Image source: The Motley Fool. Wednesday, May 20, 2026 at 10:00 a.m. ET CALL PARTICIPANTS Chief Executive Officer — Luis Raganato Chief Financial Officer — Mariano Tannenbaum TAKEAWAYS Total Revenue -- Grew approximately 13% to surpass $1.2 billion, reaching a first-quarter record despite soft consumption in some markets. -- Grew approximately 13% to surpass $1.2 billion, reaching a first-quarter record despite soft consumption in some markets. System-wide Comparable Sales -- Increased 16%, driven mainly by higher average check and improvements in guest traffic across multiple regions. -- Increased 16%, driven mainly by higher average check and improvements in guest traffic across multiple regions. Adjusted EBITDA -- Reported at $118 million, up almost 30% in U.S. dollars year over year, producing the highest first-quarter result in company history. -- Reported at $118 million, up almost 30% in U.S. dollars year over year, producing the highest first-quarter result in company history. Consolidated EBITDA Margin -- Expanded by 120 basis points, with Food and Paper, and G&A each contributing 60 basis points; expansion remained 70 basis points even excluding sub franchisee restaurant transactions. -- Expanded by 120 basis points, with Food and Paper, and G&A each contributing 60 basis points; expansion remained 70 basis points even excluding sub franchisee restaurant transactions. Brazil Division Performance -- Achieved more than 20% adjusted EBITDA growth with a 30-basis-point margin expansion to 12.7%, driven by food and paper cost reduction, less pressure from beef prices, and revenue management strategies. -- Achieved more than 20% adjusted EBITDA growth with a 30-basis-point margin expansion to 12.7%, driven by food and paper cost reduction, less pressure from beef prices, and revenue management strategies. SLAD Division -- Delivered strong U.S. dollar revenue growth and margin expansion; EBITDA margin rose by approximately 120 basis points excluding sub franchise...

Wall Street is racing to turn computing power into a tradable commodity with the first ETFs being filed even before the futures contracts they would track have started to trade. Roundhill Investments, the boutique firm behind the fastest-growing exchange-traded fund in history, has submitted paperwork with regulators for the Roundhill Compute ETF under the ticker GPUX. The actively managed ETF would hold futures contracts pegged to the price of computing power. Per the prospectus, this includes cloud computing, high-performance computing and storage required to run calculations, process data and train artificial intelligence and machine-learning models. Last week, paperwork for the ProShares AI Computing Power ETF also landed with the US Securities and Exchange Commission . That fund would aim to track the market for AI computing power, primarily through investments in compute futures contracts tied to graphics processing units, or GPUs. Both filings arrive just days after an announcement by CME Group Inc. and the index provider Silicon Data teaming up to launch the compute futures market — built on the underlying capacity that powers AI training and inference in data centers. The project is pending regulatory review. Read more: CME to Create Futures Market for Computing Power Backing AI “There are a few gold rushes going right now in ETFs — and computing power is one of them,” said Eric Balchunas , senior ETF analyst at Bloomberg Intelligence . “The issuers have learned to be avid readers and consumers of everything that’s coming out especially from the tech world so they can get ahead of the trend.” The moves extend a pattern that has come to define the current cycle in the ETF industry. The firm is the same one that turned its memory-chip ETF, DRAM , into the fastest-growing fund, reaching about $9.5 billion in assets over a handful of weeks. Its buyers include retail investors searching for a way to bet directly on the AI build-out. “Half the battle of thematic ...

