FG Trade/E+ via Getty Images Here at the Lab, we were not very lucky with our Viatris Inc. ( VTRS ) coverage initiation , which happened just a few days before the Middle East escalation. That said, we reported a positive total return since then (Fig. 1), and the company released supportive Q1 2026 results and, more importantly, presented new medium-term targets in a New York investor day. Our buy...
FG Trade/E+ via Getty Images Here at the Lab, we were not very lucky with our Viatris Inc. ( VTRS ) coverage initiation , which happened just a few days before the Middle East escalation. That said, we reported a positive total return since then (Fig. 1), and the company released supportive Q1 2026 results and, more importantly, presented new medium-term targets in a New York investor day. Our buy rating was supported by 1) positive pipeline catalysts expected in 2026–2027 with growth reacceleration and margin expansion, 2) a FCF yield above 10% with deleveraging capacity, and 3) a valuation re-rating thanks to earnings visibility improvement. Mare Ev. Lab Rating Update Fig. 1. Q1 Results The company started 2026 with Q1 top-line sales of $3.5 billion (Fig. 2), an 8% year-over-year increase. Performance was mainly supported by continued momentum in Greater China, alongside resilient demand across branded products and emerging markets. Viatris delivered an adjusted EBITDA increase of 10%, driven by commercial execution and a better GEO mix, particularly in Greater China (Fig. 3). The company also beat Wall Street expectations, reporting diluted EPS of $0.59. For the above reason, the company reiterated its full-year 2026 guidance. More importantly, the company continues to focus on higher-growth therapeutic areas and emphasizes ongoing progress in strengthening its product pipeline. Viatris Q1 Financials in a Snap Fig. 2. Viatris China Positive Results Fig. 3. Why are we positive? We came away from Viatris’ Q1 results with increased confidence in the company's outlook. Management's commitment to Viatris’s growth strengthens our high-conviction equity investment. While the growth narrative had already been gradually improving, the introduction of a defined long-term framework provides a more credible anchor for investors (and Wall Street analysts). Top-line sales were notably ahead of expectations. In numbers, Viatris' midpoint of a five-year CAGR target (3.5%—Fig. 4)...
Canada expects to conclude free trade agreements with the Philippines and the wider Southeast Asian bloc this year, as Ottawa seeks to boost business ties with the region and grow its non-US trade. “Negotiations are really going well,” visiting Canadian International Trade Minister Maninder Sidhu said in an interview on Tuesday, after meeting with Philippine Trade Secretary Cristina Roque and Fina...
Canada expects to conclude free trade agreements with the Philippines and the wider Southeast Asian bloc this year, as Ottawa seeks to boost business ties with the region and grow its non-US trade. “Negotiations are really going well,” visiting Canadian International Trade Minister Maninder Sidhu said in an interview on Tuesday, after meeting with Philippine Trade Secretary Cristina Roque and Finance Secretary Frederick Go . Sidhu said Canada is also joining the Luzon Economic Corridor, a project backed by the US and Japan and where Ottawa is putting in C$2 million ($1.5 million). “It sends a signal to the Canadian businesses out there that want to look at investing in the Luzon Economic Corridor that Canada’s skin is in the game.” Potential investments include data center, logistics and energy, he said. Read More: US Plans 4,000-Acre Hub in Philippines to Boost Supply Chains In pursuing free trade with the Philippines, Canada is looking at Manila’s expanding middle class, which bodes well with its agriculture exports, according to the minister. Canada and the Association of Southeast Asian Nations agreed to start free trade talks in late 2021, when “the world was in a different place,” Sidhu said. Prime Minister Mark Carney is committed to diversifying the nation’s trading partners and there’s a political will to conclude the Canada-Asean FTA, he added. Carney last year laid out a strategy to double Canada’s exports to markets outside the US within a decade to net an extra C$300 billion in trade. Sidhu, who is also scheduled to meet with Manila’s Defense Secretary Gilberto Teodoro Jr. , said Canada similarly wants to be a defense supplier to the Philippines which is aiming to modernize its military capabilities. Canada and the Philippines signed a visiting forces agreement last year, and it deployed troops during the annual flagship US-Philippines military drills that ended last week. Read More: Philippines Inks Military Pact With Canada in Bid to Deter China
Earnings Call Insights: Hims & Hers Health (HIMS) Q1 2026 Management View "It's been a strong, meaningful start to the year at Hims & Hers... 2026 has proven to be a year of accelerating growth, which reinforces our confidence in our ambitious 2030 targets." (Co-Founder, Chairman & CEO Andrew Dudum) "In March, we announced a strategic shift in our weight loss business... focuses on providing custo...
