Alvin Man/iStock Editorial via Getty Images Nearly two years ago, I researched and wrote an article on International Consolidated Airlines Group ( ICAGY ), the parent company of British Airways, Vueling, and others—and what I saw puzzled me. How could such a robust European-based airline group that had done a wonderful job recovering from the depths of the COVID-19 crisis be trading at such low mu...
Alvin Man/iStock Editorial via Getty Images Nearly two years ago, I researched and wrote an article on International Consolidated Airlines Group ( ICAGY ), the parent company of British Airways, Vueling, and others—and what I saw puzzled me. How could such a robust European-based airline group that had done a wonderful job recovering from the depths of the COVID-19 crisis be trading at such low multiples (trailing P/E of only 4.8x)? Meanwhile, the stock price remained in an eye-popping 71% drawdown from the January 2020 peak levels (see line chart below), which was substantially worse than what the rest of the global airline sector ( JETS ) had been experiencing. Data by YCharts Because almost nothing in equity investing is as straightforward as it may seem, I was torn between concluding that (1) ICAGY was a no-brainer "buy the dip" opportunity and (2) I must have been missing something that the market had not. While the latter tends to happen much more often, the former proved to be true in this case. Since that article, ICAGY climbed 165% (dividends included), more than quintupling the returns of the S&P 500 ( SPY ) (see my previous article linked above, top right corner table). Today, with the stock valued higher than it was back then, I revisit this fascinating and rare story of astounding alpha generation in the airline space. Is it too late to own ICAGY today? ICAGY: From Fundamentals to Valuation Since 2024, International Consolidated Airlines Group (which I will simply refer to as "ICAGY" from now on) has further strengthened its balance sheet while producing still-solid operating metrics—despite geopolitical headwinds outside Europe that have put a bit of a dent in them. On the former, as the chart below suggests, ICAGY has reduced debt as a percentage of total assets noticeably, at 33% now compared to above 50% at the end of 2022 and as much as 58% today (lease liabilities included) for US legacy peers. Debt retirement has been made possible due to strong ...
Getty Images By Zain Vawda Markets are gearing up for the March NFP release, and yet, focus ahead of the meeting is largely focused on the situation in the Middle East. Despite this, the upcoming Non-Farm Payrolls (NFP) report remains the fundamental "north star" for the Federal Reserve. Here is your preview for the March 6 jobs report and its expected impact on the markets. The Macro Backdrop: Wa...
Getty Images By Zain Vawda Markets are gearing up for the March NFP release, and yet, focus ahead of the meeting is largely focused on the situation in the Middle East. Despite this, the upcoming Non-Farm Payrolls (NFP) report remains the fundamental "north star" for the Federal Reserve. Here is your preview for the March 6 jobs report and its expected impact on the markets. The Macro Backdrop: War and AI reality checks The market narrative has shifted violently this week. The "AI honeymoon" period of early 2026 met a jarring reality as President Trump signaled that "Operation Epic Fury", the joint US-Israeli military campaign against Iran, could be a protracted engagement. With the Strait of Hormuz facing potential blockades and Brent crude surging into the $80s, the "low-hire, low-fire" labor regime is being tested by a new inflation shock channel: energy. The immediate focus for Friday is whether the cooling labor market will provide the Fed enough cover to cut rates despite these rising inflationary risks. NFP Consensus and Key Data Points Market expectations for the data (to be released March 6) suggest a significant deceleration from the previous month’s surprise strength: NFP Headline Forecast: 58k-65k (down from January’s 130k). Unemployment Rate: Expected to hold steady or edge up to 4.4%. Average Hourly Earnings: Forecasted at +0.4% m/m. This is the "danger zone" for the Fed; sticky wage growth combined with high oil prices creates a stagflationary headache. The "ADP Bellwether": Wednesday's ADP private payrolls came in at 63k, slightly beating the 50k estimate. However, a downward revision to the previous month’s figures dampened any bullish dollar sentiment, setting a cautious stage for Friday. Economic data releases scheduled for March 6, 2026 (Source: MarketPulse Economic Calendar) Implications for the US Dollar Index ( DXY ) The DXY has been oscillating near the 99.50 resistance level, buoyed by safe haven flows due to the Iran conflict. Bullish Scena...
