self-described misogynist, who has been charged with ten criminal offences and is under investigation by various forces, made the submission last year. Continue reading...
LewisTsePuiLung Texas Capital sees upside for Melco Resorts & Entertainment ( MLCO ) based on the unique corporate optionality setup. Analyst David Bain pointed to Melco's ( MLCO ) free cash flow and capital structure. He noted that the parent company could purchase Melco's ( MLCO ) float at a 56% premium to Friday’s closing price for about one turn of leverage. In addition, Bain said half of Melc...
LewisTsePuiLung Texas Capital sees upside for Melco Resorts & Entertainment ( MLCO ) based on the unique corporate optionality setup. Analyst David Bain pointed to Melco's ( MLCO ) free cash flow and capital structure. He noted that the parent company could purchase Melco's ( MLCO ) float at a 56% premium to Friday’s closing price for about one turn of leverage. In addition, Bain said half of Melco's ( MLCO ) go-forward net free cash flow could be used to create a ~9% dividend yield, with the other half going toward debt paydown. Another option would be for Melco ( MLCO ) to initiate an accelerated share repurchase program or aggressively repurchase shares under its $710M buyback authorization. "While we are not privy to any near-term event, we believe MLCO’s unique corporate optionality is not lost on management and should be acknowledged in valuation," wrote Bain. Texas Capital has a Buy rating on MLCO and a price target of $11.50. The PT reps more than 100% upside from the current trading level. Shares of Melco ( MLCO ) are down more than 27% on a year-to-date basis. More on Melco Resorts & Entertainment Melco Resorts: Q1 2026 Earnings Confirms Our Bullish Case Melco Resorts & Entertainment Limited 2026 Q1 - Results - Earnings Call Presentation Melco Resorts & Entertainment Limited (MLCO) Q1 2026 Earnings Call Transcript Macau gaming revenue rises 5.5% in April, still up double digits for the year Melco Resorts & Entertainment Q1 2026 Earnings Preview
Washington’s spending spree endangers the global status of the dollar as a reliable safe haven, according to Eurizon SLJ Capital ’s Stephen Jen. Continued US fiscal imprudence and a return to “quantitative easing could jeopardize the global standing of the US Treasuries and undermine the left side of the dollar smile,” the firm’s CEO Jen and economist and portfolio manager Joana Freire wrote in a ...
Washington’s spending spree endangers the global status of the dollar as a reliable safe haven, according to Eurizon SLJ Capital ’s Stephen Jen. Continued US fiscal imprudence and a return to “quantitative easing could jeopardize the global standing of the US Treasuries and undermine the left side of the dollar smile,” the firm’s CEO Jen and economist and portfolio manager Joana Freire wrote in a Tuesday note. Jen is known for the “ dollar smile ” theory that he put forward more than two decades ago. The framework suggests that the greenback strengthens when the US economy is either strong or in a deep slump. For now, the left side of the smile, when the dollar rallies amid risk-off episodes, “can still be counted on,” according to the strategists. “In response to the Iran War, the markets only had a brief period of risk-off, during which the dollar also had a mild rally,” they wrote. “The size of the rally in the dollar was modest only because the markets didn’t stay scared — fearful of a recession — for that long, and the Treasuries were pricing in a bigger inflation risk than a recession risk.” A gauge of the dollar rose in March to post its best month since July, after the US attack of Iran upended global energy markets. The greenback later walked back those gains as hopes rose on the end of the conflict after a ceasefire in early April. Read More: Dollar Wraps Worst Month Since June as Haven Trade Unwinds The Federal Reserve began purchasing large amounts of US Treasuries, mortgages and even some credit exchange-traded funds in 2020 to help lower market interest rates. That era of quantitative easing ended after March 2022, when the Fed began raising rates from near zero. The Trump administration’s expansionary budget has already cast doubts on whether the US can sustain such spending. The Supreme Court decision earlier this year to strike down sweeping global tariffs imposed by President Donald Trump threatens the budget deficit further. Fitch Ratings warned l...
In this article SPY QQQ SNDK Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 1:35 01:35 Options traders flood Micron Options Action Options traders can't get enough of semiconductor stocks. No matter how high they go or how expensive the options get, bulls just keep flooding the space. After a 700% rally the past year, traders poured into Micron options Tuesday, paying expensive pr...