JHVEPhoto GameStop ( GME ) boosted its economic stake in eBay ( EBAY ) to over 6.5% as CEO Ryan Cohen continues to pursue an acquisition despite having his offer rejected by the board. In response to eBay's ( EBAY ) rejection, Cohen has sharpened his public rhetoric, insisting that the e-commerce giant's directors should not dismiss a $125 per share offer without engaging and should instead let shareholders evaluate the economics. He has also criticized eBay’s management and board, calling them a "group of losers" and attacking executive compensation, while hinting he could pursue a proxy fight or other measures to force eBay to the table. Wedbush Securities thinks the most likely outcome remains that eBay ( EBAY ) successfully resists the current proposal. However, analyst Michael Piccolo said continued stake accumulation does provide some real optionality because GameStop ( GME ) could launch a proxy fight for board seats at the next eBay ( EBAY ) annual meeting, and the overhang of a hostile bid may pressure the company to accelerate capital returns or operational improvements to defend its valuation. A third option is that another bidder steps up as a white knight with a solid offer for eBay ( EBAY ). Piccolo thinks the GameStop ( GME ) drama creates a share price floor near the current level. Shares of eBay ( EBAY ) pushed 3.5% higher in Wednesday afternoon trading and carved out a new 52-week high of $118.83. The market cap on eBay ( EBAY ) is now over $50B vs. the market cap of $9.9B for GameStop ( GME ). More on GameStop, eBay Wall Street Lunch: EBay Rejects GameStop Takeover Proposal eBay: GameStop Bid Doesn't Add Up GameStop's 'Crazy Idea' To Buy EBay Isn't So Crazy, But It Is Risky GameStop increases eBay economic exposure to 6.55% in amended filing GameStop's bid for eBay faces a credit rating headwind

格隆汇5月21日｜伊朗总统佩泽希齐扬在伊朗会见了巴基斯坦内政部长莫辛·纳克维。

知情人士称，OpenAI在为上市做准备，对公司估值预计超过1万亿美元。 责任编辑：李桐

欧洲股市连续第三天上涨，此前有报道称美国总统特朗普称在处理伊朗问题上已进入“最后阶段”。 斯托克欧洲600指数收盘上涨1.5%，创下本月以来最长连涨纪录。布伦特下跌5.5%，报每桶约105美元，缓解了市场对通胀的担忧。 据白宫记者团报道，特朗普称将就伊朗问题“拭目以待”，并补充称要么达成协议，要么“我们将采取一些不太友善的措施，但希望这种情况不会发生”。 个股方面，阿斯麦上涨5.9%，此前 瑞银 集团分析师上调了该股目标价。 公司业绩稳健近期支撑了欧洲股市表现。彭博行业研究汇编的数据显示，基于已公布的财报，第一季度欧洲企业的盈利增长7.5%，高于2.5%的市场预期。 责任编辑：李桐

Although earnings season tends to hog all the glory, the quarterly filing of Form 13Fs with regulators can be equally important for investors. A 13F allows investors to track which stocks Wall Street's smartest money managers bought and sold in the latest quarter. For instance, Coatue Management's billionaire asset manager, Philippe Laffont, was a busy bee during the first quarter. He sold out of 16 positions and pared down 22 others, none of which has a more impressive pedigree than the face of the artificial intelligence (AI) revolution, Nvidia (NVDA +1.97%). It marked the 11th time in the last 12 quarters that Laffont dumped Nvidia stock, begging the question: What does he know that the rest of Wall Street doesn't? Billionaire Philippe Laffont has shed 87% of his fund's stake in Nvidia Despite Nvidia's undisputed leadership position in AI graphics processing units (GPUs), Coatue Management's chief investor has been a persistent seller of Nvidia for the better part of three years (share counts have been adjusted to reflect Nvidia's 10-for-1 stock split in June 2024): Q1 2023 : 49,802,020 shares held : 49,802,020 shares held Q2 2023 : 46,449,700 shares (-3,352,320) : 46,449,700 shares (-3,352,320) Q3 2023 : 45,410,400 shares (-1,039,300) : 45,410,400 shares (-1,039,300) Q4 2023 : 43,222,010 shares (-2,188,390) : 43,222,010 shares (-2,188,390) Q1 2024 : 13,851,410 shares (-29,370,600) : 13,851,410 shares (-29,370,600) Q2 2024 : 13,754,447 shares (-96,963) : 13,754,447 shares (-96,963) Q3 2024 : 10,138,161 shares (-3,616,286) : 10,138,161 shares (-3,616,286) Q4 2024 : 10,006,488 shares (-131,673) : 10,006,488 shares (-131,673) Q1 2025 : 8,545,835 shares (-1,460,653) : 8,545,835 shares (-1,460,653) Q2 2025 : 11,488,529 shares (+2,942,694) : 11,488,529 shares (+2,942,694) Q3 2025 : 9,870,743 shares (-1,617,786) : 9,870,743 shares (-1,617,786) Q4 2025 : 9,203,338 shares (-667,405) : 9,203,338 shares (-667,405) Q1 2026: 6,331,620 shares (-2,871,718) Collectively, Coatue'...

