deepblue4you/iStock via Getty Images By Padhraic Garvey, CFA , Regional Head of Research, Americas and Michiel Tukker , Senior European Rates Strategist This real curve steepening versus nominal curve flattening is hardly sustainable Since the US attack on Iran commenced, we have been quite impressed with the rise in the 2yr real yield. It effectively rose from 55bp to over 65bp. Because the 2yr n...
deepblue4you/iStock via Getty Images By Padhraic Garvey, CFA , Regional Head of Research, Americas and Michiel Tukker , Senior European Rates Strategist This real curve steepening versus nominal curve flattening is hardly sustainable Since the US attack on Iran commenced, we have been quite impressed with the rise in the 2yr real yield. It effectively rose from 55bp to over 65bp. Because the 2yr nominal rate rose by 10bp more than this, 2yr break-even inflation rose from 2.8% to 2.9%. So, the narrative up until Thursday was one of an elevation in inflation expectations alongside a rise in the real yield, and we could reverse engineer a rationale that the market was discounting more inflation but not worried about a material hit to real growth. Well, that narrative changed on Thursday, as the 2yr real yield fell back down to sub 60bp, in what was quite a precipitous move. That in turn facilitated a further rise in the 2yr break-even inflation rate to 3%, augmented by a rise in the nominal 2yr yield (so the break-even rate was being pulled from both ends). While we don't want to read too much into this, one clear implication is the market is getting a little more concerned about negative activity effects stemming from the conflict in the Middle East. This coincided with a poor day in equity markets - a dominant risk-off tone. That fits with the notion of a larger negative hit on activity than had been discounted through most of the week to date That all being said, there are different impulses in play in longer tenors. In the 10yr, the dominant outcome has been a rise in the real yield, from 1.7% to 1.8%. That broadly matches the rise in the nominal yield, meaning that the break-even inflation rate has remained broadly unchanged in the 2.3% area. Here the narrative is one of no long-lasting inflation effect, and no material negative hit to medium-term growth circumstances. What to make of all of this? Well, the front end is now winding up a discount for some growth an...
MiniMed Group Inc ., a diabetes management firm that will be separated from health-care giant Medtronic Plc , raised $560 million in a US initial public offering that priced below its marketed range. The medical devices company sold 28 million shares at $20 each, according to a statement Thursday. The health care firm had offered the shares for $25 to $28 each, an earlier filing showed. At the IPO...
MiniMed Group Inc ., a diabetes management firm that will be separated from health-care giant Medtronic Plc , raised $560 million in a US initial public offering that priced below its marketed range. The medical devices company sold 28 million shares at $20 each, according to a statement Thursday. The health care firm had offered the shares for $25 to $28 each, an earlier filing showed. At the IPO price, the Northridge, California-based firm has a market value of $5.6 billion, based on the outstanding shares listed in the filing. MiniMed sells automated insulin pumps, continuous glucose monitors and smart insulin pens. The diabetes company’s separation comes after operating as part of Medtronic for nearly 25 years, according to a letter from Chief Executive Officer Que Dallara included in the filings. The proposed IPO valuation had spurred debate among analysts over whether its growth prospects justified the figures. The potential valuation based on forward adjusted Ebitda would represent a discount to listed firms such as Dexcom Inc. , Insulet Corp. and Tandem Diabetes Care Inc. , a person familiar with the matter has said. Read More: Medtronic Diabetes Unit MiniMed’s IPO Sparks Analyst Debate MiniMed incurred a net loss of $21 million on revenue of $1.5 billion for the six months ended Oct. 24, compared with a net loss of $23 million on revenue of $1.3 billion in the corresponding period a year earlier, a previous filing showed. For the latest news on equity capital markets activity in the US, Canada and Latin America, follow the channel or visit NI BFWECMUS. To subscribe to ECM Watch, Bloomberg’s daily roundup of news from around the region, click here. MiniMed also expects to use part of the proceeds to repay debt owed to Medtronic, according to a filing . Goldman Sachs Group Inc ., Bank of America Corp ., Citigroup Inc . and Morgan Stanley are leading the offering. The company expects its shares to trade on the Nasdaq Global Select Market under the symbol MMED.