In this article SPY QQQ SNDK Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 1:35 01:35 Options traders flood Micron Options Action Options traders can't get enough of semiconductor stocks. No matter how high they go or how expensive the options get, bulls just keep flooding the space. After a 700% rally the past year, traders poured into Micron options Tuesday, paying expensive premiums to get access to further upside in the legacy memory-chip maker that became one of the market's hottest AI trades over the past year. More than $2.8 billion of Micron options premium changed hands Tuesday as of noon Chicago time, eclipsing the dollar-amount traded in index ETFs SPY and QQQ combined. Micron accounted for 12 of the top 20 options trades in the hour after the opening bell, according to data from SpotGamma — a major feat for a stock with no big newsflow and earnings months away. Stock Chart Icon Stock chart icon Micron, YTD Call volumes outpace puts on the stock, and call premiums dwarf the amount paid for puts. More calls were bought than sold, and more puts sold than bought on Tuesday, according to ThinkOrSwim, as implied volatility in the stock rose to 84 — roughly five times the volatility in the S&P 500. Call-buyers ranged from deep in-the-money to out-of-the-money strikes, with the biggest trades leaning toward later-dated expiries that bet on a sustained move in Micron, whose market cap surpassed $700 billion. Conviction in Micron was mirrored by traders in related names such as SanDisk and Western Digital , where call-buying dominated the action as those respective stocks hit all-time highs. In another major market cap milestone, Intel on Tuesday surpassed its dotcom value, nearing a $550 billion valuation after a 13% pop that brings its one-year run to more than 430%. Stock Chart Icon Stock chart icon Intel, YTD Once considered a laggard in today's AI revolution, the stock is now up 110% in the past 30 days, following bullish options positioning...
US President Donald Trump has renewed his criticism of Pope Leo, potentially complicating a fence-mending visit that Secretary of State Marco Rubio plans to make this week to the Vatican. In an interview with conservative commentator Hugh Hewitt, Trump said the first American-born pontiff is helping Iran and also making the world less safe with his comments about the importance of not treating imm...
US President Donald Trump has renewed his criticism of Pope Leo, potentially complicating a fence-mending visit that Secretary of State Marco Rubio plans to make this week to the Vatican. In an interview with conservative commentator Hugh Hewitt, Trump said the first American-born pontiff is helping Iran and also making the world less safe with his comments about the importance of not treating immigrants with disrespect. “The pope would rather talk about the fact that it’s OK for Iran to have a...
Earnings Call Insights: New Jersey Resources Corporation (NJR) Q2 2026 Management view “NJR reported excellent second quarter results during one of the most demanding winter periods in recent years,” Stephen D. Westhoven (President, CEO & Director) said, highlighting that New Jersey Natural Gas “experienced the highest send-out days in its history,” while “Adelphia Gateway had multiple days of ope...
Earnings Call Insights: New Jersey Resources Corporation (NJR) Q2 2026 Management view “NJR reported excellent second quarter results during one of the most demanding winter periods in recent years,” Stephen D. Westhoven (President, CEO & Director) said, highlighting that New Jersey Natural Gas “experienced the highest send-out days in its history,” while “Adelphia Gateway had multiple days of operating at maximum capacity” and “Energy Services… delivered exceptional results.” Westhoven said the company’s winter planning emphasized affordability and reliability, noting NJNG went into winter “over 87% hedged” and that hedging and supply optimization helped avoid extreme commodity spikes; he also said NJNG generated “over $93 million in gross customer savings over the winter season” under the incentive program. Westhoven pointed to growth and expansion initiatives across segments, including that “Chester Township in Morris County… is now formally included in New Jersey Natural Gas’ regulated service territory,” and for Storage & Transportation that NJR “remain[s] on track to achieve or surpass” its expectation that segment net financial earnings “more than double over the next 2 years.” In Clean Energy Ventures (CEV), Westhoven said the business has brought “33 megawatts of new capacity… into service this year,” has a project pipeline “over 1.2 gigawatts,” and is “exploring… linear generators, fuel cells and batteries” to optimize existing sites and PJM interconnections. “Fiscal 2026 second quarter consolidated net financial earnings was $221.5 million or $2.20 per share,” Roberto Bel (Senior VP, CFO & Principal Financial Officer) said, adding it reflected “strong execution across the portfolio” and “continued outperformance at energy services,” which supported a second guidance increase this fiscal year. Outlook Bel said NJR raised fiscal 2026 NFEPS guidance “by an additional $0.20 to a higher range of $3.48 to $3.62 per share,” after having raised guidance “by $0.25...
jcamilobernal QatarEnergy has informed Edison that it will cancel two more liquefied natural gas shipments, prolonging force majeure conditions through early July, the Italian utility said Tuesday. The additional cancellations bring the total number of scrapped cargoes to 12 since the onset of the U.S.-Israeli conflict involving Iran. Edison, which is controlled by France’s EDF, said the latest cu...
