The impact of short selling on every day investors was highlighted on Thursday at Citron Research founder Andrew Left ’s criminal trial. Adam Gray, a car salesman from Ohio, took the witness stand in federal court in Los Angeles to talk about his experience trading stocks in 2018, when Left issued a short report regarding Canadian cannabis distributor Cronos Group Inc. Gray said that as a retail i...
The impact of short selling on every day investors was highlighted on Thursday at Citron Research founder Andrew Left ’s criminal trial. Adam Gray, a car salesman from Ohio, took the witness stand in federal court in Los Angeles to talk about his experience trading stocks in 2018, when Left issued a short report regarding Canadian cannabis distributor Cronos Group Inc. Gray said that as a retail investor he followed Left’s tweets and reports closely, but was spooked by the 2018 report about Cronos, which he said triggered a wider sell off of cannabis stocks. “I got scared,” said Gray, who owned cannabis stocks other than Cronos. The trial is putting a spotlight on the short selling industry. Left, 55, is one of the most prominent players and is accused of using explosive social-media posts about dozens of companies to illegally move their stock and make a quick profit. He denies wrongdoing. Left said in the 2018 report that Cronos was overvalued. Gray said he filed a complaint with Securities and Exchange Commission because he felt that Left didn’t mention Cronos had obtained additional land to grow cannabis. “I felt like the most important thing about Cronos was left out, and I feel like it should have been put in there,” he said. The prosecution played a clip of a podcast where Left was talking about his bets on cannabis stocks — a day after the report saying he was short on Cronos. “It’s all retail investors that had no business being in the stock market,” Left said about cannabis company stocks broadly. “It moves so fast you have to trade the stock and then read the report,” Left said on the podcast. Gray said he contacted the SEC about Left following the interview.
Getty Images Introduction ServiceNow, Inc. ( NOW ), like other SaaS companies, has had an awful beatdown from bearish theses relating to AI. It is down 56% over the past year and has reacted negatively even after beating earnings expectations. Being on a downfall for so long, it is likely that both valid and exaggerated bearish theses have taken hold of the narrative. It is pretty impressive how a...
Getty Images Introduction ServiceNow, Inc. ( NOW ), like other SaaS companies, has had an awful beatdown from bearish theses relating to AI. It is down 56% over the past year and has reacted negatively even after beating earnings expectations. Being on a downfall for so long, it is likely that both valid and exaggerated bearish theses have taken hold of the narrative. It is pretty impressive how a company with such high growth and profitability metrics has such a cheap valuation based on a speculative AI thesis. In Q1 FY26, it reported high-growth metrics and even better performance on its AI services and initiatives, and still it went down 15%, which makes me question whether the market is overreacting. In this article I will review the bearish AI theses, its threat to its moat, and determine whether NOW is correctly priced or whether the market is overextending its speculation. ServiceNow's Moat ServiceNow is embedded into 85% of the Fortune 500 and nearly 60% of the Global 2000. NOW is the platform where work gets requested, routed, approved, and tracked. Because its applications connect multiple departments and systems, it is deeply embedded in a company. Replacing it means rewriting processes, retraining teams, and risking operational disruption. With added applications, customization, and now AI, replacing the control layer through which work flows is a very complicated task to do. This is where the AI threat thesis applies differently with NOW. With other SaaS such as AutoDesk ( ADSK ) and Adobe ( ADBE ), they are primarily tools that design and architecture firms use to produce their work; this is at risk of being replaced with other competing software because AI could automate file conversion and will at some point absorb the UI interaction process. I think this is only the case if it is cheaper for a firm to switch and they are sure that the work process and output stay the same or increase, which is a massive risk, but that is a separate discussion I addr...
Peru will delay the official announcement of first-round election results by two days as officials continue to resolve a record number of disputed tally sheets. Electoral authorities had initially planned to announce results of the April vote on Friday, but said in a televised address Thursday that they are still settling disagreements over a small number of ballot tallies. They said they’ve alrea...
