Over the quarter of a century I’ve spent observing British politics, Nigel Farage has been a constant presence. I’ve made umpteen trips to his constituency of Clacton both before he became MP and later when he campaigned there. I even spent three days making a documentary about him, observing Farage up close in the Strasbourg parliament (including, true to form, him downing a G&T before lunch). Yo...
Over the quarter of a century I’ve spent observing British politics, Nigel Farage has been a constant presence. I’ve made umpteen trips to his constituency of Clacton both before he became MP and later when he campaigned there. I even spent three days making a documentary about him, observing Farage up close in the Strasbourg parliament (including, true to form, him downing a G&T before lunch). You could not fully explain what’s happened to the UK in the last 25 years without mentioning the Reform UK leader. Throughout that time, his superpower has been an uncanny ability to bend British politics to his will. But perhaps not this time. Farage and his team thought they were setting the terms of debate (just as they always have) with yesterday’s by-election gambit. The idea appeared to be that they would pre-empt an investigation into what Farage should have declared about his finances by going straight to the people of Clacton. But 24 hours later, it is clear that British politics has refused to play ball. The result: the 62-year-old politician looks exposed and vulnerable. Rosa Prince thinks it may be the beginning of the end for him . First, Farage doesn’t appear to have considered that this by-election would just pause the parliamentary probe, not end it—meaning there could be a second by-election if he’s found to have breached the rules. Second, he didn’t seem to anticipate the other parties sitting out the vote. This leaves Farage facing Count Binface . Even Farage will not be able to claim this as a mandate-supplying triumph over the establishment. The third danger for Farage is the by-election simply provides more publicity for the allegations against him: the undeclared £5 million gift from a Thai-based crypto-billionaire and the accommodation, again undeclared, from a man convicted of fraud in the US. These stories are hardly modest “man of the people” stuff — and they have cut-through the noise. Both Kemi Badenoch and Andy Burnham will be mightily relieved ...
FOMC Minutes Preview: Scrutiny For Hawkish Bias Today's FOMC minutes will be scrutinized for further insight into policymakers' appetite for additional rate hikes and the thinking behind the Committee's hawkish shift at last month's meeting . The minutes are an account of the June 17th meeting and therefore will not reflect subsequent developments, including the softer-than-expected June nonfarm p...
FOMC Minutes Preview: Scrutiny For Hawkish Bias Today's FOMC minutes will be scrutinized for further insight into policymakers' appetite for additional rate hikes and the thinking behind the Committee's hawkish shift at last month's meeting . The minutes are an account of the June 17th meeting and therefore will not reflect subsequent developments, including the softer-than-expected June nonfarm payrolls report or Chair Warsh's appearance at the ECB's Sintra Forum. Nonetheless, as Newsquawk writes in its FOMC Minutes preview, the June meeting, Warsh's first as Fed Chair, marked a significant shift under his leadership. The Committee unanimously overhauled the policy statement, removing all forward guidance and placing greater emphasis on its commitment to price stability . While the statement changes were unanimous among voting members, it will be interesting to see whether non voting participants also supported the removal of forward guidance and the stronger inflation-focused language. On forward guidance, Waller spoke about the tool on July 6th - after the FOMC. He noted that it can speed the impact of monetary policy, calling it a valuable tool . However, it can be a hindrance if it is too strong or rigid, and also problematic when policy makers expect different economic outcomes all with a significant probability of occurring, adding in some cases, it is best not to use it at all. We will be looking to see the views among the whole FOMC around the use of forward guidance. Anecdotally, Rabobank wrote that " Fed's Waller has joined new Chair Warsh in wanting to shake up Fed communications to do so less: ahead of the FOMC minutes today, one wonders if they could just be a truncated, "We talked about stuff," leaving analysts to... well, analyze, rather than being spoon-fed." Traders will also be watching for any discussion surrounding the broader policy reviews announced by Warsh . During the FOMC press conference, he revealed plans to establish five task forces co...
