This article first appeared on GuruFocus. Meta (META, Financials) could be pulled into a copyright fight in India after Nykaa asked a New Delhi court to include the company in a lawsuit filed by Zee Entertainment. Zee has sued Nykaa for allegedly using its copyrighted songs in Instagram reels to promote products. The media company is seeking about $210,000 in damages. Nykaa says Meta should be par...
This article first appeared on GuruFocus. Meta (META, Financials) could be pulled into a copyright fight in India after Nykaa asked a New Delhi court to include the company in a lawsuit filed by Zee Entertainment. Zee has sued Nykaa for allegedly using its copyrighted songs in Instagram reels to promote products. The media company is seeking about $210,000 in damages. Nykaa says Meta should be part of the case because Instagram's music licensing terms are central to the dispute. In its filing, Nykaa said Meta is best placed to explain whether the use of music clips violated any license terms. Zee argues its agreement with Meta allows individuals to use its music in posts, but only for non-commercial purposes. The case matters because many brands use music in short videos to market products online. A court ruling could affect how companies use songs on Instagram and other social platforms in India.
peterschreiber.media/iStock via Getty Images Shares of Constellation Energy ( CEG ), NRG Energy ( NRG ), and Vistra ( VST ) are up sharply in Wednesday's trading after PJM Interconnection, the largest U.S. electric grid, accelerated plans to pair data centers with energy producers to help meet the demands of artificial intelligence development. Constellation Energy ( CEG ) up 7.4%, NRG Energy ( NR...
peterschreiber.media/iStock via Getty Images Shares of Constellation Energy ( CEG ), NRG Energy ( NRG ), and Vistra ( VST ) are up sharply in Wednesday's trading after PJM Interconnection, the largest U.S. electric grid, accelerated plans to pair data centers with energy producers to help meet the demands of artificial intelligence development. Constellation Energy ( CEG ) up 7.4%, NRG Energy ( NRG ) up 7%, and Vistra ( VST ) up 6.6%, with all ranking in the day's top 10 gainers on the S&P 500. PJM said in a letter to stakeholders that it will bring forward a planned backstop reliability auction to address rising demand from data centers by a year to this September to mitigate "near-term reliability risk [while] not precluding future bilateral contracting opportunities," without providing details. PJM, which serves 67M people from New Jersey to Illinois—including in northern Virginia, home to the biggest U.S. concentration of data centers—has faced criticism for being too slow to connect data centers with power generation and whether the grid can deliver reliable electricity during periods when the system is stretched. The accelerated timeline is an "acknowledgment that PJM is structurally short capacity to meet hyperscaler-driven demand," Evercore ISI analysts Nicholas Amicucci and Sharon Wang said in a note, viewing the move as "materially constructive" for independent power producers. ETFs: ( XLU ), ( IDU ), ( VPU ), ( BUI ), ( FUTY ), ( UTES ), ( RSPU ), ( JXI ), ( UTSL ) More on Constellation Energy and Vistra The AI Power Bottleneck Makes Constellation Energy A Strong Buy Vistra: Locked Into A Virtuous Cycle Vistra: Don't Underestimate The Nuclear Energy Potential
This article first appeared on GuruFocus. Nvidia (NASDAQ:NVDA) options traders are pricing a relatively modest move into Wednesday's quarterly results, even as some investors keep buying upside exposure ahead of the report. Susquehanna Financial Group said Nvidia's weekly straddle is priced at about 6.5%, below the 8% average implied move across the last 10 earnings releases. That still stands abo...