Peru will delay the official announcement of first-round election results by two days as officials continue to resolve a record number of disputed tally sheets. Electoral authorities had initially planned to announce results of the April vote on Friday, but said in a televised address Thursday that they are still settling disagreements over a small number of ballot tallies. They said they’ve already resolved more than 68,000 claims, more than twice the number received in the previous election cycle. Official results are expected to confirm that conservative Keiko Fujimori and left-wing candidate Roberto Sánchez will advance to a June runoff. Sánchez is currently holding onto second place by about 20,000 votes, according to the official tally. With the count 99.98% complete, there are not enough ballots remaining to propel third-place candidate Rafael López Aliaga, a former Lima mayor, past him. Read More: Leftist Sánchez to Face Fujimori in Peru Presidential Runoff The delay adds to an already chaotic race. Thousands of ballots arrived to polling places late on election day, prompting authorities to extend the vote for a day in some parts of Lima, the capital. That fueled claims of foul play that authorities and international observers deny. López Aliaga has alleged that he is missing the runoff because of electoral fraud, pointing in part to the logistical problems. He has demanded that the election be postponed. The runoff will pit two different economic visions against each other. Fujimori is considered to be pro-business while Sánchez has pledged to reform Peru’s market-friendly constitution and hike taxes on its key mining industry. The vote is scheduled for June 7. Read More: Business Confidence Sinks as Radical Peru Candidate Nears Runoff
On May 12, I wrote about Micron's relative strength index, or RSI, hitting 85. That was one of the most extreme overbought readings on the daily chart, before the stock pulled back over 7% during the session to breathe. The technical signal was real. So was the concern about chasing a stock up 700% ...
On May 12, I wrote about Micron's relative strength index, or RSI, hitting 85. That was one of the most extreme overbought readings on the daily chart, before the stock pulled back over 7% during the session to breathe. The technical signal was real. So was the concern about chasing a stock up 700% ...
On May 14, 2026, Siren disclosed in an SEC filing that it sold its entire holding of Ascendis Pharma A/S (NASDAQ:ASND) , liquidating 235,862 shares in an estimated $52.87 million transaction based on quarterly average pricing. According to a SEC filing dated May 14, 2026, Siren sold its entire holding of 235,862 Ascendis Pharma A/S shares. The estimated transaction value is $52.87 million, calcula...
On May 14, 2026, Siren disclosed in an SEC filing that it sold its entire holding of Ascendis Pharma A/S (NASDAQ:ASND) , liquidating 235,862 shares in an estimated $52.87 million transaction based on quarterly average pricing. According to a SEC filing dated May 14, 2026, Siren sold its entire holding of 235,862 Ascendis Pharma A/S shares. The estimated transaction value is $52.87 million, calculated using the average share price during the first quarter of 2026. The fund’s quarter-end position in Ascendis Pharma A/S fell by $50.30 million, a figure that includes both the sale and price effects. Ascendis Pharma A/S is a biopharmaceutical company headquartered in Denmark, focused on innovative therapies for rare endocrine and pediatric diseases. The company leverages its TransCon technology platform to develop long-acting prodrugs that address significant unmet medical needs. Continue reading
A federal judge reportedly said she will not rubber-stamp a settlement between Elon Musk and the Securities and Exchange Commission, saying the deal raises red flags and needs scrutiny over whether Musk is getting special treatment from the Trump administration. As we reported last week , the Trump administration agreed to let Musk pay a $1.5 million fine to settle a lawsuit that originally sought...
A federal judge reportedly said she will not rubber-stamp a settlement between Elon Musk and the Securities and Exchange Commission, saying the deal raises red flags and needs scrutiny over whether Musk is getting special treatment from the Trump administration. As we reported last week , the Trump administration agreed to let Musk pay a $1.5 million fine to settle a lawsuit that originally sought at least $150 million. In 2022, before buying Twitter outright, Musk purchased a 9 percent stake in the social network and failed to disclose it within 10 days as required under US law. The SEC lawsuit filed during the Biden administration said the late disclosure allowed Musk to keep buying shares at artificially low prices and underpay shareholders by at least $150 million. Under the settlement with the SEC, a trust in Musk’s name would pay a $1.5 million civil penalty to the government and not admit that Musk committed any violation. The deal requires court approval, and Judge Sparkle Sooknanan expressed skepticism at a hearing yesterday in US District Court for the District of Columbia. Read full article Comments
U.S. President Donald Trump speaks with Secretary of State Marco Rubio and UFC CEO and President Dana White during UFC 327 at Kaseya Center on April 11, 2026 in Miami, Florida. Julia Demaree Nikhinson | Getty Images UFC President Dana White penned a letter to President Donald Trump pleading for him to reverse a provision of his signature tax law. White asked the president to undo a 90% cap on gamb...