Goldman Sachs Natural Gas Research Head Samantha Dart says a scenario where Brent crude prices cross the 100 dollar threshold as "possible" if the Strait of Hormuz were to experience several weeks of interrupted oil flow. (Source: Bloomberg)
Goldman Sachs Natural Gas Research Head Samantha Dart says a scenario where Brent crude prices cross the 100 dollar threshold as "possible" if the Strait of Hormuz were to experience several weeks of interrupted oil flow. (Source: Bloomberg)
Key Points Reduced VFLO stake by 125,824 shares; estimated trade size $4.83 million (based on average quarterly price). Quarter-end position value dropped by $4.61 million, reflecting both trading and price movement. Transaction equates to a 2.67% shift in J Hagan Capital’s 13F reportable assets under management. Post-sale holding: 57,221 shares valued at $2.25 million. VFLO now represents 1.25% o...
Key Points Reduced VFLO stake by 125,824 shares; estimated trade size $4.83 million (based on average quarterly price). Quarter-end position value dropped by $4.61 million, reflecting both trading and price movement. Transaction equates to a 2.67% shift in J Hagan Capital’s 13F reportable assets under management. Post-sale holding: 57,221 shares valued at $2.25 million. VFLO now represents 1.25% of fund AUM, which places it outside the fund's top five holdings. 10 stocks we like better than Victory Portfolios II - VictoryShares Free Cash Flow ETF › J Hagan Capital disclosed a sale of 125,824 shares of VictoryShares Free Cash Flow ETF (NASDAQ:VFLO) in its February 13, 2026, SEC filing, with an estimated transaction value of $4.83 million based on quarterly average pricing. What happened According to a Securities and Exchange Commission (SEC) filing dated February 13, 2026, J Hagan Capital sold 125,824 shares of VictoryShares Free Cash Flow ETF during the fourth quarter of 2025. The estimated transaction value was $4.83 million, calculated using the average unadjusted closing price for the quarter. The quarter-end value of the position declined by $4.61 million, reflecting the combined effect of share sales and changes in market price. What else to know J Hagan Capital reduced its VFLO position to 1.25% of 13F reportable assets under management after this sell transaction Top holdings after the filing: NASDAQ: QQQ: $17.24 million (9.5% of AUM) NYSEMKT: SPY: $16.98 million (9.4% of AUM) NYSEMKT: DIA: $14.04 million (7.8% of AUM) NYSE: THIR: $12.85 million (7.1% of AUM) NASDAQ: NVDA: $10.46 million (5.8% of AUM) As of February 13, 2026, shares of VFLO were priced at $40.26, up 15.23% over the past year, outperforming the S&P 500 by 3.43 percentage points. ETF overview Metric Value AUM $6.32 billion Price (as of market close 3/5/26) $40.37 Dividend yield 1.42% 1-year total return 17.8% ETF snapshot Investment strategy focuses on tracking an index of 50 U.S. large- and mi...
Tesla has had an impressive run over the past six months as its shares have beaten the S&P 500 by 10.8%. The stock now trades at $406.74, marking a 15.9% gain. This run-up might have investors contemplating their next move. Is now the time to buy Tesla, or should you be careful about including it in your portfolio? Dive into our full research report to see our analyst team’s opinion, it’s free. Wh...
Tesla has had an impressive run over the past six months as its shares have beaten the S&P 500 by 10.8%. The stock now trades at $406.74, marking a 15.9% gain. This run-up might have investors contemplating their next move. Is now the time to buy Tesla, or should you be careful about including it in your portfolio? Dive into our full research report to see our analyst team’s opinion, it’s free. Why Do We Think Tesla Will Underperform? We’re happy investors have made money, but we're cautious about Tesla. Here are three reasons there are better opportunities than TSLA and a stock we'd rather own. 1. Demand Slips as Sales Volumes Slide Revenue growth can be broken down into changes in price and volume (the number of units sold). While both are important, volume is the lifeblood of a successful Automobile Manufacturing company because there’s a ceiling to what customers will pay. Tesla’s units sold came in at 418,227 in the latest quarter, and they declined by 4.9% annually over the last two years. This performance was underwhelming and implies there may be increasing competition or market saturation. It also suggests Tesla might have to lower prices or invest in product improvements to grow, factors that can hinder near-term profitability. Tesla Units Sold 2. Free Cash Flow Margin Dropping Free cash flow isn't a prominently featured metric in company financials and earnings releases, but we think it's telling because it accounts for all operating and capital expenses, making it tough to manipulate. Cash is king. As you can see below, Tesla’s margin dropped by 2.8 percentage points over the last five years. It may have ticked higher more recently, but shareholders are likely hoping for its margin to at least revert to its historical level. If the longer-term trend returns, it could signal it is in the middle of an investment cycle as it pursues new AI technologies such as a robotaxi or humanoid robot fleet. Tesla’s free cash flow margin for the trailing 12 months was 6...