TennesseePhotographer/iStock Editorial via Getty Images A few months ago, in April, I briefly entertained the possibility of upgrading J&J Snack Foods ( JJSF ) from a ‘hold’ to a ‘buy.’ I remained optimistic about cost-cutting initiatives that the company was working on. The goal that management had set forth was to cut annual expenses by $20 million. Add on top of this investments being made in g...
TennesseePhotographer/iStock Editorial via Getty Images A few months ago, in April, I briefly entertained the possibility of upgrading J&J Snack Foods ( JJSF ) from a ‘hold’ to a ‘buy.’ I remained optimistic about cost-cutting initiatives that the company was working on. The goal that management had set forth was to cut annual expenses by $20 million. Add on top of this investments being made in growth areas such as Dippin’ Dots, and there were reasons to be bullish. Unfortunately, there were other issues as well. The company was continuing to see sales softness. And that, combined with weakness on the bottom line, justified maintaining it as a ‘hold’ candidate. Since then, we have unfortunately seen the share price drop 6.3%. That's far worse than the 8.4% increase that the S&P 500 experienced over the same window of time. Looking at the data today, I definitely understand why some investors might be outright bearish. But I'm not ready to take that stance just yet. Management has succeeded recently in improving certain bottom-line results. On top of this, the stock is incredibly cheap. This might not be the case relative to other similar firms. In that case, I would argue that it's closer to being fairly valued or might be a bit pricey. But on an absolute basis, it definitely does not look expensive to me. This combination of good things and bad things justifies maintaining it as a ‘hold’ in my book. I wish shares were tastier As a self-declared foodie, I always love being able to be bullish about food-oriented businesses, especially ones that have goods as tasty as what J&J Snack Foods provides. For context, the company produces and sells snack foods. It also distributes frozen beverages. Examples of its offerings include soft pretzels, frozen novelties, bakery products, and churros. Management even says that they believe they are the largest producer of soft pretzels in the U.S. On top of this, it makes available to customers donuts, cookies, funnel cakes, and mo...
We would like to hear from people who have struggled to cancel their contracts or subscriptions with Virgin Media - or any other company The UK telecoms watchdog has discovered that Virgin Media “likely mishandled” millions of phone calls between the start of 2022 and autumn 2024, which prevented broadband, landline and pay TV customers from cancelling their contracts . The company has been fined ...
We would like to hear from people who have struggled to cancel their contracts or subscriptions with Virgin Media - or any other company The UK telecoms watchdog has discovered that Virgin Media “likely mishandled” millions of phone calls between the start of 2022 and autumn 2024, which prevented broadband, landline and pay TV customers from cancelling their contracts . The company has been fined £28m by Ofcom after it discovered evidence of call-dropping tactics, unnecessary call transfers and putting customers on hold for “no reason”. Continue reading...
Photology1971/iStock Editorial via Getty Images Investment thesis Tencent ( TCEHY ) just paid €1.16bn for 26.32% of Ubisoft's three biggest franchises, valuing Ubisoft's retained stake at ~€3.2bn, yet the whole company trades at only ~€900m. Even after haircutting that stake, writing off the rest of the business, and covering the debt, the parts are worth far more than today's price. Business over...