Elon Musk testified he had to pay full price to buy Twitter in 2022 because the Delaware judge in the company’s lawsuit to make him consummate the $44 billion deal was “biased” against him, Bloomberg News reported. Musk has openly complained before about Delaware Chancery Court’s chief judge, Kathaleen St. J. McCormick. But his testimony at a San Francisco trial revisiting the tumultuous buyout ma...
Elon Musk testified he had to pay full price to buy Twitter in 2022 because the Delaware judge in the company’s lawsuit to make him consummate the $44 billion deal was “biased” against him, Bloomberg News reported. Musk has openly complained before about Delaware Chancery Court’s chief judge, Kathaleen St. J. McCormick. But his testimony at a San Francisco trial revisiting the tumultuous buyout marked the first time the world’s richest person has publicly said why he ultimately decided to back down in his fight with Twitter, the report added. Musk said his lawyers warned him he was unlikely to beat the suit after McCormick issued pretrial rulings favoring Twitter. In a separate case, McCormick twice voided Musk’s Tesla ( TSLA ) pay package, which the Delaware Supreme Court reinstated in December 2025. “The lawyers said there was no choice,” Musk told jurors, explaining why he ultimately agreed to close the deal after months of dispute. The testimony came during a trial examining claims from Twitter investors that Musk misled markets during the turbulent takeover process. According to Bloomberg , the investors argue Musk’s comments — including posts suggesting the deal was temporarily “on hold” — influenced trading behaviour and caused financial losses for some shareholders. One investor, Brian Belgrave, told the court he sold thousands of Twitter shares in July 2022 after concluding Musk would abandon the takeover. Belgrave later watched Musk complete the acquisition at $54.20 per share, a price significantly higher than the amount he had received when selling his holdings. “I got cheated,” Belgrave said in testimony cited by Bloomberg . In March 2025, xAI acquired Twitter (now X) in an all-stock deal that valued the social media platform at about $33 billion. Musk's X competes with other popular social media firms such as Meta's ( META ) Facebook and Instagram, Google's YouTube, Snap's ( SNAP ) Snapchat, TikTok, Pinterest ( PINS ), Microsoft's ( MSFT ) LinkedIn, an...
(RTTNews) - Evertz Technologies Ltd. (ET.TO) released a profit for third quarter that Dropped, from last year The company's earnings totaled C$18.46 million, or C$0.24 per share. This compares with C$20.92 million, or C$0.27 per share, last year. The company's revenue for the period rose 1.8% to C$139.33 million from C$136.92 million last year. Evertz Technologies Ltd. earnings at a glance (GAAP) ...
(RTTNews) - Evertz Technologies Ltd. (ET.TO) released a profit for third quarter that Dropped, from last year The company's earnings totaled C$18.46 million, or C$0.24 per share. This compares with C$20.92 million, or C$0.27 per share, last year. The company's revenue for the period rose 1.8% to C$139.33 million from C$136.92 million last year. Evertz Technologies Ltd. earnings at a glance (GAAP) : -Earnings: C$18.46 Mln. vs. C$20.92 Mln. last year. -EPS: C$0.24 vs. C$0.27 last year. -Revenue: C$139.33 Mln vs. C$136.92 Mln last year. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Li Dongsheng. Photo: VCG A Chinese technology executive has called for local state-owned investors to pull back from competitive industries, blaming local government-backed investment for fueling the severe overcapacity that has plagued sectors like solar energy. Li Dongsheng, chairman of TCL Technology Group Corp., made the remarks ahead of the annual “Two Sessions” in Beijing. His proposal takes...
Li Dongsheng. Photo: VCG A Chinese technology executive has called for local state-owned investors to pull back from competitive industries, blaming local government-backed investment for fueling the severe overcapacity that has plagued sectors like solar energy. Li Dongsheng, chairman of TCL Technology Group Corp., made the remarks ahead of the annual “Two Sessions” in Beijing. His proposal takes aim at the “involution-style” vicious competition that has distorted market prices, suppressed corporate profitability and triggered trade tensions. Li, who is also a deputy to the National People’s Congress, argued that to cure this economic malaise, the government must allow market forces to play the decisive role in resource allocation rather than relying on administrative intervention.