jcamilobernal QatarEnergy has informed Edison that it will cancel two more liquefied natural gas shipments, prolonging force majeure conditions through early July, the Italian utility said Tuesday. The additional cancellations bring the total number of scrapped cargoes to 12 since the onset of the U.S.-Israeli conflict involving Iran. Edison, which is controlled by France’s EDF, said the latest cuts add to an already significant disruption in contracted deliveries. War disruptions hit supply Qatar’s LNG exports have been under pressure after Iranian strikes earlier this year knocked out roughly 17% of the country’s production capacity, according to prior comments from QatarEnergy leadership. The outage has raised concerns about supply flows to both Europe and Asia. Based on current information, Edison now anticipates receiving about one-third less gas than its contracted volumes from QatarEnergy, before factoring in any mitigation efforts. Managing the shortfall Edison holds a long-term agreement with QatarEnergy for 6.4 billion cubic meters of gas annually, representing about 10% of Italy’s total consumption. Despite the disruption, the company said it does not expect any impact on customers, citing replacement purchases and broader portfolio adjustments. So far, Edison has secured alternative supplies for eight of the cancelled cargoes, equivalent to roughly 1 billion cubic meters of gas. Strategic implications The supply uncertainty has also affected corporate strategy. EDF has delayed a decision on whether to sell a stake in Edison, as the conflict-related disruptions complicate the utility’s outlook, Reuters reported, citing people familiar with the matter. More on StSt SPDR MSCI Europe Energy UCITS ETF
hapabapa/iStock Editorial via Getty Images In the rating history chart below, you can see that I have flip-flopped on PayPal Holdings, Inc. ( PYPL ) multiple times recently as the company is a former leader that is dealing with mounting issues. Most recently, in early March, I downgraded the stock to a hold rating as the fundamental deterioration justified the low valuation. While the chart below ...
hapabapa/iStock Editorial via Getty Images In the rating history chart below, you can see that I have flip-flopped on PayPal Holdings, Inc. ( PYPL ) multiple times recently as the company is a former leader that is dealing with mounting issues. Most recently, in early March, I downgraded the stock to a hold rating as the fundamental deterioration justified the low valuation. While the chart below shows that there has been modest gains since the publication of that article, in reality it just hasn't updated to show the post-earnings decline that's occurring as I write this. Today, I'll be taking a look at their 2026 Q1 numbers to see if my stance on PayPal is worth reconsidering. Seeking Alpha In the analysis below, it is shown that there are some mildly encouraging signs in PayPal's Q1 transaction and TPV results. The revenue growth rebound also seems to be a good sign. However, soft full year guidance was reiterated and the outlook for Q2 is also concerning in my view. At this point, it seems that things will get worse before potentially getting better. A large TAM and cost optimization initiatives are reasons for long term hope but investors shouldn't draw conclusions too quickly. As a result, the depressed valuation is justified and I have decided to reiterate my hold rating on PayPal stock. Execution Will Be Key PayPal Q1 Presentation Before getting into the results specific to their 2026 Q1, it is important to recognize that there's no shortage of opportunity for PayPal. As you can see in the infographic above , they have three major market opportunities, each with a TAM in the hundreds of billions of dollars. It should also be noted that these markets are all still growing and that penetration is low and so really, the company has the potential to grow significantly in the coming years. While PayPal lists their "Right to Win" arguments above, it is clear from the poor multiyear stock performance that their execution has been less than ideal. Moving forward, in...
Software shares continue to feel the impact of AI uncertainty, with news coming out about job cuts at PayPal and Coinbase as well as disappointing commercial sales from Palantir. Lauren Webster, managing director in the technology investment banking group at Piper Sandler, discusses the market moves with Caroline Hyde on “Bloomberg Tech.” (Source: Bloomberg)
Software shares continue to feel the impact of AI uncertainty, with news coming out about job cuts at PayPal and Coinbase as well as disappointing commercial sales from Palantir. Lauren Webster, managing director in the technology investment banking group at Piper Sandler, discusses the market moves with Caroline Hyde on “Bloomberg Tech.” (Source: Bloomberg)
British No 1 pulls out at short notice with post-viral illness Raducanu has been absent from circuit since March Emma Raducanu has withdrawn from the Italian Open because of her continued difficulties with post-viral illness, less than 30 minutes after positively discussing her presence in Rome during her pre-tournament media interviews. Raducanu has spent the last few days competing at the Foro I...