Photology1971/iStock Editorial via Getty Images Investment thesis Tencent ( TCEHY ) just paid €1.16bn for 26.32% of Ubisoft's three biggest franchises, valuing Ubisoft's retained stake at ~€3.2bn, yet the whole company trades at only ~€900m. Even after haircutting that stake, writing off the rest of the business, and covering the debt, the parts are worth far more than today's price. Business overview Ubisoft ( UBSFY; UBSFF ) is a French video game developer, known for franchises such as Assassin's Creed (the 8th best-selling game of all time), Far Cry, the Tom Clancy line (Rainbow Six, The Division, Ghost Recon), Watch Dogs, Just Dance, and more. The $860m market cap company recently (November 2025) carved its three biggest franchises - Assassin's Creed, Far Cry, and Rainbow Six - into a subsidiary in which Tencent invested €1.16 billion for a 26.32% economic interest. The €1.6b is being used to deleverage the company. On top of that, in January 2026 the CEO announced a sweeping restructuring (which caused the stock to drop 33% on the day): A split into five creative houses Discontinued 7 games and delayed 6—€800m in writedowns Slashed jobs and closed 2 studios Ubisoft website Industry Ubisoft’s performance is a pattern recognizable among all peers as the industry itself is structurally challenged, mainly due to the rise of AI and the fears surrounding it. When Google released Project Genie, a tool that generates interactive environments from a prompt or image, Unity ( U ) slumped 24.2%, Roblox ( RBLX ) was down 13.2%, and Take-Two ( TTWO ) was down 7.9%. AAA development is the most labor-intensive activity in the industry, so budgets routinely run into the hundreds of millions, and production cycles stretch multiple years. The efficiency of AI in all these aspects could potentially replace every stage of AAA production. The only moat left at the disposal of such companies seems to be creativity and intellectual property, at least for now. Stock Performance: Unity,...
mbbirdy/E+ via Getty Images Wall Street traded lower on Wednesday after President Donald Trump declared the fragile U.S.-Iran truce officially over following renewed strikes. The blue-chip Dow ( DJI ) was -1.5%, the benchmark S&P 500 ( SP500 ) was -0.8%, and the tech-focused Nasdaq Composite ( COMP:IND ) was -0.8%. Now, here are four news stories that broke overnight to watch out for: U.S.-Iran ho...
mbbirdy/E+ via Getty Images Wall Street traded lower on Wednesday after President Donald Trump declared the fragile U.S.-Iran truce officially over following renewed strikes. The blue-chip Dow ( DJI ) was -1.5%, the benchmark S&P 500 ( SP500 ) was -0.8%, and the tech-focused Nasdaq Composite ( COMP:IND ) was -0.8%. Now, here are four news stories that broke overnight to watch out for: U.S.-Iran hostilities resume: President Donald Trump declared the tentative ceasefire with Iran over and warned the U.S. would "probably" launch another round of strikes against the country on Wednesday, with the possibility of reinstating a naval blockade targeting Iranian shipping. Speaking at the NATO summit in Ankara, Trump said "We hit them very hard last night" and signaled potential escalation beyond maritime restrictions, raising the prospect of strikes on infrastructure including desalination and power plants. Global government bond yields spike: Renewed Middle East tensions lifted oil prices and pushed government bond yields sharply higher across major economies as investors reassessed the outlook for inflation and interest rates. The U.S. 10-year Treasury yield rose to 4.58%, Germany's 10-year Bund climbed to 3.07%, and the U.K.'s 10-year gilt advanced to 4.96%. Japan's 10-year yield held near 2.87%, its highest level in decades, while yields in Australia, Canada, India, Brazil, and Russia also moved higher. Apple and Broadcom expand chip deal: Apple ( AAPL ) announced a multiyear commitment with Broadcom ( AVGO ) expected to exceed $30 billion that will lead to the production of over 15 billion U.S.-made chips and support hundreds of American jobs. The partnership, Apple's largest American Manufacturing Program commitment to date, will enable Broadcom to expand and modernize its manufacturing facilities in Fort Collins, Colorado, with a $1.5 billion capital expenditure investment. Alibaba surges on AI growth: Shares of Alibaba Group ( BABA ) jumped about 10% in premarket tr...
mohd izzuan/iStock via Getty Images Groundhog Day “The whole world, unfortunately, has become somewhat of a casino.” –President Donald Trump July 1, 2026 Dear Fellow Shareholders, On March 16, 2026, six weeks to the day after Punxsutawney Phil saw his shadow, President Trump told reporters he thought the Iran conflict would have caused the stock market to “ go down much more, if you want to know t...