Key Points Quarterly-filed Form 13Fs allow investors to track which stocks Wall Street's savviest investors have been buying and selling. Billionaire Philippe Laffont has been a persistent seller of Nvidia stock, dumping more than 43 million split-adjusted shares since March 31, 2023. Though profit-taking likely explains some of this selling, other headwinds look to be at play. 10 stocks we like better than Nvidia › Although earnings season tends to hog all the glory, the quarterly filing of Form 13Fs with regulators can be equally important for investors. A 13F allows investors to track which stocks Wall Street's smartest money managers bought and sold in the latest quarter. For instance, Coatue Management's billionaire asset manager, Philippe Laffont, was a busy bee during the first quarter. He sold out of 16 positions and pared down 22 others, none of which has a more impressive pedigree than the face of the artificial intelligence (AI) revolution, Nvidia (NASDAQ: NVDA). It marked the 11th time in the last 12 quarters that Laffont dumped Nvidia stock, begging the question: What does he know that the rest of Wall Street doesn't? Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Billionaire Philippe Laffont has shed 87% of his fund's stake in Nvidia Despite Nvidia's undisputed leadership position in AI graphics processing units (GPUs), Coatue Management's chief investor has been a persistent seller of Nvidia for the better part of three years (share counts have been adjusted to reflect Nvidia's 10-for-1 stock split in June 2024): Q1 2023 : 49,802,020 shares held : 49,802,020 shares held Q2 2023 : 46,449,700 shares (-3,352,320) : 46,449,700 shares (-3,352,320) Q3 2023 : 45,410,400 shares (-1,039,300) : 45,410,400 shares (-1,039,300) Q4 2023 : 43,222,010 shares (-2,188,390) : 43,222,010 shares (-2,18...

quantic69 Amid Dell Technologies' ( DELL ) ongoing Dell World event, the tech giant appears “well positioned” for the next phase of artificial adoption in the enterprise, Evercore ISI said. “The central message of the day was that enterprise AI is moving from experimentation to production, and as agentic workloads scale, the economics of where those workloads run become increasingly important,” analyst Amit Daryanani wrote in a note to clients. “While model and token costs have fallen sharply (-80% y/y), token consumption has increased at an even faster rate, as reasoning token use is up ~320x and inference is expected to account for two-thirds of AI compute this year.” Daryanani, citing comments made by Dell COO Jeff Clarke, said that token consumption has increased significantly. Reasoning is up roughly 320 times, and inferencing is up sharply, all of which should benefit Dell, Daryanani added. He has an Outperform rating and a $270 price target on Dell. The company also expects customers to increasingly adopt hybrid AI architectures, and with its new PowerStore storage platform, the company is well positioned for a customer's storage needs. “Day 2 reinforced our view that DELL is well positioned to monetize the next phase of enterprise AI adoption as workloads move from pilots to production and customers become increasingly focused on token economics, data locality and infrastructure control,” Daryanani explained. More on Dell Dell Brings Hybrid AI Vision To Life Dell: The Stock Is Pricey But I'm Still Dipping Into The Buys Dell Q1 Preview: Upcoming Earnings Could Extend AI Momentum Dell expands AI Factory with Nvidia to provide scale-ready AI agents for enterprises Notable analyst calls this week: Dell, J&J and AMD stocks among top picks