This article first appeared on GuruFocus. Nvidia (NASDAQ:NVDA) options traders are pricing a relatively modest move into Wednesday's quarterly results, even as some investors keep buying upside exposure ahead of the report. Susquehanna Financial Group said Nvidia's weekly straddle is priced at about 6.5%, below the 8% average implied move across the last 10 earnings releases. That still stands above the average one-day post-earnings swing of 5.6% in either direction over the same period. The firm also said buying the weekly straddle as a one-day earnings trade has lost money in seven straight quarters, with an average return of negative 28.8%. Even so, a trader bought 25,000 June 245/260 call spreads, signaling a bet on further upside for Nvidia. Heavy trading also showed up in Nvidia's May 22 weekly options, where the 230 call led volume and nearby strikes were active on both sides. Michael Kramer of Mott Capital Management said Nvidia may be set for a volatility reset after earnings as implied volatility eases.
Every day, I go through hundreds of stocks to uncover trading and investing ideas for our clients. Some of that process comes through preset technical screens, while some of it is simply manually paging through charts one by one At times, this can be even more telling than having a program spit out names based solely on criteria. In many ways, using both approaches together is the most valuable pr...
Every day, I go through hundreds of stocks to uncover trading and investing ideas for our clients. Some of that process comes through preset technical screens, while some of it is simply manually paging through charts one by one At times, this can be even more telling than having a program spit out names based solely on criteria. In many ways, using both approaches together is the most valuable process. The biggest confirmation comes when the same names surface through both methods. In other words, I already know the types of patterns that tend to look attractive simply by identifying them visually on a chart. Sometimes those names may not check every box from a technical standpoint, but when they also appear on the preset screens built to identify the exact criteria conducive to breakouts or sustained moves, it gives me a higher level of conviction in using them as trade ideas. Going through this exercise recently, I noticed something interesting: a meaningful number of stocks showing attractive chart patterns stemmed from the real estate sector. What makes that notable, of course, is the backdrop. With the 10-year Treasury yield recently hitting its highest level since early last year near 4.7%, real estate would probably be the last place most investors would think to look for constructive setups. That is exactly why this type of exercise helps eliminate bias. Sometimes, focusing on price action alone gives insight we otherwise may not have considered. This can be viewed in two ways: Bigger Picture Perspective: What does it tell us about traders and investors if they continue buying real estate stocks while rates are moving sharply higher? Perhaps the market is discounting something ahead of time, or maybe investors are seeing value despite the rate backdrop. Technical Perspective: Price action should remain the primary focus. As a market technician, my job is to objectively interpret what the market is telling us rather than become overly influenced by outside n...
Juan Arnoldo Benitez Romero/iStock Editorial via Getty Images Looking back at it now, I think that post-rally piece I wrote back in December ended up being pretty on point. BBB Foods Inc. ( TBBB ) looks like it has reached that point where the business is still running really well for a grocer, but the stock itself doesn't leave much upside on the table anymore. Q4 already hinted at that, and Q1 F...
Juan Arnoldo Benitez Romero/iStock Editorial via Getty Images Looking back at it now, I think that post-rally piece I wrote back in December ended up being pretty on point. BBB Foods Inc. ( TBBB ) looks like it has reached that point where the business is still running really well for a grocer, but the stock itself doesn't leave much upside on the table anymore. Q4 already hinted at that, and Q1 FY 2026 seems to be telling the same story again. Even so, like I said back in March, even with Mexico seeing weaker Consumer Confidence —down 3.8% from October to November and still hovering near the lows of the past few months—BBB Foods is positioned as the trade-down winner . Consumer Confidence (Trading Economics) But I have some numbers to show you that. Seeking Alpha If we go back to that December article, since I slapped the 'Hold' rating again here, the stock has delivered just over ~9%, while the S&P has delivered almost 8%. So yes, it did outperform, but not in the same way as my December piece, where both were roughly up ~12% over the same stretch. It feels like no matter how much the stock pushes up and even briefly gets close to $40, it always ends up circling back around my old price target of ~$35. It's frustrating for the Bulls, I get it. But to me, BBB Foods still looks like that classic case of a great company priced for perfection. Even so, I always find some interesting angles to this thesis every quarter that passes. And to give it to you this time, you probably need to look at Turkey. Becoming Mexico's BIM I always say in my restaurant write-ups that it’s hard to sustain double-digit same-store sales for long. But even with Tiendas 3B showing some signs of fatigue in Q1 FY 2026, facing very difficult comparisons, it's possible to see some color in breaking down this. Earnings Presentation In an earnings call , Hatoum (CEO of Tiendas 3B) said that two-thirds of this 16% bump (just over 10%) is coming from volume. Here, we can make some interesting infere...
