Kativ/iStock via Getty Images While I am a gold bug, I am not a narrowly focused bug. In the markets I want to increase capital, wherever that can be achieved. The last several months of portfolio diversification have provided a solid increase. But it is time now to rebalance and tighten the focus. SPX Target Registered I seriously had no clue that SPX was even close to our ongoing objective, let ...
Kativ/iStock via Getty Images While I am a gold bug, I am not a narrowly focused bug. In the markets I want to increase capital, wherever that can be achieved. The last several months of portfolio diversification have provided a solid increase. But it is time now to rebalance and tighten the focus. SPX Target Registered I seriously had no clue that SPX was even close to our ongoing objective, let alone realized it had hit that measured target (7400) on Friday, until I took a look that afternoon. Though upside targets are seldom stop signs (at least mine aren't; they are objectives laid out well ahead of time), it does give me a bit of pause. Our operating target is in. As I watch certain holdings go vertical (QCOM, DDOG, SYNA, FTNT) after other holdings (MRVL, ALAB, etc.) had done so previously, I wonder, could my timeline for the bull to run through the balance of 2026 have been pulled in that far? Probably not. But an interim correction can come at any time. The 2025 correction pattern objective measured 7400; we’ve had it in view for nearly a year, and now it is no more. With the wildcard in the Middle East still in play, anything that goes wrong on that front could trigger a correction. Or if peace breaks out, the machines could sell the news. Or it could simply be “happy days are here again” as bullish spirits get released and Trump and Warsh (with Bessent, a dovish voice in his ear) get to on stimulus operations. Let’s also not forget the big, beautiful, pro-business bill. Back to the chart, it has technically earned a correction if one is to come about any time soon (market internals and sentiment are reviewed separately in our work). But the market has busted bullish, near-term correction potential notwithstanding. Any corrective activity now would be expected to test the 6950-6750 range (lateral support/SMA 50 and SMA 200), which would be a "healthy" pullback. SPX daily chart ( TradingView ) SPX is an amalgam of large companies from a multitude of sectors. ...
An ink shortage caused by the Middle East conflict is forcing Japan’s biggest potato-chip maker to tone down its packaging, the latest sign that a widening raw-materials crunch is rippling through global markets. Calbee Inc. will temporarily revise the design of some of its most popular products, including potato chips, shrimp crackers and fruit granola cereal, to use just two ink colors, the Toky...
An ink shortage caused by the Middle East conflict is forcing Japan’s biggest potato-chip maker to tone down its packaging, the latest sign that a widening raw-materials crunch is rippling through global markets. Calbee Inc. will temporarily revise the design of some of its most popular products, including potato chips, shrimp crackers and fruit granola cereal, to use just two ink colors, the Tokyo-based snack company said on Tuesday . Manufacturers around the world are coping with dwindling supplies of petrochemicals and other basic materials needed to make products for consumers. In Japan, where Calbee commands roughly half of the snack market, toilet and household materials maker Toto Ltd. temporarily suspended orders for its prefabricated plastic baths, although it resumed them after securing support from suppliers and the government. “The change applies only to a limited number of products and will not affect product quality,” Calbee said in a statement, adding that the new packaging for some 14 product varieties will start to hit stores from May 25. Resins derived from naphtha, a derivative of crude oil, are typically used as a basic ingredient for commercial packaging inks. Although the shortage of the petrochemical was acute in the early days of the Iran conflict, they have since eased, according to Shinichi Takei, Executive Managing Director of the Japan Printing Ink Makers Association . “We believe Calbee’s decision to limit its packaging to two colors reflects an effort to conserve resources in anticipation of future conditions,” Takei said in an emailed statement. Japan’s Ministry of Agriculture, Forest and Fisheries will hold a hearing on the Calbee situation and is examining what types of solvents are used in packaging inks, according to Narumi Hosokawa, an official at the Ministry of Economy, Trade and Industry. Calbee’s stock fell 1.7% on Tuesday, with initial declines fueled by earlier reports by public broadcaster NHK and the Nikkei newspaper.
Toa55/iStock via Getty Images Thesis In February, I discussed Babcock & Wilcox ( BW ) as a potential winner of the AI power race. While its technology was far from cutting edge, the company provided a tried-and-true technology that could be deployed on a timeline sufficient to meet data center developers’ needs. It wasn’t sexy, but it worked, and that's really all that matters. More importantly, t...