格隆汇5月21日｜伊朗外交部发言人巴加埃当地时间20日晚间就伊美局势、霍尔木兹海峡安全以及美国对伊施压表态，强调伊朗将在“强烈不信任美国”的情况下继续推进谈判，同时坚决维护国家利益。巴加埃表示，伊朗当前通过巴基斯坦中间人持续与美国进行信息交换，德黑兰的核心诉求包括结束地区冲突、解冻伊朗海外资产，以及停止针对伊朗航运的“海上劫掠”行为。他称，尽管美方过去一年半的行为留下负面记录，但伊朗仍以“认真和善意”态度推进外交进程，不过对美国保持“强烈且合理的不信任”。

What Happened? A number of stocks fell in the afternoon session after a broad-based sell-off hit the semiconductor sector following news of a potential strike at Samsung and a stake sale by Taiwan Semiconductor Manufacturing (TSMC), which rattled global chip supply chains. These events highlighted significant supply-chain risks, triggering a sharp reversal across the chip industry. Adding to the sector's weakness were rising valuation concerns, inflation fears, and broader market jitters that led to renewed selling pressure on major companies like NVIDIA, Intel, and Micron Technology. Furthermore, ongoing supply constraints for rare earth materials, which are used in semiconductor manufacturing, reportedly caused delays and higher input costs for firms in the sector, compounding the negative sentiment for chip-related stocks. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Among others, the following stocks were impacted: Zooming In On Amtech (ASYS) Amtech’s shares are extremely volatile and have had 72 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 7 days ago when the stock gained 3.8% on as worries about a global chip shortage reached parabolic territory driven by AI optimism and strong investor momentum. Micron posted its best weekly gain in years and Samsung crossed the $1 trillion market capitalization. DRAM contract prices rose significantly in Q2 2026, with cloud companies locking in 2027 supply from memory producers. Bernstein issued a bullish note on memory stock, citing structural supply-demand imbalance. Memory chips, DRAM and NAND, store data inside every computing device, from phones to AI servers. The AI buildout requires far more memory per server than conventional cloud computing, outpac...

Shares of Carnival (NYSE:CCL) are up 9% in midday trading Wednesday while Norwegian Cruise Line (NYSE:NCLH) is rallying 11%. Royal Caribbean Cruises (NYSE:RCL) isn’t joining the party, with RCL stock only up 2% on the session. The divergence is the story. All three cruise names have been pummeled over the past month, with CCL stock ... Carnival Jumps 9%, Norwegian Cruise Line Soars 11%: Why Royal Caribbean Isn’t Joining the Cruise Party

Astera Labs Stock on Pace for Record High. Why It's Up Double Digits for a Second Day. Moomoo

In Brief A day after Elon Musk lost his lawsuit that threatened OpenAI’s structure, leadership, and finances, the AI giant is ready to move forward with its initial public offering, sources told the Wall Street Journal. OpenAI chief executive Sam Altman reportedly hopes that his company will be ready to go public by September. The ChatGPT maker has been working with tech IPO powerhouse bankers Goldman Sachs and Morgan Stanley, and may file IPO paperwork confidentially with regulators within days or weeks, per the WSJ. The news of OpenAI’s potential IPO, which by all accounts should be a blockbuster, comes as the world awaits the public disclosure of SpaceX’s IPO filings, which are expected to appear as soon as Wednesday, according to reports. Rocket-maker SpaceX is, of course, now one of OpenAI’s major competitors, after it consumed Elon Musk’s model maker, xAI. Now that Musk failed to skewer OpenAI, the competitor he co-founded, through the heart with a lawsuit, it looks like the next Musk vs. Altman battle will take place in the world of finance. Which one will be the bigger IPO? OpenAI did not immediately respond to a request for comment.