Image source: The Motley Fool. Wednesday, May 20, 2026 at 11:00 a.m. ET CALL PARTICIPANTS Chief Executive Officer — Laurence Penn Chief Financial Officer — Christopher Smernoff Chief Investment Officer — Gregory Borenstein Portfolio Manager — Jason Frank Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS GAAP Net Loss -- $0.86 per share, driven primarily by mark-to-market l...
Image source: The Motley Fool. Wednesday, May 20, 2026 at 11:00 a.m. ET CALL PARTICIPANTS Chief Executive Officer — Laurence Penn Chief Financial Officer — Christopher Smernoff Chief Investment Officer — Gregory Borenstein Portfolio Manager — Jason Frank Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS GAAP Net Loss -- $0.86 per share, driven primarily by mark-to-market losses in CLO equity. -- $0.86 per share, driven primarily by mark-to-market losses in CLO equity. Adjusted Net Investment Income -- $0.19 per share, a $0.02 sequential decline due to lower asset yields on CLO equity positions. -- $0.19 per share, a $0.02 sequential decline due to lower asset yields on CLO equity positions. Net Asset Value (NAV) -- $4.09 per share at March 31, with an estimated April 30 range of $4.26 to $4.32 per share (midpoint $4.29). -- $4.09 per share at March 31, with an estimated April 30 range of $4.26 to $4.32 per share (midpoint $4.29). CLO Portfolio Size -- $308 million at March 31, rising to approximately $328 million by April 30, a growth of over 6% month over month. -- $308 million at March 31, rising to approximately $328 million by April 30, a growth of over 6% month over month. Cash and Cash Equivalents -- $57.7 million held at March 31, supported by recently issued debt capital. -- $57.7 million held at March 31, supported by recently issued debt capital. Senior Unsecured Notes Issuance -- $54 million of 8.5% five-year notes issued in late March, with $2.3 million in issuance costs fully expensed. -- $54 million of 8.5% five-year notes issued in late March, with $2.3 million in issuance costs fully expensed. CLO Portfolio Composition -- CLO equity made up 53% of portfolio holdings at quarter end, up from 52% at year-end; European CLO exposure decreased to 10% from 12%. -- CLO equity made up 53% of portfolio holdings at quarter end, up from 52% at year-end; European CLO exposure decreased to 10% from 12%. Trading Activity -- 44 trades execut...
Earnings Call Insights: Ellington Credit Company (EARN) Q4 fiscal 2026 Management View "The first calendar quarter of 2026 was marked by continued volatility in the CLO market... [which] led to a decline in our NAV, but our active trading and up in the capital stack bias, once again drove our outperformance versus peers." (CEO, President & Trustee Laurence Penn) "We believe that the first quarter ...