(RTTNews) - The Taiwan stock market on Thursday snapped the three-day losing streak in which it had tumbled almost 2,600 points or 8 percent. The Taiwan Stock Exchange now sits just above the 33,670-point plateau although it's looking at a soft start again on Friday. The global forecast for the Asian markets is negative on growing concerns over surging energy prices. The European and U.S. markets ...
(RTTNews) - The Taiwan stock market on Thursday snapped the three-day losing streak in which it had tumbled almost 2,600 points or 8 percent. The Taiwan Stock Exchange now sits just above the 33,670-point plateau although it's looking at a soft start again on Friday. The global forecast for the Asian markets is negative on growing concerns over surging energy prices. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion. The TSE finished sharply higher on Thursday following gains from the financial shares, technology stocks and plastics companies. For the day, the index rallied 844.06 points or 2.57 percent to finish at 33,672.94 after trading between 33,472.91 and 34,319.68. Among the actives, Mega Financial climbed 1.03 percent, while First Financial collected 1.57 percent, Fubon Financial improved 0.78 percent, E Sun Financial expanded 1.19 percent, Taiwan Semiconductor Manufacturing Company jumped 1.88 percent, United Microelectronics Corporation soared 3.50 percent, Hon Hai Precision vaulted 3.23 percent, Largan Precision accelerated 2.39 percent, MediaTek rallied 3.20 percent, Delta Electronics surged 6.37 percent, Novatek Microelectronics advanced 0.94 percent, Formosa Plastics increased 0.96 percent, Nan Ya Plastics strengthened 3.91 percent, Asia Cement lost 0.44 percent and Cathay Financial, CTBC Financial and Catcher Technology were unchanged. The lead from Wall Street is weak as the major averages opened lower on Thursday and spent all day in the red, although ending off session lows. The Dow tumbled 784.67 points or 1.61 percent to finish at 47,954.74, while the NASDAQ sank 58.50 points or 0.26 percent to close at 22,748.99 and the S&P 500 lost 38.79 points or 0.56 percent to end at 6,830.71. Concerns about the impact of sharply higher energy prices weighed on Wall Street, as the price of crude oil resumed the surge seen early in the week. Crude oil prices skyrocketed again on Thursday, resuming the surge ...
There’s “not a ton of confidence” that US security measures to protect oil and gas tankers in the Strait of Hormuz will resolve the current situation, according to Goldman Sachs Group Inc. “There are questions regarding the practicality of naval escorts to ships because of the large number of tankers,” Samantha Dart , Goldman’s co-head of global commodities research, said in an interview on Bloomb...
There’s “not a ton of confidence” that US security measures to protect oil and gas tankers in the Strait of Hormuz will resolve the current situation, according to Goldman Sachs Group Inc. “There are questions regarding the practicality of naval escorts to ships because of the large number of tankers,” Samantha Dart , Goldman’s co-head of global commodities research, said in an interview on Bloomberg TV. There are also concerns around the escorts’ effectiveness against drone attacks, she said. President Donald Trump has suggested various options including the US providing insurance and military escorts to help boost the flow of oil and gas tankers through Hormuz. The vital waterway has been effectively blocked since the war in the Middle East erupted over the weekend, with some Persian Gulf producers already having to halt output. Read More: Trump Says US Will Escort, Insure Oil Tankers Amid the Iran War Goldman earlier this week raised its Brent crude oil forecast to $76 per barrel for the second quarter, up $10 from a previous outlook. That’s still well below $85, where the global benchmark is currently trading. Dart said the estimate assumes very low flows through Hormuz for about five days followed by a gradual monthlong recovery. If disruptions in the strait extend to five weeks, Brent prices could rise above $100 a barrel, she said. This story was produced with the assistance of Bloomberg Automation.