In Brief A day after Elon Musk lost his lawsuit that threatened OpenAI’s structure, leadership, and finances, the AI giant is ready to move forward with its initial public offering, sources told the Wall Street Journal. OpenAI chief executive Sam Altman reportedly hopes that his company will be ready to go public by September. The ChatGPT maker has been working with tech IPO powerhouse bankers Goldman Sachs and Morgan Stanley, and may file IPO paperwork confidentially with regulators within days or weeks, per the WSJ. The news of OpenAI’s potential IPO, which by all accounts should be a blockbuster, comes as the world awaits the public disclosure of SpaceX’s IPO filings, which are expected to appear as soon as Wednesday, according to reports. Rocket-maker SpaceX is, of course, now one of OpenAI’s major competitors, after it consumed Elon Musk’s model maker, xAI. Now that Musk failed to skewer OpenAI, the competitor he co-founded, through the heart with a lawsuit, it looks like the next Musk vs. Altman battle will take place in the world of finance. Which one will be the bigger IPO? OpenAI did not immediately respond to a request for comment.

格隆汇5月21日｜据Politico报道，美国众议院周三以压倒性多数通过了一项住房可负担性法案，此前在投票前不到24小时获得了特朗普对其中若干关键条款的支持。经众议院修订的《21世纪住房法案》（21st Century ROAD to Housing Act）在适用三分之二多数门槛的快速程序下通过，并将被送回参议院审议。该法案是一项两党合作、并获白宫支持的法案，此次通过也标志着众议院取得胜利；此前数周，众议院一直被敦促接受参议院已通过的版本。该法案旨在解决住房可负担性问题并增加住房供应和自有住房率。

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Image source: The Motley Fool. Wednesday, May 20, 2026 at 11 a.m. ET Call participants Chief Executive Officer and President — Ernie L. Herrman Chief Financial Officer — John Klinger Executive Vice President, Global Communications — Debra McConnell Need a quote from a Motley Fool analyst? Email [email protected] Takeaways Comp sales growth -- Consolidated comparable sales increased 6%, driven equally by higher average basket and increased customer transactions. -- Consolidated comparable sales increased 6%, driven equally by higher average basket and increased customer transactions. Segment performance -- Marmaxx comp sales rose 6% with profit margin up 100 basis points to 14.7%; HomeGoods comp increased 9% with segment margin up 270 basis points to 12.9%; TJX Canada comp grew 7% and segment margin up 100 basis points to 11.0% (constant currency); TJX International comp sales up 4% with profit margin rising 40 basis points to 4.7% (constant currency). -- Marmaxx comp sales rose 6% with profit margin up 100 basis points to 14.7%; HomeGoods comp increased 9% with segment margin up 270 basis points to 12.9%; TJX Canada comp grew 7% and segment margin up 100 basis points to 11.0% (constant currency); TJX International comp sales up 4% with profit margin rising 40 basis points to 4.7% (constant currency). Gross margin -- Gross margin was 31.3%, up 180 basis points, driven by improved merchandise margin, favorable inventory and fuel hedges, and expense leverage. -- Gross margin was 31.3%, up 180 basis points, driven by improved merchandise margin, favorable inventory and fuel hedges, and expense leverage. Pretax profit margin -- Pretax profit margin reached 12.0%, an increase of 170 basis points. -- Pretax profit margin reached 12.0%, an increase of 170 basis points. SG&A -- Selling, general, and administrative expenses represented 19.5% of sales, unfavorable by 10 basis points. -- Selling, general, and administrative expenses represented 19.5% of sales, unfavorable by 10...