Earnings Call Insights: Hims & Hers Health (HIMS) Q1 2026 Management View "It's been a strong, meaningful start to the year at Hims & Hers... 2026 has proven to be a year of accelerating growth, which reinforces our confidence in our ambitious 2030 targets." (Co-Founder, Chairman & CEO Andrew Dudum) "In March, we announced a strategic shift in our weight loss business... focuses on providing customers on our platform with access to the broadest possible assortment of innovative medications." (CEO Dudum) "Within 6 weeks of introducing direct access to Novo Nordisk's GLP-1 products to our platform, we have fulfilled more than 125,000 shipments for Wegovy products." (CEO Dudum) "We expect our planned acquisition of Eucalyptus to close in the second half of this year." (CEO Dudum) "We believe our investment in YourBio's microneedle blood sampling technology will make deeper health insights across key biomarkers even easier to access." (CEO Dudum) "We now have nearly 40 members in our AI team..." and "we currently have an AI copilot live on the provider side of the platform." (Chief Technology Officer Mohamed ElShenawy) "In March, we made a deliberate strategic pivot within our weight loss specialty..." (Chief Financial Officer Yemi Okupe) Outlook "In the second quarter, we are anticipating revenue in the range of $680 million to $700 million" and "we expect adjusted EBITDA to be between $35 million to $55 million." (CFO Okupe) "For the full year, we are raising our 2026 revenue outlook to $2.8 billion to $3 billion" and "we expect... adjusted EBITDA will be between $275 million and $350 million." (CFO Okupe) "We expect gross margins to compress as we prioritize scaling areas such as weight loss, labs and international markets" and "near-term margin headwinds are expected in the second quarter as the majority of our weight loss specialty moves toward 1-month shipments." (CFO Okupe) Compared with the prior quarter’s initial 2026 outlook of "$2.7 billion to $2.9 billion" r...
UniCredit SpA is arranging two significant risk transfers tied to over €3 billion ($3.5 billion) of company loans for two Spanish lenders as well as nearing completion of a similar deal at its own German unit. Milan-based UniCredit is organizing SRTs for CaixaBank SA and Banco Sabadell SA , according to people familiar with the matter who asked not to be identified discussing private transactions....
UniCredit SpA is arranging two significant risk transfers tied to over €3 billion ($3.5 billion) of company loans for two Spanish lenders as well as nearing completion of a similar deal at its own German unit. Milan-based UniCredit is organizing SRTs for CaixaBank SA and Banco Sabadell SA , according to people familiar with the matter who asked not to be identified discussing private transactions. Its own German deal is tied to around €3.5 billion of loans to large corporates, the people added. European banks are issuing SRTs at a record pace as investors line up for returns that frequently exceed 10%. Lenders typically use the instruments to insure between 5% and 15% of a loan portfolio, freeing up regulatory capital or managing concentration risks in certain sectors or borrowers. That in turn increases their leeway to pursue growth or bolster payouts to shareholders. UniCredit is one of the most prolific issuers of SRTs out of its own loan book. It has also been helping other banks such as Austria’s Bawag Group AG and Commerbank AG ’s Polish unit on transactions tied to portfolios of credit card receivables and commercial real estate loans , respectively, Bloomberg reported last month. Read more: Banks Use SRTs to Hedge Rising Default Risk in Real Estate CaixaBank’s SRT is tied to around €2 billion of loans to companies, while the Sabadell transaction is linked to around €1.25 billion of loans to small and mid-size enterprises, the people said. Representatives of UniCredit, CaixaBank and Sabadell declined to comment. SRT activity has continued apace despite global market volatility triggered by war in the Middle East. Banco Santander SA , Societe Generale SA and Erste Group Bank AG are among lenders currently discussing potential deals with investors.