British No 1 pulls out at short notice with post-viral illness Raducanu has been absent from circuit since March Emma Raducanu has withdrawn from the Italian Open because of her continued difficulties with post-viral illness, less than 30 minutes after positively discussing her presence in Rome during her pre-tournament media interviews. Raducanu has spent the last few days competing at the Foro Italico, playing practice sets with other competitors and, having received a bye as a seeded player, she was scheduled to contest her second-round match against Solana Sierra or a qualifier. Continue reading...
US gasoline inventories are on pace to drop to historical seasonal lows by late summer, further straining a tight fuel market upended by the war in Iran. Stockpiles are expected to fall below 200 million barrels by the end of August, Morgan Stanley analysts wrote in a Monday note. The projections for record seasonal low fuel inventories are the latest indication that the global energy supply crunc...
US gasoline inventories are on pace to drop to historical seasonal lows by late summer, further straining a tight fuel market upended by the war in Iran. Stockpiles are expected to fall below 200 million barrels by the end of August, Morgan Stanley analysts wrote in a Monday note. The projections for record seasonal low fuel inventories are the latest indication that the global energy supply crunch appears set to continue for months to come. “The US gasoline market is genuinely tight and tightening further into summer,” Morgan Stanley analyst Martijn Rats and strategists Charlotte Firkins and Amy Gower wrote. Total gasoline inventories stood at 222 million barrels as of late April — the lowest for that time of year since 2014, according to the Energy Information Administration. In Morgan Stanley’s base case projection, in which current market trends “partially normalize,” inventories will fall to 198 million barrels by the end of August. That’s less than levels for the period at any time in modern data, according to the note. The decrease would push total gasoline stockpiles to the lowest at any time since October 2012, according to the EIA. Inventory levels trending that low would widen the margin between gasoline futures and Brent crude futures — a price difference known as the gasoline crack spread — to $40 a barrel in July, according to the note. Gasoline inventories in the US have been lower before. But seasonal lows in gasoline supplies during the summer — when demand typically picks up as Americans hit the road — could raise prices at a time when consumers are already grappling with higher fuel costs. On average, US drivers paid $4.48 a gallon at the pump as of Monday, according to the American Automobile Association. Falling US stockpiles are likely the result of a “collapse” in gasoline imports into the East Coast as the global market scrambles to secure fuel, Morgan Stanley said. “The traditional resupply mechanism from Europe and the Middle East has effec...
Earnings Call Insights: Integra LifeSciences (IART) Q1 2026 Management View "I have stepped back into the role as President and CEO and will retain my current role as Chairman." (Chairman, President and Chief Executive Officer Stuart Essig) "Mojdeh's decision to step down was mutual between her and the Board." (President and CEO Essig) "We had differences in certain strategic topics, but the trans...
Earnings Call Insights: Integra LifeSciences (IART) Q1 2026 Management View "I have stepped back into the role as President and CEO and will retain my current role as Chairman." (Chairman, President and Chief Executive Officer Stuart Essig) "Mojdeh's decision to step down was mutual between her and the Board." (President and CEO Essig) "We had differences in certain strategic topics, but the transformation initiatives that we put in place remain the right ones and they're going to continue." (President and CEO Essig) "Mike McBreen has been appointed Chief Commercial Officer." (President and CEO Essig) "This newly created role is an important part of how we move forward." (President and CEO Essig) "This is not about changing direction in the commercial organization." (President and CEO Essig) "It is about raising its profile, strengthening leadership support around it and better positioning us to succeed." (President and CEO Essig) "We had a very strong first quarter" (President and CEO Essig) and "we delivered total revenue of $392 million and adjusted earnings per share of $0.54, both above the high end of our guidance ranges." (President and CEO Essig) "Based on our first quarter performance... we are maintaining our 2026 revenue guidance of $1.66 billion to $1.7 billion and updating our adjusted earnings per share guidance to a range of $2.40 to $2.50." (President and CEO Essig) "We delivered strong revenue and adjusted earnings per share in the quarter, reflecting solid product demand, improving supply execution and remediation and the continued positive impact of our transformation." (Executive VP & CFO Lea Knight) "We also saw a $0.02 net tariff benefit driven by the anticipated IEPA refund, partially offset by non-IEPA tariffs expensed in the period." (Executive VP & CFO Knight) "We are looking forward to starting production at our Braintree facility by the end of June and relaunching SurgiMend by the end of the year" (President and CEO Essig) and "advance th...