Torsten Asmus/iStock via Getty Images Market Review Bonds delivered fourth-quarter gain. U.S. investment-grade bonds logged their fourth straight quarterly gain. The volatile period witnessed the longest U.S. government shutdown in history, mounting job cuts, tepid consumer sentiment and growing division among Federal Reserve (Fed) policymakers. Economy remained resilient. The government shutdown ...
Torsten Asmus/iStock via Getty Images Market Review Bonds delivered fourth-quarter gain. U.S. investment-grade bonds logged their fourth straight quarterly gain. The volatile period witnessed the longest U.S. government shutdown in history, mounting job cuts, tepid consumer sentiment and growing division among Federal Reserve (Fed) policymakers. Economy remained resilient. The government shutdown canceled or delayed key economic data, but available metrics indicated resilience. The U.S. economy gathered strength in the third quarter, logging an annualized growth rate of 4.3%, compared with 3.8% in the second quarter. Other data released in the fourth quarter showed economic activity slowed but generally remained expansionary. Fed easing continued. The Fed cut rates by 0.25% in October and again in December, dropping the target lending rate to a range of 3.5% to 3.75%. Labor market concerns prompted the easing, as the November unemployment rate reached 4.6%, the highest since September 2021. Meanwhile, growing division among Fed policymakers tempered expectations for future rate cuts. Treasury yields were mixed. Treasury yields were volatile, and they ended the three-month period mixed. Labor market concerns and Fed easing contributed to a 0.14% decline in the two-year Treasury yield to 3.28%. Meanwhile, the yield on the 10-year Treasury rose slightly from 4.15% to 4.17%. The yield curve between two and 10 years steepened. Inflation slowed. Inflation moderated in the quarter. However, due to the government shutdown, the Bureau of Economic Analysis delayed the core personal consumption expenditures price index, the Fed's preferred inflation gauge. Overall, inflation expectations moderated, and Treasury inflation-protected securities underperformed nominal Treasuries. Sector performance was positive. All sectors of the broad investment-grade bond market advanced in the quarter, led by the outperforming mortgage-backed securities sector. Treasuries outperformed investme...
When it comes to the artificial intelligence (AI) boom, few companies are as central to it as Nvidia (NVDA +1.68%) and Amazon (AMZN +3.97%). Even more, both companies have seen their revenue growth rates accelerate recently. Still, if you were to judge strictly by the two companies' growth rates alone, choosing between the two would be easy. Nvidia posted a staggering 73% year-over-year revenue in...
When it comes to the artificial intelligence (AI) boom, few companies are as central to it as Nvidia (NVDA +1.68%) and Amazon (AMZN +3.97%). Even more, both companies have seen their revenue growth rates accelerate recently. Still, if you were to judge strictly by the two companies' growth rates alone, choosing between the two would be easy. Nvidia posted a staggering 73% year-over-year revenue increase to $68.1 billion. And Amazon's sales rose 14% to $213.4 billion, reflecting a more diversified operational base. Of course, there's more to the story. Let's look closely at the underlying businesses to see which stock is the more compelling buy. Nvidia: Incredible growth but high expectations There is no denying that Nvidia's business momentum is astounding. The chipmaker's fiscal fourth-quarter results were driven by its data center segment, which saw revenue rise 75% year over year to a record $62.3 billion. This segment, driven by AI demand, now accounts for the vast majority of the company's overall sales. Interestingly, however, the stock actually fell after the company reported these impressive results late last month -- a reaction that highlights a core challenge for the stock: expectations are high. Fortunately, management expects continued strong growth in the near term. It expects fiscal first-quarter revenue of about $78 billion, representing 77% year-over-year growth. This would mark yet another quarter of accelerating top-line momentum for the company. But there's concern about Nvidia's longer-term growth prospects, given the semiconductor industry's cyclical nature. If cyclical demand for AI infrastructure eventually cools, or if hardware competitors chip away at Nvidia's pricing power, the company's elevated profit margins could compress. The stock's higher valuation of 37 times earnings, combined with the market's concerns about the sustainability of these growth rates in a cyclical industry, means that any misstep could lead to a significant rerating...