Thapana Onphalai AST SpaceMobile ( ASTS ) shares fell 12% in premarket trading on Tuesday after the company reported weaker-than-expected quarterly results while reaffirming its outlook and stating it remains on track to achieve full-year 2026 revenue guidance of $150M to $200M. For the second quarter of 2026, the company estimates adjusted operating expenses, excluding the adjusted cost of revenu...
Thapana Onphalai AST SpaceMobile ( ASTS ) shares fell 12% in premarket trading on Tuesday after the company reported weaker-than-expected quarterly results while reaffirming its outlook and stating it remains on track to achieve full-year 2026 revenue guidance of $150M to $200M. For the second quarter of 2026, the company estimates adjusted operating expenses, excluding the adjusted cost of revenues, will increase to the range of ~$85M to $95M. Additionally, capital expenditures are expected to increase in Q2 to a range of $575M to $650M , primarily driven by the timing of near-term launch payments. Regarding risks and concerns, the company noted that launch reliability and schedule risks were directly addressed following BlueBird 7, adding that teams are currently working through the investigation into an upper-stage anomaly. Meanwhile, commercial activation risk remained tied to integration and milestone timing; “Quarterly revenue will likely vary significantly depending on achievement of milestones and the timing of customer activities,” CFO Andrew Johnson said. "Cost and execution risk around scaling was underscored by higher planned Q2 spending." The company's shares have advanced ~14% YTD. More on AST SpaceMobile AST SpaceMobile, Inc. (ASTS) Q1 2026 Earnings Call Transcript AST SpaceMobile, Inc. 2026 Q1 - Results - Earnings Call Presentation Earnings Preview On AST SpaceMobile: Strong Buy Due To Growth Prospects AST SpaceMobile targets ~45 BlueBird satellites in orbit by end of 2026 while reiterating $150M-$200M revenue guidance AST SpaceMobile GAAP EPS of -$0.66 misses by $0.46, revenue of $14.74M misses by $21.84M
Trican Well Service ( TOLWF ) declares CAD 0.055/share quarterly dividend , in line with previous. Forward yield 3.26% Payable June 30; for shareholders of record June 15; ex-div June 15. See TOLWF Dividend Scorecard, Yield Chart, & Dividend Growth. More on Trican Well Service Ltd. Trican Well Service: Strong Execution Leads To Strong Cash Flows Trican Well Service Ltd. (TCW:CA) Q4 2025 Earnings C...
Trican Well Service ( TOLWF ) declares CAD 0.055/share quarterly dividend , in line with previous. Forward yield 3.26% Payable June 30; for shareholders of record June 15; ex-div June 15. See TOLWF Dividend Scorecard, Yield Chart, & Dividend Growth. More on Trican Well Service Ltd. Trican Well Service: Strong Execution Leads To Strong Cash Flows Trican Well Service Ltd. (TCW:CA) Q4 2025 Earnings Call Transcript Trican Well Service reports Q4 results Historical earnings data for Trican Well Service Ltd. Dividend scorecard for Trican Well Service Ltd.
Stanislav Hubkin/iStock via Getty Images It's safe to say the market loved what it saw from Texas Roadhouse ( TXRH ). The stock simply soared double digits in last Friday's session and was probably the best earnings report I've read so far in Q1. Seeking Alpha Same-store sales keep accelerating, traffic was an eye-popping positive 4.5%, AUVs are still huge, and Texas Roadhouse is clearly taking sh...