Toa55/iStock via Getty Images Thesis In February, I discussed Babcock & Wilcox ( BW ) as a potential winner of the AI power race. While its technology was far from cutting edge, the company provided a tried-and-true technology that could be deployed on a timeline sufficient to meet data center developers’ needs. It wasn’t sexy, but it worked, and that's really all that matters. More importantly, this solution was very competitive from a capital cost perspective, offsetting some of its operational inefficiencies. B&W has already expanded this initial opportunity from $1.5B in potential revenue to $2.5B in just a matter of a few months. Additionally, the company’s pipeline of potential projects has reached $14B. Landing a second data center deal will assure significant earnings through the end of this decade. I continue to rate BW as a STRONG BUY. Updates From My Previous Analysis I opened my initial analysis of B&W back in February with a STRONG BUY rating. In that discussion, I highlighted the speed-to-market opportunities that BW offered to AI developers. While its product is not the most sophisticated, the company offered what others couldn’t. BW’s steam boiler systems were available for construction and deployment in a two-year time frame. This was lightning speed compared to utility-based options that have stretched into multi-year endeavors. Seeking Alpha Moreover, BW’s boiler systems were also highly competitive from a dollar per kilowatt perspective. The only drawback compared to combined-cycle natural gas-fired power plants is overall plant efficiency. Since then, I remain convinced that AI developers care more about speed to market than thermal performance values. These systems can always be replaced in later years when supply chains and utilities have caught up with the existing backlog. This point is highlighted by the company expanding its existing data center contract from $1.4B to $2.4B with Applied Digital ( APLD ). Further, the company’s potential pr...
The Macerich Company ( MAC ) priced an underwritten public offering of 19.2M shares at a price to public of $21.00 per share. Gross proceeds expected are ~$403.2M. The Company has also granted the underwriters a 30-day option to buy additional 2.88M shares. This reflects an upsizing of the previously announced offering of 16M shares. The offering is expected to close on May 13, 2026. The net proce...
The Macerich Company ( MAC ) priced an underwritten public offering of 19.2M shares at a price to public of $21.00 per share. Gross proceeds expected are ~$403.2M. The Company has also granted the underwriters a 30-day option to buy additional 2.88M shares. This reflects an upsizing of the previously announced offering of 16M shares. The offering is expected to close on May 13, 2026. The net proceeds will be used to repay borrowings under the company’s revolving credit facility, which were used primarily to fund the acquisition of Annapolis Mall , and for general corporate purposes, including to acquire additional properties and to fund strategic leasing capital investments at Annapolis Mall . The stock price traded 3% lower on Tuesday pre-market hours. More on Macerich The Macerich Company (MAC) Q1 2026 Earnings Call Transcript The Macerich Company (MAC) Presents at Citi's Miami Global Property CEO Conference 2026 - Slideshow The Macerich Company (MAC) Presents at Citi's Miami Global Property CEO Conference 2026 Transcript Macerich launches 16 million-share public stock offering Macerich targets 88%-89% physical permanent occupancy through Path Forward plan as it expects at least 3% 2026 go-forward NOI growth
(RTTNews) - Elbit Systems Ltd. (ESLT), on Tuesday announced that its U.S. subsidiary, Elbit Systems of America Night Vision LLC, received a delivery order valued at approximately $212 million from the U.S. Army for the continued production of Enhanced Night Vision Goggle - Binocu
(RTTNews) - Elbit Systems Ltd. (ESLT), on Tuesday announced that its U.S. subsidiary, Elbit Systems of America Night Vision LLC, received a delivery order valued at approximately $212 million from the U.S. Army for the continued production of Enhanced Night Vision Goggle - Binocu
Jacob Wackerhausen/iStock via Getty Images The following segment was excerpted from The London Company Large Cap Vs. Russell 1000 Q1 2026 Commentary. Top 3 Contributors to Relative Performance Entegris, Inc. ( ENTG ) – ENTG was a top contributor, benefiting from improving fab utilization and accelerating AI-driven semiconductor demand. It continues to gain share as advanced node transitions increa...
Jacob Wackerhausen/iStock via Getty Images The following segment was excerpted from The London Company Large Cap Vs. Russell 1000 Q1 2026 Commentary. Top 3 Contributors to Relative Performance Entegris, Inc. ( ENTG ) – ENTG was a top contributor, benefiting from improving fab utilization and accelerating AI-driven semiconductor demand. It continues to gain share as advanced node transitions increase materials intensity per wafer. Looking ahead, fundamentals are improving with higher wafer starts, near-full utilization, and multiple growth drivers across advanced logic and memory. With its investment cycle largely complete and free cash flow expected to improve, we remain attracted to its strong competitive positioning and high barriers to entry. FedEx Corporation ( FDX ) – FDX was a top contributor following better-than-expected results, driven by disciplined pricing, improved revenue quality, and continued cost reductions. Margins expanded in the Express segment, while domestic volumes remained relatively resilient despite ongoing freight weakness. The company continues to generate strong cash flow and maintain a solid balance sheet, and we remain constructive given improving industry fundamentals supported by capacity rationalization. Air Products and Chemicals, Inc. ( APD ) – APD benefited from industrial gas demand improving and rising helium prices tied to the Iran conflict. Helium represents a low-teens percentage of earnings and has weighed on results in recent years due to a weak pricing environment. The current pricing tailwind should provide some near-term relief. Our long-term thesis continues to track against improved execution under new management. Top 3 Detractors from Relative Performance Visa Inc. ( V ) – V underperformed on weaker consumer confidence, lower spending expectations, and additional pressure that AI could pressure moats in payment businesses. We expect resilience across economic cycles and view the stock as attractively valued relative t...