mohd izzuan/iStock via Getty Images Groundhog Day “The whole world, unfortunately, has become somewhat of a casino.” –President Donald Trump July 1, 2026 Dear Fellow Shareholders, On March 16, 2026, six weeks to the day after Punxsutawney Phil saw his shadow, President Trump told reporters he thought the Iran conflict would have caused the stock market to “ go down much more, if you want to know the truth .” He also predicted the war would be over soon. The S&P 500 climbed 1% that day off the post-war lows, with headlines citing geopolitical relief. This sequence of unconfirmed diplomatic progress stoking market gains replayed ad infinitum, in a time loop reminiscent of Bill Murray’s 1993 role as Phil Connors, an aptly named TV weatherman covering Groundhog Day on site in Pennsylvania. Undoubtedly, War On -> War Off -> Market Up was the major story of the quarter, but it’s essentially a continuation of a pattern of Pollyannaish investors responding to cues from Washington. Wikipedia writes of Murray’s character: “ Realizing that there are no consequences for his actions , Phil begins to spend his loops indulging in binge eating, one-night stands, and robbery, using his growing knowledge of the day's events and the town's residents to manipulate circumstances to his advantage .” Sound familiar? We’d wager that the proportion of investors who weigh consequences before making investment decisions is near an all-time low, since they have been emboldened by the Fed put, fiscal profligacy, and market jawboning from on high. Defending the mid-June Memorandum of Understanding between the U.S. and Iran, the President remarked, “ There’s nothing so smart as the market, and the market loves it beyond anything that I’ve actually seen .” Loves it, or loves the casino? When Wall Street wakes up to its alarm each morning, the day’s unfolding scene may have grown predictable, but unlike the frozen-in-time movie, stock prices are starting higher than the day before, more often than ...
Forget swimming pools. If you really want to show you’re one of the ultra-rich, you need your own snow room. You can even put one on your yacht Name: Snow rooms. Age: About 10 years old. Continue reading...
Forget swimming pools. If you really want to show you’re one of the ultra-rich, you need your own snow room. You can even put one on your yacht Name: Snow rooms. Age: About 10 years old. Continue reading...
Floriana/iStock via Getty Images What a difficult hold Pagaya Technologies Ltd. ( PGY ) has been so far, right? The stock has a 52-week range from $10.40 to $44.99 . And it just simply perfectly describes how volatile PGY actually is. Now, the stock has rebounded since my latest coverage . As I've pointed out, it was surely an ugly price action. But, structurally, I personally didn't see significa...
Floriana/iStock via Getty Images What a difficult hold Pagaya Technologies Ltd. ( PGY ) has been so far, right? The stock has a 52-week range from $10.40 to $44.99 . And it just simply perfectly describes how volatile PGY actually is. Now, the stock has rebounded since my latest coverage . As I've pointed out, it was surely an ugly price action. But, structurally, I personally didn't see significant long-term concerns. Quite the opposite, I argued that its bull thesis remains very much intact despite poor price action. And the stock has surged 32% since my previous piece. And has outperformed the benchmark versus its 7% increase. PGY: Stock Surged 32% Since My Latest Piece (Seeking Alpha) So, has anything changed? To be frank, not really. I am still in the camp that there could be more upside for Pagaya. I still view the company as an undervalued fintech. And that it's still an outstanding revenue growth story, in my opinion. On top of this, I view multiple catalysts developing favorably here for Pagaya. And that's something that makes me maintain my rating here as a Strong Buy. Here's why. A Miss On Revenue Estimate Doesn't Cloud Its Outlook Yes, I don't think that a miss on revenue estimates versus what the market has anticipated clouds its long-term outlook here. If anything, Pagaya posted a 10% revenue growth on a year-over-year basis in Q1 2026. And that's still a solid performance in my opinion. I also love to see bottom-line growth here. And it has increased from $0.69 in diluted EPS Q1 2025 to $0.73 in the very recent quarter. And while it hasn't been an ideal performer over the past years. Structurally, I don't think that there are a lot of significant concerns. PGY: Historical Earnings (Seeking Alpha) Now, I'd love to have a deeper look at its most recent Q1 2026 quarter. And later on I will share what I personally will be looking for in the upcoming quarter here. PGY: Financial Highlights (Pagaya Investor Relations) Quite frankly, I am happy to see PGY's ...