Stanislav Hubkin/iStock via Getty Images It's safe to say the market loved what it saw from Texas Roadhouse ( TXRH ). The stock simply soared double digits in last Friday's session and was probably the best earnings report I've read so far in Q1. Seeking Alpha Same-store sales keep accelerating, traffic was an eye-popping positive 4.5%, AUVs are still huge, and Texas Roadhouse is clearly taking share in the whole 'Battle of the Steakhouses' against Outback ( BLMN ) and LongHorn ( DRI ). The only downside to the earnings was the restaurant-level margins. I'd already warned you this was coming. Steak prices are sky-high, and cattle cycles don't turn overnight. Odds are beef costs will stay elevated for a while yet. But if steak is expensive for Texas Roadhouse, it's also expensive for its competitors. And besides Texas Roadhouse, few (I'd say one or two) steakhouses have the capacity to offer steaks at the prices they offer. And that’s really the heart of my long-term thesis here. By the time this extended cut cycle finally cools off, Texas Roadhouse will probably come out the other side with an even bigger chunk of the market and keep compounding from there. Seeking Alpha Looking at my last article in October (an earnings preview , by the way), we're at a total return of 8%, slightly above the S&P at the same stretch. But I'm aiming for ~$190 in the medium term. Almost 10% price upside post-Friday's rally, which would exceed those double digits, including dividends and share buybacks. It's a low-beta, dividend-paying stock that will reward you for waiting for that market share accumulation. But let's not jump the gun. There are a few really interesting things buried in these earnings that are worth talking through before we even get to valuation. Almost a Perfect Quarter I know I've said this many times, but Texas Roadhouse fits perfectly into the category of full-service restaurant operators with perceived value. Besides having steak at the center of everything, the...
In this article UK10Y GB20Y UK30Y Follow your favorite stocks CREATE FREE ACCOUNT British Prime Minister Keir Starmer speaks at the start of a Cabinet meeting to mark the fourth anniversary of Russia's full-scale invasion of Ukraine, at Downing Street in London, Feb. 24, 2026. Wpa Pool | Getty Images News | Getty Images Yields on U.K. government bonds surged to multi-decade highs on Tuesday mornin...
In this article UK10Y GB20Y UK30Y Follow your favorite stocks CREATE FREE ACCOUNT British Prime Minister Keir Starmer speaks at the start of a Cabinet meeting to mark the fourth anniversary of Russia's full-scale invasion of Ukraine, at Downing Street in London, Feb. 24, 2026. Wpa Pool | Getty Images News | Getty Images Yields on U.K. government bonds surged to multi-decade highs on Tuesday morning, as pressure mounted on Prime Minister Keir Starmer to resign from his post. By 8:41 a.m. in London, the yield on the benchmark 10-year gilt had jumped 10 basis points to trade at around 5.103%. Bond yields and prices move in opposite directions. Meanwhile, yields at the long end of the curve reached their highest since 1998, with the 20-year gilt yield adding 10 basis points while 30-year yields jumped 11 basis points higher. Stock Chart Icon Stock chart icon U.K. 20- and 30-year gilts Starmer's leadership is on a knife edge after more than 70 Labour lawmakers called for his resignation. The prime minister held a routine meeting with his cabinet on Tuesday morning. The calls for Starmer to resign came after the Labour Party suffered major losses in local council elections last week. Growth and living standards have stagnated in the U.K. in recent years, with the country facing a cost-of-living crisis in the wake of the Covid pandemic and the Russia-Ukraine conflict. Starmer's Labour Party has faced growing public anger at the slow pace of economic reforms, with Thursday's vote seeing huge gains for the right-wing Reform UK and the left-wing Green Party. But bond vigilantes have largely been supportive of Starmer and Reeves retaining their positions relative to potential alternatives, with U.K. bonds selling off in previous bouts of uncertainty over their political futures. Last July, yields on gilts surged after Reeves was seen crying in parliament, amid reports that her role in Starmer's cabinet was in jeopardy. It came after the government U-turned on her proposed welf...