U.S. President Donald Trump speaks with Secretary of State Marco Rubio and UFC CEO and President Dana White during UFC 327 at Kaseya Center on April 11, 2026 in Miami, Florida. Julia Demaree Nikhinson | Getty Images UFC President Dana White penned a letter to President Donald Trump pleading for him to reverse a provision of his signature tax law. White asked the president to undo a 90% cap on gambling loss deductions that was approved as part of his "big beautiful bill," according to a letter first reported by an independent journalist . ESPN reported that the organization independently confirmed the authenticity of the letter. Traders on prediction market platform Kalshi don't think the law will be repealed this year, but White's letter moved the odds. After the first report of the letter, chances that the cap will be repealed this year jumped to 37% from 20%. They have since fallen back to 29%. The provision limits how much taxpayers can deduct from their taxable winnings from gambling. Before, if someone won both $5,000 through gambling and lost $5,000, they wouldn't pay any tax. Now, a taxpayer is only able to deduct $4,500, and thus is left with $500 of taxable winnings. In his letter, White praised Trump's tax law, but said this provision in the package is already causing problems. "The current law makes it irrational to bet in the United States because you could end up owing taxes even when you lose or having a tax bill that exceeds your winnings for the year," he wrote, according to a screenshot of the letter. "When legal betting is discouraged, it hurts the ecosystem we've spent years building in partnership with state regulators and licensed operators." The change was included to allow the tax law to satisfy procedural rules in the U.S. Senate so the overall package could be approved with only Republican votes, according to Tax Foundation think tank. In a statement, the American Gambling Association praised White for raising the salience of the issue. Neva...
spawns/iStock via Getty Images By James Picerno Recent research is overturning the entrenched assumption that risk tolerance is relatively stable. New evidence shows it moves far more than most investors realize, which has several implications. For starters, asset allocation should be dynamic to some degree rather than static. Regular re-evaluation of risk profiles is also prudent. Understanding y...
spawns/iStock via Getty Images By James Picerno Recent research is overturning the entrenched assumption that risk tolerance is relatively stable. New evidence shows it moves far more than most investors realize, which has several implications. For starters, asset allocation should be dynamic to some degree rather than static. Regular re-evaluation of risk profiles is also prudent. Understanding your true risk tolerance is essential because it determines whether you can stay invested through the market’s inevitable ups and downs. When risk tolerance is misjudged, emotions may play an oversized role, which can lead to panic-selling, performance chasing, and decisions that undermine long-term results. Getting this right is crucial because it creates the foundation for a portfolio you can stick with, no matter what the market throws your way. The Fluidity of Risk A growing body of research highlights that risk tolerance fluctuates and changes with market conditions, stress levels, recent performance, and even how portfolio and risk questions are presented. The key takeaway: Investors don’t have a single, fixed appetite for risk. They cycle through different levels of comfort and discomfort depending on what’s happening around them. If risk tolerance moves with the market, then the moments when investors feel most confident often coincide with periods when risk is highest - and vice versa. This creates a behavioral trap: taking on too much risk after strong returns and pulling back too sharply after losses. The research suggests that managing risk isn’t just about asset allocation; it’s also about understanding how emotions, context, and market cycles shape decision-making. For investors, the challenge is learning to recognize these shifts and building a process that keeps short-term feelings from derailing long-term goals. Data - Driven Shifts A recent study highlights how investor comfort with risk can fluctuate as market conditions shift. Fewer than one in six US adu...
STORY: Shares of Cerebras Systems surged 89% above the initial public offering price in their U.S. market debut on Thursday, giving the chip designer a valuation of about $107 billion. The listing on the Nasdaq is benefitting from a wave of investor euphoria for companies that are at the heart of the artificial intelligence boom. The firm's IPO is the largest this year and comes as AI-linked stock...
STORY: Shares of Cerebras Systems surged 89% above the initial public offering price in their U.S. market debut on Thursday, giving the chip designer a valuation of about $107 billion. The listing on the Nasdaq is benefitting from a wave of investor euphoria for companies that are at the heart of the artificial intelligence boom. The firm's IPO is the largest this year and comes as AI-linked stocks push broader markets to record highs despite challenges to global growth stemming from the Middle East conflict. Founded in 2015, Cerebras which is a competitor to Nvidia, sought to challenge conventional AI by designing chips roughly the size of a dinner plate to speed up processing. It dropped initial plans to go public last year after drawing a U.S. national security review though the committee eventually cleared the deal. Cerebras has secured Amazon and OpenAI, two of the biggest builders of AI infrastructure in the world, as customers. It raised the size and price range of its IPO earlier this week to manage surging interest in its shares. Sources told Reuters that the offering had drawn orders for more than 20 times the number of shares available.