Key Points Nvidia's data center revenue surged 75% year over year in its most recent quarter. Amazon's cloud computing segment saw its growth rate accelerate to 24% in Q4. One of these two artificial intelligence winners offers a safer mix of cyclical resilience and margin durability. 10 stocks we like better than Amazon › When it comes to the artificial intelligence (AI) boom, few companies are a...
Key Points Nvidia's data center revenue surged 75% year over year in its most recent quarter. Amazon's cloud computing segment saw its growth rate accelerate to 24% in Q4. One of these two artificial intelligence winners offers a safer mix of cyclical resilience and margin durability. 10 stocks we like better than Amazon › When it comes to the artificial intelligence (AI) boom, few companies are as central to it as Nvidia (NASDAQ: NVDA) and Amazon (NASDAQ: AMZN). Even more, both companies have seen their revenue growth rates accelerate recently. Still, if you were to judge strictly by the two companies' growth rates alone, choosing between the two would be easy. Nvidia posted a staggering 73% year-over-year revenue increase to $68.1 billion. And Amazon's sales rose 14% to $213.4 billion, reflecting a more diversified operational base. 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 » Of course, there's more to the story. Let's look closely at the underlying businesses to see which stock is the more compelling buy. Nvidia: Incredible growth but high expectations There is no denying that Nvidia's business momentum is astounding. The chipmaker's fiscal fourth-quarter results were driven by its data center segment, which saw revenue rise 75% year over year to a record $62.3 billion. This segment, driven by AI demand, now accounts for the vast majority of the company's overall sales. Interestingly, however, the stock actually fell after the company reported these impressive results late last month -- a reaction that highlights a core challenge for the stock: expectations are high. Fortunately, management expects continued strong growth in the near term. It expects fiscal first-quarter revenue of about $78 billion, representing 77% year-over-year growth. This would mark yet another quarter of accelerating...
Asian liquefied natural gas prices pulled back slightly from the highest level in three years , as the market weighed the viability of an American plan to ensure safe passage for tankers through the Strait of Hormuz. Spot LNG eased to around $23.80 per million British thermal units in Asia, said traders, but levels were still more than double compared with last week. The sharpest rally in European...
Asian liquefied natural gas prices pulled back slightly from the highest level in three years , as the market weighed the viability of an American plan to ensure safe passage for tankers through the Strait of Hormuz. Spot LNG eased to around $23.80 per million British thermal units in Asia, said traders, but levels were still more than double compared with last week. The sharpest rally in European natural gas in four years came to an abrupt halt on Wednesday after President Donald Trump flagged the safe transit plan. Natural gas prices jumped this week following a halt at Qatar’s Ras Laffan plant — the world’s biggest LNG export facility — and the effective closure of Hormuz, which is threatening the worst supply shock since Russia invaded Ukraine in 2022. Buyers in Asia are scrambling for alternative supply, with the disruption already impacting some industries and signaling higher electricity prices. Read More: Qatar’s Hard-Won Reputation as Safest Gas Supplier Lost in Days Some LNG tankers have redirected toward Asia after initially heading for Europe, as competition intensifies. Still, prices are too high for some buyers, especially India, traders said. Instead, those importers are opting for short-term supply cuts to industries, rather than taking expensive cargoes, they added. Qatar’s halt especially affects Asia, with most of its production shipped to the region, and a prolonged halt is likely to increase competition with Europe for cargoes from other destinations, keeping prices high.
Viemed Healthcare press release ( VMD ): Q4 GAAP EPS of $0.14 beats by $0.05 . Revenue of $76.2M (+25.5% Y/Y) misses by $1.15M . Adjusted EBITDA for the quarter and year ended December 31, 2025 totaled $18.2 million and a record $61.4 million, respectively. The Company continued to generate strong free cash flow while delivering robust growth. Net cash provided by operating activities for the year...
