Oleksandr Lanevskyi/iStock via Getty Images Since the Buy call issued in December last year, a lot of things have changed for the Cohen & Steers Infrastructure Fund ( UTF ). The earlier accumulation call was based on a healthy discount, NAV upside potential of the underlying holdings, and income durability. The discount still persists—it has not normalized nor widened further, either. The lack of ...
Oleksandr Lanevskyi/iStock via Getty Images Since the Buy call issued in December last year, a lot of things have changed for the Cohen & Steers Infrastructure Fund ( UTF ). The earlier accumulation call was based on a healthy discount, NAV upside potential of the underlying holdings, and income durability. The discount still persists—it has not normalized nor widened further, either. The lack of discount normalization is expected given the macro environment has become more uncertain since December as a global energy crisis and US stagflation possibilities have grown. Importantly, despite this backdrop, the discount has not widened further, suggesting that a large part of the macro risk was already priced in during the sharp repricing seen late last year, with current levels reflecting a more balanced risk-reward. While most of the discount is still at the same level, the NAV has grown strongly over the past ~4 months. A look at some of the top holdings shows that this NAV growth is not merely an earnings-led rally—there has been a degree of multiple normalization from the lows of late last year. The net result has been that UTF has delivered strong total returns of ~15% in just over 4 months. Data by YCharts My forward view is that while the macro situation is still uncertain and rates could indeed stay high for far longer than expected (despite rapid geopolitical developments in today's world), the current discount appears to compensate for much of the macro and leverage-related risks. Even if there is a further discount widening or a NAV drop in the underlying stocks (if multiples come under stress), several supportive factors, such as UTF's healthy yields, thematic purity and hence lack of narrative-driven or speculative exposures, slightly lower leverage, and diversified portfolio construction with stable cash flow visibility, make UTF still a Buy today. The expectations should only change from one that had a bigger rerating trigger for the underlying to one wh...
Apple continues to bring iPhone users into the larger family of Apple products. On the company's earnings call Thursday, chief financial officer Kevan Parekh said that Apple set a March quarter record for customers new to the Mac, with over half of iPad and Watch sales to customers who were new to the product.
Apple continues to bring iPhone users into the larger family of Apple products. On the company's earnings call Thursday, chief financial officer Kevan Parekh said that Apple set a March quarter record for customers new to the Mac, with over half of iPad and Watch sales to customers who were new to the product.
Earnings Snapshot (Seeking Alpha) JasonDoiy *Other Operating Data and Guidance Consensus Source: Bloomberg More on Roblox Roblox's Set-Up For Long Term Success Roblox: The Growth Is There, Now Show Us The Margins Roblox: 2025 Was A Good Year, But Bans In Several Countries Weigh On The Outlook Roblox Q1 preview: Booking strength, ad growth, safety challenges in spotlight ClearBridge Select Strategy...
Earnings Snapshot (Seeking Alpha) JasonDoiy *Other Operating Data and Guidance Consensus Source: Bloomberg More on Roblox Roblox's Set-Up For Long Term Success Roblox: The Growth Is There, Now Show Us The Margins Roblox: 2025 Was A Good Year, But Bans In Several Countries Weigh On The Outlook Roblox Q1 preview: Booking strength, ad growth, safety challenges in spotlight ClearBridge Select Strategy repositions portfolio with new entries and exits
If you believe official Russian reports, the country's northern spaceport has come under attack from drones on multiple occasions in the last few months. The drones did not succeed in striking the spaceport, but the attempted attacks come as Russia ramps up activity at Plesetsk Cosmodrome to deploy a new constellation of Internet and data relay satellites akin to SpaceX's Starlink, a space-based n...
If you believe official Russian reports, the country's northern spaceport has come under attack from drones on multiple occasions in the last few months. The drones did not succeed in striking the spaceport, but the attempted attacks come as Russia ramps up activity at Plesetsk Cosmodrome to deploy a new constellation of Internet and data relay satellites akin to SpaceX's Starlink, a space-based network underpinning much of Ukraine's military communications infrastructure. Plesetsk is a military base located in Russia's Arkhangelsk region, some 500 miles north of Moscow. The Russian space agency's first acknowledgment of an attempted drone attack at Plesetsk came a few weeks ago, when the head of Roscosmos, the Russian state corporation for civilian spaceflight, met with Russian President Vladimir Putin in the Kremlin. Read full article Comments
Apple (AAPL) reported second quarter results on Thursday after the closing bell. Adjusted earnings per share (EPS) came in at $2.01 (compared to analyst estimates of $1.96), and revenue came in at $111.2 billion (compared to analyst estimates of $109.66 billion). D.A. Davidson head of tech research Gil Luria and Neuberger Berman senior research analyst Dan Flax chat with Yahoo Finance about the ea...