Earnings Call Insights: Ellington Credit Company (EARN) Q4 fiscal 2026 Management View "The first calendar quarter of 2026 was marked by continued volatility in the CLO market... [which] led to a decline in our NAV, but our active trading and up in the capital stack bias, once again drove our outperformance versus peers." (CEO, President & Trustee Laurence Penn) "We believe that the first quarter largely represented a technical dislocation that reset valuations and expanded the opportunity set rather than a fundamental deterioration in underlying credit quality." (CEO, President & Trustee Penn) "Importantly, we were able to issue debt capital at the end of March, which enabled us to move quickly to capitalize on this opportunity-rich environment by deploying those proceeds promptly and opportunistically." (CEO, President & Trustee Penn) "In late March, the fund issued $54 million of 8.5% 5-year senior unsecured notes." (CEO, President & Trustee Penn) "These recent maneuvers contributed to our strong monthly economic return of nearly 7% in April and position us for improved earnings capacity as we rebuild net investment income." (CEO, President & Trustee Penn) "For the quarter ended March 31, 2026... we reported a GAAP net loss of $0.86 per share." (Chief Financial Officer Christopher Smernoff) "Adjusted net investment income declined by $0.02 sequentially to $0.19 per share for the quarter, driven by lower asset yields on our CLO equity positions." (Chief Financial Officer Smernoff) Outlook "Market conditions have subsequently improved so far in the second quarter, and this has been a tailwind for what is shaping up to be a strong quarter." (CEO, President & Trustee Penn) "As of April 30, the estimated range on our NAV per share was $4.26 to $4.32 with a midpoint of $4.29." (Chief Financial Officer Smernoff) "I think after this current quarter is over, that's when you'll see the momentum in our adjusted net investment income... be back on the upswing, given the timi...
This article first appeared on GuruFocus. Intel (INTC, Financials) is reportedly encouraging PC makers to use chips built on its newer 18A production process, a move Wedbush Securities says may show the company is focused on protecting margins. The reported push comes as Intel tries to regain ground in advanced chip manufacturing and strengthen confidence in its foundry roadmap. Wedbush said the s...
This article first appeared on GuruFocus. Intel (INTC, Financials) is reportedly encouraging PC makers to use chips built on its newer 18A production process, a move Wedbush Securities says may show the company is focused on protecting margins. The reported push comes as Intel tries to regain ground in advanced chip manufacturing and strengthen confidence in its foundry roadmap. Wedbush said the strategy makes sense because newer chips can help Intel defend pricing and improve profitability at a time when competition in the PC and semiconductor markets remains intense. For investors, the issue is whether Intel can turn its manufacturing investments into stronger financial results. The company has spent heavily to rebuild its technology position, but markets are still watching for clearer signs of execution. The move also shows how important the PC market remains for Intel as it works to balance growth, costs and margin recovery.
In this article ABNB Follow your favorite stocks CREATE FREE ACCOUNT Dado Ruvic | Reuters Airbnb CEO Brian Chesky said the rental platform could become an Amazon for travel as the company adds hotels and new services in its latest push to become an everything app for vacationers. "I imagine one day we'll have dozens, possibly even hundreds of categories, just like Amazon," CEO Brian Chesky told CN...
In this article ABNB Follow your favorite stocks CREATE FREE ACCOUNT Dado Ruvic | Reuters Airbnb CEO Brian Chesky said the rental platform could become an Amazon for travel as the company adds hotels and new services in its latest push to become an everything app for vacationers. "I imagine one day we'll have dozens, possibly even hundreds of categories, just like Amazon," CEO Brian Chesky told CNBC's Andrew Ross Sorkin. "I think we can build a little bit, like an Amazon for services, at least for traveling and living." Airbnb on Wednesday added independent hotels and services such as car rentals, grocery delivery and luggage storage to its app, in its latest expansion beyond home rentals. Guests can also book boutique hotels on Airbnb, and the company is incentivizing users with up to 15% back in platform credits. Chesky said the new additions build on the growing services needs in a "very fragmented" travel and living market. He told CNBC that the company would also consider adding equipment rentals for activities like surfing and skiing, and gym passes down the road. Courtesy: Airbnb Airbnb is in the middle of a multi-phase redesign after dialing back initial expansion plans during the Covid-19 pandemic. Last summer, the company launched a services business with 10 categories, in a major app design overhaul . Since then, Airbnb has brought social features to the platform and an updated artificial intelligence chatbot. The company's AI strategy is also getting another upgrade this year. Airbnb said its chatbot tool can now fix booking issues within the chat, and the company is adding an AI feature that summarizes guest reviews. Later this year, the company plans to bring AI voice assistant to its chatbot and AI-generated summaries for listings. Business chief Dave Stephenson said Airbnb is using a combination of tools from open-source and large language model makers for its AI features. "We're very judicious in using the right model for the right purpose, which is...