Earnings Call Insights: Global Water Resources (GWRS) Q1 2026 Management view "First, before jumping to normal operating highlights, I'd like to emphasize our focus on earnings growth." (Chairman, CEO & President Ron Fleming) "Although these investments grow rate base considerably and thus become drivers of future earnings growth, these investments increased certain operating expenses and most not...
Earnings Call Insights: Global Water Resources (GWRS) Q1 2026 Management view "First, before jumping to normal operating highlights, I'd like to emphasize our focus on earnings growth." (Chairman, CEO & President Ron Fleming) "Although these investments grow rate base considerably and thus become drivers of future earnings growth, these investments increased certain operating expenses and most notably, depreciation expense." (Chairman, CEO & President Fleming) "As I've been saying for many quarters now, we need new rates to keep up with all the investment and inflation that we have experienced in our utilities." (Chairman, CEO & President Fleming) "The recently announced rate case settlement provides a clearer path to a notable rate increase for our largest water utility, GW-Santa Cruz later this year." (Chairman, CEO & President Fleming) "In the meantime, 2026 is about working hard to control expenses, and we have reduced the pace of our capital investments." (Chairman, CEO & President Fleming) "Total active service connections increased 5.7% to 68,885 as of March 31, 2026, from the 12 months prior." (Chairman, CEO & President Fleming) "In the first quarter of 2026, this market realized 5,204 building permits, representing an 18.8% decrease compared to the same period in 2025." (Chairman, CEO & President Fleming) "Total revenue for the first quarter of 2026 was $13.3 million, which was up $0.8 million or 6.7% compared to Q1 2025." (Senior VP, CFO & Corporate Secretary Michael Liebman) "The unanimous settlement contemplates a water revenue increase of approximately $2.3 million for GW-Santa Cruz and a wastewater revenue decrease of $0.4 million for GW-Palo Verde as an extension of the existing temporary bill credit." (Chief Operating Officer Christopher Krygier) Outlook "The estimated effective date of these new rates is November 1, 2026." (Chief Operating Officer Krygier) "The next steps in the process include filing testimony in support of the settlement by the en...
Earnings Call Insights: Prestige Consumer Healthcare (PBH) Q4 2026 Management View "We experienced a challenging fourth quarter that fell short of expectations, resulting in full year revenue declining approximately 4%." (Chairman, President & CEO Ron Lombardi) "In Q4, Clear Eyes sales were below expectations due to delayed shipments and production shutdowns ahead of line updates." (Chairman, Pres...
Earnings Call Insights: Prestige Consumer Healthcare (PBH) Q4 2026 Management View "We experienced a challenging fourth quarter that fell short of expectations, resulting in full year revenue declining approximately 4%." (Chairman, President & CEO Ron Lombardi) "In Q4, Clear Eyes sales were below expectations due to delayed shipments and production shutdowns ahead of line updates." (Chairman, President & CEO Lombardi) "Free cash flow was approximately $246 million for fiscal '26, up slightly versus the prior year and in line with the outlook we gave at the beginning of the year." (Chairman, President & CEO Lombardi) "This durable and resilient free cash flow profile allowed us to repurchase shares in fiscal '26, acquire our manufacturer Pillar5, to enhance our long-term eye care output capabilities and build cash in advance of the pending Breathe Right and LaCorium acquisitions." (Chairman, President & CEO Lombardi) "Q4 revenue of $281.6 million declined 5% from $296.5 million in the prior year or 6.4% excluding FX." (CFO & COO Christine Sacco) "The revenue decline was attributable to lower eye and ear care category sales owing largely to Clear Eyes supply constraints and a portion of International segment sales affected by Middle East shipping disruptions." (CFO & COO Sacco) Outlook "For fiscal '27, we are forecasting revenues of $1.1 billion to approximately $1.12 billion with organic growth of approximately 1% to 3% for the year." (Chairman, President & CEO Lombardi) "For profitability, we expect adjusted EPS of $4.42 to $4.51." (Chairman, President & CEO Lombardi) "For Q1, we expect revenue to be approximately $250 million or about in line with prior year and adjusted EPS of $0.87, largely due to the timing of eye care supply." (Chairman, President & CEO Lombardi) "Lastly, we anticipate free cash flow of $250 million or more in fiscal '27." (Chairman, President & CEO Lombardi) "Please note that the guidance I've just discussed does not yet include either of thes...