Apple (AAPL) reported second quarter results on Thursday after the closing bell. Adjusted earnings per share (EPS) came in at $2.01 (compared to analyst estimates of $1.96), and revenue came in at $111.2 billion (compared to analyst estimates of $109.66 billion). D.A. Davidson head of tech research Gil Luria and Neuberger Berman senior research analyst Dan Flax chat with Yahoo Finance about the earnings results, the China market, Apple's artificial intelligence (AI) strategy, and expectations for incoming CEO John Ternus.
Shares of Chipotle Mexican Grill (NYSE: CMG) gained on Thursday after the burrito baron said sales at its restaurants were back on the uptrend. Image source: The Motley Fool. Chipotle's revenue rose 7.4% year over year to $3.1 billion in the first quarter. Continue reading
Shares of Chipotle Mexican Grill (NYSE: CMG) gained on Thursday after the burrito baron said sales at its restaurants were back on the uptrend. Image source: The Motley Fool. Chipotle's revenue rose 7.4% year over year to $3.1 billion in the first quarter. Continue reading
Earnings Call Insights: Granite Construction Incorporated (GVA) Q1 2026 Management View “We recently announced the acquisition of Kenny Seng Construction.” (President, CEO & Director Kyle Larkin) “We expect Kenny Seng Construction to add approximately $150 million in revenue annually with an accretive adjusted EBITDA margin in the high teens.” “We ended the quarter with CAP of $7.2 billion, a $200...
Earnings Call Insights: Granite Construction Incorporated (GVA) Q1 2026 Management View “We recently announced the acquisition of Kenny Seng Construction.” (President, CEO & Director Kyle Larkin) “We expect Kenny Seng Construction to add approximately $150 million in revenue annually with an accretive adjusted EBITDA margin in the high teens.” “We ended the quarter with CAP of $7.2 billion, a $200 million increase from the fourth quarter.” (President, CEO & Director Larkin) “CAP increased despite a reduction of approximately $300 million related to the cancellation of a public sector highway project in California, where expanded scope exceeded available funding.” “I believe that our federal business is positioned to generate more than 15% of our Construction segment revenue as we continue to grow this part of our business.” (President, CEO & Director Larkin) “Second, we are seeing growing opportunities in mission-critical data center projects.” “Revenue increased 30% to $912 million.” (Executive VP & CFO Staci Woolsey) “Adjusted net income increased by $12 million to end at $12 million and adjusted EBITDA increased by $30 million to arrive at $58 million.” Outlook “We are increasing our revenue guidance to a range of $5.2 billion to $5.4 billion from a range of $4.9 billion to $5.1 billion.” (Executive VP & CFO Woolsey) “This increase reflects an additional $200 million of revenue from our new tactical infrastructure contract and $100 million in revenue from Kenny Seng Construction.” “We are decreasing our SG&A as a percent of revenue guidance to a range of 8.25% to 8.75%, down from a range of 8.5% to 9%, inclusive of approximately $48 million in stock-based compensation expense.” (Executive VP & CFO Woolsey) “We are also increasing our adjusted EBITDA margin guidance to a range of 12.25% to 13.25%, up from 12% to 13%.” (Executive VP & CFO Woolsey) “Finally, our CapEx guidance of $140 million to $160 million and our estimated adjusted effective tax rate in the mid-2...
Advice charity also helping thousands of tenants before Renters’ Rights Act comes into force on Friday Solicitors say they have been inundated with requests to serve last-minute section 21 no-fault eviction notices before they are banned when the Renters’ Rights Act comes into force in England on Friday. The legislation, which has been hailed as the biggest change to renting in a generation, bans ...
Advice charity also helping thousands of tenants before Renters’ Rights Act comes into force on Friday Solicitors say they have been inundated with requests to serve last-minute section 21 no-fault eviction notices before they are banned when the Renters’ Rights Act comes into force in England on Friday. The legislation, which has been hailed as the biggest change to renting in a generation, bans no-fault evictions, limits rent increases and abolishes fixed-term tenancies. Continue reading...
Exchange Bank press release ( EXSR ): For the quarter ending March 31, 2026, the Bank had net income after taxes of $7.51 million compared with net income of $5.61 million in 2025. The Bank’s net interest income, which is the result of the Bank’s gross interest income net of interest expense, increased from $20.91 million during the first quarter of 2025, to $24.43 million for the first quarter of...