知情人士称，OpenAI正准备在未来数天或数周内提交首次公开募股（IPO）文件。 包括 高盛 和 摩根士丹利 在内的投行银行家正协助这家ChatGPT开发商起草招股说明书，最快可能于周五提交。OpenAI在声明中表示：“我们会定期评估一系列战略选项。目前重点仍是执行。” 此前有报道称，作为更广泛融资计划的一部分，OpenAI最早可能于今年启动上市准备，以筹集更多资金，用于在芯片、数据中心和人才方面的高昂投入。竞争对手Anthropic PBC和SpaceX也在筹备上市。 SpaceX的IPO文件最早可能于周三公开。 责任编辑：李桐

V.F. Corporation VFC posted fourth-quarter fiscal 2026 results, wherein top and bottom lines beat the Zacks Consensus Estimate and improved year over year. Net sales of $2,166 million beat the consensus mark of $2,128 million by 1.8%, and increased 1% year over year. The company reported breakeven earnings, against the consensus estimate of a loss of 2 cents a share. In the prior-year quarter, it reported a loss of 13 cents per share. V.F. Corporation Price, Consensus and EPS Surprise V.F. Corporation price-consensus-eps-surprise-chart | V.F. Corporation Quote V.F. Corp. witnessed clear momentum in the Americas. Results were led by continued global gains at The North Face and Timberland, while Vans remained softer overall but began to show early signs of improvement, highlighted by a return to growth in the Americas' direct-to-consumer business. The bottom line improved versus last year, reflecting the company’s ongoing transformation efforts and tighter execution, and management pointed to further progress in strengthening the balance sheet and reducing leverage as it heads into fiscal 2027. V.F. Corp.’s Q4 Revenue Details On a regional basis, revenues in the Americas rose 2% year over year on a reported basis. In the EMEA region, revenues were up 1% on a reported basis and down 9% on a constant-currency basis. Revenues in the APAC region were flat on a reported basis but down 4% on a constant-currency basis. International revenues grew 2% year over year on a reported basis but were down 7% on a constant-currency basis. Channel-wise, wholesale revenues fell 1% on a reported basis. Direct-to-consumer revenues were up 4% year over year on a reported basis and down 1% on a constant-currency basis. Our model estimated the wholesale revenues to fall 1.1% and direct-to-consumer revenues to rise 3.9% year over year. Revenues in the Outdoor segment improved 11% year over year on a reported basis (up 5% on a constant-currency basis) to $1,339 million. In the Active segment,...

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GitHub confirmed on May 20 that a poisoned VS Code extension installed on an employee’s device gave attackers access to roughly 3,800 internal repositories at the Microsoft-owned code storage and authorship platform. The threat group TeamPCP, formally tracked by Google Threat Intelligence Group as UNC6780, claimed responsibility and is advertising the stolen repositories for sale starting at $50,000 . GitHub’s assessment: the attacker’s claim is “directionally consistent” with the investigation so far. Trend Micro , StepSecurity , and Snyk have formally tracked TeamPCP across at least seven waves of the Mini Shai-Hulud supply chain worm since March. The GitHub breach did not land in isolation. It arrived the same day a new Mini Shai-Hulud wave forged valid cryptographic provenance on 639 malicious npm package versions , one day after attackers compromised a VS Code extension with 2.2 million installs, the same day Wiz discovered TeamPCP had compromised Microsoft’s durabletask Python SDK on PyPI, and the same morning Verizon’s 2026 DBIR revealed that 67% of employees access AI tools through non-corporate accounts. Five supply chain surfaces failed in 48 hours. Two more AI-agent attack classes were disclosed the same month that completed the grid. One group connects at least three of them. GitHub confirms the breach, names the attack vector, and the attribution trail is long "Yesterday we detected and contained a compromise of an employee device involving a poisoned VS Code extension. We removed the malicious extension version, isolated the endpoint, and began incident response immediately," GitHub posted in a five-post thread on X on May 20 . "Our current assessment is that the activity involved exfiltration of GitHub-internal repositories only . [Emphasis added by VentureBeat] The attacker’s current claims of ~3,800 repositories are directionally consistent with our investigation so far." GitHub added that critical secrets were rotated overnight with the highest-imp...