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. ...
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. 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. Continue reading
Sam Altman, chief executive officer of OpenAI Inc., speaks during BlackRock's 2026 Infrastructure Summit in Washington, DC, US, on Wednesday, March 11, 2026. Daniel Heuer | Bloomberg | Getty Images OpenAI is preparing to confidentially file a draft of its IPO prospectus as soon as Friday, as the company gears up for what could be one of the largest public markets debuts in history, CNBC confirmed ...
Sam Altman, chief executive officer of OpenAI Inc., speaks during BlackRock's 2026 Infrastructure Summit in Washington, DC, US, on Wednesday, March 11, 2026. Daniel Heuer | Bloomberg | Getty Images OpenAI is preparing to confidentially file a draft of its IPO prospectus as soon as Friday, as the company gears up for what could be one of the largest public markets debuts in history, CNBC confirmed on Wednesday. This is breaking news. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
What Happened? Shares of memory chips maker Micron (NASDAQ:MU) fell 7.2% 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 ...
What Happened? Shares of memory chips maker Micron (NASDAQ:MU) fell 7.2% 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. Is now the time to buy Micron? Access our full analysis report here, it’s free. What Is The Market Telling Us Micron’s shares are extremely volatile and have had 47 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 5 days ago when the stock gained 5.4% as President Trump landed in Beijing alongside Nvidia CEO Jensen Huang and Micron CEO Sanjay Mehrotra for a summit with President Xi Jinping, raising hopes that the two sides could reach a deal to ease chip export restrictions and stabilise rare earth supply chain, the two pressure points that have most constrained the sector. Micron led the advance, with the broader Philadelphia Semiconductor Index building on its recent AI-driven momentum. Markets priced in higher odds of a U.S.-China tariff agreement by May 31, with speculation centred on a "small deal"...
Q: Do you have time to kill before kick-off? A: Yes. Aston Villa have won two European trophies in their history. And no we’re not counting the Intertoto Cup. Dignity, my friends, dignity. The first, and quite obviously the most special, is the 1982 European Cup, inspired by Ron Saunders but actually won by Tony Barton and Peter Withe. You can relive, rediscover or just read about that with David ...
Q: Do you have time to kill before kick-off? A: Yes. Aston Villa have won two European trophies in their history. And no we’re not counting the Intertoto Cup. Dignity, my friends, dignity. The first, and quite obviously the most special, is the 1982 European Cup, inspired by Ron Saunders but actually won by Tony Barton and Peter Withe. You can relive, rediscover or just read about that with David Lacey’s match report … … and Ben Fisher’s nostalgic chat with the players. A glorious victory that will never get old. Though is it as downright hilarious as their dismantling in the Super Cup the following year of Barcelona, who in the 1980s were a rugged shower of galoots and hoodlums? No of course it’s not. Glory days. But it’s long past the time Villa had another major European victory to celebrate. Can they turn Istanbul into Astonbul? They’re favourites to beat Freiburg tonight, and it doesn’t harm that their boss, Unai Emery, is also the guvnor of the Europa League, having won it four times already for Sevilla and Villarreal. Can John McGinn join Dennis Mortimer and Ken McNaught in hoisting some continental silver for the Villa? We’ll find out soon enough. Kick-off at Beşiktaş Stadyumu is at 8pm BST. It’s on!
Chewy (CHWY) stock recently retreated to near $20, down from its 52-week high of $48.62. Missed the pet e-commerce boom? Do not worry. There is still a strategic way to profit from Chewy’s long-term growth, with a potential margin of safety. Investors may be pricing in too much pessimism. But what if you could initiate a position at over 20% discount, securing shares at $15 each? Now we are talkin...