Exchange Bank press release ( EXSR ): For the quarter ending March 31, 2026, the Bank had net income after taxes of $7.51 million compared with net income of $5.61 million in 2025. The Bank’s net interest income, which is the result of the Bank’s gross interest income net of interest expense, increased from $20.91 million during the first quarter of 2025, to $24.43 million for the first quarter of 2026, an increase of 16.84%. A component of this related to an increase in interest income year over year by $2.25 million primarily due to an increase in interest and fees on loans of $2.44 million offset by a decrease in interest from investment securities of $0.19 million. Total interest expense has decreased by $1.27 million. In the first quarter of 2026, total funding costs are made up of interest paid to depositors of $8.04 million and $0.40 million paid on borrowings. Non-interest income for the quarter ended March 31, 2026 was $6.33 million, consistent with the first quarter of 2025. Non-interest expense remained relatively constant, increasing by 4.27% from the first quarter of 2025 to $20.63 million for the quarter ended March 31, 2026 compared to $19.78 million in the first quarter of 2025. More on Exchange Bank Dividend scorecard for Exchange Bank Financial information for Exchange Bank
The Schwab U.S. Dividend Equity ETF (NYSEMKT: SCHD) has rebounded from an ugly 2023-2025 stretch to once again become one of the best-performing dividend ETFs in the marketplace. Its lack of tech exposure during the AI boom caused it to meaningfully underperform the S&P 500 . But as the market rotated away from tech in 2026, the fund's more defensive, value-oriented strategy made a huge comeback. ...
The Schwab U.S. Dividend Equity ETF (NYSEMKT: SCHD) has rebounded from an ugly 2023-2025 stretch to once again become one of the best-performing dividend ETFs in the marketplace. Its lack of tech exposure during the AI boom caused it to meaningfully underperform the S&P 500 . But as the market rotated away from tech in 2026, the fund's more defensive, value-oriented strategy made a huge comeback. In April, tech stocks soared again, leaving the fund a laggard once more. The remainder of 2026 will likely feature a slate of catalysts, such as the Iran war, inflation, and corporate earnings, that could swing market leadership back and forth several times before all is said and done. Does that mean now is the time to buy the Schwab U.S. Dividend Equity ETF , or not? Continue reading
Goldman Maps Retailer Exposure To Working-Poor Consumers As Gas Soars With the nationwide average gasoline price accelerating above the politically sensitive $4-per-gallon level, and the consumer backdrop for low-income households darkening, Goldman analysts published a note on Wednesday identifying which big-box retailers have the greatest exposure to working-poor households. "Our economists expe...
Goldman Maps Retailer Exposure To Working-Poor Consumers As Gas Soars With the nationwide average gasoline price accelerating above the politically sensitive $4-per-gallon level, and the consumer backdrop for low-income households darkening, Goldman analysts published a note on Wednesday identifying which big-box retailers have the greatest exposure to working-poor households. "Our economists expect spending headwinds from higher inflation to weigh on growth for the rest of the year," Goldman Sachs Managing Director Kate McShane wrote in the note. She covered how Goldman analysts raised their Brent forecast for the fourth quarter of this year and the gloomy backdrop facing consumers . She continued, "Moreover, higher headline inflation is set to erode household spending power, particularly among lower-income households that spend roughly four times as much on gasoline as a share of after-tax income compared to the top quintile." She explained in more detail: We expect the bottom-income quintile to lag the aggregate US household with +4.2% DPI growth in 2026 (vs. +4.7% aggregate) as our economists continue to expect tepid job growth. Cuts to Medicaid and SNAP benefits, and now greater exposure to the increase in gasoline prices are cost headwinds to this income cohort. Our pre-savings DCF expectations for the bottom quintile remain unchanged at +0.8% for 2026, well below the +3.7% aggregate growth rate. Higher energy prices do drive a headwind to our Consumer Discretionary Cash Flow model, and accordingly we estimate that a $10/barrel change in fuel prices equates to a ~18bps impact to consumer spending power, all else equal. The magnitude of the recent, rapid change in fuel prices may drive a ~88bps headwind for consumer discretionary spending power in FY26, if higher fuel prices hold (~$120/barrel). Taking this one step further, we use the breakdown of consumer income cohorts to estimate the impact across the income-quintiles assessed in our 2026 Consumer Outlook, ...