Earnings Call Insights: CorVel (CRVL) Q4 fiscal 2026 Management View "The March quarter revenues were $249 million, an increase of 7% compared to $232 million in the March 2025 quarter." (Chief Financial Officer Brian Nichols) "Earnings per share for the quarter ended March 31, 2026, were $0.61, up from $0.51 in the same period of the previous year." (Chief Financial Officer Nichols) "New bookings in the March quarter increased 56% year-over-year" and "RFP activity rose 20% over the same period." (Chief Financial Officer Nichols) "In 2026, we are launching 4 large payer programs, including 2 new multiyear partnerships with top 10 national payers." (President, CEO & Chairman Michael Combs) "Supported by long-term contracts and expanding adoption of prepaid solutions, we are influencing a shift towards revenue streams with a shorter realization cycle, typically 1 to 2 months for prepaid compared to 6 months or longer for postpaid, while maintaining comparable margin profiles." (President, CEO & Chairman Combs) "Our ongoing investment in AI and automation" is intended "to enhance accuracy, increase throughput and reduce reliance on manual processes" and "focuses on augmenting our teams." (President, CEO & Chairman Combs) "CorVel's operating margin for the fiscal year 2026 was 15%, which was an improvement of 1.4% over 2025." (Chief Financial Officer Nichols) Outlook "These enterprise scale implementations reinforce the strength of our value proposition and will contribute meaningfully to revenue and profit growth as they mature." (President, CEO & Chairman Michael Combs) "These bookings, primarily multiyear, are expected to contribute meaningfully to revenue and profit growth in the back half of the calendar year as implementation scale." (Chief Financial Officer Brian Nichols) "Personnel levels increased during the period to support service delivery and implementation activity" and "are expected to normalize as deployments mature, and as automation and AI-enabled work...

Astera Labs stock on pace for record high. Why it’s up double digits for a second day. MSN

FG Trade/E+ via Getty Images The last time I spoke about Wave Life Sciences ( WVE ), it was in a Seeking Alpha article entitled " Wave Life Sciences: Potential For Accelerated Approval Pathway with WVE-N531 ." With respect to this article, I mentioned the company's advancement of WVE-N531 for potential Accelerated Approval for the treatment of patients with Duchenne Muscular Dystrophy [DMD] amenable to exon 53 skipping. I had a Strong Buy rating the last time around, and I'm going to maintain this rating still. There are two main reasons why I believe that this should be the case. The first reason is because the company notes that it is on track to file a New Drug Application [NDA] submission of WVE-N531 for the treatment of patients with DMD amenable to exon 53 skipping in 2026. The goal for this company is to seek Accelerated Approval for this candidate based on significant dystrophin production and time-to-rise function testing. The second reason is because the company just released results from its open-label phase 1b/2a RestorAATion-2 study using WVE-006 to treat patients with Alpha-1 Antitrypsin Deficiency [AATD]. I will be going over this data in detail below. If this company released such data, then why do I believe it is important to mention it now? The reason why is because this specific program has two catalysts for investors to keep an eye on. One of which is the release of 600 mg monthly WVE-006 data from this phase 1b/2a study treating these patients with AATD in the 2nd half of 2026. The second one is the fact that the company expects feedback from the FDA in mid-2026 in order to see if it can seek Accelerated Approval for WVE-006 for the treatment of these patients. As far as the obesity data for WVE-007 is concerned, the company released results in March of 2026, which were good in terms of reducing visceral fat and waist circumference [plus improvement of lean muscle mass], but not in terms of body weight [0.97% on average] compared to placebo over...