Golden_Brown While President Trump's "Most Favored Nation" policy provides incentives for drugmakers to conduct more of their operations in the US, some biopharmas say it is critical to partner with companies around the world to advance R&D. "We seek innovation wherever it is," Catherine Owen Adams, CEO of Acadia Pharmaceuticals ( ACAD ), said during a panel discussion at the FT US Pharma and Biot...
Golden_Brown While President Trump's "Most Favored Nation" policy provides incentives for drugmakers to conduct more of their operations in the US, some biopharmas say it is critical to partner with companies around the world to advance R&D. "We seek innovation wherever it is," Catherine Owen Adams, CEO of Acadia Pharmaceuticals ( ACAD ), said during a panel discussion at the FT US Pharma and Biotech Summit in New York, adding that there is a "large amount of qualified scientific bodies around the world." "US innovation is vitally important and has always been at the forefront" of innovation, she continued. But it's "difficult with MFN when [you can be] potentially penalized for innovations around the world." Shalabh Gupta, CEO of Unicycive Therapeutics ( UNCY ), added that his company has partnerships with researchers in China and South Korea. "We believe that patients we can serve are everywhere." In another panel, Eric Tokat, partner at Centerview Partners, noted that he has been spending more time in China with companies there than before. He conceded that while Chinese biopharma companies in the past were mostly "copycats, today there are real innovations." Tokat said that China has the advantage now of doing R&D more cheaply and efficiently compared to the US. "That is very difficult to [compete with] in the long run....It shouldn't take years to get patient data when China can do it in six months." However, Tokat believes that the US will remain at the forefront of biopharma R&D "provided we continue funding universities and the NIH." Earlier in the day at the FT conference, Pharmaceutical Research and Manufacturers of America (PhRMA) COO Lori Reilly said that the US is at risk of losing its lead in R&D to China through the MFN policy. In the next five years, Adams sees the first drug created entirely by AI going into testing. Gupta predicted that more single treatment, "one and done" therapies will be developed over the timeframe. More on Acadia Pharmaceutic...
Biden FBI Quietly Hid Trump Prosecution Files For Potential Post-2028 Case Authored by Luis Cornelio via Headline USA , Another trove of newly unearthed Biden-era files suggest that the FBI attempted to retain purported evidence related to its prosecution of President Donald Trump until 2030 — when he would presumably be out of office. The documents , reported Tuesday by Just the News , add to a g...
Biden FBI Quietly Hid Trump Prosecution Files For Potential Post-2028 Case Authored by Luis Cornelio via Headline USA , Another trove of newly unearthed Biden-era files suggest that the FBI attempted to retain purported evidence related to its prosecution of President Donald Trump until 2030 — when he would presumably be out of office. The documents , reported Tuesday by Just the News , add to a growing body of records that have detailed the breadth of the aggressive actions targeting Trump, Republican lawmakers and conservative organizations connected to the 2020 election. According to the report, the retention effort came as part of a broader push to preserve materials gathered by then-Special Counsel Jack Smith following the dismissal of related cases. Such materials are typically handled under DOJ procedures once a case is closed. The documents in question were reportedly created in 2025, as Trump was preparing to return to office in January, and relate to investigations tied to the certification of the 2020 presidential election. The decision to retain the evidence has raised questions about whether federal officials were preserving the option to revisit the case after Trump leaves office, when DOJ rules barring the prosecution of a sitting president would no longer apply. The case itself was closed without prejudice, meaning it could be refiled at a later date. As reported by Just the News: “One of the key ‘Case Closing’ documents obtained by Just the News – originating from the FBI’s Washington Field Office’s CR-15 team – was dated a couple of weeks into Trump’s second term, on February 5, 2025, when many holdover FBI agents and leaders were still in place. The newly-released closing document from early 2025 repeated the extensive claims of criminality against Trump, which had been pursued by Smith and the bureau, and it sought to retain all of the evidence for a half decade until at least February 2030, when Trump would be a former president once more and th...