Chewy (CHWY) stock recently retreated to near $20, down from its 52-week high of $48.62. Missed the pet e-commerce boom? Do not worry. There is still a strategic way to profit from Chewy’s long-term growth, with a potential margin of safety. Investors may be pricing in too much pessimism. But what if you could initiate a position at over 20% discount, securing shares at $15 each? Now we are talking. If you think CHWY stock is a good long-term bet and have cash ready, here is a clever trade. The Trade: 20% annualized yield at 20% margin of safety, by selling Put Options CHWY currently trades near $20. You can sell a long-dated Put option expiring on March 19, 2027, with a strike price of $15, collecting roughly $187 in premium per contract (representing 100 shares). That represents a 15% annualized yield on the $1,500 you set aside. Plus, keeping this cash parked in a money market account earns an extra 5.0% annually. This pushes the total yield to a compelling 20.1%. Most importantly, you give yourself the chance to buy CHWY stock at the discounted price of $15. Sure, I see the 20% return. What if Chewy drops significantly from here? There are two ways this trade could unfold: CHWY stays above $15: You keep the full $187 premium. That equates to 12% extra income over the next 304 days on cash that might otherwise earn 5.0%. You never buy the stock. CHWY closes below $15: You will be obligated to buy 100 shares at $15. Thanks to the $187 premium collected, your effective cost basis is just $13.13 per share. This represents a roughly 33% discount from current trading levels. In short, this trade establishes a highly favorable risk-reward profile, provided you are comfortable owning Chewy for the long haul. Is that a good deal, though? If you end up owning CHWY stock, you hold a company that is: A leader in pet e-commerce: Chewy boasts over 21.3 million active customers. Chewy boasts over 21.3 million active customers. Consistently growing: Net sales generated $12.6 bi...
Florin Raducu Ianas/iStock via Getty Images UBS on Wednesday upgraded Packaging Corporation of America ( PKG ) from Neutral to Buy, raising its 12-month price target to $248 from $232, implying 22% upside from the stock's current price of $203.17. The upgrade was driven by analyst Anojja Shah's conviction that a $50-per-ton linerboard price increase slated for June will stick, on the back of impro...
Florin Raducu Ianas/iStock via Getty Images UBS on Wednesday upgraded Packaging Corporation of America ( PKG ) from Neutral to Buy, raising its 12-month price target to $248 from $232, implying 22% upside from the stock's current price of $203.17. The upgrade was driven by analyst Anojja Shah's conviction that a $50-per-ton linerboard price increase slated for June will stick, on the back of improving demand signals and tightening supply across the industry. June price hike at center of thesis Shah models the June increase as adding roughly $290 million in annualized earnings before interest, taxes, depreciation and amortization for PCA ( PKG ), with about half of that hitting in 2026. She does not believe this is currently reflected in consensus or buyside estimates. UBS now projects PCA's ( PKG ) 2026 and 2027 ebitda at $2.11 billion and $2.35 billion respectively, running 1.6% and 2.0% ahead of consensus. The firm believes the market is pricing in ebitda roughly 4% below UBS's 2026 estimate and 10% below its 2027 estimate. PCA ( PKG ) already achieved a $50-per-ton increase earlier this year. The question for investors is whether a second, back-to-back increase can hold. Demand and supply signals point positive Shah points to several indicators supporting the bullish case. PKG's own April bookings rose 4.5% year-over-year. A May survey from Pulp & Paper Week offered better-than-expected commentary on box market conditions. Private company checks conducted by UBS in late April and early May found broad-based demand improvement across multiple end markets. Supply is also tight. The North American containerboard industry removed roughly 10% of capacity in 2025, and smaller box makers are reportedly encountering short-term paper shortages. Cost pressures add further weight to the pricing argument. Old corrugated container prices are up more than 40% year-to-date and rose year-over-year in May for the first time since October 2024. Diesel is up nearly 60% year-over-ye...