Key Points April's Consumer Price Index (CPI) reached 3.8%, the hottest reading since May 2023. The new chair's public commentary has emphasized inflation risks. Rate-sensitive sectors like real estate investment trusts and homebuilders may remain under pressure if yields remain elevated. These 10 stocks could mint the next wave of millionaires › Just days after the Senate narrowly confirmed Kevin Warsh as the next chair of the Federal Reserve, the inflation picture took a sharp turn for the worse. Consumer prices rose 3.8% in April, the highest annual rate since May 2023. And wholesale prices -- often viewed as an early warning system for what consumers will eventually pay -- climbed 6%, the biggest 12-month increase since December 2022. The yield on the benchmark 10-year Treasury note, meanwhile, has pushed up to roughly 4.6% as of this writing, a one-year high. It's a difficult inheritance. Warsh, who won confirmation on a 54-45 vote last Wednesday and is set to be sworn in Friday, isn't taking over the rate-setting committee just to manage routine policy decisions. He'll have to navigate the first real inflation scare since the post-pandemic surge, and he'll have to do so while navigating a White House that has openly demanded lower interest rates, even as Trump said this week he would let Warsh act independently on rates. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » What investors might expect from a Warsh-led Fed -- and how rate-sensitive corners of the market could behave in the meantime -- comes down to two facts: prices are accelerating, and the new chair reportedly has historically cared more about inflation than the typical policymaker. An inflation problem broader than oil April's reports made it harder to call this episode a one-off. Headline consumer prices rose 0.6% from the prio...

Solid 7Y Auction Prices "On The Screws" With Solid Foreign Demand Today's lone coupon auction, the sale of $16BN in 20Y notes, took place at 1pm, just an hour ahead of the FOMC Minutes release, and the auction was generally very strong, with maybe a one glitch. The sale stopped at a high yield of 5.122%, up from 4.883% in April, and the second highest in the history of the 20Y auction with just the 5.257% in October '23 printing higher. The yield stopped on the screws with the When Issued 5.122%, and followed two stopping through auctions, and 11 of the past 12). The bid to cover was 2.55, down from 2.68 in April and arguably the only weak spot in today's auction, as it was the lowest since February. The internals were solid, with Indirects awarded 67.67%, up from 67.39% and the 63.5% recent average. And with Directs taking 22.9%, unchanged from the previous month, Dealers were left with 9.4%, down from 9.7% and one of the lowest Dealer awards on record. Overall, this was a solid 7Y auction and one which had no problem finding buyers despite, or perhaps because of the recent surge in yields which today has reversed modestly thanks to lower oil prices. Tyler Durden Wed, 05/20/2026 - 13:20

格隆汇5月21日｜WTI原油期货回落至97美元/桶下方，日内跌6.87%。

Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting with us, check out the Odd Lots Discord , where you can hang out and talk with us and with other listeners 24/7. Today we’re pleased to bring you a piece from frequent Odd Lots guest Neil Dutta of Renaissance Macro Research . This was originally a note to clients titled “On AI, economists shouldn’t cosplay as accountants” and Neil has allowed us to publish it here. Here’s what Neil’s thinking about... We know that information technology investment has been an important driver of growth over the last year. Or has it? A popular argument holds that the measured impact of AI on GDP growth is quite modest, since the surge in investment leaks abroad in the form of higher imports. (I am using “tech” and “AI” interchangeably.) I understand the growth accounting, but I think this analysis leaves out several channels through which AI is affecting the broader economy. In the absence of the AI boom, economic growth would likely be meaningfully weaker in the aggregate. That’s all to say, economists shouldn’t cosplay as accountants. And don’t get cute with accounting gimmicks, either. A modest GDP impact — on the surface Start with the obvious: business investment in information processing equipment, software, non-residential data centers, manufacturing, and power facilities now totals nearly 6% of US GDP — well beyond the dot-com era. This is a significant share of nominal output overwhelmingly tied to AI — before any judgement on whether the capex translates productivity to output. But how much has this contributed to growth in GDP? Imported parts do not directly add to GDP growth, eve...

周天行今接任刑事檢控專員 楊美琪開始退休前休假 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】律政司委任周天行接任刑事檢控專員，今日履新。 周天行本身是副刑事檢控專員，近年負責多宗國安案件的主控工作，包括黎智英案，律政司司長林定國形容他經驗豐富，致力追求公義，深信他能帶領刑事檢控科。至於現任的楊美琪今日開始退休前休假。