Northampton and Bath were well beaten over the weekend: will Leicester or Exeter force themselves into the top two? There are small but significant moments in every league campaign. Until the weekend it was widely assumed that Northampton and Bath, the two frontrunners in the English Prem, were all but nailed on for home semi-finals and, by extension, would almost certainly meet in the grand final...
Northampton and Bath were well beaten over the weekend: will Leicester or Exeter force themselves into the top two? There are small but significant moments in every league campaign. Until the weekend it was widely assumed that Northampton and Bath, the two frontrunners in the English Prem, were all but nailed on for home semi-finals and, by extension, would almost certainly meet in the grand final at Allianz Stadium in Twickenham on 20 June. That could still happen but, suddenly, others are entering the chat. Not only did Saints and Bath lose at the weekend but both were well beaten, 41-17 by Leicester and 35-12 by Exeter respectively. Bath, including their Champions Cup semi-final in Bordeaux , have lost three games on the trot. Northampton were not so much batted aside by the Tigers as unceremoniously flattened. Continue reading...
硅谷一篇长文刷屏了，作者是 Foundation Capital 合伙人、前麦肯锡咨询师 Jaya Gupta 。这篇文章在 X 上 12 小时获得了130万阅读，引起创始人和AI从业者讨论和转发。 这篇长文之所以能在硅谷乃至全球科技圈激起如此大的涟漪，是因为 Jaya Gupta 戳破了 AI 时代那个最令人焦虑的“皇帝的新衣”。 当技术红利被迅速抹平，当产品功能可以在几周内被像素级复刻，创业者...
硅谷一篇长文刷屏了，作者是 Foundation Capital 合伙人、前麦肯锡咨询师 Jaya Gupta 。这篇文章在 X 上 12 小时获得了130万阅读，引起创始人和AI从业者讨论和转发。 这篇长文之所以能在硅谷乃至全球科技圈激起如此大的涟漪，是因为 Jaya Gupta 戳破了 AI 时代那个最令人焦虑的“皇帝的新衣”。 当技术红利被迅速抹平，当产品功能可以在几周内被像素级复刻，创业者还能拿什么去竞争？ Foundation Capital 合伙人 Jaya Gupta 的这篇深度长文，为所有焦虑的创始人提供了一个全新的视角： 如果产品可以被抄袭，类别可以被重定义，那么唯一不可复制的“护城河”，就是你所构建的“组织形态”。 这篇文章不仅是在谈论招聘，更是在揭示一种深刻的结构性哲学。伟大的公司本质上是一种“组织发明”。从 OpenAI 对科研范式的重塑，到 Palantir 对权力结构的重构，真正的赢家不再仅仅是做出了更好的工具，而是发明了一套全新的、能让特定天才实现其野心的“人类协作协议”。 当你意识到“人不是公司的投入，人就是公司本身”时，你才能明白： 创始人的终极产品，其实是那个能让某种灵魂在此“安放并爆发”的制度容器。以下，Enjoy： 原文地址：https://x.com/JayaGup10/status/2052870394093408558 如今，几乎所有人都能明显感觉到，AI 行业中的一切都在趋于融合。那些我过去根本无法想象会彼此竞争的公司，如今已经站在同一个战场上。应用层正向基础设施层坍塌，基础设施公司正向上游业务流渗透，几乎每一家初创企业都在重新包装，试图把自己塑造成某种形式的“转型”公司。 这些词汇每隔几个月就会变化一次：context graph、system of action、organizational world model……一个新的概念被命名之后，所有公司的网站都会迅速吸收它，几周之内，市场上便充满了声称自己是“未来工作方式必然平台”的企业。 当模型迭代极快、界面趋于大同、产品开发成本大幅降低时，公司构建中那些显性部分就变得极易被模仿。真正难以复制的是深藏其中的“护城河”：一家公司如何吸引顶尖人才、如何整合他们的野心、如何汇聚判断力、如何分配职权，并最终将工作转化为一套任何对手都无法复现的、具有复利效应的系统。 最优秀的...