Viemed Healthcare press release ( VMD ): Q4 GAAP EPS of $0.14 beats by $0.05 . Revenue of $76.2M (+25.5% Y/Y) misses by $1.15M . Adjusted EBITDA for the quarter and year ended December 31, 2025 totaled $18.2 million and a record $61.4 million, respectively. The Company continued to generate strong free cash flow while delivering robust growth. Net cash provided by operating activities for the year ended December 31, 2025 totaled $51.9 million compared with $39.1 million for the year ended December 31, 2024. Free cash flow for the year ended December 31, 2025 totaled $28.1 million compared with $11.6 million for the year ended December 31, 2024. The Company's ventilator patient count totaled 12,259 as of December 31, 2025, an increase of 4% over December 31, 2024. Full Year 2026 Guidance (all dollar amounts are USD): The Company is providing the following financial guidance for the year ending December 31, 2026: Net revenue is expected to be in the range of $310 million to $320 million vs. consensus of $328.73M. Adjusted EBITDA is expected to be in the range of $65 million to $69 million. Net capital expenditures are expected to be in the range of 10% to 11.5% of net revenue. More on Viemed Healthcare Viemed Healthcare: Remaining Bullish On Keen Valuation And Buoyant Cash Flow Viemed Healthcare authorizes share repurchase program through March 2027 Top small-cap healthcare stocks surging above 200-day moving average Seeking Alpha’s Quant Rating on Viemed Healthcare Historical earnings data for Viemed Healthcare
Y Combinator（YC）作为全球最有影响力的创业孵化器及投资机构之一，会在每季度发布一个创业需求清单（RFC, Requests for Startups），即是YC的最新投资方向，也逐渐成为行业的热点风向标。2026年春，YC发布了最新的RFC清单（完整清单见Reference 1），其中一项“政府欺诈猎手基础设施”（Infra for Government Fraud Hunters）...
Y Combinator（YC）作为全球最有影响力的创业孵化器及投资机构之一，会在每季度发布一个创业需求清单（RFC, Requests for Startups），即是YC的最新投资方向，也逐渐成为行业的热点风向标。2026年春，YC发布了最新的RFC清单（完整清单见Reference 1），其中一项“政府欺诈猎手基础设施”（Infra for Government Fraud Hunters）引起了我们的共鸣。成立15年来，通付盾在能源、金融、政府等行业的反欺诈领域持续深耕，深知其工作的艰辛坎坷，而智能体时代的来临让我们相信，反欺诈领域的格局正在产生根本性的变化。 反欺诈领域的“非对称竞争” 反欺诈本质上是一场攻防博弈。在过去相当长的时间里，这场博弈的主动权往往掌握在攻击者手中。核心原因在于一种深层次的“成本不对称”——当防守方还在权衡合规风险与技术可行性时，攻击者早已利用成本优势发起了下一轮试探。 第一层不对称，在于单次失败的代价。对于黑灰产团伙而言，一次攻击被拦截不过是浪费了若干IP、一批虚假账号，或者一套自动化脚本。这些资源的获取成本极低，甚至可以规模化批量生产。而对于银行、政务平台或大型企业来说，一次防御失败意味着什么？可能是数百万用户的隐私泄露、直接的资金盗用损失，以及难以估量的品牌声誉崩塌。这种“攻击者可以输一百次，防守方一次都不能输”的局面，构成了传统反欺诈最沉重的枷锁。 第二层不对称，在于技术创新的“负担”。黑灰产是新技术最激进、最不计后果的尝鲜者。当深度伪造（Deepfake）刚刚出现时，他们已经开始用于突破人脸核验；当自动化流程工具流行时，他们迅速将其改造为“打码”和“撞库”的利器。他们不需要考虑新技术的伦理边界，不需要通过层层合规审批，更不用顾及是否会误伤正常用户。反观防守方，尤其是金融、政府等关键领域的机构，任何一项新技术的引入都必须经历漫长的安全评估、数据隐私审查和业务流程适配。当一个反欺诈模型历经千辛万苦终于上线时，攻击者可能早已转向了新的绕行路径。 然而，人工智能，特别是智能体（Agent）技术的成熟，正在为防守方提供一次历史性的翻盘机会。智能体不是单一功能的算法模型，而是能够自主感知、决策、执行任务的智能系统。当大型政企真正迈入智能化时代，它们将构建起由成千上万个智能体协同工作的反欺诈体系。 这一体系的核心优势在于“规模制胜”。单...