The International Olympic Committee decision effectively overturns a decade-long ban on Russian athletes from international sport imposed due to a state-sponsored doping scandal and Russia's full-scale invasion of Ukraine. (Image credit: Pavel Bednyakov)
The International Olympic Committee decision effectively overturns a decade-long ban on Russian athletes from international sport imposed due to a state-sponsored doping scandal and Russia's full-scale invasion of Ukraine. (Image credit: Pavel Bednyakov)
MikeMareen President Donald Trump said Ukraine will be allowed to license technology to produce Patriot missile interceptors, which have become a key part of its arsenal in its ongoing war with Russia. “We’re going to be giving a license to you,” Trump said during a meeting with Ukrainian President Volodymyr Zelenskyy at the NATO summit in Turkey on Wednesday, according to Bloomberg . “We’ll show ...
MikeMareen President Donald Trump said Ukraine will be allowed to license technology to produce Patriot missile interceptors, which have become a key part of its arsenal in its ongoing war with Russia. “We’re going to be giving a license to you,” Trump said during a meeting with Ukrainian President Volodymyr Zelenskyy at the NATO summit in Turkey on Wednesday, according to Bloomberg . “We’ll show them how to do it," Trump continued, adding, “I think they can produce them pretty quickly…they have a great ability to produce weapons.” Zelenskyy responded that he thought the move was a "great idea," emphasizing that his country urgently needs the equipment. Patriot missile interceptors are currently made by U.S.-based RTX ( RTX ) and Lockheed Martin ( LMT ). The weapons have become increasingly in short supply amid ongoing conflicts in Ukraine and the Middle East. More on Lockheed Martin, RTX Corporation Lockheed Martin: A Great Entry Point In The Defence Industry (Rating Upgrade) RTX Corporation: The Valuation Expects More Growth RTX: Own A Piece Of Global Multipolar Peace Trump says NATO allies 'have not treated us right,' renews push for Greenland at NATO summit Lockheed Martin wins two U.S. defense contracts worth over $607M
CNBC’s Jim Cramer has spent much of 2026 warning that the stock market’s biggest short-term risk lies in the ever building IPO pipeline. His concern boils down to a simple analysis pulled from a recent social post: “We have to be careful.” The immediate trigger is SK Hynix’s roughly $28 billion American Depositary Receipts (ADR) ... Wall Street Insider Says SK Hynix IPO Could Overwhelm the Market....
CNBC’s Jim Cramer has spent much of 2026 warning that the stock market’s biggest short-term risk lies in the ever building IPO pipeline. His concern boils down to a simple analysis pulled from a recent social post: “We have to be careful.” The immediate trigger is SK Hynix’s roughly $28 billion American Depositary Receipts (ADR) ... Wall Street Insider Says SK Hynix IPO Could Overwhelm the Market. Here’s the Risk Beyond Memory Stocks.
Key PointsWith AI set to disrupt every industry, Gardner argues most investors should own at least fifty stocks and tilt toward cautious, long-term positions in today's richly priced market.
Key PointsWith AI set to disrupt every industry, Gardner argues most investors should own at least fifty stocks and tilt toward cautious, long-term positions in today's richly priced market.
The dollar index (DXY00 ) is up by +0.09% today. The dollar is supported by today’s equity market slump, which has boosted liquidity demand for the currency. Also, higher crude oil prices today have pushed up inflation expectations and could persuade the Fed to keep monetary policy tight, a supportive...
The dollar index (DXY00 ) is up by +0.09% today. The dollar is supported by today’s equity market slump, which has boosted liquidity demand for the currency. Also, higher crude oil prices today have pushed up inflation expectations and could persuade the Fed to keep monetary policy tight, a supportive...