US president says Tehran’s peace proposal ‘totally unacceptable’ and ‘a piece of garbage’ Lebanon’s state-run National News Agency (NNA) reported this morning that six people were killed and seven others injured after an Israeli attack on a house in Kfar Dounine last night. Since this report, the NNA said Israeli forces detonated a number of houses in a neighbourhood of the southern Lebanese town ...
US president says Tehran’s peace proposal ‘totally unacceptable’ and ‘a piece of garbage’ Lebanon’s state-run National News Agency (NNA) reported this morning that six people were killed and seven others injured after an Israeli attack on a house in Kfar Dounine last night. Since this report, the NNA said Israeli forces detonated a number of houses in a neighbourhood of the southern Lebanese town of Bint Jbeil. The Israeli military has ordered residents of towns and villages in southern Lebanon to evacuate immediately “by a distance of at least 1000 meters to open areas” in advance of attacks against the locations. Continue reading...
Ideological Insanity Has Gotten Way Way Worse In The UK... Authored by Steve Watson via Modernity.news, A major exam board has now signed off on gender-neutral language in GCSE French, Spanish and German exams – despite the terms being completely alien to how those languages are actually spoken in their home countries. The move, buried in new specifications for 2026 exams, hands students the green...
Ideological Insanity Has Gotten Way Way Worse In The UK... Authored by Steve Watson via Modernity.news, A major exam board has now signed off on gender-neutral language in GCSE French, Spanish and German exams – despite the terms being completely alien to how those languages are actually spoken in their home countries. The move, buried in new specifications for 2026 exams, hands students the green light to ditch standard masculine and feminine forms in favour of made-up “inclusive” pronouns, nouns and adjectives. Yes, you read that right. They’re letting students make up their own parts of foreign languages in exams. 'Absurd!' British exam board allows GCSE French students to use gender-neutral language despite terms not being used in France https://t.co/IjXsL9J8ZK — GB News (@GBNEWS) May 10, 2026 Staff at Pearson Edexcel have explicitly permitted teens to use “inclusive” pronouns, nouns and adjectives in both written and oral GCSEs. Yet as the article linked above makes clear, “the French do not pander to the same bid for inclusivity, with all their grammatical concepts being strictly categorised into gendered variants.” Adjectives must match the noun in masculine or feminine endings. Gender-neutral terms simply do not exist in grammatically correct French or Spanish. French, by its very nature, is a gendered language. Words are denoted as being "le" or "la," depending on whether they are masculine or feminine. This is silly and culturally ignorant. https://t.co/pj2TmzTdGQ — Alex (@Admalez) May 9, 2026 Former French education minister Jean-Michel Blanquer blasted the move as “absurd”. He stated: “French grammar has not changed in this regard. And the use of ‘iel’ does not correspond to any widespread usage among the French population.” Some French universities and socialist councils have tried pushing “iel” and “iels” as neutral replacements for “il” and “elle”, but Blanquer made it clear this is not mainstream French. The exam board’s decision flies in the face of...
A man sent a woman an AI-generated photo of her face on a nude body and set up cameras under her work desk for a live “upskirt” feed. The woman was alarmed by his actions and became fearful whenever she was approached by men as a result. Desmond Han Jiancong, a 31-year-old Singaporean, pleaded guilty on Monday to one count each of installing equipment to enable voyeurism and insulting the modesty ...
A man sent a woman an AI-generated photo of her face on a nude body and set up cameras under her work desk for a live “upskirt” feed. The woman was alarmed by his actions and became fearful whenever she was approached by men as a result. Desmond Han Jiancong, a 31-year-old Singaporean, pleaded guilty on Monday to one count each of installing equipment to enable voyeurism and insulting the modesty of the victim. Another three charges will be considered in sentencing. The court heard that Han and...
Japan's Panasonic Holdings said on Tuesday it expected full-year profit at its energy unit, which supplies batteries to Tesla, to more than double, recovering after posting a quarterly loss. The business, which posted a 3.8-billion-yen loss in the January-March quarter, was hit by U.S. tariffs, start-up costs at its Kansas plant and lower sales at a factory in Japan.
Japan's Panasonic Holdings said on Tuesday it expected full-year profit at its energy unit, which supplies batteries to Tesla, to more than double, recovering after posting a quarterly loss. The business, which posted a 3.8-billion-yen loss in the January-March quarter, was hit by U.S. tariffs, start-up costs at its Kansas plant and lower sales at a factory in Japan.