What happened According to a SEC filing dated Feb. 17, 2026, Apis Capital Advisors, LLC increased its position in Turning Point Brands (NYSE: TPB) by 106,948 shares during the fourth quarter. The estimated transaction value was $10.46 million, based on the average quarterly closing price. The quarter-end position value increased by $12.14 million, reflecting both the additional shares acquired and...
What happened According to a SEC filing dated Feb. 17, 2026, Apis Capital Advisors, LLC increased its position in Turning Point Brands (NYSE: TPB) by 106,948 shares during the fourth quarter. The estimated transaction value was $10.46 million, based on the average quarterly closing price. The quarter-end position value increased by $12.14 million, reflecting both the additional shares acquired and changes in the underlying stock price. What else to know The buy lifted the Turning Point Brands stake to 3.1% of 13F reportable AUM following the filing. Top holdings after the filing: Celcuity : $60.04 million (10.5% of AUM) Aris Mining : $39.31 million (6.8% of AUM) Garrett Motion : $38.87 million (6.8% of AUM) Talen Energy : $32.69 million (5.7% of AUM) SSR Mining : $32.49 million (5.7% of AUM) As of March 4, 2026, shares of Turning Point Brands were priced at $97.58, up 38.6% over the past year, outperforming the S&P 500 by 21 percentage points. Company Overview Metric Value Price (as of market close 3/4/26) $97.58 Market Capitalization $1.86 billion Revenue (TTM) $463.06 million Net Income (TTM) $68.15 million Company Snapshot Turning Point Brands: Offers branded consumer products, including rolling papers, moist snuff, chewing tobacco, cigars, and vapor/CBD products under the brands Zig-Zag and Stoker's. Generates revenue through the manufacturing, marketing, and distribution of tobacco and alternative products, leveraging both wholesale and direct-to-consumer channels. Serves wholesale distributors, retail merchants, convenience stores, tobacco outlets, and online consumers across the United States. Turning Point Brands, Inc. is a diversified consumer products company focused on the tobacco and alternative products market. The company operates through multiple well-known brands and segments, enabling it to address both traditional and emerging consumer preferences. Its scale, established distribution network, and brand portfolio provide a competitive advantage in a...
James Talarico barely mentioned Donald Trump when he finally got to give his victory speech on Wednesday night as Democrats’ nominee for US Senate in Texas. But the 36-year-old state lawmaker is now a frontman for the left’s opposition to Trump, not just in his own state but around the country. With his victory over US congresswoman Jasmine Crockett, the state lawmaker from Austin will test whethe...
James Talarico barely mentioned Donald Trump when he finally got to give his victory speech on Wednesday night as Democrats’ nominee for US Senate in Texas. But the 36-year-old state lawmaker is now a frontman for the left’s opposition to Trump, not just in his own state but around the country. With his victory over US congresswoman Jasmine Crockett, the state lawmaker from Austin will test whether a smiling message of unity and change is enough to answer voters’ frustrations amid discord at home and now a war abroad. The Texas Senate race holds implications for which party will control the chamber after the midterms and whether there could be a check on Trump’s sprawling agenda Advertisement “We’re done being divided. We’re done being played,” Talarico said, several times invoking his Christian faith and promising a “politics of love”. “We’re not just trying to win an election. We are trying to fundamentally change our politics,” he said, adding that he’s “tired of being told to hate my neighbour.” Advertisement Talarico acknowledged that his immediate challenge is consolidating support from Crockett’s supporters who flocked to the congresswoman’s unapologetically pugilistic approach to Trump and Republicans. He told them: “I hope to earn your trust”.